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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2022
Commitments And Contingencies [Abstract] |
Commitments and Contingencies |
40. COMMITMENTS AND CONTINGENCIES
A) Commitments Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below:
As at December 31, 2022 | 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter |  | Total
Transportation and Storage (1) | 1,747 |  | 2,011 |  | 1,542 |  | 1,416 |  | 1,360 |  | 13,005 |  | 21,081
Product Purchases | 1,626 |  | 1,509 |  | 922 |  | 922 |  | 922 |  | 3,457 |  | 9,358
Real Estate (2) | 48 |  | 50 |  | 50 |  | 50 |  | 54 |  | 604 |  | 856
Obligation to Fund Equity-Accounted Affiliate (3) | 92 |  | 105 |  | 96 |  | 96 |  | 91 |  | 143 |  | 623
Other Long-Term Commitments (4) | 381 |  | 90 |  | 75 |  | 74 |  | 65 |  | 395 |  | 1,080
Total Payments | 3,894 |  | 3,765 |  | 2,685 |  | 2,558 |  | 2,492 |  | 17,604 |  | 32,998
As at December 31, 2021 | 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter |  | Total
Transportation and Storage (1) | 1,677 |  | 1,958 |  | 1,853 |  | 1,488 |  | 1,350 |  | 13,244 |  | 21,570
Product Purchases (5) | 1,684 |  | 1,682 |  | 1,593 |  | 731 |  | 731 |  | 4,204 |  | 10,625
Real Estate (2) | 44 |  | 43 |  | 52 |  | 54 |  | 57 |  | 658 |  | 908
Obligation to Fund Equity-Accounted Affiliate (3) | 68 |  | 85 |  | 99 |  | 90 |  | 90 |  | 210 |  | 642
Other Long-Term Commitments (4) | 436 |  | 83 |  | 72 |  | 63 |  | 81 |  | 366 |  | 1,101
Total Payments | 3,909 |  | 3,851 |  | 3,669 |  | 2,426 |  | 2,309 |  | 18,682 |  | 34,846
(1) Includes transportation commitments of $9.1 billion (December 31, 2021 – $8.1 billion) that are subject to regulatory approval or have been approved, but are not yet in service. Terms are up to 20 years subsequent to the commencement of the contract. (2) Relates to the non-lease components of lease liabilities consisting of operating costs and unreserved parking for office space. Excludes committed payments for which a provision has been provided. (3) Relates to funding obligations for HCML. (4) Includes Cenovus’s proportionate share of the commitments related to WRB, Toledo and the Offshore segment. (5) Previously included in transportation and storage. As at December 31, 2022, the Company had commitments with HMLP that include $2.2 billion related to long-term transportation and storage commitments (December 31, 2021 – $2.6 billion). There were also outstanding letters of credit aggregating to $490 million (December 31, 2021 – $565 million) issued as security for financial and performance conditions under certain contracts. B) Contingencies Legal Proceedings Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its Consolidated Financial Statements. Income Tax Matters The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.

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- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2022-03-24 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard -URIDate 2022-03-24 + Details
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