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Risk Management (Tables) | 9 Months Ended
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Sep. 30, 2025
Risk Management [Abstract] |
Net Fair Value of Risk Management Positions | Net Fair Value of Risk Management Positions
As at September 30, 2025 | Notional Volumes (1) (2) |  | Terms |  | Weighted Average Price (2) |  | Fair Value Asset (Liability)
WTI Contracts Related to Blending (3) |  |  |  |  |  |  |
WTI Fixed – Sell | 6.4 MMbbls |  | October 2025 - December 2026 |  | US$63.00/bbl |  | 10
WTI Fixed – Buy | 0.2 MMbbls |  | October 2025 - December 2026 |  | US$61.15/bbl |  | —
Power Contracts |  |  |  |  |  |  | 3
Renewable Power Contracts |  |  |  |  |  |  | 57
Other Financial Positions (4) |  |  |  |  |  |  | (2)
Foreign Exchange Rate Contracts |  |  |  |  |  |  | (4)
Total Fair Value |  |  |  |  |  |  | 64
(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) WTI futures contracts are used to help manage price exposure to condensate used for blending. Includes individual WTI contracts with varying terms, the longest of which is 15 months. (4) Includes risk management positions related to Western Canadian Select (“WCS”), heavy oil, light oil and condensate differentials, benchmark delivery location spreads, Belvieu and heating oil fixed price contracts, natural gas basis and fixed price contracts, and reformulated blendstock for oxygenate blending gasoline contracts.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax | The following table summarizes the sensitivity of the fair value of Cenovus’s risk management positions to independent fluctuations in commodity prices and foreign exchange rates, with all other variables held constant. Management believes the fluctuations identified in the table below are a reasonable measure of volatility. The impact of fluctuating commodity prices and foreign exchange rates 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 September 30, 2025 | Sensitivity Range | Increase |  | Decrease
Crude Oil and Condensate Commodity Price | ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges | — |  | —
Crude Oil and Condensate Differential Price (1) | ± US$2.50/bbl Applied to Differential Hedges Tied to Production | (6) |  | 6
WCS (Hardisty) Differential Price | ± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production | — |  | —
Refined Products Commodity Price | ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges | — |  | —
Natural Gas Commodity Price | ± US$0.50/Mcf (2) Applied to Natural Gas Hedges Tied to Production | 1 |  | (1)
Natural Gas Basis Price | ± US$0.25/Mcf Applied to Natural Gas Basis Hedges | — |  | —
Power Commodity Price | ± C$10.00/MWh (3) Applied to Power Hedges | 42 |  | (42)
U.S. to Canadian Dollar Exchange Rate | ± $0.05 in the U.S. to Canadian Dollar Exchange Rate | 45 |  | (52)
(1)Excluding WCS at Hardisty. (2)One thousand cubic feet (“Mcf”). (3)One thousand kilowatts of electricity per hour (“MWh”).
Undiscounted Cash Outflows Relating to Financial Liabilities | Undiscounted cash outflows relating to financial liabilities are:
As at September 30, 2025 | Less than 1 Year |  | Years 2 and 3 |  | Years 4 and 5 |  | Thereafter |  | Total
Accounts Payable and Accrued Liabilities | 5,216 |  | — |  | — |  | — |  | 5,216
Lease Liabilities (1) | 490 |  | 860 |  | 643 |  | 2,444 |  | 4,437
Long-Term Debt (1) | 316 |  | 3,066 |  | 688 |  | 6,902 |  | 10,972
(1)Principal and interest, including current portion, if applicable.

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