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Financial Instruments (Tables)
 9 Months Ended
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 EndedNine Months Ended
For the periods ended September 30,
2025202420252024
Revenues from Construction and Management Services5047116116
Transportation Expenses6667203207
The following table provides a reconciliation of changes in the fair value of private equity investments classified as FVOCI:
Total
As at December 31, 2024219
Acquisitions2
Transfer to Investments in Equity-Accounted Affiliates(5)
Changes in Fair Value
(26)
As at September 30, 2025190
Summary of Unrealized Risk Management Positions
Summary of Risk Management Positions
September 30, 2025
December 31, 2024
Risk ManagementRisk Management
As at AssetLiabilityNetAssetLiabilityNet
Crude Oil, Condensate, Natural Gas, and Refined Products
918910(1)
Power Contracts3—36—6
Renewable Power Contracts614575—5
Foreign Exchange Rate Contracts—4(4)—3(3)
7396420137
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 at20252024
Level 2 – Prices Sourced From Observable Data or Market Corroboration72
Level 3 – Prices Sourced From Partially Unobservable Data575
647
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, 20247
Change in Fair Value of Contracts in Place, Beginning of Year
57
Change in Fair Value of Contracts Entered Into During the Period14
Fair Value of Contracts Realized During the Period(14)
As at September 30, 202564
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions Earnings Impact of (Gains) Losses From Risk Management Positions
Three Months EndedNine Months Ended
For the periods ended September 30,
2025202420252024
Realized (Gain) Loss17(27)(14)11
Unrealized (Gain) Loss(19)7(65)31
(Gain) Loss on Risk Management
(2)(20)(79)42