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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2025
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Summary of Options Outstanding and Exercisable | The following tables summarize information related to the Company’s stock-based compensation plans:
| Units Outstanding |  | Units Exercisable
As at September 30, 2025 | (thousands) |  | (thousands)
Stock Options With Associated Net Settlement Rights | 11,171 |  | 5,190 |
Performance Share Units | 7,542 |  | — |
Restricted Share Units | 10,052 |  | — |
Deferred Share Units | 2,006 |  | 2,006 |
The weighted average exercise price of NSRs outstanding as at September 30, 2025, was $19.22.
| Units Granted |  | Units Vested and Exercised/ Paid Out
For the nine months ended September 30, 2025 | (thousands) |  | (thousands)
Stock Options With Associated Net Settlement Rights | 4,384 |  | 1,080
Cenovus Replacement Stock Options | — |  | 329
Performance Share Units | 3,357 |  | 2,303
Restricted Share Units | 4,353 |  | 1,955
Deferred Share Units | 358 |  | 169
| Weighted Average Exercise Price |  | Units Exercised
For the nine months ended September 30, 2025 | ($/unit) |  | (thousands)
Stock Options With Associated Net Settlement Rights Exercised for Net Cash Payment | 12.14 |  | 752
Stock Options With Associated Net Settlement Rights Exercised and Net Settled for Common Shares (1) | 9.48 |  | 328
Cenovus Replacement Stock Options Exercised and Net Settled for Cash | 3.54 |  | 317
Cenovus Replacement Stock Options Exercised and Net Settled for Common Shares (2) | 3.54 |  | 12
(1)NSRs were net settled for 328 thousand common shares. (2)Cenovus replacement stock options were net settled for 10 thousand common shares.
Summary of Stock-Based Compensation | The following table summarizes the stock-based compensation expense (recovery) recorded for all plans:
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Stock Options With Associated Net Settlement Rights | 2 |  | 2 |  | 8 |  | 9
Cenovus Replacement Stock Options | — |  | (2) |  | (1) |  | 1
Performance Share Units | 24 |  | (4) |  | 39 |  | 57
Restricted Share Units | 40 |  | (2) |  | 61 |  | 50
Deferred Share Units | 11 |  | (6) |  | 10 |  | 6
Stock-Based Compensation Expense (Recovery) | 77 |  | (12) |  | 117 |  | 123

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