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Decommissioning Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Provision for decommissioning, restoration and rehabilitation costs [abstract] |
Summary of Decommissioning Provision |
| 2024 |  | 2023
Decommissioning Liabilities, Beginning of Year | 4,155 |  | 3,559
Liabilities Incurred | 24 |  | 14
Liabilities Acquired (Note 5) (1) | — |  | 5
Liabilities Settled | (234) |  | (221)
Liabilities Disposed (Note 5) (1) | (72) |  | (5)
Change in Estimated Future Cash Flows | 276 |  | 330
Change in Discount Rates | 132 |  | 265
Unwinding of Discount on Decommissioning Liabilities (Note 7) | 225 |  | 220
Exchange Rate Movements and Other | 28 |  | (12)
Decommissioning Liabilities, End of Year | 4,534 |  | 4,155
(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 decommissioning liabilities w as $2 million.
Description Of Major Assumptions Made Concerning Future Events Other Provisions Explanatory | Changes to the credit-adjusted risk-free rate or the inflation rate would have the following impact on the decommissioning liabilities:
| Sensitivity |  | 2024 |  | 2023
As at December 31, | Range |  | Increase |  | Decrease |  | Increase |  | Decrease
Credit-Adjusted Risk-Free Rate | ± one percent |  | (487) |  | 595 |  | (387) |  | 515
Inflation Rate | ± one percent |  | 615 |  | (507) |  | 519 |  | (392)

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