XML 32 R7.htm IDEA: XBRL DOCUMENT
v3.24.3

Description of Business and Segmented Disclosures | 9 Months Ended
--- | ---
Sep. 30, 2024
Disclosure Of Reportable Segments [Abstract] |
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES |
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES
Cenovus Energy Inc. (“Cenovus” or the “Company”) is an integrated energy company with crude oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States (“U.S.”). Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange. Cenovus’s cumulative redeemable preferred shares series 1, 2, 3, 5 and 7 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these interim Consolidated Financial Statements is found in Note 2. Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision maker. The Company’s operating segments are aggregated based on their geographic locations, the nature of the businesses or a combination of these factors. The Company evaluates the financial performance of its operating segments primarily based on operating margin. The Company operates through the following reportable segments: Upstream Segments •Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise, Lloydminster thermal and Lloydminster conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification. •Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas within the Elmworth-Wapiti, Kaybob‑Edson, Clearwater and Rainbow Lake operating areas in Alberta and British Columbia, and interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported, with additional third-party commodity trading volumes, through access to capacity on third-party pipelines, export terminals and storage facilities. These provide flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. •Offshore, includes offshore operations, exploration and development activities in China and the east coast of Canada, as well as the equity-accounted investment in Husky-CNOOC Madura Ltd. (“HCML”), which is engaged in the exploration for and production of NGLs and natural gas in offshore Indonesia. Downstream Segments •Canadian Refining, includes the owned and operated Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other ancillary products. Cenovus also owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The Company’s commercial fuels business across Canada is included in this segment. Cenovus markets its production and third-party commodity trading volumes in an effort to use its integrated network of assets to maximize value. •U.S. Refining, includes the refining of crude oil to produce gasoline, diesel, jet fuel, asphalt and other products at the wholly-owned Lima, Superior and Toledo refineries, and the jointly-owned Wood River and Borger refineries, held through WRB Refining LP (“WRB”), a jointly owned entity with operator Phillips 66. Cenovus markets some of its own and third-party refined products including gasoline, diesel, jet fuel and asphalt. Corporate and Eliminations Corporate and Eliminations, includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for feedstock and internal usa ge of crude oil, nat ural gas, condensate, other NGLs and refined products between segments; transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal; the sale of condensate extracted from blended crude oil production in the Canadian Refining segment and sold to the Oil Sands segment; and unrealized profits in inventory. Eliminations are recorded based on market prices. A) Results of Operations – Segment and Operational Information i) Results for the Three Months Ended September 30
| Upstream
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales | 5,456 |  | 5,645 |  | 225 |  | 285 |  | 371 |  | 402 |  | 6,052 |  | 6,332
Intersegment Sales | 1,719 |  | 1,926 |  | 488 |  | 525 |  | — |  | — |  | 2,207 |  | 2,451
| 7,175 |  | 7,571 |  | 713 |  | 810 |  | 371 |  | 402 |  | 8,259 |  | 8,783
Royalties | (889) |  | (1,082) |  | (15) |  | (27) |  | (25) |  | (26) |  | (929) |  | (1,135)
Revenues | 6,286 |  | 6,489 |  | 698 |  | 783 |  | 346 |  | 376 |  | 7,330 |  | 7,648
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 629 |  | 462 |  | 459 |  | 438 |  | — |  | — |  | 1,088 |  | 900
Transportation and Blending | 2,579 |  | 2,324 |  | 80 |  | 73 |  | 2 |  | — |  | 2,661 |  | 2,397
Operating | 621 |  | 688 |  | 147 |  | 150 |  | 92 |  | 76 |  | 860 |  | 914
Realized (Gain) Loss on Risk Management | (10) |  | (6) |  | — |  | (4) |  | — |  | — |  | (10) |  | (10)
Operating Margin | 2,467 |  | 3,021 |  | 12 |  | 126 |  | 252 |  | 300 |  | 2,731 |  | 3,447
Unrealized (Gain) Loss on Risk Management | (1) |  | 47 |  | 2 |  | 7 |  | — |  | — |  | 1 |  | 54
Depreciation, Depletion and Amortization | 784 |  | 785 |  | 109 |  | 104 |  | 134 |  | 130 |  | 1,027 |  | 1,019
Exploration Expense | 2 |  | — |  | — |  | — |  | 42 |  | 2 |  | 44 |  | 2
(Income) Loss From Equity- Accounted Affiliates | — |  | — |  | — |  | — |  | (11) |  | (11) |  | (11) |  | (11)
Segment Income (Loss) | 1,682 |  | 2,189 |  | (99) |  | 15 |  | 87 |  | 179 |  | 1,670 |  | 2,383
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the three months ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |
External Sales | 1,482 |  | 1,544 |  | 7,644 |  | 7,836 |  | 9,126 |  | 9,380
Intersegment Sales | 98 |  | 261 |  | 4 |  | 17 |  | 102 |  | 278
| 1,580 |  | 1,805 |  | 7,648 |  | 7,853 |  | 9,228 |  | 9,658
Royalties | — |  | — |  | — |  | — |  | — |  | —
Revenues | 1,580 |  | 1,805 |  | 7,648 |  | 7,853 |  | 9,228 |  | 9,658
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 1,353 |  | 1,480 |  | 7,284 |  | 6,467 |  | 8,637 |  | 7,947
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | —
Operating | 167 |  | 155 |  | 751 |  | 623 |  | 918 |  | 778
Realized (Gain) Loss on Risk Management | — |  | — |  | (4) |  | 11 |  | (4) |  | 11
Operating Margin | 60 |  | 170 |  | (383) |  | 752 |  | (323) |  | 922
Unrealized (Gain) Loss on Risk Management | — |  | — |  | 5 |  | (2) |  | 5 |  | (2)
Depreciation, Depletion and Amortization | 49 |  | 50 |  | 115 |  | 109 |  | 164 |  | 159
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 11 |  | 120 |  | (503) |  | 645 |  | (492) |  | 765
|  |  | Corporate and Eliminations |  | Consolidated
For the three months ended September 30, |  |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales |  |  |  |  |  |  |  | — |  | — |  | 15,178 |  | 15,712
Intersegment Sales |  |  |  |  |  |  |  | (2,309) |  | (2,729) |  | — |  | —
|  |  |  |  |  |  |  | (2,309) |  | (2,729) |  | 15,178 |  | 15,712
Royalties |  |  |  |  |  |  |  | — |  | — |  | (929) |  | (1,135)
Revenues |  |  |  |  |  |  |  | (2,309) |  | (2,729) |  | 14,249 |  | 14,577
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product |  |  |  |  |  |  |  | (2,169) |  | (2,227) |  | 7,556 |  | 6,620
Transportation and Blending |  |  |  |  |  |  |  | (172) |  | (233) |  | 2,489 |  | 2,164
Purchased Product, Transportation and Blending (1) |  |  |  |  |  |  |  | (2,341) |  | (2,460) |  | 10,045 |  | 8,784
Operating |  |  |  |  |  |  |  | (42) |  | (139) |  | 1,736 |  | 1,553
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | (13) |  | (1) |  | (27) |  | —
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | 1 |  | 20 |  | 7 |  | 72
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  | 27 |  | 19 |  | 1,218 |  | 1,197
Exploration Expense |  |  |  |  |  |  |  | — |  | — |  | 44 |  | 2
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  | — |  | — |  | (11) |  | (11)
Segment Income (Loss) |  |  |  |  |  |  |  | 59 |  | (168) |  | 1,237 |  | 2,980
General and Administrative |  |  |  |  |  |  |  | 172 |  | 292 |  | 172 |  | 292
Finance Costs, Net (1) |  |  |  |  |  |  |  | 118 |  | 73 |  | 118 |  | 73
Integration, Transaction and Other Costs |  |  |  |  |  |  |  | 41 |  | 12 |  | 41 |  | 12
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  | (73) |  | 133 |  | (73) |  | 133
(Gain) Loss on Divestiture of Assets (1) |  |  |  |  |  |  |  | (17) |  | — |  | (17) |  | —
Re-measurement of Contingent Payments |  |  |  |  |  |  |  | — |  | 67 |  | — |  | 67
Other (Income) Loss, Net |  |  |  |  |  |  |  | (28) |  | (22) |  | (28) |  | (22)
|  |  |  |  |  |  |  | 213 |  | 555 |  | 213 |  | 555
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  | 1,024 |  | 2,425
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  | 204 |  | 561
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  | 820 |  | 1,864
(1)Revised presentation as of January 1, 2024. See Note 3. ii) Results for the Nine Months Ended September 30
| Upstream
For the nine months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales | 16,525 |  | 15,654 |  | 866 |  | 1,160 |  | 1,199 |  | 1,103 |  | 18,590 |  | 17,917
Intersegment Sales | 4,831 |  | 4,061 |  | 1,417 |  | 1,307 |  | — |  | — |  | 6,248 |  | 5,368
| 21,356 |  | 19,715 |  | 2,283 |  | 2,467 |  | 1,199 |  | 1,103 |  | 24,838 |  | 23,285
Royalties | (2,400) |  | (2,218) |  | (61) |  | (85) |  | (74) |  | (65) |  | (2,535) |  | (2,368)
Revenues | 18,956 |  | 17,497 |  | 2,222 |  | 2,382 |  | 1,125 |  | 1,038 |  | 22,303 |  | 20,917
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 1,321 |  | 1,231 |  | 1,353 |  | 1,258 |  | — |  | — |  | 2,674 |  | 2,489
Transportation and Blending | 8,265 |  | 7,965 |  | 241 |  | 220 |  | 9 |  | 9 |  | 8,515 |  | 8,194
Operating | 1,896 |  | 2,101 |  | 432 |  | 444 |  | 319 |  | 281 |  | 2,647 |  | 2,826
Realized (Gain) Loss on Risk Management | 23 |  | (7) |  | (7) |  | — |  | — |  | — |  | 16 |  | (7)
Operating Margin | 7,451 |  | 6,207 |  | 203 |  | 460 |  | 797 |  | 748 |  | 8,451 |  | 7,415
Unrealized (Gain) Loss on Risk Management | (13) |  | 44 |  | 10 |  | (14) |  | — |  | — |  | (3) |  | 30
Depreciation, Depletion and Amortization | 2,330 |  | 2,230 |  | 330 |  | 286 |  | 421 |  | 349 |  | 3,081 |  | 2,865
Exploration Expense | 6 |  | 4 |  | — |  | — |  | 50 |  | 6 |  | 56 |  | 10
(Income) Loss From Equity- Accounted Affiliates | (14) |  | 6 |  | 1 |  | — |  | (34) |  | (29) |  | (47) |  | (23)
Segment Income (Loss) | 5,142 |  | 3,923 |  | (138) |  | 188 |  | 360 |  | 422 |  | 5,364 |  | 4,533
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the nine months ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |
External Sales | 3,682 |  | 3,997 |  | 22,794 |  | 19,524 |  | 26,476 |  | 23,521
Intersegment Sales | 365 |  | 679 |  | 7 |  | 22 |  | 372 |  | 701
| 4,047 |  | 4,676 |  | 22,801 |  | 19,546 |  | 26,848 |  | 24,222
Royalties | — |  | — |  | — |  | — |  | — |  | —
Revenues | 4,047 |  | 4,676 |  | 22,801 |  | 19,546 |  | 26,848 |  | 24,222
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 3,415 |  | 3,656 |  | 20,540 |  | 16,729 |  | 23,955 |  | 20,385
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | —
Operating | 759 |  | 471 |  | 2,045 |  | 1,904 |  | 2,804 |  | 2,375
Realized (Gain) Loss on Risk Management | — |  | — |  | 5 |  | 6 |  | 5 |  | 6
Operating Margin | (127) |  | 549 |  | 211 |  | 907 |  | 84 |  | 1,456
Unrealized (Gain) Loss on Risk Management | — |  | — |  | 3 |  | (13) |  | 3 |  | (13)
Depreciation, Depletion and Amortization | 147 |  | 136 |  | 338 |  | 314 |  | 485 |  | 450
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | (274) |  | 413 |  | (130) |  | 606 |  | (404) |  | 1,019
| Corporate and Eliminations |  | Consolidated
For the nine months ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |
External Sales | — |  | — |  | 45,066 |  | 41,438
Intersegment Sales | (6,620) |  | (6,069) |  | — |  | —
| (6,620) |  | (6,069) |  | 45,066 |  | 41,438
Royalties | — |  | — |  | (2,535) |  | (2,368)
Revenues | (6,620) |  | (6,069) |  | 42,531 |  | 39,070
Expenses |  |  |  |  |  |  |
Purchased Product | (5,756) |  | (4,717) |  | 20,873 |  | 18,157
Transportation and Blending | (586) |  | (715) |  | 7,929 |  | 7,479
Purchased Product, Transportation and Blending (1) | (6,342) |  | (5,432) |  | 28,802 |  | 25,636
Operating | (237) |  | (412) |  | 5,214 |  | 4,789
Realized (Gain) Loss on Risk Management | (10) |  | 2 |  | 11 |  | 1
Unrealized (Gain) Loss on Risk Management | 31 |  | 71 |  | 31 |  | 88
Depreciation, Depletion and Amortization | 80 |  | 59 |  | 3,646 |  | 3,374
Exploration Expense | — |  | — |  | 56 |  | 10
(Income) Loss From Equity-Accounted Affiliates | (1) |  | — |  | (48) |  | (23)
Segment Income (Loss) | (141) |  | (357) |  | 4,819 |  | 5,195
General and Administrative | 593 |  | 617 |  | 593 |  | 617
Finance Costs, Net (1) | 394 |  | 393 |  | 394 |  | 393
Integration, Transaction and Other Costs | 113 |  | 49 |  | 113 |  | 49
Foreign Exchange (Gain) Loss, Net | 81 |  | 7 |  | 81 |  | 7
(Gain) Loss on Divestiture of Assets (1) | (121) |  | 22 |  | (121) |  | 22
Re-measurement of Contingent Payments | 30 |  | 83 |  | 30 |  | 83
Other (Income) Loss, Net | (158) |  | (42) |  | (158) |  | (42)
| 932 |  | 1,129 |  | 932 |  | 1,129
Earnings (Loss) Before Income Tax |  |  |  |  | 3,887 |  | 4,066
Income Tax Expense (Recovery) |  |  |  |  | 891 |  | 700
Net Earnings (Loss) |  |  |  |  | 2,996 |  | 3,366
(1)Revised presentation as of January 1, 2024. See Note 3. B) External Sales by Product
| Upstream |  |  |  |
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total |  |  |  |
September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Crude Oil | 5,269 |  | 5,576 |  | 33 |  | 42 |  | 71 |  | 77 |  | 5,373 |  | 5,695 |  |  |  |
Natural Gas and Other | 83 |  | 20 |  | 107 |  | 158 |  | 221 |  | 233 |  | 411 |  | 411 |  |  |  |
NGLs (1) | 104 |  | 49 |  | 85 |  | 85 |  | 79 |  | 92 |  | 268 |  | 226 |  |  |  |
External Sales | 5,456 |  | 5,645 |  | 225 |  | 285 |  | 371 |  | 402 |  | 6,052 |  | 6,332 |  |  |  |
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the three months ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Synthetic Crude Oil | 588 |  | 543 |  | — |  | — |  | 588 |  | 543
Distillates (2) | 395 |  | 460 |  | 2,604 |  | 2,871 |  | 2,999 |  | 3,331
Gasoline | 128 |  | 162 |  | 3,513 |  | 3,822 |  | 3,641 |  | 3,984
Asphalt | 208 |  | 185 |  | 322 |  | 326 |  | 530 |  | 511
Other Products and Services | 163 |  | 194 |  | 1,205 |  | 817 |  | 1,368 |  | 1,011
External Sales | 1,482 |  | 1,544 |  | 7,644 |  | 7,836 |  | 9,126 |  | 9,380
(1)Third-party condensate sales are included within NGLs. (2)Includes diesel and jet fuel.
| Upstream
For the nine months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Crude Oil | 15,963 |  | 15,210 |  | 157 |  | 185 |  | 263 |  | 231 |  | 16,383 |  | 15,626
Natural Gas and Other | 263 |  | 200 |  | 453 |  | 777 |  | 686 |  | 652 |  | 1,402 |  | 1,629
NGLs (1) | 299 |  | 244 |  | 256 |  | 198 |  | 250 |  | 220 |  | 805 |  | 662
External Sales | 16,525 |  | 15,654 |  | 866 |  | 1,160 |  | 1,199 |  | 1,103 |  | 18,590 |  | 17,917
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the nine months ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Synthetic Crude Oil | 1,323 |  | 1,394 |  | — |  | — |  | 1,323 |  | 1,394
Distillates (2) | 1,143 |  | 1,286 |  | 8,149 |  | 7,169 |  | 9,292 |  | 8,455
Gasoline | 363 |  | 410 |  | 10,613 |  | 9,336 |  | 10,976 |  | 9,746
Asphalt | 433 |  | 403 |  | 753 |  | 610 |  | 1,186 |  | 1,013
Other Products and Services | 420 |  | 504 |  | 3,279 |  | 2,409 |  | 3,699 |  | 2,913
External Sales | 3,682 |  | 3,997 |  | 22,794 |  | 19,524 |  | 26,476 |  | 23,521
(1)Third-party condensate sales are included within NGLs. (2)Includes diesel and jet fuel. C) Geographical Information
| Revenues (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Canada | 6,937 |  | 6,666 |  | 20,235 |  | 18,828
United States | 7,036 |  | 7,611 |  | 21,433 |  | 19,425
China | 276 |  | 300 |  | 863 |  | 817
Consolidated | 14,249 |  | 14,577 |  | 42,531 |  | 39,070
(1)Revenues by country are classified based on where the operations are located.
| Non-Current Assets (1)
| September 30, |  | December 31,
As at | 2024 |  | 2023
Canada | 36,149 |  | 35,876
United States | 5,447 |  | 5,230
China | 1,278 |  | 1,608
Indonesia | 305 |  | 344
Consolidated | 43,179 |  | 43,058
(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. D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
| September 30, |  | December 31, |  | September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Oil Sands | 449 |  | 729 |  | 24,461 |  | 24,443 |  | 822 |  | 849
Conventional | 7 |  | — |  | 2,127 |  | 2,209 |  | 2 |  | 1
Offshore | 7 |  | 9 |  | 3,118 |  | 2,798 |  | 96 |  | 102
Canadian Refining | — |  | — |  | 2,484 |  | 2,469 |  | 40 |  | 28
U.S. Refining | — |  | — |  | 5,128 |  | 5,014 |  | 306 |  | 268
Corporate and Eliminations | — |  | — |  | 280 |  | 317 |  | 406 |  | 432
Consolidated | 463 |  | 738 |  | 37,598 |  | 37,250 |  | 1,672 |  | 1,680
| Goodwill |  | Total Assets
| September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2024 |  | 2023 |  | 2024 |  | 2023
Oil Sands | 2,923 |  | 2,923 |  | 30,986 |  | 31,673
Conventional | — |  | — |  | 2,444 |  | 2,429
Offshore | — |  | — |  | 3,845 |  | 3,511
Canadian Refining | — |  | — |  | 2,960 |  | 2,960
U.S. Refining | — |  | — |  | 8,979 |  | 8,660
Corporate and Eliminations | — |  | — |  | 5,466 |  | 4,682
Consolidated | 2,923 |  | 2,923 |  | 54,680 |  | 53,915
E) Capital Expenditures (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Capital Investment |  |  |  |  |  |  |
Oil Sands | 681 |  | 590 |  | 1,941 |  | 1,764
Conventional | 106 |  | 100 |  | 300 |  | 323
Offshore |  |  |  |  |  |  |
Atlantic | 341 |  | 191 |  | 765 |  | 474
Asia Pacific | 14 |  | 3 |  | 44 |  | 4
Total Upstream | 1,142 |  | 884 |  | 3,050 |  | 2,565
Canadian Refining | 44 |  | 38 |  | 145 |  | 99
U.S. Refining | 153 |  | 88 |  | 320 |  | 435
Total Downstream | 197 |  | 126 |  | 465 |  | 534
Corporate and Eliminations | 7 |  | 15 |  | 22 |  | 29
| 1,346 |  | 1,025 |  | 3,537 |  | 3,128
Acquisitions |  |  |  |  |  |  |
Oil Sands | 1 |  | 32 |  | 7 |  | 35
Conventional | 3 |  | 1 |  | 12 |  | 5
U.S. Refining | — |  | — |  | — |  | 337
| 4 |  | 33 |  | 19 |  | 377
Total Capital Expenditures | 1,350 |  | 1,058 |  | 3,556 |  | 3,505
(1)Includes expenditures on PP&E, E&E assets and capitalized interest.

X
- Definition Disclosure of reportable segments. + References No definition available. + Details
Name: | cve_DisclosureOfReportableSegmentsAbstract
Namespace Prefix: | cve_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 8 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS08_g20-24_TI -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration