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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of Assumptions Used to Determine Fair Value of Options Granted

The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows:

Risk-Free Interest Rate			1.84		%
Expected Dividend Yield			0.72		%
Expected Volatility (1)			24.72		%
Expected Life (years)			5.75

(1)Expected volatility has been based on historical share volatility of the Company.

Summary of Options Outstanding and Exercisable

The following tables summarize information related to the NSRs:

			Number of Stock Options with Associated Net Settlement Rights						Weighted Average Exercise Price
For the year ended December 31, 2022			(thousands)						($)
Outstanding, Beginning of Year			27,233						13.06
Granted			2,031						19.94
Exercised			(11,599)						12.77
Forfeited			(258)						9.75
Expired			(3,058)						22.25
Outstanding, End of Year			14,349						12.38

			Outstanding																		Exercisable
As at December 31, 2022			Number of Stock Options with Associated Net Settlement Rights						Weighted Average Remaining Contractual Life						Weighted Average Exercise Price						Number of Stock Options with Associated Net Settlement Rights						Weighted Average Exercise Price
Range of Exercise Price ($)			(thousands)						(Years)						($)						(thousands)						($)
5.00 to 9.99			5,234						4.88						8.76						1,474						8.94
10.00 to 14.99			6,229						3.80						12.01						4,280						12.13
15.00 to 19.99			2,834						4.26						19.71						919						19.36
20.00 to 24.99			52						6.69						22.37						—						—
			14,349						4.30						12.38						6,673						12.42

The following tables summarize the information related to the Cenovus replacement stock options:

			Number of Cenovus Replacement Stock Options						Weighted Average Exercise Price
For the year ended December 31, 2022			(thousands)						($)
Outstanding, Beginning of Year			12,256						15.21
Exercised			(6,145)						16.12
Forfeited			(186)						15.85
Expired			(2,458)						20.59
Outstanding, End of Year			3,467						9.99

			Outstanding																		Exercisable
As at December 31, 2022			Number of Cenovus Replacement Stock Options						Weighted Average Remaining Contractual Life						Weighted Average Exercise Price						Number of Cenovus Replacement Stock Options						Weighted Average Exercise Price
Range of Exercise Price ($)			(thousands)						(Years)						($)						(thousands)						($)
3.00 to 4.99			2,065						1.63						3.54						742						3.54
5.00 to 9.99			124						1.36						6.06						59						6.06
10.00 to 14.99			14						0.47						12.88						14						12.88
15.00 to 19.99			594						1.04						18.35						594						18.35
20.00 to 24.99			524						0.20						21.77						524						21.77
25.00 to 29.99			146						0.58						27.88						146						27.88
			3,467						1.25						9.99						2,079						14.21

The following table summarizes the information related to the PSUs held by Cenovus employees:

			Number of Performance Share Units
For the year ended December 31, 2022			(thousands)
Outstanding, Beginning of Year			7,163
Granted			3,226
Vested and Paid Out			(1,413)
Cancelled			(465)
Units in Lieu of Dividends			167
Outstanding, End of Year			8,678

The following table summarizes the information related to the RSUs held by Cenovus employees:

			Number of Restricted Share Units
For the year ended December 31, 2022			(thousands)
Outstanding, Beginning of Year			6,025
Granted			3,161
Vested and Paid Out			(2,230)
Cancelled			(430)
Units in Lieu of Dividends			129
Outstanding, End of Year			6,655

The following table summarizes the information related to the DSUs held by Cenovus directors, officers and employees:

			Number of Deferred Share Units
For the year ended December 31, 2022			(thousands)
Outstanding, Beginning of Year			1,256
Granted to Directors			161
Granted			316
Units in Lieu of Dividends			30
Redeemed			(257)
Outstanding, End of Year			1,506

Summary of Stock-Based Compensation

E) Total Stock-Based Compensation

For the years ended December 31,			2022						2021						2020
Stock Options With Associated Net Settlement Rights			15						14						11
Cenovus Replacement Stock Options			53						26						—
Performance Share Units			183						56						19
Restricted Share Units			100						48						23
Deferred Share Units			22						15						(4)
Stock-Based Compensation Expense (Recovery)			373						159						49
Stock-Based Compensation Costs Capitalized			—						8						16
Total Stock-Based Compensation			373						167						65

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