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v3.25.3

Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Disclosure of detailed information about financial instruments [abstract] |
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets | The following table summarizes revenues and associated expenses related to HMLP:
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from Construction and Management Services | 50 |  | 47 |  | 116 |  | 116
Transportation Expenses | 66 |  | 67 |  | 203 |  | 207
The following table provides a reconciliation of changes in the fair value of private equity investments classified as FVOCI:
| Total |  |
As at December 31, 2024 | 219 |  |
Acquisitions | 2 |  |
Transfer to Investments in Equity-Accounted Affiliates | (5) |  |
Changes in Fair Value | (26) |  |
As at September 30, 2025 | 190 |  |
Summary of Unrealized Risk Management Positions | Summary of Risk Management Positions
| September 30, 2025 |  | December 31, 2024
| Risk Management |  | Risk Management
As at | Asset |  | Liability |  | Net |  | Asset |  | Liability |  | Net
Crude Oil, Condensate, Natural Gas, and Refined Products | 9 |  | 1 |  | 8 |  | 9 |  | 10 |  | (1)
Power Contracts | 3 |  | — |  | 3 |  | 6 |  | — |  | 6
Renewable Power Contracts | 61 |  | 4 |  | 57 |  | 5 |  | — |  | 5
Foreign Exchange Rate Contracts | — |  | 4 |  | (4) |  | — |  | 3 |  | (3)
| 73 |  | 9 |  | 64 |  | 20 |  | 13 |  | 7
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value | The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value:
| September 30, |  | December 31,
As at | 2025 |  | 2024
Level 2 – Prices Sourced From Observable Data or Market Corroboration | 7 |  | 2
Level 3 – Prices Sourced From Partially Unobservable Data | 57 |  | 5
| 64 |  | 7
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities | The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities:
| Total |  |
As at December 31, 2024 | 7 |  |
Change in Fair Value of Contracts in Place, Beginning of Year | 57 |  |
Change in Fair Value of Contracts Entered Into During the Period | 14 |  |
Fair Value of Contracts Realized During the Period | (14) |  |
As at September 30, 2025 | 64 |  |
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions | Earnings Impact of (Gains) Losses From Risk Management Positions
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Realized (Gain) Loss | 17 |  | (27) |  | (14) |  | 11
Unrealized (Gain) Loss | (19) |  | 7 |  | (65) |  | 31
(Gain) Loss on Risk Management | (2) |  | (20) |  | (79) |  | 42

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