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Decommissioning Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Provision for decommissioning, restoration and rehabilitation costs [abstract] |
Summary of Decommissioning Provision |
| 2023 |  | 2022
Decommissioning Liabilities, Beginning of Year | 3,559 |  | 3,906
Liabilities Incurred | 14 |  | 22
Liabilities Acquired (Note 5) (1) (2) | 5 |  | 48
Liabilities Settled | (221) |  | (215)
Liabilities Divested (Note 5) (1) (2) | (5) |  | (89)
Change in Estimated Future Cash Flows | 330 |  | 693
Change in Discount Rates | 265 |  | (980)
Unwinding of Discount on Decommissioning Liabilities (Note 7) | 220 |  | 176
Exchange Rate Movements and Other | (12) |  | (2)
Decommissioning Liabilities, End of Year | 4,155 |  | 3,559
(1)In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s decommissioning liabilities w as $2 million. (2)In connection with the Sunrise Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at August 31, 2022, the carrying value of the pre-existing interest in SOSP’s decommissioning liabilities was $11 million.
Description Of Major Assumptions Made Concerning Future Events Other Provisions Explanatory | Changes to the credit-adjusted risk-free rate or the inflation rate would have the following impact on the decommissioning liabilities:
| Sensitivity |  | 2023 |  | 2022
As at December 31, | Range |  | Increase |  | Decrease |  | Increase |  | Decrease
Credit-Adjusted Risk-Free Rate | ± one percent |  | (387) |  | 515 |  | (319) |  | 419
Inflation Rate | ± one percent |  | 519 |  | (392) |  | 419 |  | (320)

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