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Description of Business and Segmented Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure Of Reportable Segments [Abstract] |
Schedule of Segment and Operational Information | A) Results of Operations – Segment and Operational Information
|  | Upstream
For the years ended December 31, |  | Oil Sands |  |  | Conventional |  |  | Offshore |  |  | Total
| 2023 |  |  |  | 2022 |  |  |  |  |  |  | 2023 |  |  |  | 2022 |  |  |  |  |  |  | 2023 |  |  |  | 2022 |  |  |  |  |  |  | 2023 |  |  |  | 2022 |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) |  | 26,192 |  |  |  |  | 34,683 |  |  |  |  |  |  | 3,273 |  |  |  |  | 4,439 |  |  |  |  |  |  | 1,617 |  |  |  |  | 2,020 |  |  |  |  |  |  | 31,082 |  |  |  |  | 41,142 |  |  |  |
Less: Royalties |  | 3,059 |  |  |  |  | 4,493 |  |  |  |  |  |  | 112 |  |  |  |  | 298 |  |  |  |  |  |  | 99 |  |  |  |  | 77 |  |  |  |  |  |  | 3,270 |  |  |  |  | 4,868 |  |  |  |
|  | 23,133 |  |  |  |  | 30,190 |  |  |  |  |  |  | 3,161 |  |  |  |  | 4,141 |  |  |  |  |  |  | 1,518 |  |  |  |  | 1,943 |  |  |  |  |  |  | 27,812 |  |  |  |  | 36,274 |  |  |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  | 1,457 |  |  |  |  | 4,718 |  |  |  |  |  |  | 1,695 |  |  |  |  | 2,023 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 3,152 |  |  |  |  | 6,741 |  |  |  |
Transportation and Blending (1) |  | 10,774 |  |  |  |  | 12,036 |  |  |  |  |  |  | 298 |  |  |  |  | 250 |  |  |  |  |  |  | 16 |  |  |  |  | 15 |  |  |  |  |  |  | 11,088 |  |  |  |  | 12,301 |  |  |  |
Operating |  | 2,716 |  |  |  |  | 2,930 |  |  |  |  |  |  | 590 |  |  |  |  | 541 |  |  |  |  |  |  | 384 |  |  |  |  | 318 |  |  |  |  |  |  | 3,690 |  |  |  |  | 3,789 |  |  |  |
Realized (Gain) Loss on Risk Management |  | 17 |  |  |  |  | 1,527 |  |  |  |  |  |  | (5) |  |  |  |  | 92 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 12 |  |  |  |  | 1,619 |  |  |  |
Operating Margin |  | 8,169 |  |  |  |  | 8,979 |  |  |  |  |  |  | 583 |  |  |  |  | 1,235 |  |  |  |  |  |  | 1,118 |  |  |  |  | 1,610 |  |  |  |  |  |  | 9,870 |  |  |  |  | 11,824 |  |  |  |
Unrealized (Gain) Loss on Risk Management |  | 15 |  |  |  |  | (68) |  |  |  |  |  |  | (19) |  |  |  |  | 13 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  |  |  | (4) |  |  |  |  | (55) |  |  |  |
Depreciation, Depletion and Amortization |  | 2,993 |  |  |  |  | 2,763 |  |  |  |  |  |  | 386 |  |  |  |  | 370 |  |  |  |  |  |  | 487 |  |  |  |  | 585 |  |  |  |  |  |  | 3,866 |  |  |  |  | 3,718 |  |  |  |
Exploration Expense |  | 19 |  |  |  |  | 9 |  |  |  |  |  |  | 6 |  |  |  |  | 1 |  |  |  |  |  |  | 17 |  |  |  |  | 91 |  |  |  |  |  |  | 42 |  |  |  |  | 101 |  |  |  |
(Income) Loss From Equity- Accounted Affiliates |  | 6 |  |  |  |  | 8 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  |  |  | (57) |  |  |  |  | (23) |  |  |  |  |  |  | (51) |  |  |  |  | (15) |  |  |  |
Segment Income (Loss) |  | 5,136 |  |  |  |  | 6,267 |  |  |  |  |  |  | 210 |  |  |  |  | 851 |  |  |  |  |  |  | 671 |  |  |  |  | 957 |  |  |  |  |  |  | 6,017 |  |  |  |  | 8,075 |  |  |  |
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the years ended December 31, | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 6,233 |  |  | 7,792 |  |  | 26,393 |  |  | 30,218 |  |  | 32,626 |  |  | 38,010 |
Less: Royalties | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 6,233 |  |  | 7,792 |  |  | 26,393 |  |  | 30,218 |  |  | 32,626 |  |  | 38,010 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 4,919 |  |  | 6,389 |  |  | 23,354 |  |  | 26,020 |  |  | 28,273 |  |  | 32,409 |
Transportation and Blending | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Operating | 639 |  |  | 704 |  |  | 2,562 |  |  | 2,346 |  |  | 3,201 |  |  | 3,050 |
Realized (Gain) Loss on Risk Management | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
Operating Margin | 675 |  |  | 699 |  |  | 477 |  |  | 1,740 |  |  | 1,152 |  |  | 2,439 |
Unrealized (Gain) Loss on Risk Management | — |  |  | — |  |  | (17) |  |  | 18 |  |  | (17) |  |  | 18 |
Depreciation, Depletion and Amortization | 185 |  |  | 208 |  |  | 486 |  |  | 640 |  |  | 671 |  |  | 848 |
Exploration Expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
(Income) Loss From Equity-Accounted Affiliates | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Segment Income (Loss) | 490 |  |  | 491 |  |  | 8 |  |  | 1,082 |  |  | 498 |  |  | 1,573 |
(1)Comparative periods reflect certain revisions. See Note 39.
| Corporate and Eliminations |  | Consolidated
For the years ended December 31, | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenues |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | (8,234) |  |  | (7,387) |  |  | 55,474 |  |  | 71,765 |
Less: Royalties | — |  |  | — |  |  | 3,270 |  |  | 4,868 |
| (8,234) |  |  | (7,387) |  |  | 52,204 |  |  | 66,897 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | (6,710) |  |  | (5,192) |  |  | 24,715 |  |  | 33,958 |
Transportation and Blending (1) | (947) |  |  | (1,175) |  |  | 10,141 |  |  | 11,126 |
Operating (1) | (539) |  |  | (1,023) |  |  | 6,352 |  |  | 5,816 |
Realized (Gain) Loss on Risk Management | (3) |  |  | 31 |  |  | 9 |  |  | 1,762 |
Unrealized (Gain) Loss on Risk Management | 73 |  |  | (89) |  |  | 52 |  |  | (126) |
Depreciation, Depletion and Amortization | 107 |  |  | 113 |  |  | 4,644 |  |  | 4,679 |
Exploration Expense | — |  |  | — |  |  | 42 |  |  | 101 |
(Income) Loss From Equity-Accounted Affiliates | — |  |  | — |  |  | (51) |  |  | (15) |
Segment Income (Loss) | (215) |  |  | (52) |  |  | 6,300 |  |  | 9,596 |
General and Administrative | 688 |  |  | 865 |  |  | 688 |  |  | 865 |
Finance Costs | 671 |  |  | 820 |  |  | 671 |  |  | 820 |
Interest Income | (133) |  |  | (81) |  |  | (133) |  |  | (81) |
Integration, Transaction and Other Costs | 85 |  |  | 106 |  |  | 85 |  |  | 106 |
Foreign Exchange (Gain) Loss, Net | (67) |  |  | 343 |  |  | (67) |  |  | 343 |
Revaluation (Gain) Loss | 34 |  |  | (549) |  |  | 34 |  |  | (549) |
Re-measurement of Contingent Payment | 59 |  |  | 162 |  |  | 59 |  |  | 162 |
(Gain) Loss on Divestiture of Assets | (14) |  |  | (269) |  |  | (14) |  |  | (269) |
Other (Income) Loss, Net | (63) |  |  | (532) |  |  | (63) |  |  | (532) |
| 1,260 |  |  | 865 |  |  | 1,260 |  |  | 865 |
Earnings (Loss) Before Income Tax |  |  |  |  |  |  | 5,040 |  |  | 8,731 |
Income Tax Expense (Recovery) |  |  |  |  |  |  | 931 |  |  | 2,281 |
Net Earnings (Loss) |  |  |  |  |  |  | 4,109 |  |  | 6,450 |
(1)Comparative periods reflect certain revisions. See Note 39.
Schedule of Revenues by Product | B) Revenues by Product
For the years ended December 31, | 2023 |  | 2022 |  |  |  |
Upstream |  |  |  |  |  |  |
Oil Sands |  |  |  |  |  |  |
Crude Oil (1) | 22,550 |  | 28,921 |  |  |  |
NGLs (2) | 352 |  | 877 |  |  |  |
Natural Gas and Other | 231 |  | 392 |  |  |  |
Conventional |  |  |  |  |  |  |
Crude Oil | 589 |  | 429 |  |  |  |
NGLs (2) | 799 |  | 926 |  |  |  |
Natural Gas and Other (1) | 1,773 |  | 2,786 |  |  |  |
Offshore |  |  |  |  |  |  |
Crude Oil | 385 |  | 581 |  |  |  |
NGLs | 280 |  | 354 |  |  |  |
Natural Gas | 853 |  | 1,008 |  |  |  |
Total Upstream | 27,812 |  | 36,274 |  |  |  |
Downstream |  |  |  |  |  |  |
Canadian Refining |  |  |  |  |  |  |
Synthetic Crude Oil | 2,124 |  | 2,360 |  |  |  |
Diesel | 1,752 |  | 2,164 |  |  |  |
Asphalt | 571 |  | 620 |  |  |  |
Gasoline | 522 |  | 948 |  |  |  |
Other Products and Services | 1,264 |  | 1,700 |  |  |  |
U.S. Refining |  |  |  |  |  |  |
Gasoline | 12,375 |  | 14,116 |  |  |  |
Distillates | 9,612 |  | 11,453 |  |  |  |
Asphalt | 864 |  | 533 |  |  |  |
Other Products (1) | 3,542 |  | 4,116 |  |  |  |
Total Downstream | 32,626 |  | 38,010 |  |  |  |
Corporate and Eliminations (1) | (8,234) |  | (7,387) |  |  |  |
Consolidated | 52,204 |  | 66,897 |  |  |  |
(1)Comparative periods reflect certain revisions. See Note 39. (2)Third-party condensate sales are included within NGLs.
Schedule of Geographical Information | C) Geographical Information
| Revenues (1) |  |  |  |
For the years ended December 31, | 2023 |  | 2022 |  |  |  |
Canada (2) | 25,128 |  | 33,314 |  |  |  |
United States (2) | 25,943 |  | 32,221 |  |  |  |
China | 1,133 |  | 1,362 |  |  |  |
Consolidated | 52,204 |  | 66,897 |  |  |  |
(1)Revenues by country are classified based on where the operations are located. (2)Comparative periods reflect certain revisions. See Note 39.
| Non-Current Assets (1)
As at December 31, | 2023 |  | 2022
Canada | 35,876 |  | 35,194
United States | 5,230 |  | 4,824
China | 1,608 |  | 2,064
Indonesia | 344 |  | 365
Consolidated | 43,058 |  | 42,447
(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.
Schedule of Assets by Segment | D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
As at December 31, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Oil Sands | 729 |  | 674 |  | 24,443 |  | 24,657 |  | 849 |  | 638
Conventional | — |  | 6 |  | 2,209 |  | 2,020 |  | 1 |  | 2
Offshore | 9 |  | 5 |  | 2,798 |  | 2,549 |  | 102 |  | 152
Canadian Refining | — |  | — |  | 2,469 |  | 2,466 |  | 28 |  | 252
U.S. Refining | — |  | — |  | 5,014 |  | 4,482 |  | 268 |  | 329
Corporate and Eliminations | — |  | — |  | 317 |  | 325 |  | 432 |  | 472
Consolidated | 738 |  | 685 |  | 37,250 |  | 36,499 |  | 1,680 |  | 1,845
| Goodwill |  | Total Assets
As at December 31, | 2023 |  | 2022 |  | 2023 |  | 2022
Oil Sands | 2,923 |  | 2,923 |  | 31,673 |  | 32,248
Conventional | — |  | — |  | 2,429 |  | 2,410
Offshore | — |  | — |  | 3,511 |  | 3,339
Canadian Refining | — |  | — |  | 2,960 |  | 3,172
U.S. Refining | — |  | — |  | 8,660 |  | 8,324
Corporate and Eliminations | — |  | — |  | 4,682 |  | 6,376
Consolidated | 2,923 |  | 2,923 |  | 53,915 |  | 55,869
Schedule of Capital Expenditures | E) Capital Expenditures (1)
For the years ended December 31, | 2023 |  | 2022 |  |  |  |
Capital Investment |  |  |  |  |  |  |
Oil Sands | 2,382 |  | 1,792 |  |  |  |
Conventional | 452 |  | 344 |  |  |  |
Offshore |  |  |  |  |  |  |
Asia Pacific | 7 |  | 8 |  |  |  |
Atlantic | 635 |  | 302 |  |  |  |
Total Upstream | 3,476 |  | 2,446 |  |  |  |
Canadian Refining | 145 |  | 117 |  |  |  |
U.S. Refining | 602 |  | 1,059 |  |  |  |
Total Downstream | 747 |  | 1,176 |  |  |  |
Corporate and Eliminations | 75 |  | 86 |  |  |  |
| 4,298 |  | 3,708 |  |  |  |
Acquisitions (Note 5) |  |  |  |  |  |  |
Oil Sands (2) | 37 |  | 1,609 |  |  |  |
Conventional | 5 |  | 12 |  |  |  |
U.S. Refining (3) | 385 |  | — |  |  |  |
| 427 |  | 1,621 |  |  |  |
Total Capital Expenditures | 4,725 |  | 5,329 |  |  |  |
(1)Includes expenditures on PP&E, E&E assets and capitalized interest. Excludes capital expenditures related to the HCML joint venture. (2)In 2022, Cenovus was deemed to have disposed of its pre-existing interest in Sunrise Oil Sands Partnership (“SOSP”) and reacquired it at fair value as required by International Financial Reporting Standard 3, “Business Combinations” (“IFRS 3”). The acquisition capital above does not include the fair value of the pre-existing interest in SOSP of $1.6 billion. (3)In 2023, Cenovus was deemed to have disposed of its pre-existing interest in BP-Husky Refining LLC (“Toledo”) and reacquired it at fair value as required by IFRS 3. The acquisition capital above does not include the fair value of the pre-existing interest in Toledo of $368 million.

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