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Description of Business and Segmented Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Reportable Segments [Abstract] |
Schedule of Segment and Operational Information | A) Results of Operations – Segment and Operational Information
| Upstream
| Oil Sands |  | Conventional |  | Offshore |  | Total
For the years ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External Sales | 21,857 |  | 20,608 |  | 1,211 |  | 1,488 |  | 1,572 |  | 1,617 |  | 24,640 |  | 23,713
Intersegment Sales | 6,590 |  | 5,584 |  | 1,848 |  | 1,785 |  | — |  | — |  | 8,438 |  | 7,369
| 28,447 |  | 26,192 |  | 3,059 |  | 3,273 |  | 1,572 |  | 1,617 |  | 33,078 |  | 31,082
Royalties | (3,274) |  | (3,059) |  | (76) |  | (112) |  | (99) |  | (99) |  | (3,449) |  | (3,270)
Revenues | 25,173 |  | 23,133 |  | 2,983 |  | 3,161 |  | 1,473 |  | 1,518 |  | 29,629 |  | 27,812
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 1,851 |  | 1,457 |  | 1,823 |  | 1,695 |  | — |  | — |  | 3,674 |  | 3,152
Transportation and Blending | 11,000 |  | 10,774 |  | 320 |  | 298 |  | 11 |  | 16 |  | 11,331 |  | 11,088
Operating | 2,511 |  | 2,716 |  | 555 |  | 590 |  | 423 |  | 384 |  | 3,489 |  | 3,690
Realized (Gain) Loss on Risk Management | 20 |  | 17 |  | (6) |  | (5) |  | — |  | — |  | 14 |  | 12
Operating Margin | 9,791 |  | 8,169 |  | 291 |  | 583 |  | 1,039 |  | 1,118 |  | 11,121 |  | 9,870
Unrealized (Gain) Loss on Risk Management | (16) |  | 15 |  | 4 |  | (19) |  | — |  | — |  | (12) |  | (4)
Depreciation, Depletion and Amortization | 3,117 |  | 2,993 |  | 442 |  | 386 |  | 563 |  | 487 |  | 4,122 |  | 3,866
Exploration Expense | 2 |  | 19 |  | 1 |  | 6 |  | 66 |  | 17 |  | 69 |  | 42
(Income) Loss From Equity- Accounted Affiliates | (14) |  | 6 |  | 2 |  | — |  | (53) |  | (57) |  | (65) |  | (51)
Segment Income (Loss) | 6,702 |  | 5,136 |  | (158) |  | 210 |  | 463 |  | 671 |  | 7,007 |  | 6,017
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the years ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |  |  |  |  |
External Sales | 4,787 |  | 5,385 |  | 28,299 |  | 26,376 |  | 33,086 |  | 31,761
Intersegment Sales | 523 |  | 848 |  | 9 |  | 17 |  | 532 |  | 865
| 5,310 |  | 6,233 |  | 28,308 |  | 26,393 |  | 33,618 |  | 32,626
Royalties | — |  | — |  | — |  | — |  | — |  | —
Revenues | 5,310 |  | 6,233 |  | 28,308 |  | 26,393 |  | 33,618 |  | 32,626
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product | 4,483 |  | 4,919 |  | 25,769 |  | 23,354 |  | 30,252 |  | 28,273
Transportation and Blending | — |  | — |  | — |  | — |  | — |  | —
Operating | 907 |  | 639 |  | 2,763 |  | 2,562 |  | 3,670 |  | 3,201
Realized (Gain) Loss on Risk Management | — |  | — |  | 8 |  | — |  | 8 |  | —
Operating Margin | (80) |  | 675 |  | (232) |  | 477 |  | (312) |  | 1,152
Unrealized (Gain) Loss on Risk Management | — |  | — |  | 8 |  | (17) |  | 8 |  | (17)
Depreciation, Depletion and Amortization | 185 |  | 185 |  | 462 |  | 486 |  | 647 |  | 671
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | (265) |  | 490 |  | (702) |  | 8 |  | (967) |  | 498
| Corporate and Eliminations |  | Consolidated
For the years ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
Gross Sales |  |  |  |  |  |  |
External Sales | — |  | — |  | 57,726 |  | 55,474
Intersegment Sales | (8,970) |  | (8,234) |  | — |  | —
| (8,970) |  | (8,234) |  | 57,726 |  | 55,474
Royalties | — |  | — |  | (3,449) |  | (3,270)
Revenues | (8,970) |  | (8,234) |  | 54,277 |  | 52,204
Expenses |  |  |  |  |  |  |
Purchased Product | (7,823) |  | (6,710) |  | 26,103 |  | 24,715
Transportation and Blending | (793) |  | (947) |  | 10,538 |  | 10,141
Purchased Product, Transportation and Blending (1) | (8,616) |  | (7,657) |  | 36,641 |  | 34,856
Operating | (318) |  | (539) |  | 6,841 |  | 6,352
Realized (Gain) Loss on Risk Management | 24 |  | (3) |  | 46 |  | 9
Unrealized (Gain) Loss on Risk Management | 16 |  | 73 |  | 12 |  | 52
Depreciation, Depletion and Amortization | 102 |  | 107 |  | 4,871 |  | 4,644
Exploration Expense | — |  | — |  | 69 |  | 42
(Income) Loss From Equity-Accounted Affiliates | (1) |  | — |  | (66) |  | (51)
Segment Income (Loss) | (177) |  | (215) |  | 5,863 |  | 6,300
General and Administrative | 794 |  | 688 |  | 794 |  | 688
Finance Costs, Net (1) | 514 |  | 538 |  | 514 |  | 538
Integration, Transaction and Other Costs | 166 |  | 85 |  | 166 |  | 85
Foreign Exchange (Gain) Loss, Net | 462 |  | (67) |  | 462 |  | (67)
(Gain) Loss on Divestiture of Assets (1) | (119) |  | 20 |  | (119) |  | 20
Re-measurement of Contingent Payments | 30 |  | 59 |  | 30 |  | 59
Other (Income) Loss, Net | (55) |  | (63) |  | (55) |  | (63)
| 1,792 |  | 1,260 |  | 1,792 |  | 1,260
Earnings (Loss) Before Income Tax |  |  |  |  | 4,071 |  | 5,040
Income Tax Expense (Recovery) |  |  |  |  | 929 |  | 931
Net Earnings (Loss) |  |  |  |  | 3,142 |  | 4,109
(1)Revised presentation as of January 1, 2024. See Note 4.
Schedule of Revenues by Product | B) External Sales by Product
| Upstream
| Oil Sands |  | Conventional |  | Offshore |  | Total
For the years ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Crude Oil | 21,183 |  | 20,022 |  | 207 |  | 238 |  | 321 |  | 401 |  | 21,711 |  | 20,661
Natural Gas and Other | 332 |  | 271 |  | 648 |  | 988 |  | 925 |  | 901 |  | 1,905 |  | 2,160
NGLs (1) | 342 |  | 315 |  | 356 |  | 262 |  | 326 |  | 315 |  | 1,024 |  | 892
External Sales | 21,857 |  | 20,608 |  | 1,211 |  | 1,488 |  | 1,572 |  | 1,617 |  | 24,640 |  | 23,713
| Downstream
| Canadian Refining |  | U.S. Refining |  | Total
For the years ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Gasoline | 429 |  | 522 |  | 13,792 |  | 12,375 |  | 14,221 |  | 12,897
Distillates (2) | 1,484 |  | 1,752 |  | 10,632 |  | 9,612 |  | 12,116 |  | 11,364
Synthetic Crude Oil | 1,814 |  | 1,899 |  | — |  | — |  | 1,814 |  | 1,899
Asphalt | 548 |  | 537 |  | 1,029 |  | 864 |  | 1,577 |  | 1,401
Other Products and Services | 512 |  | 675 |  | 2,846 |  | 3,525 |  | 3,358 |  | 4,200
External Sales | 4,787 |  | 5,385 |  | 28,299 |  | 26,376 |  | 33,086 |  | 31,761
(1)Third-party condensate sales are included within NGLs. (2)Includes diesel and jet fuel.
Schedule of Geographical Information | C) Geographical Information
| Revenues (1) |  |  |  |
For the years ended December 31, | 2024 |  | 2023 |  |  |  |
Canada | 26,791 |  | 25,128 |  |  |  |
United States | 26,333 |  | 25,943 |  |  |  |
China | 1,153 |  | 1,133 |  |  |  |
Consolidated | 54,277 |  | 52,204 |  |  |  |
(1)Revenues by country are classified based on where the operations are located.
| Non-Current Assets (1)
As at December 31, | 2024 |  | 2023
Canada | 37,006 |  | 35,876
United States | 5,902 |  | 5,230
China | 1,249 |  | 1,608
Indonesia | 295 |  | 344
Consolidated | 44,452 |  | 43,058
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill.
Schedule of Assets by Segment | D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
As at December 31, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Oil Sands | 461 |  | 729 |  | 24,646 |  | 24,443 |  | 1,018 |  | 849
Conventional | 15 |  | — |  | 2,230 |  | 2,209 |  | 57 |  | 1
Offshore | 8 |  | 9 |  | 3,365 |  | 2,798 |  | 95 |  | 102
Canadian Refining | — |  | — |  | 2,511 |  | 2,469 |  | 39 |  | 28
U.S. Refining | — |  | — |  | 5,538 |  | 5,014 |  | 342 |  | 268
Corporate and Eliminations | — |  | — |  | 278 |  | 317 |  | 399 |  | 432
Consolidated | 484 |  | 738 |  | 38,568 |  | 37,250 |  | 1,950 |  | 1,680
| Goodwill |  | Total Assets
As at December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
Oil Sands | 2,923 |  | 2,923 |  | 31,668 |  | 31,673
Conventional | — |  | — |  | 2,610 |  | 2,429
Offshore | — |  | — |  | 4,089 |  | 3,511
Canadian Refining | — |  | — |  | 2,901 |  | 2,960
U.S. Refining | — |  | — |  | 9,517 |  | 8,660
Corporate and Eliminations | — |  | — |  | 5,754 |  | 4,682
Consolidated | 2,923 |  | 2,923 |  | 56,539 |  | 53,915
Schedule of Capital Expenditures | E) Capital Expenditures (1)
For the years ended December 31, | 2024 |  | 2023 |  |  |  |
Capital Investment |  |  |  |  |  |  |
Oil Sands | 2,714 |  | 2,382 |  |  |  |
Conventional | 421 |  | 452 |  |  |  |
Offshore |  |  |  |  |  |  |
Atlantic | 1,077 |  | 635 |  |  |  |
Asia Pacific | 68 |  | 7 |  |  |  |
Total Upstream | 4,280 |  | 3,476 |  |  |  |
Canadian Refining | 208 |  | 145 |  |  |  |
U.S. Refining | 488 |  | 602 |  |  |  |
Total Downstream | 696 |  | 747 |  |  |  |
Corporate and Eliminations | 39 |  | 75 |  |  |  |
| 5,015 |  | 4,298 |  |  |  |
Acquisitions |  |  |  |  |  |  |
Oil Sands | 9 |  | 37 |  |  |  |
Conventional | 13 |  | 5 |  |  |  |
U.S. Refining (2) | — |  | 385 |  |  |  |
| 22 |  | 427 |  |  |  |
Total Capital Expenditures | 5,037 |  | 4,725 |  |  |  |
(1)Includes expenditures on PP&E, E&E assets and capitalized interest. Excludes capital expenditures related to the Company's joint ventures. (2)In 2023, Cenovus was deemed to have disposed of its pre-existing interest in BP-Husky Refining LLC (“Toledo”) and reacquired it at fair value as required by International Financial Reporting Standard 3, "Business Combinations" (“IFRS 3”). The acquisition capital above does not include the fair value of the pre-existing interest in Toledo of $368 million.

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