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Description of Business and Segmented Disclosures (Tables)
 9 Months Ended
Sep. 30, 2023
Disclosure Of Reportable Segments [Abstract]  
Schedule of Segment and Operational Information
Upstream
For the three months ended
Oil Sands
Conventional
OffshoreTotal
September 30,20232022202320222023202220232022
Revenues
Gross Sales (1)
7,5718,7648101,0364024508,78310,250
Less: Royalties
1,0821,136276826221,1351,226
6,4897,6287839683764287,6489,024
Expenses
Purchased Product (1)
4621,919438464——9002,383
Transportation and Blending (1)
2,3242,7587364—42,3972,826
Operating
6886891501417685914915
Realized (Gain) Loss on Risk
   Management		(6)42(4)9——(10)51
Operating Margin3,0212,2201262903003393,4472,849
Unrealized (Gain) Loss on Risk
   Management
47(2)78——546
Depreciation, Depletion and
   Amortization		7856521041031301321,019887
Exploration Expense—7——266273
(Income) Loss From Equity-
   Accounted Affiliates		————(11)(9)(11)(9)
Segment Income (Loss)2,1891,563151791791502,3831,892
(1)Comparative periods reflect certain revisions. See Note 26.
Downstream
For the three months ended
Canadian ManufacturingU.S. ManufacturingTotal
September 30,
2023
2022
2023202220232022
Revenues
Gross Sales (1)
1,8052,1687,8538,7059,65810,873
Less: Royalties
——————
1,8052,1687,8538,7059,65810,873
Expenses
Purchased Product (1)
1,4801,7506,4677,9307,9479,680
Transportation and Blending (1)
——————
Operating
155172623608778780
Realized (Gain) Loss on Risk Management——11(77)11(77)
Operating Margin170246752244922490
Unrealized (Gain) Loss on Risk Management
——(2)(8)(2)(8)
Depreciation, Depletion and Amortization504210991159133
Exploration Expense——————
(Income) Loss From Equity-Accounted Affiliates——————
Segment Income (Loss)120204645161765365
For the three months ended
Corporate and EliminationsConsolidated
September 30,
2023202220232022
Revenues
Gross Sales (1)
(2,729)(2,426)15,71218,697
Less: Royalties
——1,1351,226
(2,729)(2,426)14,57717,471
Expenses
Purchased Product (1)
(2,227)(2,011)6,62010,052
Transportation and Blending (1)
(233)(247)2,1642,579
Operating (1)
(139)(191)1,5531,504
Realized (Gain) Loss on Risk Management(1)16—(10)
Unrealized (Gain) Loss on Risk Management
20(16)72(18)
Depreciation, Depletion and Amortization19271,1971,047
Exploration Expense——273
(Income) Loss From Equity-Accounted Affiliates——(11)(9)
Segment Income (Loss)(168)(4)2,9802,253
General and Administrative292128292128
Finance Costs106207106207
Interest Income(33)(21)(33)(21)
Integration and Transaction Costs12271227
Foreign Exchange (Gain) Loss, Net133316133316
Revaluation (Gain) Loss—(549)—(549)
Re-measurement of Contingent Payments67(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 Tax2,4252,253
Income Tax Expense (Recovery)561644
Net Earnings (Loss)1,8641,609
(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 SandsConventionalOffshoreTotal
September 30,
20232022202320222023202220232022
Revenues
Gross Sales (1)
19,71528,0302,4673,2861,1031,57523,28532,891
Less: Royalties
2,2183,7098522865562,3683,993
17,49724,3212,3823,0581,0381,51920,91728,898
Expenses
Purchased Product (1)
1,2314,2021,2581,460——2,4895,662
Transportation and Blending (1)
7,9659,1142201919128,1949,317
Operating
2,1012,1974444032812342,8262,834
Realized (Gain) Loss on Risk
   Management		(7)1,468—17——(7)1,485
Operating Margin6,2077,3404609877481,2737,4159,600
Unrealized (Gain) Loss on Risk
   Management
44(59)(14)7——30(52)
Depreciation, Depletion and
   Amortization		2,2301,9772862823494412,8652,700
Exploration Expense47—16911099
(Income) Loss From Equity-
   Accounted Affiliates		68——(29)(19)(23)(11)
Segment Income (Loss)3,9235,4071886974227604,5336,864
(1)Comparative periods reflect certain revisions. See Note 26.
Downstream
For the nine months ended
Canadian Manufacturing U.S. ManufacturingTotal
September 30,
2023
2022
2023202220232022
Revenues
Gross Sales (1)
4,6766,02019,54623,68824,22229,708
Less: Royalties
——————
4,6766,02019,54623,68824,22229,708
Expenses
Purchased Product (1)
3,6565,06516,72920,35120,38525,416
Transportation and Blending (1)
——————
Operating
4715341,9041,7572,3752,291
Realized (Gain) Loss on Risk Management——61206120
Operating Margin5494219071,4601,4561,881
Unrealized (Gain) Loss on Risk Management
——(13)(22)(13)(22)
Depreciation, Depletion and Amortization136164314259450423
Exploration Expense——————
(Income) Loss From Equity-Accounted Affiliates——————
Segment Income (Loss)4132576061,2231,0191,480

For the nine months ended
Corporate and EliminationsConsolidated
September 30,
2023202220232022
Revenues
Gross Sales (1)
(6,069)(5,772)41,43856,827
Less: Royalties
——2,3683,993
(6,069)(5,772)39,07052,834
Expenses
Purchased Product (1)
(4,717)(4,040)18,15727,038
Transportation and Blending (1)
(715)(911)7,4798,406
Operating (1)
(412)(765)4,7894,360
Realized (Gain) Loss on Risk Management22311,628
Unrealized (Gain) Loss on Risk Management
71(14)88(88)
Depreciation, Depletion and Amortization59863,3743,209
Exploration Expense——1099
(Income) Loss From Equity-Accounted Affiliates——(23)(11)
Segment Income (Loss)(357)(151)5,1958,193
General and Administrative617545617545
Finance Costs493631493631
Interest Income(100)(44)(100)(44)
Integration and Transaction Costs49794979
Foreign Exchange (Gain) Loss, Net74067406
Revaluation (Gain) Loss33(549)33(549)
Re-measurement of Contingent Payments8314283142
(Gain) Loss on Divestiture of Assets(11)(244)(11)(244)
Other (Income) Loss, Net(42)(467)(42)(467)
1,1294991,129499
Earnings (Loss) Before Income Tax4,0667,694
Income Tax Expense (Recovery)7002,028
Net Earnings (Loss)3,3665,666
(1)Comparative periods reflect certain revisions. See Note 26.
Schedule of Revenues by Product ) Revenues by Product
Three Months EndedNine Months Ended
For the periods ended September 30,
2023202220232022
Upstream
Crude Oil (1) (2)
6,6667,38417,67124,143
Natural Gas (2)
5639731,9752,740
NGLs (1)
3825711,0881,684
Other3796183331
Total Upstream7,6489,02420,91728,898
Downstream
Canadian Manufacturing
Synthetic Crude Oil6576571,6071,786
Diesel4605671,2861,544
Gasoline162298410837
Asphalt200248431482
Other Products and Services3263989421,371
U.S. Manufacturing
Gasoline3,8223,9199,33611,180
Distillates2,8713,3847,1698,535
Asphalt
326196610402
Other Products (2)
8341,2062,4313,571
Total Downstream9,65810,87324,22229,708
Corporate and Eliminations (2)
(2,729)(2,426)(6,069)(5,772)
Consolidated14,57717,47139,07052,834
(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 EndedNine Months Ended
For the periods ended September 30,
2023202220232022
Canada (2)
6,6667,99918,82826,471
United States (2)
7,6119,15519,42525,340
China3003178171,023
Consolidated14,57717,47139,07052,834
(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
Canada35,25735,194
United States5,2844,824
China1,7582,064
Indonesia356365
Consolidated42,65542,447
(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 AssetsPP&EROU Assets
September 30,December 31,September 30,December 31,September 30,December 31,
As at
202320222023202220232022
Oil Sands78567424,27124,657687638
Conventional562,0452,02022
Offshore652,6792,549103152
Canadian Manufacturing
——2,4382,466220252
U.S. Manufacturing——4,9814,482286329
Corporate and Eliminations——313325440472
Consolidated79668536,72736,4991,7381,845
GoodwillTotal Assets
September 30,December 31,September 30,December 31,
As at
2023202220232022
Oil Sands 2,9232,92332,48132,248
Conventional ——2,2782,410
Offshore——3,4163,339
Canadian Manufacturing
——3,3203,172
U.S. Manufacturing
——9,7288,324
Corporate and Eliminations
——3,2046,376
Consolidated2,9232,92354,42755,869
Schedule of Capital Expenditures
E) Capital Expenditures (1)
Three Months EndedNine Months Ended
For the periods ended September 30,
2023202220232022
Capital Investment
Oil Sands5903601,7641,111
Conventional10067323188
Offshore
Asia Pacific3345
Atlantic19178474220
Total Upstream8845082,5651,524
Canadian Manufacturing38249977
U.S. Manufacturing88300435774
Total Downstream126324534851
Corporate and Eliminations15342959
1,0258663,1282,434
Acquisitions (Note 3)
Oil Sands
321,596351,596
Conventional1556
U.S. Manufacturing (2)
——337—
331,6013771,602
Total Capital Expenditures1,0582,4673,5054,036
(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.