XML 117 R81.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Risk Management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Risk Management [Abstract] |
Net Fair Value of Risk Management Positions | Net Fair Value of Risk Management Positions
As at December 31, 2023 | Notional Volumes (1) (2) |  | Terms (3) |  | Weighted Average Price (1) (2) |  | Fair Value Asset (Liability)
Futures Contracts Related to Blending (4) |  |  |  |  |  |  |
WTI Fixed – Sell | 3.5 MMbbls |  | January 2024 – December 2024 |  | US$75.22/bbl |  | 16
WTI Fixed – Buy | 1.5 MMbbls |  | January 2024 – December 2024 |  | US$73.69/bbl |  | (4)
Power Swap Contacts |  |  |  |  |  |  | 2
Renewable Power Contracts |  |  |  |  |  |  | 18
Other Financial Positions (5) |  |  |  |  |  |  | (20)
Total Fair Value |  |  |  |  |  |  | 12
(1)Million barrels ("MMbbls"). (2) Notional volumes and weighted average price are based on multiple contracts of varying amounts and terms over the respective time period; therefore, the notional volumes and weighted average price may fluctuate from month to month. (3) Includes individual contracts with varying terms, the longest of which is 13 months. (4) WTI futures contracts are used to help manage price exposure to condensate used for blending. (5) Includes risk management positions related to WCS, heavy oil and condensate differential contracts, Belvieu fixed price contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts and the Company’s U.S. refining and marketing activities.
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)
Undiscounted Cash Outflows Relating to Financial Liabilities | Undiscounted cash outflows relating to financial liabilities are:
As at December 31, 2023 | 1 Year |  | Years 2 and 3 |  | Years 4 and 5 |  | Thereafter |  | Total
Accounts Payable and Accrued Liabilities (1) | 5,480 |  | — |  | — |  | — |  | 5,480
Short-Term Borrowings | 179 |  | — |  | — |  | — |  | 179
Contingent Payments | 168 |  | — |  | — |  | — |  | 168
Lease Liabilities (2) | 438 |  | 712 |  | 569 |  | 2,635 |  | 4,354
Long-Term Debt (2) | 313 |  | 792 |  | 3,007 |  | 7,145 |  | 11,257
As at December 31, 2022 | 1 Year |  | Years 2 and 3 |  | Years 4 and 5 |  | Thereafter |  | Total
Accounts Payable and Accrued Liabilities (1) | 6,124 |  | — |  | — |  | — |  | 6,124
Short-Term Borrowings | 115 |  | — |  | — |  | — |  | 115
Contingent Payments | 271 |  | 167 |  | — |  | — |  | 438
Lease Liabilities (2) | 426 |  | 746 |  | 596 |  | 2,889 |  | 4,657
Long-Term Debt (2) | 401 |  | 983 |  | 2,014 |  | 11,196 |  | 14,594
(1)Includes current risk management liabilities. (2)Principal and interest, including current portion, if applicable.

X
- Definition Disclosure of fair value of derivative financial instruments net. + References No definition available. + Details
Name: | cve_DisclosureOfFairValueOfDerivativeFinancialInstrumentsNetExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | cve_DisclosureOfMaturityAnalysisForDerivativeAndNonDerivativeFinancialLiabilitiesExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of derivative financial instruments. + References No definition available. + Details
Name: | cve_RiskManagementAbstract
Namespace Prefix: | cve_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 40 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_40_a&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration