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Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract] |
Property, Plant and Equipment, Net |
16. PROPERTY, PLANT AND EQUIPMENT, NET
| Crude Oil and Natural Gas Properties |  | Processing, Transportation and Storage Assets |  | Refining Assets |  | Other Assets (1) |  | Total
COST |  |  |  |  |  |  |  |  |
As at December 31, 2022 | 43,528 |  | 254 |  | 12,132 |  | 1,825 |  | 57,739
Acquisitions (Note 5) (2) | 11 |  | — |  | 770 |  | — |  | 781
Additions | 3,392 |  | 14 |  | 719 |  | 89 |  | 4,214
Transfer from E&E (Note 15) | 60 |  | — |  | — |  | — |  | 60
Change in Decommissioning Liabilities | 542 |  | — |  | 21 |  | 18 |  | 581
Divestitures (Note 5) (2) | (17) |  | — |  | (633) |  | (17) |  | (667)
Exchange Rate Movements and Other | (91) |  | 4 |  | (239) |  | (7) |  | (333)
As at December 31, 2023 | 47,425 |  | 272 |  | 12,770 |  | 1,908 |  | 62,375
Acquisitions | 15 |  | — |  | — |  | — |  | 15
Additions | 4,215 |  | 3 |  | 661 |  | 71 |  | 4,950
Transfer from E&E (Note 15) | 285 |  | — |  | — |  | — |  | 285
Change in Decommissioning Liabilities | 312 |  | 2 |  | 4 |  | (5) |  | 313
Divestitures (Note 5) | (270) |  | — |  | — |  | (1) |  | (271)
Exchange Rate Movements and Other | 108 |  | 3 |  | 890 |  | 2 |  | 1,003
As at December 31, 2024 | 52,090 |  | 280 |  | 14,325 |  | 1,975 |  | 68,670
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION |  |  |  |  |  |  |  |  |
As at December 31, 2022 | 14,302 |  | 106 |  | 5,547 |  | 1,285 |  | 21,240
Depreciation, Depletion and Amortization | 3,692 |  | 19 |  | 554 |  | 86 |  | 4,351
Divestitures (Note 5) (2) | (8) |  | — |  | (299) |  | (12) |  | (319)
Exchange Rate Movements and Other | (11) |  | 4 |  | (135) |  | (5) |  | (147)
As at December 31, 2023 | 17,975 |  | 129 |  | 5,667 |  | 1,354 |  | 25,125
Depreciation, Depletion and Amortization | 3,949 |  | 11 |  | 539 |  | 81 |  | 4,580
Divestitures (Note 5) | (208) |  | — |  | — |  | — |  | (208)
Exchange Rate Movements and Other | 133 |  | 1 |  | 469 |  | 2 |  | 605
As at December 31, 2024 | 21,849 |  | 141 |  | 6,675 |  | 1,437 |  | 30,102
CARRYING VALUE |  |  |  |  |  |  |  |  |
As at December 31, 2023 | 29,450 |  | 143 |  | 7,103 |  | 554 |  | 37,250
As at December 31, 2024 | 30,241 |  | 139 |  | 7,650 |  | 538 |  | 38,568
(1)Includes assets within the commercial fuels business, office furniture, fixtures, leasehold improvements, information technology and aircraft. (2)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 PP&E was $334 million. Assets Under Construction PP&E includes the following amounts in respect of assets under construction that are not subject to DD&A:
As at December 31, | 2024 |  | 2023
Crude Oil and Natural Gas Properties | 3,359 |  | 2,507
Refining Assets | 400 |  | 243
| 3,759 |  | 2,750

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