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Description of Business and Segmented Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Reportable Segments [Abstract] |
Schedule of Segment and Operational Information | A) Results of Operations – Segment and Operational Information
|  | Upstream
For the years ended December 31, |  | Oil Sands |  |  | Conventional |  |  | Offshore |  |  | Total
| 2022 |  |  |  | 2021 (1) |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 (1) |  |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 34,775 |  |  |  | 22,827 |  |  |  | 8,804 |  |  |  | 4,332 |  |  |  | 3,235 |  |  |  | 904 |  |  |  | 2,020 |  |  |  | 1,782 |  |  |  | — |  |  |  | 41,127 |  |  |  | 27,844 |  |  |  | 9,708 |
Less: Royalties |  | 4,493 |  |  |  | 2,196 |  |  |  | 331 |  |  |  | 298 |  |  |  | 150 |  |  |  | 40 |  |  |  | 77 |  |  |  | 108 |  |  |  | — |  |  |  | 4,868 |  |  |  | 2,454 |  |  |  | 371 |
|  | 30,282 |  |  |  | 20,631 |  |  |  | 8,473 |  |  |  | 4,034 |  |  |  | 3,085 |  |  |  | 864 |  |  |  | 1,943 |  |  |  | 1,674 |  |  |  | — |  |  |  | 36,259 |  |  |  | 25,390 |  |  |  | 9,337 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product |  | 4,810 |  |  |  | 2,404 |  |  |  | 1,262 |  |  |  | 2,023 |  |  |  | 1,655 |  |  |  | 268 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,833 |  |  |  | 4,059 |  |  |  | 1,530 |
Transportation and Blending |  | 12,036 |  |  |  | 8,625 |  |  |  | 4,683 |  |  |  | 143 |  |  |  | 74 |  |  |  | 81 |  |  |  | 15 |  |  |  | 15 |  |  |  | — |  |  |  | 12,194 |  |  |  | 8,714 |  |  |  | 4,764 |
Operating |  | 2,930 |  |  |  | 2,451 |  |  |  | 1,156 |  |  |  | 541 |  |  |  | 551 |  |  |  | 320 |  |  |  | 318 |  |  |  | 239 |  |  |  | — |  |  |  | 3,789 |  |  |  | 3,241 |  |  |  | 1,476 |
Realized (Gain) Loss on Risk Management |  | 1,527 |  |  |  | 786 |  |  |  | 268 |  |  |  | 92 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,619 |  |  |  | 788 |  |  |  | 268 |
Operating Margin |  | 8,979 |  |  |  | 6,365 |  |  |  | 1,104 |  |  |  | 1,235 |  |  |  | 803 |  |  |  | 195 |  |  |  | 1,610 |  |  |  | 1,420 |  |  |  | — |  |  |  | 11,824 |  |  |  | 8,588 |  |  |  | 1,299 |
Unrealized (Gain) Loss on Risk Management |  | (68) |  |  |  | 18 |  |  |  | 57 |  |  |  | 13 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (55) |  |  |  | 19 |  |  |  | 57 |
Depreciation, Depletion and Amortization |  | 2,763 |  |  |  | 2,666 |  |  |  | 1,687 |  |  |  | 370 |  |  |  | 3 |  |  |  | 880 |  |  |  | 585 |  |  |  | 492 |  |  |  | — |  |  |  | 3,718 |  |  |  | 3,161 |  |  |  | 2,567 |
Exploration Expense |  | 9 |  |  |  | 16 |  |  |  | 9 |  |  |  | 1 |  |  |  | (3) |  |  |  | 82 |  |  |  | 91 |  |  |  | 5 |  |  |  | — |  |  |  | 101 |  |  |  | 18 |  |  |  | 91 |
(Income) Loss From Equity- Accounted Affiliates |  | 8 |  |  |  | (5) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (23) |  |  |  | (47) |  |  |  | — |  |  |  | (15) |  |  |  | (52) |  |  |  | — |
Segment Income (Loss) |  | 6,267 |  |  |  | 3,670 |  |  |  | (649) |  |  |  | 851 |  |  |  | 802 |  |  |  | (767) |  |  |  | 957 |  |  |  | 970 |  |  |  | — |  |  |  | 8,075 |  |  |  | 5,442 |  |  |  | (1,416) |
(1)Prior period results have been adjusted to more appropriately reflect the cost of blending (see Note 3X).
| Downstream
| Canadian Manufacturing |  | U.S. Manufacturing |  | Total
For the years ended December 31, | 2022 |  | 2021 (1) |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 (1) |  | 2020
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales | 7,792 |  | 6,215 |  | 82 |  | 30,310 |  | 20,043 |  | 4,733 |  | 38,102 |  | 26,258 |  | 4,815
Less: Royalties | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
| 7,792 |  | 6,215 |  | 82 |  | 30,310 |  | 20,043 |  | 4,733 |  | 38,102 |  | 26,258 |  | 4,815
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 6,389 |  | 5,156 |  | — |  | 26,112 |  | 17,955 |  | 4,429 |  | 32,501 |  | 23,111 |  | 4,429
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Operating | 704 |  | 486 |  | 37 |  | 2,346 |  | 1,772 |  | 748 |  | 3,050 |  | 2,258 |  | 785
Realized (Gain) Loss on Risk Management | — |  | — |  | — |  | 112 |  | 104 |  | (21) |  | 112 |  | 104 |  | (21)
Operating Margin | 699 |  | 573 |  | 45 |  | 1,740 |  | 212 |  | (423) |  | 2,439 |  | 785 |  | (378)
Unrealized (Gain) Loss on Risk Management | — |  | — |  | — |  | 18 |  | 1 |  | (1) |  | 18 |  | 1 |  | (1)
Depreciation, Depletion and Amortization | 208 |  | 226 |  | 8 |  | 640 |  | 2,381 |  | 728 |  | 848 |  | 2,607 |  | 736
Exploration Expense | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  |  |  | — |  | — |  | —
Segment Income (Loss) | 491 |  | 347 |  | 37 |  | 1,082 |  | (2,170) |  | (1,150) |  | 1,573 |  | (1,823) |  | (1,113)
(1)Prior period results have been re-presented. In September 2022, the Company divested the majority of the retail fuels business. The Retail segment has been aggregated with the Canadian Manufacturing segment (see Note 3X).
| Corporate and Eliminations |  | Consolidated
For the years ended December 31, | 2022 |  | 2021 (1) (2) |  | 2020 |  | 2022 |  | 2021 (1) (2) |  | 2020
Revenues |  |  |  |  |  |  |  |  |  |  |
Gross Sales | (7,464) |  | (5,291) |  | (609) |  | 71,765 |  | 48,811 |  | 13,914
Less: Royalties | — |  | — |  | — |  | 4,868 |  | 2,454 |  | 371
| (7,464) |  | (5,291) |  | (609) |  | 66,897 |  | 46,357 |  | 13,543
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product | (5,533) |  | (3,844) |  | (278) |  | 33,801 |  | 23,326 |  | 5,681
Transportation and Blending | (664) |  | (676) |  | (36) |  | 11,530 |  | 8,038 |  | 4,728
Operating | (1,270) |  | (783) |  | (306) |  | 5,569 |  | 4,716 |  | 1,955
Realized (Gain) Loss on Risk Management | 31 |  | 101 |  | 5 |  | 1,762 |  | 993 |  | 252
Unrealized (Gain) Loss on Risk Management | (89) |  | (18) |  | — |  | (126) |  | 2 |  | 56
Depreciation, Depletion and Amortization | 113 |  | 118 |  | 161 |  | 4,679 |  | 5,886 |  | 3,464
Exploration Expense | — |  | — |  | — |  | 101 |  | 18 |  | 91
(Income) Loss From Equity-Accounted Affiliates | — |  | (5) |  | — |  | (15) |  | (57) |  | —
Segment Income (Loss) | (52) |  | (184) |  | (155) |  | 9,596 |  | 3,435 |  | (2,684)
General and Administrative | 865 |  | 849 |  | 292 |  | 865 |  | 849 |  | 292
Finance Costs | 820 |  | 1,082 |  | 536 |  | 820 |  | 1,082 |  | 536
Interest Income | (81) |  | (23) |  | (9) |  | (81) |  | (23) |  | (9)
Integration and Transaction Costs | 106 |  | 349 |  | 29 |  | 106 |  | 349 |  | 29
Foreign Exchange (Gain) Loss, Net | 343 |  | (174) |  | (181) |  | 343 |  | (174) |  | (181)
Revaluation (Gains) | (549) |  | — |  | — |  | (549) |  | — |  | —
Re-measurement of Contingent Payment | 162 |  | 575 |  | (80) |  | 162 |  | 575 |  | (80)
(Gain) Loss on Divestiture of Assets | (269) |  | (229) |  | (81) |  | (269) |  | (229) |  | (81)
Other (Income) Loss, Net | (532) |  | (309) |  | 40 |  | (532) |  | (309) |  | 40
| 865 |  | 2,120 |  | 546 |  | 865 |  | 2,120 |  | 546
Earnings (Loss) Before Income Tax |  |  |  |  |  |  | 8,731 |  | 1,315 |  | (3,230)
Income Tax Expense (Recovery) |  |  |  |  |  |  | 2,281 |  | 728 |  | (851)
Net Earnings (Loss) |  |  |  |  |  |  | 6,450 |  | 587 |  | (2,379)
(1)Prior period results have been adjusted to more appropriately reflect the cost of blending (see Note 3X). (2)Prior period results have been re-presented. In September 2022, the Company divested the majority of the retail fuels business. The Retail segment has been aggregated with the Canadian Manufacturing segment (see Note 3X).
Schedule of Revenues by Product | B) Revenues by Product
For the years ended December 31, | 2022 |  | 2021 |  | 2020 |  |  |  |
Upstream |  |  |  |  |  |  |  |  |
Crude Oil (1) | 29,834 |  | 19,877 |  | 8,017 |  |  |  |
NGLs (1) | 2,346 |  | 1,983 |  | 727 |  |  |  |
Natural Gas | 3,690 |  | 3,032 |  | 535 |  |  |  |
Other | 389 |  | 498 |  | 58 |  |  |  |
Downstream |  |  |  |  |  |  |  |  |
Canadian Manufacturing |  |  |  |  |  |  |  |  |
Synthetic Crude Oil | 2,360 |  | 1,951 |  | — |  |  |  |
Asphalt | 620 |  | 477 |  | — |  |  |  |
Other Products and Services (2) | 4,812 |  | 3,787 |  | 82 |  |  |  |
U.S. Manufacturing |  |  |  |  |  |  |  |  |
Gasoline | 14,116 |  | 10,111 |  | 2,352 |  |  |  |
Diesel and Distillate | 11,453 |  | 6,429 |  | 1,569 |  |  |  |
Other Products | 4,741 |  | 3,503 |  | 812 |  |  |  |
Corporate and Eliminations (2) | (7,464) |  | (5,291) |  | (609) |  |  |  |
Consolidated | 66,897 |  | 46,357 |  | 13,543 |  |  |  |
(1)Prior period results have been re-presented. Third-party condensate sales previously included in crude oil have been aggregated with NGLs. (2)Prior period results have been re-presented. The Retail segment has been aggregated with the Canadian Manufacturing segment (see Note 3X).
Schedule of Geographical Information | C) Geographical Information
| Revenues (1) |  |  |  |
For the years ended December 31, | 2022 |  | 2021 |  | 2020 |  |  |  |
Canada | 33,222 |  | 23,768 |  | 8,715 |  |  |  |
United States | 32,313 |  | 21,326 |  | 4,828 |  |  |  |
China | 1,362 |  | 1,263 |  | — |  |  |  |
Consolidated | 66,897 |  | 46,357 |  | 13,543 |  |  |  |
(1)Revenues by country are classified based on where the operations are located.
| Non-Current Assets (1)
As at December 31, | 2022 |  | 2021 (2)
Canada | 35,194 |  | 33,981
United States | 4,824 |  | 4,093
China | 2,064 |  | 2,583
Indonesia | 365 |  | 311
Consolidated | 42,447 |  | 40,968
(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. (2)Canada excludes assets held for sale of $1.3 billion that were divested in 2022.
Schedule of Assets by Segment | D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
As at December 31, | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Oil Sands | 674 |  | 653 |  | 24,657 |  | 22,535 |  | 638 |  | 754
Conventional | 6 |  | 6 |  | 2,020 |  | 2,174 |  | 2 |  | 2
Offshore | 5 |  | 61 |  | 2,549 |  | 2,822 |  | 152 |  | 160
Canadian Manufacturing (1) | — |  | — |  | 2,466 |  | 2,558 |  | 252 |  | 388
U.S. Manufacturing | — |  | — |  | 4,482 |  | 3,745 |  | 329 |  | 252
Corporate and Eliminations | — |  | — |  | 325 |  | 391 |  | 472 |  | 454
Consolidated | 685 |  | 720 |  | 36,499 |  | 34,225 |  | 1,845 |  | 2,010
| Goodwill |  | Total Assets
As at December 31, | 2022 |  | 2021 |  | 2022 |  | 2021 (2)
Oil Sands | 2,923 |  | 3,473 |  | 32,248 |  | 31,070
Conventional | — |  | — |  | 2,410 |  | 3,026
Offshore | — |  | — |  | 3,339 |  | 3,597
Canadian Manufacturing (1) | — |  | — |  | 3,172 |  | 3,884
U.S. Manufacturing (3) | — |  | — |  | 8,324 |  | 7,509
Corporate and Eliminations (3) | — |  | — |  | 6,376 |  | 5,018
Consolidated | 2,923 |  | 3,473 |  | 55,869 |  | 54,104
(1)Prior period results have been re-presented. PP&E, ROU assets and total assets from the remaining commercial fuels business and the historic retail fuels business have been aggregated with the Canadian Manufacturing segment. (2)Total assets include assets held for sale $1.3 billion that were divested in 2022. (3)Prior period results were re-presented to move income tax receivable and deferred income tax assets from the U.S. Manufacturing segment to the Corporate and Eliminations segment.
Schedule of Capital Expenditures | E) Capital Expenditures (1)
For the years ended December 31, | 2022 |  | 2021 |  | 2020 |  |  |  |
Capital Investment |  |  |  |  |  |  |  |  |
Oil Sands | 1,792 |  | 1,019 |  | 427 |  |  |  |
Conventional | 344 |  | 222 |  | 78 |  |  |  |
Offshore |  |  |  |  |  |  |  |  |
Asia Pacific | 8 |  | 21 |  | — |  |  |  |
Atlantic | 302 |  | 154 |  | — |  |  |  |
Total Upstream | 2,446 |  | 1,416 |  | 505 |  |  |  |
Canadian Manufacturing (2) | 117 |  | 68 |  | 33 |  |  |  |
U.S. Manufacturing | 1,059 |  | 995 |  | 243 |  |  |  |
Total Downstream | 1,176 |  | 1,063 |  | 276 |  |  |  |
Corporate and Eliminations | 86 |  | 84 |  | 60 |  |  |  |
| 3,708 |  | 2,563 |  | 841 |  |  |  |
Acquisitions (Note 5) |  |  |  |  |  |  |  |  |
Oil Sands (3) | 1,609 |  | 5,005 |  | 6 |  |  |  |
Conventional | 12 |  | 551 |  | 12 |  |  |  |
Offshore (4) | — |  | 3,129 |  | — |  |  |  |
Canadian Manufacturing (2) | — |  | 2,973 |  | — |  |  |  |
U.S. Manufacturing | — |  | 1,618 |  | — |  |  |  |
Corporate and Eliminations | — |  | 156 |  | — |  |  |  |
| 1,621 |  | 13,432 |  | 18 |  |  |  |
Total Capital Expenditures | 5,329 |  | 15,995 |  | 859 |  |  |  |
(1)Includes expenditures on PP&E, E&E assets and capitalized interest. (2)Prior period results have been re-presented. The Retail segment has been aggregated with the Canadian Manufacturing segment (see Note 3X). (3)Cenovus was deemed to have disposed of its pre-existing interest in Sunrise Oil Sands Partnership (“SOSP”) 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 SOSP of $1.6 billion. (4)Excludes capital expenditures related to the HCML joint venture, which are accounted for using the equity method.

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