XML 72 R47.htm IDEA: XBRL DOCUMENT
v3.24.3

Financial Instruments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Disclosure of detailed information about financial instruments [abstract] |
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets | The following table summarizes revenues and associated expenses related to HMLP:
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues from Construction and Management Services | 47 |  | 49 |  | 116 |  | 112
Transportation Expenses | 67 |  | 67 |  | 207 |  | 205
| Total |  |
As at December 31, 2023 | 131 |  |
Acquisitions | 3 |  |
Changes in Fair Value | 139 |  |
As at September 30, 2024 | 273 |  |
Summary of Unrealized Risk Management Positions | Summary of Risk Management Positions
| September 30, 2024 |  | December 31, 2023
| Risk Management |  | Risk Management
As at | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Crude Oil, Condensate, Natural Gas, and Refined Products | 6 |  | 8 |  | (2) |  | 11 |  | 19 |  | (8)
Power Contracts | 6 |  | 2 |  | 4 |  | 2 |  | — |  | 2
Renewable Power Contracts | — |  | 13 |  | (13) |  | 18 |  | — |  | 18
| 12 |  | 23 |  | (11) |  | 31 |  | 19 |  | 12
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value | The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value:
| September 30, |  | December 31,
As at | 2024 |  | 2023
Level 2 – Prices Sourced From Observable Data or Market Corroboration | 2 |  | (6)
Level 3 – Prices Sourced From Partially Unobservable Data | (13) |  | 18
| (11) |  | 12
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities | The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities:
| Total |  |
As at December 31, 2023 | 12 |  |
Change in Fair Value of Contracts in Place, Beginning of Year | (11) |  |
Change in Fair Value of Contracts Entered Into During the Period | (23) |  |
Fair Value of Contracts Realized During the Period | 11 |  |
As at September 30, 2024 | (11) |  |
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions | Earnings Impact of (Gains) Losses From Risk Management Positions
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Realized (Gain) Loss | (27) |  | — |  | 11 |  | 1
Unrealized (Gain) Loss | 7 |  | 72 |  | 31 |  | 88
(Gain) Loss on Risk Management | (20) |  | 72 |  | 42 |  | 89
Realized and unrealized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax | The following table summarizes the sensitivity of the fair value of Cenovus’s risk management positions to independent fluctuations in commodity prices and foreign exchange rates, with all other variables held constant. Management believes the fluctuations identified in the table below are a reasonable measure of volatility. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:
As at September 30, 2024 | Sensitivity Range | Increase |  | Decrease
Crude Oil and Condensate Commodity Price | ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges | 1 |  | (1)
Crude Oil and Condensate Differential Price (1) | ± US$2.50/bbl Applied to Differential Hedges Tied to Production | 10 |  | (10)
WCS (Hardisty) Differential Price | ± US$5.00/bbl Applied to WCS Differential Hedges Tied to Production | (17) |  | 17
Refined Products Commodity Price | ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges | — |  | —
Natural Gas Commodity Price | ± US$1.00/Mcf (2) Applied to Natural Gas Hedges Tied to Production | — |  | —
Natural Gas Basis Price | ± US$0.50/Mcf Applied to Natural Gas Basis Hedges | 1 |  | (1)
Power Commodity Price | ± C$20.00/MWh (3) Applied to Power Hedges | 89 |  | (89)
U.S. to Canadian Dollar Exchange Rate | ± $0.05 in the U.S. to Canadian Dollar Exchange Rate | 11 |  | (12)
(1)Excluding WCS at Hardisty. (2)One thousand cubic feet (“Mcf”). (3)One thousand kilowatts of electricity per hour (“MWh”).

X
- Definition Disclosure of fair value measurement of assets liabilities. + References No definition available. + Details
Name: | cve_DisclosureOfFairValueMeasurementOfAssetsLiabilitiesExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of gains losses ​on change in fair value of derivatives. + References No definition available. + Details
Name: | cve_DisclosureOfGainsLossesOnChangeInFairValueOfDerivativesExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of levels of fair value hierarchy. + References No definition available. + Details
Name: | cve_DisclosureOfLevelsOfFairValueHierarchyExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of reconciliation of changes in fair value measurement assets liabilities. + References No definition available. + Details
Name: | cve_DisclosureOfReconciliationOfChangesInFairValueMeasurementAssetsLiabilitiesExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of reconciliation of changes in fair value measurement of assets. + References No definition available. + Details
Name: | cve_DisclosureOfReconciliationOfChangesInFairValueMeasurementOfAssetsExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 40 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_40_a&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration