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Description of Business and Segmented Disclosures (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure Of Reportable Segments [Abstract]  
Schedule of Segment and Operational Information
A) Results of Operations – Segment and Operational Information
Upstream
For the years ended December 31,Oil SandsConventionalOffshoreTotal
2023
2022
2023
2022
2023
2022
2023
2022
Revenues
Gross Sales (1)
26,19234,6833,2734,4391,6172,02031,08241,142
Less: Royalties
3,0594,49311229899773,2704,868
23,13330,1903,1614,1411,5181,94327,81236,274
Expenses
Purchased Product (1)
1,4574,7181,6952,023——3,1526,741
     Transportation and Blending (1)
10,77412,036298250161511,08812,301
Operating
2,7162,9305905413843183,6903,789
Realized (Gain) Loss on Risk
   Management		171,527(5)92——121,619
Operating Margin8,1698,9795831,2351,1181,6109,87011,824
Unrealized (Gain) Loss on
   Risk Management
15(68)(19)13——(4)(55)
Depreciation, Depletion and
   Amortization		2,9932,7633863704875853,8663,718
Exploration Expense19961179142101
(Income) Loss From Equity-
   Accounted Affiliates		68——(57)(23)(51)(15)
Segment Income (Loss)5,1366,2672108516719576,0178,075
Downstream
Canadian Refining
U.S. Refining
Total
For the years ended December 31,2023
2022
2023
2022
2023
2022
Revenues
Gross Sales (1)
6,2337,79226,39330,21832,62638,010
Less: Royalties
——————
6,2337,79226,39330,21832,62638,010
Expenses
Purchased Product (1)
4,9196,38923,35426,02028,27332,409
Transportation and Blending
——————
Operating
6397042,5622,3463,2013,050
Realized (Gain) Loss on Risk
   Management		———112—112
Operating Margin6756994771,7401,1522,439
Unrealized (Gain) Loss on Risk
   Management
——(17)18(17)18
Depreciation, Depletion and
   Amortization		185208486640671848
Exploration Expense——————
(Income) Loss From Equity-Accounted
    Affiliates		——————
Segment Income (Loss)49049181,0824981,573
(1)Comparative periods reflect certain revisions. See Note 39.
Corporate and EliminationsConsolidated
For the years ended December 31,2023
2022
2023
2022
Revenues
Gross Sales (1)
(8,234)(7,387)55,47471,765
Less: Royalties
——3,2704,868
(8,234)(7,387)52,20466,897
Expenses
Purchased Product (1)
(6,710)(5,192)24,71533,958
Transportation and Blending (1)
(947)(1,175)10,14111,126
Operating (1)
(539)(1,023)6,3525,816
Realized (Gain) Loss on Risk Management(3)3191,762
Unrealized (Gain) Loss on Risk Management
73(89)52(126)
Depreciation, Depletion and Amortization1071134,6444,679
Exploration Expense——42101
(Income) Loss From Equity-Accounted Affiliates——(51)(15)
Segment Income (Loss)(215)(52)6,3009,596
General and Administrative688865688865
Finance Costs671820671820
Interest Income(133)(81)(133)(81)
Integration, Transaction and Other Costs8510685106
Foreign Exchange (Gain) Loss, Net(67)343(67)343
Revaluation (Gain) Loss
34(549)34(549)
Re-measurement of Contingent Payment5916259162
(Gain) Loss on Divestiture of Assets(14)(269)(14)(269)
Other (Income) Loss, Net(63)(532)(63)(532)
1,2608651,260865
Earnings (Loss) Before Income Tax5,0408,731
Income Tax Expense (Recovery)9312,281
Net Earnings (Loss)4,1096,450
(1)Comparative periods reflect certain revisions. See Note 39.
Schedule of Revenues by Product
B) Revenues by Product
For the years ended December 31,20232022
Upstream
Oil Sands
Crude Oil (1)
22,55028,921
NGLs (2)
352877
Natural Gas and Other
231392
Conventional
Crude Oil 589429
NGLs (2)
799926
Natural Gas and Other (1)
1,7732,786
Offshore
Crude Oil385581
NGLs280354
Natural Gas8531,008
Total Upstream27,81236,274
Downstream
Canadian Refining
Synthetic Crude Oil2,1242,360
Diesel1,7522,164
Asphalt571620
Gasoline522948
Other Products and Services1,2641,700
U.S. Refining
Gasoline12,37514,116
Distillates9,61211,453
Asphalt864533
Other Products (1)
3,5424,116
Total Downstream32,62638,010
Corporate and Eliminations (1)
(8,234)(7,387)
Consolidated52,20466,897
(1)Comparative periods reflect certain revisions. See Note 39.
(2)Third-party condensate sales are included within NGLs.
Schedule of Geographical Information
C) Geographical Information
Revenues (1)
For the years ended December 31,20232022
Canada (2)
25,12833,314
United States (2)
25,94332,221
China1,1331,362
Consolidated52,20466,897
(1)Revenues by country are classified based on where the operations are located.
(2)Comparative periods reflect certain revisions. See Note 39.
Non-Current Assets (1)
As at December 31, 2023
2022
Canada35,87635,194
United States5,2304,824
China1,6082,064
Indonesia344365
Consolidated43,05842,447
(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, 202320222023202220232022
Oil Sands72967424,44324,657849638
Conventional—62,2092,02012
Offshore
952,7982,549102152
Canadian Refining——2,4692,46628252
U.S. Refining——5,0144,482268329
Corporate and Eliminations——317325432472
Consolidated73868537,25036,4991,6801,845
GoodwillTotal Assets
As at December 31, 2023202220232022
Oil Sands2,9232,92331,67332,248
Conventional——2,4292,410
Offshore——3,5113,339
Canadian Refining——2,9603,172
U.S. Refining——8,6608,324
Corporate and Eliminations——4,6826,376
Consolidated2,9232,92353,91555,869
Schedule of Capital Expenditures
E) Capital Expenditures (1)
For the years ended December 31,20232022
Capital Investment
Oil Sands2,3821,792
Conventional452344
Offshore
Asia Pacific78
Atlantic635302
Total Upstream 3,4762,446
Canadian Refining
145117
U.S. Refining
6021,059
Total Downstream7471,176
Corporate and Eliminations7586
4,2983,708
Acquisitions (Note 5)
Oil Sands (2)
371,609
Conventional512
U.S. Refining (3)
385—
4271,621
Total Capital Expenditures4,7255,329
(1)Includes expenditures on PP&E, E&E assets and capitalized interest. Excludes capital expenditures related to the HCML joint venture.
(2)In 2022, Cenovus was deemed to have disposed of its pre-existing interest in Sunrise Oil Sands Partnership (“SOSP”) 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 SOSP of $1.6 billion.
(3)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 IFRS 3. The acquisition capital above does not include the fair value of the pre-existing interest in Toledo of $368 million.