Cenovus Energy (CVE) 40-F 8 Feb 22 2021 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	40-F
Entity Registrant Name	CENOVUS ENERGY INC.
Entity Central Index Key	0001475260
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity File Number	1-34513
Document Annual Report	true
Entity Address, Address Line One	4100, 225 - 6 Avenue S.W.
Entity Address, Postal Zip Code	T2P 1N2
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Document Registration Statement	false
Entity Address, Country	CA
City Area Code	403
Local Phone Number	766-2000
Trading Symbol	CVE
Title of 12(b) Security	Common shares, no par value (together with associated common share purchase rights)
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	2,001,210,953
Audited Annual Financial Statements	true
Annual Information Form	true
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	Z4
ICFR Auditor Attestation Flag	true
Warrants
Document Information [Line Items]
Trading Symbol	CVE WS
Title of 12(b) Security	Warrants (each warrant entitles the holder to purchase one common share at an exercise price of C$6.54 per share)
Security Exchange Name	NYSE
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	28 Liberty Street
Entity Address, Postal Zip Code	10005
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	894-8940
Contact Personnel Name	CT Corporation System

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Calgary, Alberta, Canada
Auditor Firm ID	271

Consolidated Statements of Earn

Consolidated Statements of Earnings (Loss) (unaudited) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]
Revenues
Gross Sales	$ 48,811	$ 13,914		$ 21,715
Less: Royalties	2,454	371		1,173
Revenues	46,357	13,543		20,542
Expenses
Purchased Product	23,481	5,681		8,789
Transportation and Blending	7,883	4,728		5,184
Operating	4,716	1,955		2,088
(Gain) Loss on Risk Management	995	308		156
Depreciation, Depletion and Amortization	5,886	3,464		2,249
Exploration Expense	18	91		82
General and Administrative	849	292		331
Finance Costs	1,082	536		511
Interest Income	(23)	(9)		(12)
Integration Costs	349	29		0
Foreign Exchange (Gain) Loss, Net	(174)	(181)		(404)
Re-measurement of Contingent Payment	575	(80)		164
(Gain) Loss on Divestiture of Assets	(229)	(81)		(2)
Other (Income) Loss, Net	(309)	40		9
(Income) Loss From Equity-Accounted Affiliates	(57)	0		0
Earnings (Loss) Before Income Tax	1,315	(3,230)		1,397
Income Tax Expense (Recovery)	728	(851)		(797)
Net Earnings (Loss)	$ 587	$ (2,379)		$ 2,194
Net Earnings (Loss) Per Common Share ($)
Net Earnings (Loss) Per Share — Basic (CAD per share)	$ 0.27	$ (1.94)		$ 1.78
Net Earnings (Loss) Per Share — Diluted (CAD per share)	$ 0.27	$ (1.94)		$ 1.78
[1]	See Note 3(w) for revisions to comparative results.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (unaudited) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Statement of comprehensive income [abstract]
Net Earnings (Loss)		$ 587	$ (2,379)	[1]	$ 2,194	[1]
Items That Will not be Reclassified to Profit or Loss:
Actuarial Gain (Loss) Relating to Pension and Other Post-Retirement Benefits		38	(8)		5
Change in the Fair Value of Equity Instruments at FVOCI	[2]	0	0		12
Items That may be Reclassified to Profit or Loss:
Foreign Currency Translation Adjustment		(129)	(44)		(228)
Total Other Comprehensive Income (Loss), Net of Tax		(91)	(52)		(211)
Comprehensive Income (Loss)		$ 496	$ (2,431)		$ 1,983
[1]	See Note 3(w) for revisions to comparative results.
[2]	Fair value through other comprehensive income (loss) (“FVOCI”).

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and Cash Equivalents	$ 2,873	$ 378
Accounts Receivable and Accrued Revenues	3,870	1,488
Income Tax Receivable	22	21
Inventories	3,919	1,089
Assets Held for Sale	1,304	0
Total Current Assets	11,988	2,976
Restricted Cash	186	0
Exploration and Evaluation Assets, Net	720	623
Property, Plant and Equipment, Net	34,225	25,411
Right-of-Use Assets, Net	2,010	1,139
Income Tax Receivable	66	0
Investments in Equity-Accounted Affiliates	311	97
Other Assets	431	216
Deferred Income Taxes	694	36
Goodwill	3,473	2,272
Total Assets	54,104	32,770
Current Liabilities
Accounts Payable and Accrued Liabilities	6,353	2,018
Short-Term Borrowings	79	121
Lease Liabilities	272	184
Contingent Payment	236	36
Income Tax Payable	179	0
Liabilities Related to Assets Held for Sale	186	0
Total Current Liabilities	7,305	2,359
Long-Term Debt	12,385	7,441
Lease Liabilities	2,685	1,573
Contingent Payment	0	27
Decommissioning Liabilities	3,906	1,248
Other Liabilities	929	181
Deferred Income Taxes	3,286	3,234
Total Liabilities	30,496	16,063
Shareholders’ Equity	23,596	16,707
Non-Controlling Interest	12	0
Total Liabilities and Equity	$ 54,104	$ 32,770

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - CAD ($) $ in Millions		Total		Common shares	Preferred Shares	Share Purchase Warrants	Common Shares	Common SharesCommon shares	Preferred Shares	Preferred SharesPreferred Shares	Warrants	WarrantsShare Purchase Warrants	Paid in Surplus	Retained Earnings	Retained EarningsCommon shares	Retained EarningsPreferred Shares	AOCI	[1]	Non-Controlling Interest
Non-Controlling Interest																			$ 0
Beginning balance at Dec. 31, 2018		$ 17,468					$ 11,040						$ 4,367	$ 1,023			$ 1,038
Net Earnings (Loss)		2,194	[2]											2,194
Other Comprehensive Income (Loss), Net of Tax		(211)															(211)
Comprehensive Income (Loss)		1,983												2,194			(211)
Stock-Based Compensation Expense		10											10
Dividends on Common Shares		(260)		$ (260)										(260)
Ending balance at Dec. 31, 2019		19,201					11,040						4,377	2,957			827
Non-Controlling Interest																			0
Net Earnings (Loss)		(2,379)	[2]											(2,379)
Other Comprehensive Income (Loss), Net of Tax		(52)															(52)
Comprehensive Income (Loss)		(2,431)												(2,379)			(52)
Stock-Based Compensation Expense		14											14
Dividends on Common Shares		(77)		(77)										(77)
Ending balance at Dec. 31, 2020		16,707					11,040						4,391	501			775
Non-Controlling Interest		0																	0
Net Earnings (Loss)		587												587
Other Comprehensive Income (Loss), Net of Tax		(91)															(91)
Comprehensive Income (Loss)		496												587			(91)
Equity Issued				6,111	$ 519	$ 216		$ 6,111		$ 519		$ 216
Common Shares Issued on Exercise of Stock Options (in shares)								(7)
Common Shares Issued on Exercise of Stock Options		(6)											1
Common Shares Repurchased	[3]	(265)						$ (145)					(120)
Warrants Exercised		2					3				$ (1)
Stock-Based Compensation Expense		14											14
Dividends on Common Shares				$ (176)	$ (34)										$ (176)	$ (34)
Non-Controlling Interest																			12
Ending balance at Dec. 31, 2021		23,596					$ 17,016		$ 519		$ 215		$ 4,284	$ 878			$ 684
Non-Controlling Interest		$ 12																	$ 12
[1]	Accumulated other comprehensive income (loss) (“AOCI”).
[2]	See Note 3(w) for revisions to comparative results.
[3]	Normal course issuer bid ("NCIB").

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Operating Activities
Net Earnings (Loss)	$ 587	$ (2,379)	[1]	$ 2,194	[1]
Depreciation, Depletion and Amortization	5,886	3,464		2,249
Exploration Expense	9	91		82
Inventories	16	555		49
Deferred Income Tax Expense (Recovery)	452	(838)		(814)
Unrealized (Gain) Loss on Risk Management	2	56		149
Unrealized Foreign Exchange (Gain) Loss	(312)	(131)		(827)
Re-measurement of Contingent Payment, Net of Cash Paid	400	(80)		164
(Gain) Loss on Divestiture of Assets	(229)	(81)		(2)
Unwinding of Discount on Decommissioning Liabilities	199	57		58
Realization of Inventory Write-Downs	(31)	(572)		(71)
Realized Foreign Exchange (Gain) Loss on Non-Operating Items	171	(33)		401
(Income) Loss From Equity-Accounted Affiliates	(57)	0	[1]	0	[1]
Distributions Received From Equity-Accounted Affiliates	137	0		0
Other	18	8		38
Settlement of Decommissioning Liabilities	(102)	(42)		(52)
Net Change in Non-Cash Working Capital	(1,227)	198		(333)
Cash From (Used in) Operating Activities	5,919	273		3,285
Investing Activities
Capital Expenditures	(2,563)	(859)		(1,183)
Proceeds From Divestitures	435	38		1
Cash Acquired Through Business Combination	735	0		0
Net Cash Received on Assumption of Decommissioning Liabilities	75	0		0
Net Change in Investments and Other	17	(4)		(133)
Net Change in Non-Cash Working Capital	359	(38)		(117)
Cash From (Used in) Investing Activities	(942)	(863)		(1,432)
Net Cash Provided (Used) Before Financing Activities	4,977	(590)		1,853
Financing Activities
Net Issuance (Repayment) of Short-Term Borrowings	(77)	117		0
Issuance of Long-Term Debt	1,557	1,326		0
(Repayment) of Long-Term Debt	(2,870)	(112)		(2,279)
Net Issuance (Repayment) of Revolving Long-Term Debt	(350)	(220)		276
Principal Repayment of Leases	(300)	(197)		(150)
Purchase of Common Shares Under NCIB	(265)	0		0
Other	8	0		0
Cash From (Used in) Financing Activities	(2,507)	837		(2,413)
Effect of Foreign Exchange on Cash and Cash Equivalents	25	(55)		(35)
Increase (Decrease) in Cash and Cash Equivalents	2,495	192		(595)
Cash and Cash Equivalents, Beginning of Year	378	186		781
Cash and Cash Equivalents, End of Year	2,873	378		186
Common shares
Financing Activities
Dividends paid	(176)	(77)		(260)
Preferred Shares
Financing Activities
Dividends paid	$ (34)	$ 0		$ 0
[1]	See Note 3(w) for revisions to comparative results.

Basis of Preparation and Statem

Basis of Preparation and Statement of Compliance	12 Months Ended
	Dec. 31, 2021
Basis Of Preparation And Statement Of Compliance [Abstract]
Basis of Preparation and Statement of Compliance	2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE In these Consolidated Financial Statements, unless otherwise indicated, all dollars are expressed in Canadian dollars. All references to C$ or $ are to Canadian dollars and references to US$ are to U.S. dollars. These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee. Certain information provided for prior years has been reclassified to conform to the presentation adopted for the year ended December 31, 2021. These Consolidated Financial Statements have been prepared on a historical cost basis, except as detailed in the Company's accounting policies disclosed in Note 3. These Consolidated Financial Statements were approved by the Board of Directors effective February 7, 2022.

Supplementary Cash Flow Informa

Supplementary Cash Flow Information - Summary of Supplementary Cash Flow Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Supplementary Cash Flow Information [Abstract]
Total Current Assets	$ 11,988	$ 2,976
Total Current Liabilities	7,305	2,359
Working Capital	4,683	617
Adjusted working capital	3,800	653
Assets Held for Sale	1,304	0
Contingent Payment	236	36
Liabilities Related to Assets Held for Sale	186	0
Interest Paid	811	381	$ 457
Interest Received	24	5	12
Income Taxes Paid	$ 209	$ 18	$ 17

Description of Business and Seg

Description of Business and Segmented Disclosures	12 Months Ended
	Dec. 31, 2021
Disclosure Of Reportable Segments [Abstract]
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES	1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES Cenovus Energy Inc., including its subsidiaries, (together “Cenovus” or the “Company”) is an integrated energy company with crude oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States (“U.S.”). Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants ("Cenovus Warrants") are listed on the Toronto Stock Exchange (“TSX”) and New York Stock Exchange (“NYSE”). Cenovus's cumulative redeemable preferred shares series 1, 2, 3, 5 and 7 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these Consolidated Financial Statements is found in Note 2. On January 1, 2021, Cenovus and Husky Energy Inc. (“Husky”) closed a transaction to combine the two companies through a plan of arrangement (the “Arrangement”) (see Note 5A). The transaction included Husky’s oil sands, conventional, offshore and retail segments. The transaction also included extensive transportation, storage and logistics and downstream infrastructure. Comparative figures include Cenovus's results prior to the closing of the Arrangement on January 1, 2021, and do not reflect any historical data from Husky. Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision makers. The Company evaluates the financial performance of its operating segments primarily based on operating margin. The Company operates through the following reportable segments: Upstream Segments • Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise (jointly owned with BP Canada Energy Group ULC (“BP Canada”) and operated by Cenovus) and Tucker oil sands projects, as well as Lloydminster thermal and conventional heavy oil assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification. • Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas within the Elmworth-Wapiti, Kaybob‑Edson, Clearwater and Rainbow Lake operating areas in Alberta and British Columbia, and interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported with other third-party commodity trading volumes through access to capacity on third-party pipelines, export terminals and storage facilities which p rovides flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. Downstream Segments • Canadian Manufacturing, includes the owned and operated Lloydminster upgrading and asphalt refining complex which upgrades heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt and other ancillary products. Cenovus seeks to maximize the value per barrel from its heavy oil and bitumen production through its integrated network of assets. In addition, Cenovus owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. Cenovus also markets its production and third-party commodity trading volumes of synthetic crude oil, asphalt and ancillary products. • U.S. Manufacturing, includes the refining of crude oil to produce diesel, gasoline, jet fuel, asphalt and other products at the wholly-owned Lima Refinery and Superior Refinery, the jointly owned Wood River and Borger refineries (jointly owned with operator Phillips 66) and the jointly owned Toledo Refinery (jointly owned with operator BP Products North America Inc. (“BP”)). Cenovus also markets some of its own and third-party volumes of refined petroleum products including gasoline, diesel and jet fuel. • Retail, includes the marketing of its own and third-party volumes of refined petroleum products, including gasoline and diesel, through retail, commercial and bulk petroleum outlets, as well as wholesale channels in Canada. Corporate and Eliminations, primarily includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for internal usage of natural gas production between segments, transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal, crude oil production used as feedstock by the Canadian Manufacturing and A) Results of Operations – Segment and Operational Information (1) Upstream Oil Sands Conventional Offshore Total For the years ended 2021 2020 (2) 2019 (2) 2021 2020 2019 2021 2020 2019 2021 2020 (2) 2019 (2) Revenues Gross Sales 22,827 8,804 13,101 3,235 904 935 1,782 — — 27,844 9,708 14,036 Less: Royalties (3) 2,196 331 1,143 150 40 30 108 — — 2,454 371 1,173 20,631 8,473 11,958 3,085 864 905 1,674 — — 25,390 9,337 12,863 Expenses Purchased Product (3) 3,188 1,262 2,231 1,655 268 240 — — — 4,843 1,530 2,471 Transportation and Blending (3) 7,841 4,683 5,152 74 81 82 15 — — 7,930 4,764 5,234 Operating (3) 2,451 1,156 1,067 551 320 339 239 — — 3,241 1,476 1,406 Realized (Gain) Loss on Risk 786 268 23 2 — — — — — 788 268 23 Operating Margin 6,365 1,104 3,485 803 195 244 1,420 — — 8,588 1,299 3,729 Unrealized (Gain) Loss on Risk Management 18 57 92 1 — — — — — 19 57 92 Depreciation, Depletion and 2,666 1,687 1,543 3 880 319 492 — — 3,161 2,567 1,862 Exploration Expense 16 9 18 (3) 82 64 5 — — 18 91 82 (Income) Loss From Equity- (5) — — — — — (47) — — (52) — — Segment Income (Loss) 3,670 (649) 1,832 802 (767) (139) 970 — — 5,442 (1,416) 1,693 (1) Prior period results have been reclassified to conform with the current period’s operating segments. (2) Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities (see Note 3(w)). (3) Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. Downstream For the years ended Canadian Manufacturing U.S. Manufacturing Retail Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenues Gross Sales 4,472 82 77 20,043 4,733 8,291 2,158 — — 26,673 4,815 8,368 Less: Royalties (1) — — — — — — — — — — — — 4,472 82 77 20,043 4,733 8,291 2,158 — — 26,673 4,815 8,368 Expenses — — Purchased Product (1) 3,552 — — 17,955 4,429 6,735 2,019 — — 23,526 4,429 6,735 Transportation and Blending (1) — — — — — — — — — — — — Operating (1) 388 37 41 1,772 748 877 98 — — 2,258 785 918 Realized (Gain) Loss on Risk — — — 104 (21) (16) — — — 104 (21) (16) Operating Margin 532 45 36 212 (423) 695 41 — — 785 (378) 731 Unrealized (Gain) Loss on Risk Management — — — 1 (1) 1 — — — 1 (1) 1 Depreciation, Depletion and 167 8 7 2,381 728 273 59 — — 2,607 736 280 Exploration Expense — — — — — — — — — — — — (Income) Loss From Equity- — — — — — — — — — — — — Segment Income (Loss) 365 37 29 (2,170) (1,150) 421 (18) — — (1,823) (1,113) 450 (1) Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. Corporate and Eliminations Consolidated For the years ended December 31, 2021 2020 2019 2021 2020 (1) 2019 (1) Revenues Gross Sales (5,706) (609) (689) 48,811 13,914 21,715 Less: Royalties (2) — — — 2,454 371 1,173 (5,706) (609) (689) 46,357 13,543 20,542 Expenses Purchased Product (2) (4,888) (278) (417) 23,481 5,681 8,789 Transportation and Blending (2) (47) (36) (50) 7,883 4,728 5,184 Operating (2) (783) (306) (236) 4,716 1,955 2,088 Realized (Gain) Loss on Risk Management 101 5 — 993 252 7 Unrealized (Gain) Loss on Risk Management (18) — 56 2 56 149 Depreciation, Depletion and Amortization 118 161 107 5,886 3,464 2,249 Exploration Expense — — — 18 91 82 (Income) Loss From Equity-Accounted (5) — — (57) — — Segment Income (Loss) (184) (155) (149) 3,435 (2,684) 1,994 General and Administrative 849 292 331 849 292 331 Finance Costs 1,082 536 511 1,082 536 511 Interest Income (23) (9) (12) (23) (9) (12) Integration Costs 349 29 — 349 29 — Foreign Exchange (Gain) Loss, Net (174) (181) (404) (174) (181) (404) Re-measurement of Contingent Payment 575 (80) 164 575 (80) 164 (Gain) Loss on Divestiture of Assets (229) (81) (2) (229) (81) (2) Other (Income) Loss, Net (309) 40 9 (309) 40 9 2,120 546 597 2,120 546 597 Earnings (Loss) Before Income Tax 1,315 (3,230) 1,397 Income Tax Expense (Recovery) 728 (851) (797) Net Earnings (Loss) 587 (2,379) 2,194 (1) Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities (see Note 3(w)). (2) Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. B) Revenues by Product (1) For the years ended December 31, 2021 2020 2019 Upstream (2) Crude Oil 19,051 8,557 12,091 NGLs 2,809 186 227 Natural Gas 3,032 535 480 Other 498 58 65 Downstream Canadian Manufacturing Synthetic Crude Oil 1,951 — — Diesel and Distillate 407 — — Asphalt 477 — — Other Products and Services 1,637 82 77 U.S. Manufacturing Gasoline 10,111 2,352 3,880 Diesel and Distillate 6,429 1,569 3,127 Other Products 3,503 813 1,284 Retail 2,158 — — Corporate and Eliminations (5,706) (609) (689) Consolidated 46,357 13,543 20,542 (1) Prior period results have been reclassified to conform with the current period’s operating segments. C) Geographical Information Revenues (1) For the years ended December 31, 2021 2020 2019 Canada (2) 23,768 8,715 12,160 United States 21,326 4,828 8,382 China 1,263 — — Consolidated 46,357 13,543 20,542 (1) Revenues by country are classified based on where the operations are located. (2) Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities (see Note 3(w)). Non-Current Assets (1) As at December 31, 2021 2020 Canada (2) 33,915 26,041 United States 4,093 3,590 China 2,583 — Indonesia 311 — Consolidated 40,902 29,631 (1) Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. Major Customers In connection with the marketing and sale of Cenovus’s own and purchased crude oil, NGLs, natural gas and downstream products for the year ended December 31, 2021, Cenovus had two customers (2020 – three; 2019 – two) that individually accounted for more than 10 percent of its consolidated gross sales. Sales to these customers, recognized as major international energy companies with investment grade credit ratings, were approximately $8.5 billion and $6.8 billion, respectively (2020 – $4.3 billion, $1.8 billion and $1.5 billion; 2019 – $6.9 billion and $2.3 billion) and are reported across all of the Company’s operating segments. D) Assets by Segment (1) E&E Assets PP&E ROU Assets As at December 31, 2021 2020 2021 2020 2021 2020 Oil Sands 653 617 22,535 19,748 754 196 Conventional 6 6 2,174 1,758 2 3 Offshore 61 — 2,822 — 160 — Canadian Manufacturing — — 2,353 176 339 392 U.S. Manufacturing — — 3,745 3,476 252 114 Retail — — 205 — 49 — Corporate and Eliminations — — 391 253 454 434 Consolidated 720 623 34,225 25,411 2,010 1,139 Goodwill Total Assets As at December 31, 2021 2020 2021 2020 Oil Sands (2) 3,473 2,272 31,070 24,641 Conventional (2) — — 3,026 1,978 Offshore — — 3,597 — Canadian Manufacturing — — 2,918 578 U.S. Manufacturing — — 7,777 4,363 Retail (2) — — 966 — Corporate and Eliminations — — 4,750 1,210 Consolidated 3,473 2,272 54,104 32,770 (1) Prior period results have been reclassified to conform with the current period’s operating segments. (2) Total assets include assets held for sale of $552 million in the Retail segment, $593 million in the Oil Sands segment and $159 million in the Conventional segment. E) Capital Expenditures (1) (2) For the years ended December 31, 2021 2020 2019 Capital Investment Oil Sands 1,019 427 656 Conventional 222 78 103 Offshore Asia Pacific 21 — — Atlantic 154 — — Total Upstream 1,416 505 759 Canadian Manufacturing 37 33 52 U.S. Manufacturing 995 243 228 Retail 31 — — Total Downstream 1,063 276 280 Corporate and Eliminations 84 60 137 2,563 841 1,176 Acquisition Capital Oil Sands 3 6 2 Conventional 4 12 7 Canadian Manufacturing — — 4 7 18 13 Acquisitions (Note 5) Oil Sands 5,002 — — Conventional 547 — — Offshore 3,129 — — Canadian Manufacturing 2,283 — — U.S. Manufacturing 1,618 — — Retail 690 — — Corporate and Eliminations 156 — — 13,425 — — Total Capital Expenditures 15,995 859 1,189 (1) Includes expenditures on PP&E, E&E assets and assets held for sale.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A) Principles of Consolidation The Consolidated Financial Statements include the accounts of Cenovus and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are consolidated from the date of acquisition of control and continue to be consolidated until the date that there is a loss of control. All intercompany transactions, balances, and unrealized gains and losses from intercompany transactions are eliminated on consolidation. Interests in joint arrangements are classified as either joint operations or joint ventures, depending on the rights and obligations of the parties to the arrangement. Joint operations arise when the Company has rights to the assets and obligations for the liabilities of the arrangement. The Company’s accounts reflect its share of the assets, liabilities, revenues and expenses from the Company’s activities that are conducted through joint operations with third parties. A portion of the Company’s activities relate to joint ventures, which are accounted for using the equity method of accounting. An associate is an entity for which the Company has significant influence over but does not control or jointly control the affiliate. Investments in associates are accounted for using the equity method of accounting and are recognized at cost and adjusted thereafter to recognize the Company’s share of the affiliate’s profit or loss and other comprehensive income (“OCI”). B) Foreign Currency Translation Functional and Presentation Currency The Company’s functional and presentation currency is Canadian dollars. The accounts of the Company’s foreign operations that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency at period-end exchange rates for assets and liabilities, and using average rates over the period for revenues and expenses. Translation gains and losses relating to the foreign operations are recognized in OCI as cumulative translation adjustments. When the Company disposes of an entire interest in a foreign operation or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are recognized in net earnings. When the Company disposes of part of an interest in a foreign operation that continues to be a subsidiary, a proportionate amount of gains and losses accumulated in OCI is allocated between controlling and non-controlling interests. Transactions and Balances Transactions in foreign currencies are translated to the respective functional currencies at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities of Cenovus that are denominated in foreign currencies are translated into its functional currency at the rates of exchange in effect at the period-end date. Any gains or losses are recorded in the Consolidated Statements of Earnings (Loss). C) Revenue Recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Cenovus recognizes revenue when it transfers control of the product or service to a customer, which is generally when title passes from the Company to its customer. Purchases and sales of products that are entered into in contemplation of each other with the same counterparty are recorded on a net basis. Revenues associated with services provided as agent are recorded as the services are provided. Cenovus recognizes revenue from the following major products and services: • Sale of crude oil, NGLs and natural gas. • Sale of petroleum and refined products. • Crude oil and natural gas processing services. • Pipeline transportation, the blending of crude oil and natural gas, and storage of crude oil, diluent and natural gas. • Fee-for-service hydrocarbon trans-loading services. • Construction services. The Company satisfies its performance obligations in contracts with customers upon the delivery of crude oil, NGLs, natural gas, and petroleum and refined products, which is generally at a point in time. Performance obligations for crude oil and natural gas processing revenue, transportation services and trans-loading services are satisfied over time as the service is provided. Cenovus sells its production of crude oil, NGLs, natural gas, and petroleum and refined products generally pursuant to variable price contracts. The transaction price for variable price contracts is based on the commodity price, adjusted for quality, location and other factors. Revenue associated with natural gas processing, transportation services and trans-loading services are generally based on fixed price contracts. Construction revenue is recognized for general contractor services that the Company provides to HMLP and includes fixed price and cost-plus contracts. Revenue from fixed price construction contracts is recognized as performance obligations are met and revenue from cost-plus contracts are recognized as services are performed. The Company has take-or-pay contracts where Cenovus has long-term supply commitments in return for purchasers to pay for minimum quantities, whether or not the customer takes the delivery. If a purchaser has a right to defer delivery to a later date, the performance obligation has not been satisfied and revenue is deferred and recognized only when the product is delivered or the deferral provision can no longer be extended. D) Transportation and Blending The costs associated with the transportation of crude oil, NGLs and natural gas, including the cost of diluent used in blending, are recognized when the product is sold. E) Exploration Expense Costs incurred prior to obtaining the legal right to explore (pre-exploration costs) are expensed in the period in which they are incurred as exploration expense. Certain costs incurred after the legal right to explore is obtained are initially capitalized. If it is determined that the field/project/area is not technically feasible and commercially viable or if the Company decides not to continue the exploration and evaluation activity, the unrecoverable accumulated costs are expensed as exploration expense. F) Employee Benefit Plans The Company provides employees with a pension plan that includes either a defined contribution or defined benefit component. Other post-employment benefit (“OPEB”) plans are also provided to qualifying employees. In some cases, the benefits are provided through medical care plans to which the Company, the employees, the retirees and covered family members contribute. In some plans, benefits are not funded before retirement. Pension expense for the defined contribution pension is recorded as the benefits are earned. The cost of the defined benefit pension and OPEB plans are actuarially determined using the projected unit credit method. The amount recognized in other liabilities on the Consolidated Balance Sheets for the defined benefit pension and OPEB plans is the present value of the defined benefit obligation less the fair value of plan assets. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. Changes in the defined benefit obligation from service costs, net interest and remeasurements are recognized as follows: • Service costs, including current service costs, past service costs, gains and losses on curtailments, and settlements, are recorded with pension benefit costs. • Net interest is calculated by applying the same discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit asset or liability measured. Interest expense and interest income on net post-employment benefit liabilities and assets are recorded with pension benefit costs in operating, and general and administrative expenses, as well as PP&E and E&E assets. • Remeasurements, composed of actuarial gains and losses, the effect of changes to the asset ceiling (excluding interest) and the return on plan assets (excluding interest income), are charged or credited to equity in OCI in the period in which they arise. Remeasurements are not reclassified to net earnings in subsequent periods. Pension benefit costs are recorded in operating, and general and administrative expenses, as well as PP&E and E&E assets, corresponding to where the associated salaries of the employees rendering the service are recorded. From time-to-time, the Company may provide certain other long-term incentive benefits to employees. In 2019, a one-time incentive program was introduced whereby a cash award equivalent to the employee’s base salary was payable if Cenovus achieved, prior to February 12, 2024, a target share price of $20 per share for a period of 20 consecutive trading days on the TSX (the “Plan”). In conjunction with the close of the Arrangement, the Plan was terminated and replaced with a synergy-focused incentive plan (the “Incentive Plan”). All employees, except for Executive Officers and some unionized employees are eligible. Under the Incentive Plan, a cash award of 15 percent to 30 percent of the employee’s base salary is payable if Cenovus achieves greater than $1.0 billion in identified run-rate synergies prior to the end of 2022. The payout is calculated on a sliding scale and includes a performance multiplier for early achievement of synergy targets. The obligation related to the Incentive Plan is estimated as the probability of the payout being achieved multiplied by the expected payout amount. The obligation is recognized as general and administrative expense over the estimated time until payout is achieved. G) Government Grants Government grants are recognized when there is reasonable assurance that the grant will be received and all conditions associated with the grant are met. If a grant is received, but reasonable assurance and compliance with conditions is not achieved, the grant is recognized as a deferred liability until the conditions are fulfilled. Grants related to assets are recorded as a reduction to the asset’s carrying value and are depreciated over the useful life of the asset. Claims under government grant programs related to income are recorded as other income in the period in which eligible expenses were incurred or when the services have been performed. H) Income Taxes Income taxes comprise current and deferred taxes. Income taxes are provided for on a non-discounted basis at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Consolidated Balance Sheet date. Cenovus follows the liability method of accounting for income taxes, where deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the substantively enacted income tax rates expected to apply when the assets are realized or liabilities are settled. Deferred income tax balances are adjusted to reflect changes in income tax rates that are substantively enacted with the adjustment being recognized in net earnings in the period that the change occurs, except when it relates to items charged or credited directly to equity or OCI, in which case the deferred income tax is also recorded in equity or OCI, respectively. Deferred income tax is recognized on temporary differences arising from investments in subsidiaries except in the case where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future or when distributions can be made without incurring income taxes. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax assets and liabilities are only offset where they arise within the same entity and tax jurisdiction. Deferred income tax assets and liabilities are presented as non-current. I) Related Party Transactions The Company enters into transactions and agreements in the normal course of business with certain related parties, joint arrangements and associates. Proceeds from the disposition of assets to related parties are recognized at fair value. Independent opinions of fair value may be obtained to confirm the estimated fair value of proceeds. J) Net Earnings per Share Amounts Basic net earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted net earnings per share is calculated giving effect to the potential dilution that would occur if stock options or other contracts to issue common shares were exercised or converted to common shares. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to purchase common shares at the average market price. For those contracts that may be settled in cash or in shares at the holder’s option, the more dilutive of cash settlement and share settlement is used in calculating diluted earnings per share. K) Cash and Cash Equivalents Cash and cash equivalents include short-term investments, such as money market deposits or similar type instruments with a maturity of three months or less. When outstanding cheques are in excess of cash on hand and short-term deposits, and the Company has the ability to net settle, the excess is reported in bank operating loans. Cash and cash equivalents that are not available for use are classified as restricted cash. When restricted cash is not expected to be used within twelve months, it is classified as a non-current asset. L) Inventories Product inventories are valued at the lower of cost and net realizable value on a first-in, first-out or weighted average cost basis. The cost of inventory includes all costs incurred in the normal course of business to bring each product to its present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less any expected selling costs. If the carrying amount exceeds net realizable value, a write-down is recognized. The write-down may be reversed in a subsequent period if circumstances which caused it no longer exist and the inventory is still on hand. M) Exploration and Evaluation Assets Certain costs incurred after the legal right to explore an area has been obtained, and before technical feasibility and commercial viability of the field/project/area have been established, are capitalized as E&E assets. E&E assets are carried forward until technical feasibility and commercial viability of the field/project/area is established or the assets are determined to be impaired or the future economic value has decreased. E&E assets are subject to regular technical, commercial and Management review to confirm the continued intent to develop the resources. Assets classified as E&E may have sales of crude oil, NGLs or natural gas prior to the reclassification to PP&E. These operating results are recognized in the Consolidated Statements of Earnings (Loss). A depletion charge, recorded as depreciation, depletion and amortization (“DD&A”), is recognized on this production using a unit-of-production method based on estimated proved reserves determined using forward prices and costs and considering any estimated future costs to be incurred in developing the proved reserves. Natural gas reserves are converted on an energy equivalent basis. Non-producing assets classified as E&E are not depleted. Once technical feasibility and commercial viability have been established, the carrying value of the E&E asset is tested for impairment. The carrying value, net of any impairment loss, is then reclassified as PP&E. Any gains or losses from the divestiture of E&E assets are recognized in net earnings. N) Property, Plant and Equipment General PP&E is stated at cost less accumulated DD&A, and net of any impairment losses. Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Land is not depreciated. Any gains or losses from the divestiture of PP&E are recognized in net earnings. Crude Oil and Natural Gas Properties Development and production assets are capitalized on an area-by-area basis and include all costs associated with the development and production of crude oil and natural gas properties and related infrastructure facilities, as well as any E&E expenditures incurred in finding reserves of crude oil, NGLs or natural gas transferred from E&E assets. Capitalized costs include directly attributable internal costs, decommissioning liabilities and, for qualifying assets, borrowing costs directly associated with the acquisition of, the exploration for, and the development of crude oil and natural gas reserves. For onshore assets, which includes assets from the Oil Sands and Conventional segments, costs accumulated within each area are depleted using the unit-of-production method based on estimated proved reserves determined using forward prices and costs. Offshore assets are depleted using the unit-of-production method based on estimated proved developed producing reserves or proved plus probable reserves determined using forward prices and costs. For the purpose of these calculations, natural gas is converted to crude oil on an energy equivalent basis. The unit-of-production method based on proved reserves or proved plus probable reserves takes into account any expenditures incurred to date together with future development costs to be incurred in developing those reserves. Exchanges of development and production assets are measured at fair value unless the transaction lacks commercial substance or the fair value of either the asset received, or the asset given up, cannot be reliably measured. When fair value is not used, the carrying amount of the asset given up is used as the cost of the asset acquired. Included in oil and gas properties are information technology assets used to support the upstream business and are depreciated on a straight-line basis over their useful lives of three years. Gross overriding royalty interests (“GORRs”) in certain crude oil and natural gas properties are depleted using a unit-of-production method. Manufacturing Assets The initial costs of refining and upgrading PP&E are capitalized when incurred. Costs include the cost of constructing or otherwise acquiring the equipment or facilities, the cost of installing the asset and making it ready for its intended use, the associated decommissioning costs and, for qualifying assets, borrowing costs. Refining assets are depreciated on a straight-line basis over the estimated service life of each component of the refinery. The major components are depreciated as follows: • Land improvements and buildings: 15 to 40 years. • Office improvements and buildings: 3 to 15 years. • Refining equipment: 10 to 60 years. The residual value, the method of amortization and the useful life of each component are reviewed annually and adjusted on a prospective basis, if appropriate. Processing, Transportation and Storage Assets, Retail and Other Depreciation for substantially all other PP&E is calculated on a straight-line basis based on the estimated useful lives of assets, which range from three The residual value, the method of amortization and the useful life of the assets are reviewed annually and adjusted on a prospective basis, if appropriate. O) Impairment and Impairment Reversals of Non-Financial Assets PP&E, E&E assets and ROU assets are reviewed separately for indicators of impairment on a quarterly basis or when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Goodwill is tested for impairment at least annually. If indicators of impairment exist, the recoverable amount of the asset or cash-generating unit (“CGU”) is estimated as the greater of value-in-use (“VIU”) and fair value less costs of disposal (“FVLCOD”). VIU is estimated as the present value of the future cash flows expected to arise from the continuing use of a CGU or an asset. FVLCOD is the amount that would be realized from the disposition of an asset or CGU in an arm’s length transaction between knowledgeable and willing parties. For Cenovus’s upstream assets, FVLCOD is estimated based on the discounted after-tax cash flows of reserves and resources using forward prices and costs, consistent with Cenovus’s independent qualified reserves evaluators (“IQREs”), costs to develop and the discount rate, and may consider an evaluation of comparable asset transactions. E&E assets are allocated to a related CGU containing development and production assets for the purposes of testing for impairment. ROU assets may be tested as part of a CGU, as a separate CGU or as an individual asset. Goodwill is allocated to the CGUs to which it contributes to the future cash flows. If the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognized. An impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU. Goodwill impairments are not reversed. Impairment losses on PP&E and ROU assets are recognized in the Consolidated Statements of Earnings (Loss) as additional DD&A and E&E asset impairments or write-downs are recognized as exploration expense. P) Leases The Company assesses whether a contract is a lease based on whether the contract conveys the right to control the use of an underlying asset for a period of time in exchange for consideration. The Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of storage tanks, the Company has elected not to separate non-lease components. As Lessee Leases are recognized as a ROU asset and a corresponding lease liability at the date on which the leased asset is available for use by the Company. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, costs to be incurred by the lessee in dismantling, removing and restoring the underlying asset, variable lease payments that are based on an index or a rate, amounts expected to be paid by the lessee under residual value guarantees, the exercise price of purchase options if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease, less any lease incentives receivable. These payments are discounted using the Company’s incremental borrowing rate when the rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with reasonably similar characteristics. Lease payments are allocated between the liability and finance costs. The finance cost is charged to net earnings over the lease term. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the amount expected to be payable under a residual value guarantee or if there is a change in the assessment of whether the Company will exercise a purchase, extension or termination option that is within the control of the Company. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset or is recorded in the Consolidated Statements of Earnings (Loss) if the carrying amount of the ROU asset has been reduced to zero. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or site on which it is located less any lease payments made at or before the commencement date. The ROU asset is depreciated, on a straight-line basis, over the shorter of the estimated useful life of the asset or lease term, or using the unit-of-production method. The ROU asset may be adjusted for certain remeasurements of the lease liability and impairment losses. Leases that have a term of less than twelve months or leases for which the underlying asset is of low value are recognized as an expense in the Consolidated Statements of Earnings (Loss) on a systematic basis over the lease term in either operating, transportation or general and administrative expense. A lease modification will be accounted for as a separate lease if the modification increases the scope of the lease and if the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope. For a modification that is not a separate lease or where the increase in consideration is not commensurate, at the effective date of the lease modification, the Company will remeasure the lease liability using the Company’s incremental borrowing rate, when the rate implicit to the lease is not readily available, with a corresponding adjustment to the ROU asset. A modification that decreases the scope of the lease will be accounted for by decreasing the carrying amount of the ROU asset, and recognizing a gain or loss in net earnings that reflects the proportionate decrease in scope. As Lessor As a lessor, the Company assesses at inception whether a lease is a finance or operating lease. Leases where the Company transfers substantially all of the risk and rewards incidental to ownership of the underlying asset are classified as financing leases. Under a finance lease, the Company recognizes a receivable at an amount equal to the net investment in the lease which is the present value of the aggregate of lease payments receivable by the lessor. If substantially all the risks and rewards of ownership of an asset are not transferred the lease is classified as an operating lease. The Company recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as other income. Q) Intangible Assets Intangible assets acquired separately are initially measured at cost. Following initial recognition, intangible assets are recognized at cost less any accumulated amortization and accumulated impairment losses. Intangible assets with finite lives are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization expense on intangible assets is recognized in the Consolidated Statements of Earnings (Loss) in the expense category consistent with the function of the intangible asset. R) Business Combinations and Goodwill Business combinations are accounted for using the acquisition method of accounting in which the identifiable assets acquired, liabilities assumed and non-controlling interest, if any, are recognized and measured at their fair value at the date of acquisition, with the exception of income taxes, stock-based compensation, lease liabilities and ROU assets. Any excess of the purchase price plus any non-controlling interest over the value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price over the value of the net assets acquired is credited to net earnings. Acquisition costs are expensed as incurred. At acquisition, goodwill is allocated to each of the CGUs to which it relates. Subsequent measurement of goodwill is at cost less any accumulated impairment losses. Contingent consideration transferred in a business combination is measured at fair value on the date of acquisition and classified as a financial liability or equity in accordance with the terms of the agreement. Contingent consideration classified as a liability is re-measured at fair value at each reporting date, with changes in fair value recognized in net earnings. Payments are classified as cash used in investing activities until the cumulative payments exceed the acquisition date fair value of the liability. Cumulative payments in excess of the acquisition date fair value are classified as cash used in operating activities. Contingent consideration classified as equity are not re-measured and settlements are accounted for within equity. When a business combination is achieved in stages, the Company re-measures its pre-existing interest at the acquisition date fair value and recognizes the resulting gain or loss, if any, in net earnings. S) Provisions General A provision is recognized if, as a result of a past event, the Company has a present obligation, legal or constructive, that can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Where applicable, provisions are determined by discounting the expected future cash flows at a pre-tax credit-adjusted rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as a finance cost in the Consolidated Statements of Earnings (Loss). Decommissioning Liabilities Decommissioning liabilities include those legal or constructive obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, upstream processing facilities, surface and subsea plant and equipment, refining facilities and the crude-by-rail terminal. The amount recognized is the present value of estimated future expenditures required to settle the obligation using a credit-adjusted risk-free rate. A corresponding asset equal to the initial estimate of the liability is capitalized as part of the cost of the related long-lived asset. Changes in the estimated liability resulting from revisions to expected timing or future decommissioning costs are recognized as a change in the decommissioning liability and the related long-lived asset. The amount capitalized in PP&E is depreciated over the useful life of the related asset. Actual expenditures incurred are charged against the accumulated liability. Onerous Contract Provisions Onerous contract provisions are recognized when the unavoidable costs of meeting the obligation exceed the economic benefit derived from the contract. The provision for onerous contracts is measured at the present value of estimated future cash flows underlying the obligations less any estimated recoveries, discounted at the credit-adjusted risk-free rate. Changes in the underlying assumptions are recognized in the Consolidated Statements of Earnings (Loss). T) Share Capital and Warrants Common shares and preferred shares are classified as equity. Preferred shares are cancellable and redeemable only at the Company’s option and dividends are discretionary and payable only if declared by Cenovus’s Board of Directors. Transaction costs directly attributable to the issue of common shares and preferred shares are recognized as a deduction from equity, net of any income taxes. Dividends on common shares and preferred shares are recognized within equity. When purchased, common shares are reduced by the average carrying value with the excess of the purchase price recognized as a reduction in Cenovus’s paid in surplus. Common shares are cancelled subsequent to being purchased. Warrants issued in the Arrangement are financial instruments classified as equity and were measured at fair value upon issuance. On exercise, the cash consideration received by the Company and the associated carrying value of the warrants are recorded as share capital. U) Stock-Based Compensation Cenovus has a number of stock-based compensation plans which include stock options with associated net settlement rights (“NSRs”), Cenovus replacement stock options, performance share units (“PSUs”), restricted share units (“RSUs”) and deferred share units (“DSUs”). Stock-based compensation costs are recorded in general and administrative expenses, or recorded to PP&E or E&E assets when directly related to exploration or development activities. Stock Options With

Critical Accounting Judgments,

Critical Accounting Judgments, Key Sources of Estimation Uncertainty	12 Months Ended
	Dec. 31, 2021
Disclosure Of Accounting Judgements And Estimates [Abstract]
Critical Accounting Judgments and Key Sources of Estimation Uncertainty	4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The timely preparation of the Consolidated Financial Statements in accordance with IFRS requires that Management make estimates and assumptions, and use judgment regarding the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. The estimated fair value of financial assets and liabilities, by their very nature, are subject to measurement uncertainty. Accordingly, actual results may differ from estimated amounts as future confirming events occur. A) Critical Judgments in Applying Accounting Policies Critical judgments are those judgments made by Management in the process of applying accounting policies that have the most significant effect on the amounts recorded in the Company’s Consolidated Financial Statements. Joint Arrangements The classification of a joint arrangement as either a joint operation or a joint venture requires judgment. The significant joint operations held by the Company are as follows: • 50 percent interest in WRB Refining LP (“WRB”). • 50 percent interest in Sunrise Oil Sands Partnership (“Sunrise”). • 50 percent interest in BP-Husky Refining LLC (“Toledo”). It was determined that Cenovus has the rights to the assets and obligations for the liabilities of WRB, Sunrise and Toledo. As a result, the joint arrangements are classified as joint operations and the Company’s share of the assets, liabilities, revenues and expenses are recorded in the Consolidated Financial Statements. In determining the classification of its joint arrangements under IFRS 11, “Joint Arrangements” , the Company considered the following: • The original intention of the joint arrangements was to form an integrated North American heavy oil business. Partnerships are “flow-through” entities. • The agreements require the partners to make contributions if funds are insufficient to meet the obligations or liabilities of the corporation and partnerships. The past and future development of WRB, Sunrise and Toledo is dependent on funding from the partners by way of capital contribution commitments, notes payable and loans. • WRB and Sunrise have third-party debt facilities to cover short-term working capital requirements. • Sunrise is operated like most typical western Canadian working interest relationships where the operating partner takes product on behalf of the participants in accordance with the partnership agreement. WRB and Toledo have very similar structures modified to account for the operating environment of the refining business. • Cenovus, Phillips 66 and BP, as operators, either directly or through wholly-owned subsidiaries, provide marketing services, purchase necessary feedstock, and arrange for transportation and storage, on the partners' behalf as the agreements prohibit the partners from undertaking these roles themselves. In addition, the joint arrangements do not have employees and, as such, are not capable of performing these roles. • In each arrangement, output is taken by one of the partners, indicating that the partners have rights to the economic benefits of the assets and the obligation for funding the liabilities of the arrangements. Exploration and Evaluation Assets The application of the Company’s accounting policy for E&E expenditures requires judgment in determining whether it is likely that future economic benefit exists when activities have not reached a stage where technical feasibility and commercial viability can be reasonably determined. Factors such as drilling results, future capital programs, future operating expenses, as well as estimated reserves and resources are considered. In addition, Management uses judgment to determine when E&E assets are reclassified to PP&E. In making this determination, various factors are considered, including the existence of reserves, and whether the appropriate approvals have been received from regulatory bodies and the Company’s internal approval process. Identification of Cash-Generating Units CGUs are defined as the lowest level of integrated assets for which there are separately identifiable cash flows that are largely independent of cash flows from other assets or groups of assets. The classification of assets and allocation of corporate assets into CGUs requires significant judgment and interpretation. Factors considered in the classification include the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure, and the manner in which Management monitors and makes decisions about its operations. The recoverability of the Company’s upstream, refining, crude-by-rail, railcars, storage tanks and corporate assets are assessed at the CGU level. As such, the determination of a CGU could have a significant impact on impairment losses and impairment reversals. Recoveries from Insurance Claims The Company uses estimates and assumptions on the amount recorded for insurance proceeds that are reasonably certain to be received. Accordingly, actual results may differ from these estimated recoveries. Functional Currency The functional currency for each of the Company’s subsidiaries is a management judgment based on the currency of the primary economic environment in which the subsidiary operates. Fair Value of Related Party Transactions The Company transacts with certain related parties, joint arrangements and associates in the normal course of business. Such relationships can have an effect on the financial results of the Company and may lead to differences in the transactions between related parties compared to transactions between unrelated parties. Independent opinions of the fair values may be obtained to confirm the estimated fair value of proceeds. B) Key Sources of Estimation Uncertainty Critical accounting estimates are those estimates that require Management to make particularly subjective or complex judgments about matters that are inherently uncertain. Estimates and underlying assumptions are reviewed on an ongoing basis and any revisions to accounting estimates are recorded in the period in which the estimates are revised. The following are the key assumptions about the future and other key sources of estimation at the end of the reporting period that, if changed, could result in a material adjustment to the carrying amount of assets and liabilities within the next financial year. In March 2020, the World Health Organization declared a global pandemic following the emergence and rapid spread of a novel strain of the coronavirus (“COVID-19”). The outbreak and subsequent measures intended to limit the pandemic contributed to significant declines and volatility in financial markets. The pandemic has adversely impacted global commercial activity, including significantly reducing worldwide demand for crude oil. The full extent of the impact of COVID-19 on the Company’s operations and future financial performance is currently unknown. It will depend on future developments that are uncertain and unpredictable, including the duration and spread of COVID-19, its continued impact on capital and financial markets on a macro-scale and any new information that may emerge concerning the severity of the virus. These uncertainties may persist beyond when it is determined how to contain the virus or treat its impact. The outbreak presents uncertainty and risk with respect to the Company, its performance, and estimates and assumptions used by Management in the preparation of its financial results. The outbreak and current market conditions have increased the complexity of estimates and assumptions used to prepare the annual Consolidated Financial Statements, particularly related to recoverable amounts. In addition, the evolving worldwide demand for energy and global advancement of alternative sources of energy that are not sourced from fossil fuels could change assumptions used to determine the recoverable amount of the Company's PP&E and E&E assets and could affect the carrying value of those assets, may affect future development or viability of exploration prospects, may curtail the expected useful lives of oil and gas assets thereby accelerating depreciation charges and may accelerate decommissioning obligations increasing the present value of the associated provisions. The timing in which global energy markets transition from carbon-based sources to alternative energy is highly uncertain. Environmental considerations are built into our estimates through the use of key assumptions used to estimate fair value including forward commodity prices, forward crack spreads and discount rates. The energy transition could impact the future prices of commodities. Pricing assumptions used in the determination of recoverable amounts incorporate markets expectations and the evolving worldwide demand for energy. Changes to assumptions could result in a material adjustment to the carrying amount of assets and liabilities within the next financial year. Crude Oil and Natural Gas Reserves There are a number of inherent uncertainties associated with estimating crude oil and natural gas reserves. Reserves estimates are dependent upon variables including the recoverable quantities of hydrocarbons, the cost of the development of the required infrastructure to recover the hydrocarbons, production costs, estimated selling price of the hydrocarbons produced, royalty payments and taxes. Changes in these variables could significantly impact the reserves estimates which would affect the impairment test recoverable amount and DD&A expense of the Company’s crude oil and natural gas assets in the Oil Sands, Conventional and Offshore segments. The Company’s reserves are evaluated annually and reported to the Company by its IQREs. Recoverable Amounts Determining the recoverable amount of a CGU or an individual asset requires the use of estimates and assumptions, which are subject to change as new information becomes available. For the Company’s upstream assets, these estimates include forward commodity prices, expected production volumes, quantity of reserves and resources, discount rates, future development and operating expenses. Recoverable amounts f or the Company’s manufacturing assets, crud e-by-rail terminal and related ROU assets use assumptions such as throughput, forward commodity prices, forward crack spreads, discount rates, operating expenses and future capital expenditures. Recoverable amounts for the Company’s real estate ROU assets use assumptions such as real estate market conditions which includes market vacancy rates and sublease market conditions, price per square footage, real estate space availability and borrowing costs. Changes in assumptions used in determining the recoverable amount could affect the carrying value of the related assets. Decommissioning Costs Provisions are recorded for the future decommissioning and restoration of the Company’s upstream assets, refining assets and crude-by-rail terminal at the end of their economic lives. Management uses judgment to assess the existence of liabilities and estimate the future value. The actual cost of decommissioning and restoration is uncertain and cost estimates may change in response to numerous factors including changes in legal requirements, technological advances, inflation and the timing of expected decommissioning and restoration. In addition, Management determines the appropriate discount rate at the end of each reporting period. This discount rate, which is credit-adjusted, is used to determine the present value of the estimated future cash outflows required to settle the obligation and may change in response to numerous market factors. Fair Value of Assets Acquired and Liabilities Assumed in a Business Combination The fair value of assets acquired and liabilities assumed in a business combination, including contingent consideration and goodwill, is estimated based on information available at the date of acquisition. Various valuation techniques are applied for measuring fair value including market comparables and discounted cash flows. For the Company’s upstream assets, key assumptions in the discounted cash flow models used to estimate fair value include forward commodity prices, expected production volumes, quantity of reserves and resources, discount rates, future development and operating expenses. Estimated production volumes and quantity of reserves and resources for acquired oil and gas properties were developed by internal geology and engineering professionals and independent qualified reserve engineers. For manufacturing assets, key assumptions used to estimate fair value include throughput, forward commodity prices, forward market crack spreads, discount rates, operating expenses and future capital expenditures. Changes in these variables could significantly impact the carrying value of the net assets acquired. Income Tax Provisions The determination of the Company's income and other tax liabilities requires interpretation of complex laws and regulations often involving multiple jurisdictions. There are usually a number of tax matters under review; therefore, income taxes are subject to measurement uncertainty. Deferred income tax assets are recorded to the extent that it is probable that the deductible temporary differences will be recoverable in future periods. The recoverability assessment involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, the availability of cash flow to offset the tax assets when the reversal occurs and the application of tax laws. There are some transactions for which the ultimate tax determination is uncertain. To the extent that assumptions used in the recoverability assessment change, there may be a significant impact on the Consolidated Financial Statements of future periods.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	5. ACQUISITIONS i) Summary of the Acquisition On October 25, 2020, Cenovus announced that it had entered into a definitive agreement to combine with Husky. The transaction was accomplished through the Arrangement pursuant to which Cenovus acquired all the issued and outstanding common shares of Husky in exchange for common shares and Cenovus Warrants. In addition, all of the issued and outstanding Husky preferred shares were exchanged for Cenovus preferred shares with substantially identical terms. The Arrangement closed on January 1, 2021. The Arrangement combined high quality oil sands and heavy oil assets with extensive trading, storage and logistics infrastructure, and downstream assets, which creates opportunities to optimize the margin captured across the heavy oil value chain. With the combination of processing capacity and market access outside Alberta for the majority of the Company’s oil sands and heavy oil production, exposure to Alberta heavy oil price differentials is reduced while maintaining exposure to global commodity prices. ii) Purchase Price Allocation Cenovus acquired all the issued and outstanding Husky common shares in consideration for the issuance of 0.7845 Cenovus common shares plus 0.0651 Cenovus Warrants for each Husky common share. Cenovus issued 788.5 million Cenovus common shares with a fair value of $6.1 billion, based on the December 31, 2020, closing share price of $7.75, as reported on the TSX. In addition, 65.4 million Cenovus Warrants were issued. Each whole warrant entitles the holder to acquire one Cenovus common share for a period of five years at an exercise price of $6.54 per share. The fair value of the warrants was estimated to be $216 million. Cenovus also acquired all the issued and outstanding Husky preferred shares in exchange for 36.0 million Cenovus first preferred shares with substantially identical terms and a fair value of $519 million. The outstanding Husky stock options were also exchanged for Cenovus replacement stock options. Each replacement stock option entitles the holder to acquire 0.7845 of a Cenovus common share at an exercise price per share of a Husky stock option divided by 0.7845. The fair value of the replacement stock options was estimated to be $9 million. Cenovus also recognized the one percent non-controlling interest of Husky Energy Inc. in Husky Canada Group Finance Ltd., which had an estimated fair value of $11 million. The final purchase price allocation is based on Management’s best estimate of fair value and has been retrospectively adjusted to reflect items not initially identified, new information obtained about the conditions that existed at the date of the Arrangement and a better understanding of the assets acquired between January 1, 2021 and December 31, 2021. Changes to identifiable assets acquired and liabilities assumed includes increases of $24 million to accounts receivable and accrued revenues, $45 million to E&E assets, $32 million to other assets, $18 million to accounts payable and accrued liabilities, $137 million to decommissioning liabilities and $37 million to other liabilities offset by decreases of $136 million to long-term income tax receivable, $365 million to PP&E, $94 million to investment in equity-accounted affiliates and $6 million to income tax payable. These adjustments resulted in an increase to the deferred income tax asset, net of $120 million. Total identifiable net assets decreased by $560 million, increasing goodwill by $577 million. The impact to DD&A, income (loss) from equity-accounted affiliates, interest income and general and administrative expense as a result of these adjustments was not material and prior quarters have not been restated to reflect the impact of the measurement period adjustments. The following table summarizes the details of the consideration and the recognized amounts of assets acquired and liabilities assumed at the date of the acquisition. As at January 1, 2021 Consideration Common Shares 6,111 Preferred Shares 519 Share Purchase Warrants 216 Replacement Stock Options 9 Other 17 Non-Controlling Interest 11 Total Consideration and Non-Controlling Interest 6,883 Identifiable Assets Acquired and Liabilities Assumed Cash 735 Restricted Cash 164 Accounts Receivable and Accrued Revenues 1,307 Inventories 1,133 Exploration and Evaluation Assets 45 Property, Plant and Equipment 13,296 Right-of-Use Assets 1,132 Long-Term Income Tax Receivable 66 Other Assets 230 Investment in Equity-Accounted Affiliates 363 Deferred Income Tax Assets, Net 1,062 Accounts Payable and Accrued Liabilities (2,283) Income Tax Payable (94) Short-Term Borrowings (40) Long-Term Debt (6,602) Lease Liabilities (1,441) Decommissioning Liabilities (2,697) Other Liabilities (782) Total Identifiable Net Assets 5,594 Goodwill 1,289 The fair value of trade and other receivables acquired as part of the acquisition was $1.1 billion, with a gross contractual amount of $1.2 billion. As of the acquisition date, the best estimate of the contractual cash flows not expected to be collected was $45 million. Goodwill was recognized due to the appreciation of Cenovus’s common share price at the close of the acquisition. Goodwill of $1.3 billion was attributable to the Lloydminster thermal ($651 million), Sunrise ($550 million) and Tucker ($88 million) assets, within the Oil Sands segment, where significant operating synergies are expected to be achieved. iii) Integration Costs Transaction costs from the Arrangement exclude share issuance costs related to common shares, preferred shares and warrants. Integration costs recognized in the Consolidated Statements of Earnings (Loss) include the following: For the year ended December 31, 2021 Transaction Costs 65 Integration Related Costs 104 Severance Payments 180 349

General and Administrative

General and Administrative	12 Months Ended
	Dec. 31, 2021
General And Administrative Expenses [Abstract]
General and Administrative	6. GENERAL AND ADMINISTRATIVE For the years ended December 31, 2021 2020 2019 Salaries and Benefits 264 145 143 Administrative and Other 225 102 90 Stock-Based Compensation Expense (Recovery) (Note 32) 159 49 67 Other Incentive Benefits Expense (Recovery) 201 (4) 31 849 292 331

Finance Costs

Finance Costs	12 Months Ended
	Dec. 31, 2021
Finance Costs [Abstract]
Finance Costs	7. FINANCE COSTS For the years ended December 31, 2021 2020 2019 Interest Expense – Short-Term Borrowings and Long-Term Debt 557 392 407 Net Premium (Discount) on Redemption of Long-Term Debt (Note 25) 121 (25) (63) Interest Expense – Lease Liabilities (Note 26) 171 87 82 Unwinding of Discount on Decommissioning Liabilities (Note 27) 199 57 58 Other 34 25 27 1,082 536 511

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	12 Months Ended
	Dec. 31, 2021
Foreign Exchange Gains Losses [Abstract]
Foreign Exchange (Gain) Loss, Net	8. FOREIGN EXCHANGE (GAIN) LOSS, NET For the years ended December 31, 2021 2020 2019 Unrealized Foreign Exchange (Gain) Loss on Translation of: U.S. Dollar Debt Issued From Canada (230) (194) (800) Other (82) 63 (27) Unrealized Foreign Exchange (Gain) Loss (312) (131) (827) Realized Foreign Exchange (Gain) Loss 138 (50) 423 (174) (181) (404)

Divestitures

Divestitures	12 Months Ended
	Dec. 31, 2021
Non-Current Assets Held For Sale And Discontinued Operations [Abstract]
Divestitures	9. DIVESTITURES On October 14, 2021, the Company sold 50 million common shares of Headwater Exploration Inc. (“Headwater”) for gross proceeds of $228 million and recorded a before-tax gain of $116 million (after-tax gain – $99 million). Effective May 1, 2021, the Company sold its GORR in the Marten Hills area of Alberta relating to the Conventional segment. Cenovus received cash proceeds of $102 million and recorded a before-tax gain of $60 million (after-tax gain – $47 million). In 2021, the Company sold Conventional segment assets in the Kaybob area and East Clearwater area for combined gross proceeds of approximately $103 million. For the year ended December 31, 2021, a before-tax gain of $34 million (after-tax gain – $25 million) was recorded on the dispositions.

Impairment Charges

Impairment Charges	12 Months Ended
	Dec. 31, 2021
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract]
Impairment Charges and Reversals	10. IMPAIRMENT CHARGES AND REVERSALS On a quarterly basis, the Company assesses its CGUs for indicators of impairment or when facts and circumstances suggest the carrying amount may exceed its recoverable amount. Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for any indicators that the impairment losses may no longer exist or may have decreased. Goodwill is tested for impairment at least annually. A) Upstream Cash-Generating Units As at December 31, 2021, there was no impairment of the Company’s upstream CGUs or goodwill. For the purpose of impairment testing, goodwill is allocated to the CGU to which it relates. 2021 Impairment Reversals As at December 31, 2021, there were indicators of impairment reversals for the Company’s upstream CGUs due to an increase in forward commodity prices. An assessment was performed and indicated the recoverable amount was greater than the carrying value. As at December 31, 2021, the recoverable amount of the Clearwater, Elmworth-Wapiti and Kaybob-Edson CGUs was estimated to be $2.0 billion. In 2020, the Company recorded a total impairment charge of $555 million in the Conventional segment due to a decline in forward commodity prices and changes in future development plans. As at December 31, 2021, the Company reversed the full amount of impairment losses of $378 million, net of dispositions and the DD&A that would have been recorded had no impairment been recorded. The reversal was primarily due to improved forward commodity prices. The following table summarizes impairment reversals recorded in 2021 and estimated recoverable amounts as at December 31, 2021, by CGU: Cash-Generating Unit Reversal of Impairment Recoverable Amount Clearwater 145 427 Elmworth-Wapiti 115 747 Kaybob-Edson 118 837 Key Assumptions The recoverable amounts (Level 3) of Cenovus’s upstream CGUs were determined based on FVLCOD. Key assumptions in the determination of future cash flows from reserves include forward prices and costs, consistent with Cenovus's independent IQREs, costs to develop and the discount rate. The fair values for producing properties were calculated based on discounted after-tax cash flows of proved and probable reserves using forward prices and cost estimates as at December 31, 2021. All reserves have been evaluated as at December 31, 2021, by the Company’s IQREs. Crude Oil, NGLs and Natural Gas Prices The forward prices as at December 31, 2021, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2022 2023 2024 2025 2026 Average Annual Increase Thereafter West Texas Intermediate (US$/barrel) 72.83 68.78 66.76 68.09 69.45 2.00 % Western Canadian Select (C$/barrel) 74.43 69.17 66.54 67.87 69.23 2.00 % Edmonton C5+ (C$/barrel) 91.85 85.53 82.98 84.63 86.33 2.00 % Alberta Energy Company Natural Gas (C$/Mcf) (1) 3.56 3.20 3.05 3.10 3.17 2.00 % (1) Assumes gas heating value of one million British thermal units per thousand cubic feet ("Mcf"). Discount and Inflation Rates Discounted future cash flows are determined by applying a discount rate between 10 percent and 15 percent based on the individual characteristics of the CGU, and other economic and operating factors. Inflation was estimated at approximately two percent. Sensitivities The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount used in the impairment testing completed as at December 31, 2021, for the following CGUs: Increase (Decrease) to Recoverable Amount (1) Cash-Generating Unit One Percent Increase in the Discount Rate One Percent Decrease in the Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Clearwater (13) 13 55 (54) Elmworth-Wapiti (27) 28 84 (81) Kaybob-Edson (26) 26 98 (97) (1) The Company reversed the full amount of impairment losses at December 31, 2021. The changes to the recoverable amount noted in the sensitivities above would not have resulted in a change in the amount of the impairment reversal. 2020 Impairments During the three months ended March 31, 2020, the Company tested its upstream CGUs and CGUs with associated goodwill for impairment. As a result, the Company recorded an impairment loss of $315 million as additional DD&A in the Conventional segment due to the decline in forward crude oil and natural gas prices. As at March 31, 2020, there was no impairment of goodwill or Oil Sands CGUs. As at December 31, 2020, indicators of impairment were noted for the Company’s Conventional assets due to a change in future development plans since the Company last tested for impairment as at March 31, 2020. Therefore, the Company tested its Conventional CGUs for impairment and determined that the carrying amount was greater than the recoverable amount for certain CGUs and recorded an additional impairment loss of $240 million as additional DD&A. The following table summarizes impairment reversals recorded in 2020 and estimated recoverable amounts as at December 31, 2020, by CGU: Cash-Generating Unit Impairment Recoverable Amount Clearwater 260 160 Elmworth-Wapiti 120 259 Kaybob-Edson 175 384 Key Assumptions The recoverable amounts (Level 3) of Cenovus’s upstream CGUs were determined based on FVLCOD. Key assumptions in the determination of future cash flows from reserves include crude oil, NGLs and natural gas prices, costs to develop and the discount rate. The fair values for producing properties were calculated based on discounted after-tax cash flows of proved and probable reserves using forward prices and cost estimates at December 31, 2020. All reserves were evaluated as at December 31, 2020, by the Company’s IQREs. Crude Oil, NGLs and Natural Gas Prices The forward prices as at December 31, 2020, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2021 2022 2023 2024 2025 Average Annual Increase Thereafter West Texas Intermediate (US$/barrel) 47.17 50.17 53.17 54.97 56.07 2.00 % Western Canadian Select (C$/barrel) 44.63 48.18 52.10 54.10 55.19 2.00 % Edmonton C5+ (C$/barrel) 59.24 63.19 67.34 69.77 71.18 2.00 % Alberta Energy Company Natural Gas (C$/Mcf) (1) 2.88 2.80 2.71 2.75 2.80 2.00 % (1) Assumes gas heating value of one million British thermal units per Mcf. Discount and Inflation Rates Discounted future cash flows were determined by applying a discount rate between 10 percent and 15 percent based on the individual characteristics of the CGU, and other economic and operating factors. Inflation was estimated at approximately two percent. Sensitivities The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount used in the impairment testing completed as at December 31, 2020 for the following CGUs: Increase (Decrease) to Recoverable Amount One Percent Increase in Discount Rate One Percent Decrease in Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Clearwater (5) 6 52 (97) Elmworth-Wapiti (7) 8 54 (96) Kaybob-Edson (13) 14 54 (106) As at December 31, 2020, there was no impairment of goodwill. 2019 Impairments As at December 31, 2019, the Company tested its Conventional CGUs for impairment as there were indicators of impairment due to a decline in forward natural gas prices. As at December 31, 2019, there were no impairments of goodwill or the Company's CGUs. B) Downstream Cash-Generating Units 2021 Impairments As at December 31, 2021, lower forward pricing that will result in lower margins on refined products, was identified as an indicator of impairment for the Borger, Wood River, Lima and Toledo CGUs. As at December 31, 2021, the total carrying amounts of the Borger, Wood River and Lima CGUs were greater than the recoverable amount ($2.5 billion) and an impairment charge of $1.9 billion was recorded as additional DD&A in the U.S. Manufacturing segment. As at December 31, 2021, no impairment of the Toledo CGU was recorded. Key Assumptions The recoverable amount (Level 3) of the Borger, Wood River and Lima CGUs were determined using FVLCOD. The FVLCOD was calculated based on discounted after-tax cash flows using forward prices and cost estimates. Key assumptions in the determination of future cash flows included throughput, forward crude oil prices, forward crack spreads, future capital expenditures, operating costs and the discount rates. Forward crack spreads were based on third-party consultant average forecasts. Crude Oil and Forward Crack Spreads Forward prices are based on Management’s best estimate and corroborated with third-party data. As at December 31, 2021, the forward prices used to determine future cash flows were: 2022 to 2023 2024 to 2026 Low High Low High West Texas Intermediate (US$/barrel) 68.78 72.83 66.76 69.45 Differential WTI-WTS (US$/barrel) — 0.01 (0.06) (0.06) Differential WTI-WCS (US$/barrel) 13.54 13.67 13.75 14.30 Chicago 3-2-1 Crack Spreads (WTI) (US$/barrel) 14.87 18.44 14.68 16.81 Group 3 3-2-1 Crack Spreads (WTI) (US$/barrel) 15.33 18.97 14.82 16.98 Subsequent prices were extrapolated using a two percent growth rate to determine future cash flows up to year 2037. Discount Rates Discounted future cash flows were determined by applying a discount rate of 10 percent to 12 percent based on the individual characteristics of the CGU, and other economic and operating factors. Sensitivities The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amounts used in the impairment testing completed as at December 31, 2021, for the following CGUs: Increase (Decrease) to Recoverable Amount One Percent Increase in Discount Rate One Percent Decrease in Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Borger, Wood River and Lima CGUs (190) 214 749 (754) 2021 ROU Asset Impairments As at December 31, 2021, lower forward pricing, which will result in lower margins on refined products was identified as an indicator of impairment for the U.S. Manufacturing ROU assets. As a result, these assets were tested for impairment and an impairment charge of $11 million was recorded as additional DD&A in the U.S. Manufacturing segment. 2020 Downstream Impairments As at September 30, 2020, the recovery in demand for refined products from the impact of the novel coronavirus lagged expectations and resulted in higher than anticipated inventory levels. These factors, along with low market crack spreads and crude oil processing runs for North American refineries, were identified as indicators of impairment for the Wood River and Borger CGUs. As at September 30, 2020, the carrying amount of the Borger CGU was greater than the recoverable amount and an impairment charge of $450 million was recorded as additional DD&A in the U.S. Manufacturing segment. The recoverable amount of the Borger CGU was estimated at $692 million. As at September 30, 2020, no impairment of the Wood River CGU was identified. As at December 31, 2020, there were no further indicators of impairment noted. Key Assumptions The recoverable amount (Level 3) of the Borger CGU was determined using FVLCOD. The FVLCOD was calculated based on discounted after-tax cash flows using forward prices and cost estimates. Key assumptions in the determination of future cash flows included forward crude oil prices, forward crack spreads, future capital expenditures, operating costs, terminal values and the discount rate. Forward crack spreads were based on third-party consultant average forecasts. Crude Oil and Forward Crack Spreads Forward prices are based on Management’s best estimate and corroborated with third-party data. As at September 30, 2020, the forward prices used to determine future cash flows were: 2021 to 2022 2023 to 2025 Low High Low High West Texas Intermediate (US$/barrel) 36.36 50.84 49.66 58.74 Differential WTI-WTS (US$/barrel) 0.37 1.73 1.21 1.81 Group 3 3-2-1 Crack Spreads (WTI) (US$/barrel) 11.56 13.23 11.79 16.58 Subsequent prices were extrapolated using a two percent growth rate to determine future cash flows up to year 2035. Discount Rates Discounted future cash flows were determined by applying a discount rate of 10 percent based on the individual characteristics of the CGU, and other economic and operating factors. Sensitivities The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount used in the impairment testing completed as at September 30, 2020 for the following CGU: Increase (Decrease) to Recoverable Amount One Percent Increase in Discount Rate One Percent Decrease in Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Borger (71) 81 263 (264) 2020 ROU Asset Impairments As at March 31, 2020, the temporary suspension of the Company’s crude-by-rail program was considered to be an indicator of impairment for the railcar CGU. As a result, the CGU was tested for impairment and an impairment charge of $3 million was recorded as additional DD&A in the U.S. Manufacturing segment.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Income Taxes	11. INCOME TAXES The provision for income taxes is: For the years ended December 31, 2021 2020 2019 Current Tax Canada 104 (14) 14 United States — 1 3 Asia Pacific 171 — — Other International 1 — — Total Current Tax Expense (Recovery) 276 (13) 17 Deferred Tax Expense (Recovery) 452 (838) (814) 728 (851) (797) In 2021, the Company recorded a current tax expense primarily related to taxable income arising in Canada and Asia Pacific. The increase is due to Asia Pacific operations acquired in the Arrangement and higher earnings compared to 2020. In the fourth quarter of 2021, the Company recorded a $217 million deferred tax expense due to a limitation in the availability of certain U.S. tax attributes. In addition, the Company recorded a deferred tax expense of $106 million due to a rate change associated with provincial allocations. In 2020, a deferred tax recovery was recorded due to an impairment of the Borger CGU, impairments in the Conventional segment and current period operating losses that will be carried forward, excluding unrealized foreign exchange gains and losses on long-term debt. In 2020, the Government of Alberta accelerated the reduction in the provincial corporate tax rate from 12 percent to eight percent. In 2019, the Government of Alberta enacted a reduction in the provincial corporate tax rate from 12 percent to eight percent over four years. As a result, the Company recorded a deferred income tax recovery of $671 million for the year ended December 31, 2019. In addition, the Company recorded a deferred income tax recovery of $387 million due to an internal restructuring of the Company’s U.S. operations resulting in a step-up in the tax basis of the Company’s refining assets. The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: For the years ended December 31, 2021 2020 2019 Earnings (Loss) From Operations Before Income Tax 1,315 (3,230) 1,397 Canadian Statutory Rate 23.7 % 24.0 % 26.5 % Expected Income Tax Expense (Recovery) From Operations 312 (775) 370 Effect on Taxes Resulting From: Statutory and Other Rate Differences 3 19 (52) Non-Taxable Capital (Gains) Losses 63 (42) (38) Non-Recognition of Capital (Gains) Losses 27 (42) (39) Adjustments Arising From Prior Year Tax Filings (5) (8) 4 Recognition of U.S. Tax Basis — — (387) U.S. Tax Attribute Limitation 217 — — Impact of Rate Changes 106 (7) (671) Other 5 4 16 Total Tax Expense (Recovery) From Operations 728 (851) (797) Effective Tax Rate 55.4 % 26.3 % (57.1) % The final purchase price allocation of the Arrangement includes net deferred tax assets of $1.1 billion as at January 1, 2021. The net deferred tax assets consists of $1.1 billion related to the Company’s operations in the Canadian jurisdiction, $359 million related to U.S. operations, offset by a tax liability of $444 million related to Asia Pacific activities. The Canadian deferred tax asset has been offset against the Canadian deferred tax liability. The breakdown of deferred income tax liabilities and deferred income tax assets, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: For the years ended December 31, 2021 2020 Deferred Income Tax Liabilities Deferred Income Tax Liabilities to be Settled After More Than Twelve Months 4,046 4,146 4,046 4,146 Deferred Income Tax Assets Deferred Income Tax Assets to be Settled Within Twelve Months (556) (88) Deferred Income Tax Assets to be Settled After More Than Twelve Months (898) (860) (1,454) (948) Net Deferred Income Tax Liability 2,592 3,198 The deferred income tax assets and liabilities to be settled within twelve months represents Management’s estimate of the timing of the reversal of temporary differences and may not correlate to the current income tax expense of the subsequent year. The movement in deferred income tax liabilities and assets, without taking into consideration the offsetting of balances within the same tax jurisdiction, is: Deferred Income Tax Liabilities PP&E Risk Management Other Total As at December 31, 2019 4,498 1 44 4,543 Charged (Credited) to Earnings (367) (1) (22) (390) Charged (Credited) to OCI (7) — — (7) As at December 31, 2020 4,124 — 22 4,146 Charged (Credited) to Earnings (234) — 75 (159) Charged (Credited) to Purchase Price Allocation 59 — — 59 As at December 31, 2021 3,949 — 97 4,046 Deferred Income Tax Assets Unused Tax Losses Risk Management Other Total As at December 31, 2019 (225) (1) (285) (511) Charged (Credited) to Earnings (448) (12) 12 (448) Charged (Credited) to OCI 14 — (3) 11 As at December 31, 2020 (659) (13) (276) (948) Charged (Credited) to Earnings 668 1 (58) 611 Charged (Credited) to Purchase Price Allocation (656) 1 (466) (1,121) Charged (Credited) to OCI (8) — 12 4 As at December 31, 2021 (655) (11) (788) (1,454) Net Deferred Income Tax Liabilities Total As at December 31, 2019 4,032 Charged (Credited) to Earnings (838) Charged (Credited) to OCI 4 As at December 31, 2020 3,198 Charged (Credited) to Earnings 452 Charged (Credited) to Purchase Price Allocation (1,062) Charged (Credited) to OCI 4 As at December 31, 2021 2,592 The deferred income tax asset of $694 million (2020 – $36 million) represents net deductible temporary differences in the U.S. jurisdiction which has been fully recognized, as the probability of realization is expected due to a forecasted taxable income. No deferred tax liability has been recognized as at December 31, 2021 and 2020 on temporary differences associated with investments in subsidiaries and joint arrangements where the Company can control the timing of the reversal of the temporary difference and the reversal is not probable in the foreseeable future. The approximate amounts of tax pools available, including tax losses, are: As at December 31, 2021 2020 Canada 11,167 6,540 United States 5,915 3,117 Asia Pacific 600 — 17,682 9,657 As at December 31, 2021, the above tax pools included $1.5 billion (2020 – $1.7 billion) of Canadian federal non-capital losses and $775 million (2020 – $1.1 billion) of U.S. federal net operating losses. These losses expire no earlier than 2036. As at December 31, 2021, the Company had Canadian net capital losses totaling $102 million (2020 – $85 million), which are available for carry forward to reduce future capital gains. The Company has not recognized $102 million (2020 – $254 million) of net capital losses associated with unrealized foreign exchange losses on its U.S. denominated debt.

Per Share Amounts

Per Share Amounts	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Per Share Amounts	12. PER SHARE AMOUNTS A) Net Earnings (Loss) Per Common Share – Basic and Diluted For the years ended December 31, 2021 2020 2019 Net Earnings (Loss) 587 (2,379) 2,194 Effect of Cumulative Dividends on Preferred Shares (34) — — Net Earnings (Loss) – Basic and Diluted 553 (2,379) 2,194 Basic – Weighted Average Number of Shares 2,016.2 1,228.9 1,228.8 Dilutive Effect of Warrants 27.6 — — Dilutive Effect of Net Settlement Rights 1.3 — 0.6 Diluted – Weighted Average Number of Shares 2,045.1 1,228.9 1,229.4 Net Earnings (Loss) Per Common Share – Basic ($) 0.27 (1.94) 1.78 Net Earnings (Loss) Per Common Share – Diluted ($) 0.27 (1.94) 1.78 As at December 31, 2021, $22 million of net earnings and 1.9 million of potential ordinary shares related to the assumed exercise of Cenovus replacement stock options were excluded from the diluted net earnings per share calculation as the impact was anti-dilutive. These instruments could potentially dilute earnings per share in the future. For further information on the Company's stock-based compensation plans, see Note 32. As at December 31, 2021, 18 million NSRs (2020 — 31 million; 2019 — 32 million) were excluded from the calculation of diluted weighted average number of shares as their effect would have been anti-dilutive or their exercise prices exceeded the market price of Cenovus's common shares. B) Common Share Dividends For the year ended December 31, 2021, the Company paid dividends of $176 million or $0.0875 per common share (2020 – $77 million or $0.0625 per common share; 2019 – $260 million or $0.2125 per common share). The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. On February 7, 2022, the Company’s Board of Directors declared a first quarter dividend of $0.0350 per common share, payable on March 31, 2022, to common shareholders of record as at March 15, 2022. C) Preferred Share Dividends For the year ended December 31, 2021 Total Series 1 First Preferred Shares 7 Series 2 First Preferred Shares 1 Series 3 First Preferred Shares 12 Series 5 First Preferred Shares 9 Series 7 First Preferred Shares 5 Total Declared and Paid Preferred Share Dividends 34 The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. If a dividend is not paid in full on any preferred shares on any dividend payment date, then a dividend restriction on the common shares shall apply. The preferred share dividends are cumulative. On February 7, 2022, the Company’s Board of Directors declared first quarter dividends for Cenovus's preferred shares, payable on March 31, 2022, in the amount of $9 million, to preferred shareholders of record as at March 15, 2022.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2021
Cash and cash equivalents [abstract]
Cash and Cash Equivalents	13. CASH AND CASH EQUIVALENTS As at December 31, 2021 2020 Cash 2,366 368 Short-Term Investments 507 10 2,873 378

Accounts Receivable and Accrued

Accounts Receivable and Accrued Revenues	12 Months Ended
	Dec. 31, 2021
Trade and other current receivables [abstract]
Accounts Receivable and Accrued Revenues	14. ACCOUNTS RECEIVABLE AND ACCRUED REVENUES As at December 31, 2021 2020 Trade and Accruals 2,548 1,149 Prepaids and Deposits 486 121 Partner Advances 371 175 Joint Operations Receivables 225 35 Other (1) 240 8 3,870 1,488

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Classes of current inventories [abstract]
Inventories	15. INVENTORIES As at December 31, 2021 2020 (1) Product Oil Sands 1,419 382 Conventional 78 1 Offshore 39 — Canadian Manufacturing 88 — U.S. Manufacturing 2,001 613 Retail 26 — Parts and Supplies 268 93 3,919 1,089 (1) Prior period results have been reclassified to conform with the current period’s operating segments. During the year ended December 31, 2021, approximately $34 billion of produced and purchased inventory was recorded as an expense (2020 – approximately $10 billion). As at December 31, 2021, the Company had no inventory write downs. During the twelve months ended December 31, 2021, the Company had $16 million of inventory write-downs. As at March 31, 2020, the Company recorded $588 million in non-cash inventory write-downs of its crude oil blend, condensate and refined product inventory. Subsequently, $547 million of inventory that was written down at the end of March was sold and the loss was realized. For the year ended December 31, 2020, the Company reversed $39 million of the inventory write-downs related to March product inventory that was still on hand due to improved refined product and crude oil prices. As at December 31, 2020, the Company recorded a $6 million write-down in refined product inventory.

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2021
Assets Held for Sale [Abstract]
Assets Held for Sale	16. ASSETS HELD FOR SALE In 2021, the Company entered into agreements to sell 337 gas stations in Cenovus's retail fuels network, in the Retail segment, loca ted across Western Canada and Ontario for gross proceeds of $420 million. The sales are expected to close in mid-2022. Operating margin associated with the retail assets held for sale for the year ended December 31, 2021 was $64 million. The Company also entered into agreements to sell its Tucker asset in the Oil Sands segment and its Conventional segment assets located in the Wembley area in 2021. The sale of the Tucker asset closed on January 31, 2022, for gross cash proceeds of $800 million and the sale of the Wembley assets is expected to close during first three months of 2022 for gross proceeds of $238 million. These assets were recorded at the lesser of their carrying amount and their fair value less cost to sell. No impairments were recorded on the assets held for sale as at December 31, 2021. As at December 31, 2021 PPE (Note 18) ROU Assets (Note 19) Goodwill (Note 22) Lease Liabilities (Note 26) Decommissioning Liabilities (Note 27) Retail 498 54 — (58) (86) Tucker 505 — 88 — (33) Wembley 159 — — — (9) 1,162 54 88 (58) (128)

Exploration and Evaluation Asse

Exploration and Evaluation Assets, Net	12 Months Ended
	Dec. 31, 2021
Disclosure Of Exploration And Evaluation Assets [Abstract]
Exploration and Evaluation Assets, Net	17. EXPLORATION AND EVALUATION ASSETS, NET Total As at December 31, 2019 787 Additions 48 Transfers to PP&E (Note 18) (47) Exploration Expense (91) Depletion (18) Change in Decommissioning Liabilities 5 Divestitures (Note 9) (61) As at December 31, 2020 623 Acquisition (Note 5A) 45 Additions 55 Exploration Expense (9) Change in Decommissioning Liabilities 6 As at December 31, 2021 720

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Plant and Equipment, Net	18. PROPERTY, PLANT AND EQUIPMENT, NET Oil and Gas Properties Processing, Transportation and Storage Assets Manufacturing Assets Retail and Other (1) Total COST As at December 31, 2019 (2) 29,365 183 5,577 1,231 36,356 Additions 475 33 243 60 811 Transfers from E&E Assets (Note 17) 47 — — — 47 Change in Decommissioning Liabilities (11) 2 3 — (6) Exchange Rate Movements and Other (6) — (152) (1) (159) Divestitures (3) — — — (3) As at December 31, 2020 (2) 29,867 218 5,671 1,290 37,046 Acquisitions (Note 5) 8,633 — 3,901 846 13,380 Additions 1,368 9 1,023 115 2,515 Change in Decommissioning Liabilities (63) 1 40 24 2 Exchange Rate Movements and Other 22 — (140) (18) (136) Divestitures (630) — — — (630) Transfers to Assets Held for Sale (Note 16) (754) — — (522) (1,276) As at December 31, 2021 38,443 228 10,495 1,735 50,901 ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION As at December 31, 2019 (2) 6,008 33 1,596 885 8,522 Depreciation, Depletion and Amortization (3) 1,820 9 242 152 2,223 Impairment Charges (Note 10) (3) 555 — 450 — 1,005 Exchange Rate Movements and Other (22) — (93) — (115) As at December 31, 2020 (2) 8,361 42 2,195 1,037 11,635 Depreciation, Depletion and Amortization 3,335 10 526 128 3,999 Impairment Charges (Note 10) — — 1,931 — 1,931 Impairment Reversals (Note 10) (378) — — — (378) Exchange Rate Movements and Other 61 1 (80) (2) (20) Divestitures (377) — — — (377) Transfers to Assets Held for Sale (Note 16) (90) — — (24) (114) As at December 31, 2021 10,912 53 4,572 1,139 16,676 CARRYING VALUE As at December 31, 2019 (2) 23,357 150 3,981 346 27,834 As at December 31, 2020 (2) 21,506 176 3,476 253 25,411 As at December 31, 2021 27,531 175 5,923 596 34,225 (1) Includes retail assets, office furniture, fixtures, leasehold improvements, information technology and aircraft. (2) Balances for periods prior to January 1, 2021, have been reclassified to conform with the current period’s presentation of asset classes. (3) Asset write-downs have been reclassified to DD&A to conform with the current presentation of impairment charges. Assets Under Construction PP&E includes the following amounts in respect of assets under construction and not subject to DD&A: As at December 31, 2021 2020 Development and Production 2,415 1,807 Downstream 943 226 3,358 2,033

Right of Use Assets, Net

Right of Use Assets, Net	12 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Right of Use Assets, Net	19. RIGHT-OF-USE ASSETS, NET Real Estate Transportation and Storage Assets (1) Manufacturing Assets Retail and Other Total COST As at December 31, 2019 (2) 509 959 10 14 1,492 Additions 1 40 5 7 53 Terminations — (1) — — (1) Modifications — 1 — (3) (2) Reclassifications (14) — — — (14) Re-measurements — (1) — (1) (2) Exchange Rate Movements and Other (1) (21) — (2) (24) As at December 31, 2020 (2) 495 977 15 15 1,502 Acquisition (Note 5A) 99 765 138 130 1,132 Additions 4 96 7 3 110 Modifications 1 20 1 — 22 Re-measurements (2) 1 — (3) (4) Exchange Rate Movements and Other (5) (18) — (5) (28) Transfers to Assets Held for Sale (Note 16) — — — (78) (78) As at December 31, 2021 592 1,841 161 62 2,656 ACCUMULATED DEPRECIATION As at December 31, 2019 (2) 32 128 3 4 167 Depreciation 27 181 2 5 215 Impairment Charges (Note 10) — 3 — — 3 Terminations — (1) — — (1) Exchange Rate Movements and Other (1) (18) — (2) (21) As at December 31, 2020 (2) 58 293 5 7 363 Depreciation 38 239 23 23 323 Impairment Charges (Note 10) — 5 5 1 11 Terminations — (3) — — (3) Exchange Rate Movements and Other (4) (14) — (6) (24) Transfers to Assets Held for Sale (Note 16) — — — (24) (24) As at December 31, 2021 92 520 33 1 646 CARRYING VALUE As at December 31, 2019 (2) 477 831 7 10 1,325 As at December 31, 2020 (2) 437 684 10 8 1,139 As at December 31, 2021 500 1,321 128 61 2,010 (1) Transportation and storage assets include railcars, barges, vessels, pipelines, caverns and storage tanks.

Joint Arrangements and Associat

Joint Arrangements and Associate	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
JOINT ARRANGEMENTS AND ASSOCIATE	20. JOINT ARRANGEMENTS AND ASSOCIATE A) Joint Operations BP-Husky Refining LLC Cenovus holds a 50 percent interest in Toledo with BP, who operates the Toledo Refinery in Ohio. Sunrise Oil Sands Partnership Cenovus, as the operator, holds a 50 percent interest in Sunrise, an oil sands project in northern Alberta, with BP Canada who holds the remaining interest. WRB Refining LP Cenovus holds a 50 percent interest in WRB with Phillips 66, who holds the remaining interest and operates the Wood River Refinery in Illinois and the Borger Refinery in Texas. B) Joint Ventures Husky-CNOOC Madura Ltd. The Company holds a 40 percent interest in the jointly controlled entity, HCML, which is engaged in the exploration for and production of natural gas resources in offshore Indonesia. The Company’s share of equity investment income (loss) related to the joint venture is included in the Consolidated Statements of Earnings (Loss) in the Offshore segment. Summarized below is the financial information for HCML accounted for using the equity method. Results of Operations For the year ended December 31, 2021 Revenue 439 Expenses 395 Net Earnings (Loss) 44 Balance Sheet As at December 31, 2021 Current Assets (1) 167 Non-Current Assets 1,433 Current Liabilities 62 Non-Current Liabilities 896 Net Assets 642 (1) Includes cash and cash equivalents of $46 million. For the year ended December 31, 2021, the Company’s share of income from the equity-accounted affiliate was $47 million. As at December 31, 2021, the carrying amount of the Company’s share of net assets was $311 million. These amounts do not equal the 40 percent joint control of the revenues, expenses and net assets of HCML due to differences in the values attributed to the investment and accounting policies between the joint venture and the Company. For the year ended December 31, 2021, the difference was primarily related to the fair value associated with the purchase price allocation. For the year ended December 31, 2021, the Company received $100 million of distributions from HCML. Husky Midstream Limited Partnership The Company holds a 35 percent interest in HMLP, which owns midstream assets, including pipeline, storage and other ancillary infrastructure assets in Alberta and Saskatchewan. Power Assets Holdings Ltd. holds a 49 percent interest and CK Infrastructure Holdings Ltd. holds a 16 percent interest in HMLP. For the year ended December 31, 2021, HMLP had net earnings of $134 million. The Company’s share of (income) loss from the equity-accounted affiliate does not equal the 35 percent of the net earnings of HMLP due to the nature of the profit-sharing arrangement as defined in the partnership agreement. The Company’s share of earnings will fluctuate depending on certain income thresholds. For the year ended December 31, 2021, the Company did not record its pre-tax net income relating to HMLP of $18 million as the carrying value of the Company’s interest is $nil. Due to the decline in forecasted distributions from the partnership profit structure, as at December 31, 2021, the Company had $17 million in cumulative unrecognized losses and OCI, net of tax. The Company records its share of equity investment income related to the joint venture only in excess of the cumulated unrecognized loss and is included in the Consolidated Statements of Earnings (Loss) in the Oil Sands segment. For the twelve months ended December 31, 2021, the Company received $37 million in distributions and paid $32 million in contributions to HMLP . The net amount of the distributions received and contributions paid are recorded in (income) loss from equity-accounted affiliates. C) Associate Headwater Exploration Inc.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2021
Other Noncurrent Assets [Abstract]
Other Assets	21. OTHER ASSETS As at December 31, 2021 2020 Intangible Assets 78 89 Private Equity Investments (Note 35) 53 52 Other Equity Investments 77 12 Net Investment in Finance Leases 60 52 Long-Term Receivables and Prepaids 77 11 Precious Metals 85 — Other 1 — 431 216

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2021
Goodwill [Abstract]
Goodwill	22. GOODWILL 2021 2020 Carrying Value, Beginning of Year 2,272 2,272 Goodwill Recognized (Note 5A) 1,289 — Goodwill Reclassified to Assets Held for Sale (Note 16) (88) — Carrying Value, End of Year 3,473 2,272 The carrying amount of goodwill allocated to the Company's CGUs is: As at December 31, 2021 2020 Primrose (Foster Creek) 1,171 1,171 Christina Lake 1,101 1,101 Lloydminster Thermal 651 — Sunrise 550 — 3,473 2,272 For the purposes of impairment testing, goodwill is allocated to the CGUs to which it relates. The assumptions used to test Cenovus’s goodwill for impairment as at December 31, 2021, are consistent to those disclosed in Note 10. There was no impairment of goodwill as at December 31, 2021.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Trade and other current payables [abstract]
Accounts Payable and Accrued Liabilities	23. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at December 31, 2021 2020 Accruals 2,722 912 Trade 2,554 608 Interest 128 77 Partner Advances 371 175 Employee Long-Term Incentives 317 130 Joint Operations Payable 28 6 Risk Management 116 58 Provisions for Onerous and Unfavourable Contracts 31 26 Other 86 26 6,353 2,018

Contingent Payment

Contingent Payment	12 Months Ended
	Dec. 31, 2021
Disclosure of contingent liabilities in business combination [abstract]
Contingent Payment	24. CONTINGENT PAYMENT 2021 2020 Contingent Payment, Beginning of Year 63 143 Re-measurement (1) 575 (80) Liabilities Settled or Payable (402) — Contingent Payment, End of Year 236 63 (1) Contingent payment is carried at fair value. Changes in fair value are recorded in net earnings (loss). In connection with the acquisition in 2017 from ConocoPhillips Company and certain of its subsidiaries (collectively, “ConocoPhillips”), Cenovus agreed to make quarterly payments to ConocoPhillips during the five years ending May 17, 2022, for quarters in which the average Western Canadian Select (“WCS”) crude oil price exceeds $52.00 per barrel during the quarter. The quarterly payment will be $6 million for each dollar that the WCS price exceeds $52.00 per barrel. The calculation includes an adjustment mechanism related to certain significant production outages at Foster Creek and Christina Lake, which may reduce the amount of a contingent payment. There are no maximum payment terms. The contingent payment is accounted for as a financial option. The fair value is estimated by calculating the present value of the future expected cash flows using an option pricing model, which assumes the probability distribution for WCS is based on the volatility of WTI options, volatility of Canadian-U.S. foreign exchange rate options and both WTI and WCS futures pricing, and discounted at a credit-adjusted risk-free rate. The contingent payment is re-measured at fair value at each reporting date with changes in fair value recognized in net earnings (loss). As at December 31, 2021, $160 million is payable under this agreement (December 31, 2020 – $nil).

Debt and Capital Structure

Debt and Capital Structure	12 Months Ended
	Dec. 31, 2021
Borrowings [abstract]
Debt and Capital Structure	25. DEBT AND CAPITAL STRUCTURE A) Short-Term Borrowings As at December 31, Notes 2021 2020 Uncommitted Demand Facilities i — — WRB Uncommitted Demand Facilities ii 79 121 Sunrise Uncommitted Demand Credit Facility iii — — Total Debt Principal 79 121 i) Uncommitted Demand Facilities At closing of the Arrangement on January 1, 2021, the Company assumed Husky’s uncommitted demand facilities of $975 million. As at January 1, 2021, $40 million in direct borrowings were outstanding and $427 million letters of credit were outstanding under these facilities. In the three months ended December 31, 2021, the Company cancelled and replaced all uncommitted demand facilities, which included those assumed in the Arrangement, and entered into new uncommitted demand facilities. As at December 31, 2021, the Company had uncommitted demand facilities of $1.9 billion (December 31, 2020 – $1.6 billion) in place, of which $1.4 billion (December 31, 2020 – $600 million) may be drawn for general purposes, or the full amount can be available to issue letters of credit. As at December 31, 2021, there were outstanding letters of credit aggregating to $565 million (December 31, 2020 – $441 million) and no direct borrowings. ii) WRB Uncommitted Demand Facilities WRB has uncommitted demand facilities of US$300 million (the Company’s proportionate share – US$150 million), which may be used to cover short-term working capital requirements . Subsequent to December 31, 2021, WRB added an incremental US$150 million in demand facilities (the Company's proportionate share – US$75 million). iii) Sunrise Uncommitted Demand Credit Facility Sunrise has an uncommitted demand credit facility of $10 million (the Company’s proportionate share – $5 million), which is available for general purposes. B) Long-Term Debt As at December 31, Notes 2021 2020 Revolving Term Debt (1) i — — U.S. Dollar Denominated Unsecured Notes ii 9,363 7,510 Canadian Dollar Unsecured Notes ii 2,750 — Total Debt Principal 12,113 7,510 Net Debt Premiums (Discounts) and Transaction Costs (2) 272 (69) Long-Term Debt 12,385 7,441 (1) Revolving term debt may include Bankers’ Acceptances, London Interbank Offered Rate based loans, prime rate loans and U.S. base rate loans. (2) Includes $353 million net debt premiums related to the Canadian and U.S. dollar denominated unsecured notes assumed at fair value in the Arrangement. In 2021, pledges of intercompany obligations owing to Cenovus Energy Inc., made in favour of the holders of select previously issued Husky notes were terminated in accordance with their respective terms. The pledge terminations ensured all bond holders were ranked equally in right of payment with all of Cenovus’s other unsecured and unsubordinated indebtedness. For the year ended December 31, 2021, the weighted average interest rate on outstanding debt, including the Company’s proportionate share of the WRB and Sunrise uncommitted demand facilities, was 4.6 percent (2020 – 4.9 percent). i) Committed Credit Facilities At closing of the Arrangement on January 1, 2021, the Company assumed Husky’s committed credit facilities of $4.0 billion. As at January 1, 2021, $350 million was outstanding. On August 18, 2021, $8.5 billion of committed credit facilities, which included those assumed in the Arrangement, were cancelled and replaced with a $6.0 billion committed revolving credit facility. The committed revolving credit facility consists of a $2.0 billion tranche maturing on August 18, 2024, and a $4.0 billion tranche maturing on August 18, 2025. As at December 31, 2021, no amount was drawn on the credit facility. ii) U.S. Dollar Denominated Unsecured Notes and Canadian Dollar Unsecured Notes At closing of the Arrangement on January 1, 2021, the Company assumed Husky’s 3.55 percent 3.60 percent and 3.50 percent Canadian dollar unsecured notes with a fair value of $2.9 billion (notional value – $2.8 billion) and 3.95 percent 4.00 percent, 4.40 percent and 6.80 percent U.S. dollar denominated unsecured notes with a fair value of $3.4 billion (notional value –US$2.4 billion or C$3.0 billion). On March 31, 2021, Cenovus Energy Inc. and Husky Energy Inc. amalgamated and Cenovus Energy Inc. became the direct obligor on all of Husky's unsecured notes. The Company closed a public offering in the U.S. on September 13, 2021, for US$1.25 billion of senior unsecured notes, consisting of US$500 million 2.65 percent senior unsecured notes due January 15, 2032, and US$750 million 3.75 percent senior unsecured notes due February 15, 2052. In September and October 2021, the Company paid US$2.3 billion to repurchase a portion of its unsecured notes with a principal amount of US$2.2 billion. A net premium on the redemption of $121 million was recorded in finance costs. The following principal amounts of Cenovus's unsecured notes were repurchased: • 3.95 percent unsecured notes due 2022 – US$500 million (fully repurchased). • 3.00 percent unsecured notes due 2022 – US$500 million (fully repurchased). • 3.80 percent unsecured notes due 2023 – US$335 million. • 4.00 percent unsecured notes due 2024 – US$481 million. • 5.38 percent unsecured notes due 2025 – US$334 million. The principal amounts of the Company’s unsecured notes are: 2021 2020 As at December 31, US$ Principal C$ Principal and Equivalent US$ Principal C$ Principal and Equivalent U.S. Dollar Denominated Unsecured Notes 3.00% due August 15, 2022 — — 500 637 3.80% due September 15, 2023 115 146 450 573 4.00% due April 15, 2024 269 341 — — 5.38% due July 15, 2025 666 844 1,000 1,273 4.25% due April 15, 2027 962 1,220 962 1,225 4.40% due April 15, 2029 750 951 — — 2.65% due January 15, 2032 500 634 — — 5.25% due June 15, 2037 583 739 583 742 6.80% due September 15, 2037 387 490 — — 6.75% due November 15, 2039 1,390 1,763 1,390 1,770 4.45% due September 15, 2042 155 197 155 198 5.20% due September 15, 2043 58 73 58 74 5.40% due June 15, 2047 800 1,014 800 1,018 3.75% due February 15, 2052 750 951 — — 7,385 9,363 5,898 7,510 Canadian Dollar Unsecured Notes 3.55% due March 12, 2025 — 750 — — 3.60% due March 10, 2027 — 750 — — 3.50% due February 7, 2028 — 1,250 — — — 2,750 — — Total Unsecured Notes 7,385 12,113 5,898 7,510 As at December 31, 2021, the Company is in compliance with all of the terms of its debt agreements. Under the terms of Cenovus’s committed credit facility, the Company is required to maintain a total debt to capitalization ratio, as defined in the agreements, not to exceed 65 percent. The Company is well below this limit. C) Mandatory Debt Payments U.S. Dollar Denominated Unsecured Notes Canadian Dollar Unsecured Notes Total (1) As at December 31, 2021 US$ Principal C$ Principal Equivalent C$ Principal C$ Principal and Equivalent 2023 115 146 — 146 2024 269 341 — 341 2025 666 844 750 1,594 Thereafter 6,335 8,032 2,000 10,032 7,385 9,363 2,750 12,113 (1) On January 10, 2022, the Company announced that it intends to redeem its outstanding 3.80 percent unsecured notes and 4.00 percent unsecured notes on February 9, 2022. The total amount of mandatory debt payments has not been adjusted for this redemption. D) Capital Structure Cenovus’s capital structure consists of shareholders’ equity plus Net Debt. Net Debt includes the Company’s short-term borrowings, and the current and long-term portions of long-term debt, net of cash and cash equivalents and short-term investments, and is used in managing the Company's capital. The Company’s objectives when managing its capital structure are to maintain financial flexibility, preserve access to capital markets, ensure its ability to finance internally generated growth and to fund potential acquisitions while maintaining the ability to meet the Company’s financial obligations as they come due. To ensure financial resilience, Cenovus may, among other actions, adjust capital and operating spending, draw down on its credit facilities or repay existing debt, adjust dividends paid to shareholders, purchase the Company’s common shares or preferred shares for cancellation, issue new debt, or issue new shares. Cenovus monitors its capital structure and financing requirements using, among other things, specified financial measures consisting of net debt to adjusted earnings before interest, taxes and DD&A (“Adjusted EBITDA”) and Net Debt to Capitalization. These measures are used to steward Cenovus’s overall debt position as measures of Cenovus’s overall financial strength. Cenovus targets a Net Debt to Adjusted EBITDA ratio between 1.0 and 1.5 times and Net Debt between $6 billion to $8 billion over the long-term at a WTI price of US$45.00 per barrel. These measures may fluctuate periodically outside this range due to factors such as persistently high or low commodity prices. On October 7, 2021, Cenovus filed a base shelf prospectus that allows the Company to offer, from time to time, up to US$5.0 billion, or the equivalent in other currencies, of debt securities, common shares, preferred shares, subscription receipts, warrants, share purchase contracts and units in Canada, the U.S. and elsewhere where permitted by law. The base shelf prospectus will expire in November 2023. Offerings under the base shelf prospectus are subject to market conditions. As at December 31, 2021, US$4.7 billion remained available under Cenovus's base shelf prospectus for permitted offerings. Net Debt to Adjusted EBITDA As at December 31, 2021 2020 (1) 2019 (1) Short-Term Borrowings 79 121 — Long-Term Portion of Long-Term Debt 12,385 7,441 6,699 Less: Cash and Cash Equivalents (2,873) (378) (186) Net Debt 9,591 7,184 6,513 Net Earnings (Loss) 587 (2,379) 2,194 Add (Deduct): Finance Costs 1,082 536 511 Interest Income (23) (9) (12) Income Tax Expense (Recovery) 728 (851) (797) Depreciation, Depletion and Amortization 5,886 3,464 2,249 Exploration Expense 18 91 82 Unrealized (Gain) Loss on Risk Management 2 56 149 Foreign Exchange (Gain) Loss, Net (174) (181) (404) Re-measurement of Contingent Payment 575 (80) 164 (Gain) Loss on Divestitures of Assets (229) (81) (2) Other (Income) Loss, Net (309) 40 9 (Income) Loss From Equity-Accounted Affiliates (57) — — Adjusted EBITDA (2) 8,086 606 4,143 Net Debt to Adjusted EBITDA 1.2x 11.9x 1.6x (1) Comparative figures include Cenovus's results prior to the closing of the Arrangement on January 1, 2021, and do not reflect any historical data from Husky. (2) Calculated on a trailing twelve-month basis. Net Debt to Capitalization As at December 31, 2021 2020 (1) 2019 (1) Net Debt 9,591 7,184 6,513 Shareholders’ Equity 23,596 16,707 19,201 Capitalization 33,187 23,891 25,714 Net Debt to Capitalization 29 % 30 % 25 %

Lease Liabilities

Lease Liabilities	12 Months Ended
	Dec. 31, 2021
Lease liabilities [abstract]
Lease Liabilities	26. LEASE LIABILITIES 2021 2020 Lease Liabilities, Beginning of Year 1,757 1,916 Acquisition (Note 5A) 1,441 — Additions 110 49 Interest Expense (Note 7) 171 87 Lease Payments (471) (284) Terminations (1) (1) Modifications 22 (2) Re-measurements (4) (2) Exchange Rate Movements and Other (10) (6) Transfers to Liabilities Related to Assets Held for Sale (Note 16) (58) — Lease Liabilities, End of Year 2,957 1,757 Less: Current Portion 272 184 Long-Term Portion 2,685 1,573 The Company has lease liabilities for contracts related to office space, transportation and storage assets, which includes barges, vessels, pipelines, caverns, railcars and storage tanks, retail assets and other refining and field equipment. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The Company has variable lease payments related to property taxes for real estate contracts. Short-term leases are leases with terms of twelve months or less.

Decommissioning Liabilities

Decommissioning Liabilities	12 Months Ended
	Dec. 31, 2021
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Decommissioning Liabilities	27. DECOMMISSIONING LIABILITIES The decommissioning provision represents the present value of the expected future costs associated with the retirement of producing well sites, upstream processing facilities, surface and subsea plant and equipment, manufacturing facilities, retail and the crude-by-rail terminal. The aggregate carrying amount of the obligation is: 2021 2020 Decommissioning Liabilities, Beginning of Year 1,248 1,235 Acquisitions (Note 5) 2,856 — Liabilities Incurred 30 14 Liabilities Settled (144) (42) Liabilities Disposed (140) (2) Transfers to Liabilities Related to Assets Held for Sale (Note 16) (128) — Change in Estimated Future Cash Flows (472) 13 Change in Discount Rates 450 (28) Unwinding of Discount on Decommissioning Liabilities (Note 7) 199 57 Foreign Currency Translation 7 1 Decommissioning Liabilities, End of Year 3,906 1,248 As at December 31, 2021, the undiscounted amount of estimated future cash flows required to settle the obligation is $14 billion (2020 – $5 billion), which has been discounted using a credit-adjusted risk-free rate o f 4.4 percent (2020 – 5.0 percent) and an inflation rate of two percent (2020 – two percent). Most of these obligations are not expected to be paid for several years, or decades, and are expected to be funded from general resources at that time. The Company expects to settle approximately $230 million of decommissioning liabilities over the next year. Revisions in estimated future cash flows resulted from a change in the timing of decommissioning liabilities over the estimated life of the reserves and an increase in cost estimates. The Company deposits cash into restricted accounts that will be used to fund decommissioning liabilities in offshore China in accordance with the provisions of the regulations of the People’s Republic of China. As at December 31, 2021, the Company had $186 million in restricted cash (2020 – $nil). Sensitivities Changes to the credit-adjusted risk-free rate or the inflation rate would have the following impact on the decommissioning liabilities: Sensitivity 2021 2020 As at December 31, Range Increase Decrease Increase Decrease Credit-Adjusted Risk Free Rate ± one percent (623) 875 (228) 313 Inflation Rate ± one percent 873 (625) 321 (235)

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2021
Miscellaneous non-current liabilities [abstract]
Other Liabilities	28. OTHER LIABILITIES As at December 31, 2021 2020 Pension and Other Post-Employment Benefit Plans 288 91 Provision for West White Rose Expansion Project (1) 259 — Provisions for Onerous and Unfavourable Contracts 99 39 Employee Long-Term Incentives 74 33 Drilling Provisions 56 — Deferred Revenue 41 — Other 112 18 929 181 (1) Relates to the long-term liability related to the 69 percent working interest in the West White Rose Expansion Project acquired through the Arrangement. Deferred Revenue Deferred revenue relates to take-or-pay commitments, with respect to natural gas production volumes in Asia Pacific, not taken by the purchaser. In accordance with the terms of the agreement, the purchaser has until the end of the agreement to take these volumes. Total As at December 31, 2020 — Acquisition 37 Take-or-Pay Payments Received 4 As at December 31, 2021 41

Pensions and Other Post-Employm

Pensions and Other Post-Employment Benefits	12 Months Ended
	Dec. 31, 2021
Pensions And Other Post Employment Benefits [Abstract]
Pensions and Other Post-Employment Benefits	29. PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS The Company provides the majority of employees with a defined contribution pension plan. The Company also provides OPEB plans to retirees and sponsors defined benefit pension plans in Canada and the U.S. (together, the “DB Pension Plan”). The DB Pension Plan provides pension benefits at retirement based on years of service and final average earnings. In Canada, future enrollment is limited to eligible employees who may elect to move from the defined contribution component to the defined benefit component for their future service. In the U.S., the defined benefit pension is closed to new members. The Company’s OPEB plans provides certain retired employees with health care and dental benefits. The Company is required to file an actuarial valuation of its registered defined benefit pension with regulators on a periodic basis. The most recently filed valuation for the Canadian defined benefit pension plan was dated December 31, 2019, and the next required actuarial valuation will be as at December 31, 2022. The most recently filed valuation for the U.S. defined benefit pension plan was dated January 1, 2021, and the next required actuarial valuation will be as at January 1, 2022. A) Defined Benefit and OPEB Plan Obligation and Funded Status Information related to defined benefit pension and OPEB plans, based on actuarial estimations, is: Pension Benefits OPEB 2021 2020 2021 2020 Defined Benefit Obligation Defined Benefit Obligation, Beginning of Year 188 158 20 22 Plan Acquisition Upon the Arrangement (1) 41 — 224 — Current Service Costs 16 13 9 1 Past Service Costs - Curtailment and Plan Amendments (1) — (3) — Interest Costs (2) 6 5 6 — Benefits Paid (17) (6) (8) (2) Plan Participant Contributions 2 2 — — Re-measurements: (Gains) Losses From Experience Adjustments 4 1 10 (2) (Gains) Losses From Changes in Demographic Assumptions (1) — (3) — (Gains) Losses From Changes in Financial Assumptions (18) 15 (30) 1 Defined Benefit Obligation, End of Year 220 188 225 20 Plan Assets Fair Value of Plan Assets, Beginning of Year 117 107 — — Plan Acquisition Upon the Arrangement (1) 32 — — — Employer Contributions 9 6 3 — Plan Participant Contributions 2 2 — — Benefits Paid (13) (5) (3) — Interest Income (2) 3 2 — — Re-measurements: Return on Plan Assets (Excluding Interest Income) 9 5 — — Fair Value of Plan Assets, End of Year 159 117 — — Pension and OPEB (Liability) (3) (61) (71) (225) (20) (1) The Company acquired Husky's defined benefit pension and other post-retirement benefit obligations in connection with the Arrangement. See Note 5A. (2) Based on the discount rate of the defined benefit obligation at the beginning of the year. (3) Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities on the Consolidated Balance Sheets. The weighted average duration of the defined benefit pension and OPEB obligations are 16 years and 14 years, respectively. B) Pension and OPEB Costs Pension Benefits OPEB As at December 31, 2021 2020 2019 2021 2020 2019 Defined Benefit Plan Cost Current Service Costs 16 13 11 9 1 1 Past Service Costs - Curtailments and Plan (1) — — (3) — — Net Interest Costs 3 3 3 6 — 1 Re-measurements: Return on Plan Assets (Excluding (9) (5) (15) — — — (Gains) Losses From Experience 4 1 (4) 10 (2) — (Gains) Losses From Changes in (1) — — (3) — — (Gains) Losses From Changes in Financial (18) 15 12 (30) 1 1 Defined Benefit Plan Cost (Recovery) (6) 27 7 (11) — 3 Defined Contribution Plan Cost 68 22 21 — — — Total Plan Cost 62 49 28 (11) — 3 C) Investment Objectives and Fair Value of Plan Assets The objective of the asset allocation is to manage the funded status of the DB Pension Plan at an appropriate level of risk, giving consideration to the security of the assets and the potential volatility of market returns and the resulting effect on both contribution requirements and pension expense. The long-term return is expected to achieve or exceed the return from a composite benchmark comprised of passive investments in appropriate market indices. The asset allocation structure is subject to diversification requirements and constraints which reduce risk by limiting exposure to individual equity investment and credit rating categories. The allocation of assets between the various types of investment funds is monitored regularly and is re-balanced monthly, as necessary. The Canadian defined benefit pension plan and U.S. defined benefit pension plan are managed independently of each other and, accordingly, the target asset allocation is reflective of their different liability profiles. 2021 Target Allocation (percent) Canadian Plan U.S. Plan Equity Funds 25% - 70% 21% - 51% Income Funds 25% - 35% 55% - 74% Real Estate Funds —% - 15% — Listed Infrastructure Funds —% - 10% — Emerging Market Debt Funds —% - 10% — Cash and Cash Equivalents —% - 10% — The Company does not use derivative instruments to manage the risks of its plan assets. There has been no change in the process used by the Company to manage these risks from prior periods. The fair value of the DB Pension Plan assets is: As at December 31, 2021 2020 Equity Funds 77 58 Fixed Income Funds 54 35 Real Estate Funds 9 6 Listed Infrastructure Funds 8 8 Emerging Market Debt Funds 8 7 Cash and Cash Equivalents 2 2 Non-Invested Assets 1 1 Total Fair Value of DB Pension Plan Assets (1) 159 117 (1) The Company acquired Husky’s U.S. defined benefit pension obligations in connection with the Arrangement (see Note 5A). The U.S. defined benefit pension plan assets were valued at $32 million on January 1, 2021. Fair value of the cash and cash equivalents, equity, income and listed infrastructure assets are based on the trading price of the underlying funds (Level 1). The fair value of the real estate funds reflects the appraisal valuation for each property investment (Level 2). The fair value of the non-invested assets is the discounted value of the expected future payments (Level 3). The DB Pension Plan does not hold any direct investment in Cenovus common shares. D) Funding The DB Pension Plan's are funded in accordance with applicable pension legislation. Contributions are made to trust funds administered by independent trustees. The Company’s contributions to the DB Pension Plan are based on the most recent actuarial valuations, and direction of the Management Pension Committee and Human Resources and Compensation Committee of the Board of Directors. Employees participating in the Canadian defined benefit pension are required to contribute four percent of their pensionable earnings, up to an annual maximum, and the Company provides the balance of the funding necessary to ensure benefits will be fully provided for at retirement. The Company's expected contributions for the year ended December 31, 2022, are $11 million for the DB Pension Plan. The OPEB plans are funded on an as required basis. The Company’s expected contributions for the year ended December 31, 2022, are $8 million for the OPEB plans. E) Actuarial Assumptions and Sensitivities Actuarial Assumptions The principal weighted average actuarial assumptions used to determine benefit obligations and expenses are as follows: Pension Benefits OPEB For the years ended December 31, 2021 2020 2019 2021 2020 2019 Discount Rate 2.95 % 2.50 % 3.00 % 2.98 % 2.50 % 3.00 % Future Salary Growth Rate 4.03 % 3.97 % 3.94 % 4.94 % 4.94 % 5.08 % Average Longevity (years) 88.3 88.3 88.2 88.3 88.2 88.2 Health Care Cost Trend Rate N/A N/A N/A 5.64 % 6.00 % 6.00 % Discount rates are based on market yields for high quality corporate debt instruments with maturity terms equivalent to the benefit obligations. Sensitivities Of the most significant actuarial assumptions, a change in discount rates and health care costs have the largest potential impact on the obligations for the DB Pension Plan and OPEB plans, with sensitivity to change as follows: 2021 2020 As at December 31, Increase Decrease Increase Decrease One Percent Change: Discount Rate (79) 102 (31) 40 Future Salary Growth Rate 4 (4) 4 (4) Health Care Cost Trend Rate 26 (20) 1 (1) One Year Change in Assumed Life Expectancy 4 (4) 4 (4) The sensitivity analysis is based on a change in an assumption while holding all other assumptions constant; however, the changes in some assumptions may be correlated. The same methodologies have been used to calculate the sensitivity of the DB Pension Plan obligation to significant actuarial assumptions as have been applied when calculating the liability for the DB Pension Plan recorded on the Consolidated Balance Sheets. F) Risks Through its DB Pension Plan and OPEB plans, the Company is exposed to actuarial risks, such as longevity risk, interest rate risk, investment risk and salary risk. Longevity Risk The present value of the defined benefit plan obligation is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of participants will increase the defined benefit plan obligation. Interest Rate Risk A decrease in corporate bond yields will increase the defined benefit plan obligation, although this will be partially offset by an increase in the return on debt holdings. Investment Risk The present value of the DB Pension Plan obligation is calculated using a discount rate determined by reference to high quality corporate bond yields. If the return on plan assets is below this rate, a plan deficit will result. Due to the long-term nature of the plan liabilities, a higher portion of the plan assets are invested in equity securities than in debt instruments and real estate. Salary Risk The present value of the DB Pension Plan obligation is, in part, calculated by reference to the future salaries of plan participants and the obligation of the OPEB plans is, in part, calculated by reference to the future health care cost trend rate. As such, an increase in the salary of the plan participants and increase in the future cost of health care claims will increase the defined benefit obligation.

Share Capital and Warrants

Share Capital and Warrants	12 Months Ended
	Dec. 31, 2021
Disclosure of classes of share capital [abstract]
Share Capital and Warrants	30. SHARE CAPITAL AND WARRANTS A) Authorized B) Issued and Outstanding – Common Shares 2021 2020 Number of Common Shares (thousands) Amount Number of Common Shares (thousands) Amount Outstanding, Beginning of Year 1,228,870 11,040 1,228,828 11,040 Issued Under the Arrangement, Net of Issuance Costs (Note 5A) 788,518 6,111 — — Issued Upon Exercise of Warrants 314 3 — — Issued Under Stock Option Plans 535 7 42 — Purchase of Common Shares under NCIB (17,026) (145) — — Outstanding, End of Year 2,001,211 17,016 1,228,870 11,040 As at December 31, 2021, there were 30 million (December 31, 2020 – 27 million) common shares available for future issuance under the stock option plan. C) Normal Course Issuer Bid On November 4, 2021, the TSX accepted the Company's implementation of a NCIB to purchase up to 146.5 million common shares during the twelve-month period commencing November 9, 2021, and ending November 8, 2022. For the year ended December 31, 2021, the Company purchased 17 million common shares through the NCIB. The shares were purchased at a weighted average price of $15.56 per common share for a total of $265 million. Paid in surplus was reduced by $120 million, representing the excess of the purchase price of common shares over their average carrying value. The shares were subsequently cancelled. As of February 7, 2022, Cenovus purchased an additional 9 million common shares for $160 million. D) Issued and Outstanding – Preferred Shares As at December 31, 2021 Number of Preferred Shares (thousands) Amount Outstanding, Beginning of Year — — Issued Under the Arrangement (Note 5A) 36,000 519 Outstanding, End of Year 36,000 519 As at December 31, 2021 Dividend Reset Date Dividend Rate Number of Preferred Shares (thousands) Series 1 First Preferred Shares March 31, 2026 2.58 % 10,740 Series 2 First Preferred Shares March 31, 2026 1.86 % 1,260 Series 3 First Preferred Shares December 31, 2024 4.69 % 10,000 Series 5 First Preferred Shares March 31, 2025 4.59 % 8,000 Series 7 First Preferred Shares June 30, 2025 3.94 % 6,000 Series 1 First Preferred Shares In March 2021, 274 thousand series 1 first preferred shares were tendered for conversion into series 2 first preferred shares. The new annual fixed-rate dividend applicable to the series 1 first preferred shares for the five Series 2 First Preferred Shares In March 2021, 578 thousand series 2 first preferred shares were tendered for conversion into series 1 first preferred shares. Holders of the series 2 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 1.73 percent. Holders of series 2 first preferred shares will have the right, at their option, to convert their shares into series 1 first preferred shares, subject to certain conditions, on March 31, 2026, and on March 31 every five years thereafter. The floating-rate dividend was 1.92 percent for the previous period ending December 30, 2021. The new quarterly floating-rate dividend applicable for the period commencing December 31, 2021, to March 30, 2022, is 1.86 percent. Series 3 First Preferred Shares The dividend rate will be reset every five years at the rate equal to the five-year Government of Canada bond yield plus 3.13 percent. Holders of series 3 first preferred shares will have the right, at their option, to convert their shares into series 4 first preferred shares, subject to certain conditions, on December 31, 2024, and on December 31 every five years thereafter. Holders of the series 4 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 3.13 percent. Series 5 First Preferred Shares The dividend rate will be reset every five years at the rate equal to the five-year Government of Canada bond yield plus 3.57 percent. Holders of series 5 first preferred shares will have the right, at their option, to convert their shares into series 6 first preferred shares, subject to certain conditions, on March 31, 2025, and on March 31 every five years thereafter. Holders of the series 6 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 3.57 percent. Series 7 First Preferred Shares The dividend rate will be reset every five years at the rate equal to the five-year Government of Canada bond yield plus 3.52 percent. Holders of series 7 first preferred shares will have the right, at their option, to convert their shares into series 8 first preferred shares, subject to certain conditions, on June 30, 2025, and on June 30 every five years thereafter. Holders of the series 8 first preferred shares will be entitled to receive cumulative quarterly floating dividends, reset every quarter, at a rate equal to the 90-day Government of Canada Treasury Bill yield plus 3.52 percent. Second Preferred Shares There were no second preferred shares outstanding as at December 31, 2021 (December 31, 2020 – nil). As at December 31, 2021 Number of Warrants (thousands) Amount Outstanding, Beginning of Year — — Issued Under the Arrangement (Note 5A) 65,433 216 Exercised (314) (1) Outstanding, End of Year 65,119 215 The exercise price of the Cenovus Warrants issued under the Arrangement is $6.54 per share

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Accumulated Other Comprehensive Income Loss [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	31. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Pension and Other Post-Retirement Benefits Private Equity Instruments Foreign Currency Translation Adjustment Total As at December 31, 2019 (2) 27 802 827 Other Comprehensive Income (Loss), Before Tax (10) — (44) (54) Income Tax (Expense) Recovery 2 — — 2 As at December 31, 2020 (10) 27 758 775 Other Comprehensive Income (Loss), Before Tax 47 — (129) (82) Income Tax (Expense) Recovery (9) — — (9) As at December 31, 2021 28 27 629 684

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Stock-Based Compensation Plans	32. STOCK-BASED COMPENSATION PLANS A) Employee Stock Options Cenovus has an Employee Stock Option Plan that provides employees with the opportunity to exercise an option to purchase a common share of the Company. Option exercise prices approximate the market value for the common shares on the date the options were issued. Options granted are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years and are fully exercisable after three years. Options expire after seven years. Options issued by the Company have associated NSRs. The NSRs, in lieu of exercising the option, gives the option holder the right to receive the number of common shares that could be acquired with the excess value of the market price of Cenovus’s common shares at the time of exercise over the exercise price of the option. Alternatively, the holder may elect to exercise the option and receive a net cash payment equal to the excess of the market price received from the sale of the common shares over the exercise price of the option. The NSRs vest and expire under the same terms and conditions as the underlying options. Stock Options With Associated Net Settlement Rights The weighted average unit fair value of NSRs granted during the year ended December 31, 2021, was $3.27 before considering forfeitures, which are considered in determining total cost for the period. The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows: Risk-Free Interest Rate 0.67 % Expected Dividend Yield 0.76 % Expected Volatility (1) 38.98 % Expected Life (years) 5.76 (1) Expected volatility has been based on historical share volatility of the Company. The following tables summarize information related to the NSRs: Number of Stock Options with Associated Net Settlement Rights Weighted Average Exercise Price For the year ended December 31, 2021 (thousands) ($) Outstanding, Beginning of Year 30,597 18.52 Granted 6,345 8.89 Exercised (529) 10.51 Forfeited (66) 15.17 Expired (9,114) 28.61 Outstanding, End of Year 27,233 13.06 Outstanding Exercisable As at December 31, 2021 Number of Stock Options with Associated Net Settlement Rights Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Stock Options with Associated Net Settlement Rights Weighted Average Exercise Price Range of Exercise Price ($) (thousands) (Years) ($) (thousands) ($) 5.00 to 9.99 8,365 5.26 8.92 2,478 9.48 10.00 to 14.99 13,126 4.29 12.26 8,729 12.54 15.00 to 19.99 2,680 1.31 19.47 2,680 19.47 20.00 to 24.99 3,062 0.15 22.25 3,062 22.25 27,233 3.83 13.06 16,949 14.94 The Arrangement on January 1, 2021, resulted in the accelerated vesting of outstanding NSRs held by non-executive employees and certain non-executive officers of the Company. In accordance with their terms, 2.7 million NSRs vested and were exercisable as a result of the accelerated vesting on January 1, 2021. Cenovus Replacement Stock Options In connection with the Arrangement, at the closing of the transaction on January 1, 2021, outstanding Husky stock options were replaced by Cenovus replacement stock options. Each Cenovus replacement stock option entitles the holder to acquire 0.7845 of a Cenovus common share at an exercise price per share of a Husky stock option divided by 0.7845. In the year ended December 31, 2021, eight thousand Cenovus replacement stock options were exercised and settled for six thousand common shares (see Note 30) and 782 thousand Cenovus replacement stock options, with a weighted average exercise price of $3.64, were exercised and net settled for cash. The following tables summarize the information related to the Cenovus replacement stock options held by Cenovus employees: Number of Cenovus Replacement Stock Options Weighted Average Exercise Price For the year ended December 31, 2021 (thousands) ($) Outstanding, Beginning of Year — — Granted 18,882 15.31 Exercised (790) 3.64 Forfeited (3,582) 14.08 Expired (2,254) 20.07 Outstanding, End of Year 12,256 15.21 Outstanding Exercisable As at December 31, 2021 Number of Cenovus Replacement Stock Options Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Cenovus Replacement Stock Options Weighted Average Exercise Price Range of Exercise Price ($) (thousands) (Years) ($) (thousands) ($) 3.00 to 4.99 3,602 2.68 3.54 772 3.54 5.00 to 9.99 164 3.20 6.03 34 5.95 10.00 to 14.99 58 2.67 12.66 41 12.62 15.00 to 19.99 2,896 1.77 18.43 2,012 18.47 20.00 to 24.99 5,384 0.68 21.23 5,384 21.23 25.00 to 29.99 152 1.58 27.88 152 27.88 12,256 1.58 15.21 8,395 18.96 B) Performance Share Units Cenovus has granted PSUs to certain employees under its Performance Share Unit Plan for Employees. PSUs are time-vested whole-share units that entitle employees to receive, upon vesting, either a common share of Cenovus or a cash payment equal to the value of a Cenovus common share. The number of PSUs eligible to vest is determined by a multiplier that ranges from zero percent to 200 percent and is based on the Company achieving key pre-determined performance measures. PSUs vest after three The Company has recorded a liability of $61 million as at December 31, 2021, (2020 – $65 million) in the Consolidated Balance Sheets for PSUs based on the market value of Cenovus’s common shares at the end of the year. PSUs are paid out upon vesting and as a result, the intrinsic value was $nil as at December 31, 2021. The Arrangement on January 1, 2021, resulted in the accelerated vesting of outstanding PSUs held by non-executive employees and certain non-executive officers of the Company. As a result, the intrinsic value was $51 million as at December 31, 2020. In accordance with their terms, 7.1 million PSUs were settled, in cash, subsequent to December 31, 2020, based on the 30-day volume weighted average trading price prior to the date of closing. The following table summarizes the information related to the PSUs held by Cenovus employees: Number of Performance Share Units For the year ended December 31, 2021 (thousands) Outstanding, Beginning of Year 9,284 Granted 6,175 Vested and Paid Out (8,085) Cancelled (261) Units in Lieu of Dividends 50 Outstanding, End of Year 7,163 C) Restricted Share Units Cenovus has granted RSUs to certain employees under its Restricted Share Unit Plan for Employees. RSUs are whole-share units and entitle employees to receive, upon vesting, either a common share of Cenovus or a cash payment equal to the value of a Cenovus common share. RSUs generally vest over three RSUs are accounted for as liability instruments and are measured at fair value based on the market value of Cenovus’s common shares at each period end. The fair value is recognized as stock-based compensation costs over the vesting period. Fluctuations in the fair value are recognized as stock-based compensation costs in the period they occur. The Company has recorded a liability of $53 million as at December 31, 2021, (2020 – $61 million) in the Consolidated Balance Sheets for RSUs based on the market value of Cenovus’s common shares at the end of the year. As RSUs are paid out upon vesting and as a result, the intrinsic value of vested RSUs was $nil as at December 31, 2021. The intrinsic value was $60 million as at December 31, 2020, due to the accelerated vesting of outstanding RSUs held by employees and certain non-executive officers of the Company as a result from the Arrangement. In accordance with their terms, 8.2 million RSUs were settled in cash in 2021 based on the 30-day volume weighted average trading price prior to the date of closing. The following table summarizes the information related to the RSUs held by Cenovus employees: Number of Restricted Share Units For the year ended December 31, 2021 (thousands) Outstanding, Beginning of Year 8,430 Granted 6,435 Vested and Paid Out (8,420) Cancelled (463) Units in Lieu of Dividends 43 Outstanding, End of Year 6,025 D) Deferred Share Units Under two Deferred Share Unit Plans, Cenovus directors, officers and certain employees may receive DSUs, which are equivalent in value to a common share of the Company. Eligible employees have the option to convert either zero, 25 or 50 percent of their annual bonus award into DSUs. DSUs vest immediately, are redeemed in accordance with the terms of the agreement and expire on December 15 of the calendar year following the year of cessation of directorship or employment. The Company has recorded a liability of $20 million as at December 31, 2021, (2020 – $10 million) in the Consolidated Balance Sheets for DSUs based on the market value of Cenovus’s common shares at the end of the year. The intrinsic value of vested DSUs equals the carrying value as DSUs vest at the time of grant. In connection with the Arrangement, the termination of a DSU holder that is a Cenovus director or employee will result in the settlement and redemption of DSUs, in cash based on the five day volume weighted average trading price prior to the date of redemption, in accordance with the terms of the related DSU Plan. The following table summarizes the information related to the DSUs held by Cenovus directors, officers and employees: Number of Deferred Share Units For the year ended December 31, 2021 (thousands) Outstanding, Beginning of Year 1,333 Granted to Directors 273 Granted 80 Units in Lieu of Dividends 10 Redeemed (440) Outstanding, End of Year 1,256 E) Total Stock-Based Compensation For the years ended December 31, 2021 2020 2019 Stock Options With Associated Net Settlement Rights 14 11 9 Cenovus Replacement Stock Options 26 — — Performance Share Units 56 19 15 Restricted Share Units 48 23 34 Deferred Share Units 15 (4) 9 Stock-Based Compensation Expense (Recovery) 159 49 67 Stock-Based Compensation Costs Capitalized 8 16 20 Total Stock-Based Compensation 167 65 87

Employee Salaries and Benefit E

Employee Salaries and Benefit Expenses	12 Months Ended
	Dec. 31, 2021
Disclosure Of Salaries And Employee Benefits [Abstract]
Employee Salaries and Benefit Expenses	33. EMPLOYEE SALARIES AND BENEFIT EXPENSES For the years ended December 31, 2021 2020 2019 Salaries, Bonuses and Other Short-Term Employee Benefits 1,327 605 567 Post-Employment Benefits 89 33 29 Stock-Based Compensation (Note 32) 159 49 67 Other Incentive Benefits 201 (4) 31 Termination Benefits 180 9 6 1,956 692 700

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
RELATED PARTY TRANSACTIONS	34. RELATED PARTY TRANSACTIONS A) Key Management Compensation Key management includes Directors (executive and non-executive), Executive Officers, Senior Vice-Presidents and Vice-Presidents. The compensation paid or payable to key management is: For the years ended December 31, 2021 2020 2019 Salaries, Director Fees and Other Short-Term Benefits 69 21 24 Post-Employment Benefits 4 3 2 Stock-Based Compensation 72 15 22 Other Incentive Benefits 4 1 1 Termination Benefits 3 6 — 152 46 49 Post-employment benefits represent the present value of future pension benefits earned during the year. B) Other Related Party Transactions Transactions with HMLP are related party transactions as the Company has a 35 percent ownership interest (see Note 20). As the operator of the assets held by HMLP, Cenovus provides management services for which it recovers shared service costs. The Company is also the contractor for HMLP and constructs its assets based on fixed price contracts or a cost recovery basis with certain restrictions. For the year ended December 31, 2021, the Company charged HMLP $243 million for construction costs and management services.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
FINANCIAL INSTRUMENTS	35. FINANCIAL INSTRUMENTS A) Fair Value of Non-Derivative Financial Instruments The fair values of cash and cash equivalents, accounts receivable and accrued revenues, accounts payable and accrued liabilities, and short-term borrowings approximate their carrying amount due to the short-term maturity of these instruments. The fair values of restricted cash, long-term receivables and net investment in finance leases approximate their carrying amount due to the specific non-tradeable nature of these instruments. Long-term debt is carried at amortized cost. The estimated fair value of long-term borrowings has been determined based on period-end trading prices of long-term borrowings on the secondary market (Level 2). As at December 31, 2021, the carrying value of Cenovus’s long-term debt was $12.4 billion and the fair value was $13.7 billion (December 31, 2020 carrying value – $7.4 billion, fair value – $8.6 billion). Equity investments classified as FVOCI comprise equity investments in private companies. The Company classifies certain private equity instruments at FVOCI as they are not held for trading and fair value changes are not reflective of the Company’s operations. These assets are carried at fair value on the Consolidated Balance Sheets in other assets. Fair value is determined based on recent private placement transactions (Level 3) when available. The following table provides a reconciliation of changes in the fair value of private equity instruments classified at FVOCI: 2021 2020 Fair Value, Beginning of Year 52 52 Acquisition (Note 5A) 1 — Fair Value, End of Year 53 52 B) Fair Value of Risk Management Assets and Liabilities The Company’s risk management assets and liabilities consist of crude oil, natural gas and refined product swaps, futures, and if entered into, forwards, options, as we ll as condensate futures and swaps, f oreign exchange and interest rate swaps. Crude oil, condensate, natural gas and refined product contracts are recorded at their estimated fair value based on the difference between the contracted price and the period-end forward price for the same commodity, using quoted market prices or the period-end forward price for the same commodity extrapolated to the end of the term of the contract (Level 2). The fair value of foreign exchange swaps are calculated using external valuation models which incorporate observable market data, including foreign exchange forward curves (Level 2) and the fair value of interest rate swaps are calculated using external valuation models which incorporate observable market data, including interest rate yield curves (Level 2). The fair value of cross currency interest rate swaps are calculated using external valuation models which incorporate observable market data, including foreign exchange forward curves (Level 2) and interest rate yield curves (Level 2). Summary of Unrealized Risk Management Positions 2021 2020 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Crude Oil, Natural Gas, Condensate and Refined Products 46 116 (70) 5 58 (53) Exchange Rate Contracts 2 — 2 — — — 48 116 (68) 5 58 (53) The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value: As at December 31, 2021 2020 Level 2 – Prices Sourced From Observable Data or Market Corroboration (68) (53) Prices sourced from observable data or market corroboration refers to the fair value of contracts valued in part using active quotes and in part using observable, market-corroborated data. The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities from January 1 to December 31: 2021 2020 Fair Value of Contracts, Beginning of Year (53) 3 Acquisition (Note 5A) (14) — Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered Into During the Year (995) (308) Fair Value of Contracts Realized During the Year 993 252 Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts 1 — Fair Value of Contracts, End of Year (68) (53) Financial assets and liabilities are offset only if Cenovus has the current legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. Cenovus offsets risk management assets and liabilities when the counterparty, commodity, currency and timing of settlement are the same. No additional unrealized risk management positions are subject to an enforceable master netting arrangement or similar agreement that are not otherwise offset. 2021 2020 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Recognized Risk Management Positions Gross Amount 263 331 (68) 70 123 (53) Amount Offset (215) (215) — (65) (65) — Net Amount 48 116 (68) 5 58 (53) The derivative liabilities do not have credit risk-related contingent features. Due to credit practices that limit transactions according to counterparties’ credit quality, the change in fair value through profit or loss attributable to changes in the credit risk of financial liabilities is immaterial. Cenovus pledges cash collateral with respect to certain of these risk management contracts, which is not offset against the related financial liability. The amount of cash collateral required will vary daily over the life of these risk management contracts as commodity prices change. Additional cash collateral is required if, on a net basis, risk management payables exceed risk management receivables on a particular day. As at December 31, 2021, $114 million was pledged as cash collateral (2020 – $59 million). C) Fair Value of Contingent Payment As at December 31, 2021, average WCS forward pricing for the remaining term of the contingent payment is $77.87 per barrel. The average implied volatility of WTI options and the Canadian-U.S. dollar foreign exchange rate options used to value the contingent payment were 39.5 percent and 6.4 percent, respectively. Changes in the following inputs to the option pricing model, with fluctuations in all other variables held constant, could have resulted in unrealized gains (losses) impacting earnings before income tax as follows: As at December 31, 2021 Sensitivity Range Increase Decrease WCS Forward Prices ± $5.00 per barrel (45) 45 As at December 31, 2020 Sensitivity Range Increase Decrease WCS Forward Prices ± $5.00 per barrel (41) 32 WTI Option Implied Volatility ± five percent (18) 17 Canadian to U.S. Dollar Foreign Exchange Rate Option Implied Volatility ± five percent 7 (10) The impact of a five percent increase or decrease in WTI option price volatility and the Canadian-U.S. dollar foreign exchange rate options would result in nominal unrealized gains (losses) to earnings before income tax. D) Earnings Impact of (Gains) Losses From Risk Management Positions For the years ended December 31, 2021 2020 2019 Realized (Gain) Loss 993 252 7 Unrealized (Gain) Loss 2 56 149 (Gain) Loss on Risk Management 995 308 156

Risk Management

Risk Management	12 Months Ended
	Dec. 31, 2021
Risk Management [Abstract]
Risk Management	36. RISK MANAGEMENT Cenovus is exposed to financial risks, including market risk related to commodity prices, foreign exchange rates, interest rates as well as credit risk and liquidity risk. To manage exposure to commodity price movements between when products are produced or purchased and when sold to the customer or used by Cenovus, the Company may periodically enter into financial positions as a part of ongoing operations to market the Company’s production and physical inventory positions of crude oil and condensate volumes. The Company has entered into risk management positions to both help capture incremental margin expected to be received in future periods at the time products will be sold and to mitigate overall exposure to fluctuations in commodity prices related to inventories and physical sales. Mitigation of commodity price volatility may utilize financial positions to protect both near-term and future cash flows. As at December 31, 2021, the fair value of financial positions was a net liability of $68 million a nd pr imarily consisted of crude oil, condensate, natural gas and foreign exchange rate instruments. To manage exposure to interest rate volatility, the Company may periodically enter into interest rate swap contracts. To mitigate the Company’s exposure to foreign exchange rate fluctuations, the Company periodically enters into foreign exchange contracts. To manage interest costs on short-term borrowings, the Company periodically enters into cross currency interest rate swaps. As at December 31, 2021, there were foreign exchange contracts with a notional value of US$144 million outstanding and no interest rate or cross currency interest rate swap contracts outstanding. Net Fair Value of Risk Management Positions As at December 31, 2021 Notional Volumes (1) (2) Terms (3) Weighted Average Price (1) (2) Fair Value Asset (Liability) Crude Oil and Condensate Contracts WTI Fixed – Sell 61.8 MMbbls January 2022 - June 2023 US$72.19/bbl (188) WTI Fixed – Buy 25.3 MMbbls January 2022 - June 2023 US$71.55/bbl 94 Other Financial Positions (4) 24 Foreign Exchange Contracts 2 Total Fair Value (68) (1) Million barrels (“MMbbls”). Barrel (“bbl”). (2) Notional volumes and weighted average price represent various contracts over the respective terms. The notional volumes and weighted average price may fluctuate from month to month as it represents the averages for various individual contracts with different terms. (3) Contract terms represent various individual contracts with different terms, and range from one (4) Other financial positions consists of risk management positions related to WCS, heavy oil and condensate differential contracts, Belvieu fixed contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts, and the Company's U.S. Manufacturing and Marketing activities. A) Commodity Price Risk Commodity price risk arises from the effect that fluctuations of forward commodity prices may have on the fair value or future cash flows of financial assets and liabilities. To partially mitigate exposure to commodity price risk, the Company has entered into various financial derivative instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. The Company’s policy does not allow the use of derivative instruments for speculative purposes. Crude Oil – The Company has used commodity futures and swaps, basis price risk management contracts, and options contracts to partially mitigate its exposure to the commodity price risk on its crude oil sales and to protect both near-term and future cash flows. Cenovus has entered into a number of transactions to help protect against widening light/heavy crude oil price differentials and to manage exposure to commodity price movements between when products are produced or purchased and when sold to the customer or used by Cenovus. In addition, the Company has entered into risk management positions to help mitigate the risk to incremental margin expected to be received in future periods at the time products will be sold. Condensate – The Company has used commodity futures and swaps, as well as basis price risk management contracts to partially mitigate its exposure to the commodity price risk on its condensate transactions. Natural Gas – The Company has used fixed price and basis instruments to partially mitigate its natural gas commodity price risk. Sensitivities The following table summarizes the sensitivity of the fair value of Cenovus’s risk management positions to independent fluctuations in commodity prices and foreign exchange rates, with all other variables held constant. Management believes the fluctuations identified in the table below are a reasonable measure of volatility. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows: As at December 31, 2021 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges (225) 225 WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production 4 (4) Refined Products Commodity Price ± US$5.00/bbl Applied to Heating Oil and Gasoline Hedges (2) 2 U.S. to Canadian Dollar Exchange Rate ± 0.05 in the U.S. to Canadian Dollar Exchange Rate 11 (12) As at December 31, 2020 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges (44) 44 WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production (2) 2 B) Foreign Exchange Risk Foreign exchange risk arises from changes in foreign exchange rates that may affect the fair value or future cash flows of Cenovus’s financial assets or liabilities. As Cenovus operates in North America, fluctuations in the exchange rate between the U.S./Canadian dollar can have a significant effect on reported results. As disclosed in Note 8, Cenovus’s foreign exchange (gain) loss primarily includes unrealized foreign exchange gains and losses on the translation of the U.S. dollar debt issued from Canada. As at December 31, 2021, Cenovus had US$7.4 billion in U.S. dollar debt issued from Canada (2020 – US$5.9 billion). In respect of these financial instruments, the impact of changes in the Canadian per U.S. dollar exchange rate would have resulted in a change to the foreign exchange (gain) loss as follows: As at December 31, 2021 2020 $0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate 372 300 $0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate (372) (300) C) Interest Rate Risk Interest rate risk arises from changes in market interest rates that may affect earnings, cash flows and valuations. Cenovus has the flexibility to partially mitigate its exposure to interest rate changes by maintaining a mix of both fixed and floating rate debt. To manage exposure to interest rate volatility, the Company periodically enters into interest rate swap contracts. As at December 31, 2021, Cenovus had no interest rate swap contracts outstanding (2020 – $nil). To manage interest costs on short-term borrowings, the Company periodically enters into cross currency interest rate swaps. As at December 31, 2021, Cenovus had no cross currency interest rate swap contracts outstanding (2020 – $nil). As at December 31, 2021, the increase or decrease in net earnings for a one percent change in interest rates on floating rate debt amounts to $1 million (2020 – $1 million). This assumes the amount of fixed and floating debt remains unchanged from respective balance sheet dates. D) Credit Risk Cenovus assesses the credit risk of new counterparties and continues risk-based monitoring of all counterparties on an ongoing basis. A substantial portion of Cenovus’s accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks. Cenovus’s exposure to its counterparties is within credit policy tolerances. The maximum credit risk exposure associated with accounts receivable and accrued revenues, net investment in finance leases, risk management assets and long-term receivables is the total carrying value. As at December 31, 2021, approximately 97 percent of the Company’s accruals, receivables related to Cenovus's joint ventures and joint operations, trade receivables and net investment in finance leases were investment grade, and substantially all of the Company’s accounts receivable were outstanding for less than 60 days. The average expected credit loss on the Company’s accruals, receivables related to Cenovus's joint ventures and joint operations, trade receivables and net investment in finance leases was 0.1 percent as at December 31, 2021 (2020 – 0.5 percent). E) Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet all of its financial obligations as they become due. Liquidity risk also includes the risk of not being able to liquidate assets in a timely manner at a reasonable price. Cenovus manages its liquidity risk through the active management of cash and debt and by maintaining appropriate access to credit, which may be impacted by the Company’s credit ratings. As disclosed in Note 25, over the long term, Cenovus targets a Net Debt to Adjusted EBITDA between 1.0 to 1.5 times to manage the Company’s overall debt position. Cenovus manages its liquidity risk by ensuring that it has access to multiple sources of capital including: cash and cash equivalents, cash from operating activities, undrawn capacity on its committed credit facility and uncommitted demand facilities as well as availability under its base shelf prospectus. As at December 31, 2021, the Company's sources of capital included: • 2.9 billion in cash and cash equivalents. • $6.0 billion available on its committed credit facility. • $1.9 billion available on its uncommitted demand facilities, of which $1.4 billion may be drawn for general purposes, or the full amount may be available to issue letters of credit. • US$88 million and $5 million available on the Company’s proportionate share of the uncommitted demand facilities from WRB and Sunrise, respectively. • US$4.7 billion unused capacity under its base shelf prospectus, availability of which is dependent on market conditions. Undiscounted cash outflows relating to financial liabilities are: As at December 31, 2021 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities 6,353 — — — 6,353 Short-Term Borrowings (1) 79 — — — 79 Long-Term Debt (1)(2) 561 1,608 2,603 14,892 19,664 Contingent Payment 238 — — — 238 Lease Liabilities (1) 453 794 634 3,192 5,073 As at December 31, 2020 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities 2,018 — — — 2,018 Short-Term Borrowings (1) 121 — — — 121 Long-Term Debt (1) 385 1,965 1,966 8,627 12,943 Contingent Payment 36 28 — — 64 Lease Liabilities (1) 254 445 365 1,412 2,476 (1) Principal and interest, including current portion if applicable. (2) On January 10, 2022, the Company announced its intention to redeem the entire outstanding balance of its 3.80 percent notes and 4.00 percent unsecured notes on February 9, 2022. Long-term debt maturities above have not been adjusted for this redemption.

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information	12 Months Ended
	Dec. 31, 2021
Disclosure Of Supplementary Cash Flow Information [Abstract]
Supplementary Cash Flow Information	37. SUPPLEMENTARY CASH FLOW INFORMATION A) Working Capital Working capital is calculated as follows: As at December 31, 2021 2020 Total Current Assets 11,988 2,976 Total Current Liabilities 7,305 2,359 Working Capital 4,683 617 At December 31, 2021, adjusted working capital was $3.8 billion (December 31, 2020 – $653 million), excluding assets held for sale of $1.3 billion (December 31, 2020 – $nil), the current portion of the contingent payment of $236 million (December 31, 2020 – $36 million) and liabilities related to assets held for sale of $186 million (December 31, 2020 – $nil). Changes in non-cash working capital is as follows: For the years ended December 31, 2021 2020 2019 Accounts Receivable and Accrued Revenues (953) 77 (475) Income Tax Receivable (1) (12) 150 Inventories (1,646) 450 (408) Accounts Payable and Accrued Liabilities 1,645 (338) 283 Income Tax Payable 87 (17) — Total Non-Cash Working Capital (868) 160 (450) Cash From (Used in) Operating (1,227) 198 (333) Cash From (Used in) Investing 359 (38) (117) Total Non-Cash Working Capital (868) 160 (450) For the years ended December 31, 2021 2020 2019 Interest Paid 811 381 457 Interest Received 24 5 12 Income Taxes Paid 209 18 17 B) Reconciliation of Liabilities The following table provides a reconciliation of liabilities to cash flows arising from financing activities: Dividends Payable Short-Term Borrowings Long-Term Debt Lease Liabilities As at December 31, 2018 — — 9,164 — Adjustment for Change in Accounting Policy (1) — — — 1,494 Changes From Financing Cash Flows: (Repayment) of Long-Term Debt — — (2,279) — Net Issuance (Repayment) of Revolving Long-Term — — 276 — Common Share Dividends Paid (260) — — — Principal Repayment of Leases — — — (150) Non-Cash Changes: Common Share Dividends Declared 260 — — — Foreign Exchange (Gain) Loss — — (399) (23) Net Premium (Discount) on Redemption of — — (63) — Lease Additions — — — 590 Lease Terminations — — — (11) Lease Re-measurements — — — 15 Other — — — 1 As at December 31, 2019 — — 6,699 1,916 Changes From Financing Cash Flows: Common Share Dividends Paid (77) — — — Net Issuance (Repayment) of Short-Term Borrowings — 117 — — Issuance of Long-Term Debt — — 1,326 — (Repayment) of Long-Term Debt — — (112) — (Repayment) of Revolving Long-Term Debt — — (220) — Principal Repayment of Leases — — — (197) Non-Cash Changes: Common Share Dividends Declared 77 — — — Foreign Exchange (Gain) Loss, Net — 4 (231) (6) Net Premium (Discount) on Redemption of — — (25) — Finance Costs — — 5 — Lease Additions — — — 49 Lease Terminations — — — (1) Lease Modifications — — — (2) Lease Re-measurements — — — (2) Other — — (1) — As at December 31, 2020 — 121 7,441 1,757 (1) Effective January 1, 2019, the Company adopted International Financial Reporting Standard 16, "Leases" . (Continued) Dividends Payable Short-Term Borrowings Long-Term Debt Lease Liabilities Acquisition (see Note 5A) — 40 6,602 1,441 Changes From Financing Cash Flows: Common Share Dividends Paid (176) — — — Preferred Share Dividends Paid (34) — — — Net Issuance (Repayment) of Short-Term Borrowings — (77) — — Net Issuance (Repayment) of Revolving Long-Term — — (350) — Issuance of Long-Term Debt — — 1,557 — (Repayment) of Long-Term Debt — — (2,870) — Principal Repayment of Leases — — — (300) Non-Cash Changes: Common Share Dividends Declared 176 — — — Preferred Share Dividends Declared 34 — — — Foreign Exchange (Gain) Loss, Net — (5) (57) (10) Net Premium (Discount) on Redemption of — — 121 — Finance Costs — — (59) — Lease Additions — — — 110 Lease Terminations — — — (1) Lease Modifications — — — 22 Lease Re-Measurements — — — (4) Transfers to Liabilities Related to Assets Held for Sale — — — (58) As at December 31, 2021 — 79 12,385 2,957

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies [Abstract]
Commitments and Contingencies	38. COMMITMENTS AND CONTINGENCIES A) Commitments Cenovus has entered into various commitments in the normal course of operations primarily related to demand charges on firm transportation agreements. In addition, the Company has commitments related to its risk management program. Future payments for the Company’s commitments are below: As at December 31, 2021 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) 3,288 3,567 3,373 2,146 2,012 16,600 30,986 Real Estate (2) 44 43 52 54 57 658 908 Obligation to Fund Equity-Accounted Affiliate (3) 68 85 99 90 90 210 642 Other Long-Term Commitments 509 156 145 136 150 1,214 2,310 Total Payments (4) 3,909 3,851 3,669 2,426 2,309 18,682 34,846 As at December 31, 2020 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) 1,014 954 1,341 1,444 1,107 15,537 21,397 Real Estate (2) 34 36 38 41 44 604 797 Other Long-Term Commitments 105 47 32 32 24 85 325 Total Payments (4) 1,153 1,037 1,411 1,517 1,175 16,226 22,519 (1) Includes transportation commitments of $8.1 billion (December 31, 2020 – $14.0 billion) that are subject to regulatory approval or have been approved, but are not yet in service. Terms are up to 20 years subsequent to the date of commencement. (2) Relates to the non-lease components of lease liabilities consisting of operating costs and unreserved parking for office space. Excludes committed payments for which a provision has been provided. (3) Relates to funding obligations to HCML. (4) Commitments are reflected at Cenovus's proportionate share of the underlying contract. The Arrangement resulted in the assumption of Husky’s non-cancellable contracts and other commercial commitments. As at January 1, 2021, total commitments assumed by Cenovus were $17.6 billion, of which $7.4 billion were for various transportation and storage commitments. Transportation commitments include $1.7 billion that are subject to regulatory approval or have been approved, but are not yet in service. As at December 31, 2021, the transportation and storage commitments did not include any amounts related to the Keystone XL pipeline due to the cancellation of the Company’s transportation services agreement (December 31, 2020 – $7.0 billion). As at December 31, 2021, the Company had commitments with HMLP that include $2.6 billion related to transportation, storage and other long-term commitments. B) Contingencies Legal Proceedings Cenovus is involved in a limited number of legal claims associated with the normal course of operations. Cenovus believes that any liabilities that might arise from such matters, to the extent not provided for, are not likely to have a material effect on its Consolidated Financial Statements. Decommissioning Liabilities Cenovus is responsible for the retirement of long-lived assets at the end of their useful lives. Cenovus has recorded a liability of $3.9 billion, based on current legislation and estimated costs, related to its producing well sites, upstream processing facilities, surface and subsea plant and equipment, manufacturing facilities, retail and the crude-by-rail terminal. Actual costs may differ from those estimated d ue to changes in legislation and changes in costs. Income Tax Matters The tax regulations and legislation and interpretations thereof in the various jurisdictions in which Cenovus operates are continually changing. As a result, there are usually a number of tax matters under review. Management believes that the provision for taxes is adequate.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Principles of Consolidation	A) Principles of Consolidation The Consolidated Financial Statements include the accounts of Cenovus and its subsidiaries. Subsidiaries are entities over which the Company has control. Subsidiaries are consolidated from the date of acquisition of control and continue to be consolidated until the date that there is a loss of control. All intercompany transactions, balances, and unrealized gains and losses from intercompany transactions are eliminated on consolidation. Interests in joint arrangements are classified as either joint operations or joint ventures, depending on the rights and obligations of the parties to the arrangement. Joint operations arise when the Company has rights to the assets and obligations for the liabilities of the arrangement. The Company’s accounts reflect its share of the assets, liabilities, revenues and expenses from the Company’s activities that are conducted through joint operations with third parties. A portion of the Company’s activities relate to joint ventures, which are accounted for using the equity method of accounting.
Foreign Currency Translation	B) Foreign Currency Translation Functional and Presentation Currency The Company’s functional and presentation currency is Canadian dollars. The accounts of the Company’s foreign operations that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency at period-end exchange rates for assets and liabilities, and using average rates over the period for revenues and expenses. Translation gains and losses relating to the foreign operations are recognized in OCI as cumulative translation adjustments. When the Company disposes of an entire interest in a foreign operation or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in OCI related to the foreign operation are recognized in net earnings. When the Company disposes of part of an interest in a foreign operation that continues to be a subsidiary, a proportionate amount of gains and losses accumulated in OCI is allocated between controlling and non-controlling interests. Transactions and Balances Transactions in foreign currencies are translated to the respective functional currencies at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities of Cenovus that are denominated in foreign currencies are translated into its functional currency at the rates of exchange in effect at the period-end date. Any gains or losses are recorded in the Consolidated Statements of Earnings (Loss).
Revenue Recognition	C) Revenue Recognition Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Cenovus recognizes revenue when it transfers control of the product or service to a customer, which is generally when title passes from the Company to its customer. Purchases and sales of products that are entered into in contemplation of each other with the same counterparty are recorded on a net basis. Revenues associated with services provided as agent are recorded as the services are provided. Cenovus recognizes revenue from the following major products and services: • Sale of crude oil, NGLs and natural gas. • Sale of petroleum and refined products. • Crude oil and natural gas processing services. • Pipeline transportation, the blending of crude oil and natural gas, and storage of crude oil, diluent and natural gas. • Fee-for-service hydrocarbon trans-loading services. • Construction services. The Company satisfies its performance obligations in contracts with customers upon the delivery of crude oil, NGLs, natural gas, and petroleum and refined products, which is generally at a point in time. Performance obligations for crude oil and natural gas processing revenue, transportation services and trans-loading services are satisfied over time as the service is provided. Cenovus sells its production of crude oil, NGLs, natural gas, and petroleum and refined products generally pursuant to variable price contracts. The transaction price for variable price contracts is based on the commodity price, adjusted for quality, location and other factors. Revenue associated with natural gas processing, transportation services and trans-loading services are generally based on fixed price contracts. Construction revenue is recognized for general contractor services that the Company provides to HMLP and includes fixed price and cost-plus contracts. Revenue from fixed price construction contracts is recognized as performance obligations are met and revenue from cost-plus contracts are recognized as services are performed. The Company has take-or-pay contracts where Cenovus has long-term supply commitments in return for purchasers to pay for minimum quantities, whether or not the customer takes the delivery. If a purchaser has a right to defer delivery to a later date, the performance obligation has not been satisfied and revenue is deferred and recognized only when the product is delivered or the deferral provision can no longer be extended.
Transportation and Blending	D) Transportation and Blending The costs associated with the transportation of crude oil, NGLs and natural gas, including the cost of diluent used in blending, are recognized when the product is sold.
Exploration Expense	E) Exploration Expense Costs incurred prior to obtaining the legal right to explore (pre-exploration costs) are expensed in the period in which they are incurred as exploration expense. Certain costs incurred after the legal right to explore is obtained are initially capitalized. If it is determined that the field/project/area is not technically feasible and commercially viable or if the Company decides not to continue the exploration and evaluation activity, the unrecoverable accumulated costs are expensed as exploration expense.
Employee Benefit Plans	F) Employee Benefit Plans The Company provides employees with a pension plan that includes either a defined contribution or defined benefit component. Other post-employment benefit (“OPEB”) plans are also provided to qualifying employees. In some cases, the benefits are provided through medical care plans to which the Company, the employees, the retirees and covered family members contribute. In some plans, benefits are not funded before retirement. Pension expense for the defined contribution pension is recorded as the benefits are earned. The cost of the defined benefit pension and OPEB plans are actuarially determined using the projected unit credit method. The amount recognized in other liabilities on the Consolidated Balance Sheets for the defined benefit pension and OPEB plans is the present value of the defined benefit obligation less the fair value of plan assets. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. Changes in the defined benefit obligation from service costs, net interest and remeasurements are recognized as follows: • Service costs, including current service costs, past service costs, gains and losses on curtailments, and settlements, are recorded with pension benefit costs. • Net interest is calculated by applying the same discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit asset or liability measured. Interest expense and interest income on net post-employment benefit liabilities and assets are recorded with pension benefit costs in operating, and general and administrative expenses, as well as PP&E and E&E assets. • Remeasurements, composed of actuarial gains and losses, the effect of changes to the asset ceiling (excluding interest) and the return on plan assets (excluding interest income), are charged or credited to equity in OCI in the period in which they arise. Remeasurements are not reclassified to net earnings in subsequent periods. Pension benefit costs are recorded in operating, and general and administrative expenses, as well as PP&E and E&E assets, corresponding to where the associated salaries of the employees rendering the service are recorded.
Government Grants	G) Government GrantsGovernment grants are recognized when there is reasonable assurance that the grant will be received and all conditions associated with the grant are met. If a grant is received, but reasonable assurance and compliance with conditions is not achieved, the grant is recognized as a deferred liability until the conditions are fulfilled. Grants related to assets are recorded as a reduction to the asset’s carrying value and are depreciated over the useful life of the asset. Claims under government grant programs related to income are recorded as other income in the period in which eligible expenses were incurred or when the services have been performed.
Income Taxes	H) Income Taxes Income taxes comprise current and deferred taxes. Income taxes are provided for on a non-discounted basis at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Consolidated Balance Sheet date. Cenovus follows the liability method of accounting for income taxes, where deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the substantively enacted income tax rates expected to apply when the assets are realized or liabilities are settled. Deferred income tax balances are adjusted to reflect changes in income tax rates that are substantively enacted with the adjustment being recognized in net earnings in the period that the change occurs, except when it relates to items charged or credited directly to equity or OCI, in which case the deferred income tax is also recorded in equity or OCI, respectively. Deferred income tax is recognized on temporary differences arising from investments in subsidiaries except in the case where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future or when distributions can be made without incurring income taxes. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax assets and liabilities are only offset where they arise within the same entity and tax jurisdiction. Deferred income tax assets and liabilities are presented as non-current.
Related Party Transactions	I) Related Party Transactions The Company enters into transactions and agreements in the normal course of business with certain related parties, joint arrangements and associates. Proceeds from the disposition of assets to related parties are recognized at fair value. Independent opinions of fair value may be obtained to confirm the estimated fair value of proceeds.
Net Earnings per Share Amounts	J) Net Earnings per Share Amounts Basic net earnings per share is computed by dividing net earnings by the weighted average number of common shares outstanding during the period. Diluted net earnings per share is calculated giving effect to the potential dilution that would occur if stock options or other contracts to issue common shares were exercised or converted to common shares. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to purchase common shares at the average market price. For those contracts that may be settled in cash or in shares at the holder’s option, the more dilutive of cash settlement and share settlement is used in calculating diluted earnings per share.
Cash and Cash Equivalents	K) Cash and Cash Equivalents Cash and cash equivalents include short-term investments, such as money market deposits or similar type instruments with a maturity of three months or less. When outstanding cheques are in excess of cash on hand and short-term deposits, and the Company has the ability to net settle, the excess is reported in bank operating loans.
Inventories	L) Inventories Product inventories are valued at the lower of cost and net realizable value on a first-in, first-out or weighted average cost basis. The cost of inventory includes all costs incurred in the normal course of business to bring each product to its present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less any expected selling costs. If the carrying amount exceeds net realizable value, a write-down is recognized. The write-down may be reversed in a subsequent period if circumstances which caused it no longer exist and the inventory is still on hand.
Exploration and Evaluation Assets	M) Exploration and Evaluation Assets Certain costs incurred after the legal right to explore an area has been obtained, and before technical feasibility and commercial viability of the field/project/area have been established, are capitalized as E&E assets. E&E assets are carried forward until technical feasibility and commercial viability of the field/project/area is established or the assets are determined to be impaired or the future economic value has decreased. E&E assets are subject to regular technical, commercial and Management review to confirm the continued intent to develop the resources. Assets classified as E&E may have sales of crude oil, NGLs or natural gas prior to the reclassification to PP&E. These operating results are recognized in the Consolidated Statements of Earnings (Loss). A depletion charge, recorded as depreciation, depletion and amortization (“DD&A”), is recognized on this production using a unit-of-production method based on estimated proved reserves determined using forward prices and costs and considering any estimated future costs to be incurred in developing the proved reserves. Natural gas reserves are converted on an energy equivalent basis. Non-producing assets classified as E&E are not depleted. Once technical feasibility and commercial viability have been established, the carrying value of the E&E asset is tested for impairment. The carrying value, net of any impairment loss, is then reclassified as PP&E. Any gains or losses from the divestiture of E&E assets are recognized in net earnings.
Property, Plant and Equipment	N) Property, Plant and Equipment General PP&E is stated at cost less accumulated DD&A, and net of any impairment losses. Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Land is not depreciated. Any gains or losses from the divestiture of PP&E are recognized in net earnings. Crude Oil and Natural Gas Properties Development and production assets are capitalized on an area-by-area basis and include all costs associated with the development and production of crude oil and natural gas properties and related infrastructure facilities, as well as any E&E expenditures incurred in finding reserves of crude oil, NGLs or natural gas transferred from E&E assets. Capitalized costs include directly attributable internal costs, decommissioning liabilities and, for qualifying assets, borrowing costs directly associated with the acquisition of, the exploration for, and the development of crude oil and natural gas reserves. For onshore assets, which includes assets from the Oil Sands and Conventional segments, costs accumulated within each area are depleted using the unit-of-production method based on estimated proved reserves determined using forward prices and costs. Offshore assets are depleted using the unit-of-production method based on estimated proved developed producing reserves or proved plus probable reserves determined using forward prices and costs. For the purpose of these calculations, natural gas is converted to crude oil on an energy equivalent basis. The unit-of-production method based on proved reserves or proved plus probable reserves takes into account any expenditures incurred to date together with future development costs to be incurred in developing those reserves. Exchanges of development and production assets are measured at fair value unless the transaction lacks commercial substance or the fair value of either the asset received, or the asset given up, cannot be reliably measured. When fair value is not used, the carrying amount of the asset given up is used as the cost of the asset acquired. Included in oil and gas properties are information technology assets used to support the upstream business and are depreciated on a straight-line basis over their useful lives of three years. Gross overriding royalty interests (“GORRs”) in certain crude oil and natural gas properties are depleted using a unit-of-production method. Manufacturing Assets The initial costs of refining and upgrading PP&E are capitalized when incurred. Costs include the cost of constructing or otherwise acquiring the equipment or facilities, the cost of installing the asset and making it ready for its intended use, the associated decommissioning costs and, for qualifying assets, borrowing costs. Refining assets are depreciated on a straight-line basis over the estimated service life of each component of the refinery. The major components are depreciated as follows: • Land improvements and buildings: 15 to 40 years. • Office improvements and buildings: 3 to 15 years. • Refining equipment: 10 to 60 years. The residual value, the method of amortization and the useful life of each component are reviewed annually and adjusted on a prospective basis, if appropriate. Processing, Transportation and Storage Assets, Retail and Other Depreciation for substantially all other PP&E is calculated on a straight-line basis based on the estimated useful lives of assets, which range from three
Impairment and Impairment Reversals of Non-Financial Assets	O) Impairment and Impairment Reversals of Non-Financial Assets PP&E, E&E assets and ROU assets are reviewed separately for indicators of impairment on a quarterly basis or when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Goodwill is tested for impairment at least annually. If indicators of impairment exist, the recoverable amount of the asset or cash-generating unit (“CGU”) is estimated as the greater of value-in-use (“VIU”) and fair value less costs of disposal (“FVLCOD”). VIU is estimated as the present value of the future cash flows expected to arise from the continuing use of a CGU or an asset. FVLCOD is the amount that would be realized from the disposition of an asset or CGU in an arm’s length transaction between knowledgeable and willing parties. For Cenovus’s upstream assets, FVLCOD is estimated based on the discounted after-tax cash flows of reserves and resources using forward prices and costs, consistent with Cenovus’s independent qualified reserves evaluators (“IQREs”), costs to develop and the discount rate, and may consider an evaluation of comparable asset transactions. E&E assets are allocated to a related CGU containing development and production assets for the purposes of testing for impairment. ROU assets may be tested as part of a CGU, as a separate CGU or as an individual asset. Goodwill is allocated to the CGUs to which it contributes to the future cash flows. If the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognized. An impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to reduce the carrying amounts of the other assets in the CGU. Goodwill impairments are not reversed. Impairment losses on PP&E and ROU assets are recognized in the Consolidated Statements of Earnings (Loss) as additional DD&A and E&E asset impairments or write-downs are recognized as exploration expense.
Leases	P) Leases The Company assesses whether a contract is a lease based on whether the contract conveys the right to control the use of an underlying asset for a period of time in exchange for consideration. The Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for the leases of storage tanks, the Company has elected not to separate non-lease components. As Lessee Leases are recognized as a ROU asset and a corresponding lease liability at the date on which the leased asset is available for use by the Company. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, costs to be incurred by the lessee in dismantling, removing and restoring the underlying asset, variable lease payments that are based on an index or a rate, amounts expected to be paid by the lessee under residual value guarantees, the exercise price of purchase options if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease, less any lease incentives receivable. These payments are discounted using the Company’s incremental borrowing rate when the rate implicit in the lease is not readily available. The Company uses a single discount rate for a portfolio of leases with reasonably similar characteristics. Lease payments are allocated between the liability and finance costs. The finance cost is charged to net earnings over the lease term. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the amount expected to be payable under a residual value guarantee or if there is a change in the assessment of whether the Company will exercise a purchase, extension or termination option that is within the control of the Company. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset or is recorded in the Consolidated Statements of Earnings (Loss) if the carrying amount of the ROU asset has been reduced to zero. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or site on which it is located less any lease payments made at or before the commencement date. The ROU asset is depreciated, on a straight-line basis, over the shorter of the estimated useful life of the asset or lease term, or using the unit-of-production method. The ROU asset may be adjusted for certain remeasurements of the lease liability and impairment losses. Leases that have a term of less than twelve months or leases for which the underlying asset is of low value are recognized as an expense in the Consolidated Statements of Earnings (Loss) on a systematic basis over the lease term in either operating, transportation or general and administrative expense. A lease modification will be accounted for as a separate lease if the modification increases the scope of the lease and if the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope. For a modification that is not a separate lease or where the increase in consideration is not commensurate, at the effective date of the lease modification, the Company will remeasure the lease liability using the Company’s incremental borrowing rate, when the rate implicit to the lease is not readily available, with a corresponding adjustment to the ROU asset. A modification that decreases the scope of the lease will be accounted for by decreasing the carrying amount of the ROU asset, and recognizing a gain or loss in net earnings that reflects the proportionate decrease in scope. As Lessor As a lessor, the Company assesses at inception whether a lease is a finance or operating lease. Leases where the Company transfers substantially all of the risk and rewards incidental to ownership of the underlying asset are classified as financing leases. Under a finance lease, the Company recognizes a receivable at an amount equal to the net investment in the lease which is the present value of the aggregate of lease payments receivable by the lessor. If substantially all the risks and rewards of ownership of an asset are not transferred the lease is classified as an operating lease. The Company recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as other income.
Intangible Assets	Q) Intangible AssetsIntangible assets acquired separately are initially measured at cost. Following initial recognition, intangible assets are recognized at cost less any accumulated amortization and accumulated impairment losses. Intangible assets with finite lives are amortized over the useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization expense on intangible assets is recognized in the Consolidated Statements of Earnings (Loss) in the expense category consistent with the function of the intangible asset.
Business Combinations and Goodwill	R) Business Combinations and Goodwill Business combinations are accounted for using the acquisition method of accounting in which the identifiable assets acquired, liabilities assumed and non-controlling interest, if any, are recognized and measured at their fair value at the date of acquisition, with the exception of income taxes, stock-based compensation, lease liabilities and ROU assets. Any excess of the purchase price plus any non-controlling interest over the value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price over the value of the net assets acquired is credited to net earnings. Acquisition costs are expensed as incurred. At acquisition, goodwill is allocated to each of the CGUs to which it relates. Subsequent measurement of goodwill is at cost less any accumulated impairment losses. Contingent consideration transferred in a business combination is measured at fair value on the date of acquisition and classified as a financial liability or equity in accordance with the terms of the agreement. Contingent consideration classified as a liability is re-measured at fair value at each reporting date, with changes in fair value recognized in net earnings. Payments are classified as cash used in investing activities until the cumulative payments exceed the acquisition date fair value of the liability. Cumulative payments in excess of the acquisition date fair value are classified as cash used in operating activities. Contingent consideration classified as equity are not re-measured and settlements are accounted for within equity. When a business combination is achieved in stages, the Company re-measures its pre-existing interest at the acquisition date fair value and recognizes the resulting gain or loss, if any, in net earnings.
Provisions	S) Provisions General A provision is recognized if, as a result of a past event, the Company has a present obligation, legal or constructive, that can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Where applicable, provisions are determined by discounting the expected future cash flows at a pre-tax credit-adjusted rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as a finance cost in the Consolidated Statements of Earnings (Loss). Decommissioning Liabilities Decommissioning liabilities include those legal or constructive obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, upstream processing facilities, surface and subsea plant and equipment, refining facilities and the crude-by-rail terminal. The amount recognized is the present value of estimated future expenditures required to settle the obligation using a credit-adjusted risk-free rate. A corresponding asset equal to the initial estimate of the liability is capitalized as part of the cost of the related long-lived asset. Changes in the estimated liability resulting from revisions to expected timing or future decommissioning costs are recognized as a change in the decommissioning liability and the related long-lived asset. The amount capitalized in PP&E is depreciated over the useful life of the related asset. Actual expenditures incurred are charged against the accumulated liability. Onerous Contract Provisions Onerous contract provisions are recognized when the unavoidable costs of meeting the obligation exceed the economic benefit derived from the contract. The provision for onerous contracts is measured at the present value of estimated future cash flows underlying the obligations less any estimated recoveries, discounted at the credit-adjusted risk-free rate. Changes in the underlying assumptions are recognized in the Consolidated Statements of Earnings (Loss).
Share Capital and Warrants	T) Share Capital and Warrants Common shares and preferred shares are classified as equity. Preferred shares are cancellable and redeemable only at the Company’s option and dividends are discretionary and payable only if declared by Cenovus’s Board of Directors. Transaction costs directly attributable to the issue of common shares and preferred shares are recognized as a deduction from equity, net of any income taxes. Dividends on common shares and preferred shares are recognized within equity. When purchased, common shares are reduced by the average carrying value with the excess of the purchase price recognized as a reduction in Cenovus’s paid in surplus. Common shares are cancelled subsequent to being purchased.
Stock-Based Compensation	U) Stock-Based Compensation Cenovus has a number of stock-based compensation plans which include stock options with associated net settlement rights (“NSRs”), Cenovus replacement stock options, performance share units (“PSUs”), restricted share units (“RSUs”) and deferred share units (“DSUs”). Stock-based compensation costs are recorded in general and administrative expenses, or recorded to PP&E or E&E assets when directly related to exploration or development activities. Stock Options With Associated Net Settlement Rights NSRs are accounted for as equity instruments, which are measured at fair value on the grant date using the Black-Scholes-Merton valuation model and are not revalued at each reporting date. The fair value is recognized as stock-based compensation over the vesting period, with a corresponding increase recorded as paid in surplus in shareholders’ equity. On exercise, the cash consideration received by the Company and the associated paid in surplus are recorded as share capital. Cenovus Replacement Stock Options Cenovus replacement stock options are accounted for as liability instruments, which are measured at fair value at each period end using the Black-Scholes-Merton valuation model. The fair value is recognized as stock-based compensation over the vesting period. When stock options are settled for cash, the liability is reduced by the cash settlement paid. When stock options are settled for common shares, the cash consideration received by the Company and the previously recorded liability associated with the stock option is recorded as share capital. Performance, Restricted and Deferred Share Units PSUs, RSUs and DSUs are accounted for as liability instruments and are measured at fair value based on the market value of Cenovus’s common shares at each period end. The fair value is recognized as stock-based compensation over the vesting period. Fluctuations in the fair values are recognized as stock-based compensation in the period they occur. Stock-based compensation is recorded to PP&E or E&E assets when it is directly related to exploration or development activities.
Financial Instruments	V) Financial Instruments The Company’s financial assets include cash and cash equivalents, accounts receivable and accrued revenues, restricted cash, risk management assets, net investment in finance leases, investments in the equity of companies and long-term receivables. The Company’s financial liabilities include accounts payable and accrued liabilities, short-term borrowings, lease liabilities, contingent payment, risk management liabilities and long-term debt. Financial instruments are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are not offset unless the Company has the current legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. The Company characterizes its fair value measurements into a three-level hierarchy depending on the degree to which the inputs are observable, as follows: • Level 1 inputs are quoted prices in active markets for identical assets and liabilities. • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. • Level 3 inputs are unobservable inputs for the asset or liability. Classification and Measurement of Financial Assets The initial classification of a financial asset depends upon the Company’s business model for managing its financial assets and the contractual terms of the cash flows. There are three measurement categories into which the Company classified its financial assets: • Amortized Cost: Includes assets that are held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that represent solely payments of principal and interest. • FVOCI: Includes assets that are held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets, where its contractual terms give rise on specified dates to cash flows that represent solely payments of principal and interest. • Fair Value through Profit or Loss (“FVTPL”): Includes assets that do not meet the criteria for amortized cost or FVOCI and are measured at fair value through profit or loss. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that meets the amortized cost or FVOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. On initial recognition of an equity investment that is not held-for-trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. There is no subsequent reclassification of fair value changes to earnings following the derecognition of the investment. However, dividends that reflect a return on investment continue to be recognized in net earnings. This election is made on an investment-by-investment basis. At initial recognition, the Company measures a financial asset at its fair value and, in the case of a financial asset not at FVTPL, including transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are recorded as an expense in net earnings. Financial assets are reclassified subsequent to their initial recognition only if the business model for managing those financial assets changes. The affected financial assets will be reclassified on the first day of the first reporting period following the change in the business model. A financial asset is derecognized when the rights to receive cash flows from the asset have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Impairment of Financial Assets The Company recognizes loss allowances for expected credit losses (“ECLs”) on its financial assets measured at amortized cost. Due to the nature of its financial assets, Cenovus measures loss allowances at an amount equal to expected lifetime ECLs. Lifetime ECLs are the anticipated ECLs that result from all possible default events over the expected life of a financial asset. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive). ECLs are discounted at the effective interest rate of the related financial asset. The Company does not have any financial assets that contain a financing component. Classification and Measurement of Financial Liabilities A financial liability is initially classified as measured at amortized cost or FVTPL. A financial liability is classified as measured at FVTPL if it is held-for-trading, a derivative, or designated as FVTPL on initial recognition. The classification of a financial liability is irrevocable. Financial liabilities at FVTPL (other than financial liabilities designated at FVTPL) are measured at fair value with changes in fair value, along with any interest expense, recognized in net earnings. Other financial liabilities are initially measured at fair value less directly attributable transaction costs and are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in net earnings. Any gain or loss on derecognition is also recognized in net earnings. A financial liability is derecognized when the obligation is discharged, cancelled or expired. When an existing financial liability is replaced by another from the same counterparty with substantially different terms, or the terms of an existing liability are substantially modified, it is treated as a derecognition of the original liability and the recognition of a new liability. When the terms of an existing financial liability are altered, but the changes are considered non-substantial, it is accounted for as a modification to the existing financial liability. Where a liability is substantially modified it is considered to be extinguished and a gain or loss is recognized in net earnings based on the difference between the carrying amount of the liability derecognized and the fair value of the revised liability. Where a liability is modified in a non-substantial way, the amortized cost of the liability is remeasured based on the new cash flows and a gain or loss is recorded in net earnings. Derivatives Derivative financial instruments are primarily used to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. Policies and procedures are in place with respect to required documentation and approvals for the use of derivative financial instruments. Where specific financial instruments are executed, the Company assesses, both at the time of purchase and on an ongoing basis, whether the financial instrument used in the particular transaction is effective in offsetting changes in fair values or cash flows of the transaction. Derivative financial instruments are measured at FVTPL unless designated for hedge accounting. Derivative instruments that do not qualify as hedges, or are not designated as hedges, are recorded using mark-to-market accounting whereby instruments are recorded in the Consolidated Balance Sheets as either an asset or liability with changes in fair value recognized in net earnings as a gain or loss on risk management. The estimated fair value of all derivative instruments is based on quoted market prices or, in their absence, third-party market indications and forecasts.
Reclassification	W) Adjustments to the Consolidated Statements of Earnings (Loss) Certain comparative information presented in the Consolidated Statements of Earnings (Loss), within the Oil Sands segment, has been revised. During the three months ended December 31, 2021, the Company made adjustments to more appropriately record certain third-party purchases used for blending and optimization activities. A portion of third-party purchases and sales were previously recorded on a net basis in gross sales. It was determined that the purchases were more appropriately reported as purchased product. These amounts have now been re-presented as purchased product to be consistent with similar transactions. In addition, the Company identified the inconsistent treatment of product swaps, which were being recorded appropriately on a net basis to either gross sales or purchased product. Going forward, all gains or losses on product swaps will be recorded to purchased product. As a result, Cenovus revised the comparative periods increasing revenues and purchased product, with no impact to net earnings (loss), segment income (loss), cash flows or financial position.
Recent Accounting Pronouncements	X) Recent Accounting Pronouncements New Accounting Standards and Interpretations not yet Adopted

Description of Business and S_2

Description of Business and Segmented Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Reportable Segments [Abstract]
Schedule of Segment and Operational Information	A) Results of Operations – Segment and Operational Information (1) Upstream Oil Sands Conventional Offshore Total For the years ended 2021 2020 (2) 2019 (2) 2021 2020 2019 2021 2020 2019 2021 2020 (2) 2019 (2) Revenues Gross Sales 22,827 8,804 13,101 3,235 904 935 1,782 — — 27,844 9,708 14,036 Less: Royalties (3) 2,196 331 1,143 150 40 30 108 — — 2,454 371 1,173 20,631 8,473 11,958 3,085 864 905 1,674 — — 25,390 9,337 12,863 Expenses Purchased Product (3) 3,188 1,262 2,231 1,655 268 240 — — — 4,843 1,530 2,471 Transportation and Blending (3) 7,841 4,683 5,152 74 81 82 15 — — 7,930 4,764 5,234 Operating (3) 2,451 1,156 1,067 551 320 339 239 — — 3,241 1,476 1,406 Realized (Gain) Loss on Risk 786 268 23 2 — — — — — 788 268 23 Operating Margin 6,365 1,104 3,485 803 195 244 1,420 — — 8,588 1,299 3,729 Unrealized (Gain) Loss on Risk Management 18 57 92 1 — — — — — 19 57 92 Depreciation, Depletion and 2,666 1,687 1,543 3 880 319 492 — — 3,161 2,567 1,862 Exploration Expense 16 9 18 (3) 82 64 5 — — 18 91 82 (Income) Loss From Equity- (5) — — — — — (47) — — (52) — — Segment Income (Loss) 3,670 (649) 1,832 802 (767) (139) 970 — — 5,442 (1,416) 1,693 (1) Prior period results have been reclassified to conform with the current period’s operating segments. (2) Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities (see Note 3(w)). (3) Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. Downstream For the years ended Canadian Manufacturing U.S. Manufacturing Retail Total 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 Revenues Gross Sales 4,472 82 77 20,043 4,733 8,291 2,158 — — 26,673 4,815 8,368 Less: Royalties (1) — — — — — — — — — — — — 4,472 82 77 20,043 4,733 8,291 2,158 — — 26,673 4,815 8,368 Expenses — — Purchased Product (1) 3,552 — — 17,955 4,429 6,735 2,019 — — 23,526 4,429 6,735 Transportation and Blending (1) — — — — — — — — — — — — Operating (1) 388 37 41 1,772 748 877 98 — — 2,258 785 918 Realized (Gain) Loss on Risk — — — 104 (21) (16) — — — 104 (21) (16) Operating Margin 532 45 36 212 (423) 695 41 — — 785 (378) 731 Unrealized (Gain) Loss on Risk Management — — — 1 (1) 1 — — — 1 (1) 1 Depreciation, Depletion and 167 8 7 2,381 728 273 59 — — 2,607 736 280 Exploration Expense — — — — — — — — — — — — (Income) Loss From Equity- — — — — — — — — — — — — Segment Income (Loss) 365 37 29 (2,170) (1,150) 421 (18) — — (1,823) (1,113) 450 (1) Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. Corporate and Eliminations Consolidated For the years ended December 31, 2021 2020 2019 2021 2020 (1) 2019 (1) Revenues Gross Sales (5,706) (609) (689) 48,811 13,914 21,715 Less: Royalties (2) — — — 2,454 371 1,173 (5,706) (609) (689) 46,357 13,543 20,542 Expenses Purchased Product (2) (4,888) (278) (417) 23,481 5,681 8,789 Transportation and Blending (2) (47) (36) (50) 7,883 4,728 5,184 Operating (2) (783) (306) (236) 4,716 1,955 2,088 Realized (Gain) Loss on Risk Management 101 5 — 993 252 7 Unrealized (Gain) Loss on Risk Management (18) — 56 2 56 149 Depreciation, Depletion and Amortization 118 161 107 5,886 3,464 2,249 Exploration Expense — — — 18 91 82 (Income) Loss From Equity-Accounted (5) — — (57) — — Segment Income (Loss) (184) (155) (149) 3,435 (2,684) 1,994 General and Administrative 849 292 331 849 292 331 Finance Costs 1,082 536 511 1,082 536 511 Interest Income (23) (9) (12) (23) (9) (12) Integration Costs 349 29 — 349 29 — Foreign Exchange (Gain) Loss, Net (174) (181) (404) (174) (181) (404) Re-measurement of Contingent Payment 575 (80) 164 575 (80) 164 (Gain) Loss on Divestiture of Assets (229) (81) (2) (229) (81) (2) Other (Income) Loss, Net (309) 40 9 (309) 40 9 2,120 546 597 2,120 546 597 Earnings (Loss) Before Income Tax 1,315 (3,230) 1,397 Income Tax Expense (Recovery) 728 (851) (797) Net Earnings (Loss) 587 (2,379) 2,194 (1) Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities (see Note 3(w)). (2) Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs.
Schedule of Revenues by Product	B) Revenues by Product (1) For the years ended December 31, 2021 2020 2019 Upstream (2) Crude Oil 19,051 8,557 12,091 NGLs 2,809 186 227 Natural Gas 3,032 535 480 Other 498 58 65 Downstream Canadian Manufacturing Synthetic Crude Oil 1,951 — — Diesel and Distillate 407 — — Asphalt 477 — — Other Products and Services 1,637 82 77 U.S. Manufacturing Gasoline 10,111 2,352 3,880 Diesel and Distillate 6,429 1,569 3,127 Other Products 3,503 813 1,284 Retail 2,158 — — Corporate and Eliminations (5,706) (609) (689) Consolidated 46,357 13,543 20,542
Schedule of Geographical Information	C) Geographical Information Revenues (1) For the years ended December 31, 2021 2020 2019 Canada (2) 23,768 8,715 12,160 United States 21,326 4,828 8,382 China 1,263 — — Consolidated 46,357 13,543 20,542 (1) Revenues by country are classified based on where the operations are located. (2) Prior period results have been adjusted for the change in presentation of product swaps and certain third-party purchases used in blending and optimization activities (see Note 3(w)). Non-Current Assets (1) As at December 31, 2021 2020 Canada (2) 33,915 26,041 United States 4,093 3,590 China 2,583 — Indonesia 311 — Consolidated 40,902 29,631 (1) Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill.
Schedule of Assets by Segment	D) Assets by Segment (1) E&E Assets PP&E ROU Assets As at December 31, 2021 2020 2021 2020 2021 2020 Oil Sands 653 617 22,535 19,748 754 196 Conventional 6 6 2,174 1,758 2 3 Offshore 61 — 2,822 — 160 — Canadian Manufacturing — — 2,353 176 339 392 U.S. Manufacturing — — 3,745 3,476 252 114 Retail — — 205 — 49 — Corporate and Eliminations — — 391 253 454 434 Consolidated 720 623 34,225 25,411 2,010 1,139 Goodwill Total Assets As at December 31, 2021 2020 2021 2020 Oil Sands (2) 3,473 2,272 31,070 24,641 Conventional (2) — — 3,026 1,978 Offshore — — 3,597 — Canadian Manufacturing — — 2,918 578 U.S. Manufacturing — — 7,777 4,363 Retail (2) — — 966 — Corporate and Eliminations — — 4,750 1,210 Consolidated 3,473 2,272 54,104 32,770 (1) Prior period results have been reclassified to conform with the current period’s operating segments.
Schedule of Capital Expenditures	E) Capital Expenditures (1) (2) For the years ended December 31, 2021 2020 2019 Capital Investment Oil Sands 1,019 427 656 Conventional 222 78 103 Offshore Asia Pacific 21 — — Atlantic 154 — — Total Upstream 1,416 505 759 Canadian Manufacturing 37 33 52 U.S. Manufacturing 995 243 228 Retail 31 — — Total Downstream 1,063 276 280 Corporate and Eliminations 84 60 137 2,563 841 1,176 Acquisition Capital Oil Sands 3 6 2 Conventional 4 12 7 Canadian Manufacturing — — 4 7 18 13 Acquisitions (Note 5) Oil Sands 5,002 — — Conventional 547 — — Offshore 3,129 — — Canadian Manufacturing 2,283 — — U.S. Manufacturing 1,618 — — Retail 690 — — Corporate and Eliminations 156 — — 13,425 — — Total Capital Expenditures 15,995 859 1,189 (1) Includes expenditures on PP&E, E&E assets and assets held for sale.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Disclosure of Revisions to Prior Period	The following table reconciles the amounts previously reported in the Consolidated Statements of Earnings (Loss) to the corresponding revised amounts: 2020 and 2019 Revisions to the Oil Sands Segment 2020 2019 For the years ended December 31, Previously Reported Revision Revised Previously Reported Revision Revised Gross Sales 8,481 323 8,804 12,739 362 13,101 Purchased Product 939 323 1,262 1,869 362 2,231 7,542 — 7,542 10,870 — 10,870

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Disclosure of detailed information about business combination	As at January 1, 2021 Consideration Common Shares 6,111 Preferred Shares 519 Share Purchase Warrants 216 Replacement Stock Options 9 Other 17 Non-Controlling Interest 11 Total Consideration and Non-Controlling Interest 6,883 Identifiable Assets Acquired and Liabilities Assumed Cash 735 Restricted Cash 164 Accounts Receivable and Accrued Revenues 1,307 Inventories 1,133 Exploration and Evaluation Assets 45 Property, Plant and Equipment 13,296 Right-of-Use Assets 1,132 Long-Term Income Tax Receivable 66 Other Assets 230 Investment in Equity-Accounted Affiliates 363 Deferred Income Tax Assets, Net 1,062 Accounts Payable and Accrued Liabilities (2,283) Income Tax Payable (94) Short-Term Borrowings (40) Long-Term Debt (6,602) Lease Liabilities (1,441) Decommissioning Liabilities (2,697) Other Liabilities (782) Total Identifiable Net Assets 5,594 Goodwill 1,289 For the year ended December 31, 2021 Transaction Costs 65 Integration Related Costs 104 Severance Payments 180 349

General and Administrative (Tab

General and Administrative (Tables)	12 Months Ended
	Dec. 31, 2021
General And Administrative Expenses [Abstract]
Summary of General and Administrative Expenses	For the years ended December 31, 2021 2020 2019 Salaries and Benefits 264 145 143 Administrative and Other 225 102 90 Stock-Based Compensation Expense (Recovery) (Note 32) 159 49 67 Other Incentive Benefits Expense (Recovery) 201 (4) 31 849 292 331

Finance Costs (Tables)

Finance Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Finance Costs [Abstract]
Schedule of Finance Cost	For the years ended December 31, 2021 2020 2019 Interest Expense – Short-Term Borrowings and Long-Term Debt 557 392 407 Net Premium (Discount) on Redemption of Long-Term Debt (Note 25) 121 (25) (63) Interest Expense – Lease Liabilities (Note 26) 171 87 82 Unwinding of Discount on Decommissioning Liabilities (Note 27) 199 57 58 Other 34 25 27 1,082 536 511

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Foreign Exchange Gains Losses [Abstract]
Schedule of Foreign Exchange Gain Loss Net	For the years ended December 31, 2021 2020 2019 Unrealized Foreign Exchange (Gain) Loss on Translation of: U.S. Dollar Debt Issued From Canada (230) (194) (800) Other (82) 63 (27) Unrealized Foreign Exchange (Gain) Loss (312) (131) (827) Realized Foreign Exchange (Gain) Loss 138 (50) 423 (174) (181) (404)

Impairment Charges and Reversal

Impairment Charges and Reversals (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract]
Summary of Impairment Losses and Estimated Recoverable Amounts	The following table summarizes impairment reversals recorded in 2021 and estimated recoverable amounts as at December 31, 2021, by CGU: Cash-Generating Unit Reversal of Impairment Recoverable Amount Clearwater 145 427 Elmworth-Wapiti 115 747 Kaybob-Edson 118 837 Cash-Generating Unit Impairment Recoverable Amount Clearwater 260 160 Elmworth-Wapiti 120 259 Kaybob-Edson 175 384
Summary of Crude Oil, NGLs and Natural Gas Prices	Crude Oil, NGLs and Natural Gas Prices The forward prices as at December 31, 2021, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2022 2023 2024 2025 2026 Average Annual Increase Thereafter West Texas Intermediate (US$/barrel) 72.83 68.78 66.76 68.09 69.45 2.00 % Western Canadian Select (C$/barrel) 74.43 69.17 66.54 67.87 69.23 2.00 % Edmonton C5+ (C$/barrel) 91.85 85.53 82.98 84.63 86.33 2.00 % Alberta Energy Company Natural Gas (C$/Mcf) (1) 3.56 3.20 3.05 3.10 3.17 2.00 % (1) Assumes gas heating value of one million British thermal units per thousand cubic feet ("Mcf"). Crude Oil, NGLs and Natural Gas Prices The forward prices as at December 31, 2020, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2021 2022 2023 2024 2025 Average Annual Increase Thereafter West Texas Intermediate (US$/barrel) 47.17 50.17 53.17 54.97 56.07 2.00 % Western Canadian Select (C$/barrel) 44.63 48.18 52.10 54.10 55.19 2.00 % Edmonton C5+ (C$/barrel) 59.24 63.19 67.34 69.77 71.18 2.00 % Alberta Energy Company Natural Gas (C$/Mcf) (1) 2.88 2.80 2.71 2.75 2.80 2.00 %
Summary of Sensitivities	The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount used in the impairment testing completed as at December 31, 2021, for the following CGUs: Increase (Decrease) to Recoverable Amount (1) Cash-Generating Unit One Percent Increase in the Discount Rate One Percent Decrease in the Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Clearwater (13) 13 55 (54) Elmworth-Wapiti (27) 28 84 (81) Kaybob-Edson (26) 26 98 (97) (1) The Company reversed the full amount of impairment losses at December 31, 2021. The changes to the recoverable amount noted in the sensitivities above would not have resulted in a change in the amount of the impairment reversal. The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount used in the impairment testing completed as at December 31, 2020 for the following CGUs: Increase (Decrease) to Recoverable Amount One Percent Increase in Discount Rate One Percent Decrease in Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Clearwater (5) 6 52 (97) Elmworth-Wapiti (7) 8 54 (96) Kaybob-Edson (13) 14 54 (106) The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amounts used in the impairment testing completed as at December 31, 2021, for the following CGUs: Increase (Decrease) to Recoverable Amount One Percent Increase in Discount Rate One Percent Decrease in Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Borger, Wood River and Lima CGUs (190) 214 749 (754) The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount used in the impairment testing completed as at September 30, 2020 for the following CGU: Increase (Decrease) to Recoverable Amount One Percent Increase in Discount Rate One Percent Decrease in Discount Rate Five Percent Increase in the Forward Price Estimates Five Percent Decrease in the Forward Price Estimates Borger (71) 81 263 (264)
Summary of Crude Oil and Forward Crack Spreads	Forward prices are based on Management’s best estimate and corroborated with third-party data. As at December 31, 2021, the forward prices used to determine future cash flows were: 2022 to 2023 2024 to 2026 Low High Low High West Texas Intermediate (US$/barrel) 68.78 72.83 66.76 69.45 Differential WTI-WTS (US$/barrel) — 0.01 (0.06) (0.06) Differential WTI-WCS (US$/barrel) 13.54 13.67 13.75 14.30 Chicago 3-2-1 Crack Spreads (WTI) (US$/barrel) 14.87 18.44 14.68 16.81 Group 3 3-2-1 Crack Spreads (WTI) (US$/barrel) 15.33 18.97 14.82 16.98 Crude Oil and Forward Crack Spreads Forward prices are based on Management’s best estimate and corroborated with third-party data. As at September 30, 2020, the forward prices used to determine future cash flows were: 2021 to 2022 2023 to 2025 Low High Low High West Texas Intermediate (US$/barrel) 36.36 50.84 49.66 58.74 Differential WTI-WTS (US$/barrel) 0.37 1.73 1.21 1.81 Group 3 3-2-1 Crack Spreads (WTI) (US$/barrel) 11.56 13.23 11.79 16.58

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Income Taxes Continuing Operations [Abstract]
Provision for Income Taxes	The provision for income taxes is: For the years ended December 31, 2021 2020 2019 Current Tax Canada 104 (14) 14 United States — 1 3 Asia Pacific 171 — — Other International 1 — — Total Current Tax Expense (Recovery) 276 (13) 17 Deferred Tax Expense (Recovery) 452 (838) (814) 728 (851) (797)
Disclosure Of Reconciliation Of Accounting Profit From Continuing Operations Multiplied By Applicable Tax Rates Explanatory	The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: For the years ended December 31, 2021 2020 2019 Earnings (Loss) From Operations Before Income Tax 1,315 (3,230) 1,397 Canadian Statutory Rate 23.7 % 24.0 % 26.5 % Expected Income Tax Expense (Recovery) From Operations 312 (775) 370 Effect on Taxes Resulting From: Statutory and Other Rate Differences 3 19 (52) Non-Taxable Capital (Gains) Losses 63 (42) (38) Non-Recognition of Capital (Gains) Losses 27 (42) (39) Adjustments Arising From Prior Year Tax Filings (5) (8) 4 Recognition of U.S. Tax Basis — — (387) U.S. Tax Attribute Limitation 217 — — Impact of Rate Changes 106 (7) (671) Other 5 4 16 Total Tax Expense (Recovery) From Operations 728 (851) (797) Effective Tax Rate 55.4 % 26.3 % (57.1) %
Disclosure of deferred taxes	The breakdown of deferred income tax liabilities and deferred income tax assets, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: For the years ended December 31, 2021 2020 Deferred Income Tax Liabilities Deferred Income Tax Liabilities to be Settled After More Than Twelve Months 4,046 4,146 4,046 4,146 Deferred Income Tax Assets Deferred Income Tax Assets to be Settled Within Twelve Months (556) (88) Deferred Income Tax Assets to be Settled After More Than Twelve Months (898) (860) (1,454) (948) Net Deferred Income Tax Liability 2,592 3,198
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory	The movement in deferred income tax liabilities and assets, without taking into consideration the offsetting of balances within the same tax jurisdiction, is: Deferred Income Tax Liabilities PP&E Risk Management Other Total As at December 31, 2019 4,498 1 44 4,543 Charged (Credited) to Earnings (367) (1) (22) (390) Charged (Credited) to OCI (7) — — (7) As at December 31, 2020 4,124 — 22 4,146 Charged (Credited) to Earnings (234) — 75 (159) Charged (Credited) to Purchase Price Allocation 59 — — 59 As at December 31, 2021 3,949 — 97 4,046 Deferred Income Tax Assets Unused Tax Losses Risk Management Other Total As at December 31, 2019 (225) (1) (285) (511) Charged (Credited) to Earnings (448) (12) 12 (448) Charged (Credited) to OCI 14 — (3) 11 As at December 31, 2020 (659) (13) (276) (948) Charged (Credited) to Earnings 668 1 (58) 611 Charged (Credited) to Purchase Price Allocation (656) 1 (466) (1,121) Charged (Credited) to OCI (8) — 12 4 As at December 31, 2021 (655) (11) (788) (1,454) Net Deferred Income Tax Liabilities Total As at December 31, 2019 4,032 Charged (Credited) to Earnings (838) Charged (Credited) to OCI 4 As at December 31, 2020 3,198 Charged (Credited) to Earnings 452 Charged (Credited) to Purchase Price Allocation (1,062) Charged (Credited) to OCI 4 As at December 31, 2021 2,592
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits	As at December 31, 2021 2020 Canada 11,167 6,540 United States 5,915 3,117 Asia Pacific 600 — 17,682 9,657

Per Share Amounts (Tables)

Per Share Amounts (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Schedule Representing Per Share Amounts	For the years ended December 31, 2021 2020 2019 Net Earnings (Loss) 587 (2,379) 2,194 Effect of Cumulative Dividends on Preferred Shares (34) — — Net Earnings (Loss) – Basic and Diluted 553 (2,379) 2,194 Basic – Weighted Average Number of Shares 2,016.2 1,228.9 1,228.8 Dilutive Effect of Warrants 27.6 — — Dilutive Effect of Net Settlement Rights 1.3 — 0.6 Diluted – Weighted Average Number of Shares 2,045.1 1,228.9 1,229.4 Net Earnings (Loss) Per Common Share – Basic ($) 0.27 (1.94) 1.78 Net Earnings (Loss) Per Common Share – Diluted ($) 0.27 (1.94) 1.78
Disclosure Of Dividends To Shareholders	C) Preferred Share Dividends For the year ended December 31, 2021 Total Series 1 First Preferred Shares 7 Series 2 First Preferred Shares 1 Series 3 First Preferred Shares 12 Series 5 First Preferred Shares 9 Series 7 First Preferred Shares 5 Total Declared and Paid Preferred Share Dividends 34

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and cash equivalents [abstract]
Disclosure Of Cash And Cash Equivalent Explanatory	As at December 31, 2021 2020 Cash 2,366 368 Short-Term Investments 507 10 2,873 378

Accounts Receivable and Accru_2

Accounts Receivable and Accrued Revenues (Tables)	12 Months Ended
	Dec. 31, 2021
Trade and other current receivables [abstract]
Schedule of Accounts Receivable and Accrued Revenues	As at December 31, 2021 2020 Trade and Accruals 2,548 1,149 Prepaids and Deposits 486 121 Partner Advances 371 175 Joint Operations Receivables 225 35 Other (1) 240 8 3,870 1,488

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Classes of current inventories [abstract]
Disclosure Of Detailed Information About Inventories Explanatory	As at December 31, 2021 2020 (1) Product Oil Sands 1,419 382 Conventional 78 1 Offshore 39 — Canadian Manufacturing 88 — U.S. Manufacturing 2,001 613 Retail 26 — Parts and Supplies 268 93 3,919 1,089

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2021
Assets Held for Sale [Abstract]
Assets Held for Sale	As at December 31, 2021 PPE (Note 18) ROU Assets (Note 19) Goodwill (Note 22) Lease Liabilities (Note 26) Decommissioning Liabilities (Note 27) Retail 498 54 — (58) (86) Tucker 505 — 88 — (33) Wembley 159 — — — (9) 1,162 54 88 (58) (128)

Exploration and Evaluation As_2

Exploration and Evaluation Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Exploration And Evaluation Assets [Abstract]
Summary of Exploration and Valuation Assets, Net	Total As at December 31, 2019 787 Additions 48 Transfers to PP&E (Note 18) (47) Exploration Expense (91) Depletion (18) Change in Decommissioning Liabilities 5 Divestitures (Note 9) (61) As at December 31, 2020 623 Acquisition (Note 5A) 45 Additions 55 Exploration Expense (9) Change in Decommissioning Liabilities 6 As at December 31, 2021 720

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract]
Summary of Property, Plant and Equipment	Oil and Gas Properties Processing, Transportation and Storage Assets Manufacturing Assets Retail and Other (1) Total COST As at December 31, 2019 (2) 29,365 183 5,577 1,231 36,356 Additions 475 33 243 60 811 Transfers from E&E Assets (Note 17) 47 — — — 47 Change in Decommissioning Liabilities (11) 2 3 — (6) Exchange Rate Movements and Other (6) — (152) (1) (159) Divestitures (3) — — — (3) As at December 31, 2020 (2) 29,867 218 5,671 1,290 37,046 Acquisitions (Note 5) 8,633 — 3,901 846 13,380 Additions 1,368 9 1,023 115 2,515 Change in Decommissioning Liabilities (63) 1 40 24 2 Exchange Rate Movements and Other 22 — (140) (18) (136) Divestitures (630) — — — (630) Transfers to Assets Held for Sale (Note 16) (754) — — (522) (1,276) As at December 31, 2021 38,443 228 10,495 1,735 50,901 ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION As at December 31, 2019 (2) 6,008 33 1,596 885 8,522 Depreciation, Depletion and Amortization (3) 1,820 9 242 152 2,223 Impairment Charges (Note 10) (3) 555 — 450 — 1,005 Exchange Rate Movements and Other (22) — (93) — (115) As at December 31, 2020 (2) 8,361 42 2,195 1,037 11,635 Depreciation, Depletion and Amortization 3,335 10 526 128 3,999 Impairment Charges (Note 10) — — 1,931 — 1,931 Impairment Reversals (Note 10) (378) — — — (378) Exchange Rate Movements and Other 61 1 (80) (2) (20) Divestitures (377) — — — (377) Transfers to Assets Held for Sale (Note 16) (90) — — (24) (114) As at December 31, 2021 10,912 53 4,572 1,139 16,676 CARRYING VALUE As at December 31, 2019 (2) 23,357 150 3,981 346 27,834 As at December 31, 2020 (2) 21,506 176 3,476 253 25,411 As at December 31, 2021 27,531 175 5,923 596 34,225 (1) Includes retail assets, office furniture, fixtures, leasehold improvements, information technology and aircraft. (2) Balances for periods prior to January 1, 2021, have been reclassified to conform with the current period’s presentation of asset classes. (3) Asset write-downs have been reclassified to DD&A to conform with the current presentation of impairment charges.
Disclosure Of Property Plant And Equipment Under Construction Explanatory	PP&E includes the following amounts in respect of assets under construction and not subject to DD&A: As at December 31, 2021 2020 Development and Production 2,415 1,807 Downstream 943 226 3,358 2,033

Right of Use Assets, Net (Table

Right of Use Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Summary of Right of Use Assets, Net	Real Estate Transportation and Storage Assets (1) Manufacturing Assets Retail and Other Total COST As at December 31, 2019 (2) 509 959 10 14 1,492 Additions 1 40 5 7 53 Terminations — (1) — — (1) Modifications — 1 — (3) (2) Reclassifications (14) — — — (14) Re-measurements — (1) — (1) (2) Exchange Rate Movements and Other (1) (21) — (2) (24) As at December 31, 2020 (2) 495 977 15 15 1,502 Acquisition (Note 5A) 99 765 138 130 1,132 Additions 4 96 7 3 110 Modifications 1 20 1 — 22 Re-measurements (2) 1 — (3) (4) Exchange Rate Movements and Other (5) (18) — (5) (28) Transfers to Assets Held for Sale (Note 16) — — — (78) (78) As at December 31, 2021 592 1,841 161 62 2,656 ACCUMULATED DEPRECIATION As at December 31, 2019 (2) 32 128 3 4 167 Depreciation 27 181 2 5 215 Impairment Charges (Note 10) — 3 — — 3 Terminations — (1) — — (1) Exchange Rate Movements and Other (1) (18) — (2) (21) As at December 31, 2020 (2) 58 293 5 7 363 Depreciation 38 239 23 23 323 Impairment Charges (Note 10) — 5 5 1 11 Terminations — (3) — — (3) Exchange Rate Movements and Other (4) (14) — (6) (24) Transfers to Assets Held for Sale (Note 16) — — — (24) (24) As at December 31, 2021 92 520 33 1 646 CARRYING VALUE As at December 31, 2019 (2) 477 831 7 10 1,325 As at December 31, 2020 (2) 437 684 10 8 1,139 As at December 31, 2021 500 1,321 128 61 2,010 (1) Transportation and storage assets include railcars, barges, vessels, pipelines, caverns and storage tanks.

Joint Arrangements and Associ_2

Joint Arrangements and Associate (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of joint ventures	Results of Operations For the year ended December 31, 2021 Revenue 439 Expenses 395 Net Earnings (Loss) 44 Balance Sheet As at December 31, 2021 Current Assets (1) 167 Non-Current Assets 1,433 Current Liabilities 62 Non-Current Liabilities 896 Net Assets 642

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Other Noncurrent Assets [Abstract]
Summary of Other Assets	As at December 31, 2021 2020 Intangible Assets 78 89 Private Equity Investments (Note 35) 53 52 Other Equity Investments 77 12 Net Investment in Finance Leases 60 52 Long-Term Receivables and Prepaids 77 11 Precious Metals 85 — Other 1 — 431 216

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill [Abstract]
Schedule of changes in goodwill	2021 2020 Carrying Value, Beginning of Year 2,272 2,272 Goodwill Recognized (Note 5A) 1,289 — Goodwill Reclassified to Assets Held for Sale (Note 16) (88) — Carrying Value, End of Year 3,473 2,272 The carrying amount of goodwill allocated to the Company's CGUs is: As at December 31, 2021 2020 Primrose (Foster Creek) 1,171 1,171 Christina Lake 1,101 1,101 Lloydminster Thermal 651 — Sunrise 550 — 3,473 2,272

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Trade and other current payables [abstract]
Schedule of Accounts Payable and Accrued Liabilities	As at December 31, 2021 2020 Accruals 2,722 912 Trade 2,554 608 Interest 128 77 Partner Advances 371 175 Employee Long-Term Incentives 317 130 Joint Operations Payable 28 6 Risk Management 116 58 Provisions for Onerous and Unfavourable Contracts 31 26 Other 86 26 6,353 2,018

Contingent Payment (Tables)

Contingent Payment (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of contingent liabilities in business combination [abstract]
Summary of Contingent Payment	2021 2020 Contingent Payment, Beginning of Year 63 143 Re-measurement (1) 575 (80) Liabilities Settled or Payable (402) — Contingent Payment, End of Year 236 63 (1) Contingent payment is carried at fair value. Changes in fair value are recorded in net earnings (loss).

Debt and Capital Structure (Tab

Debt and Capital Structure (Tables)	12 Months Ended
	Dec. 31, 2021
Borrowings [abstract]
Schedule of Short-Term and Long-Term Debt	A) Short-Term Borrowings As at December 31, Notes 2021 2020 Uncommitted Demand Facilities i — — WRB Uncommitted Demand Facilities ii 79 121 Sunrise Uncommitted Demand Credit Facility iii — — Total Debt Principal 79 121 B) Long-Term Debt As at December 31, Notes 2021 2020 Revolving Term Debt (1) i — — U.S. Dollar Denominated Unsecured Notes ii 9,363 7,510 Canadian Dollar Unsecured Notes ii 2,750 — Total Debt Principal 12,113 7,510 Net Debt Premiums (Discounts) and Transaction Costs (2) 272 (69) Long-Term Debt 12,385 7,441 (1) Revolving term debt may include Bankers’ Acceptances, London Interbank Offered Rate based loans, prime rate loans and U.S. base rate loans.
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes	2021 2020 As at December 31, US$ Principal C$ Principal and Equivalent US$ Principal C$ Principal and Equivalent U.S. Dollar Denominated Unsecured Notes 3.00% due August 15, 2022 — — 500 637 3.80% due September 15, 2023 115 146 450 573 4.00% due April 15, 2024 269 341 — — 5.38% due July 15, 2025 666 844 1,000 1,273 4.25% due April 15, 2027 962 1,220 962 1,225 4.40% due April 15, 2029 750 951 — — 2.65% due January 15, 2032 500 634 — — 5.25% due June 15, 2037 583 739 583 742 6.80% due September 15, 2037 387 490 — — 6.75% due November 15, 2039 1,390 1,763 1,390 1,770 4.45% due September 15, 2042 155 197 155 198 5.20% due September 15, 2043 58 73 58 74 5.40% due June 15, 2047 800 1,014 800 1,018 3.75% due February 15, 2052 750 951 — — 7,385 9,363 5,898 7,510 Canadian Dollar Unsecured Notes 3.55% due March 12, 2025 — 750 — — 3.60% due March 10, 2027 — 750 — — 3.50% due February 7, 2028 — 1,250 — — — 2,750 — — Total Unsecured Notes 7,385 12,113 5,898 7,510
Mandatory Debt Payments	U.S. Dollar Denominated Unsecured Notes Canadian Dollar Unsecured Notes Total (1) As at December 31, 2021 US$ Principal C$ Principal Equivalent C$ Principal C$ Principal and Equivalent 2023 115 146 — 146 2024 269 341 — 341 2025 666 844 750 1,594 Thereafter 6,335 8,032 2,000 10,032 7,385 9,363 2,750 12,113
Summary of Net Debt to Adjusted EBITDA	Net Debt to Adjusted EBITDA As at December 31, 2021 2020 (1) 2019 (1) Short-Term Borrowings 79 121 — Long-Term Portion of Long-Term Debt 12,385 7,441 6,699 Less: Cash and Cash Equivalents (2,873) (378) (186) Net Debt 9,591 7,184 6,513 Net Earnings (Loss) 587 (2,379) 2,194 Add (Deduct): Finance Costs 1,082 536 511 Interest Income (23) (9) (12) Income Tax Expense (Recovery) 728 (851) (797) Depreciation, Depletion and Amortization 5,886 3,464 2,249 Exploration Expense 18 91 82 Unrealized (Gain) Loss on Risk Management 2 56 149 Foreign Exchange (Gain) Loss, Net (174) (181) (404) Re-measurement of Contingent Payment 575 (80) 164 (Gain) Loss on Divestitures of Assets (229) (81) (2) Other (Income) Loss, Net (309) 40 9 (Income) Loss From Equity-Accounted Affiliates (57) — — Adjusted EBITDA (2) 8,086 606 4,143 Net Debt to Adjusted EBITDA 1.2x 11.9x 1.6x (1) Comparative figures include Cenovus's results prior to the closing of the Arrangement on January 1, 2021, and do not reflect any historical data from Husky. (2) Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization	Net Debt to Capitalization As at December 31, 2021 2020 (1) 2019 (1) Net Debt 9,591 7,184 6,513 Shareholders’ Equity 23,596 16,707 19,201 Capitalization 33,187 23,891 25,714 Net Debt to Capitalization 29 % 30 % 25 % (1) Comparative figures include Cenovus‘s results prior to the closing of the Arrangement on January 1, 2021, and do not reflect any historical data from Husky.

Lease Liabilities (Tables)

Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Lease liabilities [abstract]
Summary of Lease Liabilities	2021 2020 Lease Liabilities, Beginning of Year 1,757 1,916 Acquisition (Note 5A) 1,441 — Additions 110 49 Interest Expense (Note 7) 171 87 Lease Payments (471) (284) Terminations (1) (1) Modifications 22 (2) Re-measurements (4) (2) Exchange Rate Movements and Other (10) (6) Transfers to Liabilities Related to Assets Held for Sale (Note 16) (58) — Lease Liabilities, End of Year 2,957 1,757 Less: Current Portion 272 184 Long-Term Portion 2,685 1,573

Decommissioning Liabilities (Ta

Decommissioning Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Summary of Decommissioning Provision	2021 2020 Decommissioning Liabilities, Beginning of Year 1,248 1,235 Acquisitions (Note 5) 2,856 — Liabilities Incurred 30 14 Liabilities Settled (144) (42) Liabilities Disposed (140) (2) Transfers to Liabilities Related to Assets Held for Sale (Note 16) (128) — Change in Estimated Future Cash Flows (472) 13 Change in Discount Rates 450 (28) Unwinding of Discount on Decommissioning Liabilities (Note 7) 199 57 Foreign Currency Translation 7 1 Decommissioning Liabilities, End of Year 3,906 1,248
Description Of Major Assumptions Made Concerning Future Events Other Provisions Explanatory	Changes to the credit-adjusted risk-free rate or the inflation rate would have the following impact on the decommissioning liabilities: Sensitivity 2021 2020 As at December 31, Range Increase Decrease Increase Decrease Credit-Adjusted Risk Free Rate ± one percent (623) 875 (228) 313 Inflation Rate ± one percent 873 (625) 321 (235)

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Miscellaneous non-current liabilities [abstract]
Summary of Other Liabilities	As at December 31, 2021 2020 Pension and Other Post-Employment Benefit Plans 288 91 Provision for West White Rose Expansion Project (1) 259 — Provisions for Onerous and Unfavourable Contracts 99 39 Employee Long-Term Incentives 74 33 Drilling Provisions 56 — Deferred Revenue 41 — Other 112 18 929 181 (1) Relates to the long-term liability related to the 69 percent working interest in the West White Rose Expansion Project acquired through the Arrangement.
Schedule of Deferred Revenue	In accordance with the terms of the agreement, the purchaser has until the end of the agreement to take these volumes. Total As at December 31, 2020 — Acquisition 37 Take-or-Pay Payments Received 4 As at December 31, 2021 41

Pensions and Other Post-Emplo_2

Pensions and Other Post-Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2021
Pensions And Other Post Employment Benefits [Abstract]
Summary of Defined Benefit and OPEB Plan Obligation and Funded Status	A) Defined Benefit and OPEB Plan Obligation and Funded Status Information related to defined benefit pension and OPEB plans, based on actuarial estimations, is: Pension Benefits OPEB 2021 2020 2021 2020 Defined Benefit Obligation Defined Benefit Obligation, Beginning of Year 188 158 20 22 Plan Acquisition Upon the Arrangement (1) 41 — 224 — Current Service Costs 16 13 9 1 Past Service Costs - Curtailment and Plan Amendments (1) — (3) — Interest Costs (2) 6 5 6 — Benefits Paid (17) (6) (8) (2) Plan Participant Contributions 2 2 — — Re-measurements: (Gains) Losses From Experience Adjustments 4 1 10 (2) (Gains) Losses From Changes in Demographic Assumptions (1) — (3) — (Gains) Losses From Changes in Financial Assumptions (18) 15 (30) 1 Defined Benefit Obligation, End of Year 220 188 225 20 Plan Assets Fair Value of Plan Assets, Beginning of Year 117 107 — — Plan Acquisition Upon the Arrangement (1) 32 — — — Employer Contributions 9 6 3 — Plan Participant Contributions 2 2 — — Benefits Paid (13) (5) (3) — Interest Income (2) 3 2 — — Re-measurements: Return on Plan Assets (Excluding Interest Income) 9 5 — — Fair Value of Plan Assets, End of Year 159 117 — — Pension and OPEB (Liability) (3) (61) (71) (225) (20) (1) The Company acquired Husky's defined benefit pension and other post-retirement benefit obligations in connection with the Arrangement. See Note 5A. (2) Based on the discount rate of the defined benefit obligation at the beginning of the year. (3) Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities on the Consolidated Balance Sheets.
Summary of Pension and OPEB Costs	B) Pension and OPEB Costs Pension Benefits OPEB As at December 31, 2021 2020 2019 2021 2020 2019 Defined Benefit Plan Cost Current Service Costs 16 13 11 9 1 1 Past Service Costs - Curtailments and Plan (1) — — (3) — — Net Interest Costs 3 3 3 6 — 1 Re-measurements: Return on Plan Assets (Excluding (9) (5) (15) — — — (Gains) Losses From Experience 4 1 (4) 10 (2) — (Gains) Losses From Changes in (1) — — (3) — — (Gains) Losses From Changes in Financial (18) 15 12 (30) 1 1 Defined Benefit Plan Cost (Recovery) (6) 27 7 (11) — 3 Defined Contribution Plan Cost 68 22 21 — — — Total Plan Cost 62 49 28 (11) — 3
Summary of Fair Value of the Plan Assets	2021 Target Allocation (percent) Canadian Plan U.S. Plan Equity Funds 25% - 70% 21% - 51% Income Funds 25% - 35% 55% - 74% Real Estate Funds —% - 15% — Listed Infrastructure Funds —% - 10% — Emerging Market Debt Funds —% - 10% — Cash and Cash Equivalents —% - 10% — The fair value of the DB Pension Plan assets is: As at December 31, 2021 2020 Equity Funds 77 58 Fixed Income Funds 54 35 Real Estate Funds 9 6 Listed Infrastructure Funds 8 8 Emerging Market Debt Funds 8 7 Cash and Cash Equivalents 2 2 Non-Invested Assets 1 1 Total Fair Value of DB Pension Plan Assets (1) 159 117 (1) The Company acquired Husky’s U.S. defined benefit pension obligations in connection with the Arrangement (see Note 5A). The U.S. defined benefit pension plan assets were valued at $32 million on January 1, 2021.
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 and expenses are as follows: Pension Benefits OPEB For the years ended December 31, 2021 2020 2019 2021 2020 2019 Discount Rate 2.95 % 2.50 % 3.00 % 2.98 % 2.50 % 3.00 % Future Salary Growth Rate 4.03 % 3.97 % 3.94 % 4.94 % 4.94 % 5.08 % Average Longevity (years) 88.3 88.3 88.2 88.3 88.2 88.2 Health Care Cost Trend Rate N/A N/A N/A 5.64 % 6.00 % 6.00 %
Sensitivity of defined benefit and OPEB obligation to changes in relevant actuarial assumptions	2021 2020 As at December 31, Increase Decrease Increase Decrease One Percent Change: Discount Rate (79) 102 (31) 40 Future Salary Growth Rate 4 (4) 4 (4) Health Care Cost Trend Rate 26 (20) 1 (1) One Year Change in Assumed Life Expectancy 4 (4) 4 (4)

Share Capital and Warrants (Tab

Share Capital and Warrants (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of classes of share capital [abstract]
Summary of Share Capital	B) Issued and Outstanding – Common Shares 2021 2020 Number of Common Shares (thousands) Amount Number of Common Shares (thousands) Amount Outstanding, Beginning of Year 1,228,870 11,040 1,228,828 11,040 Issued Under the Arrangement, Net of Issuance Costs (Note 5A) 788,518 6,111 — — Issued Upon Exercise of Warrants 314 3 — — Issued Under Stock Option Plans 535 7 42 — Purchase of Common Shares under NCIB (17,026) (145) — — Outstanding, End of Year 2,001,211 17,016 1,228,870 11,040 As at December 31, 2021 Number of Preferred Shares (thousands) Amount Outstanding, Beginning of Year — — Issued Under the Arrangement (Note 5A) 36,000 519 Outstanding, End of Year 36,000 519 As at December 31, 2021 Dividend Reset Date Dividend Rate Number of Preferred Shares (thousands) Series 1 First Preferred Shares March 31, 2026 2.58 % 10,740 Series 2 First Preferred Shares March 31, 2026 1.86 % 1,260 Series 3 First Preferred Shares December 31, 2024 4.69 % 10,000 Series 5 First Preferred Shares March 31, 2025 4.59 % 8,000 Series 7 First Preferred Shares June 30, 2025 3.94 % 6,000 As at December 31, 2021 Number of Warrants (thousands) Amount Outstanding, Beginning of Year — — Issued Under the Arrangement (Note 5A) 65,433 216 Exercised (314) (1) Outstanding, End of Year 65,119 215
Disclosure of reserves within equity [text block]	Cenovus’s paid in surplus reflects the Company’s retained earnings prior to the split of Encana Corporation (“Encana”) under the plan of arrangement into two independent energy companies, Encana (now known as Ovintiv Inc.) and Cenovus (earnings prior to Encana split). In addition, paid in surplus includes stock-based compensation expense related to the Company’s NSRs discussed in Note 32 and the excess of the purchase price of common shares over their average carrying value for shares purchased under the NCIB. Earnings Prior to Encana Split Stock-Based Compensation Common Shares Total As at December 31, 2019 4,086 291 — 4,377 Stock-Based Compensation Expense — 14 — 14 As at December 31, 2020 4,086 305 — 4,391 Stock-Based Compensation Expense — 14 — 14 Purchase of Common Shares Under NCIB — — (120) (120) Common Shares Issued on Exercise of Stock Options — (1) — (1) As at December 31, 2021 4,086 318 (120) 4,284

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Accumulated Other Comprehensive Income Loss [Abstract]
Summary of Accumulated Other Comprehensive Income (Loss)	Pension and Other Post-Retirement Benefits Private Equity Instruments Foreign Currency Translation Adjustment Total As at December 31, 2019 (2) 27 802 827 Other Comprehensive Income (Loss), Before Tax (10) — (44) (54) Income Tax (Expense) Recovery 2 — — 2 As at December 31, 2020 (10) 27 758 775 Other Comprehensive Income (Loss), Before Tax 47 — (129) (82) Income Tax (Expense) Recovery (9) — — (9) As at December 31, 2021 28 27 629 684

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Summary of Assumptions Used to Determine Fair Value of Options Granted	The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows: Risk-Free Interest Rate 0.67 % Expected Dividend Yield 0.76 % Expected Volatility (1) 38.98 % Expected Life (years) 5.76 (1) Expected volatility has been based on historical share volatility of the Company.
Summary of Options Outstanding and Exercisable	The following tables summarize information related to the NSRs: Number of Stock Options with Associated Net Settlement Rights Weighted Average Exercise Price For the year ended December 31, 2021 (thousands) ($) Outstanding, Beginning of Year 30,597 18.52 Granted 6,345 8.89 Exercised (529) 10.51 Forfeited (66) 15.17 Expired (9,114) 28.61 Outstanding, End of Year 27,233 13.06 Outstanding Exercisable As at December 31, 2021 Number of Stock Options with Associated Net Settlement Rights Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Stock Options with Associated Net Settlement Rights Weighted Average Exercise Price Range of Exercise Price ($) (thousands) (Years) ($) (thousands) ($) 5.00 to 9.99 8,365 5.26 8.92 2,478 9.48 10.00 to 14.99 13,126 4.29 12.26 8,729 12.54 15.00 to 19.99 2,680 1.31 19.47 2,680 19.47 20.00 to 24.99 3,062 0.15 22.25 3,062 22.25 27,233 3.83 13.06 16,949 14.94 The following tables summarize the information related to the Cenovus replacement stock options held by Cenovus employees: Number of Cenovus Replacement Stock Options Weighted Average Exercise Price For the year ended December 31, 2021 (thousands) ($) Outstanding, Beginning of Year — — Granted 18,882 15.31 Exercised (790) 3.64 Forfeited (3,582) 14.08 Expired (2,254) 20.07 Outstanding, End of Year 12,256 15.21 Outstanding Exercisable As at December 31, 2021 Number of Cenovus Replacement Stock Options Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Cenovus Replacement Stock Options Weighted Average Exercise Price Range of Exercise Price ($) (thousands) (Years) ($) (thousands) ($) 3.00 to 4.99 3,602 2.68 3.54 772 3.54 5.00 to 9.99 164 3.20 6.03 34 5.95 10.00 to 14.99 58 2.67 12.66 41 12.62 15.00 to 19.99 2,896 1.77 18.43 2,012 18.47 20.00 to 24.99 5,384 0.68 21.23 5,384 21.23 25.00 to 29.99 152 1.58 27.88 152 27.88 12,256 1.58 15.21 8,395 18.96 The following table summarizes the information related to the PSUs held by Cenovus employees: Number of Performance Share Units For the year ended December 31, 2021 (thousands) Outstanding, Beginning of Year 9,284 Granted 6,175 Vested and Paid Out (8,085) Cancelled (261) Units in Lieu of Dividends 50 Outstanding, End of Year 7,163 The following table summarizes the information related to the RSUs held by Cenovus employees: Number of Restricted Share Units For the year ended December 31, 2021 (thousands) Outstanding, Beginning of Year 8,430 Granted 6,435 Vested and Paid Out (8,420) Cancelled (463) Units in Lieu of Dividends 43 Outstanding, End of Year 6,025 The following table summarizes the information related to the DSUs held by Cenovus directors, officers and employees: Number of Deferred Share Units For the year ended December 31, 2021 (thousands) Outstanding, Beginning of Year 1,333 Granted to Directors 273 Granted 80 Units in Lieu of Dividends 10 Redeemed (440) Outstanding, End of Year 1,256
Summary of Stock-Based Compensation	E) Total Stock-Based Compensation For the years ended December 31, 2021 2020 2019 Stock Options With Associated Net Settlement Rights 14 11 9 Cenovus Replacement Stock Options 26 — — Performance Share Units 56 19 15 Restricted Share Units 48 23 34 Deferred Share Units 15 (4) 9 Stock-Based Compensation Expense (Recovery) 159 49 67 Stock-Based Compensation Costs Capitalized 8 16 20 Total Stock-Based Compensation 167 65 87

Employee Salaries and Benefit_2

Employee Salaries and Benefit Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Salaries And Employee Benefits [Abstract]
Summary of Employee Salaries and Benefit Expenses	33. EMPLOYEE SALARIES AND BENEFIT EXPENSES For the years ended December 31, 2021 2020 2019 Salaries, Bonuses and Other Short-Term Employee Benefits 1,327 605 567 Post-Employment Benefits 89 33 29 Stock-Based Compensation (Note 32) 159 49 67 Other Incentive Benefits 201 (4) 31 Termination Benefits 180 9 6 1,956 692 700

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of transactions between related parties [abstract]
Summary of Key Management Compensation	Key management includes Directors (executive and non-executive), Executive Officers, Senior Vice-Presidents and Vice-Presidents. The compensation paid or payable to key management is: For the years ended December 31, 2021 2020 2019 Salaries, Director Fees and Other Short-Term Benefits 69 21 24 Post-Employment Benefits 4 3 2 Stock-Based Compensation 72 15 22 Other Incentive Benefits 4 1 1 Termination Benefits 3 6 — 152 46 49

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets	2021 2020 Fair Value, Beginning of Year 52 52 Acquisition (Note 5A) 1 — Fair Value, End of Year 53 52
Summary of Unrealized Risk Management Positions	Summary of Unrealized Risk Management Positions 2021 2020 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Crude Oil, Natural Gas, Condensate and Refined Products 46 116 (70) 5 58 (53) Exchange Rate Contracts 2 — 2 — — — 48 116 (68) 5 58 (53)
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value	As at December 31, 2021 2020 Level 2 – Prices Sourced From Observable Data or Market Corroboration (68) (53)
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities	2021 2020 Fair Value of Contracts, Beginning of Year (53) 3 Acquisition (Note 5A) (14) — Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered Into During the Year (995) (308) Fair Value of Contracts Realized During the Year 993 252 Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts 1 — Fair Value of Contracts, End of Year (68) (53)
Summary of Offsetting Risk Management Positions	2021 2020 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Recognized Risk Management Positions Gross Amount 263 331 (68) 70 123 (53) Amount Offset (215) (215) — (65) (65) — Net Amount 48 116 (68) 5 58 (53)
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax	As at December 31, 2021 Sensitivity Range Increase Decrease WCS Forward Prices ± $5.00 per barrel (45) 45 As at December 31, 2020 Sensitivity Range Increase Decrease WCS Forward Prices ± $5.00 per barrel (41) 32 WTI Option Implied Volatility ± five percent (18) 17 Canadian to U.S. Dollar Foreign Exchange Rate Option Implied Volatility ± five percent 7 (10) The impact of a five percent increase or decrease in WTI option price volatility and the Canadian-U.S. dollar foreign exchange rate options would result in nominal unrealized gains (losses) to earnings before income tax. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows: As at December 31, 2021 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges (225) 225 WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production 4 (4) Refined Products Commodity Price ± US$5.00/bbl Applied to Heating Oil and Gasoline Hedges (2) 2 U.S. to Canadian Dollar Exchange Rate ± 0.05 in the U.S. to Canadian Dollar Exchange Rate 11 (12) As at December 31, 2020 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges (44) 44 WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production (2) 2
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions	For the years ended December 31, 2021 2020 2019 Realized (Gain) Loss 993 252 7 Unrealized (Gain) Loss 2 56 149 (Gain) Loss on Risk Management 995 308 156

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
	Dec. 31, 2021
Risk Management [Abstract]
Net Fair Value of Risk Management Positions	Net Fair Value of Risk Management Positions As at December 31, 2021 Notional Volumes (1) (2) Terms (3) Weighted Average Price (1) (2) Fair Value Asset (Liability) Crude Oil and Condensate Contracts WTI Fixed – Sell 61.8 MMbbls January 2022 - June 2023 US$72.19/bbl (188) WTI Fixed – Buy 25.3 MMbbls January 2022 - June 2023 US$71.55/bbl 94 Other Financial Positions (4) 24 Foreign Exchange Contracts 2 Total Fair Value (68) (1) Million barrels (“MMbbls”). Barrel (“bbl”). (2) Notional volumes and weighted average price represent various contracts over the respective terms. The notional volumes and weighted average price may fluctuate from month to month as it represents the averages for various individual contracts with different terms. (3) Contract terms represent various individual contracts with different terms, and range from one (4) Other financial positions consists of risk management positions related to WCS, heavy oil and condensate differential contracts, Belvieu fixed contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts, and the Company's U.S. Manufacturing and Marketing activities.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax	As at December 31, 2021 Sensitivity Range Increase Decrease WCS Forward Prices ± $5.00 per barrel (45) 45 As at December 31, 2020 Sensitivity Range Increase Decrease WCS Forward Prices ± $5.00 per barrel (41) 32 WTI Option Implied Volatility ± five percent (18) 17 Canadian to U.S. Dollar Foreign Exchange Rate Option Implied Volatility ± five percent 7 (10) The impact of a five percent increase or decrease in WTI option price volatility and the Canadian-U.S. dollar foreign exchange rate options would result in nominal unrealized gains (losses) to earnings before income tax. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows: As at December 31, 2021 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges (225) 225 WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production 4 (4) Refined Products Commodity Price ± US$5.00/bbl Applied to Heating Oil and Gasoline Hedges (2) 2 U.S. to Canadian Dollar Exchange Rate ± 0.05 in the U.S. to Canadian Dollar Exchange Rate 11 (12) As at December 31, 2020 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges (44) 44 WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production (2) 2
Undiscounted Cash Outflows Relating to Financial Liabilities	Undiscounted cash outflows relating to financial liabilities are: As at December 31, 2021 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities 6,353 — — — 6,353 Short-Term Borrowings (1) 79 — — — 79 Long-Term Debt (1)(2) 561 1,608 2,603 14,892 19,664 Contingent Payment 238 — — — 238 Lease Liabilities (1) 453 794 634 3,192 5,073 As at December 31, 2020 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities 2,018 — — — 2,018 Short-Term Borrowings (1) 121 — — — 121 Long-Term Debt (1) 385 1,965 1,966 8,627 12,943 Contingent Payment 36 28 — — 64 Lease Liabilities (1) 254 445 365 1,412 2,476 (1) Principal and interest, including current portion if applicable. (2) On January 10, 2022, the Company announced its intention to redeem the entire outstanding balance of its 3.80 percent notes and 4.00 percent unsecured notes on February 9, 2022. Long-term debt maturities above have not been adjusted for this redemption.

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure Of Supplementary Cash Flow Information [Abstract]
Disclosure Of Changes In Non-Cash Working Capital Items	A) Working Capital Working capital is calculated as follows: As at December 31, 2021 2020 Total Current Assets 11,988 2,976 Total Current Liabilities 7,305 2,359 Working Capital 4,683 617 At December 31, 2021, adjusted working capital was $3.8 billion (December 31, 2020 – $653 million), excluding assets held for sale of $1.3 billion (December 31, 2020 – $nil), the current portion of the contingent payment of $236 million (December 31, 2020 – $36 million) and liabilities related to assets held for sale of $186 million (December 31, 2020 – $nil). Changes in non-cash working capital is as follows: For the years ended December 31, 2021 2020 2019 Accounts Receivable and Accrued Revenues (953) 77 (475) Income Tax Receivable (1) (12) 150 Inventories (1,646) 450 (408) Accounts Payable and Accrued Liabilities 1,645 (338) 283 Income Tax Payable 87 (17) — Total Non-Cash Working Capital (868) 160 (450) Cash From (Used in) Operating (1,227) 198 (333) Cash From (Used in) Investing 359 (38) (117) Total Non-Cash Working Capital (868) 160 (450) For the years ended December 31, 2021 2020 2019 Interest Paid 811 381 457 Interest Received 24 5 12 Income Taxes Paid 209 18 17
Summary of Reconciliation of Liabilities to Cash Flows from Financing Activities	Dividends Payable Short-Term Borrowings Long-Term Debt Lease Liabilities As at December 31, 2018 — — 9,164 — Adjustment for Change in Accounting Policy (1) — — — 1,494 Changes From Financing Cash Flows: (Repayment) of Long-Term Debt — — (2,279) — Net Issuance (Repayment) of Revolving Long-Term — — 276 — Common Share Dividends Paid (260) — — — Principal Repayment of Leases — — — (150) Non-Cash Changes: Common Share Dividends Declared 260 — — — Foreign Exchange (Gain) Loss — — (399) (23) Net Premium (Discount) on Redemption of — — (63) — Lease Additions — — — 590 Lease Terminations — — — (11) Lease Re-measurements — — — 15 Other — — — 1 As at December 31, 2019 — — 6,699 1,916 Changes From Financing Cash Flows: Common Share Dividends Paid (77) — — — Net Issuance (Repayment) of Short-Term Borrowings — 117 — — Issuance of Long-Term Debt — — 1,326 — (Repayment) of Long-Term Debt — — (112) — (Repayment) of Revolving Long-Term Debt — — (220) — Principal Repayment of Leases — — — (197) Non-Cash Changes: Common Share Dividends Declared 77 — — — Foreign Exchange (Gain) Loss, Net — 4 (231) (6) Net Premium (Discount) on Redemption of — — (25) — Finance Costs — — 5 — Lease Additions — — — 49 Lease Terminations — — — (1) Lease Modifications — — — (2) Lease Re-measurements — — — (2) Other — — (1) — As at December 31, 2020 — 121 7,441 1,757 (1) Effective January 1, 2019, the Company adopted International Financial Reporting Standard 16, "Leases" . (Continued) Dividends Payable Short-Term Borrowings Long-Term Debt Lease Liabilities Acquisition (see Note 5A) — 40 6,602 1,441 Changes From Financing Cash Flows: Common Share Dividends Paid (176) — — — Preferred Share Dividends Paid (34) — — — Net Issuance (Repayment) of Short-Term Borrowings — (77) — — Net Issuance (Repayment) of Revolving Long-Term — — (350) — Issuance of Long-Term Debt — — 1,557 — (Repayment) of Long-Term Debt — — (2,870) — Principal Repayment of Leases — — — (300) Non-Cash Changes: Common Share Dividends Declared 176 — — — Preferred Share Dividends Declared 34 — — — Foreign Exchange (Gain) Loss, Net — (5) (57) (10) Net Premium (Discount) on Redemption of — — 121 — Finance Costs — — (59) — Lease Additions — — — 110 Lease Terminations — — — (1) Lease Modifications — — — 22 Lease Re-Measurements — — — (4) Transfers to Liabilities Related to Assets Held for Sale — — — (58) As at December 31, 2021 — 79 12,385 2,957

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments And Contingencies [Abstract]
Minimum Future Payments, Commitments And Contingent Liabilities	Future payments for the Company’s commitments are below: As at December 31, 2021 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) 3,288 3,567 3,373 2,146 2,012 16,600 30,986 Real Estate (2) 44 43 52 54 57 658 908 Obligation to Fund Equity-Accounted Affiliate (3) 68 85 99 90 90 210 642 Other Long-Term Commitments 509 156 145 136 150 1,214 2,310 Total Payments (4) 3,909 3,851 3,669 2,426 2,309 18,682 34,846 As at December 31, 2020 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) 1,014 954 1,341 1,444 1,107 15,537 21,397 Real Estate (2) 34 36 38 41 44 604 797 Other Long-Term Commitments 105 47 32 32 24 85 325 Total Payments (4) 1,153 1,037 1,411 1,517 1,175 16,226 22,519 (1) Includes transportation commitments of $8.1 billion (December 31, 2020 – $14.0 billion) that are subject to regulatory approval or have been approved, but are not yet in service. Terms are up to 20 years subsequent to the date of commencement. (2) Relates to the non-lease components of lease liabilities consisting of operating costs and unreserved parking for office space. Excludes committed payments for which a provision has been provided. (3) Relates to funding obligations to HCML. (4) Commitments are reflected at Cenovus's proportionate share of the underlying contract.

Description of Business and S_3

Description of Business and Segmented Disclosures - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)Customerplant	Dec. 31, 2020CAD ($)Customer		Dec. 31, 2019CAD ($)Customer
Disclosure of operating segments [line items]
Number Of Major Customers | Customer	2	3		2
Gross Sales	$ 48,811	$ 13,914	[1]	$ 21,715	[1]
Customer One
Disclosure of operating segments [line items]
Gross Sales	8,500	4,300		6,900
Customer Two
Disclosure of operating segments [line items]
Gross Sales	$ 6,800	1,800		$ 2,300
Customer Three
Disclosure of operating segments [line items]
Gross Sales		$ 1,500
Bottom of range
Disclosure of operating segments [line items]
Percentage Of Entities Revenues From Gross Sales	10.00%
Canada
Disclosure of operating segments [line items]
Number of ethanol plants | plant	2
[1]	See Note 3(w) for revisions to comparative results.

Description of Business and S_4

Description of Business and Segmented Disclosures - Schedule of Segment and Operational Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Revenues
Gross Sales	$ 48,811	$ 13,914	[1]	$ 21,715	[1]
Less: Royalties	2,454	371	[1]	1,173	[1]
Revenues	46,357	13,543	[1]	20,542	[1]
Expenses
Purchased Product	23,481	5,681	[1]	8,789	[1]
Transportation and Blending	7,883	4,728	[1]	5,184	[1]
Operating	4,716	1,955	[1]	2,088	[1]
(Gain) Loss on Risk Management	995	308	[1]	156	[1]
Depreciation, Depletion and Amortization	5,886	3,464	[1]	2,249	[1]
Exploration Expense	18	91	[1]	82	[1]
(Income) Loss From Equity-Accounted Affiliates	(57)	0	[1]	0	[1]
Segment Income (Loss)	3,435	(2,684)		1,994
General and Administrative	849	292	[1]	331	[1]
Finance Costs	1,082	536	[1]	511	[1]
Interest Income	(23)	(9)	[1]	(12)	[1]
Integration Costs	349	29	[1]	0	[1]
Foreign Exchange (Gain) Loss, Net	(174)	(181)	[1]	(404)	[1]
Re-measurement of Contingent Payment	575	(80)	[1]	164	[1]
(Gain) Loss on Divestiture of Assets	(229)	(81)	[1]	(2)	[1]
Other (Income) Loss, Net	(309)	40	[1]	9	[1]
Total Non-operating (Income) Expense	2,120	546		597
Earnings (Loss) Before Income Tax	1,315	(3,230)	[1]	1,397	[1]
Income Tax Expense (Recovery)	728	(851)	[1]	(797)	[1]
Net Earnings (Loss)	587	(2,379)	[1]	2,194	[1]
Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	993	252		7
Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	2	56		149
Upstream
Revenues
Gross Sales	27,844	9,708		14,036
Less: Royalties	2,454	371		1,173
Revenues	25,390	9,337		12,863
Expenses
Purchased Product	4,843	1,530		2,471
Transportation and Blending	7,930	4,764		5,234
Operating	3,241	1,476		1,406
Operating Margin	8,588	1,299		3,729
Depreciation, Depletion and Amortization	3,161	2,567		1,862
Exploration Expense	18	91		82
(Income) Loss From Equity-Accounted Affiliates	(52)	0		0
Segment Income (Loss)	5,442	(1,416)		1,693
Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	788	268		23
Upstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	19	57		92
Downstream
Revenues
Gross Sales	26,673	4,815		8,368
Less: Royalties	0	0		0
Revenues	26,673	4,815		8,368
Expenses
Purchased Product	23,526	4,429		6,735
Transportation and Blending	0	0		0
Operating	2,258	785		918
Operating Margin	785	(378)		731
Depreciation, Depletion and Amortization	2,607	736		280
Exploration Expense	0	0		0
(Income) Loss From Equity-Accounted Affiliates	0	0		0
Segment Income (Loss)	(1,823)	(1,113)		450
Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	104	(21)		(16)
Downstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	1	(1)		1
Oil Sands
Revenues
Gross Sales		8,804		13,101
Expenses
Purchased Product		1,262		2,231
Oil Sands | Upstream
Revenues
Gross Sales	22,827	8,804		13,101
Less: Royalties	2,196	331		1,143
Revenues	20,631	8,473		11,958
Expenses
Purchased Product	3,188	1,262		2,231
Transportation and Blending	7,841	4,683		5,152
Operating	2,451	1,156		1,067
Operating Margin	6,365	1,104		3,485
Depreciation, Depletion and Amortization	2,666	1,687		1,543
Exploration Expense	16	9		18
(Income) Loss From Equity-Accounted Affiliates	(5)	0		0
Segment Income (Loss)	3,670	(649)		1,832
Oil Sands | Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	786	268		23
Oil Sands | Upstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	18	57		92
Conventional | Upstream
Revenues
Gross Sales	3,235	904		935
Less: Royalties	150	40		30
Revenues	3,085	864		905
Expenses
Purchased Product	1,655	268		240
Transportation and Blending	74	81		82
Operating	551	320		339
Operating Margin	803	195		244
Depreciation, Depletion and Amortization	3	880		319
Exploration Expense	(3)	82		64
(Income) Loss From Equity-Accounted Affiliates	0	0		0
Segment Income (Loss)	802	(767)		(139)
Conventional | Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	2	0		0
Conventional | Upstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	1	0		0
Offshore | Upstream
Revenues
Gross Sales	1,782	0		0
Less: Royalties	108	0		0
Revenues	1,674	0		0
Expenses
Purchased Product	0	0		0
Transportation and Blending	15	0		0
Operating	239	0		0
Operating Margin	1,420	0		0
Depreciation, Depletion and Amortization	492	0		0
Exploration Expense	5	0		0
(Income) Loss From Equity-Accounted Affiliates	(47)	0		0
Segment Income (Loss)	970	0		0
Offshore | Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0	0		0
Offshore | Upstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0	0		0
Canadian Manufacturing | Downstream
Revenues
Gross Sales	4,472	82		77
Less: Royalties	0	0		0
Revenues	4,472	82		77
Expenses
Purchased Product	3,552	0		0
Transportation and Blending	0	0		0
Operating	388	37		41
Operating Margin	532	45		36
Depreciation, Depletion and Amortization	167	8		7
Exploration Expense	0	0		0
(Income) Loss From Equity-Accounted Affiliates	0	0		0
Segment Income (Loss)	365	37		29
Canadian Manufacturing | Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0	0		0
Canadian Manufacturing | Downstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0	0		0
U.S. Manufacturing | Downstream
Revenues
Gross Sales	20,043	4,733		8,291
Less: Royalties	0	0		0
Revenues	20,043	4,733		8,291
Expenses
Purchased Product	17,955	4,429		6,735
Transportation and Blending	0	0		0
Operating	1,772	748		877
Operating Margin	212	(423)		695
Depreciation, Depletion and Amortization	2,381	728		273
Exploration Expense	0	0		0
(Income) Loss From Equity-Accounted Affiliates	0	0		0
Segment Income (Loss)	(2,170)	(1,150)		421
U.S. Manufacturing | Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	104	(21)		(16)
U.S. Manufacturing | Downstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	1	(1)		1
Retail | Downstream
Revenues
Gross Sales	2,158	0		0
Less: Royalties	0	0		0
Revenues	2,158	0		0
Expenses
Purchased Product	2,019	0		0
Transportation and Blending	0	0		0
Operating	98	0		0
Operating Margin	41	0		0
Depreciation, Depletion and Amortization	59	0		0
Exploration Expense	0	0		0
(Income) Loss From Equity-Accounted Affiliates	0	0		0
Segment Income (Loss)	(18)	0		0
Retail | Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0	0		0
Retail | Downstream | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0	0		0
Corporate and Eliminations
Revenues
Gross Sales	(5,706)	(609)		(689)
Less: Royalties	0	0		0
Revenues	(5,706)	(609)		(689)
Expenses
Purchased Product	(4,888)	(278)		(417)
Transportation and Blending	(47)	(36)		(50)
Operating	(783)	(306)		(236)
Depreciation, Depletion and Amortization	118	161		107
Exploration Expense	0	0		0
(Income) Loss From Equity-Accounted Affiliates	(5)	0		0
Segment Income (Loss)	(184)	(155)		(149)
General and Administrative	849	292		331
Finance Costs	1,082	536		511
Interest Income	(23)	(9)		(12)
Integration Costs	349	29		0
Foreign Exchange (Gain) Loss, Net	(174)	(181)		(404)
Re-measurement of Contingent Payment	575	(80)		164
(Gain) Loss on Divestiture of Assets	(229)	(81)		(2)
Other (Income) Loss, Net	(309)	40		9
Total Non-operating (Income) Expense	2,120	546		597
Corporate and Eliminations | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	101	5		0
Corporate and Eliminations | Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	$ (18)	$ 0		$ 56
[1]	See Note 3(w) for revisions to comparative results.

Description of Business and S_5

Description of Business and Segmented Disclosures - Schedule of Revenues by Product (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
U.S. Manufacturing
Retail	$ 46,357	$ 13,543	[1]	$ 20,542	[1]
Consolidated	46,357	13,543	[1]	20,542	[1]
Corporate and Eliminations
U.S. Manufacturing
Retail	(5,706)	(609)		(689)
Corporate and Eliminations	(5,706)	(609)		(689)
Consolidated	(5,706)	(609)		(689)
Upstream
Upstream (2)
Crude Oil	19,051	8,557		12,091
Natural Gas	2,809	186		227
NGLs	3,032	535		480
Other	498	58		65
Canadian Manufacturing
Synthetic Crude Oil	19,051	8,557		12,091
Downstream | Canadian Manufacturing
Canadian Manufacturing
Asphalt	477	0		0
Other Products and Services	1,637	82		77
U.S. Manufacturing
Other Products	1,637	82		77
Downstream | Canadian Manufacturing | Synthetic Oil
Canadian Manufacturing
Diesel and Distillate	1,951	0		0
U.S. Manufacturing
Diesel and Distillate	1,951	0		0
Downstream | Canadian Manufacturing | Diesel and Distillate
Canadian Manufacturing
Diesel and Distillate	407	0		0
U.S. Manufacturing
Diesel and Distillate	407	0		0
Downstream | U.S. Manufacturing
Canadian Manufacturing
Diesel and Distillate	6,429	1,569		3,127
Other Products and Services	3,503	813		1,284
U.S. Manufacturing
Gasoline	10,111	2,352		3,880
Diesel and Distillate	6,429	1,569		3,127
Other Products	3,503	813		1,284
Downstream | Retail
U.S. Manufacturing
Retail	2,158	0		0
Consolidated	$ 2,158	$ 0		$ 0
[1]	See Note 3(w) for revisions to comparative results.

Description of Business and S_6

Description of Business and Segmented Disclosures - Schedule of Geographical Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of geographical areas [line items]
Revenue	$ 46,357	$ 13,543	[1]	$ 20,542	[1]
Non-Current Assets	40,902	29,631
Total Current Assets	11,988	2,976
Canada
Disclosure of geographical areas [line items]
Revenue	23,768	8,715		12,160
Non-Current Assets	33,915	26,041
Canada | Retail | Assets classified as held for sale
Disclosure of geographical areas [line items]
Total Current Assets	552
Canada | Oil Sands | Assets classified as held for sale
Disclosure of geographical areas [line items]
Total Current Assets	593
Canada | Conventional | Assets classified as held for sale
Disclosure of geographical areas [line items]
Total Current Assets	159
United States
Disclosure of geographical areas [line items]
Revenue	21,326	4,828		8,382
Non-Current Assets	4,093	3,590
China
Disclosure of geographical areas [line items]
Revenue	1,263	0		$ 0
Non-Current Assets	2,583	0
Indonesia
Disclosure of geographical areas [line items]
Non-Current Assets	$ 311	$ 0
[1]	See Note 3(w) for revisions to comparative results.

Description of Business and S_7

Description of Business and Segmented Disclosures - Schedule of Assets by Segment (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Reportable Segments [Line Items]
E&E Assets	$ 720	$ 623
PP&E	34,225	25,411	$ 27,834
ROU Assets	2,010	1,139	1,325
Goodwill	3,473	2,272	$ 2,272
Total Assets	54,104	32,770
Oil Sands
Disclosure Of Reportable Segments [Line Items]
E&E Assets	653	617
PP&E	22,535	19,748
ROU Assets	754	196
Goodwill	3,473	2,272
Total Assets	31,070	24,641
Conventional
Disclosure Of Reportable Segments [Line Items]
E&E Assets	6	6
PP&E	2,174	1,758
ROU Assets	2	3
Goodwill	0	0
Total Assets	3,026	1,978
Offshore
Disclosure Of Reportable Segments [Line Items]
E&E Assets	61	0
PP&E	2,822	0
ROU Assets	160	0
Goodwill	0	0
Total Assets	3,597	0
Canadian Manufacturing
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	2,353	176
ROU Assets	339	392
Goodwill	0	0
Total Assets	2,918	578
U.S. Manufacturing
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	3,745	3,476
ROU Assets	252	114
Goodwill	0	0
Total Assets	7,777	4,363
Retail
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	205	0
ROU Assets	49	0
Goodwill	0	0
Total Assets	966	0
Corporate and Eliminations
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	391	253
ROU Assets	454	434
Goodwill	0	0
Total Assets	$ 4,750	$ 1,210

Description of Business and S_8

Description of Business and Segmented Disclosures - Schedule of Capital Expenditures (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Reportable Segments [Line Items]
Capital Investment	$ 2,563	$ 841	$ 1,176
Acquisition Capital	7	18	13
Acquisitions (Note 5)	13,425	0	0
Total Capital Expenditures	15,995	859	1,189
Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	1,416	505	759
Upstream | Asia Pacific
Disclosure Of Reportable Segments [Line Items]
Capital Investment	21	0	0
Upstream | Atlantic
Disclosure Of Reportable Segments [Line Items]
Capital Investment	154	0	0
Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	1,063	276	280
Oil Sands
Disclosure Of Reportable Segments [Line Items]
Acquisition Capital	3	6	2
Acquisitions (Note 5)	5,002	0	0
Oil Sands | Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	1,019	427	656
Conventional
Disclosure Of Reportable Segments [Line Items]
Acquisition Capital	4	12	7
Acquisitions (Note 5)	547	0	0
Conventional | Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	222	78	103
Offshore
Disclosure Of Reportable Segments [Line Items]
Acquisitions (Note 5)	3,129	0	0
Canadian Manufacturing
Disclosure Of Reportable Segments [Line Items]
Capital Investment	37	33	52
Acquisition Capital	0	0	4
Acquisitions (Note 5)	2,283	0	0
U.S. Manufacturing
Disclosure Of Reportable Segments [Line Items]
Capital Investment	995	243	228
Acquisitions (Note 5)	1,618	0	0
Retail
Disclosure Of Reportable Segments [Line Items]
Capital Investment	31	0	0
Acquisitions (Note 5)	690	0	0
Corporate and Eliminations
Disclosure Of Reportable Segments [Line Items]
Capital Investment	84	60	137
Acquisitions (Note 5)	$ 156	$ 0	$ 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional information (Detail) - CAD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Information technology assets
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Land improvements and buildings | Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Land improvements and buildings | Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	40 years
Office improvements and buildings | Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Office improvements and buildings | Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Refining equipment | Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Refining equipment | Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	60 years
Other | Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Other | Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	60 years
The Plan
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Target share price (in CAD per share)		$ 20
Target trading days		20 days
The Incentive Plan
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Target run-rate synergies	$ 1
The Incentive Plan | Minimum
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Cash award percentage of base salary	15.00%
The Incentive Plan | Maximum
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Cash award percentage of base salary	30.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Revisions to Prior Periods (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Gross Sales	$ 48,811	$ 13,914	[1]	$ 21,715	[1]
Purchased Product	$ 23,481	5,681	[1]	8,789	[1]
Oil Sands
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Gross Sales		8,804		13,101
Purchased Product		1,262		2,231
Gross sales less purchased product		7,542		10,870
Previously Reported | Oil Sands
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Gross Sales		8,481		12,739
Purchased Product		939		1,869
Gross sales less purchased product		7,542		10,870
Revision | Oil Sands
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Gross Sales		323		362
Purchased Product		323		362
Gross sales less purchased product		$ 0		$ 0
[1]	See Note 3(w) for revisions to comparative results.

Critical Accounting Judgments_2

Critical Accounting Judgments, Key Sources of Estimation Uncertainty - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021
WRB Refining LP
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%
Sunrise Oil Sands Partnership
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%
BP-Husky Refining LLC
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions	Jan. 01, 2021CAD ($)share$ / sharesshares	Dec. 31, 2021CAD ($)	Sep. 08, 2021CAD ($)	Dec. 31, 2020CAD ($)$ / shares	Dec. 31, 2019CAD ($)
Disclosure of detailed information about business combination [line items]
Fair value of acquired receivables	$ 1,100
Gross contractual amounts receivable for acquired receivables	1,200
Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables	$ 45
Goodwill		$ 3,473		$ 2,272	$ 2,272
Revenue of acquiree since acquisition date		21,200
Profit (loss) of acquiree since acquisition date		2,000
Lloydminister thermal
Disclosure of detailed information about business combination [line items]
Goodwill		651		0
Sunrise
Disclosure of detailed information about business combination [line items]
Goodwill		550		0
Oil Sands
Disclosure of detailed information about business combination [line items]
Goodwill		$ 3,473		$ 2,272
Terra Nova
Disclosure of detailed information about business combination [line items]
Percentage of working interest acquired			21.00%
Working interest, percentage		34.00%
Consideration paid for working interest in asset acquisition			$ 3
Cash acquired in asset acquisition			78
Property, plant and equipment acquired in asset acquisition			84
Decommissioning liabilities assumed in asset acquisition			$ 159
Husky Energy, Inc.
Disclosure of detailed information about business combination [line items]
Warrant holder entitled to common share, term	5 years
Warrant, exercise price | $ / shares	$ 6.54
Fair value of warrants	$ 216
Non-Controlling Interest	1.00%
Acquisition, purchase price adjustment, increase (decrease) in accounts receivable and accrued revenues		$ 24
Acquisition, purchase price adjustment, increase (decrease) in E&E assets		45
Acquisition, purchase price adjustment, increase (decrease) in PP&E		(365)
Acquisition, purchase price adjustment, increase (decrease) in other assets		32
Acquisition, purchase price adjustment, increase (decrease) in accounts payable and accrued liabilities		(18)
Acquisition, purchase price adjustment, increase (decrease) in decommissioning liabilities		(137)
Acquisition, purchase price adjustment, increase (decrease) in other liabilities		(37)
Acquisition, purchase price adjustment, increase (decrease) in long-term income tax receivable		(136)
Acquisition, purchase price adjustment, increase (decrease) in equity-accounted affiliates		(94)
Acquisition, purchase price adjustment, increase (decrease) in income tax payable		(6)
Acquisition, purchase price adjustment, increase (decrease) in goodwill		577
Acquisition, purchase price adjustment, increase (decrease) in deferred income tax asset, net		120
Acquisition, purchase price adjustment, increase (decrease) in net assets		$ (560)
Husky Energy, Inc. | Oil Sands
Disclosure of detailed information about business combination [line items]
Goodwill	$ 1,300
Husky Energy, Inc. | Oil Sands | Lloydminister thermal
Disclosure of detailed information about business combination [line items]
Goodwill	651
Husky Energy, Inc. | Oil Sands | Sunrise
Disclosure of detailed information about business combination [line items]
Goodwill	550
Husky Energy, Inc. | Oil Sands | Tucker
Disclosure of detailed information about business combination [line items]
Goodwill	$ 88
Husky Energy, Inc. | Common Shares
Disclosure of detailed information about business combination [line items]
Consideration transferred, equity interests issued per acquiree share | shares	0.7845
Number of instruments or interests issued or issuable | share	788,500,000
Equity interests of acquirer	$ 6,111
Share Price | $ / shares				$ 7.75
Noncontrolling interest of acquired entity	$ 11
Husky Energy, Inc. | Share Purchase Warrants
Disclosure of detailed information about business combination [line items]
Consideration transferred, equity interests issued per acquiree share | shares	0.0651
Number of instruments or interests issued or issuable | share	65,400,000
Equity interests of acquirer	$ 216
Husky Energy, Inc. | Preferred Shares
Disclosure of detailed information about business combination [line items]
Number of instruments or interests issued or issuable | share	36,000,000
Equity interests of acquirer	$ 519
Husky Energy, Inc. | Replacement Stock Options
Disclosure of detailed information about business combination [line items]
Consideration transferred, equity interests issued per acquiree share | shares	0.7845
Equity interests of acquirer	$ 9

Acquisitions - Summary of Asset

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - Husky Energy, Inc. $ in Millions	Jan. 01, 2021CAD ($)
Disclosure of detailed information about business combination [line items]
Non-Controlling Interest	$ 11
Total Consideration and Non-Controlling Interest	6,883
Cash	735
Restricted Cash	164
Accounts Receivable and Accrued Revenues	1,307
Inventories	1,133
Exploration and Evaluation Assets	45
Property, Plant and Equipment	13,296
Right-of-Use Assets	1,132
Long-Term Income Tax Receivable	66
Other Assets	230
Investment in Equity-Accounted Affiliates	363
Deferred Income Tax Assets, Net	1,062
Accounts Payable and Accrued Liabilities	(2,283)
Income Tax Payable	(94)
Short-Term Borrowings	(40)
Long-Term Debt	(6,602)
Lease Liabilities	(1,441)
Decommissioning Liabilities	(2,697)
Other Liabilities	(782)
Total Identifiable Net Assets	5,594
Goodwill	1,289
Common Shares
Disclosure of detailed information about business combination [line items]
Equity interests of acquirer	6,111
Preferred Shares
Disclosure of detailed information about business combination [line items]
Equity interests of acquirer	519
Share Purchase Warrants
Disclosure of detailed information about business combination [line items]
Equity interests of acquirer	216
Replacement Stock Options
Disclosure of detailed information about business combination [line items]
Equity interests of acquirer	9
Other
Disclosure of detailed information about business combination [line items]
Equity interests of acquirer	$ 17

Acquisitions - Summary of Trans

Acquisitions - Summary of Transaction Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
Business Combinations [Abstract]
Transaction Costs	$ 65
Integration Related Costs	104
Severance Payments	180
Total transaction costs	$ 349

General and Administrative - Su

General and Administrative - Summary of General and Administrative Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
General And Administrative Expenses [Abstract]
Salaries and Benefits	$ 264	$ 145		$ 143
Administrative and Other	225	102		90
Stock-Based Compensation Expense (Recovery) (Note 32)	159	49		67
Other Incentive Benefits Expense (Recovery)	201	(4)		31
General and Administrative Expenses	$ 849	$ 292	[1]	$ 331	[1]
[1]	See Note 3(w) for revisions to comparative results.

Finance Costs - Schedule of Fin

Finance Costs - Schedule of Finance Costs (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Finance Costs [Abstract]
Interest Expense – Short-Term Borrowings and Long-Term Debt	$ 557	$ 392		$ 407
Net Premium (Discount) on Redemption of Long-Term Debt	121	(25)		(63)
Interest Expense - Lease Liabilities	171	87		82
Unwinding of Discount on Decommissioning Liabilities	199	57		58
Other	34	25		27
Total Finance Costs	$ 1,082	$ 536	[1]	$ 511	[1]
[1]	See Note 3(w) for revisions to comparative results.

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net - Schedule of Foreign Exchange Gain Loss Net (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ (312)	$ (131)		$ (827)
Realized Foreign Exchange (Gain) Loss	138	(50)		423
Total	(174)	(181)	[1]	(404)	[1]
U.S. Dollar Debt Issued From Canada
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	(230)	(194)		(800)
Other
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ (82)	$ 63		$ (27)
[1]	See Note 3(w) for revisions to comparative results.

Divestitures (Details)

Divestitures (Details) - CAD ($) shares in Millions, $ in Millions	Oct. 14, 2021	May 01, 2021	Dec. 02, 2020	Dec. 31, 2021	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]
Disclosure of analysis of single amount of discontinued operations [line items]
Before-tax gain on disposal				$ 229	$ 81		$ 2
Headwater Exploration Inc.
Disclosure of analysis of single amount of discontinued operations [line items]
Sale of common shares in equity method investment	50
Proceeds from sales of investment in equity-accounted affiliate	$ 228
Before-tax gain on disposal	116
After-tax gain on disposal	$ 99
Marten Hills, Alberta
Disclosure of analysis of single amount of discontinued operations [line items]
Before-tax gain on disposal		$ 60
After-tax gain on disposal		47
Proceeds from disposal of oil and gas assets		$ 102
Marten Hills, Alberta | Marten Hills
Disclosure of analysis of single amount of discontinued operations [line items]
Before-tax gain on disposal			$ 79
After-tax gain on disposal			65
Proceeds from disposal of oil and gas assets			33
Consideration received for sale of operating assets			$ 138
Consideration received for sale of operating assets, common stock (in shares)			50
Consideration received for sale of operating assets, common stock			$ 97
Consideration received for sale of operating assets, purchase warrants (in shares)			15
Consideration received for sale of operating assets, purchase warrants			$ 8
East Clearwater and Kaybob
Disclosure of analysis of single amount of discontinued operations [line items]
Before-tax gain on disposal				34
After-tax gain on disposal				25
Proceeds from disposal of oil and gas assets				$ 103
[1]	See Note 3(w) for revisions to comparative results.

Impairment Charges and Revers_2

Impairment Charges and Reversals - Additional Information (Detail)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2020CAD ($)	Sep. 30, 2020CAD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Recoverable Amount			$ 2,000,000,000
Goodwill impairments				$ 0	$ 0
Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets		0.10
Discounted future cash flows | Inflation rate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets			0.02		0.02
Discounted future cash flows | Minimum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets					10
Discounted future cash flows | Minimum | Discount rate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets			0.10
Discounted future cash flows | Maximum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets					15
Discounted future cash flows | Maximum | Discount rate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets			0.15
Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Goodwill impairments					$ 0
Downstream | Discounted future cash flows | Minimum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets			0.10
Downstream | Discounted future cash flows | Maximum
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets			0.12
Downstream | Growth rate
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets			0.02		0.02
Conventional
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments					$ 555,000,000
Reversal of Impairment			$ 378,000,000
U.S. Manufacturing
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments			11,000,000
CGUs | Upstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments			0			$ 0
Goodwill impairments			0			$ 0
CGUs | Conventional | Upstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 315,000,000				$ 240,000,000
Borger CGU | Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Recoverable Amount		$ 692,000,000
Borger CGU | U.S. Manufacturing | Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments		450,000,000
Wood River CGU | Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Goodwill impairments		$ 0
Borger, Wood River, and Lima CGUs | Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments			1,900,000,000
Amount by which unit's recoverable amount exceeds its carrying amount			2,500,000,000
Toledo CGU | Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments			$ 0
Railcar CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 3,000,000

Impairment Charges and Revers_3

Impairment Charges and Reversals - Summary of Impairment Losses and Estimated Recoverable Amounts (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Recoverable Amount	$ 2,000
Clearwater
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Reversal of Impairment	145
Recoverable Amount	427	$ 160
Impairment		260
Elmworth-Wapiti
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Reversal of Impairment	115
Recoverable Amount	747	259
Impairment		120
Kaybob-Edson
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Reversal of Impairment	118
Recoverable Amount	$ 837	384
Impairment		$ 175

Impairment Charges and Revers_4

Impairment Charges and Reversals - Forward Price Assumptions (Details) BTU in Millions	12 Months Ended
	Dec. 31, 2021$ / McfBTU$ / bbl$ / bbl	Dec. 31, 2020$ / bbl$ / bbl$ / McfBTU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Gas Heating Value | BTU	1	1
West Texas Intermediate | 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	72.83	47.17
West Texas Intermediate | 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	68.78	50.17
West Texas Intermediate | 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	66.76	53.17
West Texas Intermediate | 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	68.09	54.97
West Texas Intermediate | 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	69.45	56.07
West Texas Intermediate | Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2.00%	2.00%
Western Canada Select | 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	74.43	44.63
Western Canada Select | 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	69.17	48.18
Western Canada Select | 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	66.54	52.10
Western Canada Select | 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	67.87	54.10
Western Canada Select | 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	69.23	55.19
Western Canada Select | Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2.00%	2.00%
Edmonton C5+ | 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	91.85	59.24
Edmonton C5+ | 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	85.53	63.19
Edmonton C5+ | 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	82.98	67.34
Edmonton C5+ | 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	84.63	69.77
Edmonton C5+ | 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal	86.33	71.18
Edmonton C5+ | Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2.00%	2.00%
Alberta Energy Company Natural Gas | 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal | $ / Mcf	3.56	2.88
Alberta Energy Company Natural Gas | 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal | $ / Mcf	3.20	2.80
Alberta Energy Company Natural Gas | 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal | $ / Mcf	3.05	2.71
Alberta Energy Company Natural Gas | 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal | $ / Mcf	3.10	2.75
Alberta Energy Company Natural Gas | 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used In Current Measurement Of Fair Value Less Costs Of Disposal | $ / Mcf	3.17	2.80
Alberta Energy Company Natural Gas | Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2.00%	2.00%

Impairment Charges and Revers_5

Impairment Charges and Reversals - Sensitivity (Details) - CAD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Clearwater
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase through change in discount rate, Impairments		$ (13)	$ (5)
Decrease through change in discount rate, Impairments		13	6
Five percent increase through change in forward price estimates, Impairments		55	52
Five percent decrease through change in forward price estimates, Impairments		(54)	(97)
Elmworth-Wapiti
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase through change in discount rate, Impairments		(27)	(7)
Decrease through change in discount rate, Impairments		28	8
Five percent increase through change in forward price estimates, Impairments		84	54
Five percent decrease through change in forward price estimates, Impairments		(81)	(96)
Kaybob-Edson
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase through change in discount rate, Impairments		(26)	(13)
Decrease through change in discount rate, Impairments		26	14
Five percent increase through change in forward price estimates, Impairments		98	54
Five percent decrease through change in forward price estimates, Impairments		(97)	$ (106)
Borger CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase through change in discount rate, Impairments	$ (71)
Decrease through change in discount rate, Impairments	81
Five percent increase through change in forward price estimates, Impairments	263
Five percent decrease through change in forward price estimates, Impairments	$ (264)
Borger, Wood River, and Lima CGUs
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Increase through change in discount rate, Impairments		(190)
Decrease through change in discount rate, Impairments		214
Five percent increase through change in forward price estimates, Impairments		749
Five percent decrease through change in forward price estimates, Impairments		$ (754)

Impairment Charges and Revers_6

Impairment Charges and Reversals - Crude Oil and Forward Crack Spreads (Details) - $ / bbl	Dec. 31, 2021	Sep. 30, 2020
West Texas Intermediate | Not later than two years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	68.78	36.36
West Texas Intermediate | Not later than two years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	72.83	50.84
West Texas Intermediate | Later than two years and not later than four years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	66.76	49.66
West Texas Intermediate | Later than two years and not later than four years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	69.45	58.74
WTI-WTS | Not later than two years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	0	0.37
WTI-WTS | Not later than two years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	0.01	1.73
WTI-WTS | Later than two years and not later than four years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	(0.06)	1.21
WTI-WTS | Later than two years and not later than four years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	(0.06)	1.81
WTI-WCS | Not later than two years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	13.54
WTI-WCS | Not later than two years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	13.67
WTI-WCS | Later than two years and not later than four years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	13.75
WTI-WCS | Later than two years and not later than four years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	14.30
Chicago 3-2-1 Crack Spreads (WTI) | Not later than two years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	14.87
Chicago 3-2-1 Crack Spreads (WTI) | Not later than two years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	18.44
Chicago 3-2-1 Crack Spreads (WTI) | Later than two years and not later than four years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	14.68
Chicago 3-2-1 Crack Spreads (WTI) | Later than two years and not later than four years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	16.81
Group 3 3-2-1 Crack Spreads (WTI) | Not later than two years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	15.33	11.56
Group 3 3-2-1 Crack Spreads (WTI) | Not later than two years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	18.97	13.23
Group 3 3-2-1 Crack Spreads (WTI) | Later than two years and not later than four years | Bottom of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	14.82	11.79
Group 3 3-2-1 Crack Spreads (WTI) | Later than two years and not later than four years | Top of range
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term Price Assumptions Used to Determine Future Cash Flows	16.98	16.58

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)		$ 276	$ (13)		$ 17
Deferred Tax Expense (Recovery)		452	(838)		(814)
Total Tax Expense (Recovery) From Operations		728	(851)	[1]	(797)	[1]
Canada
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)		104	(14)		14
Deferred Tax Expense (Recovery)	$ 106
United States
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)		0	1		3
Deferred Tax Expense (Recovery)	$ 217
Asia Pacific
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)		171	0		0
Other International
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)		$ 1	$ 0		$ 0
[1]	See Note 3(w) for revisions to comparative results.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2021
Disclosure of income taxes [line items]
Deferred Income Taxes	$ 694	$ 694	$ 36			$ 1,100
Canadian Statutory Tax Rate		23.70%	24.00%	26.50%
Deferred tax (expense) recovery		$ 0	$ 0	$ 387
Deferred income tax assets has been recognized			36
Amounts of tax pools available, including tax losses	17,682	17,682	9,657
Deferred Tax Expense (Recovery)		452	(838)	(814)
Canadian Federal Non Capital Losses
Disclosure of income taxes [line items]
Amounts of tax pools available, including tax losses	1,500	1,500	1,700
US Federal Net Operating Losses
Disclosure of income taxes [line items]
Amounts of tax pools available, including tax losses	775	775	1,100
Canadian Net Capital Losses
Disclosure of income taxes [line items]
Amounts of tax pools available, including tax losses	102	102	85
Net capital losses associated with unrealized foreign exchange losses		102	254
Internal Restructuring
Disclosure of income taxes [line items]
Deferred tax (expense) recovery				$ 387
Canada
Disclosure of income taxes [line items]
Deferred Income Taxes						1,100
Amounts of tax pools available, including tax losses	11,167	11,167	6,540
Deferred Tax Expense (Recovery)	106
United States
Disclosure of income taxes [line items]
Deferred Income Taxes						359
Amounts of tax pools available, including tax losses	5,915	5,915	3,117
Deferred Tax Expense (Recovery)	217
Asia Pacific
Disclosure of income taxes [line items]
Deferred Income Taxes						$ (444)
Amounts of tax pools available, including tax losses	$ 600	$ 600	$ 0
Alberta
Disclosure of income taxes [line items]
Canadian Statutory Tax Rate			8.00%	8.00%	12.00%
Deferred tax (expense) recovery				$ 671

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes Calculated at Statutory Rate (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Earnings (Loss) From Operations Before Income Tax	$ 1,315	$ (3,230)		$ 1,397
Canadian Statutory Rate	23.70%	24.00%		26.50%
Expected Income Tax Expense (Recovery) From Operations	$ 312	$ (775)		$ 370
Effect on Taxes Resulting From:
Statutory and Other Rate Differences	3	19		(52)
Non-Taxable Capital (Gains) Losses	63	(42)		(38)
Non-Recognition of Capital (Gains) Losses	27	(42)		(39)
Adjustments Arising From Prior Year Tax Filings	(5)	(8)		4
Recognition of U.S. Tax Basis	0	0		(387)
U.S. Tax Attribute Limitation	217	0		0
Impact of Rate Changes	106	(7)		(671)
Other	5	4		16
Total Tax Expense (Recovery) From Operations	$ 728	$ (851)	[1]	$ (797)	[1]
Effective Tax Rate	55.40%	26.30%		(57.10%)
[1]	See Note 3(w) for revisions to comparative results.

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Liabilities and Deferred Income Tax Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of income taxes [line items]
Deferred Income Tax Liabilities	$ 4,046	$ 4,146	$ 4,543
Deferred Income Tax Assets	(1,454)	(948)	(511)
Net Deferred Income Tax Liability	2,592	3,198	$ 4,032
1 Year
Disclosure of income taxes [line items]
Deferred Income Tax Assets	(556)	(88)
Deferred Income Tax Assets to be Settled After More Than Twelve Months
Disclosure of income taxes [line items]
Deferred Income Tax Liabilities	4,046	4,146
Deferred Income Tax Assets	$ (898)	$ (860)

Income Taxes - Schedule of Move

Income Taxes - Schedule of Movement in Deferred Income Tax Liabilities and Assets (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Deferred Income Tax Liabilities, Beginning Balance	$ 4,146	$ 4,543
Deferred Income Tax Assets, Beginning Balance	(948)	(511)
Net Deferred Income Tax Liabilities, Beginning Balance	3,198	4,032
Deferred Income Tax Liabilities, Ending Balance	4,046	4,146
Deferred Income Tax Assets, Ending Balance	(1,454)	(948)
Net Deferred Income Tax Liabilities, Ending Balance	2,592	3,198
Unused Tax Losses
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Deferred Income Tax Assets, Beginning Balance	(659)	(225)
Deferred Income Tax Assets, Ending Balance	(655)	(659)
Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	(159)	(390)
Charged (Credited) to OCI	59	(7)
Deferred Income Tax Assets
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	611	(448)
Charged (Credited) to Purchase Price Allocation	(1,121)
Charged (Credited) to OCI	4	11
Deferred Income Tax Assets | Unused Tax Losses
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	668	(448)
Charged (Credited) to Purchase Price Allocation	(656)
Charged (Credited) to OCI	(8)	14
Net Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	452	(838)
Charged (Credited) to Purchase Price Allocation	(1,062)
Charged (Credited) to OCI	4	4
PP&E
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Deferred Income Tax Liabilities, Beginning Balance	4,124	4,498
Deferred Income Tax Liabilities, Ending Balance	3,949	4,124
PP&E | Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	(234)	(367)
Charged (Credited) to OCI	59	(7)
Risk Management
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Deferred Income Tax Liabilities, Beginning Balance	0	1
Deferred Income Tax Assets, Beginning Balance	(13)	(1)
Deferred Income Tax Liabilities, Ending Balance	0	0
Deferred Income Tax Assets, Ending Balance	(11)	(13)
Risk Management | Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	0	(1)
Charged (Credited) to OCI	0	0
Risk Management | Deferred Income Tax Assets
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	1	(12)
Charged (Credited) to Purchase Price Allocation	1
Charged (Credited) to OCI	0	0
Other
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Deferred Income Tax Liabilities, Beginning Balance	22	44
Deferred Income Tax Assets, Beginning Balance	(276)	(285)
Deferred Income Tax Liabilities, Ending Balance	97	22
Deferred Income Tax Assets, Ending Balance	(788)	(276)
Other | Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	75	(22)
Charged (Credited) to OCI	0	0
Other | Deferred Income Tax Assets
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items]
Charged (Credited) to Earnings	(58)	12
Charged (Credited) to Purchase Price Allocation	(466)
Charged (Credited) to OCI	$ 12	$ (3)

Income Taxes - Schedule of Amou

Income Taxes - Schedule of Amounts of Tax Pools Available, Including Tax Losses (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	$ 17,682	$ 9,657
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	11,167	6,540
United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	5,915	3,117
Asia Pacific
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	$ 600	$ 0

Per Share Amounts - Schedule Re

Per Share Amounts - Schedule Representing Per Share Amounts (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Earnings per share [abstract]
Net Earnings (Loss)	$ 587	$ (2,379)	[1]	$ 2,194	[1]
Effect of Cumulative Dividends on Preferred Shares	(34)	0		0
Net Earnings (Loss) – Basic and Diluted	$ 553	$ (2,379)		$ 2,194
Basic – Weighted Average Number of Shares (in shares)	2,016.2	1,228.9		1,228.8
Dilutive Effect of Warrants (in shares)	27.6	0		0
Dilutive Effect of Net Settlement Rights (in shares)	1.3	0		0.6
Diluted – Weighted Average Number of Shares (in shares)	2,045.1	1,228.9		1,229.4
Net Earnings (Loss) Per Share — Basic (CAD per share)	$ 0.27	$ (1.94)	[1]	$ 1.78	[1]
Net Earnings (Loss) Per Share — Diluted (CAD per share)	$ 0.27	$ (1.94)	[1]	$ 1.78	[1]
[1]	See Note 3(w) for revisions to comparative results.

Per Share Amounts - Additional

Per Share Amounts - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	Feb. 07, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid on common shares			$ 77	$ 260
Net settlement rights
Disclosure of non-adjusting events after reporting period [line items]
Instruments excluded from calculation, shares (in shares)		18	31	32
Common shares
Disclosure of non-adjusting events after reporting period [line items]
Instruments excluded from calculation, value		$ 22
Instruments excluded from calculation, shares (in shares)		1.9
Dividends paid on common shares		$ 176	$ 77	$ 260
Dividends paid (in CAD per share)		$ 0.0875	$ 0.0625	$ 0.2125
Dividends declared (in CAD per share)	$ 0.0350
Preferred Shares
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid on common shares		$ 34
Dividends declared	$ 9

Per Share Amounts - Preferred S

Per Share Amounts - Preferred Share Dividends (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	$ 34
Series 1 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	7
Series 2 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	1
Series 3 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	12
Series 5 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	9
Series 7 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	$ 5

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule Representing Cash and Cash Equivalents (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents [abstract]
Cash	$ 2,366	$ 368
Short-Term Investments	507	10
Total	$ 2,873	$ 378	$ 186	$ 781

Accounts Receivables and Accrue

Accounts Receivables and Accrued Revenues - Schedule of accounts receivables and accrued revenues (Detail) - CAD ($) $ in Millions	12 Months Ended	48 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Trade and other current receivables [abstract]
Trade and Accruals	$ 2,548	$ 2,548	$ 1,149
Prepaids and Deposits	486	486	121
Partner Advances	371	371	175
Joint Operations Receivables	225	225	35
Other	240	240	8
Accounts Receivable and Accrued Revenues	3,870	3,870	$ 1,488
Insurance proceeds	$ 120	$ 135

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of inventories [line items]
Parts and Supplies	$ 268	$ 93
Current inventories	3,919	1,089
Oil Sands
Disclosure of inventories [line items]
Crude Oil	1,419	382
Conventional
Disclosure of inventories [line items]
Crude Oil	78	1
Offshore
Disclosure of inventories [line items]
Crude Oil	39	0
Canadian Manufacturing
Disclosure of inventories [line items]
Crude Oil	88	0
U.S. Manufacturing
Disclosure of inventories [line items]
Crude Oil	2,001	613
Retail
Disclosure of inventories [line items]
Crude Oil	$ 26	$ 0

Inventories - Additional Inform

Inventories - Additional Information (Detail) - CAD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disclosure of inventories [line items]
Cost of inventories recognized as expense during period		$ 34,000	$ 10,000
Inventory write-downs		$ 16
Realized inventory write-down			547
Crude Oil Blend, Condensate and Refined Product Inventory
Disclosure of inventories [line items]
Inventory write-downs	$ 588
Reversed inventory write downs			39
Refined product
Disclosure of inventories [line items]
Inventory write-downs			$ 6

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022CAD ($)	Dec. 31, 2021CAD ($)gasStation	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of operating segments [line items]
Property, Plant and Equipment, Net		$ 34,225	$ 25,411	$ 27,834
Right-of-Use Assets, Net		2,010	1,139	1,325
Goodwill		3,473	2,272	2,272
Lease Liabilities		(2,957)	(1,757)	(1,916)
Decommissioning Liabilities		(3,906)	(1,248)	$ (1,235)
Non-current assets held for sale
Disclosure of operating segments [line items]
Property, Plant and Equipment, Net		1,162
Right-of-Use Assets, Net		54
Goodwill		88
Liabilities classified as held for sale
Disclosure of operating segments [line items]
Lease Liabilities		(58)
Decommissioning Liabilities		$ (128)
Retail
Disclosure of operating segments [line items]
Assets held-for-sale, number of gas stations | gasStation		337
Consideration for sale of assets held for sale		$ 420
Operating margin associated with assets held for sale		64
Property, Plant and Equipment, Net		205	0
Right-of-Use Assets, Net		49	0
Goodwill		0	$ 0
Retail | Non-current assets held for sale
Disclosure of operating segments [line items]
Property, Plant and Equipment, Net		498
Right-of-Use Assets, Net		54
Goodwill		0
Retail | Liabilities classified as held for sale
Disclosure of operating segments [line items]
Lease Liabilities		(58)
Decommissioning Liabilities		(86)
Tucker
Disclosure of operating segments [line items]
Proceeds from disposal of oil and gas assets	$ 800
Tucker | Non-current assets held for sale
Disclosure of operating segments [line items]
Property, Plant and Equipment, Net		505
Right-of-Use Assets, Net		0
Goodwill		88
Tucker | Liabilities classified as held for sale
Disclosure of operating segments [line items]
Lease Liabilities		0
Decommissioning Liabilities		(33)
Wembley
Disclosure of operating segments [line items]
Consideration for sale of assets held for sale		238
Wembley | Non-current assets held for sale
Disclosure of operating segments [line items]
Property, Plant and Equipment, Net		159
Right-of-Use Assets, Net		0
Goodwill		0
Wembley | Liabilities classified as held for sale
Disclosure of operating segments [line items]
Lease Liabilities		0
Decommissioning Liabilities		$ (9)

Exploration and Evaluation As_3

Exploration and Evaluation Assets, Net - Summary of Exploration and Valuation Assets, Net (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning Balance	$ 623
Exploration Expense	(18)	$ (91)	[1]	$ (82)	[1]
Ending Balance	720	623
E&E Asset
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning Balance	623	787
Acquisitions (Note 5)	45
Additions	55	48
Transfers to PP&E (Note 18)		(47)
Exploration Expense	(9)	(91)
Depletion		(18)
Change in Decommissioning Liabilities	6	5
Divestitures (Note 9)		(61)
Ending Balance	$ 720	$ 623		$ 787
[1]	See Note 3(w) for revisions to comparative results.

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	$ 25,411	$ 27,834
Ending Balance	34,225	25,411
COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	37,046	36,356
Acquisitions (Note 5)	13,380
Additions	2,515	811
Transfers to Liabilities Related to Assets Held for Sale (Note 16)		47
Change in Decommissioning Liabilities	2	(6)
Exchange Rate Movements and Other	(136)	(159)
Divestitures	(630)	(3)
Transfers to Assets Held for Sale (Note 16)	(1,276)
Ending Balance	50,901	37,046
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(11,635)	(8,522)
Depreciation, Depletion and Amortization	3,999	2,223
Impairment Charges (Note 10) (3)	1,931	1,005
Impairment Reversals (Note 10)	(378)
Exchange Rate Movements and Other	(20)	(115)
Divestitures	377
Transfers to Assets Held for Sale (Note 16)	(114)
Ending Balance	(16,676)	(11,635)
Oil and Gas Properties
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	21,506	23,357
Ending Balance	27,531	21,506
Oil and Gas Properties | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	29,867	29,365
Acquisitions (Note 5)	8,633
Additions	1,368	475
Transfers to Liabilities Related to Assets Held for Sale (Note 16)		47
Change in Decommissioning Liabilities	(63)	(11)
Exchange Rate Movements and Other	22	(6)
Divestitures	(630)	(3)
Transfers to Assets Held for Sale (Note 16)	(754)
Ending Balance	38,443	29,867
Oil and Gas Properties | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(8,361)	(6,008)
Depreciation, Depletion and Amortization	3,335	1,820
Impairment Charges (Note 10) (3)	0	555
Impairment Reversals (Note 10)	(378)
Exchange Rate Movements and Other	61	(22)
Divestitures	377
Transfers to Assets Held for Sale (Note 16)	(90)
Ending Balance	(10,912)	(8,361)
Processing, Transportation and Storage Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	176	150
Ending Balance	175	176
Processing, Transportation and Storage Assets | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	218	183
Acquisitions (Note 5)	0
Additions	9	33
Transfers to Liabilities Related to Assets Held for Sale (Note 16)		0
Change in Decommissioning Liabilities	1	2
Exchange Rate Movements and Other	0	0
Divestitures	0	0
Transfers to Assets Held for Sale (Note 16)	0
Ending Balance	228	218
Processing, Transportation and Storage Assets | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(42)	(33)
Depreciation, Depletion and Amortization	10	9
Impairment Charges (Note 10) (3)	0	0
Impairment Reversals (Note 10)	0
Exchange Rate Movements and Other	1	0
Divestitures	0
Transfers to Assets Held for Sale (Note 16)	0
Ending Balance	(53)	(42)
Manufacturing Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	3,476	3,981
Ending Balance	5,923	3,476
Manufacturing Assets | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	5,671	5,577
Acquisitions (Note 5)	3,901
Additions	1,023	243
Transfers to Liabilities Related to Assets Held for Sale (Note 16)		0
Change in Decommissioning Liabilities	40	3
Exchange Rate Movements and Other	(140)	(152)
Divestitures	0	0
Transfers to Assets Held for Sale (Note 16)	0
Ending Balance	10,495	5,671
Manufacturing Assets | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(2,195)	(1,596)
Depreciation, Depletion and Amortization	526	242
Impairment Charges (Note 10) (3)	1,931	450
Impairment Reversals (Note 10)	0
Exchange Rate Movements and Other	(80)	(93)
Divestitures	0
Transfers to Assets Held for Sale (Note 16)	0
Ending Balance	(4,572)	(2,195)
Retail and other
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	253	346
Ending Balance	596	253
Retail and other | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	1,290	1,231
Acquisitions (Note 5)	846
Additions	115	60
Transfers to Liabilities Related to Assets Held for Sale (Note 16)		0
Change in Decommissioning Liabilities	24	0
Exchange Rate Movements and Other	(18)	(1)
Divestitures	0	0
Transfers to Assets Held for Sale (Note 16)	(522)
Ending Balance	1,735	1,290
Retail and other | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(1,037)	(885)
Depreciation, Depletion and Amortization	128	152
Impairment Charges (Note 10) (3)	0	0
Impairment Reversals (Note 10)	0
Exchange Rate Movements and Other	(2)	0
Divestitures	0
Transfers to Assets Held for Sale (Note 16)	(24)
Ending Balance	$ (1,139)	$ (1,037)

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Assets Under Construction (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment Temporarily Idle	$ 3,358	$ 2,033
Development & Production Upstream Assets [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment Temporarily Idle	2,415	1,807
Refining equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property Plant and Equipment Temporarily Idle	$ 943	$ 226

Right of Use Assets, Net - Summ

Right of Use Assets, Net - Summary of Right of Use Assets, Net (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	$ 1,139	$ 1,325
Acquisition (Note 5A)	1,132
Balance at end of period	2,010	1,139
COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1,502	1,492
Additions	110	53
Terminations		(1)
Modifications	22	(2)
Reclassifications		(14)
Re-measurements	(4)	(2)
Exchange Rate Movements and Other	28	24
Transfers to Assets Held for Sale (Note 16)	(78)
Balance at end of period	2,656	1,502
ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	363	167
Terminations	(3)	(1)
Exchange Rate Movements and Other	(24)	(21)
Depreciation	323	215
Impairment Reversals (Note 10)	11	3
Transfers to Assets Held for Sale (Note 16)	(24)
Balance at end of period	646	363
Real Estate
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	437	477
Balance at end of period	500	437
Real Estate | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	495	509
Additions	4	1
Terminations		0
Modifications	1	0
Reclassifications		(14)
Re-measurements	(2)	0
Exchange Rate Movements and Other	5	1
Acquisition (Note 5A)	99
Transfers to Assets Held for Sale (Note 16)	0
Balance at end of period	592	495
Real Estate | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	58	32
Terminations	0	0
Exchange Rate Movements and Other	(4)	(1)
Depreciation	38	27
Impairment Reversals (Note 10)	0	0
Transfers to Assets Held for Sale (Note 16)	0
Balance at end of period	92	58
Transportation And Storage Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	684	831
Balance at end of period	1,321	684
Transportation And Storage Assets | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	977	959
Additions	96	40
Terminations		(1)
Modifications	20	1
Reclassifications		0
Re-measurements	1	(1)
Exchange Rate Movements and Other	18	21
Acquisition (Note 5A)	765
Transfers to Assets Held for Sale (Note 16)	0
Balance at end of period	1,841	977
Transportation And Storage Assets | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	293	128
Terminations	(3)	(1)
Exchange Rate Movements and Other	(14)	(18)
Depreciation	239	181
Impairment Reversals (Note 10)	5	3
Transfers to Assets Held for Sale (Note 16)	0
Balance at end of period	520	293
Manufacturing Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	10	7
Balance at end of period	128	10
Manufacturing Assets | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	15	10
Additions	7	5
Terminations		0
Modifications	1	0
Reclassifications		0
Re-measurements	0	0
Exchange Rate Movements and Other	0	0
Acquisition (Note 5A)	138
Transfers to Assets Held for Sale (Note 16)	0
Balance at end of period	161	15
Manufacturing Assets | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	5	3
Terminations	0	0
Exchange Rate Movements and Other	0	0
Depreciation	23	2
Impairment Reversals (Note 10)	5	0
Transfers to Assets Held for Sale (Note 16)	0
Balance at end of period	33	5
Retail and Other
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	8	10
Balance at end of period	61	8
Retail and Other | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	15	14
Additions	3	7
Terminations		0
Modifications	0	(3)
Reclassifications		0
Re-measurements	(3)	(1)
Exchange Rate Movements and Other	5	2
Acquisition (Note 5A)	130
Transfers to Assets Held for Sale (Note 16)	(78)
Balance at end of period	62	15
Retail and Other | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	7	4
Terminations	0	0
Exchange Rate Movements and Other	(6)	(2)
Depreciation	23	5
Impairment Reversals (Note 10)	1	0
Transfers to Assets Held for Sale (Note 16)	(24)
Balance at end of period	$ 1	$ 7

Joint Arrangements and Associ_3

Joint Arrangements and Associate - Joint Operations (Details)	12 Months Ended
	Dec. 31, 2021
BP-Husky Refining LLC
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%
Sunrise Oil Sands Partnership
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%
WRB Refining LP
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50.00%

Joint Arrangements and Associ_4

Joint Arrangements and Associate - Husky - CNOOC Madura Ltd (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Results of Operations
Revenue	$ 46,357	$ 13,543	[1]	$ 20,542	[1]
Operating	4,716	1,955	[1]	2,088	[1]
Net Earnings (Loss)	587	(2,379)	[1]	2,194	[1]
Balance Sheets
Total Current Assets	11,988	2,976
Current Liabilities	7,305	2,359
Cash and Cash Equivalents	2,873	$ 378		$ 186		$ 781
Husky-CNOOC Madura Ltd.
Results of Operations
Revenue	439
Operating	395
Net Earnings (Loss)	44
Balance Sheets
Total Current Assets	167
Non-Current Assets	1,433
Current Liabilities	62
Non-Current Liabilities	896
Net Assets	642
Cash and Cash Equivalents	46
Investments in joint ventures accounted for using equity method	$ 311
Proportion of ownership interest in joint venture	40.00%
Share of income from equity-accounted affiliate	$ 47
Distributions received	$ 100
[1]	See Note 3(w) for revisions to comparative results.

Joint Arrangements and Associ_5

Joint Arrangements and Associate - Husky Midstream Limited Partnership (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]
Disclosure of joint ventures [line items]
Net Earnings (Loss)	$ 587	$ (2,379)		$ 2,194
Husky Midstream Limited Partnership
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	35.00%
Net Earnings (Loss)	$ 134
Unrecognised share of pre-tax net losses of joint ventures	18
Investments in joint ventures accounted for using equity method	0
Unrecognised share of losses of joint ventures	17
Distributions received	37
Joint venture, contributions	$ 32
Husky Midstream Limited Partnership | Power Assets Holding Ltd.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	49.00%
Husky Midstream Limited Partnership | Cheung Kong Infrastructure Holdings Ltd.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	16.00%
[1]	See Note 3(w) for revisions to comparative results.

Joint Arrangements and Associ_6

Joint Arrangements and Associate - Associate (Details) - Headwater Exploration Inc. $ in Millions	Oct. 14, 2021CAD ($)
Disclosure of joint ventures [line items]
Proportion of ownership interest in associate	25.00%
Share of profit (loss) of associates accounted for using equity method	$ 5

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) $ / shares in Units, $ in Millions	Dec. 02, 2020CAD ($)share$ / shares	Dec. 31, 2021CAD ($)	Dec. 23, 2021CAD ($)	Dec. 31, 2020CAD ($)
Disclosure of classes of share capital [Line Items]
Intangible Assets		$ 78		$ 89
Private Equity Investments (Note 35)		53		52
Other Equity Investments		77		12
Net Investment in Finance Leases		60		52
Long-Term Receivables and Prepaids		77		11
Precious Metals		85		0
Other		1		0
Other assets		431		$ 216
Marten Hills | Marten Hills, Alberta
Disclosure of classes of share capital [Line Items]
Consideration received for sale of operating assets, purchase warrants	$ 8
Marten Hills | Marten Hills, Alberta | Share Purchase Warrants
Disclosure of classes of share capital [Line Items]
Expected life | share	3
Exercise price, share purchase warrants (CAD per share) | $ / shares	$ 2
Headwater
Disclosure of classes of share capital [Line Items]
Other Equity Investments		$ 77
Consideration Transferred in Sale of Non-current Assets, Warrants, Amount			$ 30

Goodwill - Activity (Details)

Goodwill - Activity (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Abstract]
Goodwill at beginning of period	$ 2,272	$ 2,272
Goodwill Recognized (Note 5A)	1,289	0
Goodwill Reclassified to Assets Held for Sale (Note 16)	(88)	0
Goodwill at end of period	$ 3,473	$ 2,272

Goodwill - Allocation (Details)

Goodwill - Allocation (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 3,473	$ 2,272	$ 2,272
Primrose (Foster Creek)
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,171	1,171
Christina Lake
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,101	1,101
Lloydminister thermal
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	651	0
Sunrise
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 550	$ 0

Goodwill - Additional Informati

Goodwill - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)
Goodwill [Abstract]
Goodwill impairments	$ 0	$ 0

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Trade and other current payables [abstract]
Accruals	$ 2,722	$ 912
Trade	2,554	608
Interest	128	77
Partner Advances	371	175
Employee Long-Term Incentives	317	130
Joint Operations Payable	28	6
Risk Management	116	58
Onerous Contract Provisions	31	26
Other	86	26
Accounts payable and accrued liabilities	$ 6,353	$ 2,018

Contingent Payment - Summary of

Contingent Payment - Summary of Contingent Payment (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of contingent liabilities in business combination [abstract]
Contingent liabilities recognised in business combination at beginning of period	$ 63	$ 143
Re-measurement	575	(80)
Liabilities Settled or Payable	(402)	0
Contingent liabilities recognised in business combination at end of period	$ 236	$ 63

Contingent Payment - Additional

Contingent Payment - Additional Information (Detail) $ in Millions	May 17, 2021CAD ($)$ / bbl	Dec. 31, 2021CAD ($)$ / bbl	Dec. 31, 2020CAD ($)
Disclosure of contingent liabilities in business combination [line items]
Average crude oil price | $ / bbl		45
Contingent payable		$ 402	$ 0
Conoco Phillips Company and certain of its subsidiaries
Disclosure of contingent liabilities in business combination [line items]
Contingent payments period	5 years
Average crude oil price | $ / bbl	52
Quarterly contingent payment	$ 6
Contingent payable		$ 160	$ 0

Debt and Capital Structure - Sc

Debt and Capital Structure - Schedule of Short-Term Borrowings (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	$ 79	$ 121
Uncommitted Demand Facility
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	0	0
WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	79	121
Sunrise Oil Sands Partnership
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	$ 0	$ 0

Debt and Capital Structure - Ad

Debt and Capital Structure - Additional Information (Detail)	1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 08, 2022USD ($)	Oct. 31, 2021CAD ($)	Dec. 31, 2021CAD ($)$ / bbl	Jan. 10, 2022USD ($)	Dec. 31, 2021USD ($)	Oct. 31, 2021USD ($)	Oct. 07, 2021USD ($)	Jan. 01, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019CAD ($)
Disclosure of detailed information about borrowings [line items]
Outstanding letters of credit			$ 565,000,000						$ 441,000,000
Total debt principal					$ 7,400,000,000					$ 5,900,000,000
Weighted average interest rate			4.60%		4.60%				4.90%	4.90%
Maximum debt to capitalization ratio			65.00%		65.00%
Average crude oil price | $ / bbl			45
Debt offering, maximum amount					$ 4,700,000,000		$ 5,000,000,000
Short-Term Borrowings			$ 79,000,000						$ 121,000,000
Rolling Twelve Month Basis
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings			79,000,000						121,000,000		$ 0
WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Committed demand facilities					88,000,000
Short-Term Borrowings			79,000,000						121,000,000
Sunrise Oil Sands Partnership
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings			$ 0						0
Minimum
Disclosure of detailed information about borrowings [line items]
Target Net Debt to Adjusted EBITDA Ratio			1
Target net debt			$ 6,000,000,000
Maximum
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity			1,900,000,000
Committed demand facilities									1,600,000,000
Amount of undrawn facilities for general purposes			$ 1,400,000,000						600,000,000
Target Net Debt to Adjusted EBITDA Ratio			1.5
Target net debt			$ 8,000,000,000
Maximum | WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Committed demand facilities					300,000,000
Increase (decrease) in undrawn borrowing facilities	$ 150,000,000
Maximum | WRB Refining LP | Cenovus Energy Inc
Disclosure of detailed information about borrowings [line items]
Committed demand facilities					150,000,000
Increase (decrease) in undrawn borrowing facilities	$ 75,000,000
Maximum | Sunrise Oil Sands Partnership
Disclosure of detailed information about borrowings [line items]
Committed demand facilities			10,000,000
Maximum | Sunrise Oil Sands Partnership | Cenovus Energy Inc
Disclosure of detailed information about borrowings [line items]
Committed demand facilities			5,000,000
Cenovus And Husky Merger
Disclosure of detailed information about borrowings [line items]
Outstanding letters of credit								$ 427,000,000
Cenovus And Husky Merger | Maximum
Disclosure of detailed information about borrowings [line items]
Undrawn borrowing facilities								40,000,000
Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal						$ 2,200,000,000
Redemption premium		$ 121,000,000
Principal amount of debt repayments						$ 2,300,000,000
Uncommitted Demand Facility
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings			0						0
Uncommitted Demand Facility | Cenovus And Husky Merger | Maximum
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity								$ 975,000,000
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal			12,113,000,000		7,385,000,000				7,510,000,000	$ 5,898,000,000
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal			$ 9,363,000,000		$ 7,385,000,000				7,510,000,000	5,898,000,000
Borrowings, intent to redeem outstanding balance				$ 384,000,000
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes | 4.00% due April 15, 2024
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate			4.00%	4.00%	4.00%	4.00%
Total debt principal			$ 341,000,000		$ 269,000,000				0	0
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes | 4.40% due April 15, 2029
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate			4.40%		4.40%
Total debt principal			$ 951,000,000		$ 750,000,000				0	0
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes | 6.80% due September 15, 2037
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate			6.80%		6.80%
Total debt principal			$ 490,000,000		$ 387,000,000				$ 0	$ 0

Debt and Capital Structure - _2

Debt and Capital Structure - Schedule of Long-Term Debt (Detail) $ in Millions, $ in Billions	Dec. 31, 2021CAD ($)	Jan. 01, 2021CAD ($)	Jan. 01, 2021USD ($)	Dec. 31, 2020CAD ($)
Disclosure of detailed information about borrowings [line items]
Net Debt Premiums (Discounts) and Transaction Costs	$ 272			$ (69)
Long-Term Debt	12,385			7,441
Long-Term Portion	12,385			7,441
The Arrangement
Disclosure of detailed information about borrowings [line items]
Debt premiums		$ 353
U.S. Dollar Denominated Unsecured Notes | The Arrangement
Disclosure of detailed information about borrowings [line items]
Long-Term Debt		$ 3,000	$ 2.4
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	12,113			7,510
Long-Term Debt | Revolving Term Debt
Disclosure of detailed information about borrowings [line items]
Revolving Term Debt	0			0
Long-Term Debt | Canadian Dollar Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	2,750			0
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	$ 9,363			$ 7,510

Debt and Capital Structure - Co

Debt and Capital Structure - Committed Credit Facilities (Details) - CAD ($) $ in Millions	Dec. 31, 2021	Aug. 18, 2021	Jan. 01, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Long-Term Debt	$ 12,385			$ 7,441
Committed credit facilities
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity		$ 6,000
Committed credit facilities, cancelled		8,500
Committed credit facilities | The Arrangement
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity			$ 4,000
Long-Term Debt			$ 350
Committed Credit Facilities, Maturing August 18, 2024
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity		2,000
Committed Credit Facilities, Maturing August 18, 2025
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity		$ 4,000

Debt and Capital Structure - Un

Debt and Capital Structure - Unsecured Notes (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)	Jan. 10, 2022	Dec. 31, 2021USD ($)	Oct. 31, 2021USD ($)	Sep. 13, 2021USD ($)	Jan. 01, 2021CAD ($)	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Long-Term Debt	$ 12,385	$ 7,441
Repayments of long-term debt	2,870	112	$ 2,279
Total debt principal					$ 7,400					$ 5,900
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Repayments of long-term debt	2,870	112	$ 2,279
Total debt principal	12,113	7,510			$ 7,385					5,898
Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Principal amount of debt repayments						$ 2,300
Total debt principal						$ 2,200
Canadian Dollar Denominated Unsecured Notes | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 2,750	0
Canadian Dollar Denominated Unsecured Notes | 3.55% due March 12, 2025 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.55%				3.55%
Total debt principal	$ 750	0
Canadian Dollar Denominated Unsecured Notes | 3.60% due March 10, 2027 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.60%				3.60%
Total debt principal	$ 750	0
Canadian Dollar Denominated Unsecured Notes | 3.50% due February 7, 2028 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.50%				3.50%
Total debt principal	$ 1,250	0
Canadian Dollar Denominated Unsecured Notes | The Arrangement
Disclosure of detailed information about borrowings [line items]
Long-term debt, fair value								$ 2,900
Long-Term Debt								2,800
U.S. Dollar Denominated Unsecured Notes | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 9,363	7,510			$ 7,385					5,898
U.S. Dollar Denominated Unsecured Notes | 6.80% due September 15, 2037 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	6.80%				6.80%
Total debt principal	$ 490	0			$ 387					0
U.S. Dollar Denominated Unsecured Notes | 4.40% due April 15, 2029 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	4.40%				4.40%
Total debt principal	$ 951	0			$ 750					0
U.S. Dollar Denominated Unsecured Notes | 3.95% due April 15, 2022 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate						3.95%
U.S. Dollar Denominated Unsecured Notes | 4.00% due April 15, 2024 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	4.00%			4.00%	4.00%	4.00%
Total debt principal	$ 341	$ 0			$ 269					$ 0
U.S. Dollar Denominated Unsecured Notes | The Arrangement
Disclosure of detailed information about borrowings [line items]
Long-term debt, fair value								3,400
Long-Term Debt								$ 3,000	$ 2,400
Senior Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Long-Term Debt							$ 1,250
Senior unsecured notes, 2.65%, maturing January 15, 2032
Disclosure of detailed information about borrowings [line items]
Long-Term Debt							$ 500
Long-term debt, interest rate							2.65%
Senior unsecured notes, 3.75%, maturing February 15, 2052
Disclosure of detailed information about borrowings [line items]
Long-Term Debt							$ 750
Long-term debt, interest rate							3.75%
Unsecured notes, 3.95%, maturing 2022
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate						3.95%
Principal amount of debt repayments						$ 500
Unsecured notes, 3.00%, maturing 2022
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate						3.00%
Principal amount of debt repayments						$ 500
Unsecured notes, 3.80%, maturing 2023
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate						3.80%
Principal amount of debt repayments						$ 335
Unsecured notes, 4.00%, maturing 2024
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate						4.00%
Principal amount of debt repayments						$ 481
Unsecured notes, 5.38%, maturing 2025
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate						5.38%
Principal amount of debt repayments						$ 334

Debt and Capital Structure - Ma

Debt and Capital Structure - Mandatory Debt Payments (Details) $ in Millions, $ in Millions	Dec. 31, 2021CAD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 7,400		$ 5,900
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 12,113	7,385	$ 7,510	5,898
Total Debt Principal, (CAD equivalent)	12,113		7,510
2023 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	146
2024 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	341
2025 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	1,594
Thereafter | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	10,032
U.S. Dollar Denominated Unsecured Notes | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal	9,363	7,385	7,510	$ 5,898
Total Debt Principal, (CAD equivalent)	9,363		7,510
U.S. Dollar Denominated Unsecured Notes | 2023 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal		115
Total Debt Principal, (CAD equivalent)	146
U.S. Dollar Denominated Unsecured Notes | 2024 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal		269
Total Debt Principal, (CAD equivalent)	341
U.S. Dollar Denominated Unsecured Notes | 2025 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal		666
Total Debt Principal, (CAD equivalent)	844
U.S. Dollar Denominated Unsecured Notes | Thereafter | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 6,335
Total Debt Principal, (CAD equivalent)	8,032
Canadian Dollar Denominated Unsecured Notes | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal	2,750		$ 0
Total Debt Principal, (CAD equivalent)	2,750
Canadian Dollar Denominated Unsecured Notes | 2023 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	0
Canadian Dollar Denominated Unsecured Notes | 2024 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	0
Canadian Dollar Denominated Unsecured Notes | 2025 | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	750
Canadian Dollar Denominated Unsecured Notes | Thereafter | Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	$ 2,000

Debt and Capital Structure - Su

Debt and Capital Structure - Summary of Net Debt to Adjusted EBITDA (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Disclosure of objectives, policies and processes for managing capital [line items]
Short-Term Borrowings	$ 79	$ 121
Long-Term Debt	12,385	7,441
Less: Cash and Cash Equivalents	(2,873)	(378)		$ (186)		$ (781)
Net debt	9,591	7,184		6,513
Net Earnings (Loss)	587	(2,379)	[1]	2,194	[1]
Add (Deduct):
Interest Income	(23)	(9)	[1]	(12)	[1]
Foreign Exchange (Gain) Loss, Net	(174)	(181)	[1]	(404)	[1]
Re-measurement of Contingent Payment	(575)	80	[1]	(164)	[1]
Other (Income) Loss, Net	$ (309)	$ 40	[1]	$ 9	[1]
Net Debt to Adjusted EBITDA	120.00%	1190.00%		160.00%
Rolling Twelve Month Basis
Disclosure of objectives, policies and processes for managing capital [line items]
Short-Term Borrowings	$ 79	$ 121		$ 0
Long-Term Debt	12,385	7,441		6,699
Less: Cash and Cash Equivalents	(2,873)	(378)		(186)
Net debt	9,591	7,184		6,513
Net Earnings (Loss)	587	(2,379)		2,194
Add (Deduct):
Finance Costs	1,082	536		511
Interest Income	(23)	(9)		(12)
Income Tax Expense (Recovery)	728	(851)		(797)
Depreciation, Depletion and Amortization	5,886	3,464		2,249
E&E Write-Down	18	91		82
Unrealized (Gain) Loss on Risk Management	2	56		149
Foreign Exchange (Gain) Loss, Net	(174)	(181)		(404)
Re-measurement of Contingent Payment	575	(80)		164
(Gain) Loss on Divestitures of Assets	(229)	(81)		(2)
Other (Income) Loss, Net	(309)	40		9
(Income) Loss From Equity-Accounted Affiliates	(57)	0		0
Adjusted EBITDA	$ 8,086	$ 606		$ 4,143
[1]	See Note 3(w) for revisions to comparative results.

Debt and Capital Structure - _3

Debt and Capital Structure - Summary of Net Debt to Capitalization (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Borrowings [abstract]
Net debt	$ 9,591	$ 7,184	$ 6,513
Shareholders’ Equity	23,596	16,707	19,201	$ 17,468
Debt and Shareholders' Equity, Net	$ 33,187	$ 23,891	$ 25,714
Net Debt to Capitalization	29.00%	30.00%	25.00%

Debt and Capital Structure - _4

Debt and Capital Structure - Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes (Detail) $ in Millions, $ in Millions	Jan. 10, 2022	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Oct. 31, 2021	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 7,400			$ 5,900
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal		7,385	$ 12,113		5,898	$ 7,510
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		7,385	9,363		5,898	7,510
3.95% due April 15, 2022 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate				3.95%
3.00% due August 15, 2022 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 0	$ 0		500	637
Long-term debt, interest rate		3.00%	3.00%
3.80% due September 15, 2023 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 115	$ 146		450	573
Long-term debt, interest rate	3.80%	3.80%	3.80%
4.00% due April 15, 2024 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 269	$ 341		0	0
Long-term debt, interest rate	4.00%	4.00%	4.00%	4.00%
5.38% due July 15, 2025 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 666	$ 844		1,000	1,273
Long-term debt, interest rate		5.38%	5.38%
4.25% due April 15, 2027 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 962	$ 1,220		962	1,225
Long-term debt, interest rate		4.25%	4.25%
4.40% due April 15, 2029 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 750	$ 951		0	0
Long-term debt, interest rate		4.40%	4.40%
2.65% due January 15, 2032 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 500	$ 634		0	0
Long-term debt, interest rate		2.65%	2.65%
5.25% due June 15, 2037 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 583	$ 739		583	742
Long-term debt, interest rate		5.25%	5.25%
6.80% due September 15, 2037 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 387	$ 490		0	0
Long-term debt, interest rate		6.80%	6.80%
6.75% due November 15, 2039 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 1,390	$ 1,763		1,390	1,770
Long-term debt, interest rate		6.75%	6.75%
4.45% due September 15, 2042 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 155	$ 197		155	198
Long-term debt, interest rate		4.45%	4.45%
5.20% due September 15, 2043 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 58	$ 73		58	74
Long-term debt, interest rate		5.20%	5.20%
5.40% due June 15, 2047 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 800	$ 1,014		800	1,018
Long-term debt, interest rate		5.40%	5.40%
3.75% due February 15, 2052 | Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 750	$ 951		$ 0	$ 0
Long-term debt, interest rate		3.75%	3.75%

Debt and Capital Structure - _5

Debt and Capital Structure - Schedule Remaining Principal Amounts of Canadian Dollar Denominated Unsecured Notes (Details) $ in Millions, $ in Millions	Dec. 31, 2021USD ($)	Dec. 31, 2021CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020CAD ($)
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 7,400		$ 5,900
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 7,385	$ 12,113	$ 5,898	$ 7,510
Long-Term Debt | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		2,750		0
3.55% due March 12, 2025 | Long-Term Debt | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 750		0
Long-term debt, interest rate	3.55%	3.55%
3.60% due March 10, 2027 | Long-Term Debt | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 750		0
Long-term debt, interest rate	3.60%	3.60%
3.50% due February 7, 2028 | Long-Term Debt | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 1,250		$ 0
Long-term debt, interest rate	3.50%	3.50%

Lease Liabilities - Summary of

Lease Liabilities - Summary of Lease Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lease liabilities [abstract]
Beginning balance, lease liabilities	$ 1,757	$ 1,916
Acquisition	1,441	0
Additions	110	49
Interest Expense	171	87	$ 82
Lease Payments	(471)	(284)
Terminations	1	1
Modifications	22	(2)
Re-measurements	(4)	(2)
Exchange Rate Movements and Other	(10)	(6)
Lease liability transfers	(58)	0
Ending Balance, lease liabilities	2,957	1,757	$ 1,916
Less: Current Portion	272	184
Long-Term Portion	$ 2,685	$ 1,573

Decommissioning Liabilities - A

Decommissioning Liabilities - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [line items]
Estimated future cash flows required to settle the obligation	$ 14,000	$ 5,000
Credit-adjusted risk-free rate	4.40%	5.00%
Inflation Rate	2.00%	2.00%
Restricted Cash	$ 186	$ 0
Bottom of range
Disclosure of other provisions [line items]
Expected settlement of decommissioning liabilities	$ 230

Decommissioning Liabilities - S

Decommissioning Liabilities - Summary of Decommissioning Provision (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Beginning balance	$ 1,248	$ 1,235
Acquisitions (Note 5)	2,856	0
Liabilities Incurred	30	14
Liabilities Settled	(144)	(42)
Liabilities Disposed	(140)	(2)
Transfers to Liabilities Related to Assets Held for Sale (Note 16)	(128)	0
Change in Estimated Future Cash Flows	(472)	13
Change in Discount Rates	450	(28)
Unwinding of Discount on Decommissioning Liabilities (Note 7)	199	57
Foreign Currency Translation	7	1
Ending balance	$ 3,906	$ 1,248

Decommissioning Liabilities -_2

Decommissioning Liabilities - Summary of Changes to the Credit-Adjusted Risk-Free Rate or the Inflation Rate Impact on the Decommissioning Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
One percent increase
Disclosure of other provisions [line items]
Credit-Adjusted Risk-Free Rate	$ (623)	$ (228)
Inflation Rate	873	321
One percent decrease
Disclosure of other provisions [line items]
Credit-Adjusted Risk-Free Rate	875	313
Inflation Rate	$ (625)	$ (235)

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of non-current liabilities [Line Items]
Pension and Other Post-Employment Benefit Plans	$ 288	$ 91
Provision for West White Rose Expansion Project (1)	259	0
Provisions for Onerous and Unfavourable Contracts	99	39
Employee Long-Term Incentives	74	33
Drilling Provisions	56	0
Deferred Revenue	41	0
Other	112	18
Other Liabilities	929	$ 181
Acquisition	37
Take-or-Pay Payments Received	$ 4
West White Rose Expansion Project
Disclosure of non-current liabilities [Line Items]
Percentage of working interest acquired	69.00%

Pensions and Other Post-Emplo_3

Pensions and Other Post-Employment Benefits - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
OPEB
Disclosure of defined benefit plans [line items]
Weighted average duration	14 years
Estimate of contributions expected to be paid to plan for next annual reporting period	$ 8
Pension Benefits
Disclosure of defined benefit plans [line items]
Weighted average duration	16 years
Percentage of employees contribution under pension plan	4.00%
Employer contribution	$ 11

Pensions and Other Post-Emplo_4

Pensions and Other Post-Employment Benefits - Summary of Defined Benefit and OPEB Plan Obligation and Funded Status (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Disclosure of net defined benefit liability (asset) [line items]
Current Service Costs	$ 16	$ 13	$ 11
Past Service Costs - Curtailment and Plan Amendments	(1)	0	0
Net Interest Costs	3	3	3
Re-measurements:
(Gains) Losses From Experience Adjustments	4	1	(4)
(Gains) Losses From Changes in Demographic Assumptions	(1)	0	0
(Gains) Losses From Changes in Financial Assumptions	(18)	15	12
Return on Plan Assets (Excluding Interest Income)	9	5	$ 15
Pension and OPEB (Liability)	$ (61)	$ (71)
Actuarial assumption of discount rates	2.95%	2.50%	3.00%
Pension Benefits | Defined Benefit Obligation
Disclosure of net defined benefit liability (asset) [line items]
Defined Benefit Obligation, Beginning of Year	$ 188	$ 158
Plan Acquisition Upon the Arrangement (1)	41	0
Current Service Costs	16	13
Net Interest Costs	6	5
Benefits Paid	(17)	(6)
Plan Participant Contributions	2	2
Re-measurements:
(Gains) Losses From Experience Adjustments	4	1
(Gains) Losses From Changes in Demographic Assumptions	(1)	0
(Gains) Losses From Changes in Financial Assumptions	(18)	15
Defined Benefit Obligation, End of Year	220	188	$ 158
Pension Benefits | Plan Assets
Disclosure of net defined benefit liability (asset) [line items]
Fair Value of Plan Assets, Beginning of Year	117	107
Plan Acquisition Upon the Arrangement (1)	32	0
Net Interest Costs	(3)	(2)
Employer Contributions	9	6
Benefits Paid	(13)	(5)
Plan Participant Contributions	2	2
Re-measurements:
Return on Plan Assets (Excluding Interest Income)	9	5
Fair Value of Plan Assets, End of Year	159	117	107
OPEB
Disclosure of net defined benefit liability (asset) [line items]
Current Service Costs	9	1	1
Past Service Costs - Curtailment and Plan Amendments	(3)	0	0
Net Interest Costs	6	0	1
Re-measurements:
(Gains) Losses From Experience Adjustments	10	(2)	0
(Gains) Losses From Changes in Demographic Assumptions	(3)	0	0
(Gains) Losses From Changes in Financial Assumptions	(30)	1	1
Return on Plan Assets (Excluding Interest Income)	0	0	$ 0
Pension and OPEB (Liability)	$ (225)	$ (20)
Actuarial assumption of discount rates	2.98%	2.50%	3.00%
OPEB | Defined Benefit Obligation
Disclosure of net defined benefit liability (asset) [line items]
Defined Benefit Obligation, Beginning of Year	$ 20	$ 22
Plan Acquisition Upon the Arrangement (1)	224	0
Current Service Costs	9	1
Net Interest Costs	6	0
Benefits Paid	(8)	(2)
Plan Participant Contributions	0	0
Re-measurements:
(Gains) Losses From Experience Adjustments	10	(2)
(Gains) Losses From Changes in Demographic Assumptions	(3)	0
(Gains) Losses From Changes in Financial Assumptions	(30)	1
Defined Benefit Obligation, End of Year	225	20	$ 22
OPEB | Plan Assets
Disclosure of net defined benefit liability (asset) [line items]
Fair Value of Plan Assets, Beginning of Year	0	0
Plan Acquisition Upon the Arrangement (1)	0	0
Net Interest Costs	0	0
Employer Contributions	3	0
Benefits Paid	(3)	0
Plan Participant Contributions	0	0
Re-measurements:
Return on Plan Assets (Excluding Interest Income)	0	0
Fair Value of Plan Assets, End of Year	$ 0	$ 0	$ 0

Pensions and Other Post-Emplo_5

Pensions and Other Post-Employment Benefits - Summary of Pension and OPEB Costs (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Benefits
Disclosure of defined benefit plans [line items]
Current Service Costs	$ 16	$ 13	$ 11
Past Service Costs – Curtailments	(1)	0	0
Net Interest Costs	3	3	3
Re-measurements:
Return on Plan Assets (Excluding Interest Income)	(9)	(5)	(15)
(Gains) Losses From Experience Adjustments	4	1	(4)
(Gains) Losses From Changes in Demographic Assumptions	(1)	0	0
(Gains) Losses From Changes in Financial Assumptions	(18)	15	12
Defined Benefit Plan Cost (Recovery)	(6)	27	7
Defined Contribution Plan Cost	68	22	21
Total Plan Cost	62	49	28
OPEB
Disclosure of defined benefit plans [line items]
Current Service Costs	9	1	1
Past Service Costs – Curtailments	(3)	0	0
Net Interest Costs	6	0	1
Re-measurements:
Return on Plan Assets (Excluding Interest Income)	0	0	0
(Gains) Losses From Experience Adjustments	10	(2)	0
(Gains) Losses From Changes in Demographic Assumptions	(3)	0	0
(Gains) Losses From Changes in Financial Assumptions	(30)	1	1
Defined Benefit Plan Cost (Recovery)	(11)	0	3
Defined Contribution Plan Cost	0	0	0
Total Plan Cost	$ (11)	$ 0	$ 3

Pensions and Other Post-Emplo_6

Pensions and Other Post-Employment Benefits - Summary of Fair Value of the Plan Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Equity Funds	$ 77		$ 58
Fixed Income Funds	54		35
Real Estate Funds	9		6
Listed Infrastructure Funds	8		8
Emerging Market Debt Funds	8		7
Cash and Cash Equivalents	2		2
Non-Invested Assets	1		1
Total fair value	$ 159		$ 117
United States
Disclosure of defined benefit plans [line items]
Total fair value		$ 32

Pensions and Other Post-Emplo_7

Pensions and Other Post-Employment Benefits - Summary of Principal Weighted Average Actuarial Assumptions Used to Determine Benefit Obligations and Expenses (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)yr	Dec. 31, 2020CAD ($)yr	Dec. 31, 2019CAD ($)yr
Disclosure Of Actuarial Assumptions [Line Items]
Post-Employment Benefits | $	$ 89	$ 33	$ 29
Pension Benefits
Disclosure Of Actuarial Assumptions [Line Items]
Discount Rate	2.95%	2.50%	3.00%
Future Salary Growth Rate	4.03%	3.97%	3.94%
Average Longevity (years)	88.3	88.3	88.2
OPEB
Disclosure Of Actuarial Assumptions [Line Items]
Discount Rate	2.98%	2.50%	3.00%
Future Salary Growth Rate	4.94%	4.94%	5.08%
Average Longevity (years)	88.3	88.2	88.2
Health Care Cost Trend Rate	5.64%	6.00%	6.00%

Pensions and Other Post-Emplo_8

Pensions and Other Post-Employment Benefits - Sensitivity of Defined Benefit and OPEB Obligation to Changes in Relevant Actuarial Assumptions (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Discount Rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase	$ (79)	$ (31)
Decrease	102	40
Future Salary Growth Rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase	4	4
Decrease	(4)	(4)
Health Care Cost Trend Rate
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase	26	1
Decrease	(20)	(1)
One Year Change in Assumed Life Expectancy
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase	4	4
Decrease	$ (4)	$ (4)

Pensions and Other Post-Emplo_9

Pensions and Other Post-Employment Benefits - Target Allocation (Details)	Dec. 31, 2021
Canadian Plan | Bottom of range | Equity Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	25.00%
Canadian Plan | Bottom of range | Income Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	25.00%
Canadian Plan | Bottom of range | Real Estate Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	0.00%
Canadian Plan | Bottom of range | Listed Infrastructure Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	0.00%
Canadian Plan | Bottom of range | Emerging Market Debt Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	0.00%
Canadian Plan | Bottom of range | Cash and Cash Equivalents
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	0.00%
Canadian Plan | Top of range | Equity Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	70.00%
Canadian Plan | Top of range | Income Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	35.00%
Canadian Plan | Top of range | Real Estate Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	15.00%
Canadian Plan | Top of range | Listed Infrastructure Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	10.00%
Canadian Plan | Top of range | Emerging Market Debt Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	10.00%
Canadian Plan | Top of range | Cash and Cash Equivalents
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	10.00%
US Plan | Bottom of range | Equity Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	21.00%
US Plan | Bottom of range | Income Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	55.00%
US Plan | Top of range | Equity Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	51.00%
US Plan | Top of range | Income Funds
Disclosure of defined benefit plans [line items]
Target Asset Allocation Percentage	74.00%

Share Capital and Warrants - Ad

Share Capital and Warrants - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions	Jan. 01, 2021	Feb. 07, 2022	Dec. 31, 2021	Mar. 29, 2022	Dec. 29, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 30, 2026	Nov. 04, 2021
Disclosure of classes of share capital [Line Items]
Maximum percentage of preferred stock upon issuance or outstanding of common stock								20.00%
NCIB, shares redeemed, amount								$ 265	$ 0	$ 0
NCIB, reduction to contributed surplus								$ 120
Stock Option Plan
Disclosure of classes of share capital [Line Items]
Shares available for future issuance (in shares)			30,000,000					30,000,000	27,000,000
Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)			36,000,000					36,000,000	0
Preferred Shares | Series 1 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Preference shares converted from Series 1 to Series 2						274,000
Redeemable preferred shares, conversion term							5 years
Dividend Rate						2.40%		2.58%			2.58%
Shares outstanding (in shares)			10,740,000					10,740,000
Preferred Shares | Series 1 First Preferred Shares | Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend Rate											0.85%
Dividend rate, basis spread							1.73%
Preferred Shares | Series 2 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate				1.86%	1.92%			1.86%
Preference shares converted from Series 2 to Series 1						578,000
Shares outstanding (in shares)			1,260,000					1,260,000
Preferred Shares | Series 2 First Preferred Shares | Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread						1.73%
Preferred Shares | Series 3 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term								5 years
Dividend Rate								4.69%
Dividend yield, term two								5 years
Shares outstanding (in shares)			10,000,000					10,000,000
Preferred Shares | Series 3 First Preferred Shares | Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread			3.13%					3.13%
Preferred Shares | Series 3 First Preferred Shares | 90-Day Government of Canada Treasury Bills
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread			3.13%					3.13%
Preferred Shares | Series 5 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term								5 years
Dividend Rate								4.59%
Dividend yield, term two								5 years
Shares outstanding (in shares)			8,000,000					8,000,000
Preferred Shares | Series 5 First Preferred Shares | Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread			3.57%					3.57%
Preferred Shares | Series 5 First Preferred Shares | 90-Day Government of Canada Treasury Bills
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread			3.57%					3.57%
Preferred Shares | Series 7 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term								5 years
Dividend Rate								3.94%
Dividend yield, term two								5 years
Shares outstanding (in shares)			6,000,000					6,000,000
Preferred Shares | Series 7 First Preferred Shares | Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread			3.52%					3.52%
Preferred Shares | Series 7 First Preferred Shares | 90-Day Government of Canada Treasury Bills
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread			3.52%					3.52%
Second Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)			0					0	0
Share Purchase Warrants
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)			65,119,000					65,119,000	0
Exercise price of warrants issued (in CAD per share)	$ 6.54
Common shares
Disclosure of classes of share capital [Line Items]
NCIB, shares authorized for repurchase (in shares)												146,500,000
NCIB, shares repurchased (in shares)		9,000,000	17,000,000					17,026,000	0
NCIB, shares repurchased, price per share (in CAD per share)			$ 15.56
NCIB, shares redeemed, amount		$ 160	$ 265
NCIB, reduction to contributed surplus			$ 120					$ 120
Shares outstanding (in shares)			2,001,211,000					2,001,211,000	1,228,870,000	1,228,828,000

Share Capital and Warrants - Is

Share Capital and Warrants - Issued and Outstanding - Common Shares (Detail) - Common shares - CAD ($) shares in Thousands, $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 07, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Number of Common Shares
Outstanding, Beginning of Year	2,001,211		1,228,870	1,228,828
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)			788,518	0
Issued Upon Exercise of Warrants			314	0
Issued Under Stock Option Plans			535	42
Purchase of Common Shares under NCIB	(9,000)	(17,000)	(17,026)	0
Outstanding, End of Year		2,001,211	2,001,211	1,228,870
Amount
Outstanding, Beginning of Year	$ 17,016		$ 11,040	$ 11,040
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)			6,111	0
Issued Upon Exercise of Warrants			3	0
Issued Under Stock Option Plans			7	0
Purchase of Common Shares under NCIB			(145)	0
Outstanding, End of Year		$ 17,016	$ 17,016	$ 11,040

Share Capital and Warrants - _2

Share Capital and Warrants - Issued and Outstanding - Preferred Shares (Details) - Preferred Shares - CAD ($) shares in Thousands, $ in Millions	3 Months Ended			12 Months Ended	60 Months Ended
	Mar. 29, 2022	Dec. 29, 2021	Mar. 31, 2021	Dec. 31, 2021	Mar. 30, 2026
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)				36,000
Number of Preferred Shares
Outstanding, Beginning of Year			0	0
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)				36,000
Outstanding, End of Year				36,000
Amount
Outstanding, Beginning of Year			$ 0	$ 0
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)				519
Outstanding, End of Year				$ 519
Series 1 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate			2.40%	2.58%	2.58%
Shares outstanding (in shares)				10,740
Number of Preferred Shares
Outstanding, End of Year				10,740
Series 2 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate	1.86%	1.92%		1.86%
Shares outstanding (in shares)				1,260
Number of Preferred Shares
Outstanding, End of Year				1,260
Series 3 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate				4.69%
Shares outstanding (in shares)				10,000
Number of Preferred Shares
Outstanding, End of Year				10,000
Series 5 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate				4.59%
Shares outstanding (in shares)				8,000
Number of Preferred Shares
Outstanding, End of Year				8,000
Series 7 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate				3.94%
Shares outstanding (in shares)				6,000
Number of Preferred Shares
Outstanding, End of Year				6,000

Share Capital and Warrants - _3

Share Capital and Warrants - Issued and Outstanding - Warrants (Details) - CAD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Purchase Warrants
Number of Warrants
Outstanding, Beginning of Year	0
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)	65,433
Issued Upon Exercise of Warrants	(314)
Outstanding, End of Year	65,119	0
Amount
Outstanding, Beginning of Year	$ 0
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)	216
Issued Upon Exercise of Warrants	(1)
Outstanding, End of Year	$ 215	$ 0
Common shares
Number of Warrants
Outstanding, Beginning of Year	1,228,870	1,228,828
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)	788,518	0
Issued Upon Exercise of Warrants	(314)	0
Outstanding, End of Year	2,001,211	1,228,870
Amount
Outstanding, Beginning of Year	$ 11,040	$ 11,040
Issued Under the Arrangement, Net of Issuance Costs (Note 5A)	6,111	0
Issued Upon Exercise of Warrants	(3)	0
Outstanding, End of Year	$ 17,016	$ 11,040

Share Capital and Warrants - Sc

Share Capital and Warrants - Schedule of Paid in Surplus Includes Stock Based Compensation Expense (Detail) - CAD ($) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reserves within equity [line items]
Beginning Balance		$ 4,391	$ 4,377
Stock-Based Compensation Expense		159	49	$ 67
Purchase of Common Shares Under NCIB		(120)
Common Shares Issued on Exercise of Stock Options		(1)
Ending Balance	$ 4,284	4,284	4,391	4,377
NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense		14	14
Earnings Prior to Encana Split
Disclosure of reserves within equity [line items]
Beginning Balance		4,086	4,086
Purchase of Common Shares Under NCIB		0
Common Shares Issued on Exercise of Stock Options		0
Ending Balance	4,086	4,086	4,086	4,086
Earnings Prior to Encana Split | NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense		0	0
Stock-Based Compensation
Disclosure of reserves within equity [line items]
Beginning Balance		305	291
Purchase of Common Shares Under NCIB		0
Common Shares Issued on Exercise of Stock Options		(1)
Ending Balance	318	318	305	291
Stock-Based Compensation | NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense		14	14
Common shares
Disclosure of reserves within equity [line items]
Beginning Balance		0	0
Purchase of Common Shares Under NCIB	(120)	(120)
Common Shares Issued on Exercise of Stock Options		0
Ending Balance	$ (120)	(120)	0	$ 0
Common shares | NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense		$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	$ 775	$ 827
Other Comprehensive Income (Loss), Before Tax	(82)	(54)
Income Tax (Expense) Recovery	(9)	2
Ending balance	684	775
Pension and Other Post-Retirement Benefits
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	(10)	(2)
Other Comprehensive Income (Loss), Before Tax	47	(10)
Income Tax (Expense) Recovery	(9)	2
Ending balance	28	(10)
Private Equity Instruments
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	27	27
Other Comprehensive Income (Loss), Before Tax	0	0
Income Tax (Expense) Recovery	0	0
Ending balance	27	27
Foreign Currency Translation Adjustment
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	758	802
Other Comprehensive Income (Loss), Before Tax	(129)	(44)
Income Tax (Expense) Recovery	0	0
Ending balance	$ 629	$ 758

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Detail)	Jan. 01, 2021shares	Dec. 31, 2021CAD ($)Plansharesplans$ / shares	Dec. 31, 2020CAD ($)shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Deferred Share Unit Plans | plans		2
Liabilities from share based payment | $		$ 317,000,000	$ 130,000,000
Net settlement rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options expiration term		7 years
Weighted average unit fair value of granted | $		$ 3.27
Additional NSR vested and exercisable	2,700,000
Number of units exercised (in shares)		529,000
Weighted Average Exercise Price, Exercised | $ / shares		$ 10.51
Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share options per replacement stock option (in shares)	0.7845
Number of units exercised (in shares)		790,000
Number of Shares Issued Upon Conversion of Convertible Securities		6,000
Weighted Average Exercise Price, Exercised | $ / shares		$ 3.64
Replacement Stock Options | Settled for common shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of units exercised (in shares)		8,000
Replacement Stock Options | Settled for cash
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of units exercised (in shares)		782,000
PSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Liabilities from share based payment | $		$ 61,000,000	$ 65,000,000
Number of shares vested			7,100,000
Intrinsic value of vested | $		$ 0	$ 51,000,000
RSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Award vesting term		3 years
Liabilities from share based payment | $		$ 53,000,000	61,000,000
Number of shares vested		8,200,000
Weighted average trading days		30 days
Intrinsic value of vested | $		$ 0	60,000,000
DSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Award vesting term		3 years
Liabilities from share based payment | $		$ 20,000,000	$ 10,000,000
DSUs | Bottom of range
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Deferred Share Unit Plans | Plan		0
DSUs | Top of range
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Deferred Share Unit Plans | Plan		2
DSUs Option One
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs		0.00%
DSUs Option Two
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs		25.00%
DSUs Option Three
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs		50.00%
Later than one year
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of options exercisable		30.00%
3 Years
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of options exercisable		30.00%

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of Assumptions Used to Determine Fair Value of Options Granted (Detail) - Net settlement rights	12 Months Ended
	Dec. 31, 2021yr
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Risk-Free Interest Rate	0.67%
Expected Dividend Yield	0.76%
Expected Volatility	38.98%
Expected Life	5.76

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Stock Option Activity and Related Information (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2021shares$ / shares
Net settlement rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Share Options Outstanding, Beginning of Year	30,597
Number of Share Options, Granted	6,345
Number of Share Options, Exercised	(529)
Number of Share Options, Forfeited	(66)
Number of Share Options, Expired	(9,114)
Number of Share Options Outstanding, End of Year	27,233
Weighted Average Exercise Price, Outstanding, Beginning of Year | $ / shares	$ 18.52
Weighted Average Exercise Price, Granted | $ / shares	8.89
Weighted Average Exercise Price, Exercised | $ / shares	10.51
Weighted Average Exercise Price, Forfeited | $ / shares	15.17
Weighted Average Exercise Price, Expired | $ / shares	28.61
Weighted Average Exercise Price, Outstanding, End of Year | $ / shares	$ 13.06
PSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Share Units, Outstanding, Beginning of Year	9,284
Number of Share Units, Granted	6,175
Number of Share Units, Vested and Paid Out	(8,085)
Number of Share Units, Cancelled	(261)
Number of Share Units, Units in Lieu of Dividends	50
Number of Share Units, Outstanding, End of Year	7,163
RSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Share Units, Outstanding, Beginning of Year	8,430
Number of Share Units, Granted	6,435
Number of Share Units, Vested and Paid Out	(8,420)
Number of Share Units, Cancelled	(463)
Number of Share Units, Units in Lieu of Dividends	43
Number of Share Units, Outstanding, End of Year	6,025
DSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Share Units, Outstanding, Beginning of Year	1,333
Number of Share Units, Granted	80
Number of Share Units, Units in Lieu of Dividends	10
Number of Share Units, Redeemed	(440)
Number of Share Units, Outstanding, End of Year	1,256
DSUs | Director
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Share Units, Granted	273
Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of Share Options Outstanding, Beginning of Year	0
Number of Share Options, Granted	18,882
Number of Share Options, Exercised	(790)
Number of Share Options, Forfeited	(3,582)
Number of Share Options, Expired	(2,254)
Number of Share Options Outstanding, End of Year	12,256
Weighted Average Exercise Price, Outstanding, Beginning of Year | $ / shares	$ 0
Weighted Average Exercise Price, Granted | $ / shares	15.31
Weighted Average Exercise Price, Exercised | $ / shares	3.64
Weighted Average Exercise Price, Forfeited | $ / shares	14.08
Weighted Average Exercise Price, Expired | $ / shares	20.07
Weighted Average Exercise Price, Outstanding, End of Year | $ / shares	$ 15.21

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares
Net settlement rights
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	27,233	30,597
Outstanding Weighted Average Remaining Contractual Life	3 years 9 months 29 days
Outstanding Weighted Average Exercise Price	$ 13.06	$ 18.52
Exercisable Number | shares	16,949
Exercisable Weighted Average Exercise Price	$ 14.94
Net settlement rights | 5.00 to 9.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	8,365
Outstanding Weighted Average Remaining Contractual Life	5 years 3 months 3 days
Outstanding Weighted Average Exercise Price	$ 8.92
Exercisable Number | shares	2,478
Exercisable Weighted Average Exercise Price	$ 9.48
Net settlement rights | 5.00 to 9.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	5
Net settlement rights | 5.00 to 9.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 9.99
Net settlement rights | 10.00 to 14.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	13,126
Outstanding Weighted Average Remaining Contractual Life	4 years 3 months 14 days
Outstanding Weighted Average Exercise Price	$ 12.26
Exercisable Number | shares	8,729
Exercisable Weighted Average Exercise Price	$ 12.54
Net settlement rights | 10.00 to 14.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	10
Net settlement rights | 10.00 to 14.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 14.99
Net settlement rights | 15.00 to 19.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	2,680
Outstanding Weighted Average Remaining Contractual Life	1 year 3 months 21 days
Outstanding Weighted Average Exercise Price	$ 19.47
Exercisable Number | shares	2,680
Exercisable Weighted Average Exercise Price	$ 19.47
Net settlement rights | 15.00 to 19.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	15
Net settlement rights | 15.00 to 19.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 19.99
Net settlement rights | 20.00 to 24.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	3,062
Outstanding Weighted Average Remaining Contractual Life	1 month 24 days
Outstanding Weighted Average Exercise Price	$ 22.25
Exercisable Number | shares	3,062
Exercisable Weighted Average Exercise Price	$ 22.25
Net settlement rights | 20.00 to 24.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	20
Net settlement rights | 20.00 to 24.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 24.99
Replacement Stock Options
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	12,256	0
Outstanding Weighted Average Remaining Contractual Life	1 year 6 months 29 days
Outstanding Weighted Average Exercise Price	$ 15.21	$ 0
Exercisable Number | shares	8,395
Exercisable Weighted Average Exercise Price	$ 18.96
Replacement Stock Options | 3.00 to 4.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	3,602
Outstanding Weighted Average Remaining Contractual Life	2 years 8 months 4 days
Outstanding Weighted Average Exercise Price	$ 3.54
Exercisable Number | shares	772
Exercisable Weighted Average Exercise Price	$ 3.54
Replacement Stock Options | 3.00 to 4.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	3
Replacement Stock Options | 3.00 to 4.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 4.99
Replacement Stock Options | 5.00 to 9.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	164
Outstanding Weighted Average Remaining Contractual Life	3 years 2 months 12 days
Outstanding Weighted Average Exercise Price	$ 6.03
Exercisable Number | shares	34
Exercisable Weighted Average Exercise Price	$ 5.95
Replacement Stock Options | 5.00 to 9.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	5
Replacement Stock Options | 5.00 to 9.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 9.99
Replacement Stock Options | 10.00 to 14.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	58
Outstanding Weighted Average Remaining Contractual Life	2 years 8 months 1 day
Outstanding Weighted Average Exercise Price	$ 12.66
Exercisable Number | shares	41
Exercisable Weighted Average Exercise Price	$ 12.62
Replacement Stock Options | 10.00 to 14.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	10
Replacement Stock Options | 10.00 to 14.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 14.99
Replacement Stock Options | 15.00 to 19.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	2,896
Outstanding Weighted Average Remaining Contractual Life	1 year 9 months 7 days
Outstanding Weighted Average Exercise Price	$ 18.43
Exercisable Number | shares	2,012
Exercisable Weighted Average Exercise Price	$ 18.47
Replacement Stock Options | 15.00 to 19.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	15
Replacement Stock Options | 15.00 to 19.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 19.99
Replacement Stock Options | 20.00 to 24.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	5,384
Outstanding Weighted Average Remaining Contractual Life	8 months 4 days
Outstanding Weighted Average Exercise Price	$ 21.23
Exercisable Number | shares	5,384
Exercisable Weighted Average Exercise Price	$ 21.23
Replacement Stock Options | 20.00 to 24.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	20
Replacement Stock Options | 20.00 to 24.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 24.99
Replacement Stock Options | 25.00 to 29.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding Number | shares	152
Outstanding Weighted Average Remaining Contractual Life	1 year 6 months 29 days
Outstanding Weighted Average Exercise Price	$ 27.88
Exercisable Number | shares	152
Exercisable Weighted Average Exercise Price	$ 27.88
Replacement Stock Options | 25.00 to 29.99 | Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	25
Replacement Stock Options | 25.00 to 29.99 | Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants	$ 29.99

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Summary of Stock-Based Compensation (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	$ 159	$ 49	$ 67
Stock-Based Compensation Costs Capitalized	8	16	20
Total Stock-Based Compensation	167	65	87
Net settlement rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	14	11	9
Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	26	0	0
Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	56	19	15
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	48	23	34
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	$ 15	$ (4)	$ 9

Employee Salaries and Benefit_3

Employee Salaries and Benefit Expenses - Summary of Employee Salaries and Benefit Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Salaries And Employee Benefits [Abstract]
Salaries, Bonuses and Other Short-Term Employee Benefits	$ 1,327	$ 605	$ 567
Post-Employment Benefits	89	33	29
Stock-Based Compensation	159	49	67
Other Incentive Benefits Expense (Recovery)	201	(4)	31
Termination Benefits	180	9	6
Employee Salaries and Benefit Expenses	$ 1,956	$ 692	$ 700

Related Party Transactions - Su

Related Party Transactions - Summary of Key Management Compensation (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of transactions between related parties [abstract]
Salaries, Director Fees and Other Short-Term Benefits	$ 69	$ 21	$ 24
Post-Employment Benefits	4	3	2
Stock-Based Compensation	72	15	22
Other Long-Term Incentive Benefits	4	1	1
Termination Benefits	3	6	0
Total compensation paid or payable	$ 152	$ 46	$ 49

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Husky Midstream Limited Partnership $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in joint venture	35.00%
Revenue from rendering of services, related party transactions	$ 243
Purchases of goods, related party transactions	$ 284

Financial Instruments - Additio

Financial Instruments - Additional information (Detail) $ in Millions	Dec. 31, 2021CAD ($)$ / bbl	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of detailed information about financial instruments [line items]
Long-Term Debt	$ 12,385	$ 7,441
Cash collateral for risk management contracts price change	$ 114	59
Discounted credit adjusted risk free rate	2.90%
Estimated fair value of contingent payment	$ 236	63	$ 143
WCS Forward Prices
Disclosure of detailed information about financial instruments [line items]
Average forward price for Western Canadian Select Crude Oil for the remaining term (in CAD per barrel) | $ / bbl	77.87
WTI Option Implied Volatility
Disclosure of detailed information about financial instruments [line items]
Average implied volatility contingent payment percentage	39.50%
U.S. to Canadian Dollar Foreign Exchange Average Rate Volatility Contingent Payment
Disclosure of detailed information about financial instruments [line items]
Average implied volatility contingent payment percentage	6.40%
Level 2 of fair value hierarchy
Disclosure of detailed information about financial instruments [line items]
Debt, fair value	$ 13,700	$ 8,600

Financial Instruments - Reconci

Financial Instruments - Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets (Detail) - Level 3 of fair value hierarchy - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value measurement of assets [Line Items]
Fair value, beginning of year	$ 52	$ 52
Acquisition (Note 5A)	1	0
Fair value, end of year	$ 53	$ 52

Financial Instruments - Summary

Financial Instruments - Summary of Urealized Risk Management Positions (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Net Asset (Liability)	$ (68)	$ (53)	$ 3
Level 2 of fair value hierarchy
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Net Asset (Liability)	(68)	(53)
Level 2 of fair value hierarchy | Commodity price risk
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	48	5
Risk Management Liability	116	58
Risk Management Net Asset (Liability)	(68)	(53)
Level 2 of fair value hierarchy | Commodity price risk | Crude Oil, Natural Gas, Condensate and Refined Products
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	46	5
Risk Management Liability	116	58
Risk Management Net Asset (Liability)	(70)	(53)
Level 2 of fair value hierarchy | Commodity price risk | Exchange Rate Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	2	0
Risk Management Liability	0	0
Risk Management Net Asset (Liability)	$ 2	$ 0

Financial Instruments - Summa_2

Financial Instruments - Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Level 2 – Prices Sourced From Observable Data or Market Corroboration	$ (68)	$ (53)	$ 3
Level 2 of fair value hierarchy
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Level 2 – Prices Sourced From Observable Data or Market Corroboration	$ (68)	$ (53)

Financial Instruments - Recon_2

Financial Instruments - Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract]
Fair Value of Contracts, Beginning of Year	$ (53)	$ 3
Acquisition (Note 5A)	(14)	0
Fair Value of Contracts Realized During the Year	993	252
Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered Into During the Year	(995)	(308)
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts	1	0
Fair Value of Contracts, End of Year	$ (68)	$ (53)

Financial Instruments - Summa_3

Financial Instruments - Summary of Offsetting Risk Management Positions (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Gross Amount, Risk Management Asset	$ 263	$ 70
Amount Offset, Risk Management Asset	(215)	(65)
Net Amount per Consolidated Financial Statements, Risk Management Asset	48	5
Gross Amount, Risk Management Liabilities	331	123
Amount Offset, Risk Management Liabilities	(215)	(65)
Net Amount per Consolidated Financial Statements, Risk Management Liabilities	116	58
Gross Amount, Risk Management Net	(68)	(53)
Amount Offset, Risk Management Net	0	0
Net Amount per Consolidated Financial Statements, Risk Management Net	$ (68)	$ (53)

Financial Instruments - Summa_4

Financial Instruments - Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)$ / bbl	Dec. 31, 2020CAD ($)$ / bbl
WCS Forward Prices
Disclosure Of Sensitivity Of Fair Value Measurement To Changes In Unobservable Inputs Liabilities [Line Items]
Sensitivity Price Range | $ / bbl	5	5
Increase in volatility	$ (45)	$ (41)
Decrease in volatility	$ 45	32
WTI Option Implied Volatility
Disclosure Of Sensitivity Of Fair Value Measurement To Changes In Unobservable Inputs Liabilities [Line Items]
Increase in volatility		(18)
Decrease in volatility		$ 17
Sensitivity Range	5.00%	5.00%
Canadian to U.S. Dollar Foreign Exchange Rate Option Implied Volatility
Disclosure Of Sensitivity Of Fair Value Measurement To Changes In Unobservable Inputs Liabilities [Line Items]
Increase in volatility		$ 7
Decrease in volatility		$ (10)
Sensitivity Range	5.00%	5.00%

Financial Instruments - Summa_5

Financial Instruments - Summary of Earnings Impact of (Gain) Loss from Risk Management Positions (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020		Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	$ 995	$ 308	[1]	$ 156	[1]
Realized (Gain) Loss
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	993	252		7
Unrealized (Gain) Loss
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	$ 2	$ 56		$ 149
[1]	See Note 3(w) for revisions to comparative results.

Risk Management - Additional In

Risk Management - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)	Jan. 10, 2022	Dec. 31, 2021USD ($)	Oct. 31, 2021	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2018CAD ($)
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value			$ 7,400			$ 5,900
Fair Value Asset (Liability)	$ (68,000,000)				$ (53,000,000)		$ 3,000,000
Interest rate sensitivity floating rate debt	1,000,000				1,000,000
Cash and cash equivalents	2,873,000,000				378,000,000		$ 186,000,000	$ 781,000,000
Long-Term Debt
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	12,113,000,000		7,385		7,510,000,000	5,898
U.S. Dollar Denominated Unsecured Notes | Long-Term Debt
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	9,363,000,000		7,385		7,510,000,000	5,898
U.S. Dollar Denominated Unsecured Notes | 3.80% due September 15, 2023 | Long-Term Debt
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	$ 146,000,000		$ 115		573,000,000	450
Long-term debt, interest rate	3.80%	3.80%	3.80%
U.S. Dollar Denominated Unsecured Notes | 4.00% due April 15, 2024 | Long-Term Debt
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	$ 341,000,000		$ 269		0	$ 0
Long-term debt, interest rate	4.00%	4.00%	4.00%	4.00%
WRB Refining LP
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Uncommitted demand facilities			$ 88
Sunrise
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Uncommitted demand facilities	$ 5,000,000
Uncommitted Demand Facility
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Uncommitted demand facilities	1,900,000,000
Top of range | Uncommitted Demand Facility
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Amount of undrawn facilities for general purposes	1,400,000,000
Liquidity risk | Committed Credit Facility
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Uncommitted demand facilities	$ 6,000,000,000
Liquidity risk | Top of range | Base Shelf Prospectus
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Uncommitted demand facilities			4,700
Interest rate risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Changes in interest rate percentage	100.00%
Foreign exchange contracts
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value			$ 144
Fair Value Asset (Liability)	$ 2,000,000
Interest rate swap contract
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	$ 0				$ 0
Trade Receivables | Credit risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Average expected credit loss rate	0.10%		0.10%		0.50%	0.50%
Trade Receivables | Credit risk | Investment grade counterparties
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Number of days outstanding for accruals, joint operations, trade receivables and net investment in finance leases	60 days		60 days
Trade Receivables | Credit risk | Investment grade counterparties | Bottom of range
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Percent of accounts receivable held with investment grade counterparties	97.00%		97.00%
Cross Currency Interest Rate Swap
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	$ 0				$ 0

Risk Management - Net Fair Valu

Risk Management - Net Fair Value of Risk Management Positions (Detail) MMBbls in Millions, $ in Millions	Dec. 31, 2021CAD ($)MMBbls$ / bbl	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure of Derivative Financial Instruments [Line Items]
Fair Value Asset (Liability)	$ (68)	$ (53)	$ 3
WTI Fixed - Sell | Crude Oil and Condensate Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Notional Volumes | MMBbls	61.8
Weighted Average Price | $ / bbl	72.19
Fair Value Asset (Liability)	$ (188)
WTI Fixed - Buy | Crude Oil and Condensate Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Notional Volumes | MMBbls	(25.3)
Weighted Average Price | $ / bbl	71.55
Fair Value Asset (Liability)	$ 94
Other financial positions
Disclosure of Derivative Financial Instruments [Line Items]
Fair Value Asset (Liability)	$ 24

Risk Management - Net Fair Va_2

Risk Management - Net Fair Value of Risk Management Positions (Parenthetical) (Detail) - Fair value derivative financial instruments	12 Months Ended
	Dec. 31, 2021
Bottom of range
Disclosure of Derivative Financial Instruments [Line Items]
Average contract financial term	1 month
Top of range
Disclosure of Derivative Financial Instruments [Line Items]
Average contract financial term	18 months

Risk Management - Impact of Flu

Risk Management - Impact of Fluctuating Commodity Prices and Interest Rates on Company's Open Risk Management Positions (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2021CAD ($)$ / bbl	Dec. 31, 2020CAD ($)$ / bbl	Dec. 31, 2021$ / $
Commodity price risk | Crude Oil Contracts
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	5	5
Currency risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
$0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate	$ 372	$ 300
$0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate	$ (372)	$ (300)
Currency risk | U.S. to Canadian Dollar Exchange Rate
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range	0.05		0.05

Risk Management - Impact of F_2

Risk Management - Impact of Fluctuating Commodity Prices and Interest Rates on Company's Open Risk Management Positions (Detail) $ in Millions	Dec. 31, 2021$ / bbl	Dec. 31, 2021CAD ($)	Dec. 31, 2021$ / $	Dec. 31, 2020CAD ($)$ / bbl
Commodity price risk | Crude Oil Contracts
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	5			5
Increase		$ (225)		$ (44)
Decrease		225		$ 44
Commodity price risk | WCS and Condensate Differential
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	2.50			2.50
Increase		4		$ (2)
Decrease		(4)		$ 2
Commodity price risk | Refined Products
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	5
Increase		(2)
Decrease		2
Currency risk | U.S. to Canadian Dollar Exchange Rate
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range	0.05		0.05
Increase		11
Decrease		$ (12)

Risk Management - Undiscounted

Risk Management - Undiscounted Cash Outflows Relating to Financial Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Accounts payable and accrued liabilities
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	$ 6,353	$ 2,018
Accounts payable and accrued liabilities | 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	6,353	2,018
Short-Term Borrowings
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	79	121
Short-Term Borrowings | 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	79	121
Long-Term Debt
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	19,664	12,943
Long-Term Debt | 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	561	385
Long-Term Debt | Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	1,608	1,965
Long-Term Debt | 2024 to 2026
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	2,603	1,966
Long-Term Debt | Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	14,892	8,627
Contingent Payment
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	238	64
Contingent Payment | 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	238	36
Contingent Payment | Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	28
Lease Liabilities
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	5,073	2,476
Lease Liabilities | 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	453	254
Lease Liabilities | Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	794	445
Lease Liabilities | 2024 to 2026
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	634	365
Lease Liabilities | Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	$ 3,192	$ 1,412

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information - Non-Cash Working Capital (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Supplementary Cash Flow Information [Line Items]
Accounts Receivable and Accrued Revenues	$ (953)	$ 77	$ (475)
Income Tax Receivable	(1)	(12)	150
Inventories	(1,646)	450	(408)
Accounts Payable and Accrued Liabilities	1,645	(338)	283
Income Tax Payable	87	(17)	0
Total Non-Cash Working Capital	(868)	160	(450)
Cash From (Used in) Operating	(1,227)	198	(333)
Cash From (Used in) Investing	$ 359	$ (38)	$ (117)

Supplementary Cash Flow Infor_5

Supplementary Cash Flow Information - Summary of Reconciliation of Liabilities to Cash Flows from Financing Activities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, lease liabilities	$ 1,757	$ 1,916
Changes From Financing Cash Flows:
Issuance of Long-Term Debt	1,557	1,326	$ 0
(Repayment) of Long-Term Debt	(2,870)	(112)	(2,279)
Principal Repayment of Leases	(300)	(197)	(150)
Non-Cash Changes:
Lease Additions	110	49
Lease Terminations	(1)	(1)
Lease Modifications	22	(2)
Transfers to Liabilities Related to Assets Held for Sale	(58)
Other	(8)	0	0
Ending Balance, lease liabilities	2,957	1,757	1,916
Dividends Payable | Common shares
Changes From Financing Cash Flows:
Dividends Paid	(176)	(77)	(260)
Non-Cash Changes:
Common Share Dividends Declared	176	77	260
Dividends Payable | Preferred Shares
Changes From Financing Cash Flows:
Dividends Paid	(34)
Non-Cash Changes:
Common Share Dividends Declared	34
Short-Term Borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, debt	121	0
Changes From Financing Cash Flows:
Net Issuance (Repayment) of Short-Term Borrowings	(77)	117
Acquisition (see Note 5A)	40
Non-Cash Changes:
Foreign Exchange (Gain) Loss, Net	(5)	4
Ending balance, debt	79	121	0
Long-Term Debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, debt	7,441	6,699	9,164
Changes From Financing Cash Flows:
Issuance of Long-Term Debt	1,557	1,326	276
(Repayment) of Long-Term Debt	(2,870)	(112)	(2,279)
Net Issuance (Repayment) of Revolving Long-Term Debt	(350)	(220)
Acquisition (see Note 5A)	6,602
Non-Cash Changes:
Foreign Exchange (Gain) Loss, Net	(57)	(231)	(399)
Net Premium (Discount) on Redemption of Long-Term Debt	121		(63)
Net Premium (Discount) on Redemption of Long-Term Debt		(25)
Finance Costs	(59)	5
Other		(1)
Ending balance, debt	12,385	7,441	6,699
Lease Liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, lease liabilities	1,757	1,916
Changes From Financing Cash Flows:
Principal Repayment of Leases	(300)	(197)	(150)
Acquisition (see Note 5A)	1,441
Non-Cash Changes:
Foreign Exchange (Gain) Loss, Net	(10)	(6)	(23)
Lease Additions	110	49	590
Lease Terminations	(1)	(1)	(11)
Lease Modifications	22	(2)
Lease Re-measurements	(4)	(2)	15
Other			1
Ending Balance, lease liabilities	$ 2,957	$ 1,757	1,916
Lease Liabilities | I F R S16 | Adjustments
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, lease liabilities			$ 1,494

Commitments and Contingencies -

Commitments and Contingencies - Future Payments for Commitments (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jan. 01, 2021	Dec. 31, 2020
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	$ 30,986		$ 21,397
Real Estate	908		797
Obligation to Fund Equity-Accounted Affiliate	642
Other Long-Term Commitments	2,310		325
Contractual commitments	34,846		22,519
Transportation commitments	$ 8,100		14,000
Transportation Commitments Subject To Regulatory Approval Or Approved But Not Yet In Service Term	20 years
Arrangement
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage		$ 7,400
Contractual commitments		17,600
Commitments approved and not yet in service | Arrangement
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage		$ 1,700
1 Year
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	$ 3,288		1,014
Real Estate	44		34
Obligation to Fund Equity-Accounted Affiliate	68
Other Long-Term Commitments	509		105
Contractual commitments	3,909		1,153
2 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	3,567		954
Real Estate	43		36
Obligation to Fund Equity-Accounted Affiliate	85
Other Long-Term Commitments	156		47
Contractual commitments	3,851		1,037
3 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	3,373		1,341
Real Estate	52		38
Obligation to Fund Equity-Accounted Affiliate	99
Other Long-Term Commitments	145		32
Contractual commitments	3,669		1,411
4 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	2,146		1,444
Real Estate	54		41
Obligation to Fund Equity-Accounted Affiliate	90
Other Long-Term Commitments	136		32
Contractual commitments	2,426		1,517
5 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	2,012		1,107
Real Estate	57		44
Obligation to Fund Equity-Accounted Affiliate	90
Other Long-Term Commitments	150		24
Contractual commitments	2,309		1,175
Thereafter
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	16,600		15,537
Real Estate	658		604
Obligation to Fund Equity-Accounted Affiliate	210
Other Long-Term Commitments	1,214		85
Contractual commitments	$ 18,682		$ 16,226

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions	May 17, 2021$ / bbl	Dec. 31, 2021CAD ($)$ / bbl	Jan. 01, 2021CAD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2019CAD ($)
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Contractual commitments		$ 34,846		$ 22,519
Transportation and Storage		30,986		21,397
Outstanding letters of credit		$ 565		441
Average crude oil price | $ / bbl		45
Contingent liabilities recognised in business combination		$ 236		63	$ 143
Keystone XL Pipeline
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage				$ 7,000
Arrangement
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Contractual commitments			$ 17,600
Transportation and Storage			7,400
Arrangement | Commitments approved and not yet in service
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage			$ 1,700
HMLP
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Contractual commitments		$ 2,600
Conoco Phillips Company and certain of its subsidiaries
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Average crude oil price | $ / bbl	52