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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments And Contingencies [Abstract] |
Commitments and Contingencies |
38. COMMITMENTS AND CONTINGENCIES
A) Commitments Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below:
As at December 31, 2023 | 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter |  | Total
Transportation and Storage (1) (2) | 2,018 |  | 1,927 |  | 1,680 |  | 1,663 |  | 1,641 |  | 15,738 |  | 24,667
Product Purchases | 617 |  | — |  | — |  | — |  | — |  | — |  | 617
Real Estate | 57 |  | 57 |  | 59 |  | 63 |  | 58 |  | 604 |  | 898
Obligation to Fund HCML | 94 |  | 94 |  | 94 |  | 89 |  | 52 |  | 90 |  | 513
Other Long-Term Commitments (3) | 417 |  | 194 |  | 184 |  | 175 |  | 166 |  | 965 |  | 2,101
Total Commitments | 3,203 |  | 2,272 |  | 2,017 |  | 1,990 |  | 1,917 |  | 17,397 |  | 28,796
As at December 31, 2022 | 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter |  | Total
Transportation and Storage (1) (2) | 1,747 |  | 2,011 |  | 1,542 |  | 1,416 |  | 1,360 |  | 13,005 |  | 21,081
Product Purchases | 1,626 |  | 1,509 |  | 922 |  | 922 |  | 922 |  | 3,457 |  | 9,358
Real Estate | 48 |  | 50 |  | 50 |  | 50 |  | 54 |  | 604 |  | 856
Obligation to Fund HCML | 92 |  | 105 |  | 96 |  | 96 |  | 91 |  | 143 |  | 623
Other Long-Term Commitments | 381 |  | 90 |  | 75 |  | 74 |  | 65 |  | 395 |  | 1,080
Total Commitments | 3,894 |  | 3,765 |  | 2,685 |  | 2,558 |  | 2,492 |  | 17,604 |  | 32,998
(1)Includes transportation commitments that are subject to regulatory approval or were approved, but are not yet in service of $13.0 billion (December 31, 2022 – $9.1 billion). Terms are up to 20 years on commencement. Estimated tolls are subject to change pending review by the Canada Energy Regulator. (2)As at December 31, 2023, includes $2.1 billion related to long-term transportation and storage commitments with HMLP (December 31, 2022 – $2.2 billion). (3)The Company acquired $538 million of commitments as part of the Toledo Acquisition on February 28, 2023. There were outstanding letters of credit aggregating to $364 million (December 31, 2022 – $490 million) issued as security for financial and performance conditions under certain contracts. Subsequent to December 31, 2023, Cenovus entered into a new transportation commitment for $587 million. B) Contingencies Legal Proceedings Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its Consolidated Financial Statements. Income Tax Matters The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.

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- Definition The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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