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Contingent Payments | 12 Months Ended
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Dec. 31, 2024
Disclosure of contingent liabilities in business combination [abstract] |
Contingent Payments |
23. CONTINGENT PAYMENTS
In connection with the transaction with BP Canada Energy Group ULC (“bp Canada”) to purchase the remaining 50 percent interest in Sunrise Oil Sands Partnership (“SOSP”) (the “Sunrise Acquisition”), Cenovus agreed to make quarterly variable payments from SOSP to bp Canada for up to eight quarters subsequent to August 31, 2022, when the average WCS price in a quarter exceeded $52.00 per barrel. The quarterly payment was calculated as $2.8 million plus the difference between the average WCS price less $53.00 multiplied by $2.8 million, for any of the eight quarters the average WCS price was equal to or greater than $52.00 per barrel. If the average WCS price was less than $52.00 per barrel, no payment would be made for that quarter. On August 31, 2024, the variable payment obligation ended. In the year ended December 31, 2024, the Company made payments of $301 million for the quarterly payment periods ending November 30, 2023, February 29, 2024, May 31, 2024, and August 31, 2024.
| 2024 |  | 2023 |  |
Contingent Payments, Beginning of Year | 164 |  | 419 |  |
Liabilities Settled or Payable | (194) |  | (314) |  |
Re-measurement | 30 |  | 59 |  |
Contingent Payments, End of Year | — |  | 164 |  |

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- Definition The disclosure of contingent liabilities in a business combination. [Refer: Classes of contingent liabilities [domain]; Total for all business combinations [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 3 -IssueDate 2024-01-01 -Paragraph B64 -Subparagraph j -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=3&code=ifrs-tx-2024-en-r&anchor=para_B64_j&doctype=Appendix&subtype=B -URIDate 2024-03-27 + Details
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