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Share Capital and Warrants (Tables) | 9 Months Ended
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Sep. 30, 2025
Disclosure of classes of share capital [abstract] |
Summary of Share Capital | 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
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
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. 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

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