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v3.23.3

Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2023
Disclosure of detailed information about financial instruments [abstract] |
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets | The following table provides a reconciliation of changes in the fair value of private equity investments classified as FVOCI:
| Total |  |
As at December 31, 2022 | 55 |  |
Acquisition | 11 |  |
As at September 30, 2023 | 66 |  |
Summary of Unrealized Risk Management Positions | Summary of Risk Management Positions
| September 30, 2023 |  | December 31, 2022
| Risk Management |  | Risk Management
As at | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Crude Oil, Natural Gas, Condensate and Refined Products | — |  | 49 |  | (49) |  | 2 |  | 40 |  | (38)
Power Swap Contracts | 4 |  | 2 |  | 2 |  | 1 |  | 7 |  | (6)
Renewable Power Contracts | 21 |  | — |  | 21 |  | 90 |  | — |  | 90
Foreign Exchange Rate Contracts | — |  | 1 |  | (1) |  | — |  | — |  | —
| 25 |  | 52 |  | (27) |  | 93 |  | 47 |  | 46
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value | The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value:
| September 30, |  | December 31,
As at | 2023 |  | 2022
Level 2 – Prices Sourced From Observable Data or Market Corroboration | (48) |  | (44)
Level 3 – Prices Sourced From Partially Unobservable Data | 21 |  | 90
| (27) |  | 46
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities | The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities:
| Total |  |
As at December 31, 2022 | 46 |  |
Change in Fair Value of Contracts in Place, Beginning of Year | 1 |  |
Change in Fair Value of Contracts Entered Into During the Period | (76) |  |
Fair Value of Contracts Realized During the Period | 1 |  |
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts | 1 |  |
As at September 30, 2023 | (27) |  |
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions | ) Earnings Impact of (Gains) Losses From Risk Management Positions
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Realized (Gain) Loss | — |  | (10) |  | 1 |  | 1,628
Unrealized (Gain) Loss | 72 |  | (18) |  | 88 |  | (88)
(Gain) Loss on Risk Management | 72 |  | (28) |  | 89 |  | 1,540
Realized and unrealized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax | The following table summarizes the sensitivity of the fair value of Cenovus’s risk management positions to independent fluctuations in commodity prices and foreign exchange rates, with all other variables held constant. Management believes the fluctuations identified in the table below are a reasonable measure of volatility. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:
As at September 30, 2023 | Sensitivity Range | Increase |  | Decrease
WCS and Condensate Differential Price | ± US$2.50/bbl Applied to Differential Hedges Tied to Production | 2 |  | (2)
WCS (Hardisty) Differential Price | ± US$5.00/bbl Applied to WCS Differential Hedges Tied to Production | (23) |  | 23
Refined Products Commodity Price | ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges | (5) |  | 5
Natural Gas Basis Price | ± US$0.50/Mcf (1) Applied to Natural Gas Basis Hedges | 1 |  | (1)
Power Commodity Price | ± C$20.00/MWh (2) Applied to Power Hedges | 109 |  | (109)
U.S. to Canadian Dollar Exchange Rate | ± 0.05 in the U.S. to Canadian Dollar Exchange Rate | 26 |  | (30)
(1)One thousand cubic feet (“Mcf”). (2)One thousand kilowatts of electricity per hour (“MWh”).

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