XML 105 R69.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Debt and Capital Structure (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
As at December 31, | Notes |  | 2023 |  | 2022
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | 179 |  | 115
Total Debt Principal |  |  | 179 |  | 115
B) Long-Term Debt
As at December 31, | Notes |  | 2023 |  | 2022
Committed Credit Facility (1) | i |  | — |  | —
U.S. Dollar Denominated Unsecured Notes | ii |  | 5,028 |  | 6,537
Canadian Dollar Unsecured Notes | ii |  | 2,000 |  | 2,000
Total Debt Principal |  |  | 7,028 |  | 8,537
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 80 |  | 154
Long-Term Debt |  |  | 7,108 |  | 8,691
(1)The committed credit facility may include Bankers’ Acceptances, secured overnight financing rate loans, prime rate loans and U.S. base rate loans.
Mandatory Debt Payments |
| U.S. Dollar Unsecured Notes |  | Canadian Dollar Unsecured Notes |  | Total
As at December 31, 2023 | US$ Principal |  | C$ Principal Equivalent |  | C$ Principal |  | C$ Principal and Equivalent
2024 | — |  | — |  | — |  | —
2025 | 133 |  | 176 |  | — |  | 176
2026 | — |  | — |  | — |  | —
2027 | 373 |  | 493 |  | 750 |  | 1,243
2028 | — |  | — |  | 1,250 |  | 1,250
Thereafter | 3,296 |  | 4,359 |  | — |  | 4,359
| 3,802 |  | 5,028 |  | 2,000 |  | 7,028
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
As at December 31, | 2023 |  | 2022 |  |
Short-Term Borrowings | 179 |  | 115 |  |
Current Portion of Long-Term Debt | — |  | — |  |
Long-Term Portion of Long-Term Debt | 7,108 |  | 8,691 |  |
Total Debt | 7,287 |  | 8,806 |  |
Less: Cash and Cash Equivalents | (2,227) |  | (4,524) |  |
Net Debt | 5,060 |  | 4,282 |  |
Net Earnings (Loss) | 4,109 |  | 6,450 |  |
Add (Deduct): |  |  |  |  |
Finance Costs | 671 |  | 820 |  |
Interest Income | (133) |  | (81) |  |
Income Tax Expense (Recovery) | 931 |  | 2,281 |  |
Depreciation, Depletion and Amortization | 4,644 |  | 4,679 |  |
Exploration and Evaluation Asset Write-downs | 29 |  | 64 |  |
(Income) Loss From Equity-Accounted Affiliates | (51) |  | (15) |  |
Unrealized (Gain) Loss on Risk Management | 52 |  | (126) |  |
Foreign Exchange (Gain) Loss, Net | (67) |  | 343 |  |
Revaluation (Gain) Loss | 34 |  | (549) |  |
Re-measurement of Contingent Payments | 59 |  | 162 |  |
(Gain) Loss on Divestiture of Assets | (14) |  | (269) |  |
Other (Income) Loss, Net | (63) |  | (532) |  |
Adjusted EBITDA (1) | 10,201 |  | 13,227 |  |
Net Debt to Adjusted EBITDA (times) | 0.5 |  | 0.3 |  |
(1)Calculated on a trailing twelve-month basis.
Disclosure Of Net Debt To Adjusted Funds Flow | Net Debt to Adjusted Funds F low
As at December 31, | 2023 |  | 2022 |  |
Net Debt | 5,060 |  | 4,282 |  |
Cash From (Used in) Operating Activities | 7,388 |  | 11,403 |  |
(Add) Deduct: |  |  |  |  |
Settlement of Decommissioning Liabilities | (222) |  | (150) |  |
Net Change in Non-Cash Working Capital | (1,193) |  | 575 |  |
Adjusted Funds Flow (1) | 8,803 |  | 10,978 |  |
Net Debt to Adjusted Funds Flow (times) | 0.6 |  | 0.4 |  |
(1)Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
As at December 31, | 2023 |  | 2022 |  |
Net Debt | 5,060 |  | 4,282 |  |
Shareholders’ Equity | 28,698 |  | 27,576 |  |
Capitalization | 33,758 |  | 31,858 |  |
Net Debt to Capitalization (percent) | 15 |  |  | 13 |  |  |

X
- Definition Disclosure of net debt to adjusted earnings before interest taxes depreciation depletion and amortization. + References No definition available. + Details
Name: | cve_DisclosureOfNetDebtToAdjustedEarningsBeforeInterestTaxesDepreciationDepletionAndAmortizationExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Net Debt To Adjusted Funds Flow + References No definition available. + Details
Name: | cve_DisclosureOfNetDebtToAdjustedFundsFlowTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of net debt to capitalization. + References No definition available. + Details
Name: | cve_DisclosureOfNetDebtToCapitalizationExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition The disclosure of detailed information about borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_7&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 39 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_39_a&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration