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Description of Business and Segmented Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure Of Reportable Segments [Abstract]  
Schedule of Segment and Operational Information
A) Results of Operations – Segment and Operational Information
Upstream
Oil SandsConventionalOffshoreTotal
For the years ended December 31,
20242023202420232024202320242023
Gross Sales
External Sales21,85720,6081,2111,4881,5721,61724,64023,713
Intersegment Sales6,5905,5841,8481,785——8,4387,369
28,44726,1923,0593,2731,5721,61733,07831,082
Royalties
(3,274)(3,059)(76)(112)(99)(99)(3,449)(3,270)
Revenues25,17323,1332,9833,1611,4731,51829,62927,812
Expenses
Purchased Product
1,8511,4571,8231,695——3,6743,152
Transportation and Blending
11,00010,774320298111611,33111,088
Operating
2,5112,7165555904233843,4893,690
Realized (Gain) Loss on Risk
   Management		2017(6)(5)——1412
Operating Margin9,7918,1692915831,0391,11811,1219,870
Unrealized (Gain) Loss on Risk
   Management
(16)154(19)——(12)(4)
Depreciation, Depletion and
   Amortization		3,1172,9934423865634874,1223,866
Exploration Expense2191666176942
(Income) Loss From Equity-
   Accounted Affiliates		(14)62—(53)(57)(65)(51)
Segment Income (Loss)6,7025,136(158)2104636717,0076,017
Downstream
Canadian Refining
U.S. Refining
Total
For the years ended December 31,
202420232024202320242023
Gross Sales
External Sales4,7875,38528,29926,37633,08631,761
Intersegment Sales523848917532865
5,3106,23328,30826,39333,61832,626
Royalties——————
Revenues5,3106,23328,30826,39333,61832,626
Expenses
Purchased Product
4,4834,91925,76923,35430,25228,273
Transportation and Blending
——————
Operating
9076392,7632,5623,6703,201
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 Amortization185185462486647671
Exploration Expense——————
(Income) Loss From Equity-Accounted Affiliates——————
Segment Income (Loss)(265)490(702)8(967)498
Corporate and EliminationsConsolidated
For the years ended December 31,
2024202320242023
Gross Sales
External Sales——57,72655,474
Intersegment Sales(8,970)(8,234)——
(8,970)(8,234)57,72655,474
Royalties——(3,449)(3,270)
Revenues(8,970)(8,234)54,27752,204
Expenses
Purchased Product
(7,823)(6,710)26,10324,715
Transportation and Blending
(793)(947)10,53810,141
Purchased Product, Transportation and Blending (1)
(8,616)(7,657)36,64134,856
Operating
(318)(539)6,8416,352
Realized (Gain) Loss on Risk Management24(3)469
Unrealized (Gain) Loss on Risk Management
16731252
Depreciation, Depletion and Amortization1021074,8714,644
Exploration Expense——6942
(Income) Loss From Equity-Accounted Affiliates(1)—(66)(51)
Segment Income (Loss)(177)(215)5,8636,300
General and Administrative794688794688
Finance Costs, Net (1)
514538514538
Integration, Transaction and Other Costs1668516685
Foreign Exchange (Gain) Loss, Net462(67)462(67)
(Gain) Loss on Divestiture of Assets (1)
(119)20(119)20
Re-measurement of Contingent Payments30593059
Other (Income) Loss, Net(55)(63)(55)(63)
1,7921,2601,7921,260
Earnings (Loss) Before Income Tax4,0715,040
Income Tax Expense (Recovery)929931
Net Earnings (Loss)3,1424,109
(1)Revised presentation as of January 1, 2024. See Note 4.
Schedule of Revenues by Product
B) External Sales by Product
Upstream
Oil SandsConventionalOffshoreTotal
For the years ended December 31,
20242023202420232024202320242023
Crude Oil21,18320,02220723832140121,71120,661
Natural Gas and Other3322716489889259011,9052,160
NGLs (1)
3423153562623263151,024892
External Sales21,85720,6081,2111,4881,5721,61724,64023,713
Downstream
Canadian RefiningU.S. RefiningTotal
For the years ended December 31,
202420232024202320242023
Gasoline42952213,79212,37514,22112,897
Distillates (2)
1,4841,75210,6329,61212,11611,364
Synthetic Crude Oil1,8141,899——1,8141,899
Asphalt5485371,0298641,5771,401
Other Products and Services5126752,8463,5253,3584,200
External Sales4,7875,38528,29926,37633,08631,761
(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
Canada26,79125,128
United States26,33325,943
China1,1531,133
Consolidated54,27752,204
(1)Revenues by country are classified based on where the operations are located.
Non-Current Assets (1)
As at December 31,
2024
2023
Canada37,00635,876
United States5,9025,230
China1,2491,608
Indonesia295344
Consolidated44,45243,058
(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 AssetsPP&EROU Assets
As at December 31,
2024
2023
2024
2023
2024
2023
Oil Sands46172924,64624,4431,018849
Conventional15—2,2302,209571
Offshore
893,3652,79895102
Canadian Refining——2,5112,4693928
U.S. Refining——5,5385,014342268
Corporate and Eliminations——278317399432
Consolidated48473838,56837,2501,9501,680
GoodwillTotal Assets
As at December 31,
2024
2023
2024
2023
Oil Sands2,9232,92331,66831,673
Conventional——2,6102,429
Offshore——4,0893,511
Canadian Refining——2,9012,960
U.S. Refining——9,5178,660
Corporate and Eliminations——5,7544,682
Consolidated2,9232,92356,53953,915
Schedule of Capital Expenditures
E) Capital Expenditures (1)
For the years ended December 31,
2024
2023
Capital Investment
Oil Sands2,7142,382
Conventional421452
Offshore
Atlantic1,077635
Asia Pacific687
Total Upstream 4,2803,476
Canadian Refining
208145
U.S. Refining
488602
Total Downstream696747
Corporate and Eliminations3975
5,0154,298
Acquisitions
Oil Sands937
Conventional135
U.S. Refining (2)
—385
22427
Total Capital Expenditures5,0374,725
(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.