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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Summary of Assumptions Used to Determine Fair Value of Options Granted | The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows:
Risk-Free Interest Rate (percent) | 3.42 |
Expected Dividend Yield (percent) | 1.78 |
Expected Volatility (1) (percent) | 31.95 |
Expected Life (years) | 5.45
(1)Expected volatility has been based on historical share volatility of the Company.
Summary of Options Outstanding and Exercisable |
| Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Exercise Price
For the year ended December 31, 2023 | (thousands) |  | ($/unit)
Outstanding, Beginning of Year | 14,349 |  | 12.38 |
Granted | 1,571 |  | 24.34 |
Exercised | (3,839) |  | 13.08 |
Forfeited | (128) |  | 15.78 |
Expired | (58) |  | 19.89 |
Outstanding, End of Year | 11,895 |  | 13.66
| Outstanding |  | Exercisable
As at December 31, 2023 | Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Exercise Price
Range of Exercise Price ($) | (thousands) |  | (years) |  | ($/unit) |  | (thousands) |  | ($/unit)
5.00 to 9.99 | 4,303 |  | 3.83 |  | 8.77 |  | 2,218 |  | 8.85
10.00 to 14.99 | 4,163 |  | 2.92 |  | 11.93 |  | 3,894 |  | 11.94
15.00 to 19.99 | 1,851 |  | 5.13 |  | 19.88 |  | 536 |  | 19.88
20.00 to 24.99 | 1,561 |  | 6.17 |  | 24.25 |  | 10 |  | 22.75
25.00 to 29.99 | 17 |  | 6.70 |  | 27.71 |  | — |  | —
| 11,895 |  | 4.03 |  | 13.66 |  | 6,658 |  | 11.56
| Number of Cenovus Replacement Stock Options |  | Weighted Average Exercise Price
For the year ended December 31, 2023 | (thousands) |  | ($/unit)
Outstanding, Beginning of Year | 3,467 |  | 9.99 |
Exercised | (2,113) |  | 9.97 |
Forfeited | (23) |  | 6.58 |
Expired | (326) |  | 21.09 |
Outstanding, End of Year | 1,005 |  | 6.49
| Outstanding |  | Exercisable
As at December 31, 2023 | Number of Cenovus Replacement Stock Options |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Cenovus Replacement Stock Options |  | Weighted Average Exercise Price
Range of Exercise Price ($) | (thousands) |  | (years) |  | ($/unit) |  | (thousands) |  | ($/unit)
3.00 to 4.99 | 782 |  | 1.22 |  | 3.54 |  | 782 |  | 3.54
5.00 to 9.99 | 28 |  | 0.42 |  | 6.19 |  | 28 |  | 6.19
10.00 to 14.99 | — |  | — |  |  | — |  | — |  | —
15.00 to 19.99 | 195 |  | 0.18 |  | 18.35 |  | 195 |  | 18.35
| 1,005 |  | 0.99 |  | 6.49 |  | 1,005 |  | 6.49
| Number of Performance Share Units
For the year ended December 31, 2023 | (thousands)
Outstanding, Beginning of Year | 8,678
Granted | 2,539
Vested and Paid Out | (972)
Forfeited | (231)
Units in Lieu of Base Dividends | 229
Outstanding, End of Year | 10,243
| Number of Restricted Share Units
For the year ended December 31, 2023 | (thousands)
Outstanding, Beginning of Year | 6,655
Granted | 2,961
Vested and Paid Out | (2,300)
Forfeited | (243)
Units in Lieu of Base Dividends | 161
Outstanding, End of Year | 7,234
| Number of Deferred Share Units
For the year ended December 31, 2023 | (thousands)
Outstanding, Beginning of Year | 1,506
Granted to Directors | 126
Granted | 59
Units in Lieu of Dividends | 37
Redeemed | (37)
Outstanding, End of Year | 1,691
Summary of Stock-Based Compensation | E) Total Stock-Based Compensation
For the years ended December 31, | 2023 |  | 2022 |
Stock Options With Associated Net Settlement Rights | 11 |  | 15 |
Cenovus Replacement Stock Options | (5) |  | 53 |
Performance Share Units | 47 |  | 183 |
Restricted Share Units | 46 |  | 100 |
Deferred Share Units | (2) |  | 22 |
Total Stock-Based Compensation Expense (Recovery) | 97 |  | 373 |

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