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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2024
Commitments And Contingencies [Abstract] |
Commitments and Contingencies |
35. COMMITMENTS AND CONTINGENCIES
A) Commitments Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below:
As at December 31, 2024 | 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter |  | Total
Transportation and Storage (1) (2) | 2,122 |  | 1,947 |  | 1,921 |  | 1,904 |  | 1,815 |  | 14,551 |  | 24,260
Product Purchases | 14 |  | — |  | — |  | — |  | — |  | — |  | 14
Real Estate | 63 |  | 63 |  | 61 |  | 59 |  | 63 |  | 532 |  | 841
Obligation to Fund HCML | 104 |  | 105 |  | 98 |  | 56 |  | 44 |  | 105 |  | 512
Other Long-Term Commitments | 411 |  | 191 |  | 187 |  | 158 |  | 117 |  | 589 |  | 1,653
Total Commitments | 2,714 |  | 2,306 |  | 2,267 |  | 2,177 |  | 2,039 |  | 15,777 |  | 27,280
As at December 31, 2023 | 1 Year |  | 2 Years |  | 3 Years |  | 4 Years |  | 5 Years |  | Thereafter |  | Total
Transportation and Storage (1) (2) | 2,018 |  | 1,927 |  | 1,680 |  | 1,663 |  | 1,641 |  | 15,738 |  | 24,667
Product Purchases | 617 |  | — |  | — |  | — |  | — |  | — |  | 617
Real Estate | 57 |  | 57 |  | 59 |  | 63 |  | 58 |  | 604 |  | 898
Obligation to Fund HCML | 94 |  | 94 |  | 94 |  | 89 |  | 52 |  | 90 |  | 513
Other Long-Term Commitments | 417 |  | 194 |  | 184 |  | 175 |  | 166 |  | 965 |  | 2,101
Total Commitments | 3,203 |  | 2,272 |  | 2,017 |  | 1,990 |  | 1,917 |  | 17,397 |  | 28,796
(1)Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $854 million (December 31, 2023 – $13.0 billion). Terms are up to 20 years on commencement. (2)As at December 31, 2024, includes $1.8 billion related to transportation and storage commitments with HMLP (December 31, 2023 – $2.1 billion). There were outstanding letters of credit aggregating to $355 million (December 31, 2023 – $364 million) issued as security for financial and performance conditions under certain contracts. B) Contingencies Legal Proceedings Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its Consolidated Financial Statements. Income Tax Matters The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.

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- Definition The disclosure of commitments and contingent liabilities. [Refer: Classes of contingent liabilities [domain]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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