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Description of Business and Segmented Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2023
Disclosure Of Reportable Segments [Abstract] |
Schedule of Segment and Operational Information |
| Upstream
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 7,571 |  | 8,764 |  | 810 |  | 1,036 |  | 402 |  | 450 |  | 8,783 |  | 10,250
Less: Royalties | 1,082 |  | 1,136 |  | 27 |  | 68 |  | 26 |  | 22 |  | 1,135 |  | 1,226
| 6,489 |  | 7,628 |  | 783 |  | 968 |  | 376 |  | 428 |  | 7,648 |  | 9,024
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 462 |  | 1,919 |  | 438 |  | 464 |  | — |  | — |  | 900 |  | 2,383
Transportation and Blending (1) | 2,324 |  | 2,758 |  | 73 |  | 64 |  | — |  | 4 |  | 2,397 |  | 2,826
Operating | 688 |  | 689 |  | 150 |  | 141 |  | 76 |  | 85 |  | 914 |  | 915
Realized (Gain) Loss on Risk Management | (6) |  | 42 |  | (4) |  | 9 |  | — |  | — |  | (10) |  | 51
Operating Margin | 3,021 |  | 2,220 |  | 126 |  | 290 |  | 300 |  | 339 |  | 3,447 |  | 2,849
Unrealized (Gain) Loss on Risk Management | 47 |  | (2) |  | 7 |  | 8 |  | — |  | — |  | 54 |  | 6
Depreciation, Depletion and Amortization | 785 |  | 652 |  | 104 |  | 103 |  | 130 |  | 132 |  | 1,019 |  | 887
Exploration Expense | — |  | 7 |  | — |  | — |  | 2 |  | 66 |  | 2 |  | 73
(Income) Loss From Equity- Accounted Affiliates | — |  | — |  | — |  | — |  | (11) |  | (9) |  | (11) |  | (9)
Segment Income (Loss) | 2,189 |  | 1,563 |  | 15 |  | 179 |  | 179 |  | 150 |  | 2,383 |  | 1,892
(1)Comparative periods reflect certain revisions. See Note 26.
| Downstream
For the three months ended | Canadian Manufacturing |  | U.S. Manufacturing |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 1,805 |  | 2,168 |  | 7,853 |  | 8,705 |  | 9,658 |  | 10,873
Less: Royalties | — |  | — |  | — |  | — |  | — |  | —
| 1,805 |  | 2,168 |  | 7,853 |  | 8,705 |  | 9,658 |  | 10,873
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 1,480 |  | 1,750 |  | 6,467 |  | 7,930 |  | 7,947 |  | 9,680
Transportation and Blending (1) | — |  | — |  | — |  | — |  | — |  | —
Operating | 155 |  | 172 |  | 623 |  | 608 |  | 778 |  | 780
Realized (Gain) Loss on Risk Management | — |  | — |  | 11 |  | (77) |  | 11 |  | (77)
Operating Margin | 170 |  | 246 |  | 752 |  | 244 |  | 922 |  | 490
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (2) |  | (8) |  | (2) |  | (8)
Depreciation, Depletion and Amortization | 50 |  | 42 |  | 109 |  | 91 |  | 159 |  | 133
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 120 |  | 204 |  | 645 |  | 161 |  | 765 |  | 365
For the three months ended |  |  | Corporate and Eliminations |  | Consolidated
September 30, |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) |  |  |  |  |  |  |  | (2,729) |  | (2,426) |  | 15,712 |  | 18,697
Less: Royalties |  |  |  |  |  |  |  | — |  | — |  | 1,135 |  | 1,226
|  |  |  |  |  |  |  | (2,729) |  | (2,426) |  | 14,577 |  | 17,471
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  |  |  |  |  |  |  | (2,227) |  | (2,011) |  | 6,620 |  | 10,052
Transportation and Blending (1) |  |  |  |  |  |  |  | (233) |  | (247) |  | 2,164 |  | 2,579
Operating (1) |  |  |  |  |  |  |  | (139) |  | (191) |  | 1,553 |  | 1,504
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | (1) |  | 16 |  | — |  | (10)
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | 20 |  | (16) |  | 72 |  | (18)
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  | 19 |  | 27 |  | 1,197 |  | 1,047
Exploration Expense |  |  |  |  |  |  |  | — |  | — |  | 2 |  | 73
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  | — |  | — |  | (11) |  | (9)
Segment Income (Loss) |  |  |  |  |  |  |  | (168) |  | (4) |  | 2,980 |  | 2,253
General and Administrative |  |  |  |  |  |  |  | 292 |  | 128 |  | 292 |  | 128
Finance Costs |  |  |  |  |  |  |  | 106 |  | 207 |  | 106 |  | 207
Interest Income |  |  |  |  |  |  |  | (33) |  | (21) |  | (33) |  | (21)
Integration and Transaction Costs |  |  |  |  |  |  |  | 12 |  | 27 |  | 12 |  | 27
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  | 133 |  | 316 |  | 133 |  | 316
Revaluation (Gain) Loss |  |  |  |  |  |  |  | — |  | (549) |  | — |  | (549)
Re-measurement of Contingent Payments |  |  |  |  |  |  |  | 67 |  | (109) |  | 67 |  | (109)
(Gain) Loss on Divestiture of Assets |  |  |  |  |  |  |  | — |  | 60 |  | — |  | 60
Other (Income) Loss, Net |  |  |  |  |  |  |  | (22) |  | (59) |  | (22) |  | (59)
|  |  |  |  |  |  |  | 555 |  | — |  | 555 |  | —
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  | 2,425 |  | 2,253
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  | 561 |  | 644
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  | 1,864 |  | 1,609
(1)Comparative periods reflect certain revisions. See Note 26. ii) Results for the Nine Months Ended September 30
| Upstream
For the nine months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 19,715 |  | 28,030 |  | 2,467 |  | 3,286 |  | 1,103 |  | 1,575 |  | 23,285 |  | 32,891
Less: Royalties | 2,218 |  | 3,709 |  | 85 |  | 228 |  | 65 |  | 56 |  | 2,368 |  | 3,993
| 17,497 |  | 24,321 |  | 2,382 |  | 3,058 |  | 1,038 |  | 1,519 |  | 20,917 |  | 28,898
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 1,231 |  | 4,202 |  | 1,258 |  | 1,460 |  | — |  | — |  | 2,489 |  | 5,662
Transportation and Blending (1) | 7,965 |  | 9,114 |  | 220 |  | 191 |  | 9 |  | 12 |  | 8,194 |  | 9,317
Operating | 2,101 |  | 2,197 |  | 444 |  | 403 |  | 281 |  | 234 |  | 2,826 |  | 2,834
Realized (Gain) Loss on Risk Management | (7) |  | 1,468 |  | — |  | 17 |  | — |  | — |  | (7) |  | 1,485
Operating Margin | 6,207 |  | 7,340 |  | 460 |  | 987 |  | 748 |  | 1,273 |  | 7,415 |  | 9,600
Unrealized (Gain) Loss on Risk Management | 44 |  | (59) |  | (14) |  | 7 |  | — |  | — |  | 30 |  | (52)
Depreciation, Depletion and Amortization | 2,230 |  | 1,977 |  | 286 |  | 282 |  | 349 |  | 441 |  | 2,865 |  | 2,700
Exploration Expense | 4 |  | 7 |  | — |  | 1 |  | 6 |  | 91 |  | 10 |  | 99
(Income) Loss From Equity- Accounted Affiliates | 6 |  | 8 |  | — |  | — |  | (29) |  | (19) |  | (23) |  | (11)
Segment Income (Loss) | 3,923 |  | 5,407 |  | 188 |  | 697 |  | 422 |  | 760 |  | 4,533 |  | 6,864
(1)Comparative periods reflect certain revisions. See Note 26.
| Downstream
For the nine months ended | Canadian Manufacturing |  | U.S. Manufacturing |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 4,676 |  | 6,020 |  | 19,546 |  | 23,688 |  | 24,222 |  | 29,708
Less: Royalties | — |  | — |  | — |  | — |  | — |  | —
| 4,676 |  | 6,020 |  | 19,546 |  | 23,688 |  | 24,222 |  | 29,708
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 3,656 |  | 5,065 |  | 16,729 |  | 20,351 |  | 20,385 |  | 25,416
Transportation and Blending (1) | — |  | — |  | — |  | — |  | — |  | —
Operating | 471 |  | 534 |  | 1,904 |  | 1,757 |  | 2,375 |  | 2,291
Realized (Gain) Loss on Risk Management | — |  | — |  | 6 |  | 120 |  | 6 |  | 120
Operating Margin | 549 |  | 421 |  | 907 |  | 1,460 |  | 1,456 |  | 1,881
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (13) |  | (22) |  | (13) |  | (22)
Depreciation, Depletion and Amortization | 136 |  | 164 |  | 314 |  | 259 |  | 450 |  | 423
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 413 |  | 257 |  | 606 |  | 1,223 |  | 1,019 |  | 1,480
For the nine months ended | Corporate and Eliminations |  | Consolidated
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |
Gross Sales (1) | (6,069) |  | (5,772) |  | 41,438 |  | 56,827
Less: Royalties | — |  | — |  | 2,368 |  | 3,993
| (6,069) |  | (5,772) |  | 39,070 |  | 52,834
Expenses |  |  |  |  |  |  |
Purchased Product (1) | (4,717) |  | (4,040) |  | 18,157 |  | 27,038
Transportation and Blending (1) | (715) |  | (911) |  | 7,479 |  | 8,406
Operating (1) | (412) |  | (765) |  | 4,789 |  | 4,360
Realized (Gain) Loss on Risk Management | 2 |  | 23 |  | 1 |  | 1,628
Unrealized (Gain) Loss on Risk Management | 71 |  | (14) |  | 88 |  | (88)
Depreciation, Depletion and Amortization | 59 |  | 86 |  | 3,374 |  | 3,209
Exploration Expense | — |  | — |  | 10 |  | 99
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | (23) |  | (11)
Segment Income (Loss) | (357) |  | (151) |  | 5,195 |  | 8,193
General and Administrative | 617 |  | 545 |  | 617 |  | 545
Finance Costs | 493 |  | 631 |  | 493 |  | 631
Interest Income | (100) |  | (44) |  | (100) |  | (44)
Integration and Transaction Costs | 49 |  | 79 |  | 49 |  | 79
Foreign Exchange (Gain) Loss, Net | 7 |  | 406 |  | 7 |  | 406
Revaluation (Gain) Loss | 33 |  | (549) |  | 33 |  | (549)
Re-measurement of Contingent Payments | 83 |  | 142 |  | 83 |  | 142
(Gain) Loss on Divestiture of Assets | (11) |  | (244) |  | (11) |  | (244)
Other (Income) Loss, Net | (42) |  | (467) |  | (42) |  | (467)
| 1,129 |  | 499 |  | 1,129 |  | 499
Earnings (Loss) Before Income Tax |  |  |  |  | 4,066 |  | 7,694
Income Tax Expense (Recovery) |  |  |  |  | 700 |  | 2,028
Net Earnings (Loss) |  |  |  |  | 3,366 |  | 5,666
(1)Comparative periods reflect certain revisions. See Note 26.
Schedule of Revenues by Product | ) Revenues by Product
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Upstream |  |  |  |  |  |  |
Crude Oil (1) (2) | 6,666 |  | 7,384 |  | 17,671 |  | 24,143
Natural Gas (2) | 563 |  | 973 |  | 1,975 |  | 2,740
NGLs (1) | 382 |  | 571 |  | 1,088 |  | 1,684
Other | 37 |  | 96 |  | 183 |  | 331
Total Upstream | 7,648 |  | 9,024 |  | 20,917 |  | 28,898
Downstream |  |  |  |  |  |  |
Canadian Manufacturing |  |  |  |  |  |  |
Synthetic Crude Oil | 657 |  | 657 |  | 1,607 |  | 1,786
Diesel | 460 |  | 567 |  | 1,286 |  | 1,544
Gasoline | 162 |  | 298 |  | 410 |  | 837
Asphalt | 200 |  | 248 |  | 431 |  | 482
Other Products and Services | 326 |  | 398 |  | 942 |  | 1,371
U.S. Manufacturing |  |  |  |  |  |  |
Gasoline | 3,822 |  | 3,919 |  | 9,336 |  | 11,180
Distillates | 2,871 |  | 3,384 |  | 7,169 |  | 8,535
Asphalt | 326 |  | 196 |  | 610 |  | 402
Other Products (2) | 834 |  | 1,206 |  | 2,431 |  | 3,571
Total Downstream | 9,658 |  | 10,873 |  | 24,222 |  | 29,708
Corporate and Eliminations (2) | (2,729) |  | (2,426) |  | (6,069) |  | (5,772)
Consolidated | 14,577 |  | 17,471 |  | 39,070 |  | 52,834
(1)Prior period results have been re-presented. Third-party condensate sales previously included in crude oil have been aggregated with NGLs. (2)Comparative periods reflect certain revisions. See Note 26.
Schedule of Geographical Information | C) Geographical Information
| Revenues (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Canada (2) | 6,666 |  | 7,999 |  | 18,828 |  | 26,471
United States (2) | 7,611 |  | 9,155 |  | 19,425 |  | 25,340
China | 300 |  | 317 |  | 817 |  | 1,023
Consolidated | 14,577 |  | 17,471 |  | 39,070 |  | 52,834
(1)Revenues by country are classified based on where the operations are located. (2)Comparative periods reflect certain revisions. See Note 26.
| Non-Current Assets (1)
| September 30, |  | December 31,
As at | 2023 |  | 2022
Canada | 35,257 |  | 35,194
United States | 5,284 |  | 4,824
China | 1,758 |  | 2,064
Indonesia | 356 |  | 365
Consolidated | 42,655 |  | 42,447
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill.
Schedule of Assets by Segment | D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
| September 30, |  | December 31, |  | September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Oil Sands | 785 |  | 674 |  | 24,271 |  | 24,657 |  | 687 |  | 638
Conventional | 5 |  | 6 |  | 2,045 |  | 2,020 |  | 2 |  | 2
Offshore | 6 |  | 5 |  | 2,679 |  | 2,549 |  | 103 |  | 152
Canadian Manufacturing | — |  | — |  | 2,438 |  | 2,466 |  | 220 |  | 252
U.S. Manufacturing | — |  | — |  | 4,981 |  | 4,482 |  | 286 |  | 329
Corporate and Eliminations | — |  | — |  | 313 |  | 325 |  | 440 |  | 472
Consolidated | 796 |  | 685 |  | 36,727 |  | 36,499 |  | 1,738 |  | 1,845
| Goodwill |  | Total Assets
| September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2023 |  | 2022 |  | 2023 |  | 2022
Oil Sands | 2,923 |  | 2,923 |  | 32,481 |  | 32,248
Conventional | — |  | — |  | 2,278 |  | 2,410
Offshore | — |  | — |  | 3,416 |  | 3,339
Canadian Manufacturing | — |  | — |  | 3,320 |  | 3,172
U.S. Manufacturing | — |  | — |  | 9,728 |  | 8,324
Corporate and Eliminations | — |  | — |  | 3,204 |  | 6,376
Consolidated | 2,923 |  | 2,923 |  | 54,427 |  | 55,869
Schedule of Capital Expenditures | E) Capital Expenditures (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Capital Investment |  |  |  |  |  |  |
Oil Sands | 590 |  | 360 |  | 1,764 |  | 1,111
Conventional | 100 |  | 67 |  | 323 |  | 188
Offshore |  |  |  |  |  |  |
Asia Pacific | 3 |  | 3 |  | 4 |  | 5
Atlantic | 191 |  | 78 |  | 474 |  | 220
Total Upstream | 884 |  | 508 |  | 2,565 |  | 1,524
Canadian Manufacturing | 38 |  | 24 |  | 99 |  | 77
U.S. Manufacturing | 88 |  | 300 |  | 435 |  | 774
Total Downstream | 126 |  | 324 |  | 534 |  | 851
Corporate and Eliminations | 15 |  | 34 |  | 29 |  | 59
| 1,025 |  | 866 |  | 3,128 |  | 2,434
Acquisitions (Note 3) |  |  |  |  |  |  |
Oil Sands | 32 |  | 1,596 |  | 35 |  | 1,596
Conventional | 1 |  | 5 |  | 5 |  | 6
U.S. Manufacturing (2) | — |  | — |  | 337 |  | —
| 33 |  | 1,601 |  | 377 |  | 1,602
Total Capital Expenditures | 1,058 |  | 2,467 |  | 3,505 |  | 4,036
(1)Includes expenditures on PP&E, E&E assets and capitalized interest. (2)Cenovus was deemed to have disposed of its pre-existing interest in BP-Husky Refining LLC (“Toledo”) and reacquired it at fair value as required by International Financial Reporting Standard 3, “Business Combinations” (“IFRS 3”). The acquisition capital above does not include the fair value of the pre‑existing interest in Toledo of $320 million.

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