Cenovus Energy (CVE) 6-K 28 Jul 22 Cenovus announces 2022 second-quarter financial and operating results Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2022
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	CENOVUS ENERGY INC.
Entity Central Index Key	0001475260
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Earn

Consolidated Statements of Earnings (Loss) (unaudited) - CAD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	[1]	Jun. 30, 2022	Jun. 30, 2021	[1]
Revenues
Gross Sales	$ 20,747		$ 11,170		$ 38,130	$ 20,836
Less: Royalties	1,582		533		2,767	906
Revenue	19,165		10,637		35,363	19,930
Expenses
Purchased Product	9,396	$ 7,482	5,255		16,878	9,458
Transportation and Blending	3,048	$ 2,975	1,854		6,023	3,673
Operating	1,481		1,144		2,768	2,278
(Gain) Loss on Risk Management	283		600		1,568	794
Depreciation, Depletion and Amortization	1,132		1,036		2,162	2,081
Exploration Expense	10		4		26	10
(Income) Loss From Equity-Accounted Affiliates	2		(13)		(2)	(27)
General and Administrative	218		170		417	333
Finance Costs	195		232		424	476
Interest Income	(8)		(3)		(23)	(7)
Integration Costs	28		34		52	257
Foreign Exchange (Gain) Loss, Net	192		(172)		90	(289)
Re-measurement of Contingent Payment	15		249		251	436
(Gain) Loss on Divestiture of Assets	(62)		(60)		(304)	(72)
Other (Income) Loss, Net	(38)		(29)		(408)	(101)
Earnings (Loss) Before Income Tax	3,273		336		5,441	630
Income Tax Expense (Recovery)	841		112		1,384	186
Net Earnings (Loss)	$ 2,432		$ 224		$ 4,057	$ 444
Net Earnings (Loss) Per Common Share ($)
Net Earnings (Loss) Per Share — Basic (CAD per share)	$ 1.23		$ 0.11		$ 2.04	$ 0.21
Net Earnings (Loss) Per Share — Diluted (CAD per share)	$ 1.19		$ 0.11		$ 1.98	$ 0.21
[1]See Note 3 for revisions to prior period results.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (unaudited) - CAD ($) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Statement of comprehensive income [abstract]
Net Earnings (Loss)		$ 2,432	$ 224	[1]	$ 4,057	$ 444	[1]
Items That Will not be Reclassified to Profit or Loss:
Actuarial Gain (Loss) Relating to Pension and Other Post-    Employment Benefits		27	6		57	22
Change in the Fair Value of Equity Instruments at FVOCI	[2]	0	(1)		0	(1)
Items That may be Reclassified to Profit or Loss:
Foreign Currency Translation Adjustment		322	(178)		172	(311)
Total Other Comprehensive Income (Loss), Net of Tax		349	(173)		229	(290)
Comprehensive Income (Loss)		$ 2,781	$ 51		$ 4,286	$ 154
[1]See Note 3 for revisions to prior period results.[2]Fair value through other comprehensive income (loss) (“FVOCI”).

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 3,693	$ 2,873
Accounts Receivable and Accrued Revenues	5,848	3,870
Income Tax Receivable	0	22
Inventories	5,255	3,919
Assets Held for Sale	525	1,304
Total Current Assets	15,321	11,988
Restricted Cash	213	186
Exploration and Evaluation Assets, Net	725	720
Property, Plant and Equipment, Net	32,851	34,225
Right-of-Use Assets, Net	1,916	2,010
Income Tax Receivable	66	66
Investments in Equity-Accounted Affiliates	330	311
Other Assets	323	431
Deferred Income Taxes	676	694
Goodwill	3,473	3,473
Total Assets	55,894	54,104
Current Liabilities
Accounts Payable and Accrued Liabilities	7,487	6,353
Short-Term Borrowings	0	79
Lease Liabilities	274	272
Contingent Payment	0	236
Income Tax Payable	985	179
Liabilities Related to Assets Held for Sale	119	186
Total Current Liabilities	8,865	7,305
Long-Term Debt	11,228	12,385
Lease Liabilities	2,592	2,685
Decommissioning Liabilities	2,788	3,906
Other Liabilities	790	929
Deferred Income Taxes	3,344	3,286
Total Liabilities	29,607	30,496
Shareholders’ Equity	26,275	23,596
Non-Controlling Interest	12	12
Total Liabilities and Equity	$ 55,894	$ 54,104

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - CAD ($) $ in Millions		Total		Common shares	Preference shares	Common Share Warrants	Common Shares	Common Shares Common shares	Preferred Shares	Preferred Shares Preference shares	Warrants	Warrants Common Share Warrants	Paid in Surplus	Retained Earnings	Retained Earnings Common shares	Retained Earnings Preference shares	AOCI	[1]	Non-Controlling Interest
Beginning balance at Dec. 31, 2020		$ 16,707					$ 11,040						$ 4,391	$ 501			$ 775		$ 0
Net Earnings (Loss)		444	[2]											444
Other Comprehensive Income (Loss), Net of Tax		(290)															(290)
Comprehensive Income (Loss)		154												444			(290)
Shares issued				$ 6,111	$ 519	$ 216		$ 6,111		$ 519		$ 216
Warrants Exercised		2					2
Stock-Based Compensation Expense		8											8
Dividends		(71)		(71)	(17)										$ (71)	$ (17)
Non-Controlling Interest																			11
Ending balance at Jun. 30, 2021		23,629					17,153		$ 519		$ 216		4,399	857			485		11
Beginning balance at Dec. 31, 2020		16,707					11,040						4,391	501			775		0
Ending balance at Dec. 31, 2021		23,596					17,016		519		215		4,284	878			684		12
Beginning balance at Jun. 30, 2021		23,629					17,153		519		216		4,399	857			485		11
Ending balance at Jun. 30, 2022		26,275					16,653		519		194		3,354	4,642			913		12
Beginning balance at Dec. 31, 2021		23,596					17,016		519		215		4,284	878			684		12
Net Earnings (Loss)		4,057												4,057
Other Comprehensive Income (Loss), Net of Tax		229															229
Comprehensive Income (Loss)		4,286												4,057			229
Common Shares Issued on Exercise of Stock Options		120					149						(29)
Repurchase Of Equity	[3]	(1,484)					(577)						(907)
Warrants Exercised		44					65				(21)
Stock-Based Compensation Expense		6											6
Dividends		(276)		$ (276)	$ (17)										$ (276)	$ (17)
Ending balance at Jun. 30, 2022		$ 26,275					$ 16,653		$ 519		$ 194		$ 3,354	$ 4,642			$ 913		$ 12
[1]Accumulated other comprehensive income (loss) (“AOCI”).[2]See Note 3 for revisions to prior period results.[3]Normal course issuer bid (“NCIB”).

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net Earnings (Loss)	$ 2,432	$ 224	[1]	$ 4,057	$ 444	[1]
Depreciation, Depletion and Amortization	1,132	1,036		2,162	2,081
Exploration Expense	0	1		0	11
Inventory Write-Down (Reversal)	0	0		0	16
Realization of Inventory Write-Downs	0	(16)		0	(31)
Deferred Income Tax Expense (Recovery)	(61)	63		57	90
Unrealized (Gain) Loss on Risk Management	(381)	401		(70)	253
Unrealized Foreign Exchange (Gain) Loss	260	(192)		121	(331)
Realized Foreign Exchange (Gain) Loss on Non-Operating Items	0	0		26	(2)
Re-measurement of Contingent Payment, Net of Cash Paid	(279)	249		(203)	436
(Gain) Loss on Divestiture of Assets	(62)	(60)		(304)	(72)
Unwinding of Discount on Decommissioning Liabilities	45	46		89	94
(Income) Loss From Equity-Accounted Affiliates	2	(13)	[1]	(2)	(27)	[1]
Distributions Received From Equity-Accounted Affiliates	24	61		41	89
Other	(14)	17		(293)	(93)
Settlement of Decommissioning Liabilities	(27)	(18)		(46)	(29)
Net Change in Non-Cash Working Capital	(92)	(430)		(1,291)	(1,332)
Cash From (Used in) Operating Activities	2,979	1,369		4,344	1,597
Investing Activities
Capital Expenditures	(823)	(534)		(1,569)	(1,081)
Proceeds From Divestitures	112	100		1,062	105
Payment on Divestiture of Assets	(50)	0		(50)	0
Cash Acquired Through Business Combination	0	0		0	735
Net Change in Investments and Other	(110)	(31)		(236)	(31)
Net Change in Non-Cash Working Capital	80	41		339	52
Cash From (Used in) Investing Activities	(791)	(424)		(454)	(220)
Net Cash Provided (Used) Before Financing Activities	2,188	945		3,890	1,377
Financing Activities
Net Issuance (Repayment) of Short-Term Borrowings	(63)	(196)		(79)	(89)
(Repayment) of Long-Term Debt	(750)	0		(1,260)	0
Net Issuance (Repayment) of Revolving Long-Term Debt	0	(400)		0	(350)
Principal Repayment of Leases	(75)	(77)		(150)	(152)
Common Shares Issued Under Stock Option Plans	76	0		120	0
Purchase of Common Shares Under NCIB	(1,018)	0		(1,484)	0
Proceeds From Exercise of Warrants	34	0		44	1
Other	0	0		(2)	0
Cash From (Used in) Financing Activities	(2,011)	(717)		(3,104)	(678)
Effect of Foreign Exchange on Cash and Cash Equivalents	117	(46)		34	(22)
Increase (Decrease) in Cash and Cash Equivalents	294	182		820	677
Cash and Cash Equivalents, Beginning of Period	3,399	873		2,873	378
Cash and Cash Equivalents, End of Period	3,693	1,055		3,693	1,055
Common shares
Financing Activities
Purchase of Common Shares Under NCIB				(1,500)
Dividends paid	(207)	(36)		(276)	(71)
Preference shares
Financing Activities
Dividends paid	$ (8)	$ (8)		$ (17)	$ (17)
[1]See Note 3 for revisions to prior period results.

Description of Business and Seg

Description of Business and Segmented Disclosures	6 Months Ended
	Jun. 30, 2022
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 are listed on the Toronto Stock Exchange (“TSX”) and New York Stock Exchange. 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 interim Consolidated Financial Statements is found in Note 2. 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) , as well as the Lloydminster thermal and Lloydminster 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 additional third-party commodity trading volumes through access to capacity on third-party pipelines, export terminals and storage facilities, which provides flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. • Offshore, includes offshore operations, exploration and development activities in China and the east coast of Canada, as well as the equity-accounted investment in the Husky-CNOOC Madura Ltd. (“HCML”) joint venture in Indonesia. 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 gasoline, diesel, 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 sale of Cenovus's 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 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 U.S. Manufacturing segments , the sale of condensate extracted from blended crude oil production at our Canadian Manufacturing operations and sold back to the Oil Sands segment, and diesel production in the Canadian Manufacturing segment sold to the Retail segment and unrealized profits in inventory. Eliminations are recorded based on current market prices. The following tabular financial information presents segmented information first by segment, then by product and geographic location. A) Results of Operations – Segment and Operational Information Upstream For the three months ended Oil Sands Conventional Offshore Total June 30, 2022 2021 (1) 2022 2021 2022 2021 2022 2021 (1) Revenues Gross Sales 10,048 5,075 1,079 626 558 427 11,685 6,128 Less: Royalties 1,491 469 89 39 2 25 1,582 533 8,557 4,606 990 587 556 402 10,103 5,595 Expenses Purchased Product 1,071 430 390 287 — — 1,461 717 Transportation and Blending 3,200 1,984 34 19 4 3 3,238 2,006 Operating 806 592 128 140 76 59 1,010 791 Realized (Gain) Loss on Risk 559 189 4 (1) — — 563 188 Operating Margin 2,921 1,411 434 142 476 340 3,831 1,893 Unrealized (Gain) Loss on Risk Management (323) 374 (1) 2 — — (324) 376 Depreciation, Depletion and 690 627 99 102 159 117 948 846 Exploration Expense (1) 2 1 1 10 1 10 4 (Income) Loss From Equity- 8 (5) — — (6) (12) 2 (17) Segment Income (Loss) 2,547 413 335 37 313 234 3,195 684 (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, and to more appropriately reflect the cost of blending (see Note 3). Downstream For the three months ended Canadian Manufacturing U.S. Manufacturing Retail Total June 30, 2022 2021 2022 2021 2022 2021 2022 2021 Revenues Gross Sales 1,521 1,088 8,474 4,729 849 501 10,844 6,318 Less: Royalties — — — — — — — — 1,521 1,088 8,474 4,729 849 501 10,844 6,318 Expenses Purchased Product 1,296 807 6,939 4,229 811 466 9,046 5,502 Transportation and Blending (2) — — — — — (2) — Operating 180 92 655 394 31 29 866 515 Realized (Gain) Loss on Risk — — 87 10 — — 87 10 Operating Margin 47 189 793 96 7 6 847 291 Unrealized (Gain) Loss on Risk Management — — (41) 23 — — (41) 23 Depreciation, Depletion and 64 43 83 103 8 13 155 159 Exploration Expense — — — — — — — — (Income) Loss From Equity- — — — — — — — — Segment Income (Loss) (17) 146 751 (30) (1) (7) 733 109 For the three months ended Corporate and Eliminations Consolidated June 30, 2022 2021 (1) 2022 2021 (1) Revenues Gross Sales (1,782) (1,276) 20,747 11,170 Less: Royalties — — 1,582 533 (1,782) (1,276) 19,165 10,637 Expenses Purchased Product (1,111) (964) 9,396 5,255 Transportation and Blending (188) (152) 3,048 1,854 Operating (395) (162) 1,481 1,144 Realized (Gain) Loss on Risk Management 14 1 664 199 Unrealized (Gain) Loss on Risk Management (16) 2 (381) 401 Depreciation, Depletion and Amortization 29 31 1,132 1,036 Exploration Expense — — 10 4 (Income) Loss From Equity-Accounted Affiliates — 4 2 (13) Segment Income (Loss) (115) (36) 3,813 757 General and Administrative 218 170 218 170 Finance Costs 195 232 195 232 Interest Income (8) (3) (8) (3) Integration Costs 28 34 28 34 Foreign Exchange (Gain) Loss, Net 192 (172) 192 (172) Re-measurement of Contingent Payment 15 249 15 249 Gain on Divestiture of Assets (62) (60) (62) (60) Other (Income) Loss, Net (38) (29) (38) (29) 540 421 540 421 Earnings (Loss) Before Income Tax 3,273 336 Income Tax Expense (Recovery) 841 112 Net Earnings (Loss) 2,432 224 (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, and to more appropriately reflect the cost of blending (see Note 3). ii) Results for the Six Months Ended June 30 Upstream For the six months ended Oil Sands Conventional Offshore Total June 30, 2022 2021 (1) 2022 2021 2022 2021 2022 2021 (1) Revenues Gross Sales 19,266 9,993 2,191 1,402 1,125 858 22,582 12,253 Less: Royalties 2,573 793 160 63 34 50 2,767 906 16,693 9,200 2,031 1,339 1,091 808 19,815 11,347 Expenses Purchased Product 2,283 1,119 996 668 — — 3,279 1,787 Transportation and Blending 6,356 3,934 68 37 8 7 6,432 3,978 Operating 1,508 1,177 262 282 149 117 1,919 1,576 Realized (Gain) Loss on Risk 1,426 418 8 — — — 1,434 418 Operating Margin 5,120 2,552 697 352 934 684 6,751 3,588 Unrealized (Gain) Loss on Risk Management (57) 233 (1) 1 — — (58) 234 Depreciation, Depletion and 1,325 1,239 179 210 309 242 1,813 1,691 Exploration Expense — 13 1 (3) 25 — 26 10 (Income) Loss From Equity- 8 (5) — — (10) (24) (2) (29) Segment Income (Loss) 3,844 1,072 518 144 610 466 4,972 1,682 (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, and to more appropriately reflect the cost of blending (see Note 3). Downstream For the six months ended Canadian Manufacturing U.S. Manufacturing Retail Total June 30, 2022 2021 2022 2021 2022 2021 2022 2021 Revenues Gross Sales 2,565 1,894 14,983 8,166 1,543 948 19,091 11,008 Less: Royalties — — — — — — — — 2,565 1,894 14,983 8,166 1,543 948 19,091 11,008 Expenses Purchased Product 2,100 1,438 12,421 7,149 1,471 883 15,992 9,470 Transportation and Blending — — — — — — — — Operating 304 185 1,149 799 58 48 1,511 1,032 Realized (Gain) Loss on Risk — — 197 31 — — 197 31 Operating Margin 161 271 1,216 187 14 17 1,391 475 Unrealized (Gain) Loss on Risk Management — — (14) 33 — — (14) 33 Depreciation, Depletion and 106 86 168 217 16 25 290 328 Exploration Expense — — — — — — — — (Income) Loss From Equity- — — — — — — — — Segment Income (Loss) 55 185 1,062 (63) (2) (8) 1,115 114 For the six months ended Corporate and Eliminations Consolidated June 30, 2022 2021 (1) 2022 2021 (1) Revenues Gross Sales (3,543) (2,425) 38,130 20,836 Less: Royalties — — 2,767 906 (3,543) (2,425) 35,363 19,930 Expenses Purchased Product (2,393) (1,799) 16,878 9,458 Transportation and Blending (409) (305) 6,023 3,673 Operating (662) (330) 2,768 2,278 Realized (Gain) Loss on Risk Management 7 92 1,638 541 Unrealized (Gain) Loss on Risk Management 2 (14) (70) 253 Depreciation, Depletion and Amortization 59 62 2,162 2,081 Exploration Expense — — 26 10 (Income) Loss From Equity-Accounted Affiliates — 2 (2) (27) Segment Income (Loss) (147) (133) 5,940 1,663 General and Administrative 417 333 417 333 Finance Costs 424 476 424 476 Interest Income (23) (7) (23) (7) Integration Costs 52 257 52 257 Foreign Exchange (Gain) Loss, Net 90 (289) 90 (289) Re-measurement of Contingent Payment 251 436 251 436 (Gain) Loss on Divestiture of Assets (304) (72) (304) (72) Other (Income) Loss, Net (408) (101) (408) (101) 499 1,033 499 1,033 Earnings (Loss) Before Income Tax 5,441 630 Income Tax Expense (Recovery) 1,384 186 Net Earnings (Loss) 4,057 444 (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, and to more appropriately reflect the cost of blending (see Note 3). B) Revenues by Product Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Upstream (1) Crude Oil 7,985 4,185 15,638 8,431 NGLs 1,172 549 2,234 1,167 Natural Gas 811 724 1,708 1,500 Other 135 137 235 249 Downstream Canadian Manufacturing Synthetic Crude Oil 759 451 1,129 797 Diesel and Distillate 124 91 254 176 Asphalt 150 116 234 181 Other Products and Services 488 430 948 740 U.S. Manufacturing Gasoline 4,033 2,535 7,261 4,303 Diesel and Distillate 2,991 1,547 5,151 2,778 Other Products 1,450 647 2,571 1,085 Retail 849 501 1,543 948 Corporate and Eliminations (1,782) (1,276) (3,543) (2,425) Consolidated 19,165 10,637 35,363 19,930 (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, and to more appropriately reflect the cost of blending (see Note 3). C) Geographical Information Revenues (1) Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Canada (2) 9,674 5,222 18,472 10,734 United States 9,159 5,124 16,185 8,601 China 332 291 706 595 Consolidated 19,165 10,637 35,363 19,930 (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, and to more appropriately reflect the cost of blending (see Note 3). Non-Current Assets (1) As at June 30, 2022 December 31, 2021 Canada (2) 32,426 33,981 United States 4,436 4,093 China 2,321 2,583 Indonesia 330 311 Consolidated 39,513 40,968 (1) Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. (2) Excludes assets held for sa le of $525 million in the Retail segment (December 31, 2021 – Retail segment - $552 million, Oil Sands segment - $593 million and Conventional segment - $159 million). D) Assets by Segment (1) E&E Assets PP&E ROU Assets As at June 30, December 31, June 30, December 31, June 30, December 31, Oil Sands 659 653 21,734 22,535 738 754 Conventional 5 6 1,797 2,174 2 2 Offshore 61 61 2,390 2,822 160 160 Canadian Manufacturing — — 2,274 2,353 291 339 U.S. Manufacturing — — 4,103 3,745 246 252 Retail — — 184 205 39 49 Corporate and Eliminations — — 369 391 440 454 Consolidated 725 720 32,851 34,225 1,916 2,010 Goodwill Total Assets As at June 30, December 31, June 30, December 31, Oil Sands (1) 3,473 3,473 30,917 31,070 Conventional (1) — — 3,110 3,026 Offshore — — 3,115 3,597 Canadian Manufacturing — — 2,786 2,918 U.S. Manufacturing — — 9,489 7,777 Retail (1) — — 992 966 Corporate and Eliminations — — 5,485 4,750 Consolidated 3,473 3,473 55,894 54,104 (1) Total assets includes assets held for sale of $525 million in the Retail segment (December 31, 2021 – Retail segment - $552 million, Oil Sands segment - $593 million and Conventional segment - $159 million). E) Capital Expenditures (1) Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Capital Investment Oil Sands 376 201 751 419 Conventional 33 28 121 94 Offshore Asia Pacific 2 1 2 3 Atlantic 89 34 142 58 Total Upstream 500 264 1,016 574 Canadian Manufacturing 36 10 50 14 U.S. Manufacturing 267 237 474 442 Retail 2 5 3 6 Total Downstream 305 252 527 462 Corporate and Eliminations 17 18 25 45 822 534 1,568 1,081 Acquisition Capital Oil Sands — — — 3 Conventional 1 — 1 4 1 — 1 7 Acquisitions (2) Oil Sands — — — 5,002 Conventional — — — 547 Offshore — — — 3,045 Canadian Manufacturing — — — 2,283 U.S. Manufacturing — — — 1,618 Retail — — — 690 Corporate and Eliminations — — — 156 — — — 13,341 Total Capital Expenditures 823 534 1,569 14,429 (1) Includes expenditures on PP&E and E&E assets. (2) Relates to the January 1, 2021, transaction which combined Cenovus and Husky Energy Inc. (“Husky”). For more details, see Note 5 of the annual Consolidated Financial Statements for the year ended December 31, 2021.

Basis of Preparation and Statem

Basis of Preparation and Statement of Compliance	6 Months Ended
	Jun. 30, 2022
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 interim 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 interim Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including International Accounting Standard 34, “Interim Financial Reporting” , and have been prepared following the same accounting policies and methods of computation as the annual Consolidated Financial Statements for the year ended December 31, 2021, except for income taxes. Income taxes on earnings or loss in the interim periods are accrued using the income tax rate that would be applicable to the expected total annual earnings or loss. Certain information and disclosures normally included in the notes to the annual Consolidated Financial Statements have been condensed or have been disclosed on an annual basis only. Accordingly, these interim Consolidated Financial Statements should be read in conjunction with the annual Consolidated Financial Statements for the year ended December 31, 2021, which have been prepared in accordance with IFRS as issued by the IASB. These interim Consolidated Financial Statements were approved by the Board of Directors effective July 27, 2022.

Update to Significant Accountin

Update to Significant Accounting Policies, Critical Accounting Judgements and Key Sources of Estimation Uncertainty	6 Months Ended
	Jun. 30, 2022
Update To Significant Accounting Policies [Abstract]
UPDATE TO SIGNIFICANT ACCOUNTING POLICIES, CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY	3. ACCOUNTING POLICIES, CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Accounting policies, a list of critical accounting judgments and key sources of estimation uncertainty can be found in the Company’s annual Consolidated Financial Statements for the year ended December 31, 2021. Adjustments to the Consolidated Statements of Earnings (Loss) Certain comparative information presented in the Consolidated Statements of Earnings (Loss) within the Oil Sands segment and Corporate and Eliminations segment was 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 and to ensure consistent treatment of product swaps. As a result, revenues and purchased product increased with no impact to net earnings (loss), segment income (loss), cash flows or financial position. Refer to the annual Consolidated Financial Statements for the year ended December 31, 2021, for further details. During the three months ended June 30, 2022, the Company has made adjustments to more appropriately reflect the cost of blending at our Lloydminster thermal and Lloydminster conventional heavy oil assets, which resulted in a reclassification of costs between purchased product and transportation and blending. An associated elimination entry was recorded in our Corporate and Eliminations segment to represent the change in the value of condensate that was extracted at our Canadian Manufacturing operations and sold back to the Oil Sands segment. As a result, purchased product decreased and transportation and blending increased, with no impact to net earnings (loss), segment income (loss), cash flows or financial position. 2022 Revisions Three Months Ended Oil Sands Segment Previously Reported Revisions Revised Purchased Product 1,483 (271) 1,212 Transportation and Blending 2,885 271 3,156 4,368 — 4,368 Three Months Ended Corporate and Eliminations Segment Previously Reported Revisions Revised Purchased Product (1,497) 215 (1,282) Transportation and Blending (6) (215) (221) (1,503) — (1,503) Three Months Ended Consolidated Previously Reported Revision Revised Purchased Product 7,538 (56) 7,482 Transportation and Blending 2,919 56 2,975 10,457 — 10,457 2021 Revisions Three Months Ended Six Months Ended Oil Sands Segment Previously Reported Revisions Revised Previously Reported Revisions Revised Gross Sales 5,015 60 5,075 9,790 203 9,993 Purchased Product (1) 574 (144) 430 1,292 (173) 1,119 Transportation and Blending 1,780 204 1,984 3,558 376 3,934 2,661 — 2,661 4,940 — 4,940 (1) Revisions include $60 million and $203 million for the three and six months ended June 30, 2021, respectively, related to adjustments for product swaps and third-party purchases used in blending and optimization activities. Revisions include $204 million and $376 million for the three and six months ended June 30, 2021, respectively, to more appropriately reflect the cost of blending at our Lloydminster thermal and Lloydminster conventional heavy oil assets. Three Months Ended Six Months Ended Corporate and Eliminations Segment Previously Reported Revisions Revised Previously Reported Revisions Revised Purchased Product (1,110) 146 (964) (2,083) 284 (1,799) Transportation and Blending (6) (146) (152) (21) (284) (305) (1,116) — (1,116) (2,104) — (2,104) Three Months Ended Six Months Ended Consolidated Previously Reported Revision Revised Previously Reported Revision Revised Gross Sales 11,110 60 11,170 20,633 203 20,836 Purchased Product 5,253 2 5,255 9,347 111 9,458 Transportation and Blending 1,796 58 1,854 3,581 92 3,673 4,061 — 4,061 7,705 — 7,705

General and Administrative

General and Administrative	6 Months Ended
	Jun. 30, 2022
General And Administrative Expenses [Abstract]
General and Administrative	4. GENERAL AND ADMINISTRATIVE Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Salaries and Benefits 70 79 142 149 Administrative and Other 61 50 90 108 Stock-Based Compensation Expense (Recovery) (Note 25) 87 34 194 69 Other Incentive Benefits Expense (Recovery) — 7 (9) 7 218 170 417 333

Finance Costs

Finance Costs	6 Months Ended
	Jun. 30, 2022
Finance Costs [Abstract]
Finance Costs	5. FINANCE COSTS Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Interest Expense – Short-Term Borrowings and Long-Term Debt 130 136 260 278 Net Premium (Discount) on Redemption of Long-Term Debt (Note 18) (32) — (25) — Interest Expense – Lease Liabilities (Note 19) 41 42 83 86 Unwinding of Discount on Decommissioning Liabilities (Note 21) 45 46 89 94 Other 12 8 18 18 196 232 425 476 Capitalized Interest (1) — (1) — 195 232 424 476

Integration Costs

Integration Costs	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Integration Costs	6. INTEGRATION COSTS On January 1, 2021, Cenovus and Husky closed a transaction to combine the two companies through a plan of arrangement (the “Arrangement”). For more details, see Note 5 of the annual Consolidated Financial Statements for the year ended December 31, 2021. Integration costs recognized in earnings include the following: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Transaction Costs (1) — — — 65 Integration Related Costs 25 24 48 37 Severance Payments 3 10 4 155 28 34 52 257

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	6 Months Ended
	Jun. 30, 2022
Foreign Exchange Gains Losses [Abstract]
Foreign Exchange (Gain) Loss, Net	7. FOREIGN EXCHANGE (GAIN) LOSS, NET Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Unrealized Foreign Exchange (Gain) Loss on Translation of: U.S. Dollar Debt Issued From Canada 273 (150) 120 (280) Other (13) (42) 1 (51) Unrealized Foreign Exchange (Gain) Loss 260 (192) 121 (331) Realized Foreign Exchange (Gain) Loss (68) 20 (31) 42 192 (172) 90 (289)

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2022
Acquisitions and Divestitures [Abstract]
Acquisitions and Divestitures	8. ACQUISITIONS AND DIVESTITURES On January 31, 2022, the Company closed the sale of its Tucker asset in its Oil Sands segment for net proceeds of $730 million and recorded a before-tax gain of $165 million (after-tax gain – $126 million). On February 28, 2022, the Company closed the sale of its Wembley assets in its Conventional segment for net proceeds of $221 million and recorded a before-tax gain of $76 million (after-tax gain – $58 million). In September 2021, the Company entered into an agreement with a partner in the White Rose project in the Atlantic region which would transfer 12.5 percent of Cenovus’s working interest in the White Rose field and the satellite extensions, subject to certain closing conditions. On May 31, 2022, the final closing conditions were satisfied, which included the approval of the West White Rose project restarting. Cenovus paid $50 million associated with transferring the Company’s working interest, resulting in a before-tax gain of $62 million (after-tax gain – $47 million). On June 8, 2022, the Company sold its investment in Headwater Exploration Inc. for proceeds of $110 million, with no gain or loss recognized on the sale. The investment was recorded at fair value prior to the sale. On June 13, 2022, Cenovus announced an agreement to purchase the remaining 50 percent interest in the Sunrise Oil Sands Partnership, a joint operation, in northern Alberta from BP Canada. Total consideration for the transaction includes $600 million in cash, a variable payment with a maximum cumulative value of $600 million expiring after two years, and Cenovus’s 35 percent working interest in the undeveloped Bay du Nord project offshore Newfoundland and Labrador. Subject to closing conditions, the transaction is anticipated to close in August 2022. The acquisition will be accounted for using the acquisition method pursuant to IFRS 3, “ Business Combinations ” (“IFRS 3”). Under the acquisition method, assets and liabilities are recorded at their fair values on the date of acquisition and the total consideration is allocated to the tangible and intangible assets acquired and liabilities assumed. The excess of consideration given over the fair value of the net assets acquired, if any, will be recorded as goodwill. As required by IFRS 3, when an acquirer achieves control, the previously held interest is remeasured to fair value at the acquisition date with any gain or loss recognized in net earnings. At the closing date of the acquisition, Cenovus expects to record a non-cash revaluation gain on the re-measurement to fair value of its existing interest in the Sunrise Oil Sands Partnership. In the three months ended June 30, 2021, the Company sold its gross overriding royalty interests 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).

Other (Income) Loss, Net

Other (Income) Loss, Net	6 Months Ended
	Jun. 30, 2022
Analysis of income and expense [abstract]
Other (Income) Loss, Net	9. OTHER (INCOME) LOSS, NET For the three and six months ended June 30, 2022, the Company recorded insurance proceeds related to the 2018 Superior Refinery incident of $nil and $268 million, respectively (three and six months ended June 30, 2021 – $nil and $45 million, respectively) and insurance proceeds related to the 2018 incident in the Atlantic region of $5 million and $57 million, respectively (three and six months ended June 30, 2021 – $nil).

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Income Taxes	10. INCOME TAXES The provision for income taxes is: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Current Tax Canada 570 2 937 14 United States 261 — 281 — Asia Pacific 71 47 109 81 Other International — — — 1 Total Current Tax Expense (Recovery) 902 49 1,327 96 Deferred Tax Expense (Recovery) (61) 63 57 90 841 112 1,384 186

Per Share Amounts

Per Share Amounts	6 Months Ended
	Jun. 30, 2022
Earnings per share [abstract]
Per Share Amounts	11. PER SHARE AMOUNTS A) Net Earnings (Loss) Per Common Share – Basic and Diluted Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Net Earnings (Loss) 2,432 224 4,057 444 Effect of Cumulative Dividends on Preferred Shares (8) (8) (17) (17) Net Earnings (Loss) – Basic and Diluted 2,424 216 4,040 427 Basic – Weighted Average Number of Shares 1,971.3 2,017.5 1,980.6 2,017.5 Dilutive Effect of Warrants 47.5 24.3 46.2 21.1 Dilutive Effect of Net Settlement Rights 10.6 0.3 11.9 — Diluted – Weighted Average Number of Shares 2,029.4 2,042.1 2,038.7 2,038.6 Net Earnings (Loss) Per Common Share – Basic ($) 1.23 0.11 2.04 0.21 Net Earnings (Loss) Per Common Share – Diluted (1) ($) 1.19 0.11 1.98 0.21 (1) Excluded from the calculation of the diluted net earnings (loss) per share for the three and six months ended June 30, 2022, were net earnings of $24 million and $41 million, respectively (three and six months ended June 30, 2021 – $6 million and $12 million, respectively), and common shares of 2.0 million and 1.8 million, respectively (three and six months ended June 30, 2021 – 1.9 million and 1.8 million, respectively), related to the assumed exercise of Cenovus replacement stock options as the impact was anti-dilutive. These instruments could potentially dilute earnings per share in the future. B) Common Share Dividends For the six months ended June 30, 2022, the Company paid dividends of $276 million or $0.1400 per common share (six months ended June 30, 2021 – $71 million or $0.0350 per common share). On July 27, 2022, the Company’s Board of Directors declared a third quarter base dividend of $0.1050 per common share, payable on September 29, 2022, to common shareholders of record as at September 15, 2022. The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. C) Preferred Share Dividends Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Series 1 First Preferred Shares 2 2 4 4 Series 2 First Preferred Shares — — — — Series 3 First Preferred Shares 3 3 6 6 Series 5 First Preferred Shares 2 2 4 4 Series 7 First Preferred Shares 1 1 3 3 Total Declared and Paid Preferred Share Dividends 8 8 17 17 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 on any preferred share is not paid in full on any dividend payment date, then a dividend restriction on the common shares shall apply. The preferred share dividends are cumulative. On July 27, 2022, the Company’s Board of Directors declared third quarter dividends for Cenovus’s preferred shares, payable on October 3, 2022, in the amount of $9 million, to preferred shareholders of record as at September 15, 2022.

Assets Held For Sale

Assets Held For Sale	6 Months Ended
	Jun. 30, 2022
Assets Held For Sale [Abstract]
Assets Held For Sale	12. ASSETS HELD FOR SALE On November 30, 2021, the Company entered into agreements to sell 337 gas stations in the Retail segment, loca ted across Western Canada and Ontario, for gross proceeds of $420 million. The sale is currently expected to close in the three months ended September 30, 2022. Operating margin associated with the retail assets held for sale for the six months ended June 30, 2022, was $6 million (six months ended June 30, 2021 – $7 million). In the six months ended June 30, 2022, the Company closed the sale of its Tucker and Wembley assets (see Note 8). Assets held for sale are carried at the lesser of the carrying amount and the fair value less cost to sell. As at June 30, 2022 PP&E ROU Assets Goodwill Lease Liabilities Decommissioning Liabilities Retail Gas Stations 470 55 — (54) (65) As at December 31, 2021 PP&E ROU Assets Goodwill Lease Liabilities Decommissioning Liabilities Retail Gas Stations 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	6 Months Ended
	Jun. 30, 2022
Disclosure Of Exploration And Evaluation Assets [Abstract]
Exploration and Evaluation Assets, Net	13. EXPLORATION AND EVALUATION ASSETS, NET As at December 31, 2021 720 Additions 13 Change in Decommissioning Liabilities (12) Exchange Rate Movements and Other 4 As at June 30, 2022 725

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Plant and Equipment, Net	14. PROPERTY, PLANT AND EQUIPMENT, NET Oil and Gas Properties Processing, Transportation and Storage Assets Manufacturing Assets Retail and Other Assets (1) Total COST As at December 31, 2021 38,443 228 10,495 1,735 50,901 Additions 1,004 2 522 28 1,556 Change in Decommissioning Liabilities (944) (3) (63) (20) (1,030) Exchange Rate Movements and Other 22 2 122 11 157 As at June 30, 2022 38,525 229 11,076 1,754 51,584 ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION As at December 31, 2021 10,912 53 4,572 1,139 16,676 Depreciation, Depletion and Amortization (2) 1,707 38 213 58 2,016 Exchange Rate Movements and Other (15) (5) 57 4 41 As at June 30, 2022 12,604 86 4,842 1,201 18,733 CARRYING VALUE As at December 31, 2021 27,531 175 5,923 596 34,225 As at June 30, 2022 25,921 143 6,234 553 32,851 (1) Other assets includes office furniture, fixtures, leasehold improvements, information technology and aircraft.

Right of Use Assets, Net

Right of Use Assets, Net	6 Months Ended
	Jun. 30, 2022
Disclosure of quantitative information about right-of-use assets [abstract]
Right of Use Assets, Net	15. RIGHT-OF-USE ASSETS, NET Real Estate Transportation and Storage Assets (1) Manufacturing Assets Retail and Other Total COST As at December 31, 2021 592 1,841 161 62 2,656 Additions — 3 — — 3 Modifications 9 30 2 1 42 Re-measurements — 4 2 (3) 3 Terminations — (6) — — (6) Exchange Rate Movements and Other (4) (9) 2 2 (9) As at June 30, 2022 597 1,863 167 62 2,689 ACCUMULATED DEPRECIATION As at December 31, 2021 92 520 33 1 646 Depreciation 17 111 11 7 146 Terminations — (6) — — (6) Exchange Rate Movements and Other (2) (10) — (1) (13) As at June 30, 2022 107 615 44 7 773 CARRYING VALUE As at December 31, 2021 500 1,321 128 61 2,010 As at June 30, 2022 490 1,248 123 55 1,916

Joint Arrangements

Joint Arrangements	6 Months Ended
	Jun. 30, 2022
Subclassifications of assets, liabilities and equities [abstract]
JOINT ARRANGEMENTS	16. JOINT ARRANGEMENTS A) Joint Operations BP-Husky Refining LLC Cenovus holds a 50 percent interest in the Toledo Refinery with BP, which holds the remaining interest and operates the 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, which holds the remaining interest. See Note 8 for further details on an announcement made during the three months ended June 30, 2022. WRB Refining LP Cenovus holds a 50 percent interest in the Wood River and Borger refineries with Phillips 66, which 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 Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Revenue 63 110 129 229 Expenses 63 128 127 255 Net Earnings (Loss) — (18) 2 (26) Balance Sheet As at June 30, December 31, Current Assets (1) 188 167 Non-Current Assets 1,477 1,433 Current Liabilities 117 62 Non-Current Liabilities 894 896 Net Assets 654 642 (1) Includes cash and cash equivalents of $47 million (December 31, 2021 – $46 million). For the six months ended June 30, 2022, the Company’s share of income from the equity-accounted affiliate was $10 million (six months ended June 30, 2021 – $24 million). As at June 30, 2022, the carrying amount of the Company’s share of net assets was $330 million (December 31, 2021 – $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 six months ended June 30, 2022, the Company received $19 million of distributions from HCML (six months ended June 30, 2021 – $52 million) and paid $25 million in contributions (six months ended June 30, 2021 – $nil). Husky Midstream Limited Partnership The Company jointly owns and operates HMLP, which owns midstream assets, including pipeline, storage and other ancillary infrastructure assets in Alberta and Saskatchewan. The Company holds a 35 percent interest in HMLP, with Power Assets Holdings Ltd. holding a 49 percent interest and CK Infrastructure Holdings Ltd. holding a 16 percent interest in HMLP. For the six months ended June 30, 2022, HMLP had net earnings of $80 million (six months ended June 30, 2021 – $50 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 six months ended June 30, 2022, the Company did not record its pre-tax loss relating to HMLP of $6 million (six months ended June 30, 2021 – loss of $12 million). The carrying value was $nil at June 30, 2022 (December 31, 2021 – $nil). As at June 30, 2022, the Company had $17 million in cumulative unrecognized losses and OCI, net of tax (June 30, 2021 – $7 million). 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 six months ended June 30, 2022, the Company received $22 million of distributions from HMLP (six months ended June 30, 2021 – $37 million) and paid $30 million in contributions (six months ended June 30, 2021 – $32 million) to HMLP. The net amount of the distributions received and contributions paid are recorded in earnings from equity-accounted affiliates.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2022
Other Noncurrent Assets [Abstract]
Other Assets	17. OTHER ASSETS As at June 30, December 31, Intangible Assets 73 78 Private Equity Investments (Note 27) 53 53 Other Equity Investments (1) — 77 Net Investment in Finance Leases 63 60 Long-Term Receivables and Prepaids 53 77 Precious Metals 79 85 Other 2 1 323 431

Debt and Capital Structure

Debt and Capital Structure	6 Months Ended
	Jun. 30, 2022
Borrowings [abstract]
Debt and Capital Structure	18. DEBT AND CAPITAL STRUCTURE A) Short-Term Borrowings As at Notes June 30, December 31, Uncommitted Demand Facilities i — — WRB Uncommitted Demand Facilities ii — 79 Sunrise Uncommitted Demand Credit Facility iii — — Total Debt Principal — 79 i) Uncommitted Demand Facilities As at June 30, 2022, and December 31, 2021, the Company had uncommitted demand facilities of $1.9 billion in place, of which $1.4 billion may be drawn for general purposes, or the full amount may be available to issue letters of credit. As at June 30, 2022, there were outstanding letters of credit aggregating to $514 million (December 31, 2021 – $565 million) and no direct borrowings. ii) WRB Uncommitted Demand Facilities As at June 30, 2022, WRB had uncommitted demand facilities of US$450 million (the Company’s proportionate share –US$225 million), which may be used to cover short-term working capital requirements. As at December 31, 2021, WRB had uncommitted demand facilities of US$300 million (the Company’s proportionate share – US$150 million). As at June 30, 2022, there were no direct borrowings. iii) Sunrise Uncommitted Demand Credit Facility As at June 30, 2022, and December 31, 2021, Sunrise had an uncommitted demand credit facility of $10 million (the Company’s proportionate share – $5 million), which is available for general purposes. As at June 30, 2022, there were no direct borrowings. B) Long-Term Debt As at Notes June 30, December 31, Committed Credit Facility (1) i — — U.S. Dollar Denominated Unsecured Notes ii 9,021 9,363 Canadian Dollar Unsecured Notes ii 2,000 2,750 Total Debt Principal 11,021 12,113 Debt Premiums (Discounts), Net, and Transaction Costs 207 272 Long-Term Debt 11,228 12,385 (1) Committed credit facility may include Bankers ’ Acceptances, London Interbank Offered Rate based loans, prime rate loans and U.S. base rate loans. i) Committed Credit Facility As at June 30, 2022, Cenovus had in place a committed credit facility that consists of a $2.0 billion tranche and a $4.0 billion tranche with a maturity date of August 18, 2024, and August 18, 2025, respectively. As at June 30, 2022, no amount was drawn on the credit facility (December 31, 2021 – $nil). ii) U.S. Dollar Denominated Unsecured Notes and Canadian Dollar Unsecured Notes On February 9, 2022, Cenovus redeemed the entire outstanding principal amount of its 3.80 percent notes due September 15, 2023, and 4.00 percent notes due April 15, 2024, for US$402 million. A net premium on redemption of $7 million was recorded in finance costs. In the three months ended June 30, 2022, Cenovus redeemed the entire outstanding principal amount of its 3.55 percent notes due March 12, 2025, for $750 million. A net discount on redemption of $32 million was recorded in finance costs. The principal amounts of the Company’s outstanding unsecured notes are: June 30, 2022 December 31, 2021 US$ Principal C$ Principal and Equivalent US$ Principal C$ Principal U.S. Dollar Unsecured Notes 3.80% due September 15, 2023 — — 115 146 4.00% due April 15, 2024 — — 269 341 5.38% due July 15, 2025 666 858 666 844 4.25% due April 15, 2027 962 1,239 962 1,220 4.40% due April 15, 2029 750 967 750 951 2.65% due January 15, 2032 500 644 500 634 5.25% due June 15, 2037 583 751 583 739 6.80% due September 15, 2037 387 498 387 490 6.75% due November 15, 2039 1,390 1,792 1,390 1,763 4.45% due September 15, 2042 155 200 155 197 5.20% due September 15, 2043 58 74 58 73 5.40% due June 15, 2047 800 1,031 800 1,014 3.75% due February 15, 2052 750 967 750 951 7,001 9,021 7,385 9,363 Canadian Dollar Unsecured Notes 3.55% due March 12, 2025 — — — 750 3.60% due March 10, 2027 — 750 — 750 3.50% due February 7, 2028 — 1,250 — 1,250 — 2,000 — 2,750 Total Unsecured Notes 7,001 11,021 7,385 12,113 As at June 30, 2022, the Company was 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) 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 Total Debt, Net Debt to adjusted earnings before interest, taxes and depreciation, depletion and amortization (“Adjusted EBITDA”), Net Debt to Adjusted Funds Flow and Net Debt to Capitalization. These measures are used to steward Cenovus’s overall debt position as measures of Cenovus’s overall financial strength. Net Debt to Adjusted Funds Flow was a new metric as at March 31, 2022. Cenovus targets a Net Debt to Adjusted EBITDA ratio and a Net Debt to Adjusted Funds Flow ra tio of approximately 1.0 times and Net Debt at or below $4 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. Net Debt to Adjusted EBITDA As at June 30, December 31, Short-Term Borrowings — 79 Current Portion of Long-Term Debt — — Long-Term Portion of Long-Term Debt 11,228 12,385 Total Debt 11,228 12,464 Less: Cash and Cash Equivalents (3,693) (2,873) Net Debt 7,535 9,591 Net Earnings (Loss) 4,200 587 Add (Deduct): Finance Costs 1,030 1,082 Interest Income (39) (23) Income Tax Expense (Recovery) 1,926 728 Depreciation, Depletion and Amortization 5,967 5,886 E&E Write-down (2) 18 Share of (Income) Loss From Equity-Accounted Affiliates (32) (57) Unrealized (Gain) Loss on Risk Management (321) 2 Foreign Exchange (Gain) Loss, Net 205 (174) Re-measurement of Contingent Payment 390 575 (Gain) Loss on Divestitures of Assets (461) (229) Other (Income) Loss, Net (616) (309) Adjusted EBITDA (1) 12,247 8,086 Net Debt to Adjusted EBITDA 0.6x 1.2x (1) Calculated on a trailing twelve-month basis. Net Debt to Adjusted Funds Flow As at June 30, December 31, Net Debt 7,535 9,591 Cash From (Used in) Operating Activities 8,666 5,919 (Add) Deduct: Settlement of Decommissioning Liabilities (119) (102) Net Change in Non-Cash Working Capital (1,186) (1,227) Adjusted Funds Flow (1) 9,971 7,248 Net Debt to Adjusted Funds Flow 0.8x 1.3x (1) Calculated on a trailing twelve-month basis. Net Debt to Capitalization As at June 30, December 31, Net Debt 7,535 9,591 Shareholders ’ Equity 26,275 23,596 Capitalization 33,810 33,187 Net Debt to Capitalization 22 % 29 %

Lease Liabilities

Lease Liabilities	6 Months Ended
	Jun. 30, 2022
Lease liabilities [abstract]
Lease Liabilities	19. LEASE LIABILITIES Total As at December 31, 2021 2,957 Additions 3 Interest Expense (Note 5) 83 Lease Payments (233) Modifications 42 Re-measurements 3 Terminations (1) Exchange Rate Movements and Other 12 As at June 30, 2022 2,866 Less: Current Portion 274 Long-Term Portion 2,592 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.

Contingent Payment

Contingent Payment	6 Months Ended
	Jun. 30, 2022
Disclosure of contingent liabilities in business combination [abstract]
Contingent Payment	20. CONTINGENT PAYMENT Total As at December 31, 2021 236 Re-measurement (1) 251 Liabilities Settled or Payable (487) As at June 30, 2022 — (1) Contingent payment was carried at fair value. Changes in fair value were recorded in net earnings (loss). On May 17, 2022, the contingent payment obligations associated with the acquisition of a 50 percent interest in the FCCL Partnership (“FCCL”) from ConocoPhillips Company and certain of its subsidiaries ended. As at June 30, 2022, $177 million was payable and represents the final amount owing under this agreement (December 31, 2021 – $160 million). The final payment will be made in July 2022.

Decommissioning Liabilities

Decommissioning Liabilities	6 Months Ended
	Jun. 30, 2022
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Decommissioning Liabilities	21. 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: Total As at December 31, 2021 3,906 Liabilities Incurred 6 Liabilities Settled (75) Liabilities Disposed (84) Change in Estimated Future Cash Flows 2 Change in Discount Rate (1,050) Unwinding of Discount on Decommissioning Liabilities (Note 5) 89 Foreign Currency Translation (6) As at June 30, 2022 2,788 As at June 30, 2022, the undiscounted amount of estimated future cash flows required to settle the obligation has been discounted using a credit-adjusted risk-free rate of 6.2 percent (December 31, 2021 – 4.4 percent) and an inflation rate of two percent (December 31, 2021 – two percent). 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 June 30, 2022, the Company had $213 million in restricted cash (December 31, 2021 – $186 million).

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2022
Miscellaneous non-current liabilities [abstract]
Other Liabilities	22. OTHER LIABILITIES As at June 30, December 31, Pension and Other Post-Employment Benefit Plan 219 288 Provision for West White Rose Expansion Project (1) 212 259 Provisions for Onerous and Unfavourable Contracts 75 99 Employee Long-Term Incentives 116 74 Drilling Provisions 26 56 Deferred Revenue 43 41 Other 99 112 790 929 (1) On May 31, 2022, the Company divested of 12.5 percent of its working interest in the White Rose field and satellite extensions reducing the provision by $47 million (see Note 8). Cenovus expects to draw down the provision by $46 million in the next twelve months.

Share Capital and Warrants

Share Capital and Warrants	6 Months Ended
	Jun. 30, 2022
Disclosure of classes of share capital [abstract]
Share Capital and Warrants	23. SHARE CAPITAL AND WARRANTS A) Authorized B) Issued and Outstanding – Common Shares June 30, 2022 December 31, 2021 Number of Common Shares (thousands) Amount Number of Common Shares (thousands) Amount Outstanding, Beginning of Year 2,001,211 17,016 1,228,870 11,040 Issued Under the Arrangement, Net of Issuance Costs — — 788,518 6,111 Issued Upon Exercise of Warrants 6,571 65 314 3 Issued Under Stock Option Plans 9,606 149 535 7 Purchase of Common Shares Under NCIB (67,779) (577) (17,026) (145) Outstanding, End of Period 1,949,609 16,653 2,001,211 17,016 As at June 30, 2022, there were 41 million (December 31, 2021 – 30 million) common shares available for future issuance under the stock option plan. C) Normal Course Issuer Bid In the six months ended June 30, 2022, the Company purchased 68 million common shares through the NCIB. The shares were purchased at a volume weighted average price of $21.89 per common share for a total of $1.5 billion. Paid in surplus was reduced by $907 million, representing the excess of the purchase price of the common shares over their average carrying value. The shares were subsequently cancelled. From July 1, 2022, through to July 27, 2022, the Company purchased an additional 19 million shares for $425 million. In the six months ended June 30, 2022, there were no additional preferred shares issued. As at June 30, 2022, there were 36 million preferred shares outstanding (December 31, 2021 – 36 million), with a carrying value of $519 million (December 31, 2021 – $519 million). As at June 30, 2022 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 (1) March 31, 2026 3.21 % 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 (1) The floating-rate dividend was 1.86 percent for the period from December 31, 2021, to March 30, 2022, and 2.35 percent for the period from March 31, 2022, to June 29, 2022. June 30, 2022 December 31, 2021 As at June 30, 2022 Number of Warrants (thousands) Amount Number of Warrants (thousands) Amount Outstanding, Beginning of Year 65,119 215 — — Issued Under the Arrangement — — 65,433 216 Exercised (6,571) (21) (314) (1) Outstanding, End of Period 58,548 194 65,119 215

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Accumulated Other Comprehensive Income Loss [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	24. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Pension and Other Post-Employment Benefits Private Equity Instruments Foreign Currency Translation Adjustment Total As at December 31, 2020 (10) 27 758 775 Other Comprehensive Income (Loss), Before Tax 28 (1) (311) (284) Income Tax (Expense) Recovery (6) — — (6) As at June 30, 2021 12 26 447 485 As at December 31, 2021 28 27 629 684 Other Comprehensive Income (Loss), Before Tax 77 — 172 249 Income Tax (Expense) Recovery (20) — — (20) As at June 30, 2022 85 27 801 913

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Jun. 30, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]
STOCK-BASED COMPENSATION PLANS	25. STOCK-BASED COMPENSATION PLANS Cenovus has a number of stock-based compensation plans which include net settlement rights (“NSRs”), Cenovus replacement stock options, performance share units, restricted share units and deferred share units. The following tables summarize information related to the Company’s stock-based compensation plans: Units Outstanding Units Exercisable As at June 30, 2022 (thousands) (thousands) Stock Options With Associated Net Settlement Rights 16,006 7,986 Cenovus Replacement Stock Options 4,950 3,484 Performance Share Units 8,718 — Restricted Share Units 6,764 — Deferred Share Units 1,605 1,605 The weighted average exercise price of NSRs and Cenovus replacement stock options outstanding as at June 30, 2022, were $12.35 and $12.39, respectively. Units Granted Units Vested and Exercised/ Paid Out For the six months ended June 30, 2022 (thousands) (thousands) Stock Options With Associated Net Settlement Rights 1,991 9,994 Cenovus Replacement Stock Options — 4,699 Performance Share Units 3,202 1,413 Restricted Share Units 3,130 2,214 Deferred Share Units 454 115 In the six months ended June 30, 2022, 9,182 thousand NSRs (see Note 23), with a weighted average exercise price of $13.05, were exercised and net settled for cash. In the six months ended June 30, 2022, 812 thousand NSRs with a weighted average exercise price of $10.43, were exercised and net settled for 351 thousand common shares (see Note 23). In the six months ended June 30, 2022, 93 thousand Cenovus replacement stock options were exercised with a weighted average exercise price of $16.18 and settled for 73 thousand common shares (see Note 23) and 4,605 thousand Cenovus replacement stock options, with a weighted average exercise price of $15.49, were exercised and net settled for cash. The following table summarizes the stock-based compensation expense (recovery) recorded for all plans: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Stock Options With Associated Net Settlement Rights 5 3 9 8 Cenovus Replacement Stock Options 22 7 41 14 Performance Share Units 28 9 65 21 Restricted Share Units 24 11 61 17 Deferred Share Units 8 4 18 9 Stock-Based Compensation Expense (Recovery) 87 34 194 69 Stock-Based Compensation Costs Capitalized — 2 — 3 Total Stock-Based Compensation 87 36 194 72

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Disclosure of related party [Abstract]
RELATED PARTY TRANSACTIONS	26. RELATED PARTY TRANSACTIONS Transactions with HMLP are related party transactions as the Company has a 35 percent ownership interest (see Note 16). 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 on a cost recovery basis with certain restrictions. For the three and six months ended June 30, 2022, the Company charged HMLP $29 million and $77 million, respectively, for construction costs and management services (three and six months ended June 30, 2021 – $32 million and $64 million, respectively).

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about financial instruments [abstract]
FINANCIAL INSTRUMENTS	27. FINANCIAL INSTRUMENTS Cenovus’s financial assets and financial liabilities consist of cash and cash equivalents, accounts receivable and accrued revenues, restricted cash, net investment in finance leases, accounts payable and accrued liabilities, risk management assets and liabilities, investments in the equity of companies, long-term receivables, lease liabilities, contingent payment, short-term borrowings, long-term debt and other liabilities. Risk management assets and liabilities arise from the use of derivative 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, net investment in finance leases and long-term receivables 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 June 30, 2022, the carrying value of Cenovus’s long-term debt was $11.2 billion and the fair value was $10.7 billion (December 31, 2021, carrying value – $12.4 billion, fair value – $13.7 billion). Equity investments classified as fair value through profit or loss (“FVTPL”) comprise equity investments in public companies. These assets are carried at fair value on the Consolidated Balance Sheets in other assets. Fair value is determined based on quoted prices in active markets (Level 1). The Company classifies certain private equity investments as 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 investments classified as FVOCI: Total As at December 31, 2021 53 Changes in Fair Value (1) — As at June 30, 2022 53 (1) Changes in fair value are recorded in OCI. B) Fair Value of Risk Management Assets and Liabilities The Company’s risk manag ement assets and liabilities consist of crude oil, natural gas, refined product swaps and futures, and renewable power contracts, a nd if entered into, forwards, options, as we ll as condensate futures and swaps, f oreign exchange and interest rate swaps. Crude oil, natural gas, condensate, 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 rate contracts, and 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), respectively. 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). The fair value of renewable power contracts are calculated using internal valuation models that incorporate broker pricing for relevant markets, some observable market prices and extrapolated market prices with inflation assumptions (Level 3). The f air value of renewable power contracts are calculated by Cenovus’s internal valuation team that consists of individuals who are knowledgeable and have experience in fair value techniques. Risk management assets and liabilities are carried at fair value on the Consolidated Balance Sheets in accounts receivable and accrued revenues, and accounts payable and accrued liabilities (for short-term positions) an d other liabilities (for long-term positions). Changes in fair value are recorded in the Consolidated Statement of Earnings within (gain) loss on risk management. On April 4, 2022, Cenovus announced the suspension of its crude oil sales price risk management activities related to WTI. Given the strength of Cenovus’s balance sheet and liquidity position, the Company determined these programs are no longer required to support financial resilience. All WTI positions related to crude oil sales price risk management were closed by June 30, 2022. A realized net loss related to these contracts of $467 million was recorded during the three months ended June 30, 2022. Summary of Unrealized Risk Management Positions June 30, 2022 December 31, 2021 Risk Management Risk Management As at Asset Liability Net Asset Liability Net Crude Oil, Natural Gas, Condensate and Refined Products 30 29 1 46 116 (70) Renewable Power Contracts 3 4 (1) — — — Foreign Exchange Rate Contracts 1 — 1 2 — 2 34 33 1 48 116 (68) Level 2 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. Level 3 prices are sourced from partially observable data used in internal valuations. The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value: As at June 30, December 31, Level 2 – Prices Sourced From Observable Data or Market Corroboration 2 (68) Level 3 – Prices Sourced From Partially Observable Data (1) (1) — 1 (68) (1) Includes renewable power contracts with a fair value of $1 million (loss) as at June 30, 2022 (December 31, 2021 – $nil). . The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities from January 1 to June 30: 2022 Fair Value of Contracts, Beginning of Year (68) Change in Fair Value of Contracts in Place at Beginning of Year (11) Change in Fair Value of Contracts Entered Into During the Period (1,557) Fair Value of Contracts Realized During the Period 1,638 Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts (1) Fair Value of Contracts, End of Period 1 C) Fair Value of Contingent Payment D) Earnings Impact of (Gains) Losses From Risk Management Positions Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Realized (Gain) Loss 664 199 1,638 541 Unrealized (Gain) Loss (1) (381) 401 (70) 253 (Gain) Loss on Risk Management 283 600 1,568 794 (1) All WTI positions related to crude oil sales price risk management were closed by June 30, 2022.In the three months ended June 30, 2022, Cenovus recorded a realized net loss related to these positions of $467 million.

Risk Management

Risk Management	6 Months Ended
	Jun. 30, 2022
Risk Management [Abstract]
Risk Management	28. RISK MANAGEMENT Cenovus is exposed to financial risks, including market risk related to commodity prices, foreign exchange rates, interest rates, commo dity power price as w ell 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, natural gas, condensate, refined products and power consumption. On April 4, 2022, Cenovus announced the suspension of its crude oil sales price risk management activities related to WTI. As at June 30, 2022, those risk management positions were closed. The Company entered into risk management positions to 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 future cash flows. 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. To manage electricity costs associated with the production and transportation of crude oil, the Company may enter into power swaps a nd other energy instruments, including renewable power contracts. To manage exposure to carbon costs, the Company may enter into carbon credit instruments, which may be embedded in renewable power contracts or may be entered into separately. As at June 30, 2022, the fair value of risk management positions was a net asset of $1 million a nd consisted of crude oil, natural gas, conde nsate, re newable power and foreign exchange rate instruments. As at June 30, 2022, there were foreign exchange contracts with a notional value of US$422 million outstanding and no interest rate contracts or cross currency interest rate swap contracts outstanding. Net Fair Value of Risk Management Positions As at June 30, 2022 Notional Volumes (1) (2) Terms (3) Weighted Average Price (1) (2) Fair Value Asset (Liability) Condensate Related Futures Contracts (4) WTI Fixed – Sell 4.0 MMbbls July 2022 - May 2023 US$104.17/bbl 11 WTI Fixed – Buy 1.6 MMbbls July 2022 - February 2023 US$104.75/bbl (1) Other Financial Positions (5) (10) Foreign Exchange Rate Contracts 1 Total Fair Value 1 (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) Condensate related f utures contract positions consist of WTI contracts to help manage condensate price exposure. (5) Other financial positions consists of risk management positions related to WCS, heavy oil and condensate differential contracts, Belvieu fixed price contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts, renewable power contracts and the Company’s U.S. manufacturing and marketing activities. A) Commodity Price, Interest Rate and Foreign Currency 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 June 30, 2022 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges — — WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production (9) 9 Refined Products Commodity Price ± US$5.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Power Commodity Price ± C$20.00/MWH Applied to Renewable Power Contracts 33 (33) U.S. to Canadian Dollar Exchange Rate ± 0.05 in the U.S. to Canadian Dollar Exchange Rate 33 (37) Credit risk arises from the potential that the Company may incur a financial loss if a counterparty to a financial instrument fails to meet its financial or performance obligations in accordance with agreed terms. Cenovus has in place a Credit Policy approved by the Audit Committee and the Board of Directors, which is designed to ensure that its credit exposures are within an acceptable risk level. The Credit Policy outlines the roles and responsibilities related to credit risk, sets a framework for how credit exposures will be measured, monitored and mitigated, and sets parameters around credit concentration limits. 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 its 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 June 30, 2022, approximately 96 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 100 percent of the Company’s accounts receivable were outstanding for less than 60 days. The associated average expected credit loss on these accounts was 0.1 percent as at June 30, 2022 (December 31, 2021 – 0.1 percent). C) 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 18, over the long term, Cenovus targets a Net Debt to Adjusted EBITDA ratio and Net Debt to Adjusted Funds Flow ratio of approximately 1.0 times to manage the Company’s overall debt position. Undiscounted cash outflows relating to financial liabilities are: As at June 30, 2022 Less than 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities 7,487 — — — 7,487 Long-Term Debt (1) 528 1,056 3,834 12,872 18,290 Lease Liabilities (1) 443 769 617 3,051 4,880 As at December 31, 2021 Less than 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) 561 1,608 2,603 14,892 19,664 Contingent Payment 238 — — — 238 Lease Liabilities (1) 453 794 634 3,192 5,073 (1) Principal and interest, including current portion if applicable.

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	6 Months Ended
	Jun. 30, 2022
Disclosure Of Supplementary Cash Flow Information [Abstract]
Supplementary Cash Flow Information	29. SUPPLEMENTARY CASH FLOW INFORMATION A) Working Capital June 30, December 31, Total Current Assets 15,321 11,988 Total Current Liabilities 8,865 7,305 Working Capital 6,456 4,683 As at June 30, 2022, adjusted working capital was $6.1 billion (December 31, 2021 – $3.8 billion), excluding assets held for sale of $525 million (December 31, 2021 – $1.3 billion), the contingent payment of $nil (December 31, 2021 – $236 million) and liabilities related to assets held for sale of $119 million (December 31, 2021 – $186 million). Changes in non-cash working capital is as follows: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Accounts Receivable and Accrued Revenues 282 (221) (1,627) (874) Income Tax Receivable 8 4 23 13 Inventories (505) (406) (1,310) (1,014) Accounts Payable and Accrued Liabilities (388) 237 1,159 640 Income Tax Payable 591 (3) 803 (45) Total Non-Cash Working Capital (12) (389) (952) (1,280) Net Change in Non-Cash Working Capital - Operating Activities (92) (430) (1,291) (1,332) Net Change in Non-Cash Working Capital - Investing Activities 80 41 339 52 Total Non-Cash Working Capital (12) (389) (952) (1,280) 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, 2020 — 121 7,441 1,757 Acquisition — 40 6,602 1,441 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — (89) — — Net Issuance (Repayment) of Revolving Long-Term Debt — — (350) — Principal Repayment of Leases — — — (152) Common Share Dividends Paid (71) — — — Preferred Share Dividend Paid (17) — — — Non-Cash Changes: Exchange Rate Movements and Other — (7) (280) (20) Finance Costs — — (33) — Lease Additions — — — 58 Lease Modifications — — — 6 Lease Re-measurements — — — (3) Common Share Dividends Declared 71 — — — Preferred Share Dividends Declared 17 — — — As at June 30, 2021 — 65 13,380 3,087 As at December 31, 2021 — 79 12,385 2,957 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — (79) — — (Repayment) of Long-Term Debt — — (1,260) — Principal Repayment of Leases — — — (150) Common Share Dividends Paid (276) — — — Preferred Share Dividends Paid (17) — — — Non-Cash Changes: Exchange Rate Movements and Other — — 146 12 Net Premium (Discount) on Redemption of Long-Term — — (25) — Finance Costs — — (18) — Lease Additions — — — 3 Lease Modifications — — — 42 Lease Re-measurements — — — 3 Lease Terminations — — — (1) Common Share Dividends Declared 276 — — — Preferred Share Dividends Declared 17 — — — As at June 30, 2022 — — 11,228 2,866

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies [Abstract]
Commitments and Contingencies	30. 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 June 30, 2022 Remainder of Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) 1,928 3,598 3,663 2,543 2,439 19,006 33,177 Real Estate (2) 23 45 51 54 56 632 861 Obligation to Fund Equity-Accounted Affiliate (3) 38 87 100 92 92 213 622 Other Long-Term Commitments 366 181 159 145 161 1,269 2,281 Total Payments (4) 2,355 3,911 3,973 2,834 2,748 21,120 36,941 (1) Includes transportation commitments of $9.1 billion (December 31, 2021 – $8.1 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 for HCML. (4) Commitments are reflected at Cenovus ’ s proportionate share of the underlying contract. As at June 30, 2022, the Company had commitments with HMLP that include $2.3 billion related to long-term transportation and storage commitments (December 31, 2021 – $2.6 billion). There were also outstanding letters of credit aggregating to $514 million (December 31, 2021 – $565 million) issued as security for financial and performance conditions under certain contracts. 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 $2.8 billion (December 31, 2021 – $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.

Update to Significant Account_2

Update to Significant Accounting Policies, Critical Accounting Judgements and Key Sources of Estimation Uncertainty (Policies)	6 Months Ended
	Jun. 30, 2022
Update To Significant Accounting Policies [Abstract]
Adjustments to the Consolidated Statements of Earnings (Loss)	Adjustments to the Consolidated Statements of Earnings (Loss) Certain comparative information presented in the Consolidated Statements of Earnings (Loss) within the Oil Sands segment and Corporate and Eliminations segment was 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 and to ensure consistent treatment of product swaps. As a result, revenues and purchased product increased with no impact to net earnings (loss), segment income (loss), cash flows or financial position. Refer to the annual Consolidated Financial Statements for the year ended December 31, 2021, for further details.

Description of Business and S_2

Description of Business and Segmented Disclosures (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Reportable Segments [Abstract]
Schedule of Segment and Operational Information	A) Results of Operations – Segment and Operational Information) Results for the Three Months Ended June 30 Upstream For the three months ended Oil Sands Conventional Offshore Total June 30, 2022 2021 (1) 2022 2021 2022 2021 2022 2021 (1) Revenues Gross Sales 10,048 5,075 1,079 626 558 427 11,685 6,128 Less: Royalties 1,491 469 89 39 2 25 1,582 533 8,557 4,606 990 587 556 402 10,103 5,595 Expenses Purchased Product 1,071 430 390 287 — — 1,461 717 Transportation and Blending 3,200 1,984 34 19 4 3 3,238 2,006 Operating 806 592 128 140 76 59 1,010 791 Realized (Gain) Loss on Risk 559 189 4 (1) — — 563 188 Operating Margin 2,921 1,411 434 142 476 340 3,831 1,893 Unrealized (Gain) Loss on Risk Management (323) 374 (1) 2 — — (324) 376 Depreciation, Depletion and 690 627 99 102 159 117 948 846 Exploration Expense (1) 2 1 1 10 1 10 4 (Income) Loss From Equity- 8 (5) — — (6) (12) 2 (17) Segment Income (Loss) 2,547 413 335 37 313 234 3,195 684 (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, and to more appropriately reflect the cost of blending (see Note 3). Downstream For the three months ended Canadian Manufacturing U.S. Manufacturing Retail Total June 30, 2022 2021 2022 2021 2022 2021 2022 2021 Revenues Gross Sales 1,521 1,088 8,474 4,729 849 501 10,844 6,318 Less: Royalties — — — — — — — — 1,521 1,088 8,474 4,729 849 501 10,844 6,318 Expenses Purchased Product 1,296 807 6,939 4,229 811 466 9,046 5,502 Transportation and Blending (2) — — — — — (2) — Operating 180 92 655 394 31 29 866 515 Realized (Gain) Loss on Risk — — 87 10 — — 87 10 Operating Margin 47 189 793 96 7 6 847 291 Unrealized (Gain) Loss on Risk Management — — (41) 23 — — (41) 23 Depreciation, Depletion and 64 43 83 103 8 13 155 159 Exploration Expense — — — — — — — — (Income) Loss From Equity- — — — — — — — — Segment Income (Loss) (17) 146 751 (30) (1) (7) 733 109 For the three months ended Corporate and Eliminations Consolidated June 30, 2022 2021 (1) 2022 2021 (1) Revenues Gross Sales (1,782) (1,276) 20,747 11,170 Less: Royalties — — 1,582 533 (1,782) (1,276) 19,165 10,637 Expenses Purchased Product (1,111) (964) 9,396 5,255 Transportation and Blending (188) (152) 3,048 1,854 Operating (395) (162) 1,481 1,144 Realized (Gain) Loss on Risk Management 14 1 664 199 Unrealized (Gain) Loss on Risk Management (16) 2 (381) 401 Depreciation, Depletion and Amortization 29 31 1,132 1,036 Exploration Expense — — 10 4 (Income) Loss From Equity-Accounted Affiliates — 4 2 (13) Segment Income (Loss) (115) (36) 3,813 757 General and Administrative 218 170 218 170 Finance Costs 195 232 195 232 Interest Income (8) (3) (8) (3) Integration Costs 28 34 28 34 Foreign Exchange (Gain) Loss, Net 192 (172) 192 (172) Re-measurement of Contingent Payment 15 249 15 249 Gain on Divestiture of Assets (62) (60) (62) (60) Other (Income) Loss, Net (38) (29) (38) (29) 540 421 540 421 Earnings (Loss) Before Income Tax 3,273 336 Income Tax Expense (Recovery) 841 112 Net Earnings (Loss) 2,432 224 (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, and to more appropriately reflect the cost of blending (see Note 3). ii) Results for the Six Months Ended June 30 Upstream For the six months ended Oil Sands Conventional Offshore Total June 30, 2022 2021 (1) 2022 2021 2022 2021 2022 2021 (1) Revenues Gross Sales 19,266 9,993 2,191 1,402 1,125 858 22,582 12,253 Less: Royalties 2,573 793 160 63 34 50 2,767 906 16,693 9,200 2,031 1,339 1,091 808 19,815 11,347 Expenses Purchased Product 2,283 1,119 996 668 — — 3,279 1,787 Transportation and Blending 6,356 3,934 68 37 8 7 6,432 3,978 Operating 1,508 1,177 262 282 149 117 1,919 1,576 Realized (Gain) Loss on Risk 1,426 418 8 — — — 1,434 418 Operating Margin 5,120 2,552 697 352 934 684 6,751 3,588 Unrealized (Gain) Loss on Risk Management (57) 233 (1) 1 — — (58) 234 Depreciation, Depletion and 1,325 1,239 179 210 309 242 1,813 1,691 Exploration Expense — 13 1 (3) 25 — 26 10 (Income) Loss From Equity- 8 (5) — — (10) (24) (2) (29) Segment Income (Loss) 3,844 1,072 518 144 610 466 4,972 1,682 (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, and to more appropriately reflect the cost of blending (see Note 3). Downstream For the six months ended Canadian Manufacturing U.S. Manufacturing Retail Total June 30, 2022 2021 2022 2021 2022 2021 2022 2021 Revenues Gross Sales 2,565 1,894 14,983 8,166 1,543 948 19,091 11,008 Less: Royalties — — — — — — — — 2,565 1,894 14,983 8,166 1,543 948 19,091 11,008 Expenses Purchased Product 2,100 1,438 12,421 7,149 1,471 883 15,992 9,470 Transportation and Blending — — — — — — — — Operating 304 185 1,149 799 58 48 1,511 1,032 Realized (Gain) Loss on Risk — — 197 31 — — 197 31 Operating Margin 161 271 1,216 187 14 17 1,391 475 Unrealized (Gain) Loss on Risk Management — — (14) 33 — — (14) 33 Depreciation, Depletion and 106 86 168 217 16 25 290 328 Exploration Expense — — — — — — — — (Income) Loss From Equity- — — — — — — — — Segment Income (Loss) 55 185 1,062 (63) (2) (8) 1,115 114 For the six months ended Corporate and Eliminations Consolidated June 30, 2022 2021 (1) 2022 2021 (1) Revenues Gross Sales (3,543) (2,425) 38,130 20,836 Less: Royalties — — 2,767 906 (3,543) (2,425) 35,363 19,930 Expenses Purchased Product (2,393) (1,799) 16,878 9,458 Transportation and Blending (409) (305) 6,023 3,673 Operating (662) (330) 2,768 2,278 Realized (Gain) Loss on Risk Management 7 92 1,638 541 Unrealized (Gain) Loss on Risk Management 2 (14) (70) 253 Depreciation, Depletion and Amortization 59 62 2,162 2,081 Exploration Expense — — 26 10 (Income) Loss From Equity-Accounted Affiliates — 2 (2) (27) Segment Income (Loss) (147) (133) 5,940 1,663 General and Administrative 417 333 417 333 Finance Costs 424 476 424 476 Interest Income (23) (7) (23) (7) Integration Costs 52 257 52 257 Foreign Exchange (Gain) Loss, Net 90 (289) 90 (289) Re-measurement of Contingent Payment 251 436 251 436 (Gain) Loss on Divestiture of Assets (304) (72) (304) (72) Other (Income) Loss, Net (408) (101) (408) (101) 499 1,033 499 1,033 Earnings (Loss) Before Income Tax 5,441 630 Income Tax Expense (Recovery) 1,384 186 Net Earnings (Loss) 4,057 444 (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, and to more appropriately reflect the cost of blending (see Note 3).
Schedule of Revenues by Product	B) Revenues by Product Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Upstream (1) Crude Oil 7,985 4,185 15,638 8,431 NGLs 1,172 549 2,234 1,167 Natural Gas 811 724 1,708 1,500 Other 135 137 235 249 Downstream Canadian Manufacturing Synthetic Crude Oil 759 451 1,129 797 Diesel and Distillate 124 91 254 176 Asphalt 150 116 234 181 Other Products and Services 488 430 948 740 U.S. Manufacturing Gasoline 4,033 2,535 7,261 4,303 Diesel and Distillate 2,991 1,547 5,151 2,778 Other Products 1,450 647 2,571 1,085 Retail 849 501 1,543 948 Corporate and Eliminations (1,782) (1,276) (3,543) (2,425) Consolidated 19,165 10,637 35,363 19,930 (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, and to more appropriately reflect the cost of blending (see Note 3).
Schedule of Geographical Information	C) Geographical Information Revenues (1) Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Canada (2) 9,674 5,222 18,472 10,734 United States 9,159 5,124 16,185 8,601 China 332 291 706 595 Consolidated 19,165 10,637 35,363 19,930 (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, and to more appropriately reflect the cost of blending (see Note 3). Non-Current Assets (1) As at June 30, 2022 December 31, 2021 Canada (2) 32,426 33,981 United States 4,436 4,093 China 2,321 2,583 Indonesia 330 311 Consolidated 39,513 40,968 (1) Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. (2) Excludes assets held for sa le of $525 million in the Retail segment (December 31, 2021 –
Schedule of Assets by Segment	D) Assets by Segment (1) E&E Assets PP&E ROU Assets As at June 30, December 31, June 30, December 31, June 30, December 31, Oil Sands 659 653 21,734 22,535 738 754 Conventional 5 6 1,797 2,174 2 2 Offshore 61 61 2,390 2,822 160 160 Canadian Manufacturing — — 2,274 2,353 291 339 U.S. Manufacturing — — 4,103 3,745 246 252 Retail — — 184 205 39 49 Corporate and Eliminations — — 369 391 440 454 Consolidated 725 720 32,851 34,225 1,916 2,010 Goodwill Total Assets As at June 30, December 31, June 30, December 31, Oil Sands (1) 3,473 3,473 30,917 31,070 Conventional (1) — — 3,110 3,026 Offshore — — 3,115 3,597 Canadian Manufacturing — — 2,786 2,918 U.S. Manufacturing — — 9,489 7,777 Retail (1) — — 992 966 Corporate and Eliminations — — 5,485 4,750 Consolidated 3,473 3,473 55,894 54,104
Schedule of Capital Expenditures	E) Capital Expenditures (1) Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Capital Investment Oil Sands 376 201 751 419 Conventional 33 28 121 94 Offshore Asia Pacific 2 1 2 3 Atlantic 89 34 142 58 Total Upstream 500 264 1,016 574 Canadian Manufacturing 36 10 50 14 U.S. Manufacturing 267 237 474 442 Retail 2 5 3 6 Total Downstream 305 252 527 462 Corporate and Eliminations 17 18 25 45 822 534 1,568 1,081 Acquisition Capital Oil Sands — — — 3 Conventional 1 — 1 4 1 — 1 7 Acquisitions (2) Oil Sands — — — 5,002 Conventional — — — 547 Offshore — — — 3,045 Canadian Manufacturing — — — 2,283 U.S. Manufacturing — — — 1,618 Retail — — — 690 Corporate and Eliminations — — — 156 — — — 13,341 Total Capital Expenditures 823 534 1,569 14,429 (1) Includes expenditures on PP&E and E&E assets. (2) Relates to the January 1, 2021, transaction which combined Cenovus and Husky Energy Inc. (“Husky”). For more details, see Note 5 of the annual Consolidated Financial Statements for the year ended December 31, 2021.

Update to Significant Account_3

Update to Significant Accounting Policies, Critical Accounting Judgements and Key Sources of Estimation Uncertainty (Tables)	6 Months Ended
	Jun. 30, 2022
Update To Significant Accounting Policies [Abstract]
Disclosure of Revisions to Prior Period	During the three months ended June 30, 2022, the Company has made adjustments to more appropriately reflect the cost of blending at our Lloydminster thermal and Lloydminster conventional heavy oil assets, which resulted in a reclassification of costs between purchased product and transportation and blending. An associated elimination entry was recorded in our Corporate and Eliminations segment to represent the change in the value of condensate that was extracted at our Canadian Manufacturing operations and sold back to the Oil Sands segment. As a result, purchased product decreased and transportation and blending increased, with no impact to net earnings (loss), segment income (loss), cash flows or financial position. 2022 Revisions Three Months Ended Oil Sands Segment Previously Reported Revisions Revised Purchased Product 1,483 (271) 1,212 Transportation and Blending 2,885 271 3,156 4,368 — 4,368 Three Months Ended Corporate and Eliminations Segment Previously Reported Revisions Revised Purchased Product (1,497) 215 (1,282) Transportation and Blending (6) (215) (221) (1,503) — (1,503) Three Months Ended Consolidated Previously Reported Revision Revised Purchased Product 7,538 (56) 7,482 Transportation and Blending 2,919 56 2,975 10,457 — 10,457 2021 Revisions Three Months Ended Six Months Ended Oil Sands Segment Previously Reported Revisions Revised Previously Reported Revisions Revised Gross Sales 5,015 60 5,075 9,790 203 9,993 Purchased Product (1) 574 (144) 430 1,292 (173) 1,119 Transportation and Blending 1,780 204 1,984 3,558 376 3,934 2,661 — 2,661 4,940 — 4,940 (1) Revisions include $60 million and $203 million for the three and six months ended June 30, 2021, respectively, related to adjustments for product swaps and third-party purchases used in blending and optimization activities. Revisions include $204 million and $376 million for the three and six months ended June 30, 2021, respectively, to more appropriately reflect the cost of blending at our Lloydminster thermal and Lloydminster conventional heavy oil assets. Three Months Ended Six Months Ended Corporate and Eliminations Segment Previously Reported Revisions Revised Previously Reported Revisions Revised Purchased Product (1,110) 146 (964) (2,083) 284 (1,799) Transportation and Blending (6) (146) (152) (21) (284) (305) (1,116) — (1,116) (2,104) — (2,104) Three Months Ended Six Months Ended Consolidated Previously Reported Revision Revised Previously Reported Revision Revised Gross Sales 11,110 60 11,170 20,633 203 20,836 Purchased Product 5,253 2 5,255 9,347 111 9,458 Transportation and Blending 1,796 58 1,854 3,581 92 3,673 4,061 — 4,061 7,705 — 7,705

General and Administrative (Tab

General and Administrative (Tables)	6 Months Ended
	Jun. 30, 2022
General And Administrative Expenses [Abstract]
Summary of General and Administrative Expenses	Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Salaries and Benefits 70 79 142 149 Administrative and Other 61 50 90 108 Stock-Based Compensation Expense (Recovery) (Note 25) 87 34 194 69 Other Incentive Benefits Expense (Recovery) — 7 (9) 7 218 170 417 333

Finance Costs (Tables)

Finance Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Finance Costs [Abstract]
Schedule of Finance Cost	Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Interest Expense – Short-Term Borrowings and Long-Term Debt 130 136 260 278 Net Premium (Discount) on Redemption of Long-Term Debt (Note 18) (32) — (25) — Interest Expense – Lease Liabilities (Note 19) 41 42 83 86 Unwinding of Discount on Decommissioning Liabilities (Note 21) 45 46 89 94 Other 12 8 18 18 196 232 425 476 Capitalized Interest (1) — (1) — 195 232 424 476

Integration Costs (Tables)

Integration Costs (Tables)	6 Months Ended
	Jun. 30, 2022
Business Combinations [Abstract]
Disclosure of detailed information about business combination	On January 1, 2021, Cenovus and Husky closed a transaction to combine the two companies through a plan of arrangement (the “Arrangement”). For more details, see Note 5 of the annual Consolidated Financial Statements for the year ended December 31, 2021. Integration costs recognized in earnings include the following: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Transaction Costs (1) — — — 65 Integration Related Costs 25 24 48 37 Severance Payments 3 10 4 155 28 34 52 257

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Foreign Exchange Gains Losses [Abstract]
Schedule of Foreign Exchange Gain Loss Net	Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Unrealized Foreign Exchange (Gain) Loss on Translation of: U.S. Dollar Debt Issued From Canada 273 (150) 120 (280) Other (13) (42) 1 (51) Unrealized Foreign Exchange (Gain) Loss 260 (192) 121 (331) Realized Foreign Exchange (Gain) Loss (68) 20 (31) 42 192 (172) 90 (289)

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Provision for Income Taxes	The provision for income taxes is: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Current Tax Canada 570 2 937 14 United States 261 — 281 — Asia Pacific 71 47 109 81 Other International — — — 1 Total Current Tax Expense (Recovery) 902 49 1,327 96 Deferred Tax Expense (Recovery) (61) 63 57 90 841 112 1,384 186

Per Share Amounts (Tables)

Per Share Amounts (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings per share [abstract]
Schedule Representing Per Share Amounts	Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Net Earnings (Loss) 2,432 224 4,057 444 Effect of Cumulative Dividends on Preferred Shares (8) (8) (17) (17) Net Earnings (Loss) – Basic and Diluted 2,424 216 4,040 427 Basic – Weighted Average Number of Shares 1,971.3 2,017.5 1,980.6 2,017.5 Dilutive Effect of Warrants 47.5 24.3 46.2 21.1 Dilutive Effect of Net Settlement Rights 10.6 0.3 11.9 — Diluted – Weighted Average Number of Shares 2,029.4 2,042.1 2,038.7 2,038.6 Net Earnings (Loss) Per Common Share – Basic ($) 1.23 0.11 2.04 0.21 Net Earnings (Loss) Per Common Share – Diluted (1) ($) 1.19 0.11 1.98 0.21
Disclosure Of Dividends To Shareholders	C) Preferred Share Dividends Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Series 1 First Preferred Shares 2 2 4 4 Series 2 First Preferred Shares — — — — Series 3 First Preferred Shares 3 3 6 6 Series 5 First Preferred Shares 2 2 4 4 Series 7 First Preferred Shares 1 1 3 3 Total Declared and Paid Preferred Share Dividends 8 8 17 17

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	6 Months Ended
	Jun. 30, 2022
Assets Held For Sale [Abstract]
Assets Held for Sale	Assets held for sale are carried at the lesser of the carrying amount and the fair value less cost to sell. As at June 30, 2022 PP&E ROU Assets Goodwill Lease Liabilities Decommissioning Liabilities Retail Gas Stations 470 55 — (54) (65) As at December 31, 2021 PP&E ROU Assets Goodwill Lease Liabilities Decommissioning Liabilities Retail Gas Stations 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)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Exploration And Evaluation Assets [Abstract]
Summary of Exploration and Valuation Assets, Net	As at December 31, 2021 720 Additions 13 Change in Decommissioning Liabilities (12) Exchange Rate Movements and Other 4 As at June 30, 2022 725

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
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 Assets (1) Total COST As at December 31, 2021 38,443 228 10,495 1,735 50,901 Additions 1,004 2 522 28 1,556 Change in Decommissioning Liabilities (944) (3) (63) (20) (1,030) Exchange Rate Movements and Other 22 2 122 11 157 As at June 30, 2022 38,525 229 11,076 1,754 51,584 ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION As at December 31, 2021 10,912 53 4,572 1,139 16,676 Depreciation, Depletion and Amortization (2) 1,707 38 213 58 2,016 Exchange Rate Movements and Other (15) (5) 57 4 41 As at June 30, 2022 12,604 86 4,842 1,201 18,733 CARRYING VALUE As at December 31, 2021 27,531 175 5,923 596 34,225 As at June 30, 2022 25,921 143 6,234 553 32,851 (1) Other assets includes office furniture, fixtures, leasehold improvements, information technology and aircraft.

Right of Use Assets, Net (Table

Right of Use Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2021 592 1,841 161 62 2,656 Additions — 3 — — 3 Modifications 9 30 2 1 42 Re-measurements — 4 2 (3) 3 Terminations — (6) — — (6) Exchange Rate Movements and Other (4) (9) 2 2 (9) As at June 30, 2022 597 1,863 167 62 2,689 ACCUMULATED DEPRECIATION As at December 31, 2021 92 520 33 1 646 Depreciation 17 111 11 7 146 Terminations — (6) — — (6) Exchange Rate Movements and Other (2) (10) — (1) (13) As at June 30, 2022 107 615 44 7 773 CARRYING VALUE As at December 31, 2021 500 1,321 128 61 2,010 As at June 30, 2022 490 1,248 123 55 1,916

Joint Arrangements (Tables)

Joint Arrangements (Tables)	6 Months Ended
	Jun. 30, 2022
Husky-CNOOC Madura Ltd.
Disclosure of joint ventures [line items]
Disclosure of joint ventures	Summarized below is the financial information for HCML accounted for using the equity method. Results of Operations Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Revenue 63 110 129 229 Expenses 63 128 127 255 Net Earnings (Loss) — (18) 2 (26) Balance Sheet As at June 30, December 31, Current Assets (1) 188 167 Non-Current Assets 1,477 1,433 Current Liabilities 117 62 Non-Current Liabilities 894 896 Net Assets 654 642

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Other Noncurrent Assets [Abstract]
Summary of Other Assets	As at June 30, December 31, Intangible Assets 73 78 Private Equity Investments (Note 27) 53 53 Other Equity Investments (1) — 77 Net Investment in Finance Leases 63 60 Long-Term Receivables and Prepaids 53 77 Precious Metals 79 85 Other 2 1 323 431

Debt and Capital Structure (Tab

Debt and Capital Structure (Tables)	6 Months Ended
	Jun. 30, 2022
Borrowings [abstract]
Schedule of Short-Term and Long-Term Debt	A) Short-Term Borrowings As at Notes June 30, December 31, Uncommitted Demand Facilities i — — WRB Uncommitted Demand Facilities ii — 79 Sunrise Uncommitted Demand Credit Facility iii — — Total Debt Principal — 79 B) Long-Term Debt As at Notes June 30, December 31, Committed Credit Facility (1) i — — U.S. Dollar Denominated Unsecured Notes ii 9,021 9,363 Canadian Dollar Unsecured Notes ii 2,000 2,750 Total Debt Principal 11,021 12,113 Debt Premiums (Discounts), Net, and Transaction Costs 207 272 Long-Term Debt 11,228 12,385 (1) Committed credit facility may include Bankers ’
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes	The principal amounts of the Company’s outstanding unsecured notes are: June 30, 2022 December 31, 2021 US$ Principal C$ Principal and Equivalent US$ Principal C$ Principal U.S. Dollar Unsecured Notes 3.80% due September 15, 2023 — — 115 146 4.00% due April 15, 2024 — — 269 341 5.38% due July 15, 2025 666 858 666 844 4.25% due April 15, 2027 962 1,239 962 1,220 4.40% due April 15, 2029 750 967 750 951 2.65% due January 15, 2032 500 644 500 634 5.25% due June 15, 2037 583 751 583 739 6.80% due September 15, 2037 387 498 387 490 6.75% due November 15, 2039 1,390 1,792 1,390 1,763 4.45% due September 15, 2042 155 200 155 197 5.20% due September 15, 2043 58 74 58 73 5.40% due June 15, 2047 800 1,031 800 1,014 3.75% due February 15, 2052 750 967 750 951 7,001 9,021 7,385 9,363 Canadian Dollar Unsecured Notes 3.55% due March 12, 2025 — — — 750 3.60% due March 10, 2027 — 750 — 750 3.50% due February 7, 2028 — 1,250 — 1,250 — 2,000 — 2,750 Total Unsecured Notes 7,001 11,021 7,385 12,113
Summary of Net Debt to Adjusted EBITDA	Net Debt to Adjusted EBITDA As at June 30, December 31, Short-Term Borrowings — 79 Current Portion of Long-Term Debt — — Long-Term Portion of Long-Term Debt 11,228 12,385 Total Debt 11,228 12,464 Less: Cash and Cash Equivalents (3,693) (2,873) Net Debt 7,535 9,591 Net Earnings (Loss) 4,200 587 Add (Deduct): Finance Costs 1,030 1,082 Interest Income (39) (23) Income Tax Expense (Recovery) 1,926 728 Depreciation, Depletion and Amortization 5,967 5,886 E&E Write-down (2) 18 Share of (Income) Loss From Equity-Accounted Affiliates (32) (57) Unrealized (Gain) Loss on Risk Management (321) 2 Foreign Exchange (Gain) Loss, Net 205 (174) Re-measurement of Contingent Payment 390 575 (Gain) Loss on Divestitures of Assets (461) (229) Other (Income) Loss, Net (616) (309) Adjusted EBITDA (1) 12,247 8,086 Net Debt to Adjusted EBITDA 0.6x 1.2x (1) Calculated on a trailing twelve-month basis.
Disclosure Of Net To Adjusted Funds Flow Explanatory	Net Debt to Adjusted Funds Flow As at June 30, December 31, Net Debt 7,535 9,591 Cash From (Used in) Operating Activities 8,666 5,919 (Add) Deduct: Settlement of Decommissioning Liabilities (119) (102) Net Change in Non-Cash Working Capital (1,186) (1,227) Adjusted Funds Flow (1) 9,971 7,248 Net Debt to Adjusted Funds Flow 0.8x 1.3x (1) Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization	Net Debt to Capitalization As at June 30, December 31, Net Debt 7,535 9,591 Shareholders ’ Equity 26,275 23,596 Capitalization 33,810 33,187 Net Debt to Capitalization 22 % 29 %

Lease Liabilities (Tables)

Lease Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Lease liabilities [abstract]
Summary of Lease Liabilities	Total As at December 31, 2021 2,957 Additions 3 Interest Expense (Note 5) 83 Lease Payments (233) Modifications 42 Re-measurements 3 Terminations (1) Exchange Rate Movements and Other 12 As at June 30, 2022 2,866 Less: Current Portion 274 Long-Term Portion 2,592

Contingent Payment (Tables)

Contingent Payment (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of contingent liabilities in business combination [abstract]
Summary of Contingent Payment	Total As at December 31, 2021 236 Re-measurement (1) 251 Liabilities Settled or Payable (487) As at June 30, 2022 — (1) Contingent payment was carried at fair value. Changes in fair value were recorded in net earnings (loss).

Decommissioning Liabilities (Ta

Decommissioning Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Summary of Decommissioning Provision	The aggregate carrying amount of the obligation is: Total As at December 31, 2021 3,906 Liabilities Incurred 6 Liabilities Settled (75) Liabilities Disposed (84) Change in Estimated Future Cash Flows 2 Change in Discount Rate (1,050) Unwinding of Discount on Decommissioning Liabilities (Note 5) 89 Foreign Currency Translation (6) As at June 30, 2022 2,788

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Miscellaneous non-current liabilities [abstract]
Summary of Other Liabilities	As at June 30, December 31, Pension and Other Post-Employment Benefit Plan 219 288 Provision for West White Rose Expansion Project (1) 212 259 Provisions for Onerous and Unfavourable Contracts 75 99 Employee Long-Term Incentives 116 74 Drilling Provisions 26 56 Deferred Revenue 43 41 Other 99 112 790 929 (1) On May 31, 2022, the Company divested of 12.5 percent of its working interest in the White Rose field and satellite extensions reducing the provision by $47 million (see Note 8). Cenovus expects to draw down the provision by $46 million in the next twelve months.

Share Capital and Warrants (Tab

Share Capital and Warrants (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of classes of share capital [abstract]
Summary of Share Capital	B) Issued and Outstanding – Common Shares June 30, 2022 December 31, 2021 Number of Common Shares (thousands) Amount Number of Common Shares (thousands) Amount Outstanding, Beginning of Year 2,001,211 17,016 1,228,870 11,040 Issued Under the Arrangement, Net of Issuance Costs — — 788,518 6,111 Issued Upon Exercise of Warrants 6,571 65 314 3 Issued Under Stock Option Plans 9,606 149 535 7 Purchase of Common Shares Under NCIB (67,779) (577) (17,026) (145) Outstanding, End of Period 1,949,609 16,653 2,001,211 17,016 In the six months ended June 30, 2022, there were no additional preferred shares issued. As at June 30, 2022, there were 36 million preferred shares outstanding (December 31, 2021 – 36 million), with a carrying value of $519 million (December 31, 2021 – $519 million). As at June 30, 2022 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 (1) March 31, 2026 3.21 % 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 (1) The floating-rate dividend was 1.86 percent for the period from December 31, 2021, to March 30, 2022, and 2.35 percent for the period from March 31, 2022, to June 29, 2022. June 30, 2022 December 31, 2021 As at June 30, 2022 Number of Warrants (thousands) Amount Number of Warrants (thousands) Amount Outstanding, Beginning of Year 65,119 215 — — Issued Under the Arrangement — — 65,433 216 Exercised (6,571) (21) (314) (1) Outstanding, End of Period 58,548 194 65,119 215

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Accumulated Other Comprehensive Income Loss [Abstract]
Summary of Accumulated Other Comprehensive Income (Loss)	Pension and Other Post-Employment Benefits Private Equity Instruments Foreign Currency Translation Adjustment Total As at December 31, 2020 (10) 27 758 775 Other Comprehensive Income (Loss), Before Tax 28 (1) (311) (284) Income Tax (Expense) Recovery (6) — — (6) As at June 30, 2021 12 26 447 485 As at December 31, 2021 28 27 629 684 Other Comprehensive Income (Loss), Before Tax 77 — 172 249 Income Tax (Expense) Recovery (20) — — (20) As at June 30, 2022 85 27 801 913

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Summary of Options Outstanding and Exercisable	The following tables summarize information related to the Company’s stock-based compensation plans: Units Outstanding Units Exercisable As at June 30, 2022 (thousands) (thousands) Stock Options With Associated Net Settlement Rights 16,006 7,986 Cenovus Replacement Stock Options 4,950 3,484 Performance Share Units 8,718 — Restricted Share Units 6,764 — Deferred Share Units 1,605 1,605 The weighted average exercise price of NSRs and Cenovus replacement stock options outstanding as at June 30, 2022, were $12.35 and $12.39, respectively. Units Granted Units Vested and Exercised/ Paid Out For the six months ended June 30, 2022 (thousands) (thousands) Stock Options With Associated Net Settlement Rights 1,991 9,994 Cenovus Replacement Stock Options — 4,699 Performance Share Units 3,202 1,413 Restricted Share Units 3,130 2,214 Deferred Share Units 454 115
Summary of Stock-Based Compensation	The following table summarizes the stock-based compensation expense (recovery) recorded for all plans: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Stock Options With Associated Net Settlement Rights 5 3 9 8 Cenovus Replacement Stock Options 22 7 41 14 Performance Share Units 28 9 65 21 Restricted Share Units 24 11 61 17 Deferred Share Units 8 4 18 9 Stock-Based Compensation Expense (Recovery) 87 34 194 69 Stock-Based Compensation Costs Capitalized — 2 — 3 Total Stock-Based Compensation 87 36 194 72

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure of detailed information about financial instruments [abstract]
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets	The following table provides a reconciliation of changes in the fair value of private equity investments classified as FVOCI: Total As at December 31, 2021 53 Changes in Fair Value (1) — As at June 30, 2022 53 (1) Changes in fair value are recorded in OCI.
Summary of Unrealized Risk Management Positions	Summary of Unrealized Risk Management Positions June 30, 2022 December 31, 2021 Risk Management Risk Management As at Asset Liability Net Asset Liability Net Crude Oil, Natural Gas, Condensate and Refined Products 30 29 1 46 116 (70) Renewable Power Contracts 3 4 (1) — — — Foreign Exchange Rate Contracts 1 — 1 2 — 2 34 33 1 48 116 (68)
Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value	The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value: As at June 30, December 31, Level 2 – Prices Sourced From Observable Data or Market Corroboration 2 (68) Level 3 – Prices Sourced From Partially Observable Data (1) (1) — 1 (68) (1) Includes renewable power contracts with a fair value of $1 million (loss) as at June 30, 2022 (December 31, 2021 – $nil).
Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities	The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities from January 1 to June 30: 2022 Fair Value of Contracts, Beginning of Year (68) Change in Fair Value of Contracts in Place at Beginning of Year (11) Change in Fair Value of Contracts Entered Into During the Period (1,557) Fair Value of Contracts Realized During the Period 1,638 Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts (1) Fair Value of Contracts, End of Period 1
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions	D) Earnings Impact of (Gains) Losses From Risk Management Positions Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Realized (Gain) Loss 664 199 1,638 541 Unrealized (Gain) Loss (1) (381) 401 (70) 253 (Gain) Loss on Risk Management 283 600 1,568 794 (1) All WTI positions related to crude oil sales price risk management were closed by June 30, 2022.In the three months ended June 30, 2022, Cenovus recorded a realized net loss related to these positions of $467 million.

Risk Management (Tables)

Risk Management (Tables)	6 Months Ended
	Jun. 30, 2022
Risk Management [Abstract]
Net Fair Value of Risk Management Positions	Net Fair Value of Risk Management Positions As at June 30, 2022 Notional Volumes (1) (2) Terms (3) Weighted Average Price (1) (2) Fair Value Asset (Liability) Condensate Related Futures Contracts (4) WTI Fixed – Sell 4.0 MMbbls July 2022 - May 2023 US$104.17/bbl 11 WTI Fixed – Buy 1.6 MMbbls July 2022 - February 2023 US$104.75/bbl (1) Other Financial Positions (5) (10) Foreign Exchange Rate Contracts 1 Total Fair Value 1 (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) Condensate related f utures contract positions consist of WTI contracts to help manage condensate price exposure.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax	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 June 30, 2022 Sensitivity Range Increase Decrease Crude Oil Commodity Price ± US$5.00/bbl Applied to WTI, Condensate and Related Hedges — — WCS and Condensate Differential Price ± US$2.50/bbl Applied to WCS and Differential Hedges Tied to Production (9) 9 Refined Products Commodity Price ± US$5.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Power Commodity Price ± C$20.00/MWH Applied to Renewable Power Contracts 33 (33) U.S. to Canadian Dollar Exchange Rate ± 0.05 in the U.S. to Canadian Dollar Exchange Rate 33 (37)
Undiscounted Cash Outflows Relating to Financial Liabilities	Undiscounted cash outflows relating to financial liabilities are: As at June 30, 2022 Less than 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities 7,487 — — — 7,487 Long-Term Debt (1) 528 1,056 3,834 12,872 18,290 Lease Liabilities (1) 443 769 617 3,051 4,880 As at December 31, 2021 Less than 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) 561 1,608 2,603 14,892 19,664 Contingent Payment 238 — — — 238 Lease Liabilities (1) 453 794 634 3,192 5,073 (1) Principal and interest, including current portion if applicable.

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2022
Disclosure Of Supplementary Cash Flow Information [Abstract]
Disclosure Of Changes In Non-Cash Working Capital Items	Working Capital June 30, December 31, Total Current Assets 15,321 11,988 Total Current Liabilities 8,865 7,305 Working Capital 6,456 4,683 As at June 30, 2022, adjusted working capital was $6.1 billion (December 31, 2021 – $3.8 billion), excluding assets held for sale of $525 million (December 31, 2021 – $1.3 billion), the contingent payment of $nil (December 31, 2021 – $236 million) and liabilities related to assets held for sale of $119 million (December 31, 2021 – $186 million). Changes in non-cash working capital is as follows: Three Months Ended Six Months Ended For the periods ended June 30, 2022 2021 2022 2021 Accounts Receivable and Accrued Revenues 282 (221) (1,627) (874) Income Tax Receivable 8 4 23 13 Inventories (505) (406) (1,310) (1,014) Accounts Payable and Accrued Liabilities (388) 237 1,159 640 Income Tax Payable 591 (3) 803 (45) Total Non-Cash Working Capital (12) (389) (952) (1,280) Net Change in Non-Cash Working Capital - Operating Activities (92) (430) (1,291) (1,332) Net Change in Non-Cash Working Capital - Investing Activities 80 41 339 52 Total Non-Cash Working Capital (12) (389) (952) (1,280)
Summary of Reconciliation of Liabilities to Cash Flows from Financing Activities	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, 2020 — 121 7,441 1,757 Acquisition — 40 6,602 1,441 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — (89) — — Net Issuance (Repayment) of Revolving Long-Term Debt — — (350) — Principal Repayment of Leases — — — (152) Common Share Dividends Paid (71) — — — Preferred Share Dividend Paid (17) — — — Non-Cash Changes: Exchange Rate Movements and Other — (7) (280) (20) Finance Costs — — (33) — Lease Additions — — — 58 Lease Modifications — — — 6 Lease Re-measurements — — — (3) Common Share Dividends Declared 71 — — — Preferred Share Dividends Declared 17 — — — As at June 30, 2021 — 65 13,380 3,087 As at December 31, 2021 — 79 12,385 2,957 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — (79) — — (Repayment) of Long-Term Debt — — (1,260) — Principal Repayment of Leases — — — (150) Common Share Dividends Paid (276) — — — Preferred Share Dividends Paid (17) — — — Non-Cash Changes: Exchange Rate Movements and Other — — 146 12 Net Premium (Discount) on Redemption of Long-Term — — (25) — Finance Costs — — (18) — Lease Additions — — — 3 Lease Modifications — — — 42 Lease Re-measurements — — — 3 Lease Terminations — — — (1) Common Share Dividends Declared 276 — — — Preferred Share Dividends Declared 17 — — — As at June 30, 2022 — — 11,228 2,866

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments And Contingencies [Abstract]
Minimum Future Payments, Commitments And Contingent Liabilities	Future payments for the Company’s commitments are below: As at June 30, 2022 Remainder of Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) 1,928 3,598 3,663 2,543 2,439 19,006 33,177 Real Estate (2) 23 45 51 54 56 632 861 Obligation to Fund Equity-Accounted Affiliate (3) 38 87 100 92 92 213 622 Other Long-Term Commitments 366 181 159 145 161 1,269 2,281 Total Payments (4) 2,355 3,911 3,973 2,834 2,748 21,120 36,941 (1) Includes transportation commitments of $9.1 billion (December 31, 2021 – $8.1 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 for HCML. (4) Commitments are reflected at Cenovus ’

Description of Business and S_3

Description of Business and Segmented Disclosures - Narrative (Detail)	6 Months Ended
	Jun. 30, 2022 plant
Canadian Manufacturing | Downstream
Disclosure of operating segments [line items]
Number of ethanol plants	2

Description of Business and S_4

Description of Business and Segmented Disclosures - Schedule of Segment and Operational Information (Detail) - CAD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Revenues
Gross Sales	$ 20,747,000,000		$ 11,170,000,000	[1]	$ 38,130,000,000	$ 20,836,000,000	[1]
Less: Royalties	1,582,000,000		533,000,000	[1]	2,767,000,000	906,000,000	[1]
Revenue	19,165,000,000		10,637,000,000	[1]	35,363,000,000	19,930,000,000	[1]
Expenses
Purchased Product	9,396,000,000	$ 7,482,000,000	5,255,000,000	[1]	16,878,000,000	9,458,000,000	[1]
Transportation and Blending	3,048,000,000	2,975,000,000	1,854,000,000	[1]	6,023,000,000	3,673,000,000	[1]
Operating	1,481,000,000		1,144,000,000	[1]	2,768,000,000	2,278,000,000	[1]
(Gain) Loss on Risk Management	283,000,000		600,000,000	[1]	1,568,000,000	794,000,000	[1]
Depreciation, Depletion and Amortization	1,132,000,000		1,036,000,000	[1]	2,162,000,000	2,081,000,000	[1]
Exploration Expense	10,000,000		4,000,000	[1]	26,000,000	10,000,000	[1]
(Income) Loss From Equity-Accounted Affiliates	2,000,000		(13,000,000)	[1]	(2,000,000)	(27,000,000)	[1]
Segment Income (Loss)	3,813,000,000		757,000,000		5,940,000,000	1,663,000,000
General and Administrative	218,000,000		170,000,000	[1]	417,000,000	333,000,000	[1]
Finance Costs	195,000,000		232,000,000	[1]	424,000,000	476,000,000	[1]
Interest Income	(8,000,000)		(3,000,000)	[1]	(23,000,000)	(7,000,000)	[1]
Integration Costs	28,000,000		34,000,000	[1]	52,000,000	257,000,000	[1]
Foreign Exchange (Gain) Loss, Net	192,000,000		(172,000,000)	[1]	90,000,000	(289,000,000)	[1]
Re-measurement of Contingent Payment	15,000,000		249,000,000	[1]	251,000,000	436,000,000	[1]
Gain on Divestiture of Assets	(62,000,000)		(60,000,000)	[1]	(304,000,000)	(72,000,000)	[1]
Other (Income) Loss, Net	(38,000,000)		(29,000,000)	[1]	(408,000,000)	(101,000,000)	[1]
Total Non-operating (Income) Expense	540,000,000		421,000,000		499,000,000	1,033,000,000
Earnings (Loss) Before Income Tax	3,273,000,000		336,000,000	[1]	5,441,000,000	630,000,000	[1]
Income Tax Expense (Recovery)	841,000,000		112,000,000	[1]	1,384,000,000	186,000,000	[1]
Net Earnings (Loss)	2,432,000,000		224,000,000	[1]	4,057,000,000	444,000,000	[1]
2018 Superior Refinery
Expenses
Proceeds from insurance	0		0		268,000,000	45,000,000
2018 Atlantic Region
Expenses
Proceeds from insurance	5,000,000		0		57,000,000	0
Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	664,000,000		199,000,000		1,638,000,000	541,000,000
Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	(381,000,000)		401,000,000		(70,000,000)	253,000,000
Upstream
Revenues
Gross Sales	11,685,000,000		6,128,000,000		22,582,000,000	12,253,000,000
Less: Royalties	1,582,000,000		533,000,000		2,767,000,000	906,000,000
Revenue	10,103,000,000		5,595,000,000		19,815,000,000	11,347,000,000
Expenses
Purchased Product	1,461,000,000		717,000,000		3,279,000,000	1,787,000,000
Transportation and Blending	3,238,000,000		2,006,000,000		6,432,000,000	3,978,000,000
Operating	1,010,000,000		791,000,000		1,919,000,000	1,576,000,000
Operating Margin	3,831,000,000		1,893,000,000		6,751,000,000	3,588,000,000
Depreciation, Depletion and Amortization	948,000,000		846,000,000		1,813,000,000	1,691,000,000
Exploration Expense	10,000,000		4,000,000		26,000,000	10,000,000
(Income) Loss From Equity-Accounted Affiliates	2,000,000		(17,000,000)		(2,000,000)	(29,000,000)
Segment Income (Loss)	3,195,000,000		684,000,000		4,972,000,000	1,682,000,000
Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	563,000,000		188,000,000		1,434,000,000	418,000,000
Upstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	(324,000,000)		376,000,000		(58,000,000)	234,000,000
Downstream
Revenues
Gross Sales	10,844,000,000		6,318,000,000		19,091,000,000	11,008,000,000
Less: Royalties	0		0		0	0
Revenue	10,844,000,000		6,318,000,000		19,091,000,000	11,008,000,000
Expenses
Purchased Product	9,046,000,000		5,502,000,000		15,992,000,000	9,470,000,000
Transportation and Blending	(2,000,000)		0		0	0
Operating	866,000,000		515,000,000		1,511,000,000	1,032,000,000
Operating Margin	847,000,000		291,000,000		1,391,000,000	475,000,000
Depreciation, Depletion and Amortization	155,000,000		159,000,000		290,000,000	328,000,000
Exploration Expense	0		0		0	0
(Income) Loss From Equity-Accounted Affiliates	0		0		0	0
Segment Income (Loss)	733,000,000		109,000,000		1,115,000,000	114,000,000
Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	87,000,000		10,000,000		197,000,000	31,000,000
Downstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	(41,000,000)		23,000,000		(14,000,000)	33,000,000
Oil Sands
Revenues
Gross Sales			5,075,000,000			9,993,000,000
Expenses
Purchased Product		1,212,000,000	430,000,000			1,119,000,000
Transportation and Blending		3,156,000,000	1,984,000,000			3,934,000,000
Oil Sands | Upstream
Revenues
Gross Sales	10,048,000,000		5,075,000,000		19,266,000,000	9,993,000,000
Less: Royalties	1,491,000,000		469,000,000		2,573,000,000	793,000,000
Revenue	8,557,000,000		4,606,000,000		16,693,000,000	9,200,000,000
Expenses
Purchased Product	1,071,000,000		430,000,000		2,283,000,000	1,119,000,000
Transportation and Blending	3,200,000,000		1,984,000,000		6,356,000,000	3,934,000,000
Operating	806,000,000		592,000,000		1,508,000,000	1,177,000,000
Operating Margin	2,921,000,000		1,411,000,000		5,120,000,000	2,552,000,000
Depreciation, Depletion and Amortization	690,000,000		627,000,000		1,325,000,000	1,239,000,000
Exploration Expense	(1,000,000)		2,000,000		0	13,000,000
(Income) Loss From Equity-Accounted Affiliates	8,000,000		(5,000,000)		8,000,000	(5,000,000)
Segment Income (Loss)	2,547,000,000		413,000,000		3,844,000,000	1,072,000,000
Oil Sands | Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	559,000,000		189,000,000		1,426,000,000	418,000,000
Oil Sands | Upstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	(323,000,000)		374,000,000		(57,000,000)	233,000,000
Conventional | Upstream
Revenues
Gross Sales	1,079,000,000		626,000,000		2,191,000,000	1,402,000,000
Less: Royalties	89,000,000		39,000,000		160,000,000	63,000,000
Revenue	990,000,000		587,000,000		2,031,000,000	1,339,000,000
Expenses
Purchased Product	390,000,000		287,000,000		996,000,000	668,000,000
Transportation and Blending	34,000,000		19,000,000		68,000,000	37,000,000
Operating	128,000,000		140,000,000		262,000,000	282,000,000
Operating Margin	434,000,000		142,000,000		697,000,000	352,000,000
Depreciation, Depletion and Amortization	99,000,000		102,000,000		179,000,000	210,000,000
Exploration Expense	1,000,000		1,000,000		1,000,000	(3,000,000)
(Income) Loss From Equity-Accounted Affiliates	0		0		0	0
Segment Income (Loss)	335,000,000		37,000,000		518,000,000	144,000,000
Conventional | Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	4,000,000		(1,000,000)		8,000,000	0
Conventional | Upstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	(1,000,000)		2,000,000		(1,000,000)	1,000,000
Offshore | Upstream
Revenues
Gross Sales	558,000,000		427,000,000		1,125,000,000	858,000,000
Less: Royalties	2,000,000		25,000,000		34,000,000	50,000,000
Revenue	556,000,000		402,000,000		1,091,000,000	808,000,000
Expenses
Purchased Product	0		0		0	0
Transportation and Blending	4,000,000		3,000,000		8,000,000	7,000,000
Operating	76,000,000		59,000,000		149,000,000	117,000,000
Operating Margin	476,000,000		340,000,000		934,000,000	684,000,000
Depreciation, Depletion and Amortization	159,000,000		117,000,000		309,000,000	242,000,000
Exploration Expense	10,000,000		1,000,000		25,000,000	0
(Income) Loss From Equity-Accounted Affiliates	(6,000,000)		(12,000,000)		(10,000,000)	(24,000,000)
Segment Income (Loss)	313,000,000		234,000,000		610,000,000	466,000,000
Offshore | Upstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0		0		0	0
Offshore | Upstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	0		0		0	0
Canadian Manufacturing | Downstream
Revenues
Gross Sales	1,521,000,000		1,088,000,000		2,565,000,000	1,894,000,000
Less: Royalties	0		0		0	0
Revenue	1,521,000,000		1,088,000,000		2,565,000,000	1,894,000,000
Expenses
Purchased Product	1,296,000,000		807,000,000		2,100,000,000	1,438,000,000
Transportation and Blending	(2,000,000)		0		0	0
Operating	180,000,000		92,000,000		304,000,000	185,000,000
Operating Margin	47,000,000		189,000,000		161,000,000	271,000,000
Depreciation, Depletion and Amortization	64,000,000		43,000,000		106,000,000	86,000,000
Exploration Expense	0		0		0	0
(Income) Loss From Equity-Accounted Affiliates	0		0		0	0
Segment Income (Loss)	(17,000,000)		146,000,000		55,000,000	185,000,000
Canadian Manufacturing | Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0		0		0	0
Canadian Manufacturing | Downstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	0		0		0	0
U.S. Manufacturing | Downstream
Revenues
Gross Sales	8,474,000,000		4,729,000,000		14,983,000,000	8,166,000,000
Less: Royalties	0		0		0	0
Revenue	8,474,000,000		4,729,000,000		14,983,000,000	8,166,000,000
Expenses
Purchased Product	6,939,000,000		4,229,000,000		12,421,000,000	7,149,000,000
Transportation and Blending	0		0		0	0
Operating	655,000,000		394,000,000		1,149,000,000	799,000,000
Operating Margin	793,000,000		96,000,000		1,216,000,000	187,000,000
Depreciation, Depletion and Amortization	83,000,000		103,000,000		168,000,000	217,000,000
Exploration Expense	0		0		0	0
(Income) Loss From Equity-Accounted Affiliates	0		0		0	0
Segment Income (Loss)	751,000,000		(30,000,000)		1,062,000,000	(63,000,000)
U.S. Manufacturing | Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	87,000,000		10,000,000		197,000,000	31,000,000
U.S. Manufacturing | Downstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	(41,000,000)		23,000,000		(14,000,000)	33,000,000
Retail | Downstream
Revenues
Gross Sales	849,000,000		501,000,000		1,543,000,000	948,000,000
Less: Royalties	0		0		0	0
Revenue	849,000,000		501,000,000		1,543,000,000	948,000,000
Expenses
Purchased Product	811,000,000		466,000,000		1,471,000,000	883,000,000
Transportation and Blending	0		0		0	0
Operating	31,000,000		29,000,000		58,000,000	48,000,000
Operating Margin	7,000,000		6,000,000		14,000,000	17,000,000
Depreciation, Depletion and Amortization	8,000,000		13,000,000		16,000,000	25,000,000
Exploration Expense	0		0		0	0
(Income) Loss From Equity-Accounted Affiliates	0		0		0	0
Segment Income (Loss)	(1,000,000)		(7,000,000)		(2,000,000)	(8,000,000)
Retail | Downstream | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	0		0		0	0
Retail | Downstream | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	0		0		0	0
Corporate and Eliminations
Revenues
Gross Sales	(1,782,000,000)		(1,276,000,000)		(3,543,000,000)	(2,425,000,000)
Less: Royalties	0		0		0	0
Revenue	(1,782,000,000)		(1,276,000,000)		(3,543,000,000)	(2,425,000,000)
Expenses
Purchased Product	(1,111,000,000)	(1,282,000,000)	(964,000,000)		(2,393,000,000)	(1,799,000,000)
Transportation and Blending	(188,000,000)	$ (221,000,000)	(152,000,000)		(409,000,000)	(305,000,000)
Operating	(395,000,000)		(162,000,000)		(662,000,000)	(330,000,000)
Depreciation, Depletion and Amortization	29,000,000		31,000,000		59,000,000	62,000,000
Exploration Expense	0		0		0	0
(Income) Loss From Equity-Accounted Affiliates	0		4,000,000		0	2,000,000
Segment Income (Loss)	(115,000,000)		(36,000,000)		(147,000,000)	(133,000,000)
General and Administrative	218,000,000		170,000,000		417,000,000	333,000,000
Finance Costs	195,000,000		232,000,000		424,000,000	476,000,000
Interest Income	(8,000,000)		(3,000,000)		(23,000,000)	(7,000,000)
Integration Costs	28,000,000		34,000,000		52,000,000	257,000,000
Foreign Exchange (Gain) Loss, Net	192,000,000		(172,000,000)		90,000,000	(289,000,000)
Re-measurement of Contingent Payment	15,000,000		249,000,000		251,000,000	436,000,000
Gain on Divestiture of Assets	(62,000,000)		(60,000,000)		(304,000,000)	(72,000,000)
Other (Income) Loss, Net	(38,000,000)		(29,000,000)		(408,000,000)	(101,000,000)
Total Non-operating (Income) Expense	540,000,000		421,000,000		499,000,000	1,033,000,000
Corporate and Eliminations | Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management	14,000,000		1,000,000		7,000,000	92,000,000
Corporate and Eliminations | Unrealized (Gain) Loss on Risk Management
Expenses
(Gain) Loss on Risk Management	$ (16,000,000)		$ 2,000,000		$ 2,000,000	$ (14,000,000)
[1]See Note 3 for revisions to prior period results.

Description of Business and S_5

Description of Business and Segmented Disclosures - Schedule of Revenues by Product (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
U.S. Manufacturing
Retail	$ 19,165	$ 10,637	[1]	$ 35,363	$ 19,930	[1]
Consolidated	19,165	10,637	[1]	35,363	19,930	[1]
Corporate and Eliminations
U.S. Manufacturing
Retail	(1,782)	(1,276)		(3,543)	(2,425)
Corporate and Eliminations	(1,782)	(1,276)		(3,543)	(2,425)
Consolidated	(1,782)	(1,276)		(3,543)	(2,425)
Upstream
Upstream
Crude Oil	7,985	4,185		15,638	8,431
NGLs	1,172	549		2,234	1,167
Natural Gas	811	724		1,708	1,500
Other	135	137		235	249
Canadian Manufacturing
Synthetic Crude Oil	7,985	4,185		15,638	8,431
Downstream | Canadian Manufacturing
Upstream
Crude Oil	759	451		1,129	797
Canadian Manufacturing
Synthetic Crude Oil	759	451		1,129	797
Diesel and Distillate	124	91		254	176
Asphalt	150	116		234	181
Other Products and Services	488	430		948	740
U.S. Manufacturing
Diesel and Distillate	124	91		254	176
Other Products	488	430		948	740
Downstream | U.S. Manufacturing
Canadian Manufacturing
Diesel and Distillate	2,991	1,547		5,151	2,778
Other Products and Services	1,450	647		2,571	1,085
U.S. Manufacturing
Gasoline	4,033	2,535		7,261	4,303
Diesel and Distillate	2,991	1,547		5,151	2,778
Other Products	1,450	647		2,571	1,085
Downstream | Retail
U.S. Manufacturing
Retail	849	501		1,543	948
Consolidated	$ 849	$ 501		$ 1,543	$ 948
[1]See Note 3 for revisions to prior period results.

Description of Business and S_6

Description of Business and Segmented Disclosures - Schedule of Geographical Information (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021		Dec. 31, 2021
Disclosure of geographical areas [line items]
Revenue	$ 19,165	$ 10,637	[1]	$ 35,363	$ 19,930	[1]
Non-Current Assets	39,513			39,513			$ 40,968
Current assets	15,321			15,321			11,988
Retail | Canada | Assets and liabilities classified as held for sale
Disclosure of geographical areas [line items]
Current assets	525			525			552
Oil Sands | Canada | Assets and liabilities classified as held for sale
Disclosure of geographical areas [line items]
Current assets							593
Conventional | Canada | Assets and liabilities classified as held for sale
Disclosure of geographical areas [line items]
Current assets							159
Canada
Disclosure of geographical areas [line items]
Revenue	9,674	5,222		18,472	10,734
Non-Current Assets	32,426			32,426			33,981
United States
Disclosure of geographical areas [line items]
Revenue	9,159	5,124		16,185	8,601
Non-Current Assets	4,436			4,436			4,093
China
Disclosure of geographical areas [line items]
Revenue	332	$ 291		706	$ 595
Non-Current Assets	2,321			2,321			2,583
Indonesia
Disclosure of geographical areas [line items]
Non-Current Assets	$ 330			$ 330			$ 311
[1]See Note 3 for revisions to prior period results.

Description of Business and S_7

Description of Business and Segmented Disclosures - Schedule of Assets by Segment (Detail) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	$ 725	$ 720
Property, plant and equipment	32,851	34,225
Right-of-use assets	1,916	2,010
Goodwill	3,473	3,473
Assets	55,894	54,104
Current assets	15,321	11,988
Oil Sands
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	659	653
Property, plant and equipment	21,734	22,535
Right-of-use assets	738	754
Goodwill	3,473	3,473
Assets	30,917	31,070
Oil Sands | Canada | Assets and liabilities classified as held for sale
Disclosure Of Reportable Segments [Line Items]
Current assets		593
Conventional
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	5	6
Property, plant and equipment	1,797	2,174
Right-of-use assets	2	2
Goodwill	0	0
Assets	3,110	3,026
Conventional | Canada | Assets and liabilities classified as held for sale
Disclosure Of Reportable Segments [Line Items]
Current assets		159
Offshore
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	61	61
Property, plant and equipment	2,390	2,822
Right-of-use assets	160	160
Goodwill	0	0
Assets	3,115	3,597
Canadian Manufacturing
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	0	0
Property, plant and equipment	2,274	2,353
Right-of-use assets	291	339
Goodwill	0	0
Assets	2,786	2,918
U.S. Manufacturing
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	0	0
Property, plant and equipment	4,103	3,745
Right-of-use assets	246	252
Goodwill	0	0
Assets	9,489	7,777
Retail
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	0	0
Property, plant and equipment	184	205
Right-of-use assets	39	49
Goodwill	0	0
Assets	992	966
Retail | Canada | Assets and liabilities classified as held for sale
Disclosure Of Reportable Segments [Line Items]
Current assets	525	552
Corporate and Eliminations
Disclosure Of Reportable Segments [Line Items]
Intangible exploration and evaluation assets	0	0
Property, plant and equipment	369	391
Right-of-use assets	440	454
Goodwill	0	0
Assets	$ 5,485	$ 4,750

Description of Business and S_8

Description of Business and Segmented Disclosures - Schedule of Capital Expenditures (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Reportable Segments [Line Items]
Capital Investment	$ 822	$ 534	$ 1,568	$ 1,081
Acquisition Capital	1	0	1	7
Acquisitions	0	0	0	13,341
Total Capital Expenditures	823	534	1,569	14,429
Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	500	264	1,016	574
Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	305	252	527	462
Oil Sands
Disclosure Of Reportable Segments [Line Items]
Acquisition Capital	0	0	0	3
Acquisitions	0	0	0	5,002
Oil Sands | Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	376	201	751	419
Conventional
Disclosure Of Reportable Segments [Line Items]
Acquisition Capital	1	0	1	4
Acquisitions	0	0	0	547
Conventional | Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	33	28	121	94
Offshore
Disclosure Of Reportable Segments [Line Items]
Acquisitions	0	0	0	3,045
Offshore | Asia Pacific | Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	2	1	2	3
Offshore | Atlantic Region | Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	89	34	142	58
Canadian Manufacturing
Disclosure Of Reportable Segments [Line Items]
Acquisitions	0	0	0	2,283
Canadian Manufacturing | Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	36	10	50	14
U.S. Manufacturing
Disclosure Of Reportable Segments [Line Items]
Acquisitions	0	0	0	1,618
U.S. Manufacturing | Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	267	237	474	442
Retail
Disclosure Of Reportable Segments [Line Items]
Acquisitions	0	0	0	690
Retail | Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	2	5	3	6
Corporate and Eliminations
Disclosure Of Reportable Segments [Line Items]
Capital Investment	17	18	25	45
Acquisitions	$ 0	$ 0	$ 0	$ 156

Update to Significant Account_4

Update to Significant Accounting Policies, Critical Accounting Judgements and Key Sources of Estimation Uncertainty - Schedule of Revision (Details) - CAD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Disclosure of changes in accounting estimates [line items]
Gross Sales	$ 20,747		$ 11,170	[1]	$ 38,130	$ 20,836	[1]
Purchased Product	9,396	$ 7,482	5,255	[1]	16,878	9,458	[1]
Transportation and Blending	3,048	2,975	1,854	[1]	6,023	3,673	[1]
Gross Sales Less Purchased Product And Transportation And Blending		10,457	4,061			7,705
Oil Sands
Disclosure of changes in accounting estimates [line items]
Gross Sales			5,075			9,993
Purchased Product		1,212	430			1,119
Transportation and Blending		3,156	1,984			3,934
Gross Sales Less Purchased Product And Transportation And Blending		4,368	2,661			4,940
Corporate and Eliminations
Disclosure of changes in accounting estimates [line items]
Gross Sales	(1,782)		(1,276)		(3,543)	(2,425)
Purchased Product	(1,111)	(1,282)	(964)		(2,393)	(1,799)
Transportation and Blending	$ (188)	(221)	(152)		$ (409)	(305)
Gross Sales Less Purchased Product And Transportation And Blending		(1,503)	(1,116)			(2,104)
Previously Reported
Disclosure of changes in accounting estimates [line items]
Gross Sales			11,110			20,633
Purchased Product		7,538	5,253			9,347
Transportation and Blending		2,919	1,796			3,581
Gross Sales Less Purchased Product And Transportation And Blending		10,457	4,061			7,705
Previously Reported | Oil Sands
Disclosure of changes in accounting estimates [line items]
Gross Sales			5,015			9,790
Purchased Product		1,483	574			1,292
Transportation and Blending		2,885	1,780			3,558
Gross Sales Less Purchased Product And Transportation And Blending		4,368	2,661			4,940
Previously Reported | Corporate and Eliminations
Disclosure of changes in accounting estimates [line items]
Purchased Product		(1,497)	(1,110)			(2,083)
Transportation and Blending		(6)	(6)			(21)
Gross Sales Less Purchased Product And Transportation And Blending		(1,503)	(1,116)			(2,104)
Revisions
Disclosure of changes in accounting estimates [line items]
Gross Sales			60			203
Purchased Product		(56)	2			111
Transportation and Blending		56	58			92
Gross Sales Less Purchased Product And Transportation And Blending		0	0			0
Revisions | Oil Sands
Disclosure of changes in accounting estimates [line items]
Gross Sales			60			203
Purchased Product		(271)	(144)			(173)
Transportation and Blending		271	204			376
Gross Sales Less Purchased Product And Transportation And Blending		0	0			0
Revisions | Corporate and Eliminations
Disclosure of changes in accounting estimates [line items]
Purchased Product		215	146			284
Transportation and Blending		(215)	(146)			(284)
Gross Sales Less Purchased Product And Transportation And Blending		$ 0	$ 0			$ 0
[1]See Note 3 for revisions to prior period results.

General and Administrative - Su

General and Administrative - Summary of General and Administrative Expenses (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
General And Administrative Expenses [Abstract]
Salaries and Benefits	$ 70	$ 79		$ 142	$ 149
Administrative and Other	61	50		90	108
Stock-Based Compensation Expense (Recovery) (Note 25)	87	34		194	69
Other Incentive Benefits Expense (Recovery)	0	7		(9)	7
General and Administrative Expenses	$ 218	$ 170	[1]	$ 417	$ 333	[1]
[1]See Note 3 for revisions to prior period results.

Finance Costs - Schedule of Fin

Finance Costs - Schedule of Finance Costs (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Finance Costs [Abstract]
Interest Expense – Short-Term Borrowings and Long-Term Debt	$ 130	$ 136		$ 260	$ 278
Net premium (discount) on redemption of long-term debt		0		(25)	0
Interest Expense - Lease Liabilities	41	42		83	86
Unwinding of Discount on Decommissioning Liabilities	45	46		89	94
Other	12	8		18	18
Finance Costs, Including Capitalized Interest	196	232		425	476
Capitalized Interest	(1)	0		(1)	0
Total Finance Costs	$ 195	$ 232	[1]	$ 424	$ 476	[1]
[1]See Note 3 for revisions to prior period results.

Integration Costs - Summary of

Integration Costs - Summary of Transaction Costs (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Business Combinations [Abstract]
Transaction Costs	$ 0	$ 0	$ 0	$ 65
Integration Related Costs	25	24	48	37
Severance Payments	3	10	4	155
Total transaction costs	$ 28	$ 34	$ 52	$ 257

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net - Schedule of Foreign Exchange Gain Loss Net (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 260	$ (192)		$ 121	$ (331)
Realized Foreign Exchange (Gain) Loss	(68)	20		(31)	42
Total	192	(172)	[1]	90	(289)	[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	273	(150)		120	(280)
Other
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ (13)	$ (42)		$ 1	$ (51)
[1]See Note 3 for revisions to prior period results.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - CAD ($) $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 13, 2022

Jun. 08, 2022

May 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Sep. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

[1]

Disclosure of analysis of single amount of discontinued operations [line items]

Before-tax gain on disposal

$ 62

$ 60

[1]

$ 304

$ 72

White Rose Field

Disclosure of analysis of single amount of discontinued operations [line items]

Before-tax gain on disposal

$ 62

After-tax gain on disposal

$ 47

Percentage of working interest acquired

1,250%

Payment to transfer working interest

$ 50

Tucker

Disclosure of analysis of single amount of discontinued operations [line items]

Proceeds from disposal of oil and gas assets

$ 730

Before-tax gain on disposal

165

After-tax gain on disposal

$ 126

Wembley

Disclosure of analysis of single amount of discontinued operations [line items]

Proceeds from disposal of oil and gas assets

$ 221

Before-tax gain on disposal

76

After-tax gain on disposal

$ 58

Headwater Exploration Inc.

Disclosure of analysis of single amount of discontinued operations [line items]

Proceeds from disposal of oil and gas assets

$ 110

Sunrise Oil Sands Partnership

Disclosure of analysis of single amount of discontinued operations [line items]

Agreement to purchase remaining ownership

50%

Purchase of oil and gas assets

$ 600

Contingent consideration maximum payment

$ 600

Contingent consideration period of transaction

2 years

Proportion of ownership interest in joint operation

35%

50%

Marten Hills, Alberta

Disclosure of analysis of single amount of discontinued operations [line items]

Proceeds from disposal of oil and gas assets

102

Before-tax gain on disposal

60

After-tax gain on disposal

$ 47

[1]See Note 3 for revisions to prior period results.

Other (Income) Loss, Net (Detai

Other (Income) Loss, Net (Details) - CAD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
2018 Superior Refinery
Disclosure of attribution of expenses by nature to their function [line items]
Proceeds from insurance	$ 0	$ 0	$ 268,000,000	$ 45,000,000
2018 Atlantic Region
Disclosure of attribution of expenses by nature to their function [line items]
Proceeds from insurance	$ 5,000,000	$ 0	$ 57,000,000	$ 0

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	$ 902	$ 49		$ 1,327	$ 96
Deferred Tax Expense (Recovery)	(61)	63		57	90
Tax Expense (Recovery) From Continuing Operations	841	112	[1]	1,384	186	[1]
Canada
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	570	2		937	14
United States
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	261	0		281	0
Asia Pacific
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	71	47		109	81
Other International
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	$ 0	$ 0		$ 0	$ 1
[1]See Note 3 for revisions to prior period results.

Per Share Amounts - Schedule Re

Per Share Amounts - Schedule Representing Per Share Amounts (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Earnings per share [line items]
Net Earnings (Loss)	$ 2,432	$ 224	[1]	$ 4,057	$ 444	[1]
Effect of Cumulative Dividends on Preferred Shares	(8)	(8)		(17)	(17)
Net Earnings (Loss) – Basic and Diluted	$ 2,424	$ 216		$ 4,040	$ 427
Basic – Weighted Average Number of Shares (in shares)	1,971.3	2,017.5		1,980.6	2,017.5
Dilutive Effect of Warrants (in shares)	47.5	24.3		46.2	21.1
Dilutive Effect of Net Settlement Rights (in shares)	10.6	0.3		11.9	0
Diluted – Weighted Average Number of Shares (in shares)	2,029.4	2,042.1		2,038.7	2,038.6
Net Earnings (Loss) Per Share — Basic (CAD per share)	$ 1.23	$ 0.11	[1]	$ 2.04	$ 0.21	[1]
Net Earnings (Loss) Per Share — Diluted (CAD per share)	$ 1.19	$ 0.11	[1]	$ 1.98	$ 0.21	[1]
Common shares
Earnings per share [line items]
Instruments excluded from calculation	$ 24	$ 6		$ 41	$ 12
Instruments excluded from calculation, shares (in shares)	2	1.9		1.8	1.8
[1]See Note 3 for revisions to prior period results.

Per Share Amounts - Additional

Per Share Amounts - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jul. 27, 2022	Jun. 30, 2022	Jun. 30, 2021
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid on common shares		$ 276	$ 71
Dividends paid (in CAD per share)		$ 0.1400	$ 0.0350
Common shares
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid on common shares		$ 276	$ 71
Preference shares
Disclosure of non-adjusting events after reporting period [line items]
Dividends paid on common shares		$ 17	$ 17
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners	$ 9
Potential ordinary share transactions | Common shares
Disclosure of non-adjusting events after reporting period [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share	$ 0.105

Per Share Amounts - Preferred S

Per Share Amounts - Preferred Share Dividends (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	$ 8	$ 8	$ 17	$ 17
Series 1 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	2	2	4	4
Series 2 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	0	0	0	0
Series 3 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	3	3	6	6
Series 5 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	2	2	4	4
Series 7 First Preferred Shares
Earnings per share [line items]
Total Declared and Paid Preferred Share Dividends	$ 1	$ 1	$ 3	$ 3

Assets Held For Sale - Narrativ

Assets Held For Sale - Narrative (Details) - Retail $ in Millions		6 Months Ended
	Nov. 30, 2021 CAD ($) gasStation	Jun. 30, 2022 CAD ($)	Jun. 30, 2021 CAD ($)
Disclosure of analysis of single amount of discontinued operations [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		$ 6	$ 7

Assets Held For Sale (Details)

Assets Held For Sale (Details) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of analysis of single amount of discontinued operations [line items]
Property, Plant and Equipment, Net	$ 32,851	$ 34,225
Right-of-Use Assets, Net	1,916	2,010
Goodwill	3,473	3,473
Lease liabilities	(2,866)	(2,957)
Provision for decommissioning, restoration and rehabilitation costs	(2,788)	(3,906)
Retail
Disclosure of analysis of single amount of discontinued operations [line items]
Property, Plant and Equipment, Net	184	205
Right-of-Use Assets, Net	39	49
Goodwill	0	0
Non-current assets held for sale
Disclosure of analysis of single amount of discontinued operations [line items]
Property, Plant and Equipment, Net		1,162
Right-of-Use Assets, Net		54
Goodwill		88
Non-current assets held for sale | Retail
Disclosure of analysis of single amount of discontinued operations [line items]
Property, Plant and Equipment, Net	470	498
Right-of-Use Assets, Net	55	54
Goodwill	0	0
Non-current assets held for sale | Tucker
Disclosure of analysis of single amount of discontinued operations [line items]
Property, Plant and Equipment, Net		505
Right-of-Use Assets, Net		0
Goodwill		88
Non-current assets held for sale | Wembley
Disclosure of analysis of single amount of discontinued operations [line items]
Property, Plant and Equipment, Net		159
Right-of-Use Assets, Net		0
Goodwill		0
Assets and liabilities classified as held for sale
Disclosure of analysis of single amount of discontinued operations [line items]
Lease liabilities		(58)
Provision for decommissioning, restoration and rehabilitation costs		(128)
Assets and liabilities classified as held for sale | Retail
Disclosure of analysis of single amount of discontinued operations [line items]
Lease liabilities	(54)	(58)
Provision for decommissioning, restoration and rehabilitation costs	$ (65)	(86)
Assets and liabilities classified as held for sale | Tucker
Disclosure of analysis of single amount of discontinued operations [line items]
Lease liabilities		0
Provision for decommissioning, restoration and rehabilitation costs		(33)
Assets and liabilities classified as held for sale | Wembley
Disclosure of analysis of single amount of discontinued operations [line items]
Lease liabilities		0
Provision for decommissioning, restoration and rehabilitation costs		$ (9)

Exploration and Evaluation As_3

Exploration and Evaluation Assets, Net - Summary of Exploration and Valuation Assets, Net (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	[1]	Jun. 30, 2022	Jun. 30, 2021	[1]
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning Balance				$ 720
Exploration Expense	$ (10)	$ (4)		(26)	$ (10)
Ending Balance	725			725
E&E Assets
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning Balance				720
Additions				13
Change in Decommissioning Liabilities				(12)
Exchange Rate Movements and Other				4
Ending Balance	$ 725			$ 725
[1]See Note 3 for revisions to prior period results.

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 CAD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	$ 34,225
Ending Balance	32,851
COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	50,901
Additions	1,556
Change in Decommissioning Liabilities	(1,030)
Exchange Rate Movements and Other	157
Ending Balance	51,584
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(16,676)
Depreciation, Depletion and Amortization (2)	2,016
Exchange Rate Movements and Other	(41)
Ending Balance	(18,733)
Oil and Gas Properties
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	27,531
Ending Balance	25,921
Oil and Gas Properties | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	38,443
Additions	1,004
Change in Decommissioning Liabilities	(944)
Exchange Rate Movements and Other	22
Ending Balance	38,525
Oil and Gas Properties | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(10,912)
Depreciation, Depletion and Amortization (2)	1,707
Exchange Rate Movements and Other	15
Ending Balance	(12,604)
Processing, Transportation and Storage Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	175
Ending Balance	143
Processing, Transportation and Storage Assets | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	228
Additions	2
Change in Decommissioning Liabilities	(3)
Exchange Rate Movements and Other	2
Ending Balance	229
Processing, Transportation and Storage Assets | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(53)
Depreciation, Depletion and Amortization (2)	38
Exchange Rate Movements and Other	5
Ending Balance	(86)
Manufacturing Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	5,923
Ending Balance	6,234
Manufacturing Assets | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	10,495
Additions	522
Change in Decommissioning Liabilities	(63)
Exchange Rate Movements and Other	122
Ending Balance	11,076
Manufacturing Assets | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(4,572)
Depreciation, Depletion and Amortization (2)	213
Exchange Rate Movements and Other	(57)
Ending Balance	(4,842)
Retail and Other Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	596
Ending Balance	553
Retail and Other Assets | COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	1,735
Additions	28
Change in Decommissioning Liabilities	(20)
Exchange Rate Movements and Other	11
Ending Balance	1,754
Retail and Other Assets | ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(1,139)
Depreciation, Depletion and Amortization (2)	58
Exchange Rate Movements and Other	(4)
Ending Balance	$ (1,201)

Right of Use Assets, Net - Summ

Right of Use Assets, Net - Summary of Right of Use Assets, Net (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 CAD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	$ 2,010
Balance at end of period	1,916
COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	2,656
Additions	3
Modifications	42
Re-measurements	3
Terminations Right Of Use Asset	(6)
Exchange Rate Movements and Other	(9)
Balance at end of period	2,689
ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	646
Depreciation	146
Terminations Right Of Use Asset	(6)
Exchange Rate Movements and Other	(13)
Balance at end of period	773
Real Estate
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	500
Balance at end of period	490
Real Estate | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	592
Additions	0
Modifications	9
Re-measurements	0
Terminations Right Of Use Asset	0
Exchange Rate Movements and Other	(4)
Balance at end of period	597
Real Estate | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	92
Depreciation	17
Terminations Right Of Use Asset	0
Exchange Rate Movements and Other	(2)
Balance at end of period	107
Transportation And Storage Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1,321
Balance at end of period	1,248
Transportation And Storage Assets | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1,841
Additions	3
Modifications	30
Re-measurements	4
Terminations Right Of Use Asset	(6)
Exchange Rate Movements and Other	(9)
Balance at end of period	1,863
Transportation And Storage Assets | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	520
Depreciation	111
Terminations Right Of Use Asset	(6)
Exchange Rate Movements and Other	(10)
Balance at end of period	615
Manufacturing Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	128
Balance at end of period	123
Manufacturing Assets | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	161
Additions	0
Modifications	2
Re-measurements	2
Terminations Right Of Use Asset	0
Exchange Rate Movements and Other	2
Balance at end of period	167
Manufacturing Assets | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	33
Depreciation	11
Terminations Right Of Use Asset	0
Exchange Rate Movements and Other	0
Balance at end of period	44
Retail and Other
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	61
Balance at end of period	55
Retail and Other | COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	62
Additions	0
Modifications	1
Re-measurements	(3)
Terminations Right Of Use Asset	0
Exchange Rate Movements and Other	2
Balance at end of period	62
Retail and Other | ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1
Depreciation	7
Terminations Right Of Use Asset	0
Exchange Rate Movements and Other	(1)
Balance at end of period	$ 7

Joint Arrangements - Joint Oper

Joint Arrangements - Joint Operations (Details)		6 Months Ended
	Jun. 13, 2022	Jun. 30, 2022
BP-Husky Refining LLC
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation		50%
Sunrise Oil Sands Partnership
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	35%	50%
WRB Refining LP
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation		50%

Joint Arrangements - Husky - CN

Joint Arrangements - Husky - CNOOC Madura Ltd (Details) - CAD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021		Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Results of Operations
Revenue	$ 19,165,000,000	$ 10,637,000,000	[1]	$ 35,363,000,000	$ 19,930,000,000	[1]
Operating	1,481,000,000	1,144,000,000	[1]	2,768,000,000	2,278,000,000	[1]
Net Earnings (Loss)	2,432,000,000	224,000,000	[1]	4,057,000,000	444,000,000	[1]
Balance Sheets
Current assets	15,321,000,000			15,321,000,000				$ 11,988,000,000
Current Liabilities	8,865,000,000			8,865,000,000				7,305,000,000
Cash and Cash Equivalents	3,693,000,000	1,055,000,000		3,693,000,000	1,055,000,000		$ 3,399,000,000	2,873,000,000	$ 873,000,000	$ 378,000,000
Shareholders’ Equity	26,275,000,000	23,629,000,000		$ 26,275,000,000	23,629,000,000			23,596,000,000		$ 16,707,000,000
Husky-CNOOC Madura Ltd.
Disclosure of joint ventures [line items]
Share of equity investment				40%
Results of Operations
Revenue	63,000,000	110,000,000		$ 129,000,000	229,000,000
Operating	63,000,000	128,000,000		127,000,000	255,000,000
Net Earnings (Loss)	0	(18,000,000)		2,000,000	(26,000,000)
Balance Sheets
Current assets	188,000,000			188,000,000				167,000,000
Non-Current Assets	1,477,000,000			1,477,000,000				1,433,000,000
Current Liabilities	117,000,000			117,000,000				62,000,000
Non-Current Liabilities	894,000,000			894,000,000				896,000,000
Net Assets	654,000,000			654,000,000				642,000,000
Cash and Cash Equivalents	47,000,000			47,000,000				46,000,000
Shareholders’ Equity	10,000,000	$ 24,000,000		10,000,000	24,000,000
Investments in Equity-Accounted Affiliates	$ 330,000,000			330,000,000				$ 311,000,000
Distributions received				19,000,000	52,000,000
Joint venture, contributions				$ 25,000,000	$ 0
[1]See Note 3 for revisions to prior period results.

Joint Arrangements - Husky Mids

Joint Arrangements - Husky Midstream Limited Partnership (Details) - CAD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	[1]	Jun. 30, 2022	Jun. 30, 2021		Dec. 31, 2021
Disclosure of joint ventures [line items]
Net Earnings (Loss)	$ 2,432,000,000	$ 224,000,000		$ 4,057,000,000	$ 444,000,000	[1]
Husky Midstream Limited Partnership
Disclosure of joint ventures [line items]
Share of equity investment				35%
Net Earnings (Loss)				$ 80,000,000	50,000,000
Unrecognised share of pre-tax net losses of joint ventures				6,000,000	12,000,000
Investments in Equity-Accounted Affiliates	$ 0			0			$ 0
Unrecognised share of losses of joint ventures				17,000,000	7,000,000
Dividends received				22,000,000	37,000,000
Joint venture, contributions				$ 30,000,000	$ 32,000,000
Husky Midstream Limited Partnership | Power Assets Holding Ltd.
Disclosure of joint ventures [line items]
Share of equity investment				49%
Husky Midstream Limited Partnership | Cheung Kong Infrastructure Holdings Ltd.
Disclosure of joint ventures [line items]
Share of equity investment				16%
[1]See Note 3 for revisions to prior period results.

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions		3 Months Ended			6 Months Ended
	Jun. 08, 2022	Jun. 30, 2022	Jun. 30, 2021	[1]	Jun. 30, 2022	Jun. 30, 2021	[1]	Dec. 31, 2021
Disclosure of classes of share capital [Line Items]
Intangible Assets		$ 73			$ 73			$ 78
Private Equity Investments		53			53			53
Other Equity Investments		0			0			77
Net Investment in Finance Leases		63			63			60
Long-Term Receivables and Prepaids		53			53			77
Precious Metals		79			79			85
Other		2			2			1
Other assets		323			323			$ 431
Before-tax gain on disposal		$ 62	$ 60		$ 304	$ 72
Headwater Exploration Inc.
Disclosure of classes of share capital [Line Items]
Proceeds from disposal of oil and gas assets	$ 110
[1]See Note 3 for revisions to prior period results.

Debt and Capital Structure - Sc

Debt and Capital Structure - Schedule of Short-Term Borrowings (Detail) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Uncommitted demand facilities	$ 0	$ 0
Total Debt Principal	0	79
WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Uncommitted demand facilities	0	79
Sunrise Oil Sands Partnership
Disclosure of detailed information about borrowings [line items]
Uncommitted demand facilities	$ 0	$ 0

Debt and Capital Structure - Ad

Debt and Capital Structure - Additional Information (Detail)			3 Months Ended		6 Months Ended
	Feb. 09, 2022 CAD ($)	Feb. 09, 2022 USD ($)	Jun. 30, 2022 CAD ($)	Jun. 30, 2021 CAD ($)	Jun. 30, 2022 CAD ($) $ / bbl	Jun. 30, 2021 CAD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about borrowings [line items]
Outstanding letters of credit			$ 514,000,000		$ 514,000,000			$ 565,000,000
Committed demand facilities			0		0			0
Repayments of long-term debt			$ 750,000,000	$ 0	1,260,000,000	$ 0
Net premium (discount) on redemption of long-term debt				$ 0	$ (25,000,000)	0
Maximum debt to capitalization ratio			65%		65%		65%
Target net debt			$ 4,000,000,000		$ 4,000,000,000
Average crude oil price | $ / bbl					45
WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Committed demand facilities			0		$ 0			79,000,000
Sunrise Oil Sands Partnership
Disclosure of detailed information about borrowings [line items]
Committed demand facilities			0		0			0
Maximum
Disclosure of detailed information about borrowings [line items]
Credit facilities, maximum borrowing capacity			1,900,000,000		1,900,000,000			1,900,000,000
Amount of undrawn facilities for general purposes			1,400,000,000		1,400,000,000			1,400,000,000
Maximum | WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Committed demand facilities							$ 450,000,000		$ 300,000,000
Maximum | WRB Refining LP | Cenovus Energy Inc
Disclosure of detailed information about borrowings [line items]
Committed demand facilities							225,000,000		150,000,000
Maximum | Sunrise Oil Sands Partnership
Disclosure of detailed information about borrowings [line items]
Committed demand facilities			10,000,000		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		$ 5,000,000
Minimum
Disclosure of detailed information about borrowings [line items]
Target net debt to adjusted EBITDA ratio					1
Committed Credit Facilities, Maturing August 18, 2024
Disclosure of detailed information about borrowings [line items]
Credit facilities, maximum borrowing capacity			2,000,000,000		$ 2,000,000,000
Committed Credit Facilities, Maturing August 18, 2025
Disclosure of detailed information about borrowings [line items]
Credit facilities, maximum borrowing capacity			4,000,000,000		4,000,000,000
Unsecured notes, 3.80%, maturing 2023
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.80%	3.80%
Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Repayments of long-term debt		$ 402,000,000
Redemption premium	$ 7,000,000
Net premium (discount) on redemption of long-term debt	$ (32,000,000)
Canadian Dollar Denominated Unsecured Notes | 3.55% due March 12, 2025
Disclosure of detailed information about borrowings [line items]
Repayments of long-term debt			750,000,000
Net premium (discount) on redemption of long-term debt			32,000,000
Unsecured notes, 4.00%, maturing 2024
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	4%	4%
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal			11,021,000,000		11,021,000,000		$ 7,001,000,000	12,113,000,000	$ 7,385,000,000
Repayments of long-term debt					1,260,000,000	$ 350,000,000
Net premium (discount) on redemption of long-term debt					(25,000,000)
Long-Term Debt | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal			$ 2,000,000,000		$ 2,000,000,000			2,750,000,000
Long-Term Debt | Canadian Dollar Denominated Unsecured Notes | 3.55% due March 12, 2025
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate			3.55%		3.55%		3.55%
Total debt principal			$ 0		$ 0			$ 750,000,000

Debt and Capital Structure - _2

Debt and Capital Structure - Schedule of Long-Term Debt (Detail) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Net Debt Premiums (Discounts) and Transaction Costs	$ 207	$ 272
Long-Term Debt	11,228	12,385
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	11,021	12,113
Long-Term Debt | Revolving Term Debt
Disclosure of detailed information about borrowings [line items]
Revolving Term Debt	0	0
Long-Term Debt | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	9,021	9,363
Long-Term Debt | Canadian Dollar Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	$ 2,000	$ 2,750

Debt and Capital Structure - _3

Debt and Capital Structure - Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes (Detail) - Long-Term Debt $ in Millions, $ in Millions	Jun. 30, 2022 USD ($)	Jun. 30, 2022 CAD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 7,001	$ 11,021	$ 7,385	$ 12,113
U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	7,001	9,021	7,385	9,363
Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		2,000		2,750
3.80% due September 15, 2023 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 0	$ 0	115	146
Long-term debt, interest rate	3.80%	3.80%
4.00% due April 15, 2024 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 0	$ 0	269	341
Long-term debt, interest rate	4%	4%
5.38% due July 15, 2025 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 666	$ 858	666	844
Long-term debt, interest rate	5.38%	5.38%
4.25% due April 15, 2027 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 962	$ 1,239	962	1,220
Long-term debt, interest rate	4.25%	4.25%
4.40% due April 15, 2029 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 750	$ 967	750	951
Long-term debt, interest rate	4.40%	4.40%
2.65% due January 15, 2032 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 500	$ 644	500	634
Long-term debt, interest rate	2.65%	2.65%
5.25% due June 15, 2037 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 583	$ 751	583	739
Long-term debt, interest rate	5.25%	5.25%
6.80% due September 15, 2037 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 387	$ 498	387	490
Long-term debt, interest rate	6.80%	6.80%
6.75% due November 15, 2039 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 1,390	$ 1,792	1,390	1,763
Long-term debt, interest rate	6.75%	6.75%
4.45% due September 15, 2042 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 155	$ 200	155	197
Long-term debt, interest rate	4.45%	4.45%
5.20% due September 15, 2043 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 58	$ 74	58	73
Long-term debt, interest rate	5.20%	5.20%
5.40% due June 15, 2047 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 800	$ 1,031	800	1,014
Long-term debt, interest rate	5.40%	5.40%
3.75% due February 15, 2052 | U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 750	$ 967	$ 750	951
Long-term debt, interest rate	3.75%	3.75%
3.55% due March 12, 2025 | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 0		750
Long-term debt, interest rate	3.55%	3.55%
3.60% due March 10, 2027 | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 750		750
Long-term debt, interest rate	3.60%	3.60%
3.50% due February 7, 2028 | Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 1,250		$ 1,250
Long-term debt, interest rate	3.50%	3.50%

Debt and Capital Structure - Su

Debt and Capital Structure - Summary of Net Debt to Adjusted EBITDA (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Disclosure of objectives, policies and processes for managing capital [line items]
Short-Term Borrowings	$ 0			$ 0			$ 0	$ 79
Long-Term Debt	11,228			11,228			11,228	12,385
Total borrowings	11,228			11,228			11,228	12,385
Less: Cash and Cash Equivalents	(3,693)	$ (1,055)		(3,693)	$ (1,055)		(3,693)	(2,873)	$ (3,399)	$ (873)	$ (378)
Net debt	7,535			7,535			$ 7,535	$ 9,591
Net Earnings (Loss)	2,432	224	[1]	4,057	444	[1]
Add (Deduct):
Interest Income	(8)	(3)	[1]	(23)	(7)	[1]
Foreign Exchange (Gain) Loss, Net	192	(172)	[1]	90	(289)	[1]
Re-measurement of Contingent Payment	15	249	[1]	251	436	[1]
Other (Income) Loss, Net	(38)	$ (29)	[1]	(408)	$ (101)	[1]
Net Debt to Adjusted EBITDA							60%	120%
Rolling Twelve Month Basis
Disclosure of objectives, policies and processes for managing capital [line items]
Short-Term Borrowings	0			0			$ 0	$ 79
Current Portion of Long-Term Debt	0			0			0	0
Long-Term Debt	11,228			11,228			11,228	12,385
Total borrowings	11,228			11,228			11,228	12,464
Less: Cash and Cash Equivalents	(3,693)			(3,693)			(3,693)	(2,873)
Net debt	$ 7,535			$ 7,535			7,535	9,591
Net Earnings (Loss)							4,200	587
Add (Deduct):
Finance Costs							1,030	1,082
Interest Income							(39)	(23)
Income Tax Expense (Recovery)							1,926	728
Depreciation, Depletion and Amortization							5,967	5,886
E&E Write-Down							(2)	18
Unrealized (Gain) Loss on Risk Management							(321)	2
Foreign Exchange (Gain) Loss, Net							205	(174)
Re-measurement of Contingent Payment							390	575
(Gain) Loss on Divestitures of Assets							(461)	(229)
Other (Income) Loss, Net							(616)	(309)
Share of (Income) Loss From Equity-Accounted Affiliates							(32)	(57)
Adjusted EBITDA							$ 12,247	$ 8,086
[1]See Note 3 for revisions to prior period results.

Debt and Capital Structure - _4

Debt and Capital Structure - Schedule of Net Debt to Adjusted Funds Flow (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Net debt	$ 7,535		$ 7,535		$ 7,535	$ 9,591
Cash flows from (used in) operating activities	2,979	$ 1,369	4,344	$ 1,597	8,666	5,919
Settlement of Decommissioning Liabilities	(27)	(18)	(46)	(29)	(119)	(102)
Increase (Decrease) in Working Capital, Operating Activities	$ (92)	$ (430)	$ (1,291)	$ (1,332)	(1,186)	(1,227)
Adjusted Funds Flow					$ 9,971	$ 7,248
Net Debt to Adjusted Funds Flow					80%	130%

Debt and Capital Structure - _5

Debt and Capital Structure - Summary of Net Debt to Capitalization (Detail) - CAD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Borrowings [abstract]
Net debt	$ 7,535	$ 9,591
Shareholders’ Equity	26,275	23,596	$ 23,629	$ 16,707
Debt and Shareholders' Equity, Net	$ 33,810	$ 33,187
Net Debt to Capitalization	22%	29%

Lease Liabilities - Summary of

Lease Liabilities - Summary of Lease Liabilities (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Lease liabilities [abstract]
Beginning balance, lease liabilities			$ 2,957
Additions			3
Interest Expense	$ 41	$ 42	83	$ 86
Lease Payments			(233)
Modifications			42
Re-measurements			3
Lease Terminations			(1)
Exchange Rate Movements and Other			12
Ending Balance, lease liabilities	2,866		2,866
Less: Current Portion	274		274		$ 272
Long-Term Portion	$ 2,592		$ 2,592		$ 2,685

Contingent Payment - Summary of

Contingent Payment - Summary of Contingent Payment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 CAD ($)
Disclosure of contingent liabilities in business combination [abstract]
Contingent liabilities recognised in business combination at beginning of period	$ 236
Re-measurement	251
Liabilities Settled or Payable	(487)
Contingent liabilities recognised in business combination at end of period	$ 0

Contingent Payment - Additional

Contingent Payment - Additional Information (Detail) - Conoco Phillips Company and certain of its subsidiaries - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022
Disclosure of contingent liabilities in business combination [line items]
Contingent liabilities outstanding	$ 160	$ 177
Proportion of ownership interest in joint operation	50%

Decommissioning Liabilities - S

Decommissioning Liabilities - Summary of Decommissioning Provision (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 CAD ($)
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Beginning balance	$ 3,906
Liabilities Incurred	6
Liabilities Settled	(75)
Liabilities Disposed	(84)
Change in Estimated Future Cash Flows	2
Change in Discount Rate	(1,050)
Unwinding of Discount on Decommissioning Liabilities (Note 5)	89
Foreign Currency Translation	(6)
Ending balance	$ 2,788

Decommissioning Liabilities - A

Decommissioning Liabilities - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Credit-adjusted risk-free rate	6.20%	4.40%
Restricted Cash	$ 213	$ 186
Inflation rate	0.02	0.02

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions	May 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of joint ventures [line items]
Pension and Other Post-Employment Benefit Plan		$ 219	$ 288
Provision for West White Rose Expansion Project		212	259
Provisions for Onerous and Unfavourable Contracts		75	99
Employee Long-Term Incentives		116	74
Drilling Provisions		26	56
Deferred Revenue		43	41
Other		99	112
Other Liabilities		$ 790	$ 929
Adjustment to West White Rose Expansion Project provision	$ 47
West White Rose Expansion Project
Disclosure of joint ventures [line items]
Percentage of working interest acquired	1,250%

Share Capital and Warrants - Ad

Share Capital and Warrants - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 27, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [Line Items]
Maximum percentage of preferred stock upon issuance or outstanding of common stock				20%
Payments to acquire or redeem entity's shares		$ 1,018	$ 0	$ 1,484	$ 0
Common shares
Disclosure of classes of share capital [Line Items]
Purchase of Common Shares Under NCIB (in shares)				67,779		17,026
Share repurchase program (in CAD per share)				$ 21.89
Payments to acquire or redeem entity's shares				$ 1,500
Share repurchase program, reduction to contributed surplus				$ 907
Shares outstanding (in shares)		1,949,609		1,949,609		2,001,211	1,228,870
Issued capital		$ 16,653		$ 16,653		$ 17,016	$ 11,040
Common shares | Potential ordinary share transactions
Disclosure of classes of share capital [Line Items]
Purchase of Common Shares Under NCIB (in shares)	19,000
Payments to acquire or redeem entity's shares	$ 425
Stock Option Plan
Disclosure of classes of share capital [Line Items]
Shares available for future issuance (in shares)		41,000		41,000		30,000
Preference shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)		36,000		36,000		36,000
Issued capital		$ 519		$ 519		$ 519

Share Capital and Warrants - Is

Share Capital and Warrants - Issued and Outstanding - Common Shares (Detail) - Common shares - CAD ($) shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Common Shares
Outstanding, Beginning of Year (in shares)	2,001,211	1,228,870
Issued Under the Arrangement, net of Issuance Costs (in shares)	0	788,518
Issued Upon Exercise of Warrants (in shares)	6,571	314
Issued Under Stock Option Plans (in shares)	9,606	535
Purchases of Common Shares Under NCIB (in shares)	(67,779)	(17,026)
Outstanding, End of Period (in shares)	1,949,609	2,001,211
Amount
Outstanding, Beginning of Year	$ 17,016	$ 11,040
Issued Under the Arrangement, Net of Issuance Costs	0	6,111
Issued Upon Exercise of Warrants	65	3
Issued Under Stock Option Plans	149	7
Purchase of Common Shares Under NCIB	(577)	(145)
Outstanding, End of Period	$ 16,653	$ 17,016

Share Capital and Warrants - _2

Share Capital and Warrants - Issued and Outstanding - Preferred Shares (Details) - Preference shares - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of classes of share capital [Line Items]
Expected dividend	2.35%	1.86%
Shares outstanding (in shares)	36,000		36,000	36,000
Series 1 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Expected dividend			2.58%
Shares outstanding (in shares)	10,740		10,740
Series 2 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Expected dividend			3.21%
Shares outstanding (in shares)	1,260		1,260
Series 3 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Expected dividend			4.69%
Shares outstanding (in shares)	10,000		10,000
Series 5 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Expected dividend			4.59%
Shares outstanding (in shares)	8,000		8,000
Series 7 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Expected dividend			3.94%
Shares outstanding (in shares)	6,000		6,000

Share Capital and Warrants - _3

Share Capital and Warrants - Issued and Outstanding - Warrants (Details) - Common Share Warrants - CAD ($) shares in Thousands, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Number of Warrants
Outstanding, Beginning of Year (in shares)	65,119	0
Issued Under the Arrangement, net of Issuance Costs (in shares)	0	65,433
Issued Upon Exercise of Warrants (in shares)	(6,571)	(314)
Outstanding, End of Period (in shares)	58,548	65,119
Amount
Outstanding, Beginning of Year	$ 215	$ 0
Issued Under the Arrangement, Net of Issuance Costs	0	216
Issued Upon Exercise of Warrants	(21)	(1)
Outstanding, End of Period	$ 194	$ 215

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	$ 684	$ 775
Other Comprehensive Income (Loss), Before Tax	249	(284)
Income Tax (Expense) Recovery	(20)	(6)
Ending balance	913	485
Defined Benefit Pension Plan [Member]
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	28	(10)
Other Comprehensive Income (Loss), Before Tax	77	28
Income Tax (Expense) Recovery	(20)	(6)
Ending balance	85	12
Reserve of gains and losses from investments in equity instruments [member]
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	27	27
Other Comprehensive Income (Loss), Before Tax	0	(1)
Income Tax (Expense) Recovery	0	0
Ending balance	27	26
Reserve of exchange differences on translation [member]
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	629	758
Other Comprehensive Income (Loss), Before Tax	172	(311)
Income Tax (Expense) Recovery	0	0
Ending balance	$ 801	$ 447

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Summary of Information Related to Cenovus's Stock-Based Compensation Plans (Detail)	6 Months Ended
	Jun. 30, 2022 shares $ / shares
Stock Options With Associated Net Settlement Rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share options, outstanding (in shares)	16,006,000
Number of share options, exercisable (in shares)	7,986,000
Number of share options, granted (in shares)	1,991,000
Number of shares issued for stock options exercised (in shares)	9,994,000
Number of share units, vested and exercised/paid out (in shares)	9,182,000
Weighted average exercise price (in CAD per share) | $ / shares	$ 12.35
Cenovus Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share options, outstanding (in shares)	4,950,000
Number of share options, exercisable (in shares)	3,484,000
Number of share options, granted (in shares)	0
Number of shares issued for stock options exercised (in shares)	4,699,000
Number of share units, vested and exercised/paid out (in shares)	4,605,000
Weighted average exercise price (in CAD per share) | $ / shares	$ 12.39
Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share units, outstanding (in shares)	8,718,000
Number of share units, exercisable (in shares)	0
Number of share units, granted (in shares)	3,202,000
Number of share units, vested and exercised/paid out (in shares)	1,413,000
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share units, outstanding (in shares)	6,764,000
Number of share units, exercisable (in shares)	0
Number of share units, granted (in shares)	3,130,000
Number of share units, vested and exercised/paid out (in shares)	2,214,000
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share units, outstanding (in shares)	1,605,000
Number of share units, exercisable (in shares)	1,605,000
Number of share units, granted (in shares)	454,000
Number of share units, vested and exercised/paid out (in shares)	115,000

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Narrative (Detail)	6 Months Ended
	Jun. 30, 2022 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement, settled for common shares (in CAD per share) | $ / shares	$ 10.43
Cenovus Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Weighted average exercise price (in CAD per share) | $ / shares	$ 12.39
Number of shares issued for stock options exercised (in shares)	4,699,000
Number of share units, vested and exercised/paid out (in shares)	4,605,000
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement (in CAD per share) | $ / shares	$ 15.49
Number of other equity instruments exercised or vested in share-based payment arrangement, settled for common shares (in shares)	93,000
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement, settled for common shares (in CAD per share) | $ / shares	$ 16.18
Common shares issued in exercise of other equity instruments (in shares)	73,000
Stock Options With Associated Net Settlement Rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Weighted average exercise price (in CAD per share) | $ / shares	$ 12.35
Number of shares issued for stock options exercised (in shares)	9,994,000
Number of share units, vested and exercised/paid out (in shares)	9,182,000
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement (in CAD per share) | $ / shares	$ 13.05
Number of other equity instruments exercised or vested in share-based payment arrangement, settled for common shares (in shares)	812,000
Common shares issued in exercise of other equity instruments (in shares)	351,000

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Stock-Based Compensation (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	$ 87	$ 34	$ 194	$ 69
Stock-Based Compensation Costs Capitalized	0	2	0	3
Total Stock-Based Compensation	87	36	194	72
Stock Options With Associated Net Settlement Rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	5	3	9	8
Cenovus Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	22	7	41	14
Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	28	9	65	21
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	24	11	61	17
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Stock-Based Compensation Expense (Recovery)	$ 8	$ 4	$ 18	$ 9

Related Party Transactions (Det

Related Party Transactions (Details) - Husky Midstream Limited Partnership - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of transactions between related parties [line items]
Share of equity investment			35%
Joint ventures where entity is venturer
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions	$ 29	$ 32	$ 77	$ 64
Purchases of goods, related party transactions	$ 64	$ 73	$ 133	$ 145

Financial Instruments - Narrati

Financial Instruments - Narrative (Detail) - CAD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [Line Items]
Borrowings	$ 11,228	$ 12,385
Net realized loss on crude oil contracts	467
Estimated fair value of contingent payment	0	236
Acquisition From ConocoPhillips Company
Disclosure of detailed information about financial instruments [Line Items]
Estimated fair value of contingent payment	177
Level 2 of fair value hierarchy
Disclosure of detailed information about financial instruments [Line Items]
Debt, fair value	$ 10,700	$ 13,700

Financial Instruments - Reconci

Financial Instruments - Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 CAD ($)
Disclosure of fair value measurement of assets [Line Items]
Fair value, beginning of year	$ 48
Fair value, end of year	34
Level 3 of fair value hierarchy
Disclosure of fair value measurement of assets [Line Items]
Fair value, beginning of year	53
Change in Fair Value	0
Fair value, end of year	$ 53

Financial Instruments - Summary

Financial Instruments - Summary of Urealized Risk Management Positions (Detail) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	$ 34	$ 48
Risk Management Liability	33	116
Risk Management Net Asset (Liability)	1	(68)
Renewable Power Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Net Asset (Liability)	1
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	30	46
Risk Management Liability	29	116
Risk Management Net Asset (Liability)	1	(70)
Level 2 of fair value hierarchy | Currency risk | Foreign Exchange Rate Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	1	2
Risk Management Liability	0	0
Risk Management Net Asset (Liability)	1	2
Level 3 of fair value hierarchy
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	53	53
Level 3 of fair value hierarchy | Commodity price risk | Renewable Power Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Risk Management Asset	3	0
Risk Management Liability	4	0
Risk Management Net Asset (Liability)	$ (1)	$ 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	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Fair value of derivative financial instruments net	$ 1	$ (68)
Level 2 of fair value hierarchy
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Fair value of derivative financial instruments	2	(68)
Level 3 of fair value hierarchy
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Fair value of derivative financial instruments	$ (1)	$ 0

Financial Instruments - Recon_2

Financial Instruments - Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2022 CAD ($)
Disclosure of detailed information about financial instruments [abstract]
Fair Value of Contracts, Beginning of Year	$ (68)
Change in Fair Value of Contracts in Place at Beginning of Year	(11)
Change in Fair Value of Contracts Entered Into During the Period	(1,557)
Fair Value of Contracts Realized During the Period	1,638
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts	(1)
Fair Value of Contracts, End of Period	$ 1

Financial Instruments - Summa_3

Financial Instruments - Summary of Earnings Impact of (Gain) Loss from Risk Management Positions (Detail) - CAD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021		Jun. 30, 2022	Jun. 30, 2021
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	$ 283	$ 600	[1]	$ 1,568	$ 794	[1]
Realized (Gain) Loss
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	664	199		1,638	541
Unrealized (Gain) Loss on Risk Management
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	$ (381)	$ 401		$ (70)	$ 253
[1]See Note 3 for revisions to prior period results.

Risk Management - Additional In

Risk Management - Additional Information (Detail) $ in Millions	Jun. 30, 2022 CAD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Jun. 30, 2021 CAD ($)	Mar. 31, 2021 CAD ($)	Dec. 31, 2020 CAD ($)
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Fair value of derivative financial instruments net	$ 1,000,000			$ (68,000,000)
Cash and cash equivalents	3,693,000,000		$ 3,399,000,000	2,873,000,000	$ 1,055,000,000	$ 873,000,000	$ 378,000,000
Uncommitted demand facilities	0			$ 0
Interest Rate, Foreign Exchange or Cross Currency Interest Rate Swap
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Notional value	$ 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%		0.10%
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 | Minimum
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Percent of accounts receivable held with investment grade counterparties	96%	96%
Foreign Exchange Contracts
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Fair value of derivative financial instruments net	$ 1,000,000
Notional value		$ 422

Risk Management - Net Fair Valu

Risk Management - Net Fair Value of Risk Management Positions (Detail) MMBbls in Millions, $ in Millions	Jun. 30, 2022 CAD ($) MMBbls $ / bbl	Dec. 31, 2021 CAD ($)
Disclosure of Derivative Financial Instruments [Line Items]
Fair Value Asset (Liability)	$ 1	$ (68)
Foreign Exchange Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Fair Value Asset (Liability)	$ 1
Minimum
Disclosure of Derivative Financial Instruments [Line Items]
Financial instruments, term	1 month
Maximum
Disclosure of Derivative Financial Instruments [Line Items]
Financial instruments, term	11 months
WTI Fixed - Sell | Crude Oil and Condensate Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Notional Volumes | MMBbls	4
Weighted Average Price | $ / bbl	104.17
Fair Value Asset (Liability)	$ 11
WTI Fixed - Buy | Crude Oil and Condensate Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Notional Volumes | MMBbls	1.6
Weighted Average Price | $ / bbl	104.75
Fair Value Asset (Liability)	$ (1)
Other financial positions
Disclosure of Derivative Financial Instruments [Line Items]
Fair Value Asset (Liability)	$ (10)

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	Jun. 30, 2022 CAD ($) $ / bbl
Commodity price risk | Crude Oil Contracts
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	5
Increase	$ 0
Decrease	$ 0
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
Increase	$ (9)
Decrease	$ 9
Commodity price risk | Refined Products
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	5
Increase	$ (3)
Decrease	$ 3
Commodity price risk | Power Commodity
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	20
Increase	$ 33
Decrease	$ (33)
Currency risk | U.S. to Canadian Dollar Exchange Rate
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range | $ / bbl	0.05
Increase	$ 33
Decrease	$ (37)

Risk Management - Undiscounted

Risk Management - Undiscounted Cash Outflows Relating to Financial Liabilities (Detail) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts payable and accrued liabilities
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	$ 7,487	$ 6,353
Accounts payable and accrued liabilities | Remainder of Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	7,487	6,353
Short-Term Borrowings
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		79
Short-Term Borrowings | Remainder of Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		79
Long-Term Debt
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	18,290	19,664
Long-Term Debt | Remainder of Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	528	561
Long-Term Debt | Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	1,056	1,608
Long-Term Debt | Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	3,834	2,603
Long-Term Debt | Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	12,872	14,892
Contingent Payment
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		238
Contingent Payment | Remainder of Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		238
Contingent Payment | Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		0
Lease Liabilities
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	4,880	5,073
Lease Liabilities | Remainder of Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	443	453
Lease Liabilities | Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	769	794
Lease Liabilities | Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	617	634
Lease Liabilities | Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	$ 3,051	$ 3,192

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information - Non-Cash Working Capital (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure Of Supplementary Cash Flow Information [Line Items]
Current assets	$ 15,321		$ 15,321		$ 11,988
Current Liabilities	8,865		8,865		7,305
Working Capital	6,456		6,456		4,683
Adjusted working capital	6,100		6,100		3,800
Investments in joint ventures accounted for using equity method, current					1,300
Contingent Payment	0		0		236
Accounts Receivable and Accrued Revenues	282	$ (221)	(1,627)	$ (874)
Income Tax Receivable	8	4	23	13
Inventories	(505)	(406)	(1,310)	(1,014)
Accounts Payable and Accrued Liabilities	(388)	237	1,159	640
Income Tax Payable	591	(3)	803	(45)
Total Non-Cash Working Capital	(12)	(389)	(952)	(1,280)
Net Change in Non-Cash Working Capital - Operating Activities	(92)	(430)	(1,291)	(1,332)
Net Change in Non-Cash Working Capital - Investing Activities	80	$ 41	339	$ 52
Liabilities Related to Assets Held for Sale	$ 119		$ 119		$ 186

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information - Summary of Reconciliation of Liabilities to Cash Flows from Financing Activities (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, short-term borrowings			$ 79
Beginning balance, lease liabilities			2,957
Changes From Financing Cash Flows:
(Repayment) of Long-Term Debt	$ (750)	$ 0	(1,260)	$ 0
Payments of lease liabilities	(75)	(77)	(150)	(152)
Non-Cash Changes:
Net premium (discount) on redemption of long-term debt		0	(25)	0
Lease Additions			(3)
Lease Modifications			(42)
Lease Terminations			(1)
Ending balance, short term borrowings	0		0
Ending Balance, lease liabilities	2,866		2,866
Dividends Payable | Common shares
Changes From Financing Cash Flows:
Dividends Paid			(276)	(71)
Non-Cash Changes:
Increase (Decrease) Through Dividends Declared Liabilities Arising From Financing Activities			276	71
Dividends Payable | Preference shares
Changes From Financing Cash Flows:
Dividends Paid			(17)	(17)
Non-Cash Changes:
Increase (Decrease) Through Dividends Declared Liabilities Arising From Financing Activities			17	17
Short-Term Borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, short-term borrowings			79	121
Acquisition				(40)
Changes From Financing Cash Flows:
Net Issuance Repayment Of Short Term Borrowings			(79)	(89)
Non-Cash Changes:
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities				(7)
Ending balance, short term borrowings	0	65	0	65
Long-Term Debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, long-term debt			12,385	7,441
Acquisition				(6,602)
Changes From Financing Cash Flows:
(Repayment) of Long-Term Debt			(1,260)	(350)
Non-Cash Changes:
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities			146	(280)
Net premium (discount) on redemption of long-term debt			(25)
Finance Costs			(18)	(33)
Ending balance, long-term debt	11,228	13,380	11,228	13,380
Lease Liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, lease liabilities			2,957	1,757
Acquisition				(1,441)
Changes From Financing Cash Flows:
Payments of lease liabilities			(150)	(152)
Non-Cash Changes:
Increase (decrease) through effect of changes in foreign exchange rates, liabilities arising from financing activities			12	(20)
Lease Additions			3	58
Lease Modifications			42	6
Re Measurement Of Lease Liabilities			3	(3)
Lease Terminations			1
Ending Balance, lease liabilities	$ 2,866	$ 3,087	$ 2,866	$ 3,087

Commitments and Contingencies -

Commitments and Contingencies - Future Payments for Commitments (Details) - CAD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	$ 33,177
Real Estate	861
Obligation to Fund Equity-Accounted Affiliate	622
Other Long-Term Commitments	2,281
Total Payments	36,941
Commitments approved and not yet in service
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	$ 9,100	$ 8,100
Minimum
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Lease terms	20 years
Remainder of Year
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	$ 1,928
Real Estate	23
Obligation to Fund Equity-Accounted Affiliate	38
Other Long-Term Commitments	366
Total Payments	2,355
2 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	3,598
Real Estate	45
Obligation to Fund Equity-Accounted Affiliate	87
Other Long-Term Commitments	181
Total Payments	3,911
3 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	3,663
Real Estate	51
Obligation to Fund Equity-Accounted Affiliate	100
Other Long-Term Commitments	159
Total Payments	3,973
4 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	2,543
Real Estate	54
Obligation to Fund Equity-Accounted Affiliate	92
Other Long-Term Commitments	145
Total Payments	2,834
5 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	2,439
Real Estate	56
Obligation to Fund Equity-Accounted Affiliate	92
Other Long-Term Commitments	161
Total Payments	2,748
Thereafter
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and Storage	19,006
Real Estate	632
Obligation to Fund Equity-Accounted Affiliate	213
Other Long-Term Commitments	1,269
Total Payments	$ 21,120

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - CAD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Total Payments	$ 36,941
Outstanding letters of credit	514	$ 565
Decommissioning Liabilities	2,788	3,906
HMLP
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Total Payments	$ 2,300	$ 2,600

Subsequent Events (Details)

Subsequent Events (Details) - Retail $ in Millions	Nov. 30, 2021 CAD ($) gasStation
Disclosure of non-adjusting events after reporting period [line items]
Consideration for sale of assets held for sale | $	$ 420
Assets held-for-sale, number of gas stations | gasStation	337