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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract] |
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets |
| 2023 |  | 2022
Fair Value, Beginning of Year | 55 |  | 53
Acquisition | 13 |  | —
Changes in Fair Value | 63 |  | 2
Fair Value, End of Year | 131 |  | 55
Summary of Unrealized Risk Management Positions | Summary of Risk Management Positions
| 2023 |  | 2022
| Risk Management |  | Risk Management
As at December 31, | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Crude Oil, Natural Gas, Condensate and Refined Products | 11 |  | 19 |  | (8) |  | 2 |  | 40 |  | (38)
Power Swap Contracts | 2 |  | — |  | 2 |  | 1 |  | 7 |  | (6)
Renewable Power Contracts | 18 |  | — |  | 18 |  | 90 |  | — |  | 90
| 31 |  | 19 |  | 12 |  | 93 |  | 47 |  | 46
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value |
As at December 31, | 2023 |  | 2022
Level 2 – Prices Sourced From Observable Data or Market Corroboration | (6) |  | (44)
Level 3 – Prices Sourced From Partially Unobservable Data | 18 |  | 90
| 12 |  | 46
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities |
| 2023 |  | 2022
Fair Value of Contracts, Beginning of Year | 46 |  | (68)
Change in Fair Value of Contracts in Place at Beginning of Year | — |  | (5)
Change in Fair Value of Contracts Entered Into During the Year | (45) |  | (1,641)
Fair Value of Contracts Realized During the Year | 9 |  | 1,762
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts | 2 |  | (2)
Fair Value of Contracts, End of Year | 12 |  | 46
Offsetting Financial Assets and Liabilities Cenovus offsets risk management assets and liabilities when the counterparty, currency and timing of settlement are the same.
Summary of Offsetting Risk Management Positions |
| 2023 |  | 2022
| Risk Management |  | Risk Management
As at December 31, | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Recognized Risk Management Positions |  |  |  |  |  |  |  |  |  |  |
Gross Amount | 71 |  | 59 |  | 12 |  | 153 |  | 107 |  | 46
Amount Offset | (40) |  | (40) |  | — |  | (60) |  | (60) |  | —
Net Amount | 31 |  | 19 |  | 12 |  | 93 |  | 47 |  | 46
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax |
For the years ended December 31, | 2023 |  | 2022 |  |
Realized (Gain) Loss | 9 |  | 1,762 |  |
Unrealized (Gain) Loss | 52 |  | (126) |  |
(Gain) Loss on Risk Management | 61 |  | 1,636 |  |
The impact of the below on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:
As at December 31, 2023 | Sensitivity Range | Increase |  | Decrease
Power Commodity Price | ± C$20.00/MWh (1) Applied to Power Hedges | 92 |  | (92)
(1)One thousand kilowatts of electricity per hour (“MWh”).
As at December 31, 2022 | Sensitivity Range | Increase |  | Decrease
WCS and Condensate Differential Price | ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production | 13 |  | (13)
Power Commodity Price | ± C$20.00/MWh Applied to Power Hedges | 113 |  | (113)
U.S. to Canadian Dollar Exchange Rate | ± $0.05 in the U.S. to Canadian Dollar Exchange Rate | 14 |  | (17)
In respect of these financial instruments, the impact of changes in the Canadian per U.S. dollar exchange rate would have resulted in a change to the foreign exchange (gain) loss as follows:
As at December 31, |  | 2023 |  | 2022
$0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate |  | 197 |  | 246
$0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate |  | (197) |  | (246)
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions | changes in WCS forward prices, with fluctuations in all other variables held constant, could have impacted earnings before income tax as follows:
|  |  | 2023 |  | 2022
As at December 31, | Sensitivity Range |  | Increase |  | Decrease |  | Increase |  | Decrease
WCS Forward Prices | ± $10.00 per barrel |  | (21) |  | 45 |  | (68) |  | 157

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