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Contingent Payments | 9 Months Ended
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Sep. 30, 2023
Disclosure of contingent liabilities in business combination [abstract] |
Contingent Payments |
15. CONTINGENT PAYMENTS
In connection with the Sunrise Acquisition, Cenovus agreed to make quarterly variable payments, up to $600 million, from SOSP to bp Canada for up to eight quarters subsequent to August 31, 2022, when the average Western Canadian Select (“WCS”) price in a quarter exceeds $52.00 per barrel. The quarterly payment is calculated as $2.8 million plus the difference between the average WCS price less $53.00 multiplied by $2.8 million, for any of the eight quarters the average WCS price is equal to or greater than $52.00 per barrel. If the average WCS price is less than $52.00 per barrel, no payment will be made for that quarter. The maximum payment over the remaining four quarters of the contract is $301 million. The variable payment will be re-measured to fair value at each reporting date, with changes in fair value recorded to re-measurement of contingent payments in the Consolidated Statements of Earnings (Loss). Payments made during the nine months ended September 30, 2023, totaled $207 million for the quarterly payment periods ending November 30, 2022, February 28, 2023, and May 31, 2023.
| Total
As at December 31, 2022 | 419
Liabilities Settled or Payable | (207)
Re-measurement | 83
As at September 30, 2023 | 295

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- Definition The disclosure of contingent liabilities in a business combination. [Refer: Contingent liabilities [member]; Business combinations [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 3 -IssueDate 2023-01-01 -Paragraph B64 -Subparagraph j -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2023-en-r&anchor=para_B64_j&doctype=Appendix&subtype=B -URIDate 2023-03-23 + Details
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