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Pensions and Other Post-Employment Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Pensions And Other Post Employment Benefits [Abstract]  
Summary of Defined Benefit and OPEB Plan Obligation and Funded Status
A) Plan Obligations, Assets and Funded Status
DB Pension PlanOPEB Plans
2024
2023
2024
2023
Defined Benefit Obligation
Defined Benefit Obligation, Beginning of Year202172249174
Current Service Costs1410214
Past Service Costs - Curtailment and Plan Amendments———10
Interest Costs (1)
991210
Benefits Paid(12)(8)(9)(9)
Plan Participant Contributions33——
Re-measurements:
(Gains) Losses From Experience Adjustments—411
(Gains) Losses From Changes in Financial Assumptions(3)13(6)50
Exchange Rate Movements and Other1(1)3(1)
Defined Benefit Obligation, End of Year214202252249
Plan Assets
Fair Value of Plan Assets, Beginning of Year178147——
Employer Contributions111899
Plan Participant Contributions 33——
Benefits Paid(12)(7)(9)(9)
Interest Income (1)
88——
Re-measurements:
Return on Plan Assets Excluding Interest Income1110——
Exchange Rate Movements and Other2(1)——
Fair Value of Plan Assets, End of Year201178——
Defined Benefit Pension and OPEB Asset (Liability) (2)
(13)(24)(252)(249)
(1)Based on the discount rate of the defined benefit obligation at the beginning of the year.
(2)Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities.
Summary of Pension and OPEB Costs
B) Costs
 
DB Pension Plan and
DC Pension Plan		OPEB Plans
For the years ended December 31,
2024
2023
2024
2023
Defined Benefit Plan Cost
Current Service Costs1410214
Past Service Costs – Curtailments and Plan Amendments
———10
Net Interest Costs111210
Re-measurements:
Return on Plan Assets Excluding Interest Income(11)(10)——
(Gains) Losses From Experience Adjustments—411
(Gains) Losses From Changes in Financial Assumptions(3)13(6)50
Defined Benefit Plan Cost (Recovery)118985
Defined Contribution Plan Cost (1)
10799——
Total Plan Cost108117985
(1)Includes defined contribution and U.S. 401(k) plans.
Summary of Fair Value of the Plan Assets
The fair value of the DB Pension Plan assets, as represented by fair value hierarchy levels are as follows:
As at December 31,
2024
2023
Level 1 – Cash and Cash Equivalents35
Level 2 – Equity and Fixed Income Funds185161
Level 3 – Real Estate Funds and Other1312
 201178
The DB Pension Plan does not hold any direct investment in Cenovus common shares or preferred shares.
Summary of principal weighted average actuarial assumptions used to determine benefit obligations and expenses
The principal weighted average actuarial assumptions used to determine benefit obligations are as follows:
Defined Benefit PlanOPEB Plans
For the years ended December 31, 2024202320242023
Discount Rate (percent)
4.65 4.58 4.85 4.65 
Future Salary Growth Rate (percent)
3.95 4.00 N/AN/A
Average Longevity (years)
88.488.488.488.4
Health Care Cost Trend Rate (percent)
N/AN/A5.24 5.24 
Sensitivity of defined benefit and OPEB obligation to changes in relevant actuarial assumptions
20242023
As at December 31,IncreaseDecreaseIncreaseDecrease
Discount Rate(56)69(54)66