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Share Capital and Warrants (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of classes of share capital [abstract] |
Summary of Share Capital | B) Issued and Outstanding – Common Shares
| 2022 |  | 2021
| Number of Common Shares (thousands) |  | Amount |  | Number of Common Shares (thousands) |  | Amount
Outstanding, Beginning of Year | 2,001,211 |  | 17,016 |  | 1,228,870 |  | 11,040
Issued Under the Arrangement, Net of Issuance Costs (Note 5) | — |  | — |  | 788,518 |  | 6,111
Issued Upon Exercise of Warrants | 9,399 |  | 93 |  | 314 |  | 3
Issued Under Stock Option Plans | 11,069 |  | 170 |  | 535 |  | 7
Purchase of Common Shares under NCIBs | (112,489) |  | (959) |  | (17,026) |  | (145)
Outstanding, End of Year | 1,909,190 |  | 16,320 |  | 2,001,211 |  | 17,016
Issued and Outstanding – Preferred Shares For the year ended December 31, 2022, there were no preferred shares issued. As at December 31, 2022, there were 36 million preferred shares outstanding (December 31, 2021 – 36 million), with a carrying value of $519 million (December 31, 2021 – $519 million).
As at December 31, 2022 | Dividend Reset Date |  | Dividend Rate |  | Number of Preferred Shares (thousands)
Series 1 First Preferred Shares | March 31, 2026 |  | 2.58 | % |  | 10,740
Series 2 First Preferred Shares (1) | Quarterly |  | 5.86 | % |  | 1,260
Series 3 First Preferred Shares | December 31, 2024 |  | 4.69 | % |  | 10,000
Series 5 First Preferred Shares | March 31, 2025 |  | 4.59 | % |  | 8,000
Series 7 First Preferred Shares | June 30, 2025 |  | 3.94 | % |  | 6,000
(1)The floating-rate dividend was 1.86 percent from December 31, 2021, to March 30, 2022 (January 1, 2021, to March 30, 2021 – 1.84 percent); 2.35 percent from March 31, 2022, to June 29, 2022 (March 31, 2021, to June 29, 2021 – 1.80 percent); 3.21 percent from June 30, 2022, to September 29, 2022 (June 30, 2021, to September 29, 2021 – 1.84 percent); 5.05 percent from September 30, 2022, to December 30 2022 (September 30, 2021, to December 30, 2021 – 1.92 percent); and 5.86 percent from December 31, 2022, to March 30, 2023. Every five years, subject to certain conditions, the holders of first preferred shares will have the right, at their option, to convert their shares into a specified series of first preferred shares. On March 31, 2026 and on March 31 every five years thereafter, holders of series 1 and series 2 first preferred shares will have such option to convert their shares into the other series. On December 31, 2024, and on December 31 every five years thereafter, holders of series 3 and series 4 first preferred shares will have such option to convert their shares into the other series. On March 31, 2025, and on March 31 every five years thereafter, holders of series 5 and series 6 first preferred shares will have such option to convert their shares into the other series. On June 30, 2025, and on June 30 every five years thereafter, holders of series 7 and series 8 first preferred shares will have such option to convert their shares into the other series. Each series of outstanding first preferred shares are entitled to receive a cumulative quarterly dividend, payable on the last day of March, June, September and December in each year, if, as and when declared by Cenovus’s Board of Directors. For the series 1, series 3, series 5 and series 7 first preferred shares, such dividend rate resets every five years at the rate equal to the sum of the five-year Government of Canada bond yield on the applicable calculation date plus 1.73 percent (series 1), 3.13 percent (series 3), 3.57 percent (series 5) and 3.52 percent (series 7). For the series 2, series 4, series 6 and series 8 first preferred shares, such dividend rate resets every quarter at the rate equal to the sum of the 90-day Government of Canada Treasury Bill yield on the applicable calculation date plus 1.73 percent (series 2), 3.13 percent (series 4), 3.57 percent (series 6) and 3.52 percent (series 8). Every five years, subject to certain conditions, on the applicable conversion date Cenovus may, at its option, redeem all or any number of the then-outstanding series of first preferred shares by payment of an amount in cash for each share to be redeemed equal to $25.00. In addition, subject to certain conditions, on any other date Cenovus may, at its option, redeem all or any number of the then-outstanding series 2, series 4, series 6 and series 8 first preferred shares, by payment of an amount in cash for each share to be redeemed equal to $25.50. In each case, such payment shall also include all accrued and unpaid dividends thereon to but excluding the date fixed for redemption (less any tax or other amount required to be deducted and withheld). Second Preferred Shares There were no second preferred shares outstanding as at December 31, 2022 (December 31, 2021 – nil). Issued and Outstanding – Warrants
| 2022 |  | 2021
| Number of Warrants (thousands) |  | Amount |  | Number of Warrants (thousands) |  | Amount
Outstanding, Beginning of Year | 65,119 |  | 215 |  | — |  | —
Issued Under the Arrangement (Note 5) | — |  | — |  | 65,433 |  | 216
Exercised | (9,399) |  | (31) |  | (314) |  | (1)
Outstanding, End of Year | 55,720 |  | 184 |  | 65,119 |  | 215
| Retained Earnings Prior to Ovintiv Split |  | Stock-Based Compensation |  | Common Shares |  | Total
As at December 31, 2020 | 4,086 |  | 305 |  | — |  | 4,391
Stock-Based Compensation Expense | — |  | 14 |  | — |  | 14
Purchase of Common Shares Under NCIBs | — |  | — |  | (120) |  | (120)
Common Shares Issued on Exercise of Stock Options | — |  | (1) |  | — |  | (1)
As at December 31, 2021 | 4,086 |  | 318 |  | (120) |  | 4,284
Stock-Based Compensation Expense | — |  | 10 |  | — |  | 10
Purchase of Common Shares Under NCIBs | — |  | — |  | (1,571) |  | (1,571)
Common Shares Issued on Exercise of Stock Options | — |  | (32) |  | — |  | (32)
As at December 31, 2022 | 4,086 |  | 296 |  | (1,691) |  | 2,691

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