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Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant and Equipment, Net |
19. PROPERTY, PLANT AND EQUIPMENT, NET
| Crude Oil and Natural Gas Properties |  | Processing, Transportation and Storage Assets |  | Refining Assets |  | Other Assets (1) |  | Total
COST |  |  |  |  |  |  |  |  |
As at December 31, 2021 | 38,443 |  | 228 |  | 10,495 |  | 1,735 |  | 50,901
Acquisitions (Note 5) (2) | 3,230 |  | — |  | — |  | — |  | 3,230
Additions | 2,409 |  | 11 |  | 1,143 |  | 108 |  | 3,671
Change in Decommissioning Liabilities | (186) |  | (6) |  | (29) |  | (32) |  | (253)
Divestitures (Notes 5 and 10) (2) | (557) |  | — |  | — |  | — |  | (557)
Exchange Rate Movements and Other | 189 |  | 21 |  | 523 |  | 14 |  | 747
As at December 31, 2022 | 43,528 |  | 254 |  | 12,132 |  | 1,825 |  | 57,739
Acquisitions (Note 5) (3) | 11 |  | — |  | 770 |  | — |  | 781
Additions | 3,392 |  | 14 |  | 719 |  | 89 |  | 4,214
Transfer from E&E (Note 18) | 60 |  | — |  | — |  | — |  | 60
Change in Decommissioning Liabilities | 542 |  | — |  | 21 |  | 18 |  | 581
Divestitures (Note 5) (3) | (17) |  | — |  | (633) |  | (17) |  | (667)
Exchange Rate Movements and Other | (91) |  | 4 |  | (239) |  | (7) |  | (333)
As at December 31, 2023 | 47,425 |  | 272 |  | 12,770 |  | 1,908 |  | 62,375
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION |  |  |  |  |  |  |  |  |
As at December 31, 2021 | 10,912 |  | 53 |  | 4,572 |  | 1,139 |  | 16,676
Depreciation, Depletion and Amortization (4) | 3,461 |  | 37 |  | 466 |  | 103 |  | 4,067
Impairment Charges (Note 11) | — |  | — |  | 1,499 |  | — |  | 1,499
Impairment Reversals (Note 11) | — |  | — |  | (1,233) |  | — |  | (1,233)
Divestitures (Notes 5 and 10) (2) | (84) |  | — |  | — |  | — |  | (84)
Exchange Rate Movements and Other | 13 |  | 16 |  | 243 |  | 43 |  | 315
As at December 31, 2022 | 14,302 |  | 106 |  | 5,547 |  | 1,285 |  | 21,240
Depreciation, Depletion and Amortization (4) | 3,692 |  | 19 |  | 554 |  | 86 |  | 4,351
Divestitures (Note 5) (3) | (8) |  | — |  | (299) |  | (12) |  | (319)
Exchange Rate Movements and Other | (11) |  | 4 |  | (135) |  | (5) |  | (147)
As at December 31, 2023 | 17,975 |  | 129 |  | 5,667 |  | 1,354 |  | 25,125
CARRYING VALUE |  |  |  |  |  |  |  |  |
As at December 31, 2022 | 29,226 |  | 148 |  | 6,585 |  | 540 |  | 36,499
As at December 31, 2023 | 29,450 |  | 143 |  | 7,103 |  | 554 |  | 37,250
(1)Includes assets within the commercial fuels business, office furniture, fixtures, leasehold improvements, information technology and aircraft. (2)In connection with the Sunrise Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at August 31, 2022, the carrying value of the pre-existing interest in SOSP’s PP&E was $454 million. (3)In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s PP&E was $334 million. (4)For the year ended December 31, 2023, DD&A includes asset write-downs of $20 million, $12 million and $38 million in the Oil Sands, Canadian Refining and U.S. Refining segments, respectively, (2022 – $26 million and $25 million in the Offshore and Canadian Refining segments, respectively). Assets Under Construction PP&E includes the following amounts in respect of assets under construction that are not subject to DD&A:
As at December 31, | 2023 |  | 2022
Crude Oil and Natural Gas Properties | 2,507 |  | 2,142
Refining Assets | 243 |  | 137
| 2,750 |  | 2,279

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