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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Summary of Assumptions Used to Determine Fair Value of Options Granted | The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows:
Risk-Free Interest Rate (percent) | 3.51 |
Expected Dividend Yield (percent) | 2.37 |
Expected Volatility (1) (percent) | 23.64 |
Expected Life (years) | 5.39
(1)Expected volatility has been based on historical share volatility of the Company. For the year ended December 31, 2024, 793 thousand NSRs, with a weighted average exercise price of $11.97, were exercised and settled for 562 thousand common shares.
Summary of Options Outstanding and Exercisable |
| Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Exercise Price
For the year ended December 31, 2024 | (thousands) |  | ($/unit)
Outstanding, Beginning of Year | 11,895 |  | 13.66 |
Granted | 2,427 |  | 23.90 |
Exercised | (5,251) |  | 10.77 |
Forfeited | (416) |  | 23.16 |
Expired | (2) |  | 24.60 |
Outstanding, End of Year | 8,653 |  | 17.83
| Outstanding |  | Exercisable
As at December 31, 2024 | Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Stock Options with Associated Net Settlement Rights |  | Weighted Average Exercise Price
Range of Exercise Price ($/unit) | (thousands) |  | (years) |  | ($/unit) |  | (thousands) |  | ($/unit)
5.00 to 9.99 | 1,486 |  | 2.47 |  | 8.87 |  | 1,486 |  | 8.87
10.00 to 14.99 | 2,004 |  | 2.08 |  | 11.70 |  | 1,902 |  | 11.69
15.00 to 19.99 | 1,560 |  | 4.13 |  | 19.88 |  | 902 |  | 19.88
20.00 to 24.99 | 3,373 |  | 5.75 |  | 23.84 |  | 448 |  | 24.14
25.00 to 29.99 | 230 |  | 6.46 |  | 27.21 |  | 3 |  | 27.71
| 8,653 |  | 4.06 |  | 17.83 |  | 4,741 |  | 13.55
| Number of Cenovus Replacement Stock Options |  | Weighted Average Exercise Price
For the year ended December 31, 2024 | (thousands) |  | ($/unit)
Outstanding, Beginning of Year | 1,005 |  | 6.49 |
Exercised | (614) |  | 7.34 |
Expired | (43) |  | 18.35 |
Outstanding, End of Year | 348 |  | 3.54
| Number of Performance Share Units
For the year ended December 31, 2024 | (thousands)
Outstanding, Beginning of Year | 10,243
Granted | 6,368
Vested and Paid Out | (8,903)
Forfeited | (742)
Units Granted in Lieu of Base Dividends | 244
Outstanding, End of Year | 7,210
| Number of Restricted Share Units
For the year ended December 31, 2024 | (thousands)
Outstanding, Beginning of Year | 7,234
Granted | 3,393
Vested and Paid Out | (2,286)
Forfeited | (466)
Units Granted in Lieu of Base Dividends | 273
Outstanding, End of Year | 8,148
| Number of Deferred Share Units
For the year ended December 31, 2024 | (thousands)
Outstanding, Beginning of Year | 1,691
Granted to Directors | 126
Granted | 72
Units Granted in Lieu of Dividends | 58
Redeemed | (186)
Outstanding, End of Year | 1,761
Summary of Stock-Based Compensation | E) Total Stock-Based Compensation
For the years ended December 31, | 2024 |  | 2023 |
Stock Options With Associated Net Settlement Rights | 12 |  | 11 |
Cenovus Replacement Stock Options | 1 |  | (5) |
Performance Share Units | 48 |  | 47 |
Restricted Share Units | 60 |  | 46 |
Deferred Share Units | 5 |  | (2) |
Total Stock-Based Compensation Expense (Recovery) | 126 |  | 97 |

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