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Share Capital and Warrants | 9 Months Ended
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Sep. 30, 2025
Disclosure of classes of share capital [abstract] |
Share Capital and Warrants |
15. SHARE CAPITAL AND WARRANTS
Authorized Cenovus is authorized to issue an unlimited number of common shares, and first and second preferred shares not exceeding, in aggregate, 20 percent of the number of issued and outstanding common shares. The first and second preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors prior to issuance and subject to the Company’s articles. B) Issued and Outstanding – Common Shares
| September 30, 2025 |  | December 31, 2024
| Number of Common Shares (thousands) |  | Amount |  | Number of Common Shares (thousands) |  | Amount
Outstanding, Beginning of Year | 1,825,038 |  | 15,659 |  | 1,871,868 |  | 16,031
Issued Under Stock Option Plans | 1,090 |  | 15 |  | 5,049 |  | 68
Purchase of Common Shares Under NCIB | (60,537) |  | (519) |  | (55,861) |  | (479)
Issued Upon Exercise of Warrants | 738 |  | 7 |  | 3,982 |  | 39
Outstanding, End of Period | 1,766,329 |  | 15,162 |  | 1,825,038 |  | 15,659
As at September 30, 2025, there were 24.9 million common shares available for future issuance under the stock option plan. C) Normal Course Issuer Bid On November 7, 2024, the Company received approval from the TSX to renew the Company’s NCIB program to purchase up to 127.5 million common shares during the period from November 11, 2024, to November 10, 2025. For the nine months ended September 30, 2025, the Company purchased and cancelled 60.5 million common shares through the NCIB. The shares were purchased at a volume weighted average price of $20.75 per common share for a total of $1.3 billion. Paid in surplus representing the retained earnings prior to the split with Encana Corporation, now known as Ovintiv Inc., was reduced in full by $541 million. Retained earnings was then reduced by $221 million. The cumulative reduction to shareholder’s equity was $762 million, of which $737 million represents the excess of the purchase price of the common shares over their average carrying value and $25 million relates to share buyback tax. From October 1, 2025, to October 27, 2025, the Company purchased an additional 17.0 million common shares for $409 million. As at October 27, 2025, the Company can further purchase up to 48.8 million common shares under the NCIB. On October 30, 2025, the Company received approval from the Board of Directors to apply to the TSX for an additional NCIB program. Subject to acceptance by the TSX, the Company will be able to purchase up to approximately 120 million common shares under the NCIB program for a period of twelve months from the date the program is renewed. D) Treasury Shares Cenovus has an employee benefit plan trust (the “Trust”). The Trust, through an independent trustee, acquires Cenovus’s common shares on the open market, which are held to satisfy the Company’s obligations under certain stock-based compensation plans.
| September 30, 2025 |  | December 31, 2024
| Number of Common Shares (thousands) |  | Amount |  | Number of Common Shares (thousands) |  | Amount
Outstanding, Beginning of Year | 2,000 |  | 43 |  | — |  | —
Purchased Under Employee Benefit Plan | 4,600 |  | 94 |  | 2,000 |  | 43
Distributed Under Employee Benefit Plan | (3,822) |  | (82) |  | — |  | —
Outstanding, End of Period | 2,778 |  | 55 |  | 2,000 |  | 43
Paid in surplus was reduced by $6 million, representing the difference between the long-term incentive obligation and the weighted average carrying value of the treasury shares on settlement. E) Issued and Outstanding – Preferred Shares
| September 30, 2025 |  | December 31, 2024
| Number of Preferred Shares (thousands) |  | Amount |  | Number of Preferred Shares (thousands) |  | Amount
Outstanding, Beginning of Year | 26,000 |  | 356 |  | 36,000 |  | 519
Preferred Shares Redeemed | (14,000) |  | (243) |  | (10,000) |  | (163)
Outstanding, End of Period | 12,000 |  | 113 |  | 26,000 |  | 356
On March 31, 2025, and June 30, 2025, Cenovus exercised its right to redeem all 8.0 million of the Company’s series 5 preferred shares and 6.0 million of the Company’s series 7 preferred shares, respectively. The preferred shares were redeemed at a price of $25.00 per share, for a total of $350 million. Paid in surplus was reduced by $107 million, representing the excess of the purchase price of the preferred shares over their carrying value.
As at September 30, 2025 | Dividend Reset Date |  | Dividend Rate (percent) |  | Number of Preferred Shares (thousands)
Series 1 First Preferred Shares | March 31, 2026 |  | 2.58 |  |  | 10,740
Series 2 First Preferred Shares (1) | Quarterly |  | 4.39 |  |  | 1,260
(1) The floating-rate dividend was 5.21 percent from December 31, 2024, to March 30, 2025, 4.57 percent from March 31, 2025, to June 29, 2025, and 4.37 percent from June 30, 2025 to September 29, 2025. F) Issued and Outstanding – Warrants
| September 30, 2025 |  | December 31, 2024
| Number of Warrants (thousands) |  | Amount |  | Number of Warrants (thousands) |  | Amount
Outstanding, Beginning of Year | 3,643 |  | 12 |  | 7,625 |  | 25
Exercised | (738) |  | (2) |  | (3,982) |  | (13)
Outstanding, End of Period | 2,905 |  | 10 |  | 3,643 |  | 12
The exercise price of the warrants is $6.54 per share. The warrants expire on January 1, 2026.

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