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Leases | 12 Months Ended
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Dec. 31, 2024
Lease liabilities [abstract] |
Leases |
17. LEASES
A) Right-of-Use Assets, Net
| Real Estate |  | Transportation and Storage Assets (1) |  | Refining Assets |  | Other Assets (2) |  | Total
COST |  |  |  |  |  |  |  |  |
As at December 31, 2022 | 599 |  | 1,840 |  | 174 |  | 74 |  | 2,687
Acquisitions (Note 5) (3) | 1 |  | 24 |  | 8 |  | — |  | 33
Additions | 1 |  | 56 |  | — |  | — |  | 57
Divestitures (Note 5) (3) | — |  | — |  | (19) |  | — |  | (19)
Exchange Rate Movements and Other | (13) |  | 44 |  | (2) |  | (4) |  | 25
As at December 31, 2023 | 588 |  | 1,964 |  | 161 |  | 70 |  | 2,783
Additions | 2 |  | 317 |  | — |  | 51 |  | 370
Exchange Rate Movements and Other | 2 |  | 111 |  | 17 |  | 4 |  | 134
As at December 31, 2024 | 592 |  | 2,392 |  | 178 |  | 125 |  | 3,287
ACCUMULATED DEPRECIATION |  |  |  |  |  |  |  |  |
As at December 31, 2022 | 127 |  | 645 |  | 58 |  | 12 |  | 842
Depreciation | 36 |  | 223 |  | 22 |  | 12 |  | 293
Divestitures (Note 5) (3) | — |  | — |  | (12) |  | — |  | (12)
Exchange Rate Movements and Other | (7) |  | (5) |  | (3) |  | (5) |  | (20)
As at December 31, 2023 | 156 |  | 863 |  | 65 |  | 19 |  | 1,103
Depreciation | 35 |  | 198 |  | 21 |  | 37 |  | 291
Exchange Rate Movements and Other | 2 |  | (62) |  | 8 |  | (5) |  | (57)
As at December 31, 2024 | 193 |  | 999 |  | 94 |  | 51 |  | 1,337
CARRYING VALUE |  |  |  |  |  |  |  |  |
As at December 31, 2023 | 432 |  | 1,101 |  | 96 |  | 51 |  | 1,680
As at December 31, 2024 | 399 |  | 1,393 |  | 84 |  | 74 |  | 1,950
(1)Includes a pipeline, storage tanks, railcars, vessels, barges, a natural gas processing plant and caverns. (2)Includes assets in the commercial fuels business, fleet vehicles, camps and other equipment. (3)In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s ROU assets was $7 million. B) Lease Liabilities
| 2024 |  | 2023
Lease Liabilities, Beginning of Year | 2,658 |  | 2,836
Acquisitions (Note 5) (1) | — |  | 33
Additions | 363 |  | 57
Interest Expense (Note 7) | 162 |  | 161
Lease Payments | (461) |  | (449)
Divestitures (Note 5) (1) | — |  | (11)
Exchange Rate Movements and Other | 205 |  | 31
Lease Liabilities, End of Year | 2,927 |  | 2,658
Less: Current Portion | 359 |  | 299
Long-Term Portion | 2,568 |  | 2,359
(1)In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s lease liabilities was $11 million. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The Company has variable lease payments related to property taxes for real estate contracts. The Company includes extension options in the calculation of lease liabilities when the Company has the right to extend a lease term at its discretion and is reasonably certain to exercise the extension option. The Company does not have any significant termination options and the residual amounts are not material.

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2024-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2024-03-27 + Details
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- References No definition available. + Details
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