XML 87 R50.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Disclosure Of Income Tax Expense Continuing Operations [Abstract] |
Provision for Income Taxes |
For the years ended December 31, | 2024 |  | 2023 |  |  |  |
Current Tax |  |  |  |  |  |  |
Canada | 1,141 |  | 1,041 |  |  |  |
United States | 9 |  | (109) |  |  |  |
Asia Pacific | 214 |  | 224 |  |  |  |
Other International | 39 |  | 25 |  |  |  |
Total Current Tax Expense (Recovery) | 1,403 |  | 1,181 |  |  |  |
Deferred Tax Expense (Recovery) | (474) |  | (250) |  |  |  |
| 929 |  | 931 |  |  |  |
Disclosure Of Reconciliation Of Accounting Profit From Continuing Operations Multiplied By Applicable Tax Rates Explanatory | The following table reconciles income taxes calculated at the consolidated combined federal and provincial Canadian statutory rate with the recorded income taxes:
For the years ended December 31, | 2024 |  | 2023 |  |  |  |
Earnings (Loss) Before Income Tax | 4,071 |  | 5,040 |  |  |  |
Canadian Statutory Rate (percent) | 23.7 |  |  | 23.7 |  |  |  |  |
Expected Income Tax Expense (Recovery) | 965 |  | 1,194 |  |  |  |
Effect on Taxes Resulting From: |  |  |  |  |  |  |
Statutory and Other Rate Differences | (34) |  | (38) |  |  |  |
Non-Taxable Capital (Gains) Losses | 45 |  | (15) |  |  |  |
Non-Recognition of Capital (Gains) Losses | 45 |  | (30) |  |  |  |
Adjustments Arising From Prior Year Tax Filings | (31) |  | (16) |  |  |  |
Recognition of U.S. Tax Basis | (77) |  | (115) |  |  |  |
Other | 16 |  | (49) |  |  |  |
Total Tax Expense (Recovery) | 929 |  | 931 |  |  |  |
Effective Tax Rate (percent) | 22.8 |  |  | 18.5 |  |  |  |  |
Disclosure of deferred taxes | The breakdown of deferred income tax assets and deferred income tax liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
As at December 31, 2024 | 2024 |  | 2023 |  |  |  |
Deferred Income Tax Assets |  |  |  |  |  |  |
Deferred Income Tax Assets to be Settled Within Twelve Months | (29) |  | (315) |  |  |  |
Deferred Income Tax Assets to be Settled After More Than Twelve Months | (1,269) |  | (1,174) |  |  |  |
| (1,298) |  | (1,489) |  |  |  |
Deferred Income Tax Liabilities |  |  |  |  |  |  |
Deferred Income Tax Liabilities to be Settled Within Twelve Months | 68 |  | 138 |  |  |  |
Deferred Income Tax Liabilities to be Settled After More Than Twelve Months | 4,211 |  | 4,843 |  |  |  |
| 4,279 |  | 4,981 |  |  |  |
Net Deferred Income Tax Liability | 2,981 |  | 3,492 |  |  |  |
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory | The movement in deferred income tax assets and liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, was:
Deferred Income Tax Assets | Unused Tax Losses |  | Other |  | Total
As at December 31, 2022 | (156) |  | (622) |  | (778)
Charged (Credited) to Earnings | (777) |  | 54 |  | (723)
Charged (Credited) to Other Comprehensive Income | 19 |  | (7) |  | 12
As at December 31, 2023 | (914) |  | (575) |  | (1,489)
Charged (Credited) to Earnings | 242 |  | (9) |  | 233
Charged (Credited) to Other Comprehensive Income | (66) |  | 24 |  | (42)
As at December 31, 2024 | (738) |  | (560) |  | (1,298)
Deferred Income Tax Liabilities | PP&E |  | Other |  | Total
As at December 31, 2022 | 4,460 |  | 55 |  | 4,515
Charged (Credited) to Earnings | 495 |  | (22) |  | 473
Charged (Credited) to Other Comprehensive Income | (7) |  | — |  | (7)
As at December 31, 2023 | 4,948 |  | 33 |  | 4,981
Charged (Credited) to Earnings | (716) |  | 9 |  | (707)
Charged (Credited) to Other Comprehensive Income | 5 |  | — |  | 5
As at December 31, 2024 | 4,237 |  | 42 |  | 4,279
Net Deferred Income Tax Liabilities | Total
As at December 31, 2022 | 3,737
Charged (Credited) to Earnings | (250)
Charged (Credited) to Other Comprehensive Income | 5
As at December 31, 2023 | 3,492
Charged (Credited) to Earnings | (474)
Charged (Credited) to Other Comprehensive Income | (37)
As at December 31, 2024 | 2,981
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | The approximate amounts of tax pools available, including tax losses, are:
As at December 31, | 2024 |  | 2023 |  |  |  |
Canada | 10,086 |  | 8,547 |  |  |  |
United States | 9,905 |  | 8,058 |  |  |  |
Asia Pacific | 351 |  | 347 |  |  |  |
| 20,342 |  | 16,952 |  |  |  |

X
- Definition The disclosure of components of income tax expense continuing operations. + References No definition available. + Details
Name: | cve_DisclosureOfComponentsOfIncomeTaxExpenseContinuingOperationsExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of income tax expense continuing operations. + References No definition available. + Details
Name: | cve_DisclosureOfIncomeTaxExpenseContinuingOperationsAbstract
Namespace Prefix: | cve_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of reconciliation of accounting profit from continuing operations multiplied by applicable tax rates. + References No definition available. + Details
Name: | cve_DisclosureOfReconciliationOfAccountingProfitFromContinuingOperationsMultipliedByApplicableTaxRatesExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory + References No definition available. + Details
Name: | cve_DisclosureOfReconciliationOfChangesInDeferredTaxLiabilityAssetExplanatoryTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits + References No definition available. + Details
Name: | cve_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTableTextBlock
Namespace Prefix: | cve_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] + 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
Name: | ifrs-full_DisclosureOfDeferredTaxesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration