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Description of Business and Segmented Disclosures | 9 Months Ended
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Sep. 30, 2025
Disclosure Of Reportable Segments [Abstract] |
Description of Business and Segmented Disclosures |
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES
Cenovus Energy Inc. (“Cenovus” or the “Company”) is an integrated energy company with crude oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States (“U.S.”). Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange. Cenovus’s cumulative redeemable preferred shares series 1 and 2 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these interim Consolidated Financial Statements is found in Note 2. Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision maker. The Company’s operating segments are aggregated based on their geographic locations, the nature of the businesses or a combination of these factors. The Company evaluates the financial performance of its operating segments primarily based on operating margin. The Company operates through the following reportable segments: Upstream Segments •Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise, Lloydminster thermal and Lloydminster conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification. •Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas in Alberta and British Columbia in the Edson, Clearwater and Rainbow Lake operating areas, in addition to the Northern Corridor, which includes Elmworth and Wapiti. The segment also includes interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported, with additional third-party commodity trading volumes, through access to capacity on third-party pipelines, export terminals and storage facilities. These provide flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. •Offshore, includes offshore operations, exploration and development activities in the east coast of Canada and the Asia Pacific region, representing China and the equity-accounted investment in Husky-CNOOC Madura Ltd. (“HCML”), which is engaged in the exploration for, and production of, NGLs and natural gas in offshore Indonesia. Downstream Segments •Canadian Refining, includes the owned and operated Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other ancillary products. Cenovus also owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The Company’s commercial fuels business across Canada is included in this segment. Cenovus markets its production and third-party commodity trading volumes in an effort to use its integrated network of assets to maximize value. •U.S. Refining, includes the refining of crude oil to produce gasoline, diesel, jet fuel, asphalt and other products at the wholly-owned Lima, Superior and Toledo refineries. The U.S. Refining segment includes the jointly-owned Wood River and Borger refineries held through WRB Refining LP (“WRB”), a jointly-owned entity with operator Phillips 66. On September 30, 2025, Cenovus divested its entire 50 percent interest in WRB. Cenovus markets its own and third-party refined products. Corporate and Eliminations Corporate and Eliminations, includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for feedstock and internal usa ge of crude oil, nat ural gas, condensate, other NGLs and refined products between segments; transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal; the sale of condensate extracted from blended crude oil production in the Canadian Refining segment and sold to the Oil Sands segment; and unrealized profits in inventory. Eliminations are recorded based on market prices. A) Results of Operations – Segment and Operational Information
| Upstream
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales | 5,177 |  | 5,456 |  | 212 |  | 225 |  | 385 |  | 371 |  | 5,774 |  | 6,052
Intersegment Sales | 1,571 |  | 1,719 |  | 217 |  | 488 |  | — |  | — |  | 1,788 |  | 2,207
| 6,748 |  | 7,175 |  | 429 |  | 713 |  | 385 |  | 371 |  | 7,562 |  | 8,259
Royalties | (831) |  | (889) |  | (12) |  | (15) |  | (15) |  | (25) |  | (858) |  | (929)
Revenues | 5,917 |  | 6,286 |  | 417 |  | 698 |  | 370 |  | 346 |  | 6,704 |  | 7,330
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 507 |  | 629 |  | 161 |  | 459 |  | 6 |  | — |  | 674 |  | 1,088
Transportation and Blending | 2,452 |  | 2,579 |  | 86 |  | 80 |  | 5 |  | 2 |  | 2,543 |  | 2,661
Operating | 655 |  | 621 |  | 127 |  | 147 |  | 103 |  | 92 |  | 885 |  | 860
Realized (Gain) Loss on Risk Management | 10 |  | (10) |  | 2 |  | — |  | — |  | — |  | 12 |  | (10)
Operating Margin | 2,293 |  | 2,467 |  | 41 |  | 12 |  | 256 |  | 252 |  | 2,590 |  | 2,731
Unrealized (Gain) Loss on Risk Management | (12) |  | (1) |  | (6) |  | 2 |  | — |  | — |  | (18) |  | 1
Depreciation, Depletion and Amortization | 867 |  | 784 |  | 125 |  | 109 |  | 106 |  | 134 |  | 1,098 |  | 1,027
Exploration Expense | 1 |  | 2 |  | — |  | — |  | — |  | 42 |  | 1 |  | 44
(Income) Loss From Equity- Accounted Affiliates | — |  | — |  | — |  | — |  | (9) |  | (11) |  | (9) |  | (11)
Segment Income (Loss) | 1,437 |  | 1,682 |  | (78) |  | (99) |  | 159 |  | 87 |  | 1,518 |  | 1,670
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the three months ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross Sales |  |  |  |  |  |  |  |  |  |  |
External Sales (1) | 1,198 |  | 1,482 |  | 7,081 |  | 7,214 |  | 8,279 |  | 8,696
Intersegment Sales | 155 |  | 98 |  | 1 |  | 4 |  | 156 |  | 102
| 1,353 |  | 1,580 |  | 7,082 |  | 7,218 |  | 8,435 |  | 8,798
Royalties | — |  | — |  | — |  | — |  | — |  | —
Revenues (1) | 1,353 |  | 1,580 |  | 7,082 |  | 7,218 |  | 8,435 |  | 8,798
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 1,102 |  | 1,353 |  | 6,219 |  | 6,854 |  | 7,321 |  | 8,207
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | —
Operating | 140 |  | 167 |  | 611 |  | 751 |  | 751 |  | 918
Realized (Gain) Loss on Risk Management | — |  | — |  | (1) |  | (4) |  | (1) |  | (4)
Operating Margin | 111 |  | 60 |  | 253 |  | (383) |  | 364 |  | (323)
Unrealized (Gain) Loss on Risk Management | — |  | — |  | 3 |  | 5 |  | 3 |  | 5
Depreciation, Depletion and Amortization | 40 |  | 49 |  | 160 |  | 115 |  | 200 |  | 164
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 71 |  | 11 |  | 90 |  | (503) |  | 161 |  | (492)
(1)Comparative period reflects certain revisions. See Note 23.
|  |  | Corporate and Eliminations |  | Consolidated
For the three months ended September 30, |  |  |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales (1) |  |  |  |  |  |  |  | — |  | — |  | 14,053 |  | 14,748
Intersegment Sales |  |  |  |  |  |  |  | (1,944) |  | (2,309) |  | — |  | —
|  |  |  |  |  |  |  | (1,944) |  | (2,309) |  | 14,053 |  | 14,748
Royalties |  |  |  |  |  |  |  | — |  | — |  | (858) |  | (929)
Revenues (1) |  |  |  |  |  |  |  | (1,944) |  | (2,309) |  | 13,195 |  | 13,819
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  |  |  |  |  |  |  | (1,855) |  | (2,169) |  | 6,140 |  | 7,126
Transportation and Blending |  |  |  |  |  |  |  | (138) |  | (172) |  | 2,405 |  | 2,489
Purchased Product, Transportation and Blending (1) |  |  |  |  |  |  |  | (1,993) |  | (2,341) |  | 8,545 |  | 9,615
Operating |  |  |  |  |  |  |  | (42) |  | (42) |  | 1,594 |  | 1,736
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | 6 |  | (13) |  | 17 |  | (27)
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | (4) |  | 1 |  | (19) |  | 7
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  | 24 |  | 27 |  | 1,322 |  | 1,218
Exploration Expense |  |  |  |  |  |  |  | — |  | — |  | 1 |  | 44
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  | — |  | — |  | (9) |  | (11)
Segment Income (Loss) |  |  |  |  |  |  |  | 65 |  | 59 |  | 1,744 |  | 1,237
General and Administrative |  |  |  |  |  |  |  | 220 |  | 172 |  | 220 |  | 172
Finance Costs, Net |  |  |  |  |  |  |  | 154 |  | 118 |  | 154 |  | 118
Integration, Transaction and Other Costs |  |  |  |  |  |  |  | 44 |  | 41 |  | 44 |  | 41
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  | 157 |  | (73) |  | 157 |  | (73)
(Gain) Loss on Divestiture of Assets |  |  |  |  |  |  |  | (106) |  | (17) |  | (106) |  | (17)
Other (Income) Loss, Net |  |  |  |  |  |  |  | (22) |  | (28) |  | (22) |  | (28)
|  |  |  |  |  |  |  | 447 |  | 213 |  | 447 |  | 213
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  | 1,297 |  | 1,024
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  | 11 |  | 204
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  | 1,286 |  | 820
(1)Comparative period reflects certain revisions.
| Upstream
For the nine months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales | 15,874 |  | 16,525 |  | 936 |  | 866 |  | 1,171 |  | 1,199 |  | 17,981 |  | 18,590
Intersegment Sales | 5,241 |  | 4,831 |  | 986 |  | 1,417 |  | — |  | — |  | 6,227 |  | 6,248
| 21,115 |  | 21,356 |  | 1,922 |  | 2,283 |  | 1,171 |  | 1,199 |  | 24,208 |  | 24,838
Royalties | (2,281) |  | (2,400) |  | (44) |  | (61) |  | (60) |  | (74) |  | (2,385) |  | (2,535)
Revenues | 18,834 |  | 18,956 |  | 1,878 |  | 2,222 |  | 1,111 |  | 1,125 |  | 21,823 |  | 22,303
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 1,995 |  | 1,321 |  | 951 |  | 1,353 |  | 6 |  | — |  | 2,952 |  | 2,674
Transportation and Blending | 8,138 |  | 8,265 |  | 259 |  | 241 |  | 14 |  | 9 |  | 8,411 |  | 8,515
Operating | 2,032 |  | 1,896 |  | 369 |  | 432 |  | 273 |  | 319 |  | 2,674 |  | 2,647
Realized (Gain) Loss on Risk Management | 10 |  | 23 |  | 1 |  | (7) |  | — |  | — |  | 11 |  | 16
Operating Margin | 6,659 |  | 7,451 |  | 298 |  | 203 |  | 818 |  | 797 |  | 7,775 |  | 8,451
Unrealized (Gain) Loss on Risk Management | (3) |  | (13) |  | (7) |  | 10 |  | — |  | — |  | (10) |  | (3)
Depreciation, Depletion and Amortization | 2,450 |  | 2,330 |  | 362 |  | 330 |  | 329 |  | 421 |  | 3,141 |  | 3,081
Exploration Expense | 7 |  | 6 |  | — |  | — |  | 2 |  | 50 |  | 9 |  | 56
(Income) Loss From Equity- Accounted Affiliates | (38) |  | (14) |  | 1 |  | 1 |  | (24) |  | (34) |  | (61) |  | (47)
Segment Income (Loss) | 4,243 |  | 5,142 |  | (58) |  | (138) |  | 511 |  | 360 |  | 4,696 |  | 5,364
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the nine months ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross Sales |  |  |  |  |  |  |  |  |  |  |
External Sales (1) | 3,259 |  | 3,682 |  | 19,958 |  | 21,727 |  | 23,217 |  | 25,409
Intersegment Sales | 664 |  | 365 |  | 2 |  | 7 |  | 666 |  | 372
| 3,923 |  | 4,047 |  | 19,960 |  | 21,734 |  | 23,883 |  | 25,781
Royalties | — |  | — |  | — |  | — |  | — |  | —
Revenues (1) | 3,923 |  | 4,047 |  | 19,960 |  | 21,734 |  | 23,883 |  | 25,781
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 3,218 |  | 3,415 |  | 18,063 |  | 19,473 |  | 21,281 |  | 22,888
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | —
Operating | 419 |  | 759 |  | 2,133 |  | 2,045 |  | 2,552 |  | 2,804
Realized (Gain) Loss on Risk Management | — |  | — |  | (6) |  | 5 |  | (6) |  | 5
Operating Margin | 286 |  | (127) |  | (230) |  | 211 |  | 56 |  | 84
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (5) |  | 3 |  | (5) |  | 3
Depreciation, Depletion and Amortization | 139 |  | 147 |  | 467 |  | 338 |  | 606 |  | 485
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 147 |  | (274) |  | (692) |  | (130) |  | (545) |  | (404)
(1)Comparative period reflects certain revisions. See Note 23.
| Corporate and Eliminations |  | Consolidated
For the nine months ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Gross Sales |  |  |  |  |  |  |
External Sales (1) | — |  | — |  | 41,198 |  | 43,999
Intersegment Sales | (6,893) |  | (6,620) |  | — |  | —
| (6,893) |  | (6,620) |  | 41,198 |  | 43,999
Royalties | — |  | — |  | (2,385) |  | (2,535)
Revenues (1) | (6,893) |  | (6,620) |  | 38,813 |  | 41,464
Expenses |  |  |  |  |  |  |
Purchased Product (1) | (6,133) |  | (5,756) |  | 18,100 |  | 19,806
Transportation and Blending | (555) |  | (586) |  | 7,856 |  | 7,929
Purchased Product, Transportation and Blending (1) | (6,688) |  | (6,342) |  | 25,956 |  | 27,735
Operating | (255) |  | (237) |  | 4,971 |  | 5,214
Realized (Gain) Loss on Risk Management | (19) |  | (10) |  | (14) |  | 11
Unrealized (Gain) Loss on Risk Management | (50) |  | 31 |  | (65) |  | 31
Depreciation, Depletion and Amortization | 73 |  | 80 |  | 3,820 |  | 3,646
Exploration Expense | — |  | — |  | 9 |  | 56
(Income) Loss From Equity-Accounted Affiliates | 16 |  | (1) |  | (45) |  | (48)
Segment Income (Loss) | 30 |  | (141) |  | 4,181 |  | 4,819
General and Administrative | 570 |  | 593 |  | 570 |  | 593
Finance Costs, Net | 404 |  | 394 |  | 404 |  | 394
Integration, Transaction and Other Costs | 123 |  | 113 |  | 123 |  | 113
Foreign Exchange (Gain) Loss, Net | (196) |  | 81 |  | (196) |  | 81
(Gain) Loss on Divestiture of Assets | (109) |  | (121) |  | (109) |  | (121)
Re-measurement of Contingent Payments | — |  | 30 |  | — |  | 30
Other (Income) Loss, Net | (54) |  | (158) |  | (54) |  | (158)
| 738 |  | 932 |  | 738 |  | 932
Earnings (Loss) Before Income Tax |  |  |  |  | 3,443 |  | 3,887
Income Tax Expense (Recovery) |  |  |  |  | 447 |  | 891
Net Earnings (Loss) |  |  |  |  | 2,996 |  | 2,996
(1)Comparative period reflects certain revisions. See Note 23. B) External Sales by Product
| Upstream |  |  |  |
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total |  |  |  |
September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Crude Oil | 4,954 |  | 5,269 |  | 47 |  | 33 |  | 125 |  | 71 |  | 5,126 |  | 5,373 |  |  |  |
Natural Gas and Other | 80 |  | 83 |  | 142 |  | 107 |  | 234 |  | 221 |  | 456 |  | 411 |  |  |  |
NGLs (1) | 143 |  | 104 |  | 23 |  | 85 |  | 26 |  | 79 |  | 192 |  | 268 |  |  |  |
External Sales | 5,177 |  | 5,456 |  | 212 |  | 225 |  | 385 |  | 371 |  | 5,774 |  | 6,052 |  |  |  |
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the three months ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gasoline | 70 |  | 128 |  | 3,393 |  | 3,513 |  | 3,463 |  | 3,641
Distillates (2) | 366 |  | 395 |  | 2,792 |  | 2,604 |  | 3,158 |  | 2,999
Synthetic Crude Oil | 408 |  | 588 |  | — |  | — |  | 408 |  | 588
Asphalt | 197 |  | 208 |  | 321 |  | 322 |  | 518 |  | 530
Other Products and Services (3) | 157 |  | 163 |  | 575 |  | 775 |  | 732 |  | 938
External Sales | 1,198 |  | 1,482 |  | 7,081 |  | 7,214 |  | 8,279 |  | 8,696
| Upstream
For the nine months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Crude Oil | 14,718 |  | 15,963 |  | 156 |  | 157 |  | 343 |  | 263 |  | 15,217 |  | 16,383
Natural Gas and Other | 244 |  | 263 |  | 609 |  | 453 |  | 663 |  | 686 |  | 1,516 |  | 1,402
NGLs (1) | 912 |  | 299 |  | 171 |  | 256 |  | 165 |  | 250 |  | 1,248 |  | 805
External Sales | 15,874 |  | 16,525 |  | 936 |  | 866 |  | 1,171 |  | 1,199 |  | 17,981 |  | 18,590
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the nine months ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Gasoline | 181 |  | 363 |  | 9,706 |  | 10,613 |  | 9,887 |  | 10,976
Distillates (2) | 1,068 |  | 1,143 |  | 7,599 |  | 8,149 |  | 8,667 |  | 9,292
Synthetic Crude Oil | 1,214 |  | 1,323 |  | — |  | — |  | 1,214 |  | 1,323
Asphalt | 397 |  | 433 |  | 756 |  | 753 |  | 1,153 |  | 1,186
Other Products and Services (3) | 399 |  | 420 |  | 1,897 |  | 2,212 |  | 2,296 |  | 2,632
External Sales | 3,259 |  | 3,682 |  | 19,958 |  | 21,727 |  | 23,217 |  | 25,409
(1)Third-party condensate sales are included within NGLs. (2)Includes diesel and jet fuel. (3)Comparative period reflects certain revisions. See Note 23. C) Geographical Information
| Revenues (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Canada | 5,787 |  | 6,937 |  | 17,359 |  | 20,235
United States (2) | 7,176 |  | 6,606 |  | 20,697 |  | 20,366
China | 232 |  | 276 |  | 757 |  | 863
Consolidated | 13,195 |  | 13,819 |  | 38,813 |  | 41,464
(1)Revenues from external customers by country are classified based on the jurisdiction in which the selling entities are located. (2)Comparative periods reflect certain revisions. See Note 23.
| Non-Current Assets (1)
| September 30, |  | December 31,
As at | 2025 |  | 2024
Canada | 37,889 |  | 37,006
United States | 2,538 |  | 5,902
China | 1,006 |  | 1,249
Indonesia | 230 |  | 295
Consolidated | 41,663 |  | 44,452
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
| September 30, |  | December 31, |  | September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Oil Sands | 403 |  | 461 |  | 24,873 |  | 24,646 |  | 946 |  | 1,018
Conventional | 20 |  | 15 |  | 2,213 |  | 2,230 |  | 47 |  | 57
Offshore | 7 |  | 8 |  | 3,950 |  | 3,365 |  | 187 |  | 95
Canadian Refining | — |  | — |  | 2,457 |  | 2,511 |  | 54 |  | 39
U.S. Refining | — |  | — |  | 2,259 |  | 5,538 |  | 290 |  | 342
Corporate and Eliminations | — |  | — |  | 220 |  | 278 |  | 390 |  | 399
Consolidated | 430 |  | 484 |  | 35,972 |  | 38,568 |  | 1,914 |  | 1,950
| Goodwill |  | Total Assets
| September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2025 |  | 2024 |  | 2025 |  | 2024
Oil Sands | 2,923 |  | 2,923 |  | 31,994 |  | 31,668
Conventional | — |  | — |  | 2,551 |  | 2,610
Offshore | — |  | — |  | 4,633 |  | 4,089
Canadian Refining | — |  | — |  | 2,934 |  | 2,901
U.S. Refining | — |  | — |  | 6,600 |  | 9,517
Corporate and Eliminations | — |  | — |  | 4,861 |  | 5,754
Consolidated | 2,923 |  | 2,923 |  | 53,573 |  | 56,539
E) Capital Expenditures (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Capital Investment |  |  |  |  |  |  |
Oil Sands | 675 |  | 681 |  | 2,082 |  | 1,941
Conventional | 107 |  | 106 |  | 302 |  | 300
Offshore |  |  |  |  |  |  |
Atlantic | 194 |  | 341 |  | 674 |  | 765
Asia Pacific | 23 |  | 14 |  | 54 |  | 44
Total Upstream | 999 |  | 1,142 |  | 3,112 |  | 3,050
Canadian Refining | 33 |  | 44 |  | 83 |  | 145
U.S. Refining | 120 |  | 153 |  | 343 |  | 320
Total Downstream | 153 |  | 197 |  | 426 |  | 465
Corporate and Eliminations | 2 |  | 7 |  | 9 |  | 22
| 1,154 |  | 1,346 |  | 3,547 |  | 3,537
Acquisitions |  |  |  |  |  |  |
Oil Sands | 7 |  | 1 |  | 235 |  | 7
Conventional | — |  | 3 |  | 33 |  | 12
| 7 |  | 4 |  | 268 |  | 19
Total Capital Expenditures | 1,161 |  | 1,350 |  | 3,815 |  | 3,556
(1)Includes expenditures on PP&E, E&E assets and capitalized interest.

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