Cenovus Energy (CVE) 40-F20 Feb 252024 FY Annual report (Canada)Financial data

Company Profile

Cover

Cover	12 Months Ended
Cover	Dec. 31, 2024 shares
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-34513
Entity Registrant Name	CENOVUS ENERGY INC.
Entity Incorporation, State or Country Code	Z4
Entity Address, Address Line One	4100, 225 – 6 Avenue S.W.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Country	CA
Entity Address, Postal Zip Code	T2P 1N2
City Area Code	403
Local Phone Number	766-2000
Title of 12(b) Security	Common shares, no par value (together with associated common share purchase rights)
Trading Symbol	CVE
Security Exchange Name	NYSE
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	1,824,948,627
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001475260
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Firm ID	271
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants (each warrant entitles the holder to purchase one common share at an exercise price of C$6.54 per share)
Trading Symbol	CVE WS
Security Exchange Name	NYSE
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	28 Liberty Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10005
City Area Code	212
Local Phone Number	894-8940
Contact Personnel Name	CT Corporation System

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Calgary, Alberta, Canada
Auditor Firm ID	271

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Revenue [abstract]
Revenues	[1]	$ 54,277	$ 52,204
Expenses
Purchased product, transportation and blending	[1]	36,641	34,856
Operating		6,841	6,352
(Gain) Loss on Risk Management		58	61
Depreciation, Depletion, Amortization and Exploration Expense	[1]	4,940	4,686
(Income) Loss From Equity-Accounted Affiliates		(66)	(51)
General and Administrative		794	688
Finance Costs, Net	[1]	514	538
Integration, Transaction and Other Costs		166	85
Foreign Exchange (Gain) Loss, Net		462	(67)
(Gain) Loss on Divestiture of Assets	[1]	(119)	20
Re-measurement of Contingent Payments		30	59
Other (Income) Loss, Net		(55)	(63)
Earnings (Loss) Before Income Tax		4,071	5,040
Income Tax Expense (Recovery)		929	931
Net Earnings (Loss)		3,142	4,109
Items That Will not be Reclassified to Profit or Loss:
Actuarial Gain (Loss) Relating to Pension and Other Post-Employment Benefits		14	(44)
Change in the fair value of equity instruments at FVOCI	[2]	71	56
Items That may be Reclassified to Profit or Loss:
Foreign Currency Translation Adjustment		1,020	(274)
Total Other Comprehensive Income (Loss), Net of Tax		1,105	(262)
Comprehensive Income (Loss)		$ 4,247	$ 3,847
Net Earnings (Loss) Per Common Share ($)
Net Earnings (Loss) Per Share — Basic (in CAD per share)		$ 1.68	$ 2.15
Net Earnings (Loss) Per Share — Diluted (in CAD per share)		$ 1.67	$ 2.09

[1] (1) Revised presentation as of January 1, 2024. See Note 4. Fair value through other comprehensive income (loss) (“FVOCI”).

Consolidated Balance Sheets

Consolidated Balance Sheets - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and Cash Equivalents	$ 3,093	$ 2,227
Accounts Receivable and Accrued Revenues	2,614	3,035
Income Tax Receivable	231	416
Inventories	4,496	4,030
Total Current Assets	10,434	9,708
Restricted Cash	241	211
Exploration and Evaluation Assets, Net	484	738
Property, Plant and Equipment, Net	38,568	37,250
Right-of-Use Assets, Net	1,950	1,680
Income Tax Receivable	25	25
Investments in Equity-Accounted Affiliates	399	366
Other Assets	451	318
Deferred Income Taxes	1,064	696
Goodwill	2,923	2,923
Total Assets	56,539	53,915
Current Liabilities
Accounts Payable and Accrued Liabilities	6,242	5,480
Income Tax Payable	396	88
Short-Term Borrowings	173	179
Long-Term Debt	192	0
Lease Liabilities	359	299
Contingent Payments	0	164
Total Current Liabilities	7,362	6,210
Long-Term Debt	7,342	7,108
Lease Liabilities	2,568	2,359
Decommissioning Liabilities	4,534	4,155
Other Liabilities	919	1,183
Deferred Income Taxes	4,045	4,188
Total Liabilities	26,770	25,203
Shareholders’ Equity	29,754	28,698
Non-Controlling Interest	15	14
Total Liabilities and Equity	56,539	53,915
Commitments and Contingencies

Consolidated Statements of Equi

Consolidated Statements of Equity $ in Millions		CAD ($)	Common Shares CAD ($)	Preferred Shares CAD ($)	Common Shares CAD ($)	Common Shares Common Shares CAD ($)	Treasury Shares CAD ($)	Preferred Shares CAD ($)	Warrants CAD ($)	Paid in Surplus CAD ($)	Paid in Surplus Common Shares CAD ($)	Retained Earnings CAD ($)	Retained Earnings Common Shares CAD ($)	Retained Earnings Preferred Shares CAD ($)	AOCI CAD ($)	[1]
Beginning balance at Dec. 31, 2022		$ 27,576			$ 16,320		$ 0	$ 519	$ 184	$ 2,691		$ 6,392			$ 1,470
Net Earnings (Loss)		4,109										4,109
Other Comprehensive Income (Loss), Net of Tax		(262)													(262)
Comprehensive Income (Loss)		3,847										4,109			(262)
Common shares issued under stock option plans (in shares)						58
Common Shares Issued Under Stock Option Plans			$ 46								$ (12)
Purchase of Common Shares Under NCIBs	[2]		(1,061)			$ (373)					(688)
Warrants Exercised		18			26				(8)
Stock-Based Compensation Expense		11								11
Dividends paid		(990)	(990)	$ (36)									$ (990)	$ (36)
Variable Dividends on Common Shares		0
Warrants Purchased and Cancelled		(713)							(151)			(562)
Ending balance at Dec. 31, 2023		28,698			16,031		0	519	25	2,002		8,913			1,208
Net Earnings (Loss)		3,142										3,142
Other Comprehensive Income (Loss), Net of Tax		1,105													1,105
Comprehensive Income (Loss)		4,247										3,142			1,105
Common shares issued under stock option plans (in shares)						68
Common Shares Issued Under Stock Option Plans			52								(16)
Purchase of Common Shares Under NCIBs	[2]		(1,445)			$ (479)					$ (966)
Purchase of Common Shares Under Employee Benefit Plan		(43)					(43)
Preferred Shares Redeemed		(250)						(163)		(87)
Warrants Exercised		26			39				(13)
Stock-Based Compensation Expense		11								11
Dividends paid		(1,255)	(1,255)	$ (36)									(1,255)	$ (36)
Variable Dividends on Common Shares		(251)	$ (251)										$ (251)
Ending balance at Dec. 31, 2024		$ 29,754			$ 15,659		$ (43)	$ 356	$ 12	$ 944		$ 10,513			$ 2,313

[1] Accumulated other comprehensive income (loss) (“AOCI”). (2) Normal course issuer bid (“NCIB”). For the year ended December 31, 2024, amount includes taxes payable on purchase of shares.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net Earnings (Loss)		$ 3,142	$ 4,109
Depreciation, Depletion and Amortization		4,871	4,644
Deferred Income Tax Expense (Recovery)		(474)	(250)
Unrealized (Gain) Loss on Risk Management		12	52
Unrealized Foreign Exchange (Gain) Loss		550	(210)
Realized Foreign Exchange (Gain) Loss on Non-Operating Items		0	98
(Gain) Loss on Divestiture of Assets	[1]	(119)	20
Re-measurement of Contingent Payments		30	59
Unwinding of Discount on Decommissioning Liabilities		225	220
(Income) Loss From Equity-Accounted Affiliates		(66)	(51)
Distributions Received From Equity-Accounted Affiliates		172	149
Stock-Based Compensation, Net of Payments		(145)	(12)
Other		(34)	(25)
Settlement of Decommissioning Liabilities		(234)	(222)
Net Change in Non-Cash Working Capital		1,305	(1,193)
Cash From (Used in) Operating Activities		9,235	7,388
Investing Activities
Acquisitions, Net of Cash Acquired		(22)	(515)
Capital Investment		(5,015)	(4,298)
Proceeds From Divestitures		46	12
Net Change in Investments and Other		(80)	(125)
Net Change in Non-Cash Working Capital		(55)	(369)
Cash From (Used in) Investing Activities		(5,126)	(5,295)
Net Cash Provided (Used) Before Financing Activities		4,109	2,093
Financing Activities
Net Issuance (Repayment) of Short-Term Borrowings		5	58
Repayment of Long-Term Debt		0	(1,346)
Principal Repayment of Leases		(299)	(288)
Common Shares Issued Under Stock Option Plans		52	46
Purchase of Common Shares Under NCIB		(1,445)	(1,061)
Purchase of Common Shares Under Employee Benefit Plan		(43)	0
Redemption of Preferred Shares		(250)	0
Payment for Purchase of Warrants		0	(711)
Proceeds From Exercise of Warrants		26	18
Dividends Paid		(1,551)	(1,026)
Other		0	(3)
Cash From (Used in) Financing Activities		(3,505)	(4,313)
Effect of Foreign Exchange on Cash and Cash Equivalents		262	(77)
Increase (Decrease) in Cash and Cash Equivalents		866	(2,297)
Cash and Cash Equivalents, Beginning of Year		2,227	4,524
Cash and Cash Equivalents, End of Year		$ 3,093	$ 2,227

[1] Revised presentation as of January 1, 2024. See Note 4.

Description of Business and Seg

Description of Business and Segmented Disclosures	12 Months Ended
Description of Business and Segmented Disclosures	Dec. 31, 2024
Disclosure Of Reportable Segments [Abstract]
Description of Business and Segmented Disclosures	1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES Cenovus Energy Inc. (“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 the New York Stock Exchange. Cenovus’s cumulative redeemable preferred shares series 1, 2, 5 and 7 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these Consolidated Financial Statements is found in Note 2. 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 maker. The Company’s operating segments are aggregated based on their geographic locations, the nature of the businesses or a combination of these factors. 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, 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 in Alberta and British Columbia in the Edson, Clearwater and Rainbow Lake operating areas, in addition to the Northern Corridor, which includes Elmworth and Wapiti. The segment also includes 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. These provide flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. • Offshore, includes offshore operations, exploration and development activities in the east coast of Canada and the Asia Pacific region, representing China and the equity-accounted investment in Husky-CNOOC Madura Ltd. (“HCML”), which is engaged in the exploration for and production of NGLs and natural gas in offshore Indonesia. Downstream Segments • Canadian Refining, includes the owned and operated Lloydminster upgrading and asphalt refining complex, which converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other ancillary products. Cenovus also owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The Company’s commercial fuels business across Canada is included in this segment. Cenovus markets its production and third-party commodity trading volumes in an effort to use its integrated network of assets to maximize value. • U.S. Refining, Corporate and Eliminations Corporate and Eliminations, 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 feedstock and internal usa ge of crude oil, nat ural gas, condensate, other NGLs and refined products between segments; transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal; the sale of condensate extracted from blended crude oil production in the Canadian Refining segment and sold to the Oil Sands segment; and unrealized profits in inventory. Eliminations are recorded based on market prices. A) Results of Operations – Segment and Operational Information Upstream Oil Sands Conventional Offshore Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Gross Sales External Sales 21,857 20,608 1,211 1,488 1,572 1,617 24,640 23,713 Intersegment Sales 6,590 5,584 1,848 1,785 — — 8,438 7,369 28,447 26,192 3,059 3,273 1,572 1,617 33,078 31,082 Royalties (3,274) (3,059) (76) (112) (99) (99) (3,449) (3,270) Revenues 25,173 23,133 2,983 3,161 1,473 1,518 29,629 27,812 Expenses Purchased Product 1,851 1,457 1,823 1,695 — — 3,674 3,152 Transportation and Blending 11,000 10,774 320 298 11 16 11,331 11,088 Operating 2,511 2,716 555 590 423 384 3,489 3,690 Realized (Gain) Loss on Risk 20 17 (6) (5) — — 14 12 Operating Margin 9,791 8,169 291 583 1,039 1,118 11,121 9,870 Unrealized (Gain) Loss on Risk Management (16) 15 4 (19) — — (12) (4) Depreciation, Depletion and 3,117 2,993 442 386 563 487 4,122 3,866 Exploration Expense 2 19 1 6 66 17 69 42 (Income) Loss From Equity- (14) 6 2 — (53) (57) (65) (51) Segment Income (Loss) 6,702 5,136 (158) 210 463 671 7,007 6,017 Downstream Canadian Refining U.S. Refining Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 Gross Sales External Sales 4,787 5,385 28,299 26,376 33,086 31,761 Intersegment Sales 523 848 9 17 532 865 5,310 6,233 28,308 26,393 33,618 32,626 Royalties — — — — — — Revenues 5,310 6,233 28,308 26,393 33,618 32,626 Expenses Purchased Product 4,483 4,919 25,769 23,354 30,252 28,273 Transportation and Blending — — — — — — Operating 907 639 2,763 2,562 3,670 3,201 Realized (Gain) Loss on Risk Management — — 8 — 8 — Operating Margin (80) 675 (232) 477 (312) 1,152 Unrealized (Gain) Loss on Risk Management — — 8 (17) 8 (17) Depreciation, Depletion and Amortization 185 185 462 486 647 671 Exploration Expense — — — — — — (Income) Loss From Equity-Accounted Affiliates — — — — — — Segment Income (Loss) (265) 490 (702) 8 (967) 498 Corporate and Eliminations Consolidated For the years ended December 31, 2024 2023 2024 2023 Gross Sales External Sales — — 57,726 55,474 Intersegment Sales (8,970) (8,234) — — (8,970) (8,234) 57,726 55,474 Royalties — — (3,449) (3,270) Revenues (8,970) (8,234) 54,277 52,204 Expenses Purchased Product (7,823) (6,710) 26,103 24,715 Transportation and Blending (793) (947) 10,538 10,141 Purchased Product, Transportation and Blending (1) (8,616) (7,657) 36,641 34,856 Operating (318) (539) 6,841 6,352 Realized (Gain) Loss on Risk Management 24 (3) 46 9 Unrealized (Gain) Loss on Risk Management 16 73 12 52 Depreciation, Depletion and Amortization 102 107 4,871 4,644 Exploration Expense — — 69 42 (Income) Loss From Equity-Accounted Affiliates (1) — (66) (51) Segment Income (Loss) (177) (215) 5,863 6,300 General and Administrative 794 688 794 688 Finance Costs, Net (1) 514 538 514 538 Integration, Transaction and Other Costs 166 85 166 85 Foreign Exchange (Gain) Loss, Net 462 (67) 462 (67) (Gain) Loss on Divestiture of Assets (1) (119) 20 (119) 20 Re-measurement of Contingent Payments 30 59 30 59 Other (Income) Loss, Net (55) (63) (55) (63) 1,792 1,260 1,792 1,260 Earnings (Loss) Before Income Tax 4,071 5,040 Income Tax Expense (Recovery) 929 931 Net Earnings (Loss) 3,142 4,109 (1) Revised presentation as of January 1, 2024. See Note 4. B) External Sales by Product Upstream Oil Sands Conventional Offshore Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Crude Oil 21,183 20,022 207 238 321 401 21,711 20,661 Natural Gas and Other 332 271 648 988 925 901 1,905 2,160 NGLs (1) 342 315 356 262 326 315 1,024 892 External Sales 21,857 20,608 1,211 1,488 1,572 1,617 24,640 23,713 Downstream Canadian Refining U.S. Refining Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 Gasoline 429 522 13,792 12,375 14,221 12,897 Distillates (2) 1,484 1,752 10,632 9,612 12,116 11,364 Synthetic Crude Oil 1,814 1,899 — — 1,814 1,899 Asphalt 548 537 1,029 864 1,577 1,401 Other Products and Services 512 675 2,846 3,525 3,358 4,200 External Sales 4,787 5,385 28,299 26,376 33,086 31,761 (1) Third-party condensate sales are included within NGLs. (2) Includes diesel and jet fuel. C) Geographical Information Revenues (1) For the years ended December 31, 2024 2023 Canada 26,791 25,128 United States 26,333 25,943 China 1,153 1,133 Consolidated 54,277 52,204 (1) Revenues by country are classified based on where the operations are located. Non-Current Assets (1) As at December 31, 2024 2023 Canada 37,006 35,876 United States 5,902 5,230 China 1,249 1,608 Indonesia 295 344 Consolidated 44,452 43,058 (1) Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. Major Customers D) Assets by Segment E&E Assets PP&E ROU Assets As at December 31, 2024 2023 2024 2023 2024 2023 Oil Sands 461 729 24,646 24,443 1,018 849 Conventional 15 — 2,230 2,209 57 1 Offshore 8 9 3,365 2,798 95 102 Canadian Refining — — 2,511 2,469 39 28 U.S. Refining — — 5,538 5,014 342 268 Corporate and Eliminations — — 278 317 399 432 Consolidated 484 738 38,568 37,250 1,950 1,680 Goodwill Total Assets As at December 31, 2024 2023 2024 2023 Oil Sands 2,923 2,923 31,668 31,673 Conventional — — 2,610 2,429 Offshore — — 4,089 3,511 Canadian Refining — — 2,901 2,960 U.S. Refining — — 9,517 8,660 Corporate and Eliminations — — 5,754 4,682 Consolidated 2,923 2,923 56,539 53,915 E) Capital Expenditures (1) For the years ended December 31, 2024 2023 Capital Investment Oil Sands 2,714 2,382 Conventional 421 452 Offshore Atlantic 1,077 635 Asia Pacific 68 7 Total Upstream 4,280 3,476 Canadian Refining 208 145 U.S. Refining 488 602 Total Downstream 696 747 Corporate and Eliminations 39 75 5,015 4,298 Acquisitions Oil Sands 9 37 Conventional 13 5 U.S. Refining (2) — 385 22 427 Total Capital Expenditures 5,037 4,725 (1) Includes expenditures on PP&E, E&E assets and capitalized interest. Excludes capital expenditures related to the Company's joint ventures. (2)

Basis of Preparation and Statem

Basis of Preparation and Statement of Compliance	12 Months Ended
Basis of Preparation and Statement of Compliance	Dec. 31, 2024
Basis Of Preparation And Statement Of Compliance [Abstract]
Basis of Preparation and Statement of Compliance	2. BASIS OF PREPARATION AND STATEMENT OF COMPLIANCE These Consolidated Financial Statements are presented in Canadian dollars, which is the Company's functional and presentation currency. Certain Cenovus subsidiaries operate in countries other than Canada and have functional currencies other than the Canadian dollar. All references to C$ or $ are to Canadian dollars and references to US$ are to U.S. dollars. These Consolidated Financial Statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) (the “IFRS Accounting Standards”) and interpretations of the International Financial Reporting Interpretations Committee. These Consolidated Financial Statements were prepared on a historical cost basis, except as detailed in the Company’s accounting policies as disclosed in Note 36. These Consolidated Financial Statements were approved by the Board of Directors effective February 19, 2025.

Critical Accounting Judgments a

Critical Accounting Judgments and Key Sources of Estimation Uncertainty	12 Months Ended
	Dec. 31, 2024
Disclosure of joint operations [abstract]
Critical Accounting Judgments and Key Sources of Estimation Uncertainty	3. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The timely preparation of the Consolidated Financial Statements in accordance with IFRS Accounting Standards requires that Management make estimates and assumptions, and use judgment regarding the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. The estimated fair value of financial assets and liabilities, by their very nature, are subject to measurement uncertainty. Accordingly, actual results may differ from estimated amounts as future confirming events occur. A) Critical Judgments in Applying Accounting Policies Critical judgments are those judgments made by Management in the process of applying accounting policies that have the most significant effect on the amounts recorded in the Company’s Consolidated Financial Statements. Identification of Cash-Generating Units Cash generating units (“CGUs”) are defined as the lowest level of integrated assets for which there are separately identifiable cash flows that are largely independent of cash flows from other assets or groups of assets. The classification of assets and allocation of corporate assets into CGUs requires significant judgment and interpretation. Factors considered in the classification include the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure, and the manner in which Management monitors and makes decisions about its operations. The recoverability of the Company’s upstream, refining, crude-by-rail, railcars, storage tanks and corporate assets are assessed at the CGU level. As such, the determination of a CGU could have a significant impact on impairment losses and impairment reversals. Assessment of Impairment Indicators or Impairment Reversals PP&E, E&E assets and ROU assets are reviewed separately for indicators of impairment on a quarterly basis or when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for any indicators that the impairment losses may no longer exist or may have decreased. The identification of indicators of impairment or reversal of impairment requires significant judgment. Exploration and Evaluation Assets The application of the Company’s accounting policy for E&E expenditures requires judgment in determining whether it is likely that future economic benefit exists when activities have not reached a stage where technical feasibility and commercial viability can be reasonably determined. Factors such as drilling results, future capital programs, future operating expenses, as well as estimated reserves and resources are considered. In addition, Management uses judgment to determine when E&E assets are reclassified to PP&E. In making this determination, various factors are considered, including the existence of reserves, and whether the appropriate approvals have been received from regulatory bodies and the Company’s internal approval process. Joint Arrangements The classification of a joint arrangement that is held in a separate vehicle as either a joint operation or a joint venture requires judgment. Cenovus has a 50 percent interest in WRB, a jointly-controlled entity. The joint arrangement meets the definition of a joint operation under IFRS 11, “ Joint Arrangements ” ( “ IFRS 11 ” ); therefore, the Company’s share of the assets, liabilities, revenues and expenses are recorded in the Consolidated Financial Statements. Prior to February 28, 2023, Cenovus held a 50 percent interest in Toledo, which was jointly controlled with BP Products North America Inc. (“bp”) and met the definition of a joint operation under IFRS 11. As such, Cenovus recognized its share of the assets, liabilities, revenues and expenses in its consolidated results. Subsequent to February 28, 2023, Cenovus controls Toledo, as defined under IFRS 10 , “Consolidated Financial Statements” , and, accordingly, Toledo was consolidated. In determining the classification of its joint arrangements under IFRS 11, the Company considered the following: • The original intention of the joint arrangements was to form an integrated North American heavy oil business. Partnerships are “flow-through” entities. • The agreements require the partners to make contributions if funds are insufficient to meet the obligations or liabilities of the corporation and partnerships. The past development of Toledo and the past and future development of WRB, is dependent on funding from the partners by way of capital contribution commitments, notes payable and loans. • WRB has third-party debt facilities to cover short-term working capital requirements. • Phillips 66, as operator of WRB, either directly or through wholly-owned subsidiaries, provides marketing services, purchases necessary feedstock, and arranges for transportation and storage, on the partners' behalf as the agreements prohibit the partners from undertaking these roles themselves. In addition, the joint arrangement does not have employees and, as such, is not capable of performing these roles. • As the operator of Toledo until February 28, 2023, bp, either directly or through wholly-owned subsidiaries, purchased necessary feedstock, and arranged for transportation and storage, on the partners' behalf. • In each arrangement, output is taken by the partners, indicating that the partners have the rights to the economic benefits of the assets and the obligation for funding the liabilities of the arrangements. B) Key Sources of Estimation Uncertainty Critical accounting estimates are those estimates that require Management to make particularly subjective or complex judgments about matters that are inherently uncertain. Estimates and underlying assumptions are reviewed on an ongoing basis, and any revisions to accounting estimates are recorded in the period in which the estimates are revised. The evolving worldwide demand for energy and global advancement of alternative sources of energy that are not sourced from fossil fuels could change assumptions used to determine the recoverable amount of the Company ’ s PP&E and E&E assets and could affect the carrying value of those assets, may affect future development or viability of exploration prospects, may curtail the expected useful lives of oil and gas assets thereby accelerating depreciation charges and may accelerate decommissioning obligations increasing the present value of the associated provisions. The timing in which global energy markets transition from carbon-based sources to alternative energy is highly uncertain. Environmental considerations are built into estimates through the use of key assumptions used to estimate fair value including forward commodity prices, forward crack spreads, net of renewable identification numbers (“RINs”), and discount rates. The energy transition could impact the future prices of commodities. Pricing assumptions used in the determination of recoverable amounts incorporate market expectations and the evolving worldwide demand for energy. The following are the key assumptions about the future and other key sources of estimation at the end of the reporting period that, if changed, could result in a material adjustment to the carrying amount of assets and liabilities within the next financial year. Crude Oil and Natural Gas Reserves The re are a number of inherent uncertainties associated with estimating crude oil and natural gas reserves. Reserves estimates are dependent upon variables including the expected future production volumes, future development and operating expenses, forward commodity prices, estimated royalty payments and taxes. Changes in these variables could significantly impact the reserves estimates which would affect the impairment test recoverable amount and depreciation, depletion and amortization (“DD&A”) expense of the Company’s crude oil and natural gas assets in the Oil Sands, Conventional and Offshore segments. The Company’s reserves are evaluated annually and reported to the Company by its independent qualified reserves evaluators (“IQREs”). Recoverable Amounts Determining the recoverable amount of a CGU or an individual asset requires the use of estimates and assumptions, which are subject to change as new information becomes available. For the Company’s upstream assets, these estimates include quantity of reserves, expected future production volumes, future development and operating expenses, forward commodity prices and discount rates. Recoverable amounts f or the Company’s downstream assets use assumptions such as refined product production, forward crude oil prices, forward crack spreads, net of RINs, future operating expenses, future capital expenditures and discount rates. Changes in assumptions used in determining the recoverable amount could affect the carrying value of the related assets. Decommissioning Costs Provisions are recorded for the future decommissioning and restoration of the Company’s upstream assets, refining assets and crude-by-rail terminal at the end of their economic lives. Management uses judgment to assess the existence of liabilities and estimate the future value. The actual cost of decommissioning and restoration is uncertain and cost estimates may change in response to numerous factors including changes in legal requirements, technological advances, inflation and the timing of expected decommissioning and restoration. In addition, Management determines the appropriate discount rate at the end of each reporting period. This discount rate, which is credit-adjusted, is used to determine the present value of the estimated future cash outflows required to settle the obligation and may change in response to numerous market factors. Fair Value of Assets Acquired and Liabilities Assumed in a Business Combination The fair value of assets acquired, liabilities assumed and assets given up in a business combination, including contingent consideration and goodwill, is estimated based on information available at the date of acquisition. Various valuation techniques are applied for measuring fair value including market comparable transactions and discounted cash flows. For the Company’s upstream assets, key assumptions in the discounted cash flow models used to estimate fair value include forward commodity prices, expected future production volumes, quantity of reserves, discount rates, and future development and operating expenses. Estimated production volumes and quantity of reserves for acquired oil and gas properties were developed by internal geology and engineering professionals, and IQREs. For downstream assets, key assumptions used to estimate fair value include refined product production, forward crude oil prices, forward crack spreads, net of RINs, future operating expenses, future capital expenditures and discount rates. Changes in these variables could significantly impact the carrying value of the net assets acquired. Income Tax Provisions The determination of the Company’s income and other tax liabilities requires interpretation of complex laws and regulations often involving multiple jurisdictions. There are usually a number of tax matters under review; therefore, income taxes are subject to measurement uncertainty. Deferred income tax assets are recorded to the extent that it is probable that the deductible temporary differences will be recoverable in future periods. The recoverability assessment involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, the availability of cash flow to offset the tax assets when the reversal occurs and the application of tax laws. There are some transactions for which the ultimate tax determination is uncertain. To the extent that assumptions used in the recoverability assessment change, there may be a significant impact on the Consolidated Financial Statements of future periods.

Updates to Accounting Policies

Updates to Accounting Policies	12 Months Ended
Updates to Accounting Policies	Dec. 31, 2024
Disclosure Of Updates to Accounting Policies [Abstract]
Updates to Accounting Policies	4. UPDATES TO ACCOUNTING POLICIES As of January 1, 2024, the Company updated its accounting policies to aggregate certain items presented in the Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Cash Flows to more appropriately reflect the integrated operations of the business. There were no re-measurements of balances. Certain historical disaggregated balances continue to be presented in Note 1. The following presentation changes were made with comparative periods being re-presented: • Gross sales and royalties were aggregated and presented as ‘Revenues’. • Purchased product and transportation and blending were aggregated and presented as ‘Purchased Product, Transportation and Blending’. • Depreciation, depletion and amortization, and exploration expense were aggregated and presented as ‘Depreciation, Depletion, Amortization and Exploration Expense’. • Finance costs and interest income were aggregated and presented as ‘Finance Costs, Net’. • Revaluation (gain) loss and (gain) loss on divestiture of assets were aggregated and presented as ‘(Gain) Loss on Divestiture of Assets’.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
Acquisitions and Divestitures	Dec. 31, 2024
Business Combination [Abstract]
Acquisitions and Divestitures	5. ACQUISITIONS AND DIVESTITURES A) Acquisitions i) BP-Husky Refining LLC On February 28, 2023, Cenovus acquired the remaining 50 percent interest in Toledo from bp (the “Toledo Acquisition”). The Toledo Acquisition provides Cenovus full ownership and operatorship of the refinery, and further integrates Cenovus’s heavy oil production and refining capabilities. Total consideration for the Toledo Acquisition was US$378 million (C$514 million) in cash, including cost of working capital. The Toledo Acquisition was accounted for using the acquisition method pursuant to IFRS 3. Under the acquisition method, assets and liabilities are recorded at fair value on the date of acquisition and the total consideration is allocated to the assets acquired and liabilities assumed. The excess of consideration given over the fair value of the net assets acquired, if any, is recorded as goodwill. ii) Identifiable Assets Acquired and Liabilities Assumed As at February 28, 2023 100 Percent of the Identifiable Assets Acquired and Liabilities Assumed Cash 69 Accounts Receivable and Accrued Revenues 3 Inventories 387 Property, Plant and Equipment 770 Right-of-Use Assets 33 Other Assets 10 Accounts Payable and Accrued Liabilities (139) Lease Liabilities (33) Decommissioning Liabilities (5) Other Liabilities (73) Total Identifiable Net Assets 1,022 iii) Goodwill As at February 28, 2023 Total Purchase Consideration 514 Fair Value of Pre-Existing 50 Percent Ownership Interest in Toledo 508 Fair Value of Identifiable Net Assets (1,022) Goodwill — Fair Value of Pre-Existing 50 Percent Ownership Interest in BP-Husky Refining LLC The acquisition-date fair value of the previously held interest was estimated to be $508 million and the net carrying value of Toledo assets was $554 million. Cenovus recognized a non-cash revaluation loss in (gain) loss on divestiture of assets of $34 million ($23 million, after tax) on the re-measurement of its pre-existing interest in Toledo to fair value, net of $12 million in associated cumulative foreign currency translation adjustments. iv) Transaction Costs For the year ended December 31, 2023, transaction costs of $11 million related to the Toledo Acquisition were recognized in net earnings (loss). B) Divestitures The Company closed a transaction with Athabasca Oil Corporation (“Athabasca”) to create the jointly-controlled Duvernay Energy Corporation (“Duvernay”). Cenovus contributed non-monetary assets with a fair value of $94 million and cash of $18 million, before closing adjustments, in exchange for a 30 percent equity interest in Duvernay. The Company recognized an investment of $84 million in Duvernay and a before-tax gain on divestiture of assets of $65 million (after-tax gain – $50 million), reflecting the difference between the carrying value and fair value of contributed assets to the extent of Athabasca’s share. The Company also closed the sale of non-core assets in its Conventional segment for net proceeds of $39 million and recorded a before-tax gain of $51 million (after-tax gain – $39 million).

General and Administrative

General and Administrative	12 Months Ended
General and Administrative	Dec. 31, 2024
General And Administrative Expenses [Abstract]
General and Administrative	6. GENERAL AND ADMINISTRATIVE For the years ended December 31, 2024 2023 Salaries and Benefits 269 249 Administrative and Other 399 342 Stock-Based Compensation Expense (Recovery) (Note 29) 126 97 794 688

Finance Costs, Net

Finance Costs, Net	12 Months Ended
Finance Costs, Net	Dec. 31, 2024
Finance Costs [Abstract]
Finance Costs, Net	7. FINANCE COSTS, NET For the years ended December 31, 2024 2023 Interest Expense – Short-Term Borrowings and Long-Term Debt 307 362 Net Premium (Discount) on Redemption of Long-Term Debt (1) — (84) Interest Expense – Lease Liabilities (Note 17) 162 161 Unwinding of Discount on Decommissioning Liabilities (Note 24) 225 220 Other 35 32 Capitalized Interest (45) (20) Finance Costs 684 671 Interest Income (170) (133) 514 538 (1)

Foreign Exchange (Gain) Loss, N

Foreign Exchange (Gain) Loss, Net	12 Months Ended
Foreign Exchange (Gain) Loss, Net	Dec. 31, 2024
Foreign Exchange Gains Losses [Abstract]
Foreign Exchange (Gain) Loss, Net	8. FOREIGN EXCHANGE (GAIN) LOSS, NET For the years ended December 31, 2024 2023 Unrealized Foreign Exchange (Gain) Loss on Translation of: U.S. Dollar Debt Issued From Canada 442 (231) Other 108 21 Unrealized Foreign Exchange (Gain) Loss 550 (210) Realized Foreign Exchange (Gain) Loss (88) 143 462 (67)

Impairment Charges and Reversal

Impairment Charges and Reversals	12 Months Ended
Impairment Charges and Reversals	Dec. 31, 2024
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract]
Impairment Charges and Reversals	9. IMPAIRMENT CHARGES AND REVERSALS A) Upstream Cash-Generating Units Impairment Charges The Company tested CGUs with associated goodwill for impairment as at December 31, 2024, and 2023, and there were no impairments. No impairment indicators were identified for the remaining CGUs as at December 31, 2024, and 2023. Key Assumptions The recoverable amounts (Level 3) of Cenovus’s Oil Sands CGUs with associated goodwill were estimated using fair value less costs of disposal (“FVLCOD”). Key assumptions used to estimate the present value of future net cash flows from reserves include expected future production volumes, quantity of reserves, forward commodity prices, and future development and operating expenses, all consistent with Cenovus’s IQREs, as well as discount rates. Fair values for producing properties were calculated based on discounted after-tax cash flows of proved and probable reserves using forward prices and cost estimates as at December 31, 2024, and December 31, 2023. All reserves were evaluated by the Company’s IQREs as at December 31, 2024, and 2023. Crude Oil, NGLs and Natural Gas Prices The forward commodity prices as at December 31, 2024, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2025 2026 2027 2028 2029 Average Annual Increase Thereafter (percent) West Texas Intermediate (“WTI”) (US$/bbl) (1) 71.58 74.48 75.81 77.66 79.22 2.00 Western Canadian Select at Hardisty (2) (C$/bbl) 82.69 84.27 83.81 85.70 87.45 2.00 Condensate at Edmonton (C$/bbl) 100.14 100.72 100.24 102.73 104.79 2.00 Alberta Energy Company Natural Gas (C$/Mcf) (3) 2.36 3.33 3.48 3.69 3.76 2.00 (1) Barrel ("bbl"). (2) Western Canadian Select at Hardisty (“WCS”). (3) One thousand cubic feet (“Mcf”). The forward commodity prices as at December 31, 2023, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2024 2025 2026 2027 2028 Average Annual Increase Thereafter (percent) WTI (US$/bbl) 73.67 74.98 76.14 77.66 79.22 2.00 WCS (C$/bbl) 76.74 79.77 81.12 82.88 85.04 2.00 Condensate at Edmonton (C$/bbl) 96.79 98.75 100.71 102.72 104.78 2.00 Alberta Energy Company Natural Gas (C$/Mcf) 2.20 3.37 4.05 4.13 4.21 2.00 Discount Rates Discounted future cash flows were determined by applying a discount rate of 14 percent (2023 – 14 percent ). Sensitivities B) Downstream Cash-Generating Units i) 2024 Impairment Charges and Reversals As at December 31, 2024, lower forward Chicago 3-2-1 crack spreads, net of RINs, that would result in lower margins for refined products was identified as an indicator of impairment for the Lima, Toledo and Wood River CGUs. As a result, these CGUs were tested for impairment. The recoverable amounts of the Lima, Toledo and Wood River CGUs were in excess of their respective carrying amounts and no impairment was recorded. There were no indicators of impairment for the remaining downstream CGUs and no indicators of impairment reversal for the Superior and Borger CGUs. Key Assumptions The recoverable amount (Level 3) of each of the CGUs were determined using FVLCOD. FVLCOD was calculated based on discounted after-tax cash flows using forward prices and cost estimates. Key assumptions in the determination of future cash flows included refined product production, forward crude oil prices, forward crack spreads, net of RINs, future capital expenditures, future operating costs and discount rates. Forward prices are based on third-party consultant forecasts. Crude Oil and Select Refining Benchmark Prices As at December 31, 2024 , the forward prices used to determine future cash flows were: (US$/bbl) 2025 2026 2027 2028 2029 WTI 77.68 77.07 78.74 81.51 83.14 Differential WTI – WCS (14.17) (15.34) (15.71) (16.62) (17.11) Chicago 3-2-1 Crack Spread 20.01 21.97 22.60 23.87 24.66 Renewable Identification Numbers 6.79 7.31 8.05 8.69 9.03 Subsequent estimated cash flows were determined using a pricing growth rate between one percent and six percent up to the year 2034. Discount Rates Discounted future cash flows were determined by applying a discount rate between 15 percent and 16 percent based on the individual characteristics of the CGU and on the economic and operating factors. Sensitivities The sensitivity analysis below shows the impact that a change in the discount rate or in forward prices would have on the impairment amount as at December 31, 2024, for the U.S. Refining CGUs: Increase (Decrease) to Impairment Amount One Percent Increase in the Discount Rate Five Percent Decrease in the Forward Prices Lima and Wood River CGUs 214 619 For the Toledo CGU, a one percent increase in the discount rate or a five percent decrease in forward prices would not result in an impairment. ii) 2023 Impairment Charges and Reversals As at December 31, 2023, there were no indicators of impairment or impairment reversals for the Company's downstream CGUs.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2024
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Income Taxes	10. INCOME TAXES A) Income Tax Expense (Recovery) For the years ended December 31, 2024 2023 Current Tax Canada 1,141 1,041 United States 9 (109) Asia Pacific 214 224 Other International 39 25 Total Current Tax Expense (Recovery) 1,403 1,181 Deferred Tax Expense (Recovery) (474) (250) 929 931 The following table reconciles income taxes calculated at the consolidated combined federal and provincial Canadian statutory rate with the recorded income taxes: For the years ended December 31, 2024 2023 Earnings (Loss) Before Income Tax 4,071 5,040 Canadian Statutory Rate (percent) 23.7 23.7 Expected Income Tax Expense (Recovery) 965 1,194 Effect on Taxes Resulting From: Statutory and Other Rate Differences (34) (38) Non-Taxable Capital (Gains) Losses 45 (15) Non-Recognition of Capital (Gains) Losses 45 (30) Adjustments Arising From Prior Year Tax Filings (31) (16) Recognition of U.S. Tax Basis (77) (115) Other 16 (49) Total Tax Expense (Recovery) 929 931 Effective Tax Rate (percent) 22.8 18.5 In June 2024, the Global Minimum Tax Act was enacted in Canada to implement the new global minimum tax framework (“Pillar Two”), which is to be applied retroactively to fiscal periods beginning on or after December 31, 2023. The Company is subject to Pillar Two and has applied the mandatory temporary exemption of IAS 12, “Income Taxes” and in turn, has not recognized the impacts of Pillar Two in the deferred income tax calculation. For the year ended December 31, 2024, Pillar Two taxes did not have a material impact on net earnings. The Company is not expecting a material impact from jurisdictions where we operate that have not enacted Pillar Two legislation. B) Deferred Income Tax Assets and Liabilities The breakdown of deferred income tax assets and deferred income tax liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: As at December 31, 2024 2024 2023 Deferred Income Tax Assets Deferred Income Tax Assets to be Settled Within Twelve Months (29) (315) Deferred Income Tax Assets to be Settled After More Than Twelve Months (1,269) (1,174) (1,298) (1,489) Deferred Income Tax Liabilities Deferred Income Tax Liabilities to be Settled Within Twelve Months 68 138 Deferred Income Tax Liabilities to be Settled After More Than Twelve Months 4,211 4,843 4,279 4,981 Net Deferred Income Tax Liability 2,981 3,492 The deferred income tax assets and liabilities to be settled within twelve months represents Management’s estimate of the timing of the reversal of temporary differences and may not correlate to the current income tax expense of the subsequent year. The movement in deferred income tax assets and liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, was: Deferred Income Tax Assets Unused Tax Losses Other Total As at December 31, 2022 (156) (622) (778) Charged (Credited) to Earnings (777) 54 (723) Charged (Credited) to Other Comprehensive Income 19 (7) 12 As at December 31, 2023 (914) (575) (1,489) Charged (Credited) to Earnings 242 (9) 233 Charged (Credited) to Other Comprehensive Income (66) 24 (42) As at December 31, 2024 (738) (560) (1,298) Deferred Income Tax Liabilities PP&E Other Total As at December 31, 2022 4,460 55 4,515 Charged (Credited) to Earnings 495 (22) 473 Charged (Credited) to Other Comprehensive Income (7) — (7) As at December 31, 2023 4,948 33 4,981 Charged (Credited) to Earnings (716) 9 (707) Charged (Credited) to Other Comprehensive Income 5 — 5 As at December 31, 2024 4,237 42 4,279 Net Deferred Income Tax Liabilities Total As at December 31, 2022 3,737 Charged (Credited) to Earnings (250) Charged (Credited) to Other Comprehensive Income 5 As at December 31, 2023 3,492 Charged (Credited) to Earnings (474) Charged (Credited) to Other Comprehensive Income (37) As at December 31, 2024 2,981 The deferred income tax asset of $1.1 billion as at December 31, 2024 (December 31, 2023 – $696 million) represents net deductible temporary differences in the U.S. jurisdiction, which have been fully recognized, as the probability of realization is expected due to forecasted taxable income. No deferred tax liability was recognized as at December 31, 2024, or December 31, 2023, on temporary differences associated with investments in subsidiaries and joint arrangements where the Company can control the timing of the reversal of the temporary difference and the reversal is not probable in the foreseeable future. C) Tax Pools The approximate amounts of tax pools available, including tax losses, are: As at December 31, 2024 2023 Canada 10,086 8,547 United States 9,905 8,058 Asia Pacific 351 347 20,342 16,952 As at December 31, 2024, the above tax pools included $197 million (December 31, 2023 – $126 million) of Canadian federal non-capital losses and $3.0 billion (December 31, 2023 – $3.7 billion) of U.S. net operating losses. These losses expire no earlier than 2043. As at December 31, 2024, the Company had Canadian net capital losses totaling $85 million (December 31, 2023 – $59 million), which are available for carry forward to reduce future capital gains. The Company has not recognized $362 million (December 31, 2023 – $141 million) of deductible temporary differences associated with unrealized foreign exchange losses on its U.S. denominated debt.

Per Share Amounts

Per Share Amounts	12 Months Ended
Per Share Amounts	Dec. 31, 2024
Earnings per share [abstract]
Per Share Amounts	11. PER SHARE AMOUNTS A) Net Earnings (Loss) Per Common Share – Basic and Diluted For the years ended December 31, 2024 2023 Net Earnings (Loss) 3,142 4,109 Effect of Cumulative Dividends on Preferred Shares (36) (36) Net Earnings (Loss) – Basic 3,106 4,073 Effect of Stock-Based Compensation 3 (12) Net Earnings (Loss) – Diluted 3,109 4,061 Basic – Weighted Average Number of Shares (thousands) 1,850,193 1,895,487 Dilutive Effect of Warrants 4,483 22,223 Dilutive Effect of Stock-Based Compensation 8,540 22,135 Diluted – Weighted Average Number of Shares (thousands) 1,863,216 1,939,845 Net Earnings (Loss) Per Common Share – Basic ($) 1.68 2.15 Net Earnings (Loss) Per Common Share – Diluted (1) ($) 1.67 2.09 (1) For the year ended December 31, 2024, net earnings of $16 million (2023 – $nil) and 9.8 million common shares (2023 – 1.6 million), related to the assumed exercise of stock-based compensation, were excluded from the calculation of dilutive net earnings (loss) per share as the effect was anti-dilutive. B) Common Share Dividends 2024 2023 For the years ended December 31, Per Share Amount Per Share Amount Base Dividends 0.680 1,255 0.525 990 Variable Dividends 0.135 251 — — Total Common Share Dividends Declared and Paid 0.815 1,506 0.525 990 The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. On February 19, 2025, the Company’s Board of Directors declared a first quarter base dividend of $0.180 per common share, payable on March 31, 2025, to common shareholders of record as at March 14, 2025. C) Preferred Share Dividends For the years ended December 31, 2024 2023 Series 1 First Preferred Shares 7 7 Series 2 First Preferred Shares 2 2 Series 3 First Preferred Shares 12 12 Series 5 First Preferred Shares 9 9 Series 7 First Preferred Shares 6 6 Total Preferred Share Dividends Declared 36 36 The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. For the year ended December 31, 2024, the Company paid $45 million in preferred share dividends (December 31, 2023 – $36 million). On February 19, 2025, the Company’s Board of Directors declared first quarter dividends of $6 million payable on March 31, 2025, to preferred shareholders of record as at March 14, 2025.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2024
Cash and cash equivalents [abstract]
Cash and Cash Equivalents	12. CASH AND CASH EQUIVALENTS As at December 31, 2024 2023 Cash 2,723 2,109 Short-Term Investments 370 118 3,093 2,227

Accounts Receivable and Accrued

Accounts Receivable and Accrued Revenues	12 Months Ended
Accounts Receivable and Accrued Revenues	Dec. 31, 2024
Trade and other current receivables [abstract]
Accounts Receivable and Accrued Revenues	13. ACCOUNTS RECEIVABLE AND ACCRUED REVENUES As at December 31, 2024 2023 Trade and Accruals 2,378 2,722 Prepaids and Deposits 187 242 Joint Operations Receivables 40 49 Other 9 22 2,614 3,035

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2024
Classes of current inventories [abstract]
Inventories	14. INVENTORIES As at December 31, 2024 2023 Product Crude Oil 2,297 2,084 Diluent 401 379 Natural Gas and NGLs 77 68 Refined Products 1,176 1,073 Total Product 3,951 3,604 Parts and Supplies 545 426 4,496 4,030 For the year ended December 31, 2024, approximately $42.8 billion of produced and purchased inventory was recorded as an expense (2023 – approximately $39.1 billion). As at December 31, 2024, the Company had no inventory write-downs. As at December 31, 2023, the Company recorded non-cash inventory write-downs of $86 million and $3 million in refined products and crude oil inventory, respectively. The non-cash inventory write-downs were included in purchased product, transportation and blending expense.

Exploration and Evaluation Asse

Exploration and Evaluation Assets, Net	12 Months Ended
Exploration and Evaluation Assets, Net	Dec. 31, 2024
Disclosure Of Exploration And Evaluation Assets [Abstract]
Exploration and Evaluation Assets, Net	15. EXPLORATION AND EVALUATION ASSETS, NET Total As at December 31, 2022 685 Acquisition 31 Additions 84 Transfer to PP&E (Note 16) (60) Write-downs (29) Change in Decommissioning Liabilities 28 Exchange Rate Movements and Other (1) As at December 31, 2023 738 Acquisition 7 Additions 65 Transfer to PP&E (Note 16) (285) Write-downs (37) Change in Decommissioning Liabilities (5) Exchange Rate Movements and Other 1 As at December 31, 2024 484

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
Property, Plant and Equipment, Net	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Property, Plant and Equipment, Net	16. PROPERTY, PLANT AND EQUIPMENT, NET Crude Oil and Natural Gas Properties Processing, Transportation and Storage Assets Refining Assets Other Assets (1) Total COST As at December 31, 2022 43,528 254 12,132 1,825 57,739 Acquisitions (Note 5) (2) 11 — 770 — 781 Additions 3,392 14 719 89 4,214 Transfer from E&E (Note 15) 60 — — — 60 Change in Decommissioning Liabilities 542 — 21 18 581 Divestitures (Note 5) (2) (17) — (633) (17) (667) Exchange Rate Movements and Other (91) 4 (239) (7) (333) As at December 31, 2023 47,425 272 12,770 1,908 62,375 Acquisitions 15 — — — 15 Additions 4,215 3 661 71 4,950 Transfer from E&E (Note 15) 285 — — — 285 Change in Decommissioning Liabilities 312 2 4 (5) 313 Divestitures (Note 5) (270) — — (1) (271) Exchange Rate Movements and Other 108 3 890 2 1,003 As at December 31, 2024 52,090 280 14,325 1,975 68,670 ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION As at December 31, 2022 14,302 106 5,547 1,285 21,240 Depreciation, Depletion and Amortization 3,692 19 554 86 4,351 Divestitures (Note 5) (2) (8) — (299) (12) (319) Exchange Rate Movements and Other (11) 4 (135) (5) (147) As at December 31, 2023 17,975 129 5,667 1,354 25,125 Depreciation, Depletion and Amortization 3,949 11 539 81 4,580 Divestitures (Note 5) (208) — — — (208) Exchange Rate Movements and Other 133 1 469 2 605 As at December 31, 2024 21,849 141 6,675 1,437 30,102 CARRYING VALUE As at December 31, 2023 29,450 143 7,103 554 37,250 As at December 31, 2024 30,241 139 7,650 538 38,568 (1) Includes assets within the commercial fuels business, office furniture, fixtures, leasehold improvements, information technology and aircraft. (2) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s PP&E was $334 million. Assets Under Construction PP&E includes the following amounts in respect of assets under construction that are not subject to DD&A: As at December 31, 2024 2023 Crude Oil and Natural Gas Properties 3,359 2,507 Refining Assets 400 243 3,759 2,750

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2024
Lease liabilities [abstract]
Leases	17. LEASES A) Right-of-Use Assets, Net Real Estate Transportation and Storage Assets (1) Refining Assets Other Assets (2) Total COST As at December 31, 2022 599 1,840 174 74 2,687 Acquisitions (Note 5) (3) 1 24 8 — 33 Additions 1 56 — — 57 Divestitures (Note 5) (3) — — (19) — (19) Exchange Rate Movements and Other (13) 44 (2) (4) 25 As at December 31, 2023 588 1,964 161 70 2,783 Additions 2 317 — 51 370 Exchange Rate Movements and Other 2 111 17 4 134 As at December 31, 2024 592 2,392 178 125 3,287 ACCUMULATED DEPRECIATION As at December 31, 2022 127 645 58 12 842 Depreciation 36 223 22 12 293 Divestitures (Note 5) (3) — — (12) — (12) Exchange Rate Movements and Other (7) (5) (3) (5) (20) As at December 31, 2023 156 863 65 19 1,103 Depreciation 35 198 21 37 291 Exchange Rate Movements and Other 2 (62) 8 (5) (57) As at December 31, 2024 193 999 94 51 1,337 CARRYING VALUE As at December 31, 2023 432 1,101 96 51 1,680 As at December 31, 2024 399 1,393 84 74 1,950 (1) Includes a pipeline, storage tanks, railcars, vessels, barges, a natural gas processing plant and caverns. (2) Includes assets in the commercial fuels business, fleet vehicles, camps and other equipment. (3) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s ROU assets was $7 million. B) Lease Liabilities 2024 2023 Lease Liabilities, Beginning of Year 2,658 2,836 Acquisitions (Note 5) (1) — 33 Additions 363 57 Interest Expense (Note 7) 162 161 Lease Payments (461) (449) Divestitures (Note 5) (1) — (11) Exchange Rate Movements and Other 205 31 Lease Liabilities, End of Year 2,927 2,658 Less: Current Portion 359 299 Long-Term Portion 2,568 2,359 (1) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s lease liabilities was $11 million. 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. The Company includes extension options in the calculation of lease liabilities when the Company has the right to extend a lease term at its discretion and is reasonably certain to exercise the extension option. The Company does not have any significant termination options and the residual amounts are not material.

Joint Arrangements

Joint Arrangements	12 Months Ended
Joint Arrangements	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Joint Arrangements	18. JOINT ARRANGEMENTS A) Joint Operations Cenovus has a number of joint operations in the Upstream segments. As at December 31, 2024, the Company also has a 50 percent interest in WRB in the U.S. Refining segment. Phillips 66 holds the remaining 50 percent interest and is the operator of the Wood River Refinery in Illinois and the Borger Refinery in Texas. As at December 31, 2024, Toledo is 100 percent controlled by Cenovus and has been consolidated. Refer to Note 5 for more information on this transaction. B) Joint Ventures Husky-CNOOC Madura Ltd. The Company holds a 40 percent interest in the jointly-controlled entity HCML. The Company’s share of equity investment income (loss) related to the joint venture is recorded in (income) loss from equity-accounted affiliates. Summarized below is the financial information for HCML accounted for using the equity method. Results of Operations For the years ended December 31, 2024 2023 Revenue 736 615 Expenses 605 545 Net Earnings (Loss) 131 70 Balance Sheet As at December 31, 2024 2023 Current Assets (1) 441 334 Non-Current Assets 1,594 1,751 Current Liabilities 188 140 Non-Current Liabilities 1,046 1,188 Net Assets 801 757 (1) Includes cash and cash equivalents of $108 million (December 31, 2023 – $111 million). For the year ended December 31, 2024, the Company’s share of income from the equity-accounted affiliate was $53 million (2023 – $57 million). As at December 31, 2024, the carrying amount of the Company’s share of net assets was $294 million (December 31, 2023 – $344 million). These amounts do not equal the 40 percent joint control of the revenues, expenses and net assets of HCML due to differences in the values attributed to the investment and accounting policies between the joint venture and the Company. For the year ended December 31, 2024, the Company received $107 million in distributions from HCML (2023 – $93 million) and paid $nil in contributions (2023 – $35 million). Other Joint Ventures The Company has interests in a number of individually immaterial joint ventures, which include HMLP and Duvernay. The Company’s aggregate share of equity investment income (loss) related to these joint ventures are recorded in (income) loss from equity-accounted affiliates. Summarized aggregate financial information is shown below: For the years ended December 31, 2024 2023 Cenovus's Share of Net Earnings (Loss) (16) (1) Cenovus's Share of Other Comprehensive Income (Loss) (2) (2) Cenovus's Share of Total Other Comprehensive Income (Loss) (18) (3) As at December 31, 2024, the aggregate carrying value of the Company's investment in these joint ventures was $105 million (December 31, 2023 – $22 million). For the year ended December 31, 2024, the Company received $65 million in distributions from HMLP (2023 – $56 million) and paid $51 million in contributions (2023 – $62 million).

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2024
Other Noncurrent Assets [Abstract]
Other Assets	19. OTHER ASSETS As at December 31, 2024 2023 Private Equity Investments (Note 32) 219 131 Precious Metals 92 76 Long-Term Receivables and Prepaids 68 50 Net Investment in Finance Leases 61 61 Intangible Assets 11 — 451 318

Goodwill

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2024
Goodwill [Abstract]
Goodwill	20. GOODWILL For the years ended December 31, 2024, and December 31, 2023, no additions, disposals or impairments of goodwill were recognized. The carrying amount of goodwill is allocated to the following CGUs: As at December 31, 2024 2023 Primrose (Foster Creek) 1,171 1,171 Christina Lake 1,101 1,101 Lloydminster Thermal 651 651 2,923 2,923

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
Accounts Payable and Accrued Liabilities	Dec. 31, 2024
Trade and other current payables [abstract]
Accounts Payable and Accrued Liabilities	21. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at December 31, 2024 2023 Accruals 4,902 3,931 Trade 1,005 1,075 Joint Operations Payable 110 75 Employee Long-Term Incentives 132 284 Interest 72 69 Provisions for Onerous and Unfavourable Contracts 11 18 Other 10 28 6,242 5,480

Debt and Capital Structure

Debt and Capital Structure	12 Months Ended
Debt and Capital Structure	Dec. 31, 2024
Borrowings [abstract]
Debt and Capital Structure	22. DEBT AND CAPITAL STRUCTURE For the year ended December 31, 2024, the annualized weighted average interest rate on outstanding debt, including the Company’s proportionate share of short-term borrowings, was 4.5 percent (2023 – 4.7 percent). A) Short-Term Borrowings As at December 31, Notes 2024 2023 Uncommitted Demand Facilities i — — WRB Uncommitted Demand Facilities ii 173 179 Total Debt Principal 173 179 i) Uncommitted Demand Facilities As at December 31, 2024, the Company had uncommitted demand facilities of $1.7 billion (December 31, 2023 – $1.7 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 December 31, 2024, there were outstanding letters of credit aggregating to $355 million (December 31, 2023 – $364 million) and no direct borrowings (December 31, 2023 – $nil). ii) WRB Uncommitted Demand Facilities WRB has uncommitted demand facilities of US$450 million (December 31, 2023 – US$450 million) that may be used to cover short-term working capital requirements, of which Cenovus’s proportionate share is 50 percent. As at December 31, 2024, US$240 million was drawn on these facilities, of which Cenovus’s proportionate share was US$120 million (C$173 million). As at December 31, 2023, Cenovus's proportionate share of drawings was US$135 million (C$179 million) B) Long-Term Debt As at December 31, Notes 2024 2023 Committed Credit Facility i — — U.S. Dollar Denominated Unsecured Notes ii 5,470 5,028 Canadian Dollar Unsecured Notes ii 2,000 2,000 Total Debt Principal 7,470 7,028 Debt Premiums (Discounts), Net, and Transaction Costs 64 80 Long-Term Debt 7,534 7,108 Less: Current Portion 192 — Long-Term Portion 7,342 7,108 i) Committed Credit Facility On June 26, 2024, Cenovus renewed its existing committed credit facility to extend the maturity dates by more than one year. The committed credit facility consists of a $2.2 billion tranche maturing on June 26, 2027, and a $3.3 billion tranche maturing on June 26, 2028. As at December 31, 2024, no amount was drawn on the credit facility (December 31, 2023 – $nil) . The committed credit facility may include Canadian overnight repo rate average loans, secured overnight financing rate loans, prime rate loans and U.S. base rate loans. ii) U.S. Dollar Denominated and Canadian Dollar Denominated Unsecured Notes The principal amounts of the Company’s outstanding unsecured notes are: 2024 2023 As at December 31, US$ Principal C$ Principal and Equivalent US$ Principal C$ Principal and Equivalent U.S. Dollar Denominated Unsecured Notes 5.38% due July 15, 2025 133 192 133 176 4.25% due April 15, 2027 373 537 373 493 4.40% due April 15, 2029 183 262 183 241 2.65% due January 15, 2032 500 720 500 661 5.25% due June 15, 2037 333 479 333 441 6.80% due September 15, 2037 191 275 191 253 6.75% due November 15, 2039 652 938 652 862 4.45% due September 15, 2042 91 131 91 121 5.20% due September 15, 2043 27 39 27 36 5.40% due June 15, 2047 569 818 569 752 3.75% due February 15, 2052 750 1,079 750 992 3,802 5,470 3,802 5,028 Canadian Dollar Unsecured Notes 3.60% due March 10, 2027 750 750 3.50% due February 7, 2028 1,250 1,250 2,000 2,000 Total Unsecured Notes 7,470 7,028 For the year ended December 31, 2023, the Company purchased US$1.0 billion in principal of its outstanding unsecured notes. As at December 31, 2024, the Company was in compliance with all of the terms of its debt agreements. Under the terms of Cenovus’s committed credit facility, the Company is required to maintain a total debt to capitalization ratio, as defined in the agreement, not to exceed 65 percent. The Company is below this limit. C) Mandatory Debt Payments U.S. Dollar Canadian Dollar Unsecured Notes Total As at December 31, 2024 US$ Principal C$ Principal Equivalent C$ Principal C$ Principal and Equivalent 2025 133 192 — 192 2026 — — — — 2027 373 537 750 1,287 2028 — — 1,250 1,250 2029 183 262 — 262 Thereafter 3,113 4,479 — 4,479 3,802 5,470 2,000 7,470 D) Capital Structure Cenovus’s capital structure consists of shareholders’ equity and 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. Net Debt is used in managing the Company’s capital structure. 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, steward working capital, 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, Total Debt, Net Debt to adjusted earnings before interest, taxes and DD&A (“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. Cenovus targets a Net Debt to Adjusted EBITDA ratio and a Net Debt to Adjusted Funds Flow ratio of approximately 1.0 times and Net Debt at or below $4.0 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 or the strengthening or weakening of the Canadian dollar relative to the U.S. dollar. On November 3, 2023, Cenovus filed a base shelf prospectus that allows the Company to offer, from time to time, debt securities, common shares, preferred shares, subscription receipts, warrants, share purchase contracts and units in Canada, the U.S. and elsewhere as permitted by law. The base shelf prospectus will expire in December 2025. Offerings under the base shelf prospectus are subject to market conditions on terms set forth in one or more prospectus supplements. Net Debt to Adjusted EBITDA As at December 31, 2024 2023 Short-Term Borrowings 173 179 Current Portion of Long-Term Debt 192 — Long-Term Portion of Long-Term Debt 7,342 7,108 Total Debt 7,707 7,287 Less: Cash and Cash Equivalents (3,093) (2,227) Net Debt 4,614 5,060 Net Earnings (Loss) 3,142 4,109 Add (Deduct): Finance Costs, Net (1) 514 538 Income Tax Expense (Recovery) 929 931 Depreciation, Depletion and Amortization 4,871 4,644 Exploration and Evaluation Asset Write-downs 37 29 (Income) Loss From Equity-Accounted Affiliates (66) (51) Unrealized (Gain) Loss on Risk Management 12 52 Foreign Exchange (Gain) Loss, Net 462 (67) (Gain) Loss on Divestiture of Assets (1) (119) 20 Re-measurement of Contingent Payments 30 59 Other (Income) Loss, Net (55) (63) Adjusted EBITDA (2) 9,757 10,201 Net Debt to Adjusted EBITDA (times) 0.5 0.5 (1) Revised presentation as of January 1, 2024. See Note 4. (2) Calculated on a trailing twelve-month basis. Net Debt to Adjusted Funds F low As at December 31, 2024 2023 Net Debt 4,614 5,060 Cash From (Used in) Operating Activities 9,235 7,388 (Add) Deduct: Settlement of Decommissioning Liabilities (234) (222) Net Change in Non-Cash Working Capital 1,305 (1,193) Adjusted Funds Flow (1) 8,164 8,803 Net Debt to Adjusted Funds Flow (times) 0.6 0.6 (1) Calculated on a trailing twelve-month basis. Net Debt to Capitalization As at December 31, 2024 2023 Net Debt 4,614 5,060 Shareholders’ Equity 29,754 28,698 Capitalization 34,368 33,758 Net Debt to Capitalization (percent) 13 15

Contingent Payments

Contingent Payments	12 Months Ended
Contingent Payments	Dec. 31, 2024
Disclosure of contingent liabilities in business combination [abstract]
Contingent Payments	23. CONTINGENT PAYMENTS In connection with the transaction with BP Canada Energy Group ULC (“bp Canada”) to purchase the remaining 50 percent interest in Sunrise Oil Sands Partnership (“SOSP”) (the “Sunrise Acquisition”), Cenovus agreed to make quarterly variable payments from SOSP to bp Canada for up to eight quarters subsequent to August 31, 2022, when the average WCS price in a quarter exceeded $52.00 per barrel. The quarterly payment was calculated as $2.8 million plus the difference between the average WCS price less $53.00 multiplied by $2.8 million, for any of the eight quarters the average WCS price was equal to or greater than $52.00 per barrel. If the average WCS price was less than $52.00 per barrel, no payment would be made for that quarter. On August 31, 2024, the variable payment obligation ended. In the year ended December 31, 2024, the Company made payments of $301 million for the quarterly payment periods ending November 30, 2023, February 29, 2024, May 31, 2024, and August 31, 2024. 2024 2023 Contingent Payments, Beginning of Year 164 419 Liabilities Settled or Payable (194) (314) Re-measurement 30 59 Contingent Payments, End of Year — 164

Decommissioning Liabilities

Decommissioning Liabilities	12 Months Ended
Decommissioning Liabilities	Dec. 31, 2024
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Decommissioning Liabilities	24. DECOMMISSIONING LIABILITIES 2024 2023 Decommissioning Liabilities, Beginning of Year 4,155 3,559 Liabilities Incurred 24 14 Liabilities Acquired (Note 5) (1) — 5 Liabilities Settled (234) (221) Liabilities Disposed (Note 5) (1) (72) (5) Change in Estimated Future Cash Flows 276 330 Change in Discount Rates 132 265 Unwinding of Discount on Decommissioning Liabilities (Note 7) 225 220 Exchange Rate Movements and Other 28 (12) Decommissioning Liabilities, End of Year 4,534 4,155 (1) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s decommissioning liabilities w as $2 million. As at December 31, 2024, the undiscounted amount of estimated future cash flows required to settle the obligation is $15.6 billion (December 31, 2023 – $15.0 billion). Most of these obligations are not expected to be paid for several years, or decades, and will be funded through general resources when they become due. The Company plans to settle approximately $203 million of decommissioning liabilities over the next year. Revisions in estimated future cash flows resulted from a change in the timing of decommissioning liabilities over the estimated life of the reserves and an increase in cost estimates. These obligations were discounted using a credit-adjusted risk-free rate of 5.2 percent (December 31, 2023 – 5.5 percent) and assumes an inflation rate of two percent (December 31, 2023 – 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 December 31, 2024, the Company had $241 million in long-term restricted cash (December 31, 2023 – $211 million). Sensitivities Changes to the credit-adjusted risk-free rate or the inflation rate would have the following impact on the decommissioning liabilities: Sensitivity 2024 2023 As at December 31, Range Increase Decrease Increase Decrease Credit-Adjusted Risk-Free Rate ± one percent (487) 595 (387) 515 Inflation Rate ± one percent 615 (507) 519 (392)

Other Liabilities

Other Liabilities	12 Months Ended
Other Liabilities	Dec. 31, 2024
Miscellaneous non-current liabilities [abstract]
Other Liabilities	25. OTHER LIABILITIES As at December 31, 2024 2023 Renewable Volume Obligation, Net (1) 284 397 Pension and Other Post-Employment Benefit Plan 269 276 Employee Long-Term Incentives 96 100 Provisions for Onerous and Unfavourable Contracts 66 72 Provision for West White Rose Expansion Project (2) 54 156 Drilling Provisions 3 25 Other 147 157 919 1,183 (1) The gross amounts of the renewable volume obligation (“RVO”) and RINs asset were $652 million and $368 million, respectively (December 31, 2023 – $785 million and $388 million, respectively). (2) Cenovus expects to draw down the provision by $54 million in the next 12 months.

Pensions and Other Post-Employm

Pensions and Other Post-Employment Benefits	12 Months Ended
Pensions and Other Post-Employment Benefits	Dec. 31, 2024
Pensions And Other Post Employment Benefits [Abstract]
Pensions and Other Post-Employment Benefits	26. PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS The Company provides the majority of employees with a defined contribution pension plan (“DC Pension Plan”). The Company also provides other post-employment benefit (“OPEB”) plans to retirees and sponsors defined benefit pension plans in Canada and the U.S. (together, the “DB Pension Plan”). The DB Pension Plan provides pension benefits at retirement based on years of service and final average earnings. In Canada, future enrollment is limited to a small group of eligible employees who may elect to move from the defined contribution component to the defined benefit component for their future service. In the U.S., the defined benefit pension is closed to new members. The Company’s OPEB plans provides certain retired employees with health care and dental benefits. The Company is req uired to file actuarial valuations of its registered defined benefit pension plans with regulators on a periodic basis. The most recently filed valuation for the Canadian defined benefit pension plan was dated December 31, 2023, and the next required actuarial valuation will be as at December 31, 2026. The most recently filed valuation for the U.S. defined benefit pension plan was dated January 1, 2024, and the next required actuarial valuation will be dated January 1, 2025. A) Plan Obligations, Assets and Funded Status DB Pension Plan OPEB Plans 2024 2023 2024 2023 Defined Benefit Obligation Defined Benefit Obligation, Beginning of Year 202 172 249 174 Current Service Costs 14 10 2 14 Past Service Costs - Curtailment and Plan Amendments — — — 10 Interest Costs (1) 9 9 12 10 Benefits Paid (12) (8) (9) (9) Plan Participant Contributions 3 3 — — Re-measurements: (Gains) Losses From Experience Adjustments — 4 1 1 (Gains) Losses From Changes in Financial Assumptions (3) 13 (6) 50 Exchange Rate Movements and Other 1 (1) 3 (1) Defined Benefit Obligation, End of Year 214 202 252 249 Plan Assets Fair Value of Plan Assets, Beginning of Year 178 147 — — Employer Contributions 11 18 9 9 Plan Participant Contributions 3 3 — — Benefits Paid (12) (7) (9) (9) Interest Income (1) 8 8 — — Re-measurements: Return on Plan Assets Excluding Interest Income 11 10 — — Exchange Rate Movements and Other 2 (1) — — Fair Value of Plan Assets, End of Year 201 178 — — Defined Benefit Pension and OPEB Asset (Liability) (2) (13) (24) (252) (249) (1) Based on the discount rate of the defined benefit obligation at the beginning of the year. (2) Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities. The weighted average duration of the obligations for the DB Pension Plan and OPEB plans are 16 years and 14 years, respectively. B) Costs OPEB Plans For the years ended December 31, 2024 2023 2024 2023 Defined Benefit Plan Cost Current Service Costs 14 10 2 14 Past Service Costs – Curtailments and Plan Amendments — — — 10 Net Interest Costs 1 1 12 10 Re-measurements: Return on Plan Assets Excluding Interest Income (11) (10) — — (Gains) Losses From Experience Adjustments — 4 1 1 (Gains) Losses From Changes in Financial Assumptions (3) 13 (6) 50 Defined Benefit Plan Cost (Recovery) 1 18 9 85 Defined Contribution Plan Cost (1) 107 99 — — Total Plan Cost 108 117 9 85 (1) Includes defined contribution and U.S. 401(k) plans. C) Investment Objectives and Fair Value of Plan Assets The objective of the asset allocation is to manage the funded status of the DB Pension Plan at an appropriate level of risk, giving consideration to the security of the assets and the potential volatility of market returns and the resulting effect on both contribution requirements and pension expense. The long-term return is expected to achieve or exceed the return from a composite benchmark comprised of passive investments in appropriate market indices. The asset allocation structure is subject to diversification requirements and constraints that reduce risk by limiting exposure to individual equity investment and credit rating categories. The allocation of assets between the various types of investment funds is monitored regularly and is re-balanced as necessary. The Canadian defined benefit pension plan and U.S. defined benefit pension plan are managed independently of each other and, accordingly, the target asset allocation is reflective of their different liability profiles. The Company does not use derivative instruments to manage the risks of its plan assets. There has been no change in the process used by the Company to manage these risks from prior periods. The fair value of the DB Pension Plan assets, as represented by fair value hierarchy levels are as follows: As at December 31, 2024 2023 Level 1 – Cash and Cash Equivalents 3 5 Level 2 – Equity and Fixed Income Funds 185 161 Level 3 – Real Estate Funds and Other 13 12 201 178 The DB Pension Plan does not hold any direct investment in Cenovus common shares or preferred shares. D) Funding The DB Pension Plan is funded in accordance with applicable pension legislation. Contributions are made to trust funds administered by independent trustees. The Company’s contributions to the DB Pension Plan are based on the most recent actuarial valuations and the direction of the Management Pension Committees and Human Resources and Compensation Committee of the Board of Directors. Employees participating in the Canadian defined benefit pension are required to contribute four percent of their pensionable earnings, up to an annual maximum, and the Company provides the balance of the funding necessary to ensure benefits will be fully provided for at retirement. In the year ended December 31, 2025, the Company expects to contribute $12 million to the DB Pension Plan. The OPEB plans are funded on an as required basis. For the year ended December 31, 2025, the Company expects to contribute $12 million to the OPEB plans. E) Actuarial Assumptions and Sensitivities Actuarial Assumptions The principal weighted average actuarial assumptions used to determine benefit obligations are as follows: Defined Benefit Plan OPEB Plans For the years ended December 31, 2024 2023 2024 2023 Discount Rate (percent) 4.65 4.58 4.85 4.65 Future Salary Growth Rate (percent) 3.95 4.00 N/A N/A Average Longevity (years) 88.4 88.4 88.4 88.4 Health Care Cost Trend Rate (percent) N/A N/A 5.24 5.24 Discount rates are based on market yields for high quality corporate debt instruments with maturity terms equivalent to the benefit obligations. Sensitivities The sensitivity of the DB Pension Plan and OPEB plan obligations to a one percent change in future salary growth rate, health care cost trend rate, or a one 2024 2023 As at December 31, Increase Decrease Increase Decrease Discount Rate (56) 69 (54) 66

Share Capital and Warrants

Share Capital and Warrants	12 Months Ended
Share Capital and Warrants	Dec. 31, 2024
Disclosure of classes of share capital [abstract]
Share Capital and Warrants	27. SHARE CAPITAL AND WARRANTS A) Authorized Cenovus is authorized to issue an unlimited number of common shares, and first and second preferred shares not exceeding, in aggregate, 20 percent of the number of issued and outstanding common shares. The first and second preferred shares may be issued in one or more series with rights and conditions to be determined by the Board of Directors prior to issuance and subject to the Company’s articles. B) Issued and Outstanding – Common Shares 2024 2023 Number of Common Shares (thousands) Amount Number of Common Shares (thousands) Amount Outstanding, Beginning of Year 1,871,868 16,031 1,909,190 16,320 Issued Upon Exercise of Warrants 3,982 39 2,610 26 Issued Under Stock Option Plans 5,049 68 3,679 58 Purchase of Common Shares under NCIB (55,861) (479) (43,611) (373) Outstanding, End of Year 1,825,038 15,659 1,871,868 16,031 As at December 31, 2024, there were 48.8 million (December 31, 2023 – 45.5 million) common shares available for future issuance under the stock option plan. C) Normal Course Issuer Bid On November 7, 2024, the Company received approval from the TSX to renew the Company’s NCIB program to purchase up to 127.5 million common shares during the period from November 11, 2024, to November 10, 2025. For the year ended December 31, 2024, the Company purchased and cancelled 55.9 million common shares (2023 – 43.6 million ) through the NCIB. The shares were purchased at a volume weighted average price of $25.38 per common share (2023 – $24.32) for a total of $1.4 billion (2023 – $1.1 billion) . Paid in surplus was reduced by $966 million (2023 – $688 million) , representing the excess of the purchase price of the common shares over their average carrying value of $939 million (2023 – $688 million ) and taxes paid of $27 million (2023 – $nil ). From January 1, 2025, to February 14, 2025, the Company purchased an additional 1.5 million common shares for $32 million. As at February 14, 2025, the Company can further purchase up to 124.9 million common shares under the NCIB. D) Treasury Shares In 2024, Cenovus established an employee benefit plan trust (the “Trust”). The Trust, through an independent trustee, acquires Cenovus’s common shares on the open market, which are held to satisfy the Company’s obligations under certain stock-based compensation plans. 2024 Number of Common Shares (thousands) Amount Outstanding, Beginning of Year — — Purchase of Common Shares Under Employee Benefit Plan 2,000 43 Outstanding, End of Year 2,000 43 E) Issued and Outstanding – Preferred Shares First Preferred Shares 2024 2023 Number of Preferred Shares (thousands) Amount Number of Preferred Shares (thousands) Amount Outstanding, Beginning of Year 36,000 519 36,000 519 Preferred Shares Redeemed (10,000) (163) — — Outstanding, End of Year 26,000 356 36,000 519 On December 31, 2024, Cenovus exercised its right to redeem all 10.0 million of the Company’s series 3 preferred shares at a price of $25.00 per share, for a total of $250 million. Paid in surplus was reduced by $87 million, representing the excess of the purchase price of the series 3 preferred shares over their carrying value. The Company had the following preferred shares outstanding as at December 31, 2024: As at December 31, 2024 Dividend Reset Date Dividend Rate (percent) Number of Preferred Shares (thousands) Series 1 First Preferred Shares March 31, 2026 2.58 10,740 Series 2 First Preferred Shares (1) Quarterly 5.21 1,260 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 6.77 percent from December 31, 2023, to March 30, 2024 (December 31, 2022, to March 30, 2023 – 5.86 percent); 6.71 percent from March 31, 2024, to June 29, 2024 (March 31, 2023, to June 29, 2023 – 6.29 percent); 6.60 percent from June 30, 2024, to September 29, 2024 (June 30, 2023, to September 29, 2023 – 6.29 percent); and 5.94 percent from September 30, 2024, to December 30, 2024 (September 30, 2023, to December 30, 2023 – 6.89 percent). Every five five five five Each series of outstanding first preferred shares are entitled to receive a cumulative quarterly dividend, payable on the last day of March, June, September and December in each year, if, as and when declared by Cenovus’s Board of Directors. For the series 1, series 5 and series 7 first preferred shares, such dividend rate resets every five Every five 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. Second Preferred Shares There were no second preferred shares outstanding as at December 31, 2024 (December 31, 2023 – nil). F) Issued and Outstanding – Warrants 2024 2023 Number of Warrants (thousands) Amount Number of Warrants (thousands) Amount Outstanding, Beginning of Year 7,625 25 55,720 184 Exercised (3,982) (13) (2,610) (8) Purchased and Cancelled — — (45,485) (151) Outstanding, End of Year 3,643 12 7,625 25 The exercise price of the warrants is $6.54 per share. The warrants expire on January 1, 2026. On June 14, 2023, Cenovus purchased and cancelled 45.5 million warrants. The price for each warrant purchased represented a price of $22.18 per common share, less the warrant exercise price, for a total of $711 million. Retained earnings was reduced by $560 million, representing the excess of the purchase price of the warrants over their average carrying value, and $2 million in transaction costs. G) Paid in Surplus Cenovus’s paid in surplus reflects the Company’s retained earnings prior to the split of Encana Corporation (now known as Ovintiv Inc. (“Ovintiv”)) under the plan of arrangement into two independent energy companies, Ovintiv and Cenovus. In addition, paid in surplus includes the excess of the purchase price of common shares over their average carrying value for shares purchased under the NCIB, the excess or deficiency of treasury shares over their average carrying value to settle the employee long-term incentive (“LTI”) liability, and stock-based compensation expense related to the Company’s net settlement rights (“NSRs”) discussed in Note 29. Retained Earnings Prior to Ovintiv Split Stock-Based Compensation Total As at December 31, 2022 2,395 296 2,691 Stock-Based Compensation Expense — 11 11 Purchase of Common Shares Under NCIB (688) — (688) Common Shares Issued on Exercise of Stock Options — (12) (12) As at December 31, 2023 1,707 295 2,002 Stock-Based Compensation Expense — 11 11 Purchase of Common Shares Under NCIB (966) — (966) Preferred Shares Redeemed (87) — (87) Common Shares Issued on Exercise of Stock Options — (16) (16) As at December 31, 2024 654 290 944

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2024
Disclosure Of Accumulated Other Comprehensive Income Loss [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	28. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Pension and Other Post-Retirement Benefits Private Equity Instruments Foreign Currency Translation Adjustment Total As at December 31, 2022 99 29 1,342 1,470 Other Comprehensive Income (Loss), Before Tax (58) 63 (286) (281) Reclassification on Divestiture (Note 5) — — 12 12 Income Tax (Expense) Recovery 14 (7) — 7 As at December 31, 2023 55 85 1,068 1,208 Other Comprehensive Income (Loss), Before Tax 19 81 1,020 1,120 Income Tax (Expense) Recovery (5) (10) — (15) As at December 31, 2024 69 156 2,088 2,313

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
Stock-Based Compensation Plans	Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Stock-Based Compensation Plans	29. STOCK-BASED COMPENSATION PLANS Cenovus has a number of stock-based compensation plans that include NSRs, Cenovus replacement stock options, performance share units (“PSUs”), restricted share units (“RSUs”) and deferred share units (“DSUs”). A) Employee Stock Options Cenovus has an Employee Stock Option Plan that provides employees with the opportunity to exercise an option to purchase a common share of the Company. Option exercise prices approximate the market value for the common shares on the date the options were issued. Options granted are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years and are fully exercisable after three years. Options expire after seven years. Options issued by the Company have associated NSRs. The NSR, in lieu of exercising the option, gives the option holder the right to receive the number of common shares that could be acquired with the excess value of the market price of Cenovus's common shares at the time of exercise over the exercise price of the option. Alternatively, the holder may elect to exercise the option and receive a net cash payment equal to the excess of the market price received from the sale of the common shares over the exercise price of the option. The NSRs vest and expire under the same terms and conditions of the underlying option. Stock Options With Associated Net Settlement Rights The weighted average unit fair value of NSRs granted during the year ended December 31, 2024, was $5.20 before considering forfeitures, which are considered in determining total cost for the period. The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows: Risk-Free Interest Rate (percent) 3.51 Expected Dividend Yield (percent) 2.37 Expected Volatility (1) (percent) 23.64 Expected Life (years) 5.39 (1) Expected volatility has been based on historical share volatility of the Company. For the year ended December 31, 2024, 793 thousand NSRs, with a weighted average exercise price of $11.97, were exercised and settled for 562 thousand common shares. Number of Stock Options with Associated Net Settlement Rights Weighted For the year ended December 31, 2024 (thousands) ($/unit) Outstanding, Beginning of Year 11,895 13.66 Granted 2,427 23.90 Exercised (5,251) 10.77 Forfeited (416) 23.16 Expired (2) 24.60 Outstanding, End of Year 8,653 17.83 Outstanding Exercisable As at December 31, 2024 Number of Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Weighted Average Exercise Price Range of Exercise Price ($/unit) (thousands) (years) ($/unit) (thousands) ($/unit) 5.00 to 9.99 1,486 2.47 8.87 1,486 8.87 10.00 to 14.99 2,004 2.08 11.70 1,902 11.69 15.00 to 19.99 1,560 4.13 19.88 902 19.88 20.00 to 24.99 3,373 5.75 23.84 448 24.14 25.00 to 29.99 230 6.46 27.21 3 27.71 8,653 4.06 17.83 4,741 13.55 Cenovus Replacement Stock Options For the year ended December 31, 2024, 577 thousand Cenovus replacement stock options, with a weighted average exercise price of $7.48, were exercised and net settled for cash and 37 thousand Cenovus replacement stock options were exercised with a weighted average price of $5.17 and settled for 29 thousand common shares. The Company recorded a liability of $5 million as at December 31, 2024, (December 31, 2023 – $12 million) for Cenovus replacement stock options based on the fair value at year end using the Black-Scholes-Merton valuation model. As at December 31, 2024, there were 348 thousand outstanding and exercisable Cenovus replacement stock options, with a remaining life of 0.47 years and a weighted average exercise price of $3.54. Number of Cenovus Replacement Stock Options Weighted Average Exercise Price For the year ended December 31, 2024 (thousands) ($/unit) Outstanding, Beginning of Year 1,005 6.49 Exercised (614) 7.34 Expired (43) 18.35 Outstanding, End of Year 348 3.54 B) Performance Share Units Cenovus has granted PSUs to certain employees under its Performance Share Unit Plan for Employees. The PSUs are time-vested whole-share units that entitle employees to receive, upon vesting, either a common share of Cenovus or a cash payment equal to the value of a Cenovus common share. PSUs granted under the Performance Share Unit Plan for Local Employees in the Asia Pacific region may only be settled in cash. The number of PSUs eligible to vest is determined by a multiplier that ranges from zero percent to 200 percent and is based on the Company achieving key pre-determined performance measures. PSUs vest after three years. The Company has recorded a liability o f $80 million as at December 31, 2024, (December 31, 2023 – $238 million) for PSUs based on the market value of Cenovus’s common shares at the end of the year. PSUs are paid out upon vesting and, as a result, the intrinsic value was $nil as at December 31, 2024. Number of Performance Share Units For the year ended December 31, 2024 (thousands) Outstanding, Beginning of Year 10,243 Granted 6,368 Vested and Paid Out (8,903) Forfeited (742) Units Granted in Lieu of Base Dividends 244 Outstanding, End of Year 7,210 C) Restricted Share Units Cenovus granted RSUs to certain employees under its Restricted Share Unit Plan for Employees. RSUs are whole-share units and entitle employees to receive, upon vesting, either a common share of Cenovus or a cash payment equal to the value of a Cenovus common share. RSUs vest over three years. RSUs granted under the Performance Share Unit Plan for Local Employees in the Asia Pacific region may only be settled in cash. The Company recorded a liability of $105 million as at December 31, 2024, (December 31, 2023 – $97 million) for RSUs based on the market value of Cenovus’s common shares at the end of the year. As RSUs are paid out upon vesting, the intrinsic value of vested RSUs was $nil as at December 31, 2024. Number of Restricted Share Units For the year ended December 31, 2024 (thousands) Outstanding, Beginning of Year 7,234 Granted 3,393 Vested and Paid Out (2,286) Forfeited (466) Units Granted in Lieu of Base Dividends 273 Outstanding, End of Year 8,148 D) Deferred Share Units Under two Deferred Share Unit Plans, Cenovus directors, officers and certain employees may receive DSUs, which are equivalent in value to a common share of the Company. Eligible employees have the option to convert either zero, 25, 50, 75 or 100 percent of their annual bonus award into DSUs. DSUs vest immediately, are settled in cash and are redeemed in accordance with the terms of the agreement and expire on December 15 of the calendar year following the year of cessation of directorship or employment. The Company recorded a liability of $38 million as at December 31, 2024 (December 31, 2023 – $37 million) for DSUs based on the market value of Cenovus’s common shares at the end of the year. The intrinsic value of vested DSUs equals the carrying value as DSUs vest at the time of grant. Number of Deferred For the year ended December 31, 2024 (thousands) Outstanding, Beginning of Year 1,691 Granted to Directors 126 Granted 72 Units Granted in Lieu of Dividends 58 Redeemed (186) Outstanding, End of Year 1,761 E) Total Stock-Based Compensation For the years ended December 31, 2024 2023 Stock Options With Associated Net Settlement Rights 12 11 Cenovus Replacement Stock Options 1 (5) Performance Share Units 48 47 Restricted Share Units 60 46 Deferred Share Units 5 (2) Total Stock-Based Compensation Expense (Recovery) 126 97

Employee Salaries and Benefit E

Employee Salaries and Benefit Expenses	12 Months Ended
Employee Salaries and Benefit Expenses	Dec. 31, 2024
Disclosure Of Salaries And Employee Benefits [Abstract]
Employee Salaries and Benefit Expenses	30. EMPLOYEE SALARIES AND BENEFIT EXPENSES For the years ended December 31, 2024 2023 Salaries, Bonuses and Other Short-Term Employee Benefits 1,526 1,344 Pension and Post-Employment Benefits 119 125 Stock-Based Compensation (Note 29) 126 97 Termination Benefits 41 14 1,812 1,580

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2024
Disclosure of transactions between related parties [abstract]
Related Party Transactions	31. RELATED PARTY TRANSACTIONS A) Key Management Compensation Key management includes Directors (executive and non-executive), Executive Officers, Senior Vice-Presidents and Vice-Presidents. The compensation paid or payable to key management is: For the years ended December 31, 2024 2023 Salaries, Director Fees and Other Short-Term Benefits 47 40 Pension and Post-Employment Benefits 4 3 Stock-Based Compensation 48 40 Termination Benefits 11 — 110 83 B) Other Related Party Transactions The Company charges HMLP for construction and management services and incurs costs for the use of HMLP’s pipeline systems, as well as transportation and storage services. Access fees and transportation and storage services are based on contractually agreed rates with HMLP. The following table summarizes revenues and associated expenses related to HMLP: For the years ended December 31, 2024 2023 Revenues from Construction and Management Services 155 160 Transportation Expenses 278 295

Financial Instruments

Financial Instruments	12 Months Ended
Financial Instruments	Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]
FINANCIAL INSTRUMENTS	32. 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, certain portions of other assets and other liabilities, 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 debt was determined based on period-end trading prices of long-term debt on the secondary market (Level 2). As at December 31, 2024, the carrying value of Cenovus’s long-term debt was $7.5 billion and the fair value was $6.9 billion (December 31, 2023 carrying value – $7.1 billion, fair value – $6.6 billion). 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 in other assets. Fair value is determined based on recent market activity which may include equity transactions of the entity when available (Level 3). The following table provides a reconciliation of changes in the fair value of private equity investments classified as FVOCI: 2024 2023 Fair Value, Beginning of Year 131 55 Acquisitions 7 13 Changes in Fair Value 81 63 Fair Value, End of Year 219 131 B) Fair Value of Risk Management Assets and Liabilities Risk management assets and liabilities are carried at fair value in accounts receivable and accrued revenues, accounts payable and accrued liabilities (for short-term positions), other assets and other liabilities (for long-term positions). Changes in fair value are recorded in (gain) loss on risk management. The Company’s risk management assets and liabilities consist of condensate and refined product futures; crude oil and natural gas futures and swaps; and renewable power, power and foreign exchange contracts. The Company may also enter into forwards and options to manage commodity, foreign exchange and interest rate exposures. Crude oil, natural gas, condensate, refined products and power 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 is calculated using external valuation models that incorporate observable market data and foreign exchange forward curves (Level 2). The fair value of renewable power contracts is 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 fair value of renewable power contracts are calculated by Cenovus’s internal valuation team, which consists of individuals who are knowledgeable and have experience in fair value techniques. Summary of Risk Management Positions 2024 2023 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Crude Oil, Natural Gas, Condensate and Refined Products 9 10 (1) 11 19 (8) Power Contracts 6 — 6 2 — 2 Renewable Power Contracts 5 — 5 18 — 18 Foreign Exchange Rate Contracts — 3 (3) — — — 20 13 7 31 19 12 The following table presents the Company’s fair value hierarchy for risk management assets and liabilities carried at fair value: As at December 31, 2024 2023 Level 2 – Prices Sourced From Observable Data or Market Corroboration 2 (6) Level 3 – Prices Sourced From Partially Unobservable Data 5 18 7 12 The following table provides a reconciliation of changes in the fair value of Cenovus’s risk management assets and liabilities: 2024 2023 Fair Value of Contracts, Beginning of Year 12 46 Change in Fair Value of Contracts in Place at Beginning of Year (20) — Change in Fair Value of Contracts Entered Into During the Year (30) (45) Fair Value of Contracts Realized During the Year 46 9 Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts (1) 2 Fair Value of Contracts, End of Year 7 12 Offsetting Financial Assets and Liabilities Cenovus offsets risk management assets and liabilities when the counterparty, currency and timing of settlement are the same. 2024 2023 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Recognized Risk Management Positions Gross Amount 38 31 7 71 59 12 Amount Offset (18) (18) — (40) (40) — Net Amount 20 13 7 31 19 12 The derivative liabilities do not have credit risk-related contingent features. Due to credit practices that limit transactions according to counterparties’ credit quality, the change in fair value through profit or loss attributable to changes in the credit risk of financial liabilities is immaterial. Cenovus pledges cash collateral with respect to certain of these risk management contracts, which is not offset against the related financial liability. The amount of cash collateral required will vary daily over the life of these risk management contracts as commodity prices change. As at December 31, 2024, $18 million was pledged as cash collateral (December 31, 2023 – $47 million). C) Earnings Impact of (Gains) Losses From Risk Management Positions For the years ended December 31, 2024 2023 Realized (Gain) Loss 46 9 Unrealized (Gain) Loss 12 52 (Gain) Loss on Risk Management 58 61 Realized and unrealized gains and losses on risk management are recorded in the reportable segment to which the derivative instrument relates. D) Fair Value of Contingent Payments i) 2024 Fair Value The variable payment (Level 3) associated with the transaction with the Sunrise Acquisition ended on August 31, 2024. The final payment was made in October 2024. ii) 2023 Fair Value The variable payment (Level 3) associated with the Sunrise Acquisition was carried at fair value in the contingent payments. Fair value was estimated by calculating the present value of the expected future cash flows using an option pricing model, which assumed the probability distribution for WCS is based on the volatility of WTI options, volatility of Canadian-U.S. foreign exchange rate options and both WTI and WCS futures pricing that was discounted using a credit-adjusted risk-free rate. Fair value of the variable payment was calculated by Cenovus’s internal valuation team, which consists of individuals who are knowledgeable and have experience in fair value techniques. As at December 31, 2023, the fair value of the variable payment was estimated to be $164 million applying a credit-adjusted risk-free rate of 5.6 percent. As at December 31, 2023, average WCS forward pricing for the remaining term of the variable payment was $71.86 per barrel. The average volatility of WTI options and the Canadian-U.S. foreign exchange rates was 39.4 percent and 5.8 percent, respectively. As at December 31, 2023, changes in WCS forward prices, with fluctuations in all other variables held constant, could have impacted earnings before income tax as follows: Sensitivity Range Increase Decrease WCS Forward Prices ± $10.00 per barrel (21) 45

Risk Management

Risk Management	12 Months Ended
Risk Management	Dec. 31, 2024
Risk Management [Abstract]
Risk Management	33. RISK MANAGEMENT Cenovus is exposed to financial risks, including market risk related to commodity prices, foreign exchange rates, interest rates, commodity power prices as well as credit risk and liquidity risk. To manage exposure to commodity price movements between when products are produced or purchased and when sold to the customer or used by Cenovus, the Company may periodically enter into financial positions as a part of ongoing operations to market the Company’s production and physical inventory positions of crude oil, natural gas, condensate, refined products, and power consumption. The Company may also enter into arrangements, such as renewable power contracts or power swaps, to manage exposure to future carbon compliance costs, power prices, energy costs associated with the production, transportation and refining of crude oil, or to offset select carbon emissions. To manage exposure to interest rate volatility, the Company may enter into interest rate swap contracts. To manage interest costs on short-term borrowings, the Company periodically enters into cross currency interest rate swaps. To mitigate the Company’s exposure to foreign exchange rate fluctuations, the Company periodically enters into foreign exchange contracts. As at December 31, 2024, the fair value of risk management positions was a net asset of $7 million (see Note 32). As at December 31, 2024, there were foreign exchange contracts with a notional value of US$250 million and no interest rate contracts or cross currency interest rate swap contracts outstanding. As at December 31, 2023, there were no f orward exchange contracts, interest rate contracts or cross currency interest rate swap contacts outstanding. Net Fair Value of Risk Management Positions As at December 31, 2024 Notional Volumes (1) (2) Terms (3) Weighted Average Price (2) Fair Value Asset (Liability) WTI Contracts Related to Blending (4) WTI Fixed – Sell 1.6 MMbbls January 2025 - November 2025 US$70.18/bbl (3) WTI Fixed – Buy 0.3 MMbbls January 2025 - November 2025 US$72.80/bbl (1) Power Contacts 6 Renewable Power Contracts 5 Other Financial Positions (5) 3 Foreign Exchange Rate Contracts (3) Total Fair Value 7 (1) Million barrels ("MMbbls"). (2) Notional volumes and weighted average price are based on multiple contracts of varying amounts and terms over the respective time period; therefore, the notional volumes and weighted average price may fluctuate from month to month. (3) Includes individual contracts with varying terms, the longest of which is 14 months. (4) WTI contracts related to blending are used to help manage price exposure to condensate used for blending. (5) Includes risk management positions related to WCS, heavy oil, light oil and condensate differentials, benchmark delivery location spreads, Belvieu fixed price contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts and the Company’s U.S. refining and marketing activities. A) Commodity Price and Foreign Exchange Rate Risk i) Commodity Price Risk Commodity price risk arises from the effect that fluctuations of forward commodity prices may have on the fair value or future cash flows of financial assets and liabilities. To partially mitigate exposure to commodity price risk, the Company has entered into various financial derivative instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. The Company’s policy does not allow the use of derivative instruments for speculative purposes. The Company has used crude oil, natural gas, condensate, refined product and power risk management contracts, and may enter into options, forward or swaps. In addition, various crude oil, natural gas and condensate basis contracts for both price and location may be used. These derivative instruments are used to partially mitigate exposure to the commodity price risk on its crude oil and condensate transactions and to protect both near-term and future cash flows. Cenovus has entered into a number of transactions to help protect against widening light/heavy crude oil price differentials and to manage exposure to commodity price movements between when products are produced or purchased and when sold to the customer or used by Cenovus. In addition, the Company has entered into risk management positions to help mitigate the risk to incremental margin expected to be received in future periods at the time products will be sold. The Company has used commodity futures and swaps, as well as differential price risk management contracts to partially mitigate its exposure to the commodity price risk on its condensate transactions. Natural gas fixed price and basis instruments are used to partially mitigate its natural gas commodity price risk. ii) Foreign Exchange Risk Foreign exchange risk arises from changes in foreign exchange rates that may affect the fair value or future cash flows of Cenovus’s financial assets or liabilities. As Cenovus operates in North America, fluctuations in the exchange rate between the U.S./Canadian dollar can have a significant effect on reported results. Cenovus’s foreign exchange (gain) loss primarily includes unrealized foreign exchange gains and losses on the translation of the U.S. dollar debt issued from Canada (see Note 8). As at December 31, 2024, Cenovus had US$3.8 billion in U.S. dollar debt (December 31, 2023 – US$3.8 billion). iii) Commodity Price and Foreign Exchange Rate Sensitivities The following tables summarize 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 tables below are a reasonable measure of volatility. The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows: As at December 31, 2024 Sensitivity Range Increase Decrease Crude Oil and Condensate Commodity Price ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges — — Crude Oil and Condensate Differential Price (1) ± US$2.50/bbl Applied to Differential Hedges Tied to Production 20 (20) WCS (Hardisty) Differential Price ± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production (6) 6 Refined Products Commodity Price ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Natural Gas Commodity Price ± US$0.50/Mcf Applied to Natural Gas Hedges Tied to Production — — Natural Gas Basis Price ± US$0.25/Mcf Applied to Natural Gas Basis Hedges 1 (1) Power Commodity Price ± C$10.00/MWh (2) Applied to Power Hedges 46 (46) U.S. to Canadian Dollar Exchange Rate ± $0.05 in the U.S. to Canadian Dollar Exchange Rate 24 (28) (1) Excluding WCS at Hardisty. (2) One thousand kilowatts of electricity per hour (“MWh”). As at December 31, 2023 Sensitivity Range Increase Decrease Crude Oil and Condensate Commodity Price ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges (1) 1 Crude Oil and Condensate Differential Price (1) ± US$2.50/bbl Applied to Differential Hedges Tied to Production (4) 4 WCS (Hardisty) Differential Price ± US$5.00/bbl Applied to WCS Differential Hedges Tie to Production — — Refined Products Commodity Price ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Natural Gas Commodity Price ± $1.00/Mcf Applied to Natural Gas Hedges Tied to Production — — Natural Gas Basis Price ± US$0.50/Mcf Applied to Natural Gas Basis Hedges — — Power Commodity Price ± C$20.00/MWh Applied to Power Hedges 92 (92) U.S. to Canadian Dollar Exchange Rate ± $0.05 in the U.S. to Canadian Dollar Exchange Rate — — (1) Excluding WCS at Hardisty. In respect of these financial instruments, the impact of changes in the Canadian per U.S. dollar exchange rate would have resulted in a change to the foreign exchange (gain) loss as follows: As at December 31, 2024 2023 $0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate 196 197 $0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate (196) (197) B) Credit Risk 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 December 31, 2024, approximately 79 percent (December 31, 2023 – 83 percent) of the Company’s accounts receivable and accrued revenues were with investment grade counterparties, and 96 percent of the Company’s accounts receivable were outstanding for less than 60 days. The associated average expected credit loss (“ECL”) on these accounts was 0.4 percent as at December 31, 2024 (December 31, 2023 – 0.4 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. As disclosed in Note 22, 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 at a WTI price of US$45.00 per barrel to manage the Company’s overall debt position. As at December 31, 2024, the Company’s sources of capital included: • $3.1 billion in cash and cash equivalents. • $5.5 billion available on its committed credit facility. • $1.3 billion available on its uncommitted demand facilities, of which $1.1 billion may be drawn for general purposes, or the full amount may be available to issue letters of credit. • US$105 million (C$151 million) on the Company’s proportionate share of the uncommitted demand facilities from WRB. • The base shelf prospectus, availability of which is dependent on market conditions. Undiscounted cash outflows relating to financial liabilities are: As at December 31, 2024 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities (1) 6,242 — — — 6,242 Short-Term Borrowings 173 — — — 173 Lease Liabilities (2) 538 824 645 2,606 4,613 Long-Term Debt (2) 526 1,910 1,989 7,286 11,711 As at December 31, 2023 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities (1) 5,480 — — — 5,480 Short-Term Borrowings 179 — — — 179 Contingent Payments 168 — — — 168 Lease Liabilities (2) 438 712 569 2,635 4,354 Long-Term Debt (2) 313 792 3,007 7,145 11,257 (1) Includes current risk management liabilities. (2) Principal and interest, including current portion, if applicable.

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	12 Months Ended
Supplementary Cash Flow Information	Dec. 31, 2024
Disclosure Of Supplementary Cash Flow Information [Abstract]
Supplementary Cash Flow Information	34. SUPPLEMENTARY CASH FLOW INFORMATION A) Working Capital As at December 31, 2024 2023 Total Current Assets 10,434 9,708 Total Current Liabilities 7,362 6,210 Working Capital 3,072 3,498 B) Changes in Non-Cash Working Capital For the years ended December 31, 2024 2023 Accounts Receivable and Accrued Revenues 547 314 Income Tax Receivable 199 (295) Inventories (117) 216 Accounts Payable and Accrued Liabilities 299 (685) Income Tax Payable 322 (1,112) Total Change in Non-Cash Working Capital 1,250 (1,562) Net Change in Non-Cash Working Capital – Operating Activities 1,305 (1,193) Net Change in Non-Cash Working Capital – Investing Activities (55) (369) Total Change in Non-Cash Working Capital 1,250 (1,562) C) Cash Flows Related to Interest and Taxes For the years ended December 31, 2024 2023 Interest Paid 356 402 Interest Received 163 130 Income Taxes Paid 868 2,595 The following table provides a reconciliation of liabilities to cash flows arising from financing activities: Dividends Payable Warrants Short-Term Borrowings Long-Term Debt Lease Liabilities As at December 31, 2022 9 — 115 8,691 2,836 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — — 58 — — Repayment of Long-Term Debt — — — (1,346) — Principal Repayment of Leases — — — — (288) Dividends Paid (1,026) — — — — Payment for Purchase of Warrants — (711) — — — Finance and Transaction Costs — (2) — — — Non-Cash Changes: Net Premium (Discount) on Redemption of Long-Term Debt — — — (84) — Finance and Transaction Costs — 2 — (19) — Lease Acquisitions — — — — 33 Lease Additions — — — — 57 Base Dividends Declared on Common Shares 990 — — — — Dividends Declared on Preferred Shares 36 — — — — Warrants Purchased and Cancelled — 711 — — — Exchange Rate Movements and Other — — 6 (134) 20 As at December 31, 2023 9 — 179 7,108 2,658 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — — 5 — — Principal Repayment of Leases — — — — (299) Dividends Paid (1,551) — — — — Non-Cash Changes: Finance and Transaction Costs — — — (16) — Lease Additions — — — — 363 Base Dividends Declared on Common Shares 1,255 — — — — Variable Dividends Declared on Common Shares 251 — — — — Dividends Declared on Preferred Shares 36 — — — — Exchange Rate Movements and Other — — (11) 442 205 As at December 31, 2024 — — 173 7,534 2,927

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments And Contingencies [Abstract]
Commitments and Contingencies	35. COMMITMENTS AND CONTINGENCIES A) Commitments Cenovus has entered into various commitments in the normal course of operations. Commitments that have original maturities less than one year are excluded from the table below. Future payments for the Company’s commitments are below: As at December 31, 2024 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) (2) 2,122 1,947 1,921 1,904 1,815 14,551 24,260 Product Purchases 14 — — — — — 14 Real Estate 63 63 61 59 63 532 841 Obligation to Fund HCML 104 105 98 56 44 105 512 Other Long-Term Commitments 411 191 187 158 117 589 1,653 Total Commitments 2,714 2,306 2,267 2,177 2,039 15,777 27,280 As at December 31, 2023 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) (2) 2,018 1,927 1,680 1,663 1,641 15,738 24,667 Product Purchases 617 — — — — — 617 Real Estate 57 57 59 63 58 604 898 Obligation to Fund HCML 94 94 94 89 52 90 513 Other Long-Term Commitments 417 194 184 175 166 965 2,101 Total Commitments 3,203 2,272 2,017 1,990 1,917 17,397 28,796 (1) Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $854 million (December 31, 2023 – $13.0 billion). Terms are up to 20 years on commencement. (2) As at December 31, 2024, includes $1.8 billion related to transportation and storage commitments with HMLP (December 31, 2023 – $2.1 billion). There were outstanding letters of credit aggregating to $355 million (December 31, 2023 – $364 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. 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.

Material Accounting Policies

Material Accounting Policies	12 Months Ended
Material Accounting Policies	Dec. 31, 2024
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Material Accounting Policies	36. MATERIAL ACCOUNTING POLICIES A) Revenue Recognition Revenue is based on the consideration specified in a contract and is recorded when control of the product or service passes to the customer in accordance with terms of the contract. Performance obligations are largely satisfied at a point in time upon the delivery of crude oil, NGLs, natural gas, and petroleum and refined products. Cenovus sells its production of crude oil, NGLs, natural gas, and petroleum and refined products generally pursuant to variable price contracts. The transaction price for variable price contracts is based on the commodity price, adjusted for quality, location and other factors. Performance obligations for crude oil and natural gas processing revenue, transportation services and transloading services are satisfied over time as the service is provided. Revenue associated with crude oil and natural gas processing, transportation services and transloading services are generally based on fixed price contracts. Revenues are typically collected in the month following delivery. Therefore, Cenovus has elected to apply the practical expedient to not adjust consideration for the effects of a financing component. The Company does not disclose information about remaining performance obligations with an original expected duration of one year or less and it does not have any long-term contracts, with the exception of certain construction contracts with HMLP and take-or-pay contracts, with unfulfilled performance obligations. Purchases and sales of products that are entered into in contemplation of each other with the same counterparty are recorded as non-monetary exchanges on a net basis. Cenovus has take-or-pay contracts where customers are required to take, or pay for, minimum quantities. If a customer has a right to defer delivery to a later date, Cenovus’s performance obligation has not been satisfied. Revenue is deferred and recognized only when the product is delivered, or the deferral provision can no longer be extended. B) Purchased Product, Transportation and Blending Purchased Product Purchased product includes the costs of refining feedstock, crude oil and diluent purchased for optimization activities, and costs associated with transporting refined products to market. Transportation and Blending Costs paid for the transportation of crude oil, NGLs and natural gas, and the cost of diluent used in blending are recognized when the product is sold. C) Employee Benefit Plans The Company provides employees with a pension plan that includes either a defined contribution or defined benefit component. OPEB plans are also provided to qualifying employees. In some cases, the benefits are provided through medical care plans to which the Company, employees and retirees may contribute. In some plans, benefits are not funded before employees retire. The cost of the defined contribution pension plan is recorded as the benefits are earned. The cost of the defined benefit pension and OPEB plans are actuarially determined using the projected unit credit method. The estimated cost is based on length of service and reflects Management’s best estimate of salary escalation, longevity rates, employees’ retirement age and expected future health care costs. The liability for the defined benefit pension and OPEB plans is the present value of the defined benefit obligation less the fair value of plan assets. Pension benefit costs are recorded in operating, and general and administrative expenses, as well as PP&E and E&E assets, corresponding to where the salaries of the employees providing the service are recorded. Interest costs on the net obligation (asset) are included as part of pension benefit costs. Remeasurement changes, including actuarial gains or losses related to the plan assets and defined benefit obligation, the effect of changes to the asset ceiling and return on plan assets are recognized in OCI when they occur. D) Deferred Income Taxes Cenovus follows the liability method of accounting for deferred income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting basis and income tax basis of an asset or liability, using the substantively enacted income tax rates expected to apply when the assets will be realized, or liabilities will be settled. The effect of a change in the enacted tax rate or laws is recognized in net earnings (loss) in the period that the change occurs, except when it relates to items recorded in equity or OCI, in which case the deferred income tax is also recorded in equity or OCI, respectively. Deferred income tax is recognized on temporary differences arising from investments in subsidiaries, except in the case where the timing of the reversal of the temporary difference is controlled by the Company, and it is probable that the temporary difference will not reverse in the foreseeable future or when distributions can be made without incurring income taxes. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax assets and liabilities are only offset where they arise within the same entity and tax jurisdiction. E) Inventories Product inventories are valued at the lower of cost, using a first-in, first-out, or weighted average cost basis, and net realizable value. Parts and supplies are valued at the lower of weighted average cost and net realizable value. The cost of inventory includes purchase costs, direct production costs, and DD&A. Net realizable value is the estimated selling price in the ordinary course of business less expected selling costs. If the carrying amount exceeds net realizable value, a write-down is recognized in net earnings (loss). F) Exploration and Evaluation Assets E&E assets consist of exploratory projects for crude oil, NGLs and natural gas that are pending the determination of proved reserves. The costs to acquire non-producing oil and gas properties, licenses to explore, drilling exploratory wells and the costs to evaluate the commercial potential of the resources are initially capitalized as E&E assets. Costs incurred prior to obtaining the legal right to explore an area (pre-exploration costs) are recorded as exploration expense when incurred. Once technical feasibility and commercial viability of an E&E asset is established, the carrying value is transferred to PP&E. If Management does not consider an E&E asset to be technically feasible and commercially viable, the related capital costs are written off as exploration expense. PP&E is stated at cost less accumulated DD&A, adjusted for impairment losses and impairment reversals. Capitalized costs include the purchase price, construction or development expenditures, directly attributable internal costs, decommissioning liabilities and, for qualifying assets, borrowing costs. Costs incurred to install the asset and make it ready for its intended use are also capitalized. Expenditures that improve the productive capacity or extend the life of an asset are capitalized, while maintenance costs and repairs are expensed as incurred. Crude Oil and Natural Gas Properties Development and production assets are capitalized by area. Costs includes all expenditures associated with the development of crude oil and natural gas properties and related infrastructure, as well as expenditures transferred from E&E assets. Development and production assets are depleted using the unit-of-production method based on estimated reserves determined using forward prices and costs. The unit-of-production depletion rate takes into account expenditures incurred to date, together with the future development expenditures required to develop reserves. Onshore assets are depleted based on estimated proved reserves. Offshore assets are depleted based on estimated proved developed producing reserves or proved plus probable reserves. Refining Assets The Company’s refineries and plants are composed of highly integrated and interdependent crude oil and other feedstock processing facilities and supporting infrastructure. Where facilities and equipment, including major components, are significant in relation to the total cost of the assets and have different useful lives, they are depreciated on a straight-line basis over the estimated service life of each component. Major components are depreciated as follows: • Land improvements and buildings: 10 to 40 years. • Office equipment and vehicles: 3 to 15 years. • Rail facilities: 10 to 40 years. • Refining equipment: 5 to 60 years. Processing, Transportation and Storage Assets, Commercial Fuels Business and Other Depreciation for substantially all other PP&E is calculated on a straight-line basis based on the estimated useful lives of assets, which range from three H) Impairments of Assets Impairment and Impairment Reversals of Non-Financial Assets PP&E, E&E assets and ROU assets are reviewed separately for indicators of impairment on a quarterly basis or when facts and circumstances suggest that the carrying amount of an asset or CGU may exceed its recoverable amount. Goodwill is tested for impairment at least annually. E&E assets are also tested for impairment immediately prior to being transferred to PP&E. Cenovus allocates E&E assets to a related CGU containing development and production assets when testing for impairment. ROU assets may be tested as part of a CGU, as a separate CGU, or as an individual asset. Goodwill is allocated to CGUs that benefited from the historical business combinations. The recoverable amount of the asset or CGU is estimated as the greater of value-in-use (“VIU”) and FVLCOD. VIU is estimated as the present value of the future cash flows expected to arise from the continuing use of an asset or CGU. FVLCOD is the amount that would be realized from the disposition of an asset or CGU in an arm’s length transaction between knowledgeable and willing parties. The FVLCOD for upstream assets is estimated based on the discounted after-tax cash flows of reserves using forward prices, future operating costs and future capital expenditures consistent with Cenovus’s IQREs, and may consider an evaluation of comparable asset transactions. FVLCOD for downstream assets is estimated based on discounted after-tax cash flows of refined product production, forward crude oil prices, forward crack spreads, net of RINs, future capital expenditures, future operating costs and discount rates. Forward prices are based on third-party consultant forecasts. If the recoverable amount of the asset or CGU is less than the carrying amount, an impairment loss is recognized. The impairment loss first reduces the goodwill allocated to a CGU, if any, and then reduces the carrying amount of the remaining assets in the CGU. Impairment losses on PP&E and ROU assets are recognized as additional DD&A. E&E asset impairments or write-downs are recognized as exploration expense. Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for indicators that the impairment losses may no longer exist or may have decreased. If such indications exist, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only to the extent that the carrying amount does not exceed the amount that would have been determined had no impairment loss been recognized in prior periods. The reversal is recognized as a reduction to DD&A. Impairment of Financial Assets At each reporting date, the Company assesses the expected credit losses associated with its financial assets measured at amortized cost. For accounts receivable, Cenovus measures loss allowances at an amount equal to lifetime ECLs. ECLs are estimated as the difference between the cash flows due to the Company and the cash flows the Company expects to receive, discounted at the effective interest rate on initial recognition. Changes in ECLs are recognized in other income (loss). I) Leases As Lessee The Company recognizes an ROU asset and a lease liability when the leased asset is available for use. Lease liabilities are measured at the present value of lease payments and estimated costs to dismantle and remove the underlying leased asset. Lease liabilities are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments include fixed payments, as well as variable payments based on an index or rate. Lease liabilities are re-measured when there is a change in the future lease payments due to a change in an index or rate. Re-measurement will also occur if there is a change in the expected residual value guarantee or if the Company reconsiders the exercise of a purchase, extension or termination option that is within its control. When the lease liability is re-measured, an adjustment is also made to the carrying amount of the ROU asset. The ROU asset is initially measured at cost, which includes the initial measurement of the lease liability and initial direct costs. The cost is depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Leases with a term of less than twelve months, or leases of an asset with a low value, are recognized over the lease term as an operating, transportation, or general and administrative expense. The Company has elected not to separate non-lease components for storage tanks. As Lessor Leases where the Company transfers substantially all of the risks and rewards from ownership of an underlying asset are classified as financing leases. The Company recognizes a receivable at an amount equal to the net investment in the lease, which is the present value of the aggregate of lease payments receivable by the lessor. Cenovus recognizes lease payments for operating leases as income on a straight-line basis over the term of the lease as other income. J) Business Combinations and Goodwill Business combinations are accounted for using the acquisition method of accounting in which the identifiable assets acquired, liabilities assumed and non-controlling interest, if any, are recognized and measured at their fair value at the date of acquisition, with the exception of income taxes, stock-based compensation, lease liabilities and ROU assets. Contingent consideration transferred in a business combination is measured at fair value on the date of acquisition and classified as a financial liability or equity in accordance with the terms of the agreement. Contingent consideration classified as a liability is re-measured at fair value at each reporting date, with changes in fair value recognized in net earnings (loss). Payments are classified as cash used in investing activities until the cumulative payments exceed the acquisition date fair value of the liability. Cumulative payments in excess of the acquisition date fair value are classified as cash used in operating activities. Contingent consideration classified as equity is not re-measured and settlements are recorded in equity. When a business combination is achieved in stages, the Company re-measures its pre-existing interest at the acquisition date fair value and recognizes the resulting gain or loss, if any, in net earnings (loss). K) Provisions A provision is recognized if the Company has a present legal or constructive obligation as a result of a past event. It must be possible to reliably estimate the obligation and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Where applicable, the expected future cash flows of a provision are discounted using a credit-adjusted risk-free rate. The increase in the provision due to the passage of time is recognized as a finance expense. Decommissioning Liabilities The Company will be required to retire its tangible long-lived assets such as producing well sites, upstream processing facilities, surface and subsea plant and equipment, refining facilities and the crude-by-rail terminal. When a disturbance occurs, the Company recognizes a decommissioning liability equal to the present value of estimated future expenditures required to settle the obligation using a credit-adjusted risk-free rate. The initial estimate of the liability is added to the cost of the related asset and amortized over the useful life of the asset. Changes in the provision arising from revisions to expected timing or future decommissioning costs are recognized as a change in the decommissioning liability and the related long-lived asset. Actual expenditures incurred are charged against the liability. Renewable Fuel Obligations The Company’s U.S. refining operations incur an RVO, which the Company settles annually using RINs. After considering RINs on hand, the RVO is measured at the expected market price, or on a contracted forward rate, if applicable, of the additional RINs required to settle the compliance obligation. RINs purchased with biofuel are measured using the average market price in the month purchased. RINs purchased on a secondary market are measured at cost. RINs are not amortized. A net RIN position is presented in other assets and a net RVO position is included in other liabilities. L) Share Capital and Warrants Common shares, treasury shares and preferred shares are classified as equity. When the Company purchases its own common shares, share capital is reduced by the weighted average carrying value of the shares purchased. Any difference between the purchase price and the carrying value is recorded to paid in surplus. No gain or loss is recognized on the purchase, sale, issuance or cancellation of equity instruments. Common shares and preferred shares are cancelled upon purchase. Common shares purchased under the employee benefit plan are measured at their cost to acquire and are recorded as treasury shares. When the treasury shares are distributed under the employee benefit plan, the treasury shares are reduced by their weighted average carrying value with the excess or deficiency from the settled employee LTI liability recognized in paid in surplus. Transaction costs directly attributable to the issue or repurchase of common shares, treasury shares and preferred shares are recognized as a deduction from equity, net of any income taxes. Warrants are classified as equity and are measured at fair value upon issuance. On exercise, the cash consideration received by the Company and the associated carrying value of the warrants are recorded as share capital. M) Stock-Based Compensation Cenovus has a number of stock-based compensation plans that include stock options with associated NSRs, Cenovus replacement stock options, PSUs, RSUs and DSUs. Stock-based compensation costs are recorded in general and administrative expenses. Stock Options With Associated Net Settlement Rights NSRs are accounted for as equity instruments, which are measured at fair value on the grant date using the Black-Scholes-Merton valuation model, and are not revalued at each reporting date. The fair value is recognized as stock-based compensation over the vesting period, with a corresponding increase recorded as paid in surplus. On exercise, the cash consideration received by the Company and the associated paid in surplus are recorded as share capital. Cenovus Replacement Stock Options Cenovus replacement stock options are accounted for as liability instruments, which are measured at fair value at each period end using the Black-Scholes-Merton valuation model. The fair value is recognized as stock-based compensation over the vesting period. When stock options are settled for cash, the liability is reduced by the cash settlement paid. When stock options are settled for common shares, the cash consideration received by the Company and the previously recorded liability associated with the stock option are recorded as share capital. Performance, Restricted and Deferred Share Units PSUs, RSUs and DSUs are accounted for as liability instruments and are measured at fair value based on the market value of Cenovus’s common shares at each period end. The fair value is recognized as stock-based compensation over the vesting period. Fair value fluctuations are recognized in stock-based compensation in the period they occur. Cenovus has certain PSU and RSU plans that may be settled in cash or common shares at the Company's option and certain plans that are settled in cash. N) Financial Instruments Financial assets are classified and measured as follows based on the objective of the business model for managing the instrument or group of instruments, and the contractual terms of the cash flows. Financial liabilities are measured at amortized cost or fair value through profit or loss as noted below. Classification Instrument Type Amortized Cost Cash and cash equivalents, restricted cash, accounts receivable and accrued revenues, accounts payable and accrued liabilities, short-term borrowings, lease liabilities and long-term debt. Fair Value Through Profit or Loss Risk management assets and liabilities, and contingent payments. Fair Value Through Other Comprehensive Certain equity investments not held for trading for which an irrevocable election was made at initial recognition. All financial instruments are measured at fair value on initial recognition. Measurement in subsequent periods is dependent on the classification of the financial instrument. Cenovus uses observable market inputs as much as possible when estimating the fair value of financial instruments. Inputs are categorized into the following levels based on how observable the inputs are: • Level 1: Quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. • Level 3: Unobservable inputs for the asset or liability. Financial assets and liabilities are not offset unless the Company has the current legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. Derivatives Derivative financial instruments are primarily used to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. Policies and procedures are in place with respect to required documentation and approvals for the use of derivative financial instruments. Derivative financial instruments are measured at fair value through profit or loss unless designated for hedge accounting. Derivative instruments not designated as hedges are recorded using mark-to-market accounting whereby any changes in fair value are recorded as a gain or loss on risk management. The estimated fair value of derivative instruments is based on quoted market prices or, in their absence, third-party market indications and forecasts. O) Recent Accounting Pronouncements New Accounting Standards and Interpretations not yet Adopted Presentation and Disclosure in Financial Statements On April 9, 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”) , which will replace International Accounting Standard 1, “Presentation of Financial Statements” . IFRS 18 will establish a revised structure for the Consolidated Statements of Comprehensive Income (Loss) and improve comparability across entities and reporting periods. IFRS 18 is effective for annual periods beginning on or after January 1, 2027. The standard is to be applied retrospectively, with certain transition provisions. The Company is currently evaluating the impact of adopting IFRS 18 on the Consolidated Financial Statements.

Material Accounting Policies (P

Material Accounting Policies (Policies)	12 Months Ended
Material Accounting Policies (Policies)	Dec. 31, 2024
Disclosure Of Summary Of Significant Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition Revenue is based on the consideration specified in a contract and is recorded when control of the product or service passes to the customer in accordance with terms of the contract. Performance obligations are largely satisfied at a point in time upon the delivery of crude oil, NGLs, natural gas, and petroleum and refined products. Cenovus sells its production of crude oil, NGLs, natural gas, and petroleum and refined products generally pursuant to variable price contracts. The transaction price for variable price contracts is based on the commodity price, adjusted for quality, location and other factors. Performance obligations for crude oil and natural gas processing revenue, transportation services and transloading services are satisfied over time as the service is provided. Revenue associated with crude oil and natural gas processing, transportation services and transloading services are generally based on fixed price contracts. Revenues are typically collected in the month following delivery. Therefore, Cenovus has elected to apply the practical expedient to not adjust consideration for the effects of a financing component. The Company does not disclose information about remaining performance obligations with an original expected duration of one year or less and it does not have any long-term contracts, with the exception of certain construction contracts with HMLP and take-or-pay contracts, with unfulfilled performance obligations. Purchases and sales of products that are entered into in contemplation of each other with the same counterparty are recorded as non-monetary exchanges on a net basis.
Purchased Product	Purchased Product Purchased product includes the costs of refining feedstock, crude oil and diluent purchased for optimization activities, and costs associated with transporting refined products to market.
Transportation and Blending	Transportation and Blending
Employee Benefit Plans	Employee Benefit Plans The Company provides employees with a pension plan that includes either a defined contribution or defined benefit component. OPEB plans are also provided to qualifying employees. In some cases, the benefits are provided through medical care plans to which the Company, employees and retirees may contribute. In some plans, benefits are not funded before employees retire. The cost of the defined contribution pension plan is recorded as the benefits are earned. The cost of the defined benefit pension and OPEB plans are actuarially determined using the projected unit credit method. The estimated cost is based on length of service and reflects Management’s best estimate of salary escalation, longevity rates, employees’ retirement age and expected future health care costs. The liability for the defined benefit pension and OPEB plans is the present value of the defined benefit obligation less the fair value of plan assets. Pension benefit costs are recorded in operating, and general and administrative expenses, as well as PP&E and E&E assets, corresponding to where the salaries of the employees providing the service are recorded. Interest costs on the net obligation (asset) are included as part of pension benefit costs. Remeasurement changes, including actuarial gains or losses related to the plan assets and defined benefit obligation, the effect of changes to the asset ceiling and return on plan assets are recognized in OCI when they occur.
Deferred Income Taxes	Deferred Income Taxes Cenovus follows the liability method of accounting for deferred income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting basis and income tax basis of an asset or liability, using the substantively enacted income tax rates expected to apply when the assets will be realized, or liabilities will be settled. The effect of a change in the enacted tax rate or laws is recognized in net earnings (loss) in the period that the change occurs, except when it relates to items recorded in equity or OCI, in which case the deferred income tax is also recorded in equity or OCI, respectively. Deferred income tax is recognized on temporary differences arising from investments in subsidiaries, except in the case where the timing of the reversal of the temporary difference is controlled by the Company, and it is probable that the temporary difference will not reverse in the foreseeable future or when distributions can be made without incurring income taxes.
Inventories	InventoriesProduct inventories are valued at the lower of cost, using a first-in, first-out, or weighted average cost basis, and net realizable value. Parts and supplies are valued at the lower of weighted average cost and net realizable value. The cost of inventory includes purchase costs, direct production costs, and DD&A. Net realizable value is the estimated selling price in the ordinary course of business less expected selling costs. If the carrying amount exceeds net realizable value, a write-down is recognized in net earnings (loss).
Exploration and Evaluation Assets	Exploration and Evaluation Assets E&E assets consist of exploratory projects for crude oil, NGLs and natural gas that are pending the determination of proved reserves. The costs to acquire non-producing oil and gas properties, licenses to explore, drilling exploratory wells and the costs to evaluate the commercial potential of the resources are initially capitalized as E&E assets. Costs incurred prior to obtaining the legal right to explore an area (pre-exploration costs) are recorded as exploration expense when incurred.
Property, Plant and Equipment	Property, Plant and Equipment PP&E is stated at cost less accumulated DD&A, adjusted for impairment losses and impairment reversals. Capitalized costs include the purchase price, construction or development expenditures, directly attributable internal costs, decommissioning liabilities and, for qualifying assets, borrowing costs. Costs incurred to install the asset and make it ready for its intended use are also capitalized. Expenditures that improve the productive capacity or extend the life of an asset are capitalized, while maintenance costs and repairs are expensed as incurred. Crude Oil and Natural Gas Properties Development and production assets are capitalized by area. Costs includes all expenditures associated with the development of crude oil and natural gas properties and related infrastructure, as well as expenditures transferred from E&E assets. Development and production assets are depleted using the unit-of-production method based on estimated reserves determined using forward prices and costs. The unit-of-production depletion rate takes into account expenditures incurred to date, together with the future development expenditures required to develop reserves. Onshore assets are depleted based on estimated proved reserves. Offshore assets are depleted based on estimated proved developed producing reserves or proved plus probable reserves. Refining Assets The Company’s refineries and plants are composed of highly integrated and interdependent crude oil and other feedstock processing facilities and supporting infrastructure. Where facilities and equipment, including major components, are significant in relation to the total cost of the assets and have different useful lives, they are depreciated on a straight-line basis over the estimated service life of each component. Major components are depreciated as follows: • Land improvements and buildings: 10 to 40 years. • Office equipment and vehicles: 3 to 15 years. • Rail facilities: 10 to 40 years. • Refining equipment: 5 to 60 years. Processing, Transportation and Storage Assets, Commercial Fuels Business and Other three
Impairments of Assets	Impairments of Assets Impairment and Impairment Reversals of Non-Financial Assets PP&E, E&E assets and ROU assets are reviewed separately for indicators of impairment on a quarterly basis or when facts and circumstances suggest that the carrying amount of an asset or CGU may exceed its recoverable amount. Goodwill is tested for impairment at least annually. E&E assets are also tested for impairment immediately prior to being transferred to PP&E. Cenovus allocates E&E assets to a related CGU containing development and production assets when testing for impairment. ROU assets may be tested as part of a CGU, as a separate CGU, or as an individual asset. Goodwill is allocated to CGUs that benefited from the historical business combinations. The recoverable amount of the asset or CGU is estimated as the greater of value-in-use (“VIU”) and FVLCOD. VIU is estimated as the present value of the future cash flows expected to arise from the continuing use of an asset or CGU. FVLCOD is the amount that would be realized from the disposition of an asset or CGU in an arm’s length transaction between knowledgeable and willing parties. The FVLCOD for upstream assets is estimated based on the discounted after-tax cash flows of reserves using forward prices, future operating costs and future capital expenditures consistent with Cenovus’s IQREs, and may consider an evaluation of comparable asset transactions. FVLCOD for downstream assets is estimated based on discounted after-tax cash flows of refined product production, forward crude oil prices, forward crack spreads, net of RINs, future capital expenditures, future operating costs and discount rates. Forward prices are based on third-party consultant forecasts. If the recoverable amount of the asset or CGU is less than the carrying amount, an impairment loss is recognized. The impairment loss first reduces the goodwill allocated to a CGU, if any, and then reduces the carrying amount of the remaining assets in the CGU. Impairment losses on PP&E and ROU assets are recognized as additional DD&A. E&E asset impairments or write-downs are recognized as exploration expense. Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for indicators that the impairment losses may no longer exist or may have decreased. If such indications exist, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but only to the extent that the carrying amount does not exceed the amount that would have been determined had no impairment loss been recognized in prior periods. The reversal is recognized as a reduction to DD&A. Impairment of Financial Assets At each reporting date, the Company assesses the expected credit losses associated with its financial assets measured at amortized cost. For accounts receivable, Cenovus measures loss allowances at an amount equal to lifetime ECLs. ECLs are estimated as the difference between the cash flows due to the Company and the cash flows the Company expects to receive, discounted at the effective interest rate on initial recognition. Changes in ECLs are recognized in other income (loss).
Leases	Leases As Lessee The Company recognizes an ROU asset and a lease liability when the leased asset is available for use. Lease liabilities are measured at the present value of lease payments and estimated costs to dismantle and remove the underlying leased asset. Lease liabilities are discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Lease payments include fixed payments, as well as variable payments based on an index or rate. Lease liabilities are re-measured when there is a change in the future lease payments due to a change in an index or rate. Re-measurement will also occur if there is a change in the expected residual value guarantee or if the Company reconsiders the exercise of a purchase, extension or termination option that is within its control. When the lease liability is re-measured, an adjustment is also made to the carrying amount of the ROU asset. The ROU asset is initially measured at cost, which includes the initial measurement of the lease liability and initial direct costs. The cost is depreciated on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. Leases with a term of less than twelve months, or leases of an asset with a low value, are recognized over the lease term as an operating, transportation, or general and administrative expense. The Company has elected not to separate non-lease components for storage tanks. As Lessor Leases where the Company transfers substantially all of the risks and rewards from ownership of an underlying asset are classified as financing leases. The Company recognizes a receivable at an amount equal to the net investment in the lease, which is the present value of the aggregate of lease payments receivable by the lessor. Cenovus recognizes lease payments for operating leases as income on a straight-line basis over the term of the lease as other income.
Business Combinations and Goodwill	Business Combinations and Goodwill Business combinations are accounted for using the acquisition method of accounting in which the identifiable assets acquired, liabilities assumed and non-controlling interest, if any, are recognized and measured at their fair value at the date of acquisition, with the exception of income taxes, stock-based compensation, lease liabilities and ROU assets. Contingent consideration transferred in a business combination is measured at fair value on the date of acquisition and classified as a financial liability or equity in accordance with the terms of the agreement. Contingent consideration classified as a liability is re-measured at fair value at each reporting date, with changes in fair value recognized in net earnings (loss). Payments are classified as cash used in investing activities until the cumulative payments exceed the acquisition date fair value of the liability. Cumulative payments in excess of the acquisition date fair value are classified as cash used in operating activities. Contingent consideration classified as equity is not re-measured and settlements are recorded in equity. When a business combination is achieved in stages, the Company re-measures its pre-existing interest at the acquisition date fair value and recognizes the resulting gain or loss, if any, in net earnings (loss).
Provisions	Provisions A provision is recognized if the Company has a present legal or constructive obligation as a result of a past event. It must be possible to reliably estimate the obligation and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. Where applicable, the expected future cash flows of a provision are discounted using a credit-adjusted risk-free rate. The increase in the provision due to the passage of time is recognized as a finance expense. Decommissioning Liabilities The Company will be required to retire its tangible long-lived assets such as producing well sites, upstream processing facilities, surface and subsea plant and equipment, refining facilities and the crude-by-rail terminal. When a disturbance occurs, the Company recognizes a decommissioning liability equal to the present value of estimated future expenditures required to settle the obligation using a credit-adjusted risk-free rate. The initial estimate of the liability is added to the cost of the related asset and amortized over the useful life of the asset. Changes in the provision arising from revisions to expected timing or future decommissioning costs are recognized as a change in the decommissioning liability and the related long-lived asset. Actual expenditures incurred are charged against the liability. Renewable Fuel Obligations The Company’s U.S. refining operations incur an RVO, which the Company settles annually using RINs. After considering RINs on hand, the RVO is measured at the expected market price, or on a contracted forward rate, if applicable, of the additional RINs required to settle the compliance obligation. RINs purchased with biofuel are measured using the average market price in the month purchased. RINs purchased on a secondary market are measured at cost. RINs are not amortized. A net RIN position is presented in other assets and a net RVO position is included in other liabilities.
Share Capital and Warrants	Share Capital and Warrants Common shares, treasury shares and preferred shares are classified as equity. When the Company purchases its own common shares, share capital is reduced by the weighted average carrying value of the shares purchased. Any difference between the purchase price and the carrying value is recorded to paid in surplus. No gain or loss is recognized on the purchase, sale, issuance or cancellation of equity instruments. Common shares and preferred shares are cancelled upon purchase. Common shares purchased under the employee benefit plan are measured at their cost to acquire and are recorded as treasury shares. When the treasury shares are distributed under the employee benefit plan, the treasury shares are reduced by their weighted average carrying value with the excess or deficiency from the settled employee LTI liability recognized in paid in surplus. Transaction costs directly attributable to the issue or repurchase of common shares, treasury shares and preferred shares are recognized as a deduction from equity, net of any income taxes. Warrants are classified as equity and are measured at fair value upon issuance. On exercise, the cash consideration received by the Company and the associated carrying value of the warrants are recorded as share capital.
Stock-Based Compensation	Stock-Based Compensation Cenovus has a number of stock-based compensation plans that include stock options with associated NSRs, Cenovus replacement stock options, PSUs, RSUs and DSUs. Stock-based compensation costs are recorded in general and administrative expenses. Stock Options With Associated Net Settlement Rights NSRs are accounted for as equity instruments, which are measured at fair value on the grant date using the Black-Scholes-Merton valuation model, and are not revalued at each reporting date. The fair value is recognized as stock-based compensation over the vesting period, with a corresponding increase recorded as paid in surplus. On exercise, the cash consideration received by the Company and the associated paid in surplus are recorded as share capital. Cenovus Replacement Stock Options Cenovus replacement stock options are accounted for as liability instruments, which are measured at fair value at each period end using the Black-Scholes-Merton valuation model. The fair value is recognized as stock-based compensation over the vesting period. When stock options are settled for cash, the liability is reduced by the cash settlement paid. When stock options are settled for common shares, the cash consideration received by the Company and the previously recorded liability associated with the stock option are recorded as share capital. Performance, Restricted and Deferred Share Units PSUs, RSUs and DSUs are accounted for as liability instruments and are measured at fair value based on the market value of Cenovus’s common shares at each period end. The fair value is recognized as stock-based compensation over the vesting period. Fair value fluctuations are recognized in stock-based compensation in the period they occur. Cenovus has certain PSU and RSU plans that may be settled in cash or common shares at the Company's option and certain plans that are settled in cash.
Financial Instruments	Financial Instruments Financial assets are classified and measured as follows based on the objective of the business model for managing the instrument or group of instruments, and the contractual terms of the cash flows. Financial liabilities are measured at amortized cost or fair value through profit or loss as noted below. Classification Instrument Type Amortized Cost Cash and cash equivalents, restricted cash, accounts receivable and accrued revenues, accounts payable and accrued liabilities, short-term borrowings, lease liabilities and long-term debt. Fair Value Through Profit or Loss Risk management assets and liabilities, and contingent payments. Fair Value Through Other Comprehensive Certain equity investments not held for trading for which an irrevocable election was made at initial recognition. All financial instruments are measured at fair value on initial recognition. Measurement in subsequent periods is dependent on the classification of the financial instrument. Cenovus uses observable market inputs as much as possible when estimating the fair value of financial instruments. Inputs are categorized into the following levels based on how observable the inputs are: • Level 1: Quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than quoted prices included within Level 1, that are observable for the asset or liability either directly or indirectly. • Level 3: Unobservable inputs for the asset or liability. Financial assets and liabilities are not offset unless the Company has the current legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. Derivatives Derivative financial instruments are primarily used to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. Policies and procedures are in place with respect to required documentation and approvals for the use of derivative financial instruments. Derivative financial instruments are measured at fair value through profit or loss unless designated for hedge accounting. Derivative instruments not designated as hedges are recorded using mark-to-market accounting whereby any changes in fair value are recorded as a gain or loss on risk management. The estimated fair value of derivative instruments is based on quoted market prices or, in their absence, third-party market indications and forecasts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Standards and Interpretations not yet Adopted Presentation and Disclosure in Financial Statements On April 9, 2024, the IASB issued IFRS 18, “Presentation and Disclosure in Financial Statements” (“IFRS 18”) , which will replace International Accounting Standard 1, “Presentation of Financial Statements” . IFRS 18 will establish a revised structure for the Consolidated Statements of Comprehensive Income (Loss) and improve comparability across entities and reporting periods. IFRS 18 is effective for annual periods beginning on or after January 1, 2027. The standard is to be applied retrospectively, with certain transition provisions. The Company is currently evaluating the impact of adopting IFRS 18 on the Consolidated Financial Statements.

Description of Business and S_2

Description of Business and Segmented Disclosures (Tables)	12 Months Ended
Description of Business and Segmented Disclosures (Tables)	Dec. 31, 2024
Disclosure Of Reportable Segments [Abstract]
Schedule of Segment and Operational Information	A) Results of Operations – Segment and Operational Information Upstream Oil Sands Conventional Offshore Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Gross Sales External Sales 21,857 20,608 1,211 1,488 1,572 1,617 24,640 23,713 Intersegment Sales 6,590 5,584 1,848 1,785 — — 8,438 7,369 28,447 26,192 3,059 3,273 1,572 1,617 33,078 31,082 Royalties (3,274) (3,059) (76) (112) (99) (99) (3,449) (3,270) Revenues 25,173 23,133 2,983 3,161 1,473 1,518 29,629 27,812 Expenses Purchased Product 1,851 1,457 1,823 1,695 — — 3,674 3,152 Transportation and Blending 11,000 10,774 320 298 11 16 11,331 11,088 Operating 2,511 2,716 555 590 423 384 3,489 3,690 Realized (Gain) Loss on Risk 20 17 (6) (5) — — 14 12 Operating Margin 9,791 8,169 291 583 1,039 1,118 11,121 9,870 Unrealized (Gain) Loss on Risk Management (16) 15 4 (19) — — (12) (4) Depreciation, Depletion and 3,117 2,993 442 386 563 487 4,122 3,866 Exploration Expense 2 19 1 6 66 17 69 42 (Income) Loss From Equity- (14) 6 2 — (53) (57) (65) (51) Segment Income (Loss) 6,702 5,136 (158) 210 463 671 7,007 6,017 Downstream Canadian Refining U.S. Refining Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 Gross Sales External Sales 4,787 5,385 28,299 26,376 33,086 31,761 Intersegment Sales 523 848 9 17 532 865 5,310 6,233 28,308 26,393 33,618 32,626 Royalties — — — — — — Revenues 5,310 6,233 28,308 26,393 33,618 32,626 Expenses Purchased Product 4,483 4,919 25,769 23,354 30,252 28,273 Transportation and Blending — — — — — — Operating 907 639 2,763 2,562 3,670 3,201 Realized (Gain) Loss on Risk Management — — 8 — 8 — Operating Margin (80) 675 (232) 477 (312) 1,152 Unrealized (Gain) Loss on Risk Management — — 8 (17) 8 (17) Depreciation, Depletion and Amortization 185 185 462 486 647 671 Exploration Expense — — — — — — (Income) Loss From Equity-Accounted Affiliates — — — — — — Segment Income (Loss) (265) 490 (702) 8 (967) 498 Corporate and Eliminations Consolidated For the years ended December 31, 2024 2023 2024 2023 Gross Sales External Sales — — 57,726 55,474 Intersegment Sales (8,970) (8,234) — — (8,970) (8,234) 57,726 55,474 Royalties — — (3,449) (3,270) Revenues (8,970) (8,234) 54,277 52,204 Expenses Purchased Product (7,823) (6,710) 26,103 24,715 Transportation and Blending (793) (947) 10,538 10,141 Purchased Product, Transportation and Blending (1) (8,616) (7,657) 36,641 34,856 Operating (318) (539) 6,841 6,352 Realized (Gain) Loss on Risk Management 24 (3) 46 9 Unrealized (Gain) Loss on Risk Management 16 73 12 52 Depreciation, Depletion and Amortization 102 107 4,871 4,644 Exploration Expense — — 69 42 (Income) Loss From Equity-Accounted Affiliates (1) — (66) (51) Segment Income (Loss) (177) (215) 5,863 6,300 General and Administrative 794 688 794 688 Finance Costs, Net (1) 514 538 514 538 Integration, Transaction and Other Costs 166 85 166 85 Foreign Exchange (Gain) Loss, Net 462 (67) 462 (67) (Gain) Loss on Divestiture of Assets (1) (119) 20 (119) 20 Re-measurement of Contingent Payments 30 59 30 59 Other (Income) Loss, Net (55) (63) (55) (63) 1,792 1,260 1,792 1,260 Earnings (Loss) Before Income Tax 4,071 5,040 Income Tax Expense (Recovery) 929 931 Net Earnings (Loss) 3,142 4,109 (1)
Schedule of Revenues by Product	B) External Sales by Product Upstream Oil Sands Conventional Offshore Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Crude Oil 21,183 20,022 207 238 321 401 21,711 20,661 Natural Gas and Other 332 271 648 988 925 901 1,905 2,160 NGLs (1) 342 315 356 262 326 315 1,024 892 External Sales 21,857 20,608 1,211 1,488 1,572 1,617 24,640 23,713 Downstream Canadian Refining U.S. Refining Total For the years ended December 31, 2024 2023 2024 2023 2024 2023 Gasoline 429 522 13,792 12,375 14,221 12,897 Distillates (2) 1,484 1,752 10,632 9,612 12,116 11,364 Synthetic Crude Oil 1,814 1,899 — — 1,814 1,899 Asphalt 548 537 1,029 864 1,577 1,401 Other Products and Services 512 675 2,846 3,525 3,358 4,200 External Sales 4,787 5,385 28,299 26,376 33,086 31,761 (1) Third-party condensate sales are included within NGLs. (2)
Schedule of Geographical Information	C) Geographical Information Revenues (1) For the years ended December 31, 2024 2023 Canada 26,791 25,128 United States 26,333 25,943 China 1,153 1,133 Consolidated 54,277 52,204 (1) Revenues by country are classified based on where the operations are located. Non-Current Assets (1) As at December 31, 2024 2023 Canada 37,006 35,876 United States 5,902 5,230 China 1,249 1,608 Indonesia 295 344 Consolidated 44,452 43,058 (1)
Schedule of Assets by Segment	D) Assets by Segment E&E Assets PP&E ROU Assets As at December 31, 2024 2023 2024 2023 2024 2023 Oil Sands 461 729 24,646 24,443 1,018 849 Conventional 15 — 2,230 2,209 57 1 Offshore 8 9 3,365 2,798 95 102 Canadian Refining — — 2,511 2,469 39 28 U.S. Refining — — 5,538 5,014 342 268 Corporate and Eliminations — — 278 317 399 432 Consolidated 484 738 38,568 37,250 1,950 1,680 Goodwill Total Assets As at December 31, 2024 2023 2024 2023 Oil Sands 2,923 2,923 31,668 31,673 Conventional — — 2,610 2,429 Offshore — — 4,089 3,511 Canadian Refining — — 2,901 2,960 U.S. Refining — — 9,517 8,660 Corporate and Eliminations — — 5,754 4,682 Consolidated 2,923 2,923 56,539 53,915
Schedule of Capital Expenditures	E) Capital Expenditures (1) For the years ended December 31, 2024 2023 Capital Investment Oil Sands 2,714 2,382 Conventional 421 452 Offshore Atlantic 1,077 635 Asia Pacific 68 7 Total Upstream 4,280 3,476 Canadian Refining 208 145 U.S. Refining 488 602 Total Downstream 696 747 Corporate and Eliminations 39 75 5,015 4,298 Acquisitions Oil Sands 9 37 Conventional 13 5 U.S. Refining (2) — 385 22 427 Total Capital Expenditures 5,037 4,725 (1) Includes expenditures on PP&E, E&E assets and capitalized interest. Excludes capital expenditures related to the Company's joint ventures. (2)

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
Acquisitions and Divestitures (Tables)	Dec. 31, 2024
Business Combination [Abstract]
Disclosure of detailed information about business combination	As at February 28, 2023 100 Percent of the Identifiable Assets Acquired and Liabilities Assumed Cash 69 Accounts Receivable and Accrued Revenues 3 Inventories 387 Property, Plant and Equipment 770 Right-of-Use Assets 33 Other Assets 10 Accounts Payable and Accrued Liabilities (139) Lease Liabilities (33) Decommissioning Liabilities (5) Other Liabilities (73) Total Identifiable Net Assets 1,022 As at February 28, 2023 Total Purchase Consideration 514 Fair Value of Pre-Existing 50 Percent Ownership Interest in Toledo 508 Fair Value of Identifiable Net Assets (1,022) Goodwill —

General and Administrative (Tab

General and Administrative (Tables)	12 Months Ended
General and Administrative (Tables)	Dec. 31, 2024
General And Administrative Expenses [Abstract]
Summary of General and Administrative Expenses	For the years ended December 31, 2024 2023 Salaries and Benefits 269 249 Administrative and Other 399 342 Stock-Based Compensation Expense (Recovery) (Note 29) 126 97 794 688

Finance Costs, Net (Tables)

Finance Costs, Net (Tables)	12 Months Ended
Finance Costs, Net (Tables)	Dec. 31, 2024
Finance Costs [Abstract]
Schedule of Finance Cost	For the years ended December 31, 2024 2023 Interest Expense – Short-Term Borrowings and Long-Term Debt 307 362 Net Premium (Discount) on Redemption of Long-Term Debt (1) — (84) Interest Expense – Lease Liabilities (Note 17) 162 161 Unwinding of Discount on Decommissioning Liabilities (Note 24) 225 220 Other 35 32 Capitalized Interest (45) (20) Finance Costs 684 671 Interest Income (170) (133) 514 538 (1)

Foreign Exchange (Gain) Loss,_2

Foreign Exchange (Gain) Loss, Net (Tables)	12 Months Ended
Foreign Exchange (Gain) Loss, Net (Tables)	Dec. 31, 2024
Foreign Exchange Gains Losses [Abstract]
Schedule of Foreign Exchange Gain Loss Net	For the years ended December 31, 2024 2023 Unrealized Foreign Exchange (Gain) Loss on Translation of: U.S. Dollar Debt Issued From Canada 442 (231) Other 108 21 Unrealized Foreign Exchange (Gain) Loss 550 (210) Realized Foreign Exchange (Gain) Loss (88) 143 462 (67)

Impairment Charges and Revers_2

Impairment Charges and Reversals (Tables)	12 Months Ended
Impairment Charges and Reversals (Tables)	Dec. 31, 2024
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract]
Summary of Crude Oil, NGLs and Natural Gas Prices	The forward commodity prices as at December 31, 2024, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2025 2026 2027 2028 2029 Average Annual Increase Thereafter (percent) West Texas Intermediate (“WTI”) (US$/bbl) (1) 71.58 74.48 75.81 77.66 79.22 2.00 Western Canadian Select at Hardisty (2) (C$/bbl) 82.69 84.27 83.81 85.70 87.45 2.00 Condensate at Edmonton (C$/bbl) 100.14 100.72 100.24 102.73 104.79 2.00 Alberta Energy Company Natural Gas (C$/Mcf) (3) 2.36 3.33 3.48 3.69 3.76 2.00 (1) Barrel ("bbl"). (2) Western Canadian Select at Hardisty (“WCS”). (3) One thousand cubic feet (“Mcf”). The forward commodity prices as at December 31, 2023, used to determine future cash flows from crude oil, NGLs and natural gas reserves were: 2024 2025 2026 2027 2028 Average Annual Increase Thereafter (percent) WTI (US$/bbl) 73.67 74.98 76.14 77.66 79.22 2.00 WCS (C$/bbl) 76.74 79.77 81.12 82.88 85.04 2.00 Condensate at Edmonton (C$/bbl) 96.79 98.75 100.71 102.72 104.78 2.00 Alberta Energy Company Natural Gas (C$/Mcf) 2.20 3.37 4.05 4.13 4.21 2.00
Summary of Crude Oil and Forward Crack Spreads	As at December 31, 2024 , the forward prices used to determine future cash flows were: (US$/bbl) 2025 2026 2027 2028 2029 WTI 77.68 77.07 78.74 81.51 83.14 Differential WTI – WCS (14.17) (15.34) (15.71) (16.62) (17.11) Chicago 3-2-1 Crack Spread 20.01 21.97 22.60 23.87 24.66 Renewable Identification Numbers 6.79 7.31 8.05 8.69 9.03
Sensitivities Change In The Discount Rate	The sensitivity analysis below shows the impact that a change in the discount rate or in forward prices would have on the impairment amount as at December 31, 2024, for the U.S. Refining CGUs: Increase (Decrease) to Impairment Amount One Percent Increase in the Discount Rate Five Percent Decrease in the Forward Prices Lima and Wood River CGUs 214 619

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2024
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Provision for Income Taxes	For the years ended December 31, 2024 2023 Current Tax Canada 1,141 1,041 United States 9 (109) Asia Pacific 214 224 Other International 39 25 Total Current Tax Expense (Recovery) 1,403 1,181 Deferred Tax Expense (Recovery) (474) (250) 929 931
Disclosure Of Reconciliation Of Accounting Profit From Continuing Operations Multiplied By Applicable Tax Rates Explanatory	The following table reconciles income taxes calculated at the consolidated combined federal and provincial Canadian statutory rate with the recorded income taxes: For the years ended December 31, 2024 2023 Earnings (Loss) Before Income Tax 4,071 5,040 Canadian Statutory Rate (percent) 23.7 23.7 Expected Income Tax Expense (Recovery) 965 1,194 Effect on Taxes Resulting From: Statutory and Other Rate Differences (34) (38) Non-Taxable Capital (Gains) Losses 45 (15) Non-Recognition of Capital (Gains) Losses 45 (30) Adjustments Arising From Prior Year Tax Filings (31) (16) Recognition of U.S. Tax Basis (77) (115) Other 16 (49) Total Tax Expense (Recovery) 929 931 Effective Tax Rate (percent) 22.8 18.5
Disclosure of deferred taxes	The breakdown of deferred income tax assets and deferred income tax liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: As at December 31, 2024 2024 2023 Deferred Income Tax Assets Deferred Income Tax Assets to be Settled Within Twelve Months (29) (315) Deferred Income Tax Assets to be Settled After More Than Twelve Months (1,269) (1,174) (1,298) (1,489) Deferred Income Tax Liabilities Deferred Income Tax Liabilities to be Settled Within Twelve Months 68 138 Deferred Income Tax Liabilities to be Settled After More Than Twelve Months 4,211 4,843 4,279 4,981 Net Deferred Income Tax Liability 2,981 3,492
Disclosure Of Reconciliation Of Changes In Deferred Tax Liability Asset Explanatory	The movement in deferred income tax assets and liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, was: Deferred Income Tax Assets Unused Tax Losses Other Total As at December 31, 2022 (156) (622) (778) Charged (Credited) to Earnings (777) 54 (723) Charged (Credited) to Other Comprehensive Income 19 (7) 12 As at December 31, 2023 (914) (575) (1,489) Charged (Credited) to Earnings 242 (9) 233 Charged (Credited) to Other Comprehensive Income (66) 24 (42) As at December 31, 2024 (738) (560) (1,298) Deferred Income Tax Liabilities PP&E Other Total As at December 31, 2022 4,460 55 4,515 Charged (Credited) to Earnings 495 (22) 473 Charged (Credited) to Other Comprehensive Income (7) — (7) As at December 31, 2023 4,948 33 4,981 Charged (Credited) to Earnings (716) 9 (707) Charged (Credited) to Other Comprehensive Income 5 — 5 As at December 31, 2024 4,237 42 4,279 Net Deferred Income Tax Liabilities Total As at December 31, 2022 3,737 Charged (Credited) to Earnings (250) Charged (Credited) to Other Comprehensive Income 5 As at December 31, 2023 3,492 Charged (Credited) to Earnings (474) Charged (Credited) to Other Comprehensive Income (37) As at December 31, 2024 2,981
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits	The approximate amounts of tax pools available, including tax losses, are: As at December 31, 2024 2023 Canada 10,086 8,547 United States 9,905 8,058 Asia Pacific 351 347 20,342 16,952

Per Share Amounts (Tables)

Per Share Amounts (Tables)	12 Months Ended
Per Share Amounts (Tables)	Dec. 31, 2024
Earnings per share [abstract]
Schedule Representing Per Share Amounts	For the years ended December 31, 2024 2023 Net Earnings (Loss) 3,142 4,109 Effect of Cumulative Dividends on Preferred Shares (36) (36) Net Earnings (Loss) – Basic 3,106 4,073 Effect of Stock-Based Compensation 3 (12) Net Earnings (Loss) – Diluted 3,109 4,061 Basic – Weighted Average Number of Shares (thousands) 1,850,193 1,895,487 Dilutive Effect of Warrants 4,483 22,223 Dilutive Effect of Stock-Based Compensation 8,540 22,135 Diluted – Weighted Average Number of Shares (thousands) 1,863,216 1,939,845 Net Earnings (Loss) Per Common Share – Basic ($) 1.68 2.15 Net Earnings (Loss) Per Common Share – Diluted (1) ($) 1.67 2.09 (1) For the year ended December 31, 2024, net earnings of $16 million (2023 – $nil) and 9.8 million common shares (2023 – 1.6 million), related to the assumed exercise of stock-based compensation, were excluded from the calculation of dilutive net earnings (loss) per share as the effect was anti-dilutive.
Disclosure Of Dividends To Shareholders	B) Common Share Dividends 2024 2023 For the years ended December 31, Per Share Amount Per Share Amount Base Dividends 0.680 1,255 0.525 990 Variable Dividends 0.135 251 — — Total Common Share Dividends Declared and Paid 0.815 1,506 0.525 990 C) Preferred Share Dividends For the years ended December 31, 2024 2023 Series 1 First Preferred Shares 7 7 Series 2 First Preferred Shares 2 2 Series 3 First Preferred Shares 12 12 Series 5 First Preferred Shares 9 9 Series 7 First Preferred Shares 6 6 Total Preferred Share Dividends Declared 36 36 The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
Cash and Cash Equivalents (Tables)	Dec. 31, 2024
Cash and cash equivalents [abstract]
Disclosure Of Cash And Cash Equivalent Explanatory	As at December 31, 2024 2023 Cash 2,723 2,109 Short-Term Investments 370 118 3,093 2,227

Accounts Receivable and Accru_2

Accounts Receivable and Accrued Revenues (Tables)	12 Months Ended
Accounts Receivable and Accrued Revenues (Tables)	Dec. 31, 2024
Trade and other current receivables [abstract]
Schedule of Accounts Receivable and Accrued Revenues	As at December 31, 2024 2023 Trade and Accruals 2,378 2,722 Prepaids and Deposits 187 242 Joint Operations Receivables 40 49 Other 9 22 2,614 3,035

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2024
Classes of current inventories [abstract]
Disclosure Of Detailed Information About Inventories Explanatory	As at December 31, 2024 2023 Product Crude Oil 2,297 2,084 Diluent 401 379 Natural Gas and NGLs 77 68 Refined Products 1,176 1,073 Total Product 3,951 3,604 Parts and Supplies 545 426 4,496 4,030

Exploration and Evaluation As_2

Exploration and Evaluation Assets, Net (Tables)	12 Months Ended
Exploration and Evaluation Assets, Net (Tables)	Dec. 31, 2024
Disclosure Of Exploration And Evaluation Assets [Abstract]
Summary of Exploration and Valuation Assets, Net	Total As at December 31, 2022 685 Acquisition 31 Additions 84 Transfer to PP&E (Note 16) (60) Write-downs (29) Change in Decommissioning Liabilities 28 Exchange Rate Movements and Other (1) As at December 31, 2023 738 Acquisition 7 Additions 65 Transfer to PP&E (Note 16) (285) Write-downs (37) Change in Decommissioning Liabilities (5) Exchange Rate Movements and Other 1 As at December 31, 2024 484

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	12 Months Ended
Property, Plant and Equipment, Net (Tables)	Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Summary of Property, Plant and Equipment	Crude Oil and Natural Gas Properties Processing, Transportation and Storage Assets Refining Assets Other Assets (1) Total COST As at December 31, 2022 43,528 254 12,132 1,825 57,739 Acquisitions (Note 5) (2) 11 — 770 — 781 Additions 3,392 14 719 89 4,214 Transfer from E&E (Note 15) 60 — — — 60 Change in Decommissioning Liabilities 542 — 21 18 581 Divestitures (Note 5) (2) (17) — (633) (17) (667) Exchange Rate Movements and Other (91) 4 (239) (7) (333) As at December 31, 2023 47,425 272 12,770 1,908 62,375 Acquisitions 15 — — — 15 Additions 4,215 3 661 71 4,950 Transfer from E&E (Note 15) 285 — — — 285 Change in Decommissioning Liabilities 312 2 4 (5) 313 Divestitures (Note 5) (270) — — (1) (271) Exchange Rate Movements and Other 108 3 890 2 1,003 As at December 31, 2024 52,090 280 14,325 1,975 68,670 ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION As at December 31, 2022 14,302 106 5,547 1,285 21,240 Depreciation, Depletion and Amortization 3,692 19 554 86 4,351 Divestitures (Note 5) (2) (8) — (299) (12) (319) Exchange Rate Movements and Other (11) 4 (135) (5) (147) As at December 31, 2023 17,975 129 5,667 1,354 25,125 Depreciation, Depletion and Amortization 3,949 11 539 81 4,580 Divestitures (Note 5) (208) — — — (208) Exchange Rate Movements and Other 133 1 469 2 605 As at December 31, 2024 21,849 141 6,675 1,437 30,102 CARRYING VALUE As at December 31, 2023 29,450 143 7,103 554 37,250 As at December 31, 2024 30,241 139 7,650 538 38,568 (1) Includes assets within the commercial fuels business, office furniture, fixtures, leasehold improvements, information technology and aircraft. (2) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s PP&E was $334 million.
Disclosure Of Property Plant And Equipment Under Construction Explanatory	PP&E includes the following amounts in respect of assets under construction that are not subject to DD&A: As at December 31, 2024 2023 Crude Oil and Natural Gas Properties 3,359 2,507 Refining Assets 400 243 3,759 2,750

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2024
Lease liabilities [abstract]
Summary of Right of Use Assets, Net	Real Estate Transportation and Storage Assets (1) Refining Assets Other Assets (2) Total COST As at December 31, 2022 599 1,840 174 74 2,687 Acquisitions (Note 5) (3) 1 24 8 — 33 Additions 1 56 — — 57 Divestitures (Note 5) (3) — — (19) — (19) Exchange Rate Movements and Other (13) 44 (2) (4) 25 As at December 31, 2023 588 1,964 161 70 2,783 Additions 2 317 — 51 370 Exchange Rate Movements and Other 2 111 17 4 134 As at December 31, 2024 592 2,392 178 125 3,287 ACCUMULATED DEPRECIATION As at December 31, 2022 127 645 58 12 842 Depreciation 36 223 22 12 293 Divestitures (Note 5) (3) — — (12) — (12) Exchange Rate Movements and Other (7) (5) (3) (5) (20) As at December 31, 2023 156 863 65 19 1,103 Depreciation 35 198 21 37 291 Exchange Rate Movements and Other 2 (62) 8 (5) (57) As at December 31, 2024 193 999 94 51 1,337 CARRYING VALUE As at December 31, 2023 432 1,101 96 51 1,680 As at December 31, 2024 399 1,393 84 74 1,950 (1) Includes a pipeline, storage tanks, railcars, vessels, barges, a natural gas processing plant and caverns. (2) Includes assets in the commercial fuels business, fleet vehicles, camps and other equipment. (3) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s ROU assets was $7 million.
Summary of Lease Liabilities	2024 2023 Lease Liabilities, Beginning of Year 2,658 2,836 Acquisitions (Note 5) (1) — 33 Additions 363 57 Interest Expense (Note 7) 162 161 Lease Payments (461) (449) Divestitures (Note 5) (1) — (11) Exchange Rate Movements and Other 205 31 Lease Liabilities, End of Year 2,927 2,658 Less: Current Portion 359 299 Long-Term Portion 2,568 2,359 (1) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s lease liabilities was $11 million.

Joint Arrangements (Tables)

Joint Arrangements (Tables)	12 Months Ended
Joint Arrangements (Tables)	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of joint ventures	Summarized below is the financial information for HCML accounted for using the equity method. Results of Operations For the years ended December 31, 2024 2023 Revenue 736 615 Expenses 605 545 Net Earnings (Loss) 131 70 Balance Sheet As at December 31, 2024 2023 Current Assets (1) 441 334 Non-Current Assets 1,594 1,751 Current Liabilities 188 140 Non-Current Liabilities 1,046 1,188 Net Assets 801 757 (1) Includes cash and cash equivalents of $108 million (December 31, 2023 – $111 million). Summarized aggregate financial information is shown below: For the years ended December 31, 2024 2023 Cenovus's Share of Net Earnings (Loss) (16) (1) Cenovus's Share of Other Comprehensive Income (Loss) (2) (2) Cenovus's Share of Total Other Comprehensive Income (Loss) (18) (3)

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2024
Other Noncurrent Assets [Abstract]
Summary of Other Assets	As at December 31, 2024 2023 Private Equity Investments (Note 32) 219 131 Precious Metals 92 76 Long-Term Receivables and Prepaids 68 50 Net Investment in Finance Leases 61 61 Intangible Assets 11 — 451 318

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Dec. 31, 2024
Goodwill [Abstract]
Schedule of changes in goodwill	The carrying amount of goodwill is allocated to the following CGUs: As at December 31, 2024 2023 Primrose (Foster Creek) 1,171 1,171 Christina Lake 1,101 1,101 Lloydminster Thermal 651 651 2,923 2,923

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Dec. 31, 2024
Trade and other current payables [abstract]
Schedule of Accounts Payable and Accrued Liabilities	As at December 31, 2024 2023 Accruals 4,902 3,931 Trade 1,005 1,075 Joint Operations Payable 110 75 Employee Long-Term Incentives 132 284 Interest 72 69 Provisions for Onerous and Unfavourable Contracts 11 18 Other 10 28 6,242 5,480

Debt and Capital Structure (Tab

Debt and Capital Structure (Tables)	12 Months Ended
Debt and Capital Structure (Tables)	Dec. 31, 2024
Borrowings [abstract]
Schedule of Short-Term and Long-Term Debt	As at December 31, Notes 2024 2023 Uncommitted Demand Facilities i — — WRB Uncommitted Demand Facilities ii 173 179 Total Debt Principal 173 179 B) Long-Term Debt As at December 31, Notes 2024 2023 Committed Credit Facility i — — U.S. Dollar Denominated Unsecured Notes ii 5,470 5,028 Canadian Dollar Unsecured Notes ii 2,000 2,000 Total Debt Principal 7,470 7,028 Debt Premiums (Discounts), Net, and Transaction Costs 64 80 Long-Term Debt 7,534 7,108 Less: Current Portion 192 — Long-Term Portion 7,342 7,108
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes	The principal amounts of the Company’s outstanding unsecured notes are: 2024 2023 As at December 31, US$ Principal C$ Principal and Equivalent US$ Principal C$ Principal and Equivalent U.S. Dollar Denominated Unsecured Notes 5.38% due July 15, 2025 133 192 133 176 4.25% due April 15, 2027 373 537 373 493 4.40% due April 15, 2029 183 262 183 241 2.65% due January 15, 2032 500 720 500 661 5.25% due June 15, 2037 333 479 333 441 6.80% due September 15, 2037 191 275 191 253 6.75% due November 15, 2039 652 938 652 862 4.45% due September 15, 2042 91 131 91 121 5.20% due September 15, 2043 27 39 27 36 5.40% due June 15, 2047 569 818 569 752 3.75% due February 15, 2052 750 1,079 750 992 3,802 5,470 3,802 5,028 Canadian Dollar Unsecured Notes 3.60% due March 10, 2027 750 750 3.50% due February 7, 2028 1,250 1,250 2,000 2,000 Total Unsecured Notes 7,470 7,028
Mandatory Debt Payments	U.S. Dollar Canadian Dollar Unsecured Notes Total As at December 31, 2024 US$ Principal C$ Principal Equivalent C$ Principal C$ Principal and Equivalent 2025 133 192 — 192 2026 — — — — 2027 373 537 750 1,287 2028 — — 1,250 1,250 2029 183 262 — 262 Thereafter 3,113 4,479 — 4,479 3,802 5,470 2,000 7,470
Summary of Net Debt to Adjusted EBITDA	Net Debt to Adjusted EBITDA As at December 31, 2024 2023 Short-Term Borrowings 173 179 Current Portion of Long-Term Debt 192 — Long-Term Portion of Long-Term Debt 7,342 7,108 Total Debt 7,707 7,287 Less: Cash and Cash Equivalents (3,093) (2,227) Net Debt 4,614 5,060 Net Earnings (Loss) 3,142 4,109 Add (Deduct): Finance Costs, Net (1) 514 538 Income Tax Expense (Recovery) 929 931 Depreciation, Depletion and Amortization 4,871 4,644 Exploration and Evaluation Asset Write-downs 37 29 (Income) Loss From Equity-Accounted Affiliates (66) (51) Unrealized (Gain) Loss on Risk Management 12 52 Foreign Exchange (Gain) Loss, Net 462 (67) (Gain) Loss on Divestiture of Assets (1) (119) 20 Re-measurement of Contingent Payments 30 59 Other (Income) Loss, Net (55) (63) Adjusted EBITDA (2) 9,757 10,201 Net Debt to Adjusted EBITDA (times) 0.5 0.5 (1) Revised presentation as of January 1, 2024. See Note 4. (2) Calculated on a trailing twelve-month basis.
Disclosure Of Net Debt To Adjusted Funds Flow	Net Debt to Adjusted Funds F low As at December 31, 2024 2023 Net Debt 4,614 5,060 Cash From (Used in) Operating Activities 9,235 7,388 (Add) Deduct: Settlement of Decommissioning Liabilities (234) (222) Net Change in Non-Cash Working Capital 1,305 (1,193) Adjusted Funds Flow (1) 8,164 8,803 Net Debt to Adjusted Funds Flow (times) 0.6 0.6 (1) Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization	Net Debt to Capitalization As at December 31, 2024 2023 Net Debt 4,614 5,060 Shareholders’ Equity 29,754 28,698 Capitalization 34,368 33,758 Net Debt to Capitalization (percent) 13 15

Contingent Payments (Tables)

Contingent Payments (Tables)	12 Months Ended
Contingent Payments (Tables)	Dec. 31, 2024
Disclosure of contingent liabilities in business combination [abstract]
Summary of Contingent Payment	2024 2023 Contingent Payments, Beginning of Year 164 419 Liabilities Settled or Payable (194) (314) Re-measurement 30 59 Contingent Payments, End of Year — 164

Decommissioning Liabilities (Ta

Decommissioning Liabilities (Tables)	12 Months Ended
Decommissioning Liabilities (Tables)	Dec. 31, 2024
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Summary of Decommissioning Provision	2024 2023 Decommissioning Liabilities, Beginning of Year 4,155 3,559 Liabilities Incurred 24 14 Liabilities Acquired (Note 5) (1) — 5 Liabilities Settled (234) (221) Liabilities Disposed (Note 5) (1) (72) (5) Change in Estimated Future Cash Flows 276 330 Change in Discount Rates 132 265 Unwinding of Discount on Decommissioning Liabilities (Note 7) 225 220 Exchange Rate Movements and Other 28 (12) Decommissioning Liabilities, End of Year 4,534 4,155 (1) In connection with the Toledo Acquisition, Cenovus was deemed to have disposed of its pre-existing interest and reacquired it at fair value as required by IFRS 3. As at February 28, 2023, the carrying value of the pre-existing interest in Toledo’s decommissioning liabilities w as $2 million.
Description Of Major Assumptions Made Concerning Future Events Other Provisions Explanatory	Changes to the credit-adjusted risk-free rate or the inflation rate would have the following impact on the decommissioning liabilities: Sensitivity 2024 2023 As at December 31, Range Increase Decrease Increase Decrease Credit-Adjusted Risk-Free Rate ± one percent (487) 595 (387) 515 Inflation Rate ± one percent 615 (507) 519 (392)

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
Other Liabilities (Tables)	Dec. 31, 2024
Miscellaneous non-current liabilities [abstract]
Summary of Other Liabilities	As at December 31, 2024 2023 Renewable Volume Obligation, Net (1) 284 397 Pension and Other Post-Employment Benefit Plan 269 276 Employee Long-Term Incentives 96 100 Provisions for Onerous and Unfavourable Contracts 66 72 Provision for West White Rose Expansion Project (2) 54 156 Drilling Provisions 3 25 Other 147 157 919 1,183 (1) The gross amounts of the renewable volume obligation (“RVO”) and RINs asset were $652 million and $368 million, respectively (December 31, 2023 – $785 million and $388 million, respectively). (2) Cenovus expects to draw down the provision by $54 million in the next 12 months.

Pensions and Other Post-Emplo_2

Pensions and Other Post-Employment Benefits (Tables)	12 Months Ended
Pensions and Other Post-Employment Benefits (Tables)	Dec. 31, 2024
Pensions And Other Post Employment Benefits [Abstract]
Summary of Defined Benefit and OPEB Plan Obligation and Funded Status	A) Plan Obligations, Assets and Funded Status DB Pension Plan OPEB Plans 2024 2023 2024 2023 Defined Benefit Obligation Defined Benefit Obligation, Beginning of Year 202 172 249 174 Current Service Costs 14 10 2 14 Past Service Costs - Curtailment and Plan Amendments — — — 10 Interest Costs (1) 9 9 12 10 Benefits Paid (12) (8) (9) (9) Plan Participant Contributions 3 3 — — Re-measurements: (Gains) Losses From Experience Adjustments — 4 1 1 (Gains) Losses From Changes in Financial Assumptions (3) 13 (6) 50 Exchange Rate Movements and Other 1 (1) 3 (1) Defined Benefit Obligation, End of Year 214 202 252 249 Plan Assets Fair Value of Plan Assets, Beginning of Year 178 147 — — Employer Contributions 11 18 9 9 Plan Participant Contributions 3 3 — — Benefits Paid (12) (7) (9) (9) Interest Income (1) 8 8 — — Re-measurements: Return on Plan Assets Excluding Interest Income 11 10 — — Exchange Rate Movements and Other 2 (1) — — Fair Value of Plan Assets, End of Year 201 178 — — Defined Benefit Pension and OPEB Asset (Liability) (2) (13) (24) (252) (249) (1) Based on the discount rate of the defined benefit obligation at the beginning of the year. (2) Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities.
Summary of Pension and OPEB Costs	B) Costs OPEB Plans For the years ended December 31, 2024 2023 2024 2023 Defined Benefit Plan Cost Current Service Costs 14 10 2 14 Past Service Costs – Curtailments and Plan Amendments — — — 10 Net Interest Costs 1 1 12 10 Re-measurements: Return on Plan Assets Excluding Interest Income (11) (10) — — (Gains) Losses From Experience Adjustments — 4 1 1 (Gains) Losses From Changes in Financial Assumptions (3) 13 (6) 50 Defined Benefit Plan Cost (Recovery) 1 18 9 85 Defined Contribution Plan Cost (1) 107 99 — — Total Plan Cost 108 117 9 85 (1) Includes defined contribution and U.S. 401(k) plans.
Summary of Fair Value of the Plan Assets	The fair value of the DB Pension Plan assets, as represented by fair value hierarchy levels are as follows: As at December 31, 2024 2023 Level 1 – Cash and Cash Equivalents 3 5 Level 2 – Equity and Fixed Income Funds 185 161 Level 3 – Real Estate Funds and Other 13 12 201 178
Summary of principal weighted average actuarial assumptions used to determine benefit obligations and expenses	The principal weighted average actuarial assumptions used to determine benefit obligations are as follows: Defined Benefit Plan OPEB Plans For the years ended December 31, 2024 2023 2024 2023 Discount Rate (percent) 4.65 4.58 4.85 4.65 Future Salary Growth Rate (percent) 3.95 4.00 N/A N/A Average Longevity (years) 88.4 88.4 88.4 88.4 Health Care Cost Trend Rate (percent) N/A N/A 5.24 5.24
Sensitivity of defined benefit and OPEB obligation to changes in relevant actuarial assumptions	2024 2023 As at December 31, Increase Decrease Increase Decrease Discount Rate (56) 69 (54) 66

Share Capital and Warrants (Tab

Share Capital and Warrants (Tables)	12 Months Ended
Share Capital and Warrants (Tables)	Dec. 31, 2024
Disclosure of classes of share capital [abstract]
Summary of Share Capital	B) Issued and Outstanding – Common Shares 2024 2023 Number of Common Shares (thousands) Amount Number of Common Shares (thousands) Amount Outstanding, Beginning of Year 1,871,868 16,031 1,909,190 16,320 Issued Upon Exercise of Warrants 3,982 39 2,610 26 Issued Under Stock Option Plans 5,049 68 3,679 58 Purchase of Common Shares under NCIB (55,861) (479) (43,611) (373) Outstanding, End of Year 1,825,038 15,659 1,871,868 16,031 2024 Number of Common Shares (thousands) Amount Outstanding, Beginning of Year — — Purchase of Common Shares Under Employee Benefit Plan 2,000 43 Outstanding, End of Year 2,000 43 2024 2023 Number of Preferred Shares (thousands) Amount Number of Preferred Shares (thousands) Amount Outstanding, Beginning of Year 36,000 519 36,000 519 Preferred Shares Redeemed (10,000) (163) — — Outstanding, End of Year 26,000 356 36,000 519 The Company had the following preferred shares outstanding as at December 31, 2024: As at December 31, 2024 Dividend Reset Date Dividend Rate (percent) Number of Preferred Shares (thousands) Series 1 First Preferred Shares March 31, 2026 2.58 10,740 Series 2 First Preferred Shares (1) Quarterly 5.21 1,260 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 6.77 percent from December 31, 2023, to March 30, 2024 (December 31, 2022, to March 30, 2023 – 5.86 percent); 6.71 percent from March 31, 2024, to June 29, 2024 (March 31, 2023, to June 29, 2023 – 6.29 percent); 6.60 percent from June 30, 2024, to September 29, 2024 (June 30, 2023, to September 29, 2023 – 6.29 percent); and 5.94 percent from September 30, 2024, to December 30, 2024 (September 30, 2023, to December 30, 2023 – 6.89 percent). 2024 2023 Number of Warrants (thousands) Amount Number of Warrants (thousands) Amount Outstanding, Beginning of Year 7,625 25 55,720 184 Exercised (3,982) (13) (2,610) (8) Purchased and Cancelled — — (45,485) (151) Outstanding, End of Year 3,643 12 7,625 25 Retained Earnings Prior to Ovintiv Split Stock-Based Compensation Total As at December 31, 2022 2,395 296 2,691 Stock-Based Compensation Expense — 11 11 Purchase of Common Shares Under NCIB (688) — (688) Common Shares Issued on Exercise of Stock Options — (12) (12) As at December 31, 2023 1,707 295 2,002 Stock-Based Compensation Expense — 11 11 Purchase of Common Shares Under NCIB (966) — (966) Preferred Shares Redeemed (87) — (87) Common Shares Issued on Exercise of Stock Options — (16) (16) As at December 31, 2024 654 290 944

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Dec. 31, 2024
Disclosure Of Accumulated Other Comprehensive Income Loss [Abstract]
Summary of Accumulated Other Comprehensive Income (Loss)	Pension and Other Post-Retirement Benefits Private Equity Instruments Foreign Currency Translation Adjustment Total As at December 31, 2022 99 29 1,342 1,470 Other Comprehensive Income (Loss), Before Tax (58) 63 (286) (281) Reclassification on Divestiture (Note 5) — — 12 12 Income Tax (Expense) Recovery 14 (7) — 7 As at December 31, 2023 55 85 1,068 1,208 Other Comprehensive Income (Loss), Before Tax 19 81 1,020 1,120 Income Tax (Expense) Recovery (5) (10) — (15) As at December 31, 2024 69 156 2,088 2,313

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
Stock-Based Compensation Plans (Tables)	Dec. 31, 2024
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Summary of Assumptions Used to Determine Fair Value of Options Granted	The fair value of each NSR was estimated on its grant date using the Black-Scholes-Merton valuation model with weighted average assumptions as follows: Risk-Free Interest Rate (percent) 3.51 Expected Dividend Yield (percent) 2.37 Expected Volatility (1) (percent) 23.64 Expected Life (years) 5.39 (1) Expected volatility has been based on historical share volatility of the Company. For the year ended December 31, 2024, 793 thousand NSRs, with a weighted average exercise price of $11.97, were exercised and settled for 562 thousand common shares.
Summary of Options Outstanding and Exercisable	Number of Stock Options with Associated Net Settlement Rights Weighted For the year ended December 31, 2024 (thousands) ($/unit) Outstanding, Beginning of Year 11,895 13.66 Granted 2,427 23.90 Exercised (5,251) 10.77 Forfeited (416) 23.16 Expired (2) 24.60 Outstanding, End of Year 8,653 17.83 Outstanding Exercisable As at December 31, 2024 Number of Weighted Average Remaining Contractual Life Weighted Average Exercise Price Number of Weighted Average Exercise Price Range of Exercise Price ($/unit) (thousands) (years) ($/unit) (thousands) ($/unit) 5.00 to 9.99 1,486 2.47 8.87 1,486 8.87 10.00 to 14.99 2,004 2.08 11.70 1,902 11.69 15.00 to 19.99 1,560 4.13 19.88 902 19.88 20.00 to 24.99 3,373 5.75 23.84 448 24.14 25.00 to 29.99 230 6.46 27.21 3 27.71 8,653 4.06 17.83 4,741 13.55 Number of Cenovus Replacement Stock Options Weighted Average Exercise Price For the year ended December 31, 2024 (thousands) ($/unit) Outstanding, Beginning of Year 1,005 6.49 Exercised (614) 7.34 Expired (43) 18.35 Outstanding, End of Year 348 3.54 Number of Performance Share Units For the year ended December 31, 2024 (thousands) Outstanding, Beginning of Year 10,243 Granted 6,368 Vested and Paid Out (8,903) Forfeited (742) Units Granted in Lieu of Base Dividends 244 Outstanding, End of Year 7,210 Number of Restricted Share Units For the year ended December 31, 2024 (thousands) Outstanding, Beginning of Year 7,234 Granted 3,393 Vested and Paid Out (2,286) Forfeited (466) Units Granted in Lieu of Base Dividends 273 Outstanding, End of Year 8,148 Number of Deferred For the year ended December 31, 2024 (thousands) Outstanding, Beginning of Year 1,691 Granted to Directors 126 Granted 72 Units Granted in Lieu of Dividends 58 Redeemed (186) Outstanding, End of Year 1,761
Summary of Stock-Based Compensation	E) Total Stock-Based Compensation For the years ended December 31, 2024 2023 Stock Options With Associated Net Settlement Rights 12 11 Cenovus Replacement Stock Options 1 (5) Performance Share Units 48 47 Restricted Share Units 60 46 Deferred Share Units 5 (2) Total Stock-Based Compensation Expense (Recovery) 126 97

Employee Salaries and Benefit_2

Employee Salaries and Benefit Expenses (Tables)	12 Months Ended
Employee Salaries and Benefit Expenses (Tables)	Dec. 31, 2024
Disclosure Of Salaries And Employee Benefits [Abstract]
Summary of Employee Salaries and Benefit Expenses	30. EMPLOYEE SALARIES AND BENEFIT EXPENSES For the years ended December 31, 2024 2023 Salaries, Bonuses and Other Short-Term Employee Benefits 1,526 1,344 Pension and Post-Employment Benefits 119 125 Stock-Based Compensation (Note 29) 126 97 Termination Benefits 41 14 1,812 1,580

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2024
Disclosure of transactions between related parties [abstract]
Summary of Key Management Compensation	Key management includes Directors (executive and non-executive), Executive Officers, Senior Vice-Presidents and Vice-Presidents. The compensation paid or payable to key management is: For the years ended December 31, 2024 2023 Salaries, Director Fees and Other Short-Term Benefits 47 40 Pension and Post-Employment Benefits 4 3 Stock-Based Compensation 48 40 Termination Benefits 11 — 110 83
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets	The following table summarizes revenues and associated expenses related to HMLP: For the years ended December 31, 2024 2023 Revenues from Construction and Management Services 155 160 Transportation Expenses 278 295 2024 2023 Fair Value, Beginning of Year 131 55 Acquisitions 7 13 Changes in Fair Value 81 63 Fair Value, End of Year 219 131

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
Financial Instruments (Tables)	Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]
Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets	The following table summarizes revenues and associated expenses related to HMLP: For the years ended December 31, 2024 2023 Revenues from Construction and Management Services 155 160 Transportation Expenses 278 295 2024 2023 Fair Value, Beginning of Year 131 55 Acquisitions 7 13 Changes in Fair Value 81 63 Fair Value, End of Year 219 131
Summary of Unrealized Risk Management Positions	Summary of Risk Management Positions 2024 2023 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Crude Oil, Natural Gas, Condensate and Refined Products 9 10 (1) 11 19 (8) Power Contracts 6 — 6 2 — 2 Renewable Power Contracts 5 — 5 18 — 18 Foreign Exchange Rate Contracts — 3 (3) — — — 20 13 7 31 19 12
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 December 31, 2024 2023 Level 2 – Prices Sourced From Observable Data or Market Corroboration 2 (6) Level 3 – Prices Sourced From Partially Unobservable Data 5 18 7 12
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: 2024 2023 Fair Value of Contracts, Beginning of Year 12 46 Change in Fair Value of Contracts in Place at Beginning of Year (20) — Change in Fair Value of Contracts Entered Into During the Year (30) (45) Fair Value of Contracts Realized During the Year 46 9 Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts (1) 2 Fair Value of Contracts, End of Year 7 12 Offsetting Financial Assets and Liabilities Cenovus offsets risk management assets and liabilities when the counterparty, currency and timing of settlement are the same.
Summary of Offsetting Risk Management Positions	2024 2023 Risk Management Risk Management As at December 31, Asset Liability Net Asset Liability Net Recognized Risk Management Positions Gross Amount 38 31 7 71 59 12 Amount Offset (18) (18) — (40) (40) — Net Amount 20 13 7 31 19 12
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax	For the years ended December 31, 2024 2023 Realized (Gain) Loss 46 9 Unrealized (Gain) Loss 12 52 (Gain) Loss on Risk Management 58 61 The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows: As at December 31, 2024 Sensitivity Range Increase Decrease Crude Oil and Condensate Commodity Price ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges — — Crude Oil and Condensate Differential Price (1) ± US$2.50/bbl Applied to Differential Hedges Tied to Production 20 (20) WCS (Hardisty) Differential Price ± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production (6) 6 Refined Products Commodity Price ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Natural Gas Commodity Price ± US$0.50/Mcf Applied to Natural Gas Hedges Tied to Production — — Natural Gas Basis Price ± US$0.25/Mcf Applied to Natural Gas Basis Hedges 1 (1) Power Commodity Price ± C$10.00/MWh (2) Applied to Power Hedges 46 (46) U.S. to Canadian Dollar Exchange Rate ± $0.05 in the U.S. to Canadian Dollar Exchange Rate 24 (28) (1) Excluding WCS at Hardisty. (2) One thousand kilowatts of electricity per hour (“MWh”). As at December 31, 2023 Sensitivity Range Increase Decrease Crude Oil and Condensate Commodity Price ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges (1) 1 Crude Oil and Condensate Differential Price (1) ± US$2.50/bbl Applied to Differential Hedges Tied to Production (4) 4 WCS (Hardisty) Differential Price ± US$5.00/bbl Applied to WCS Differential Hedges Tie to Production — — Refined Products Commodity Price ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Natural Gas Commodity Price ± $1.00/Mcf Applied to Natural Gas Hedges Tied to Production — — Natural Gas Basis Price ± US$0.50/Mcf Applied to Natural Gas Basis Hedges — — Power Commodity Price ± C$20.00/MWh Applied to Power Hedges 92 (92) U.S. to Canadian Dollar Exchange Rate ± $0.05 in the U.S. to Canadian Dollar Exchange Rate — — (1) Excluding WCS at Hardisty. In respect of these financial instruments, the impact of changes in the Canadian per U.S. dollar exchange rate would have resulted in a change to the foreign exchange (gain) loss as follows: As at December 31, 2024 2023 $0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate 196 197 $0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate (196) (197)
Summary of Earnings Impact of (Gain) Loss from Risk Management Positions	As at December 31, 2023, changes in WCS forward prices, with fluctuations in all other variables held constant, could have impacted earnings before income tax as follows: Sensitivity Range Increase Decrease WCS Forward Prices ± $10.00 per barrel (21) 45

Risk Management (Tables)

Risk Management (Tables)	12 Months Ended
Risk Management (Tables)	Dec. 31, 2024
Risk Management [Abstract]
Net Fair Value of Risk Management Positions	Net Fair Value of Risk Management Positions As at December 31, 2024 Notional Volumes (1) (2) Terms (3) Weighted Average Price (2) Fair Value Asset (Liability) WTI Contracts Related to Blending (4) WTI Fixed – Sell 1.6 MMbbls January 2025 - November 2025 US$70.18/bbl (3) WTI Fixed – Buy 0.3 MMbbls January 2025 - November 2025 US$72.80/bbl (1) Power Contacts 6 Renewable Power Contracts 5 Other Financial Positions (5) 3 Foreign Exchange Rate Contracts (3) Total Fair Value 7 (1) Million barrels ("MMbbls"). (2) Notional volumes and weighted average price are based on multiple contracts of varying amounts and terms over the respective time period; therefore, the notional volumes and weighted average price may fluctuate from month to month. (3) Includes individual contracts with varying terms, the longest of which is 14 months. (4) WTI contracts related to blending are used to help manage price exposure to condensate used for blending.
Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax	For the years ended December 31, 2024 2023 Realized (Gain) Loss 46 9 Unrealized (Gain) Loss 12 52 (Gain) Loss on Risk Management 58 61 The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows: As at December 31, 2024 Sensitivity Range Increase Decrease Crude Oil and Condensate Commodity Price ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges — — Crude Oil and Condensate Differential Price (1) ± US$2.50/bbl Applied to Differential Hedges Tied to Production 20 (20) WCS (Hardisty) Differential Price ± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production (6) 6 Refined Products Commodity Price ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Natural Gas Commodity Price ± US$0.50/Mcf Applied to Natural Gas Hedges Tied to Production — — Natural Gas Basis Price ± US$0.25/Mcf Applied to Natural Gas Basis Hedges 1 (1) Power Commodity Price ± C$10.00/MWh (2) Applied to Power Hedges 46 (46) U.S. to Canadian Dollar Exchange Rate ± $0.05 in the U.S. to Canadian Dollar Exchange Rate 24 (28) (1) Excluding WCS at Hardisty. (2) One thousand kilowatts of electricity per hour (“MWh”). As at December 31, 2023 Sensitivity Range Increase Decrease Crude Oil and Condensate Commodity Price ± US$10.00/bbl Applied to WTI, Condensate and Related Hedges (1) 1 Crude Oil and Condensate Differential Price (1) ± US$2.50/bbl Applied to Differential Hedges Tied to Production (4) 4 WCS (Hardisty) Differential Price ± US$5.00/bbl Applied to WCS Differential Hedges Tie to Production — — Refined Products Commodity Price ± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges (3) 3 Natural Gas Commodity Price ± $1.00/Mcf Applied to Natural Gas Hedges Tied to Production — — Natural Gas Basis Price ± US$0.50/Mcf Applied to Natural Gas Basis Hedges — — Power Commodity Price ± C$20.00/MWh Applied to Power Hedges 92 (92) U.S. to Canadian Dollar Exchange Rate ± $0.05 in the U.S. to Canadian Dollar Exchange Rate — — (1) Excluding WCS at Hardisty. In respect of these financial instruments, the impact of changes in the Canadian per U.S. dollar exchange rate would have resulted in a change to the foreign exchange (gain) loss as follows: As at December 31, 2024 2023 $0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate 196 197 $0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate (196) (197)
Undiscounted Cash Outflows Relating to Financial Liabilities	Undiscounted cash outflows relating to financial liabilities are: As at December 31, 2024 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities (1) 6,242 — — — 6,242 Short-Term Borrowings 173 — — — 173 Lease Liabilities (2) 538 824 645 2,606 4,613 Long-Term Debt (2) 526 1,910 1,989 7,286 11,711 As at December 31, 2023 1 Year Years 2 and 3 Years 4 and 5 Thereafter Total Accounts Payable and Accrued Liabilities (1) 5,480 — — — 5,480 Short-Term Borrowings 179 — — — 179 Contingent Payments 168 — — — 168 Lease Liabilities (2) 438 712 569 2,635 4,354 Long-Term Debt (2) 313 792 3,007 7,145 11,257 (1) Includes current risk management liabilities. (2) Principal and interest, including current portion, if applicable.

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	12 Months Ended
Supplementary Cash Flow Information (Tables)	Dec. 31, 2024
Disclosure Of Supplementary Cash Flow Information [Abstract]
Disclosure Of Changes In Non-Cash Working Capital Items	Working Capital As at December 31, 2024 2023 Total Current Assets 10,434 9,708 Total Current Liabilities 7,362 6,210 Working Capital 3,072 3,498 For the years ended December 31, 2024 2023 Accounts Receivable and Accrued Revenues 547 314 Income Tax Receivable 199 (295) Inventories (117) 216 Accounts Payable and Accrued Liabilities 299 (685) Income Tax Payable 322 (1,112) Total Change in Non-Cash Working Capital 1,250 (1,562) Net Change in Non-Cash Working Capital – Operating Activities 1,305 (1,193) Net Change in Non-Cash Working Capital – Investing Activities (55) (369) Total Change in Non-Cash Working Capital 1,250 (1,562) For the years ended December 31, 2024 2023 Interest Paid 356 402 Interest Received 163 130 Income Taxes Paid 868 2,595
Summary of Reconciliation of Liabilities to Cash Flows from Financing Activities	D) Reconciliation of Liabilities The following table provides a reconciliation of liabilities to cash flows arising from financing activities: Dividends Payable Warrants Short-Term Borrowings Long-Term Debt Lease Liabilities As at December 31, 2022 9 — 115 8,691 2,836 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — — 58 — — Repayment of Long-Term Debt — — — (1,346) — Principal Repayment of Leases — — — — (288) Dividends Paid (1,026) — — — — Payment for Purchase of Warrants — (711) — — — Finance and Transaction Costs — (2) — — — Non-Cash Changes: Net Premium (Discount) on Redemption of Long-Term Debt — — — (84) — Finance and Transaction Costs — 2 — (19) — Lease Acquisitions — — — — 33 Lease Additions — — — — 57 Base Dividends Declared on Common Shares 990 — — — — Dividends Declared on Preferred Shares 36 — — — — Warrants Purchased and Cancelled — 711 — — — Exchange Rate Movements and Other — — 6 (134) 20 As at December 31, 2023 9 — 179 7,108 2,658 Changes From Financing Cash Flows: Net Issuance (Repayment) of Short-Term Borrowings — — 5 — — Principal Repayment of Leases — — — — (299) Dividends Paid (1,551) — — — — Non-Cash Changes: Finance and Transaction Costs — — — (16) — Lease Additions — — — — 363 Base Dividends Declared on Common Shares 1,255 — — — — Variable Dividends Declared on Common Shares 251 — — — — Dividends Declared on Preferred Shares 36 — — — — Exchange Rate Movements and Other — — (11) 442 205 As at December 31, 2024 — — 173 7,534 2,927

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2024
Commitments And Contingencies [Abstract]
Minimum Future Payments, Commitments And Contingent Liabilities	Future payments for the Company’s commitments are below: As at December 31, 2024 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) (2) 2,122 1,947 1,921 1,904 1,815 14,551 24,260 Product Purchases 14 — — — — — 14 Real Estate 63 63 61 59 63 532 841 Obligation to Fund HCML 104 105 98 56 44 105 512 Other Long-Term Commitments 411 191 187 158 117 589 1,653 Total Commitments 2,714 2,306 2,267 2,177 2,039 15,777 27,280 As at December 31, 2023 1 Year 2 Years 3 Years 4 Years 5 Years Thereafter Total Transportation and Storage (1) (2) 2,018 1,927 1,680 1,663 1,641 15,738 24,667 Product Purchases 617 — — — — — 617 Real Estate 57 57 59 63 58 604 898 Obligation to Fund HCML 94 94 94 89 52 90 513 Other Long-Term Commitments 417 194 184 175 166 965 2,101 Total Commitments 3,203 2,272 2,017 1,990 1,917 17,397 28,796 (1) Includes transportation commitments that are subject to regulatory approval or were approved but are not yet in service of $854 million (December 31, 2023 – $13.0 billion). Terms are up to 20 years on commencement. (2) As at December 31, 2024, includes $1.8 billion related to transportation and storage commitments with HMLP (December 31, 2023 – $2.1 billion).

Description of Business and S_3

Description of Business and Segmented Disclosures - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) plant u_cve_customer	Dec. 31, 2023 CAD ($) u_cve_customer
Disclosure of operating segments [line items]
Number of ethanol plants \| plant	2
Number of major customers \| u_cve_customer	2	2
Gross Sales	$ 57,726	$ 55,474
Downstream
Disclosure of operating segments [line items]
Gross Sales	33,618	32,626
Downstream \| Canadian Refining
Disclosure of operating segments [line items]
Gross Sales	5,310	6,233
Customer One
Disclosure of operating segments [line items]
Gross Sales	17,700	18,000
Customer Two
Disclosure of operating segments [line items]
Gross Sales	$ 8,100	$ 7,100
Bottom of range
Disclosure of operating segments [line items]
Percentage of entity's revenues from gross sales	10%

Description of Business and S_4

Description of Business and Segmented Disclosures - Schedule of Segment and Operational Information (Detail) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Revenue [abstract]
Gross Sales		$ 57,726	$ 55,474
Royalties		(3,449)	(3,270)
Revenues	[1]	54,277	52,204
Expenses
Purchased Product		26,103	24,715
Transportation and Blending		10,538	10,141
Purchased product, transportation and blending	[1]	36,641	34,856
Operating		6,841	6,352
(Gain) Loss on Risk Management		58	61
Depreciation, Depletion and Amortization		4,871	4,644
Exploration Expense		69	42
(Income) Loss From Equity-Accounted Affiliates		(66)	(51)
Segment Income (Loss)		5,863	6,300
General and Administrative		794	688
Finance Costs, Net	[1]	514	538
Integration, Transaction and Other Costs		166	85
Foreign Exchange (Gain) Loss, Net		462	(67)
(Gain) Loss on Divestiture of Assets		(119)	20
Re-measurement of Contingent Payments		30	59
Other (Income) Loss, Net		(55)	(63)
Total Non-operating (Income) Expense		1,792	1,260
Earnings (Loss) Before Income Tax		4,071	5,040
Income Tax Expense (Recovery)		929	931
Net Earnings (Loss)		3,142	4,109
Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		46	9
Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		12	52
Upstream
Revenue [abstract]
Gross Sales		33,078	31,082
Royalties		(3,449)	(3,270)
Revenues		29,629	27,812
Expenses
Purchased Product		3,674	3,152
Transportation and Blending		11,331	11,088
Operating		3,489	3,690
Operating Margin		11,121	9,870
Depreciation, Depletion and Amortization		4,122	3,866
Exploration Expense		69	42
(Income) Loss From Equity-Accounted Affiliates		(65)	(51)
Segment Income (Loss)		7,007	6,017
Upstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		14	12
Upstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		(12)	(4)
Downstream
Revenue [abstract]
Gross Sales		33,618	32,626
Royalties		0	0
Revenues		33,618	32,626
Expenses
Purchased Product		30,252	28,273
Transportation and Blending		0	0
Operating		3,670	3,201
Operating Margin		(312)	1,152
Depreciation, Depletion and Amortization		647	671
Exploration Expense		0	0
(Income) Loss From Equity-Accounted Affiliates		0	0
Segment Income (Loss)		(967)	498
Downstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		8	0
Downstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		8	(17)
External Sales
Revenue [abstract]
Gross Sales		57,726	55,474
External Sales \| Upstream
Revenue [abstract]
Gross Sales		24,640	23,713
External Sales \| Downstream
Revenue [abstract]
Gross Sales		33,086	31,761
Intersegment Sales
Revenue [abstract]
Gross Sales		0	0
Intersegment Sales \| Upstream
Revenue [abstract]
Gross Sales		8,438	7,369
Intersegment Sales \| Downstream
Revenue [abstract]
Gross Sales		532	865
Oil Sands \| Upstream
Revenue [abstract]
Gross Sales		28,447	26,192
Royalties		(3,274)	(3,059)
Revenues		25,173	23,133
Expenses
Purchased Product		1,851	1,457
Transportation and Blending		11,000	10,774
Operating		2,511	2,716
Operating Margin		9,791	8,169
Depreciation, Depletion and Amortization		3,117	2,993
Exploration Expense		2	19
(Income) Loss From Equity-Accounted Affiliates		(14)	6
Segment Income (Loss)		6,702	5,136
Oil Sands \| Upstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		20	17
Oil Sands \| Upstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		(16)	15
Oil Sands \| External Sales \| Upstream
Revenue [abstract]
Gross Sales		21,857	20,608
Oil Sands \| Intersegment Sales \| Upstream
Revenue [abstract]
Gross Sales		6,590	5,584
Conventional \| Upstream
Revenue [abstract]
Gross Sales		3,059	3,273
Royalties		(76)	(112)
Revenues		2,983	3,161
Expenses
Purchased Product		1,823	1,695
Transportation and Blending		320	298
Operating		555	590
Operating Margin		291	583
Depreciation, Depletion and Amortization		442	386
Exploration Expense		1	6
(Income) Loss From Equity-Accounted Affiliates		2	0
Segment Income (Loss)		(158)	210
Conventional \| Upstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		(6)	(5)
Conventional \| Upstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		4	(19)
Conventional \| External Sales \| Upstream
Revenue [abstract]
Gross Sales		1,211	1,488
Conventional \| Intersegment Sales \| Upstream
Revenue [abstract]
Gross Sales		1,848	1,785
Offshore \| Upstream
Revenue [abstract]
Gross Sales		1,572	1,617
Royalties		(99)	(99)
Revenues		1,473	1,518
Expenses
Purchased Product		0	0
Transportation and Blending		11	16
Operating		423	384
Operating Margin		1,039	1,118
Depreciation, Depletion and Amortization		563	487
Exploration Expense		66	17
(Income) Loss From Equity-Accounted Affiliates		(53)	(57)
Segment Income (Loss)		463	671
Offshore \| Upstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		0	0
Offshore \| Upstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		0	0
Offshore \| External Sales \| Upstream
Revenue [abstract]
Gross Sales		1,572	1,617
Offshore \| Intersegment Sales \| Upstream
Revenue [abstract]
Gross Sales		0	0
Canadian Refining \| Downstream
Revenue [abstract]
Gross Sales		5,310	6,233
Royalties		0	0
Revenues		5,310	6,233
Expenses
Purchased Product		4,483	4,919
Transportation and Blending		0	0
Operating		907	639
Operating Margin		(80)	675
Depreciation, Depletion and Amortization		185	185
Exploration Expense		0	0
(Income) Loss From Equity-Accounted Affiliates		0	0
Segment Income (Loss)		(265)	490
Canadian Refining \| Downstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		0	0
Canadian Refining \| Downstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		0	0
Canadian Refining \| External Sales \| Downstream
Revenue [abstract]
Gross Sales		4,787	5,385
Canadian Refining \| Intersegment Sales \| Downstream
Revenue [abstract]
Gross Sales		523	848
U.S. Refining \| Downstream
Revenue [abstract]
Gross Sales		28,308	26,393
Royalties		0	0
Revenues		28,308	26,393
Expenses
Purchased Product		25,769	23,354
Transportation and Blending		0	0
Operating		2,763	2,562
Operating Margin		(232)	477
Depreciation, Depletion and Amortization		462	486
Exploration Expense		0	0
(Income) Loss From Equity-Accounted Affiliates		0	0
Segment Income (Loss)		(702)	8
U.S. Refining \| Downstream \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		8	0
U.S. Refining \| Downstream \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		8	(17)
U.S. Refining \| External Sales \| Downstream
Revenue [abstract]
Gross Sales		28,299	26,376
U.S. Refining \| Intersegment Sales \| Downstream
Revenue [abstract]
Gross Sales		9	17
Corporate and Eliminations
Revenue [abstract]
Gross Sales		(8,970)	(8,234)
Royalties		0	0
Revenues		(8,970)	(8,234)
Expenses
Purchased Product		(7,823)	(6,710)
Transportation and Blending		(793)	(947)
Purchased product, transportation and blending		(8,616)	(7,657)
Operating		(318)	(539)
Depreciation, Depletion and Amortization		102	107
Exploration Expense		0	0
(Income) Loss From Equity-Accounted Affiliates		(1)	0
Segment Income (Loss)		(177)	(215)
General and Administrative		794	688
Finance Costs, Net		514	538
Integration, Transaction and Other Costs		166	85
Foreign Exchange (Gain) Loss, Net		462	(67)
(Gain) Loss on Divestiture of Assets		(119)	20
Re-measurement of Contingent Payments		30	59
Other (Income) Loss, Net		(55)	(63)
Total Non-operating (Income) Expense		1,792	1,260
Corporate and Eliminations \| Realized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		24	(3)
Corporate and Eliminations \| Unrealized (Gain) Loss
Expenses
(Gain) Loss on Risk Management		16	73
Corporate and Eliminations \| External Sales
Revenue [abstract]
Gross Sales		0	0
Corporate and Eliminations \| Intersegment Sales
Revenue [abstract]
Gross Sales		$ (8,970)	$ (8,234)

[1] (1) Revised presentation as of January 1, 2024. See Note 4.

Description of Business and S_5

Description of Business and Segmented Disclosures - Schedule of Revenues by Product (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Upstream
External Sales	$ 57,726	$ 55,474
Downstream
External Sales	57,726	55,474
Upstream
Upstream
Crude Oil	21,711	20,661
Natural Gas and Other	1,905	2,160
NGLs	1,024	892
External Sales	24,640	23,713
Downstream
Synthetic Crude Oil	21,711	20,661
External Sales	24,640	23,713
Upstream \| Oil Sands
Upstream
Crude Oil	21,183	20,022
Natural Gas and Other	332	271
NGLs	342	315
External Sales	21,857	20,608
Downstream
Synthetic Crude Oil	21,183	20,022
External Sales	21,857	20,608
Upstream \| Conventional
Upstream
Crude Oil	207	238
Natural Gas and Other	648	988
NGLs	356	262
External Sales	1,211	1,488
Downstream
Synthetic Crude Oil	207	238
External Sales	1,211	1,488
Upstream \| Offshore
Upstream
Crude Oil	321	401
Natural Gas and Other	925	901
NGLs	326	315
External Sales	1,572	1,617
Downstream
Synthetic Crude Oil	321	401
External Sales	1,572	1,617
Downstream
Upstream
External Sales	33,086	31,761
Downstream
Gasoline	14,221	12,897
Distillates	12,116	11,364
Asphalt	1,577	1,401
Other Products and Services	3,358	4,200
External Sales	33,086	31,761
Downstream \| Synthetic Crude Oil
Upstream
Crude Oil	1,814	1,899
Downstream
Synthetic Crude Oil	1,814	1,899
Downstream \| Canadian Refining
Upstream
External Sales	4,787	5,385
Downstream
Gasoline	429	522
Distillates	1,484	1,752
Asphalt	548	537
Other Products and Services	512	675
External Sales	4,787	5,385
Downstream \| Canadian Refining \| Synthetic Crude Oil
Upstream
Crude Oil	1,814	1,899
Downstream
Synthetic Crude Oil	1,814	1,899
Downstream \| U.S. Refining
Upstream
External Sales	28,299	26,376
Downstream
Gasoline	13,792	12,375
Distillates	10,632	9,612
Asphalt	1,029	864
Other Products and Services	2,846	3,525
External Sales	28,299	26,376
Downstream \| U.S. Refining \| Synthetic Crude Oil
Upstream
Crude Oil	0	0
Downstream
Synthetic Crude Oil	$ 0	$ 0

Description of Business and S_6

Description of Business and Segmented Disclosures - Schedule of Geographical Information (Detail) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Disclosure of geographical areas [line items]
Revenue	[1]	$ 54,277	$ 52,204
Non-current assets		44,452	43,058
Canada
Disclosure of geographical areas [line items]
Revenue		26,791	25,128
Non-current assets		37,006	35,876
United States
Disclosure of geographical areas [line items]
Revenue		26,333	25,943
Non-current assets		5,902	5,230
China
Disclosure of geographical areas [line items]
Revenue		1,153	1,133
Non-current assets		1,249	1,608
Indonesia
Disclosure of geographical areas [line items]
Non-current assets		$ 295	$ 344

[1] (1) Revised presentation as of January 1, 2024. See Note 4.

Description of Business and S_7

Description of Business and Segmented Disclosures - Schedule of Assets by Segment (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Reportable Segments [Line Items]
E&E Assets	$ 484	$ 738
PP&E	38,568	37,250
ROU Assets	1,950	1,680
Goodwill	2,923	2,923
Total Assets	56,539	53,915
Oil Sands
Disclosure Of Reportable Segments [Line Items]
E&E Assets	461	729
PP&E	24,646	24,443
ROU Assets	1,018	849
Goodwill	2,923	2,923
Total Assets	31,668	31,673
Conventional
Disclosure Of Reportable Segments [Line Items]
E&E Assets	15	0
PP&E	2,230	2,209
ROU Assets	57	1
Goodwill	0	0
Total Assets	2,610	2,429
Offshore
Disclosure Of Reportable Segments [Line Items]
E&E Assets	8	9
PP&E	3,365	2,798
ROU Assets	95	102
Goodwill	0	0
Total Assets	4,089	3,511
Canadian Refining
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	2,511	2,469
ROU Assets	39	28
Goodwill	0	0
Total Assets	2,901	2,960
U.S. Refining
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	5,538	5,014
ROU Assets	342	268
Goodwill	0	0
Total Assets	9,517	8,660
Corporate and Eliminations
Disclosure Of Reportable Segments [Line Items]
E&E Assets	0	0
PP&E	278	317
ROU Assets	399	432
Goodwill	0	0
Total Assets	$ 5,754	$ 4,682

Description of Business and S_8

Description of Business and Segmented Disclosures - Schedule of Capital Expenditures (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Disclosure Of Reportable Segments [Line Items]
Capital Investment	$ 5,015	$ 4,298
Acquisitions	22	427
Total Capital Expenditures	5,037	4,725
BP-Husky Refining LLC
Disclosure Of Reportable Segments [Line Items]
Fair Value of Pre-Existing 50 Percent Ownership Interest in Toledo			$ 508
Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	4,280	3,476
Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	696	747
Oil Sands
Disclosure Of Reportable Segments [Line Items]
Acquisitions	9	37
Oil Sands \| Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	2,714	2,382
Conventional
Disclosure Of Reportable Segments [Line Items]
Acquisitions	13	5
Conventional \| Upstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	421	452
Offshore \| Upstream \| Atlantic
Disclosure Of Reportable Segments [Line Items]
Capital Investment	1,077	635
Offshore \| Upstream \| Asia Pacific
Disclosure Of Reportable Segments [Line Items]
Capital Investment	68	7
Canadian Refining \| Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	208	145
U.S. Refining
Disclosure Of Reportable Segments [Line Items]
Acquisitions	0	385
U.S. Refining \| BP-Husky Refining LLC
Disclosure Of Reportable Segments [Line Items]
Fair Value of Pre-Existing 50 Percent Ownership Interest in Toledo		368
U.S. Refining \| Downstream
Disclosure Of Reportable Segments [Line Items]
Capital Investment	488	602
Corporate and Eliminations
Disclosure Of Reportable Segments [Line Items]
Capital Investment	$ 39	$ 75

Critical Accounting Judgments_2

Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional Information (Detail)		12 Months Ended
	Feb. 28, 2023	Dec. 31, 2024
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation		100%
BP-Husky Refining LLC
Disclosure of joint operations [line items]
Agreement to purchase remaining ownership	50%
WRB Refining LP
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation		50%

Acquisitions and Divestitures -

Acquisitions and Divestitures - Additional information (Detail) $ in Millions, $ in Millions			12 Months Ended
		Feb. 28, 2023 CAD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Feb. 28, 2023 USD ($)
Disclosure of detailed information about business combination [line items]
Before-tax gain on disposal	[1]		$ 119	$ (20)
Conventional
Disclosure of detailed information about business combination [line items]
Before-tax gain on disposal			51
After-tax gain on disposal			39
Proceeds from disposal of oil and gas assets			39
Duvernay Energy Corporation
Disclosure of detailed information about business combination [line items]
Fair value of non-monetary assets contributed to joint venture			94
Other cash payments to acquire interests in joint ventures, classified as investing activities			$ 18
Proportion of ownership interest in joint venture			30%
Investments in joint ventures accounted for using equity method			$ 84
Before-tax gain on disposal			65
After-tax gain on disposal			$ 50
BP-Husky Refining LLC
Disclosure of detailed information about business combination [line items]
Agreement to purchase remaining ownership		50%
Total Purchase Consideration		$ 514			$ 378
Fair Value of Pre-Existing 50 Percent Ownership Interest in Toledo		508
Carrying value of investment in joint ventures recognised as of acquisition date		554
Non-cash revaluation loss, before tax		34
Non-cash revaluation loss, after tax		23
Non-cash revaluation loss, cumulative foreign exchange		$ 12
Toledo CGU
Disclosure of detailed information about business combination [line items]
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination				$ 11

[1] (1) Revised presentation as of January 1, 2024. See Note 4.

Acquisitions and Divestitures_2

Acquisitions and Divestitures - BP-Husky, Summary of Consideration (Details) - BP-Husky Refining LLC $ in Millions	Feb. 28, 2023 CAD ($)
Disclosure of detailed information about business combination [line items]
Cash and cash equivalents recognised as of acquisition date	$ 69
Accounts Receivable And Accrued Revenues Recognized As Of Acquisition Date	3
Inventory recognised as of acquisition date	387
Property, plant and equipment recognised as of acquisition date	770
Right-of-Use Assets	33
Other Assets	10
Accounts Payable and Accrued Liabilities	(139)
Lease Liabilities	(33)
Decommissioning Liabilities Recognized As Of Acquisition Date	(5)
Other Liabilities	(73)
Total Identifiable Net Assets	$ 1,022

Acquisitions and Divestitures_3

Acquisitions and Divestitures - BP-Husky, Summary of Goodwill (Details) $ in Millions, $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Feb. 28, 2023 CAD ($)	Feb. 28, 2023 USD ($)
Disclosure of detailed information about business combination [line items]
Goodwill	$ 2,923	$ 2,923
BP-Husky Refining LLC
Disclosure of detailed information about business combination [line items]
Total Purchase Consideration			$ 514	$ 378
Fair Value of Pre-Existing 50 Percent Ownership Interest in Toledo			508
Fair Value of Identifiable Net Assets			(1,022)
Goodwill			$ 0

General and Administrative - Su

General and Administrative - Summary of General and Administrative Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
General And Administrative Expenses [Abstract]
Salaries and Benefits	$ 269	$ 249
Administrative and Other	399	342
Stock-Based Compensation Expense (Recovery) (Note 29)	126	97
General and Administrative Expenses	$ 794	$ 688

Finance Costs, Net - Schedule o

Finance Costs, Net - Schedule of Finance Costs (Detail) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Finance Costs [Abstract]
Interest Expense – Short-Term Borrowings and Long-Term Debt		$ 307	$ 362
Net Premium (Discount) on Redemption of Long-Term Debt		0	(84)
Interest Expense – Lease Liabilities (Note 17)		162	161
Unwinding of Discount on Decommissioning Liabilities (Note 24)		225	220
Other		35	32
Capitalized Interest		(45)	(20)
Finance Costs		684	671
Interest Income		(170)	(133)
Finance costs	[1]	$ 514	$ 538

[1] (1) Revised presentation as of January 1, 2024. See Note 4.

Foreign Exchange (Gain) Loss,_3

Foreign Exchange (Gain) Loss, Net - Schedule of Foreign Exchange Gain Loss Net (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 550	$ (210)
Realized Foreign Exchange (Gain) Loss	(88)	143
Total	462	(67)
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	442	(231)
Other
Disclosure Of Effect Of Changes In Foreign Exchange Rates Gain Loss [Line Items]
Unrealized Foreign Exchange (Gain) Loss	$ 108	$ 21

Impairment Charges and Revers_3

Impairment Charges and Reversals - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Upstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 0	$ 0
Upstream \| Discount rate \| Sunrise
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 0
Upstream \| Discount rate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets		0.01
Upstream \| Discount rate \| Discounted future cash flows \| Sunrise
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.01
Upstream \| Forward Price Estimate \| Sunrise
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 0
Upstream \| Forward Price Estimate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets		0.05
Upstream \| Forward Price Estimate \| Discounted future cash flows \| Sunrise
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.05
Upstream \| Minimum \| Discount rate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.14	0.14
Downstream
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments		$ 0
Downstream \| Discount rate \| Toledo CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 0
Downstream \| Discount rate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.01
Downstream \| Discount rate \| Discounted future cash flows \| Lima And Wood River
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 214,000,000
Significant unobservable input, assets	0.01
Downstream \| Forward Price Estimate \| Toledo CGU
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 0
Downstream \| Forward Price Estimate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.05
Downstream \| Forward Price Estimate \| Discounted future cash flows \| Lima And Wood River
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
CGU Impairments	$ 619,000,000
Significant unobservable input, assets	0.05
Downstream \| Minimum \| Discount rate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.15
Downstream \| Minimum \| Forward Price Estimate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.01
Downstream \| Maximum \| Discount rate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.16
Downstream \| Maximum \| Forward Price Estimate \| Discounted future cash flows
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Significant unobservable input, assets	0.06

Impairment Charges and Revers_4

Impairment Charges and Reversals - Forward Price Assumptions (Details)	Dec. 31, 2024 $ / bbl $ / bbl share $ / Mcf	Dec. 31, 2023 $ / Mcf $ / bbl $ / bbl
WTI \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	71.58	73.67
Long-term price assumptions used to determine future cash flows \| share	77.68
WTI \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	74.48	74.98
Long-term price assumptions used to determine future cash flows \| share	77.07
WTI \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	75.81	76.14
Long-term price assumptions used to determine future cash flows \| share	78.74
WTI \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	77.66	77.66
Long-term price assumptions used to determine future cash flows \| share	81.51
WTI \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	79.22	79.22
Long-term price assumptions used to determine future cash flows \| share	83.14
WTI \| Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2%	2%
Western Canada Select \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	82.69	76.74
Western Canada Select \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	84.27	79.77
Western Canada Select \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	83.81	81.12
Western Canada Select \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	85.70	82.88
Western Canada Select \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	87.45	85.04
Western Canada Select \| Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2%	2%
Edmonton C5+ \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	100.14	96.79
Edmonton C5+ \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	100.72	98.75
Edmonton C5+ \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	100.24	100.71
Edmonton C5+ \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	102.73	102.72
Edmonton C5+ \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal	104.79	104.78
Edmonton C5+ \| Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2%	2%
Alberta Energy Company Natural Gas \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal \| $ / Mcf	2.36	2.20
Alberta Energy Company Natural Gas \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal \| $ / Mcf	3.33	3.37
Alberta Energy Company Natural Gas \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal \| $ / Mcf	3.48	4.05
Alberta Energy Company Natural Gas \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal \| $ / Mcf	3.69	4.13
Alberta Energy Company Natural Gas \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used in current measurement of fair value less costs of disposal \| $ / Mcf	3.76	4.21
Alberta Energy Company Natural Gas \| Thereafter
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Forward price, average annual increase	2%	2%
Chicago 3-2-1 Crack Spread \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows \| share	20.01
Chicago 3-2-1 Crack Spread \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows \| share	21.97
Chicago 3-2-1 Crack Spread \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows \| share	22.60
Chicago 3-2-1 Crack Spread \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows \| share	23.87
Chicago 3-2-1 Crack Spread \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows \| share	24.66

Impairment Charges and Revers_5

Impairment Charges and Reversals - Crude Oil and Forward Crack Spreads (Details)	Dec. 31, 2024 share
WTI \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	77.68
WTI \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	77.07
WTI \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	78.74
WTI \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	81.51
WTI \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	83.14
WTI-WCS \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	(14.17)
WTI-WCS \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	(15.34)
WTI-WCS \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	(15.71)
WTI-WCS \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	(16.62)
WTI-WCS \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	(17.11)
Chicago 3-2-1 Crack Spread \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	20.01
Chicago 3-2-1 Crack Spread \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	21.97
Chicago 3-2-1 Crack Spread \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	22.60
Chicago 3-2-1 Crack Spread \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	23.87
Chicago 3-2-1 Crack Spread \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	24.66
Renewable Identification Numbers \| 1 Year
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	6.79
Renewable Identification Numbers \| 2 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	7.31
Renewable Identification Numbers \| 3 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	8.05
Renewable Identification Numbers \| 4 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	8.69
Renewable Identification Numbers \| 5 Years
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]
Long-term price assumptions used to determine future cash flows	9.03

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	$ 1,403	$ 1,181
Deferred Tax Expense (Recovery)	(474)	(250)
Total Tax Expense (Recovery)	929	931
Canada
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	1,141	1,041
United States
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	9	(109)
Asia Pacific
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	214	224
Other International
Major Components Of Tax Expense Income [Line Items]
Current Tax Expense (Recovery)	$ 39	$ 25

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Taxes Calculated at Statutory Rate (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Income Tax Expense Continuing Operations [Abstract]
Earnings (Loss) Before Income Tax	$ 4,071	$ 5,040
Canadian Statutory Rate (percent)	23.70%	23.70%
Expected Income Tax Expense (Recovery)	$ 965	$ 1,194
Effect on Taxes Resulting From:
Statutory and Other Rate Differences	(34)	(38)
Non-Taxable Capital (Gains) Losses	45	(15)
Non-Recognition of Capital (Gains) Losses	45	(30)
Adjustments Arising From Prior Year Tax Filings	(31)	(16)
Recognition of U.S. Tax Basis	(77)	(115)
Other	16	(49)
Total Tax Expense (Recovery)	$ 929	$ 931
Effective Tax Rate (percent)	22.80%	18.50%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Liabilities and Deferred Income Tax Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of income taxes [line items]
Deferred Income Tax Assets	$ (1,298)	$ (1,489)	$ (778)
Deferred Income Tax Liabilities	4,279	4,981	4,515
Net Deferred Income Tax Liability	2,981	3,492	$ 3,737
Deferred Income Tax Assets to be Settled Within Twelve Months
Disclosure of income taxes [line items]
Deferred Income Tax Assets	(29)	(315)
Deferred Income Tax Liabilities	68	138
Deferred Income Tax Assets to be Settled After More Than Twelve Months
Disclosure of income taxes [line items]
Deferred Income Tax Assets	(1,269)	(1,174)
Deferred Income Tax Liabilities	$ 4,211	$ 4,843

Income Taxes - Schedule of Move

Income Taxes - Schedule of Movement in Deferred Income Tax Liabilities and Assets (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred income tax assets, beginning balance	$ (1,489)	$ (778)
Deferred income tax liabilities, beginning balance	4,981	4,515
Net deferred income tax liabilities, beginning balance	3,492	3,737
Deferred tax expense (income) recognised in profit or loss	0	0
Deferred income tax assets, ending balance	(1,298)	(1,489)
Deferred income tax liabilities, ending balance	4,279	4,981
Net deferred income tax liabilities, ending balance	2,981	3,492
Deferred Income Tax Assets
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	233	(723)
Charged (Credited) to Other Comprehensive Income	(42)	12
Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	(707)	473
Deferred Income Tax Liabilities \| Husky Energy, Inc.
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Charged (credited) to acquisitions		(7)
Deferred Income Tax Liabilities \| Sunrise Oil Sands Partnership
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Charged (credited) to acquisitions	5
Net Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	(474)	(250)
Charged (Credited) to Other Comprehensive Income	(37)	5
Property, plant and equipment
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred income tax liabilities, beginning balance	4,948	4,460
Deferred income tax liabilities, ending balance	4,237	4,948
Property, plant and equipment \| Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	(716)	495
Property, plant and equipment \| Deferred Income Tax Liabilities \| Husky Energy, Inc.
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Charged (credited) to acquisitions		(7)
Property, plant and equipment \| Deferred Income Tax Liabilities \| Sunrise Oil Sands Partnership
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Charged (credited) to acquisitions	5
Other
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred income tax liabilities, beginning balance	33	55
Deferred income tax liabilities, ending balance	42	33
Other \| Deferred Income Tax Liabilities
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	9	(22)
Other \| Deferred Income Tax Liabilities \| Husky Energy, Inc.
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Charged (credited) to acquisitions		0
Other \| Deferred Income Tax Liabilities \| Sunrise Oil Sands Partnership
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Charged (credited) to acquisitions	0
Unused Tax Losses
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred income tax assets, beginning balance	(914)	(156)
Deferred income tax assets, ending balance	(738)	(914)
Unused Tax Losses \| Deferred Income Tax Assets
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	242	(777)
Charged (Credited) to Other Comprehensive Income	(66)	19
Other
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred income tax assets, beginning balance	(575)	(622)
Deferred income tax assets, ending balance	(560)	(575)
Other \| Deferred Income Tax Assets
Reconciliation Of Changes In Deferred Tax Assets And Liabilities [Roll Forward]
Deferred tax expense (income) recognised in profit or loss	(9)	54
Charged (Credited) to Other Comprehensive Income	$ 24	$ (7)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of income taxes [line items]
Deferred Income Taxes	$ 1,064	$ 696
Deferred tax liability	0	0
Amounts of tax pools available, including tax losses	20,342	16,952
Canadian Federal Non Capital Losses
Disclosure of income taxes [line items]
Amounts of tax pools available, including tax losses	197	126
US Federal Net Operating Losses
Disclosure of income taxes [line items]
Amounts of tax pools available, including tax losses	3,000	3,700
Canadian Net Capital Losses
Disclosure of income taxes [line items]
Amounts of tax pools available, including tax losses	85	59
Net capital losses associated with unrealized foreign exchange losses	$ 362	$ 141

Income Taxes - Schedule of Amou

Income Taxes - Schedule of Amounts of Tax Pools Available, Including Tax Losses (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	$ 20,342	$ 16,952
Canada
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	10,086	8,547
United States
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	9,905	8,058
Asia Pacific
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Amounts of tax pools available, including tax losses	$ 351	$ 347

Per Share Amounts - Schedule Re

Per Share Amounts - Schedule Representing Per Share Amounts (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per share [abstract]
Net Earnings (Loss)	$ 3,142	$ 4,109
Effect of Cumulative Dividends on Preferred Shares	(36)	(36)
Net Earnings (Loss) – Basic	3,106	4,073
Effect of Stock-Based Compensation	3	(12)
Net Earnings (Loss) – Diluted	$ 3,109	$ 4,061
Basic – Weighted Average Number of Shares (in shares)	1,850,193	1,895,487
Dilutive Effect of Warrants (in shares)	4,483	22,223
Dilutive effect for stock based compensation (in shares)	8,540	22,135
Diluted - Weighted Average Number of Shares (in shares)	1,863,216	1,939,845
Net Earnings (Loss) Per Share — Basic (in CAD per share)	$ 1.68	$ 2.15
Net Earnings (Loss) Per Share — Diluted (in CAD per share)	$ 1.67	$ 2.09

Per Share Amounts - Additional

Per Share Amounts - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Feb. 19, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of non-adjusting events after reporting period [line items]
Total Preferred Share Dividends Declared		$ 36	$ 36
Common Shares
Disclosure of non-adjusting events after reporting period [line items]
Instruments excluded from calculation, value		$ 16	$ 0
Instruments excluded from calculation, shares (in shares)		9.8	1.6
Preferred Shares
Disclosure of non-adjusting events after reporting period [line items]
Total Preferred Share Dividends Declared		$ 45	$ 36
Preferred Shares \| Potential ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Dividends declared (in CAD per share)	$ 0.180
Dividends declared	$ 6

Per Share Amounts - Common Shar

Per Share Amounts - Common Share Dividends (Details) - CAD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per share [abstract]
Dividends paid (in CAD per share)	$ 0.680	$ 0.525
Dividends paid on common shares	$ 1,255	$ 990
Variable dividends declared (in CAD per share)	$ 0.135	$ 0
Variable Dividends Declared on Common Shares	$ 251	$ 0
Total common share dividends paid (in CAD per share)	$ 0.815	$ 0.525
Total dividends paid on common shares	$ 1,506	$ 990

Per Share Amounts - Preferred S

Per Share Amounts - Preferred Share Dividends (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings per share [line items]
Total Preferred Share Dividends Declared	$ 36	$ 36
Series 1 First Preferred Shares
Earnings per share [line items]
Total Preferred Share Dividends Declared	7	7
Series 2 First Preferred Shares
Earnings per share [line items]
Total Preferred Share Dividends Declared	2	2
Series 3 First Preferred Shares
Earnings per share [line items]
Total Preferred Share Dividends Declared	12	12
Series 5 First Preferred Shares
Earnings per share [line items]
Total Preferred Share Dividends Declared	9	9
Series 7 First Preferred Shares
Earnings per share [line items]
Total Preferred Share Dividends Declared	$ 6	$ 6

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule Representing Cash and Cash Equivalents (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash and cash equivalents [abstract]
Cash	$ 2,723	$ 2,109
Short-Term Investments	370	118
Total Cash and Cash Equivalents	$ 3,093	$ 2,227	$ 4,524

Accounts Receivables and Accrue

Accounts Receivables and Accrued Revenues - Schedule of accounts receivables and accrued revenues (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Trade and other current receivables [abstract]
Trade and Accruals	$ 2,378	$ 2,722
Prepaids and Deposits	187	242
Joint Operations Receivables	40	49
Other	9	22
Accounts Receivable and Accrued Revenues	$ 2,614	$ 3,035

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of inventories [line items]
Total Product	$ 3,951	$ 3,604
Parts and Supplies	545	426
Current inventories	4,496	4,030
Crude Oil
Disclosure of inventories [line items]
Total Product	2,297	2,084
Diluent
Disclosure of inventories [line items]
Total Product	401	379
Natural Gas and NGLs
Disclosure of inventories [line items]
Total Product	77	68
Refined Products
Disclosure of inventories [line items]
Total Product	$ 1,176	$ 1,073

Inventories - Additional Inform

Inventories - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of inventories [line items]
Cost of inventories recognized as expense during period	$ 42,800	$ 39,100
Refined Products
Disclosure of inventories [line items]
Inventory write-downs	$ 0	86
Crude Oil
Disclosure of inventories [line items]
Inventory write-downs		$ 3

Exploration and Evaluation As_3

Exploration and Evaluation Assets, Net - Summary of Exploration and Valuation Assets, Net (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning Balance	$ 738
Write-downs	(69)	$ (42)
Ending Balance	484	738
E&E Asset
Disclosure Of Exploration And Evaluation Assets [Line Items]
Beginning Balance	738	685
Acquisition	7	31
Additions	65	84
Transfer to PP&E (Note 16)	(285)	(60)
Write-downs	(37)	(29)
Change in Decommissioning Liabilities	(5)	28
Exchange Rate Movements and Other	1	(1)
Ending Balance	$ 484	$ 738

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	$ 37,250
Ending Balance	38,568	$ 37,250
Property, Plant and Equipment, Net	38,568	37,250
BP-Husky Refining LLC
Disclosure of detailed information about property, plant and equipment [line items]
Property, Plant and Equipment, Net			$ 334
COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	62,375	57,739
Acquisition	15	781
Additions	4,950	4,214
Transfer from E&E (Note 15)	285	60
Change in Decommissioning Liabilities	313	581
Divestitures	(271)	(667)
Exchange Rate Movements and Other	1,003	(333)
Ending Balance	68,670	62,375
Property, Plant and Equipment, Net	68,670	62,375
ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(25,125)	(21,240)
Divestitures	208	319
Exchange Rate Movements and Other	605	(147)
Depreciation, Depletion and Amortization	4,580	4,351
Ending Balance	(30,102)	(25,125)
Property, Plant and Equipment, Net	(30,102)	(25,125)
Crude Oil and Natural Gas Properties
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	29,450
Ending Balance	30,241	29,450
Property, Plant and Equipment, Net	30,241	29,450
Crude Oil and Natural Gas Properties \| COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	47,425	43,528
Acquisition	15	11
Additions	4,215	3,392
Transfer from E&E (Note 15)	285	60
Change in Decommissioning Liabilities	312	542
Divestitures	(270)	(17)
Exchange Rate Movements and Other	108	(91)
Ending Balance	52,090	47,425
Property, Plant and Equipment, Net	52,090	47,425
Crude Oil and Natural Gas Properties \| ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(17,975)	(14,302)
Divestitures	208	8
Exchange Rate Movements and Other	133	(11)
Depreciation, Depletion and Amortization	3,949	3,692
Ending Balance	(21,849)	(17,975)
Property, Plant and Equipment, Net	(21,849)	(17,975)
Processing, Transportation and Storage Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	143
Ending Balance	139	143
Property, Plant and Equipment, Net	139	143
Processing, Transportation and Storage Assets \| COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	272	254
Acquisition	0	0
Additions	3	14
Transfer from E&E (Note 15)	0	0
Change in Decommissioning Liabilities	2	0
Divestitures	0	0
Exchange Rate Movements and Other	3	4
Ending Balance	280	272
Property, Plant and Equipment, Net	280	272
Processing, Transportation and Storage Assets \| ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(129)	(106)
Divestitures	0	0
Exchange Rate Movements and Other	1	4
Depreciation, Depletion and Amortization	11	19
Ending Balance	(141)	(129)
Property, Plant and Equipment, Net	(141)	(129)
Refining Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	7,103
Ending Balance	7,650	7,103
Property, Plant and Equipment, Net	7,650	7,103
Refining Assets \| COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	12,770	12,132
Acquisition	0	770
Additions	661	719
Transfer from E&E (Note 15)	0	0
Change in Decommissioning Liabilities	4	21
Divestitures	0	(633)
Exchange Rate Movements and Other	890	(239)
Ending Balance	14,325	12,770
Property, Plant and Equipment, Net	14,325	12,770
Refining Assets \| ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(5,667)	(5,547)
Divestitures	0	299
Exchange Rate Movements and Other	469	(135)
Depreciation, Depletion and Amortization	539	554
Ending Balance	(6,675)	(5,667)
Property, Plant and Equipment, Net	(6,675)	(5,667)
Other Assets
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	554
Ending Balance	538	554
Property, Plant and Equipment, Net	538	554
Other Assets \| COST
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	1,908	1,825
Acquisition	0	0
Additions	71	89
Transfer from E&E (Note 15)	0	0
Change in Decommissioning Liabilities	(5)	18
Divestitures	(1)	(17)
Exchange Rate Movements and Other	2	(7)
Ending Balance	1,975	1,908
Property, Plant and Equipment, Net	1,975	1,908
Other Assets \| ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION
Disclosure of detailed information about property, plant and equipment [line items]
Beginning Balance	(1,354)	(1,285)
Divestitures	0	12
Exchange Rate Movements and Other	2	(5)
Depreciation, Depletion and Amortization	81	86
Ending Balance	(1,437)	(1,354)
Property, Plant and Equipment, Net	$ (1,437)	$ (1,354)

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Assets Under Construction (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [line items]
Property plant and equipment temporarily idle	$ 3,759	$ 2,750
Crude Oil and Natural Gas Properties
Disclosure of detailed information about property, plant and equipment [line items]
Property plant and equipment temporarily idle	3,359	2,507
Refining Assets
Disclosure of detailed information about property, plant and equipment [line items]
Property plant and equipment temporarily idle	$ 400	$ 243

Leases - Summary of Right of Us

Leases - Summary of Right of Use Assets, Net (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	$ 1,680
Balance at end of period	1,950	$ 1,680
Right-of-Use Assets, Net	1,950	1,680
BP-Husky Refining LLC
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-Use Assets, Net			$ 7
COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	2,783	2,687
Acquisitions		33
Additions	370	57
Divestitures		(19)
Exchange Rate Movements and Other	134	25
Balance at end of period	3,287	2,783
Right-of-Use Assets, Net	3,287	2,783
ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1,103	842
Divestitures		(12)
Exchange Rate Movements and Other	(57)	(20)
Depreciation	291	293
Balance at end of period	1,337	1,103
Real Estate
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	432
Balance at end of period	399	432
Right-of-Use Assets, Net	399	432
Real Estate \| COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	588	599
Acquisitions		1
Additions	2	1
Divestitures		0
Exchange Rate Movements and Other	2	(13)
Balance at end of period	592	588
Right-of-Use Assets, Net	592	588
Real Estate \| ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	156	127
Divestitures		0
Exchange Rate Movements and Other	2	(7)
Depreciation	35	36
Balance at end of period	193	156
Transportation And Storage Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1,101
Balance at end of period	1,393	1,101
Right-of-Use Assets, Net	1,393	1,101
Transportation And Storage Assets \| COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	1,964	1,840
Acquisitions		24
Additions	317	56
Divestitures		0
Exchange Rate Movements and Other	111	44
Balance at end of period	2,392	1,964
Right-of-Use Assets, Net	2,392	1,964
Transportation And Storage Assets \| ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	863	645
Divestitures		0
Exchange Rate Movements and Other	(62)	(5)
Depreciation	198	223
Balance at end of period	999	863
Refining Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	96
Balance at end of period	84	96
Right-of-Use Assets, Net	84	96
Refining Assets \| COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	161	174
Acquisitions		8
Additions	0	0
Divestitures		(19)
Exchange Rate Movements and Other	17	(2)
Balance at end of period	178	161
Right-of-Use Assets, Net	178	161
Refining Assets \| ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	65	58
Divestitures		(12)
Exchange Rate Movements and Other	8	(3)
Depreciation	21	22
Balance at end of period	94	65
Other Assets
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	51
Balance at end of period	74	51
Right-of-Use Assets, Net	74	51
Other Assets \| COST
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	70	74
Acquisitions		0
Additions	51	0
Divestitures		0
Exchange Rate Movements and Other	4	(4)
Balance at end of period	125	70
Right-of-Use Assets, Net	125	70
Other Assets \| ACCUMULATED DEPRECIATION
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of period	19	12
Divestitures		0
Exchange Rate Movements and Other	(5)	(5)
Depreciation	37	12
Balance at end of period	$ 51	$ 19

Leases - Summary of Lease Liabi

Leases - Summary of Lease Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Disclosure of detailed information about business combination [line items]
Lease liabilities	$ 2,927	$ 2,658		$ 2,836
Acquisitions	0	33
Additions	363	57
Interest Expense – Lease Liabilities (Note 17)	162	161
Lease Payments	(461)	(449)
Divestitures	0	(11)
Increase Decrease Of Lease Liabilities Through Foreign Currency Translation And Other	205	31
Lease Liabilities	359	299
Lease Liabilities	$ 2,568	$ 2,359
BP-Husky Refining LLC
Disclosure of detailed information about business combination [line items]
Lease liabilities			$ 11

Joint Arrangements - Joint Oper

Joint Arrangements - Joint Operations (Details)	12 Months Ended
Joint Arrangements - Joint Operations (Details)	Dec. 31, 2024
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	100%
WRB Refining LP
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50%
WRB Refining LP \| Phillips 66
Disclosure of joint operations [line items]
Proportion of ownership interest in joint operation	50%

Joint Arrangements - Joint Vent

Joint Arrangements - Joint Ventures (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Husky-CNOOC Madura Ltd.
Disclosure of joint ventures [line items]
Proportion of ownership interest in joint venture	40%
Share of income from equity-accounted affiliate	$ 53	$ 57
Investments in joint ventures accounted for using equity method	294	344
Distributions received	107	93
Joint venture, contributions	0	35
Husky Midstream Limited Partnership
Disclosure of joint ventures [line items]
Distributions received	65	56
Joint venture, contributions	51	62
Other Joint Ventures
Disclosure of joint ventures [line items]
Investments in joint ventures accounted for using equity method	$ 105	$ 22

Joint Arrangements - Husky - CN

Joint Arrangements - Husky - CNOOC Madura Ltd and Duvernay Energy Corporation (Details) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Results of Operations
Revenue	[1]	$ 54,277	$ 52,204
Expenses		6,841	6,352
Net Earnings (Loss)		3,142	4,109
Balance Sheets
Current assets		10,434	9,708
Current Liabilities		7,362	6,210
Cash and Cash Equivalents		3,093	2,227	$ 4,524
Husky-CNOOC Madura Ltd.
Results of Operations
Revenue		736	615
Expenses		605	545
Net Earnings (Loss)		131	70
Balance Sheets
Current assets		441	334
Non-Current Assets		1,594	1,751
Current Liabilities		188	140
Non-Current Liabilities		1,046	1,188
Net Assets		801	757
Cash and Cash Equivalents		$ 108	$ 111

[1] (1) Revised presentation as of January 1, 2024. See Note 4.

Joint Arrangements - Husky Mids

Joint Arrangements - Husky Midstream Limited Partnership (Details) - Other Joint Ventures - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of joint ventures [line items]
Cenovus's Share of Net Earnings (Loss)	$ (16)	$ (1)
Cenovus's Share of Other Comprehensive Income (Loss)	(2)	(2)
Cenovus's Share of Total Other Comprehensive Income (Loss)	$ (18)	$ (3)

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Other Noncurrent Assets [Abstract]
Private Equity Investments (Note 32)	$ 219	$ 131
Precious Metals	92	76
Long-Term Receivables and Prepaids	68	50
Net Investment in Finance Leases	61	61
Intangible Assets	11	0
Other assets	$ 451	$ 318

Goodwill - Additional informati

Goodwill - Additional information (Detail) - CAD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Abstract]
Additions, disposals or impairments	$ 0	$ 0

Goodwill - Allocation (Details)

Goodwill - Allocation (Details) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 2,923	$ 2,923
Primrose (Foster Creek)
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,171	1,171
Christina Lake
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	1,101	1,101
Lloydminster Thermal
Disclosure of reconciliation of changes in goodwill [line items]
Goodwill	$ 651	$ 651

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Trade and other current payables [abstract]
Accruals	$ 4,902	$ 3,931
Trade	1,005	1,075
Joint Operations Payable	110	75
Employee Long-Term Incentives	132	284
Interest	72	69
Provisions for Onerous and Unfavourable Contracts	11	18
Other	10	28
Accounts payable and accrued liabilities	$ 6,242	$ 5,480

Debt and Capital Structure - Ad

Debt and Capital Structure - Additional Information (Detail) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / bbl	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
Disclosure of detailed information about borrowings [line items]
Weighted average interest rate	4.50%	4.50%	4.70%	4.70%
Outstanding letters of credit	$ 355		$ 364
Short-Term Borrowings	$ 173		179
Proportion of ownership interest in joint operation	100%
Maximum debt to capitalization ratio	65%	65%
Target net debt to adjusted EBITDA ratio	1
Target net debt	$ 4,000
Average crude oil price \| $ / bbl	45
WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	$ 173		179
Proportion of ownership interest in joint operation	50%
Undrawn borrowing facilities		$ 240
WRB Refining LP \| Cenovus Energy Inc
Disclosure of detailed information about borrowings [line items]
Undrawn borrowing facilities	$ 173	120	179	$ 135
Uncommitted Demand Facilities
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	0		0
Committed Credit Facilities, Maturing August 18, 2025
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity	2,200
Committed Credit Facilities, Maturing August 18, 2026
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity	3,300
Committed Credit Facility
Disclosure of detailed information about borrowings [line items]
Undrawn borrowing facilities	0		0
U.S. Dollar Denominated Unsecured Notes \| Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total debt principal				1,000
Maximum
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity	1,700		$ 1,700
Maximum \| WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Committed credit facilities, maximum borrowing capacity		$ 450		$ 450
Maximum \| Top of range
Disclosure of detailed information about borrowings [line items]
Amount of undrawn facilities for general purposes	$ 1,400

Debt and Capital Structure - Sc

Debt and Capital Structure - Schedule of Short-Term Borrowings (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	$ 173	$ 179
Uncommitted Demand Facilities
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	0	0
WRB Refining LP
Disclosure of detailed information about borrowings [line items]
Short-Term Borrowings	$ 173	$ 179

Debt and Capital Structure - _2

Debt and Capital Structure - Schedule of Long-Term Debt (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Debt Premiums (Discounts), Net, and Transaction Costs	$ 64	$ 80
Long-Term Debt	7,534	7,108
Less: Current Portion	192	0
Long-Term Debt	7,342	7,108
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	7,470	7,028
Long-Term Debt \| Revolving Term Debt
Disclosure of detailed information about borrowings [line items]
Committed Credit Facility	0	0
Long-Term Debt \| U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	5,470	5,028
Long-Term Debt \| Canadian Dollar Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	$ 2,000	$ 2,000

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	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 7,470		$ 7,028
U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 3,800	$ 5,470	$ 3,800	$ 5,028
U.S. Dollar Denominated Unsecured Notes \| 5.38% due July 15, 2025
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	5.38%	5.38%	5.38%	5.38%
Total debt principal	$ 133	$ 192	$ 133	$ 176
U.S. Dollar Denominated Unsecured Notes \| 4.25% due April 15, 2027
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	4.25%	4.25%	4.25%	4.25%
Total debt principal	$ 373	$ 537	$ 373	$ 493
U.S. Dollar Denominated Unsecured Notes \| 4.40% due April 15, 2029
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	4.40%	4.40%	4.40%	4.40%
Total debt principal	$ 183	$ 262	$ 183	$ 241
U.S. Dollar Denominated Unsecured Notes \| 2.65% due January 15, 2032
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	2.65%	2.65%	2.65%	2.65%
Total debt principal	$ 500	$ 720	$ 500	$ 661
U.S. Dollar Denominated Unsecured Notes \| 5.25% due June 15, 2037
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	5.25%	5.25%	5.25%	5.25%
Total debt principal	$ 333	$ 479	$ 333	$ 441
U.S. Dollar Denominated Unsecured Notes \| 6.80% due September 15, 2037
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	6.80%	6.80%	6.80%	6.80%
Total debt principal	$ 191	$ 275	$ 191	$ 253
U.S. Dollar Denominated Unsecured Notes \| 6.75% due November 15, 2039
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	6.75%	6.75%	6.75%	6.75%
Total debt principal	$ 652	$ 938	$ 652	$ 862
U.S. Dollar Denominated Unsecured Notes \| 4.45% due September 15, 2042
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	4.45%	4.45%	4.45%	4.45%
Total debt principal	$ 91	$ 131	$ 91	$ 121
U.S. Dollar Denominated Unsecured Notes \| 5.20% due September 15, 2043
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	5.20%	5.20%	5.20%	5.20%
Total debt principal	$ 27	$ 39	$ 27	$ 36
U.S. Dollar Denominated Unsecured Notes \| 5.40% due June 15, 2047
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	5.40%	5.40%	5.40%	5.40%
Total debt principal	$ 569	$ 818	$ 569	$ 752
U.S. Dollar Denominated Unsecured Notes \| 3.75% due February 15, 2052
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.75%	3.75%	3.75%	3.75%
Total debt principal	$ 750	$ 1,079	$ 750	$ 992
Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 2,000		$ 2,000
Canadian Dollar Denominated Unsecured Notes \| 3.60% due March 10, 2027
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.60%	3.60%	3.60%	3.60%
Total debt principal		$ 750		$ 750
Canadian Dollar Denominated Unsecured Notes \| 3.50% due February 7, 2028
Disclosure of detailed information about borrowings [line items]
Long-term debt, interest rate	3.50%	3.50%	3.50%	3.50%
Total debt principal		$ 1,250		$ 1,250

Debt and Capital Structure - Ma

Debt and Capital Structure - Mandatory Debt Payments (Details) - Long-Term Debt $ in Millions, $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
Disclosure of detailed information about borrowings [line items]
Total debt principal	$ 7,470		$ 7,028
Total Debt Principal, (CAD equivalent)	7,470		7,028
2025
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	192
2026
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	0
2027
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	1,287
2028
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	1,250
2029
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	262
Thereafter
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	4,479
U.S. Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	5,470	$ 3,800	5,028	$ 3,800
Total Debt Principal, (CAD equivalent)	5,470		5,028
U.S. Dollar Denominated Unsecured Notes \| 2025
Disclosure of detailed information about borrowings [line items]
Total debt principal		133
Total Debt Principal, (CAD equivalent)	192
U.S. Dollar Denominated Unsecured Notes \| 2026
Disclosure of detailed information about borrowings [line items]
Total debt principal		0
Total Debt Principal, (CAD equivalent)	0
U.S. Dollar Denominated Unsecured Notes \| 2027
Disclosure of detailed information about borrowings [line items]
Total debt principal		373
Total Debt Principal, (CAD equivalent)	537
U.S. Dollar Denominated Unsecured Notes \| 2028
Disclosure of detailed information about borrowings [line items]
Total debt principal		0
Total Debt Principal, (CAD equivalent)	0
U.S. Dollar Denominated Unsecured Notes \| 2029
Disclosure of detailed information about borrowings [line items]
Total debt principal		183
Total Debt Principal, (CAD equivalent)	262
U.S. Dollar Denominated Unsecured Notes \| Thereafter
Disclosure of detailed information about borrowings [line items]
Total debt principal		$ 3,113
Total Debt Principal, (CAD equivalent)	4,479
Canadian Dollar Denominated Unsecured Notes
Disclosure of detailed information about borrowings [line items]
Total debt principal	2,000		$ 2,000
Total Debt Principal, (CAD equivalent)	2,000
Canadian Dollar Denominated Unsecured Notes \| 2025
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	0
Canadian Dollar Denominated Unsecured Notes \| 2026
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	0
Canadian Dollar Denominated Unsecured Notes \| 2027
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	750
Canadian Dollar Denominated Unsecured Notes \| 2028
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	1,250
Canadian Dollar Denominated Unsecured Notes \| 2029
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	0
Canadian Dollar Denominated Unsecured Notes \| Thereafter
Disclosure of detailed information about borrowings [line items]
Total Debt Principal, (CAD equivalent)	$ 0

Debt and Capital Structure - Su

Debt and Capital Structure - Summary of Net Debt to Adjusted EBITDA (Detail) - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of objectives, policies and processes for managing capital [line items]
Short-Term Borrowings		$ 173	$ 179
Long-Term Debt		192	0
Long-Term Portion of Long-Term Debt		7,342	7,108
Total Debt		7,500	7,100
Less: Cash and Cash Equivalents		(3,093)	(2,227)	$ (4,524)
Net Debt		4,614	5,060
Net Earnings (Loss)		3,142	4,109
Add (Deduct):
Foreign Exchange (Gain) Loss, Net		462	(67)
(Gain) Loss on Divestiture of Assets	[1]	(119)	20
Re-measurement of Contingent Payments		(30)	(59)
Other (Income) Loss, Net		$ (55)	$ (63)
Net Debt to Adjusted EBITDA		50%	50%
Rolling Twelve Month Basis
Disclosure of objectives, policies and processes for managing capital [line items]
Short-Term Borrowings		$ 173	$ 179
Long-Term Portion of Long-Term Debt		7,342	7,108
Total Debt		7,707	7,287
Less: Cash and Cash Equivalents		(3,093)	(2,227)
Net Debt		4,614	5,060
Net Earnings (Loss)		3,142	4,109
Add (Deduct):
Finance Costs, Net		514	538
Income Tax Expense (Recovery)		929	931
Depreciation, Depletion and Amortization		4,871	4,644
Exploration and Evaluation Asset Write-downs		37	29
(Income) Loss From Equity-Accounted Affiliates		(66)	(51)
Unrealized (Gain) Loss on Risk Management		12	52
Foreign Exchange (Gain) Loss, Net		462	(67)
(Gain) Loss on Divestiture of Assets		(119)	20
Re-measurement of Contingent Payments		30	59
Other (Income) Loss, Net		(55)	(63)
Adjusted EBITDA		$ 9,757	$ 10,201

[1] (1) Revised presentation as of January 1, 2024. See Note 4.

Debt and Capital Structure - _4

Debt and Capital Structure - Summary of Net Debt to Adjusted Funds Flow (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Borrowings [abstract]
Net Debt	$ 4,614	$ 5,060
Cash From (Used in) Operating Activities	9,235	7,388
Settlement of Decommissioning Liabilities	(234)	(222)
Net Change in Non-Cash Working Capital	1,305	(1,193)
Adjusted Funds Flow	$ 8,164	$ 8,803
Net Debt to Adjusted Funds Flow (times)	60%	60%

Debt and Capital Structure - _5

Debt and Capital Structure - Summary of Net Debt to Capitalization (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Borrowings [abstract]
Net Debt	$ 4,614	$ 5,060
Shareholders’ Equity	29,754	28,698	$ 27,576
Capitalization	$ 34,368	$ 33,758
Net Debt to Capitalization (percent)	13%	15%

Contingent Payments - Additiona

Contingent Payments - Additional Information (Detail) $ in Millions		12 Months Ended
	Aug. 31, 2024	Dec. 31, 2024 CAD ($)	Aug. 31, 2022 CAD ($) $ / bbl
Disclosure of contingent liabilities in business combination [line items]
Proportion of ownership interest in joint operation		100%
BP Canada
Disclosure of contingent liabilities in business combination [line items]
Proportion of ownership interest in joint operation	50%
Contingent consideration, quarterly payment \| $			$ 2.8
BP Canada \| Major business combination
Disclosure of contingent liabilities in business combination [line items]
Settled liabilities, contingent liabilities recognised in business combination \| $		$ 301
BP Canada \| Bottom of range
Disclosure of contingent liabilities in business combination [line items]
Contingent consideration, price per barrel (in dollars per share) \| $ / bbl			52
BP Canada \| Top of range
Disclosure of contingent liabilities in business combination [line items]
Contingent consideration, price per barrel (in dollars per share) \| $ / bbl			53

Contingent Payments - Summary o

Contingent Payments - Summary of Contingent Payment (Detail) - Sunrise Oil Sands Partnership - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of contingent liabilities in business combination [line items]
Contingent Payments, Beginning of Year	$ 164	$ 419
Liabilities Settled or Payable	(194)	(314)
Re-measurement	30	59
Contingent Payments, End of Year	$ 0	$ 164

Decommissioning Liabilities - S

Decommissioning Liabilities - Summary of Decommissioning Provision (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Provision for decommissioning, restoration and rehabilitation costs [abstract]
Beginning balance	$ 4,155	$ 3,559
Liabilities Incurred	24	14
Liabilities acquired	0	5
Liabilities Settled	(234)	(221)
Liabilities disposed	(72)	(5)
Change in Estimated Future Cash Flows	276	330
Change in Discount Rates	132	265
Unwinding of Discount on Decommissioning Liabilities (Note 7)	225	220
Exchange Rate Movements and Other	28	(12)
Ending balance	$ 4,534	$ 4,155

Decommissioning Liabilities - A

Decommissioning Liabilities - Additional Information (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Disclosure of other provisions [line items]
Estimated future cash flows required to settle the obligation	$ 15,600	$ 15,000
Expected settlement of decommissioning liabilities	$ 203
Credit-adjusted risk-free rate	5.20%	5.50%
Inflation rate	2%	2%
Restricted Cash	$ 241	$ 211
BP-Husky Refining LLC
Disclosure of other provisions [line items]
Carrying value of pre-existing decommissioning liabilities			$ 2

Decommissioning Liabilities -_2

Decommissioning Liabilities - Summary of Changes to the Credit-Adjusted Risk-Free Rate or the Inflation Rate Impact on the Decommissioning Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of other provisions [line items]
Credit-adjusted risk-free rate, sensitivity range	1%	1%
Inflation rate, sensitivity range	1%	1%
One percent increase
Disclosure of other provisions [line items]
Credit-adjusted risk-free rate	$ (487)	$ (387)
Inflation rate	615	519
One percent decrease
Disclosure of other provisions [line items]
Credit-adjusted risk-free rate	595	515
Inflation rate	$ (507)	$ (392)

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Miscellaneous non-current liabilities [abstract]
Renewable volume obligation, net	$ 284	$ 397
Pension and Other Post-Employment Benefit Plan	269	276
Employee Long-Term Incentives	96	100
Provisions for Onerous and Unfavourable Contracts	66	72
Provision for West White Rose Expansion Project (2)	54	156
Drilling Provisions	3	25
Other	147	157
Other Liabilities	919	1,183
RVO included in other liabilities, gross	652	785
RINs included in other liabilities, gross	368	$ 388
West white rose expansion project, expected draw down to provision	$ 54

Pensions and Other Post-Emplo_3

Pensions and Other Post-Employment Benefits - Summary of Defined Benefit and OPEB Plan Obligation and Funded Status (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
DB Pension Plan
Disclosure of net defined benefit liability (asset) [line items]
Current Service Costs	$ 14	$ 10
Past Service Costs - Curtailment and Plan Amendments	0	0
Interest Income	1	1
Re-measurements:
(Gains) Losses From Experience Adjustments	0	4
(Gains) Losses From Changes in Financial Assumptions	(3)	13
Return on Plan Assets Excluding Interest Income	11	10
Defined Benefit Pension and OPEB Asset (Liability) (2)	(13)	(24)
DB Pension Plan \| Defined Benefit Obligation
Disclosure of net defined benefit liability (asset) [line items]
Defined Benefit Obligation, Beginning of Year	202	172
Current Service Costs	14	10
Interest Income	9	9
Benefits Paid	(12)	(8)
Plan Participant Contributions	3	3
Re-measurements:
(Gains) Losses From Experience Adjustments	0	4
(Gains) Losses From Changes in Financial Assumptions	(3)	13
Exchange Rate Movements and Other	1	(1)
Defined Benefit Obligation, End of Year	214	202
DB Pension Plan \| Plan Assets
Disclosure of net defined benefit liability (asset) [line items]
Fair Value of Plan Assets, Beginning of Year	178	147
Interest Income	8	8
Benefits Paid	(12)	(7)
Plan Participant Contributions	3	3
Employer Contributions	11	18
Re-measurements:
Return on Plan Assets Excluding Interest Income	11	10
Exchange Rate Movements and Other	2	(1)
Fair Value of Plan Assets, End of Year	201	178
OPEB Plans
Disclosure of net defined benefit liability (asset) [line items]
Current Service Costs	2	14
Past Service Costs - Curtailment and Plan Amendments	0	10
Interest Income	12	10
Re-measurements:
(Gains) Losses From Experience Adjustments	1	1
(Gains) Losses From Changes in Financial Assumptions	(6)	50
Return on Plan Assets Excluding Interest Income	0	0
Defined Benefit Pension and OPEB Asset (Liability) (2)	(252)	(249)
OPEB Plans \| Defined Benefit Obligation
Disclosure of net defined benefit liability (asset) [line items]
Defined Benefit Obligation, Beginning of Year	249	174
Current Service Costs	2	14
Interest Income	12	10
Benefits Paid	(9)	(9)
Plan Participant Contributions	0	0
Re-measurements:
(Gains) Losses From Experience Adjustments	1	1
(Gains) Losses From Changes in Financial Assumptions	(6)	50
Exchange Rate Movements and Other	3	(1)
Defined Benefit Obligation, End of Year	252	249
OPEB Plans \| Plan Assets
Disclosure of net defined benefit liability (asset) [line items]
Fair Value of Plan Assets, Beginning of Year	0	0
Interest Income	0	0
Benefits Paid	(9)	(9)
Plan Participant Contributions	0	0
Employer Contributions	9	9
Re-measurements:
Return on Plan Assets Excluding Interest Income	0	0
Exchange Rate Movements and Other	0	0
Fair Value of Plan Assets, End of Year	$ 0	$ 0

Pensions and Other Post-Emplo_4

Pensions and Other Post-Employment Benefits - Additional Information (Detail) - CAD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Future Salary Growth Rate
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible decrease in actuarial assumption		1%
Percentage of reasonably possible increase in actuarial assumption		1%
Increase		$ 0
Health Care Cost Trend Rate
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible decrease in actuarial assumption		1%
Percentage of reasonably possible increase in actuarial assumption		1%
Increase		$ 0
One Year Change in Assumed Life Expectancy
Disclosure of defined benefit plans [line items]
Reasonably possible increase in actuarial assumption, life expectancy		1 year
Reasonably possible decrease in actuarial assumption, life expectancy		1 year
Increase		$ 0
Actuarial assumption of discount rates
Disclosure of defined benefit plans [line items]
Percentage of reasonably possible decrease in actuarial assumption		1%
Percentage of reasonably possible increase in actuarial assumption		1%
Increase		$ (56,000,000)	$ (54,000,000)
DB Pension Plan
Disclosure of defined benefit plans [line items]
Weighted average duration		16 years
Percentage of employees contribution under pension plan		4%
Employer contribution		$ 12,000,000
OPEB Plans
Disclosure of defined benefit plans [line items]
Weighted average duration		14 years
OPEB Plans \| Forecast
Disclosure of defined benefit plans [line items]
Estimate of contributions expected to be paid to plan for next annual reporting period	$ 12,000,000

Pensions and Other Post-Emplo_5

Pensions and Other Post-Employment Benefits - Summary of Pension and OPEB Costs (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
DB Pension Plan
Disclosure of defined benefit plans [line items]
Current Service Costs	$ 14	$ 10
Past Service Costs – Curtailments and Plan Amendments	0	0
Net Interest Costs	1	1
Re-measurements:
Return on Plan Assets Excluding Interest Income	(11)	(10)
(Gains) Losses From Experience Adjustments	0	4
(Gains) Losses From Changes in Financial Assumptions	(3)	13
Defined Benefit Plan Cost (Recovery)	1	18
Defined contribution plan cost	107	99
Total Plan Cost	108	117
OPEB Plans
Disclosure of defined benefit plans [line items]
Current Service Costs	2	14
Past Service Costs – Curtailments and Plan Amendments	0	10
Net Interest Costs	12	10
Re-measurements:
Return on Plan Assets Excluding Interest Income	0	0
(Gains) Losses From Experience Adjustments	1	1
(Gains) Losses From Changes in Financial Assumptions	(6)	50
Defined Benefit Plan Cost (Recovery)	9	85
Defined contribution plan cost	0	0
Total Plan Cost	$ 9	$ 85

Pensions and Other Post-Emplo_6

Pensions and Other Post-Employment Benefits - Summary of Fair Value of the Plan Assets (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pensions And Other Post Employment Benefits [Abstract]
Level 1 – Cash and Cash Equivalents	$ 3	$ 5
Level 2 – Equity and Fixed Income Funds	185	161
Level 3 – Real Estate Funds and Other	13	12
Total plan assets, at fair value	$ 201	$ 178

Pensions and Other Post-Emplo_7

Pensions and Other Post-Employment Benefits - Summary of Principal Weighted Average Actuarial Assumptions Used to Determine Benefit Obligations and Expenses (Detail) - yr	Dec. 31, 2024	Dec. 31, 2023
DB Pension Plan
Disclosure Of Actuarial Assumptions [Line Items]
Discount Rate (percent)	4.65%	4.58%
Future Salary Growth Rate (percent)	3.95%	4%
Average Longevity (years)	88.4	88.4
OPEB Plans
Disclosure Of Actuarial Assumptions [Line Items]
Discount Rate (percent)	4.85%	4.65%
Average Longevity (years)	88.4	88.4
Health Care Cost Trend Rate (percent)	5.24%	5.24%

Pensions and Other Post-Emplo_8

Pensions and Other Post-Employment Benefits - Sensitivity of Defined Benefit and OPEB Obligation to Changes in Relevant Actuarial Assumptions (Detail) - Discount Rate - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of sensitivity analysis for actuarial assumptions [line items]
Increase	$ (56)	$ (54)
Decrease	$ 69	$ 66

Share Capital and Warrants - Ad

Share Capital and Warrants - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions			1 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 14, 2023	Feb. 14, 2025	Dec. 31, 2024	Dec. 31, 2023	Nov. 07, 2024	Dec. 31, 2022
Disclosure of classes of share capital [Line Items]
Maximum percentage of preferred stock upon issuance or outstanding of common stock				20%
NCIB, shares redeemed, amount				$ 1,445	$ 1,061
NCIB, reduction to contributed surplus				966	$ 688
Purchased and Cancelled				$ 87
Stock Option Plan
Disclosure of classes of share capital [Line Items]
Shares available for future issuance (in shares)	48,800,000			48,800,000	45,500,000
Common Shares
Disclosure of classes of share capital [Line Items]
NCIB, shares authorized for repurchase (in shares)						127,500,000
Purchase of Common Shares under NCIB				55,861,000	43,611,000
Shares outstanding (in shares)	1,825,038,000			1,825,038,000	1,871,868,000		1,909,190,000
Issued capital	$ 15,659			$ 15,659	$ 16,031		$ 16,320
Common Shares \| Renewed NCIB
Disclosure of classes of share capital [Line Items]
Purchase of Common Shares under NCIB				55,900,000	43,600,000
Average carrying value				$ 939	$ 688
Taxes paid				$ 27	$ 0
Common Shares \| Renewed NCIB \| Potential ordinary share transactions
Disclosure of classes of share capital [Line Items]
NCIB, shares authorized for repurchase (in shares)			124,900,000
Purchase of Common Shares under NCIB			1,500,000
NCIB, shares redeemed, amount			$ 32
Common Shares \| Original NCIB
Disclosure of classes of share capital [Line Items]
NCIB, shares repurchased, price per share (in CAD per share)				$ 25.38	$ 24.32
NCIB, shares redeemed, amount				$ 1,400	$ 1,100
NCIB, reduction to contributed surplus				$ 966	$ 688
Preferred Shares
Disclosure of classes of share capital [Line Items]
NCIB, shares redeemed, amount	$ 250
Shares outstanding (in shares)	26,000,000			26,000,000	36,000,000		36,000,000
Issued capital	$ 356			$ 356	$ 519		$ 519
Preferred shares, price per share (in CAD per share)	$ 25			$ 25
Retained earnings	$ 87			$ 87
Purchases and cancelled (in shares)				10,000,000	0
Purchased and Cancelled				$ 163	$ 0
Preferred Shares \| Series 3 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	10,000,000			10,000,000
Preferred Shares \| First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term				5 years
Redeemable preferred shares, price per share				$ 25
Preferred Shares \| Series 1 And 2 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term				5 years
Preferred Shares \| Series 5 and 6 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term				5 years
Preferred Shares \| Series 7 and 8 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term				5 years
Preferred Shares \| Series 1, 3, 5, 7 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, conversion term				5 years
Preferred Shares \| Series 1 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	10,740,000			10,740,000
Preferred Shares \| Series 1 First Preferred Shares \| Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread	173%			173%
Preferred Shares \| Series 5 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	8,000,000			8,000,000
Preferred Shares \| Series 5 First Preferred Shares \| Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread	357%			357%
Preferred Shares \| Series 7 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	6,000,000			6,000,000
Preferred Shares \| Series 7 First Preferred Shares \| Government of Canada Bond
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread	352%			352%
Preferred Shares \| Series 2 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	1,260,000			1,260,000
Preferred Shares \| Series 2 First Preferred Shares \| 90-Day Government of Canada Treasury Bills
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread	173%			173%
Preferred Shares \| Series 6 First Preferred Shares \| 90-Day Government of Canada Treasury Bills
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread	357%			357%
Preferred Shares \| Series 8 First Preferred Shares \| 90-Day Government of Canada Treasury Bills
Disclosure of classes of share capital [Line Items]
Dividend rate, basis spread	352%			352%
Preferred Shares \| Series 2,4,6,8 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Redeemable preferred shares, price per share				$ 25.50
Second Preferred Shares
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	0			0	0
Common Share Warrants
Disclosure of classes of share capital [Line Items]
Shares outstanding (in shares)	3,643,000			3,643,000	7,625,000		55,720,000
Issued capital	$ 12			$ 12	$ 25		$ 184
Exercise price of warrants issued (in CAD per share)				$ 6.54
Purchases and cancelled (in shares)		45,500,000		0	45,485,000
Purchase price, warrants, per share		$ 22.18
Purchased and Cancelled		$ 711		$ 0	$ 151
Decrease through repurchase and cancellation of warrants, equity		560
Decrease through repurchase and cancellation of warrants, transaction costs, equity		$ 2

Share Capital and Warrants - Is

Share Capital and Warrants - Issued and Outstanding - Common Shares (Detail) - Common Shares - CAD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Common Shares
Outstanding, beginning of year (in shares)	1,871,868	1,909,190
Issued Upon Exercise of Warrants	3,982	2,610
Issued Under Stock Option Plans	5,049	3,679
Purchase of Common Shares under NCIB	(55,861)	(43,611)
Outstanding, end of year (in shares)	1,825,038	1,871,868
Amount
Outstanding, Beginning of Year	$ 16,031	$ 16,320
Issued Upon Exercise of Warrants	39	26
Issued Under Stock Option Plans	68	58
Purchase of Common Shares under NCIB	(479)	(373)
Outstanding, End of Year	$ 15,659	$ 16,031

Share Capital and Warrants - Tr

Share Capital and Warrants - Treasury Shares (Details) - Treasury Shares shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) shares
Number of Common Shares
Outstanding, beginning of year (in shares) \| shares	0
Market Purchase (in shares) \| shares	2,000
Outstanding, end of year (in shares) \| shares	2,000
Amount
Outstanding, Beginning of Year \| $	$ 0
Purchase of Common Shares Under Employee Benefit Plan \| $	43
Outstanding, End of Year \| $	$ 43

Share Capital and Warrants - Fi

Share Capital and Warrants - First Preferred Shares (Details) - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Amount
Preferred Shares Redeemed	$ (87)
Preferred Shares
Number of Common Shares
Outstanding, beginning of year (in shares)	36	36
Preferred shares redeemed (in shares)	(10)	0
Outstanding, end of year (in shares)	26	36
Amount
Outstanding, Beginning of Year	$ 519	$ 519
Preferred Shares Redeemed	(163)	0
Outstanding, End of Year	$ 356	$ 519

Share Capital and Warrants - _2

Share Capital and Warrants - Issued and Outstanding - Preferred Shares (Details) - Preferred Shares - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2022
Disclosure of classes of share capital [Line Items]
Dividend Rate (percent)	5.94%	6.60%	6.71%	6.77%	6.89%	6.29%	6.29%	5.86%
Shares outstanding (in shares)	26,000				36,000				26,000	36,000
Series 1 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate (percent)									2.58%
Shares outstanding (in shares)	10,740								10,740
Series 2 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate (percent)									5.21%
Shares outstanding (in shares)	1,260								1,260
Series 5 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate (percent)									4.59%
Shares outstanding (in shares)	8,000								8,000
Series 7 First Preferred Shares
Disclosure of classes of share capital [Line Items]
Dividend Rate (percent)									3.94%
Shares outstanding (in shares)	6,000								6,000

Share Capital and Warrants - _3

Share Capital and Warrants - Issued and Outstanding - Warrants (Details) - CAD ($) shares in Thousands, $ in Millions		12 Months Ended
	Jun. 14, 2023	Dec. 31, 2024	Dec. 31, 2023
Amount
Purchased and Cancelled		$ (87)
Common Share Warrants
Number of Warrants
Outstanding, beginning of year (in shares)		7,625	55,720
Exercised (in shares)		(3,982)	(2,610)
Purchases and cancelled (in shares)	(45,500)	0	(45,485)
Outstanding, end of year (in shares)		3,643	7,625
Amount
Outstanding, Beginning of Year		$ 25	$ 184
Issued Upon Exercise of Warrants		(13)	(8)
Purchased and Cancelled	$ (711)	0	(151)
Outstanding, End of Year		$ 12	$ 25

Share Capital and Warrants - Sc

Share Capital and Warrants - Schedule of Paid in Surplus Includes Stock Based Compensation Expense (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reserves within equity [line items]
Beginning balance	$ 2,002	$ 2,691
Stock-Based Compensation Expense	126	97
Purchase of Common Shares Under NCIB	(966)	(688)
Preferred Shares Redeemed	(87)
Common Shares Issued on Exercise of Stock Options	(16)	(12)
Ending balance	944	2,002
NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense	11	11
Retained Earnings Prior to Ovintiv Split
Disclosure of reserves within equity [line items]
Beginning balance	1,707	2,395
Purchase of Common Shares Under NCIB	(966)	(688)
Preferred Shares Redeemed	(87)
Common Shares Issued on Exercise of Stock Options	0	0
Ending balance	654	1,707
Retained Earnings Prior to Ovintiv Split \| NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense	0	0
Stock-Based Compensation
Disclosure of reserves within equity [line items]
Beginning balance	295	296
Purchase of Common Shares Under NCIB	0	0
Preferred Shares Redeemed	0
Common Shares Issued on Exercise of Stock Options	(16)	(12)
Ending balance	290	295
Stock-Based Compensation \| NSRs and NCIB
Disclosure of reserves within equity [line items]
Stock-Based Compensation Expense	$ 11	$ 11

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	$ 1,208	$ 1,470
Other Comprehensive Income (Loss), Before Tax	1,120	(281)
Reclassification on Divestiture (Note 5)		12
Income Tax (Expense) Recovery	(15)	7
Ending balance	2,313	1,208
Pension and Other Post-Retirement Benefits
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	55	99
Other Comprehensive Income (Loss), Before Tax	19	(58)
Reclassification on Divestiture (Note 5)		0
Income Tax (Expense) Recovery	(5)	14
Ending balance	69	55
Private Equity Instruments
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	85	29
Other Comprehensive Income (Loss), Before Tax	81	63
Reclassification on Divestiture (Note 5)		0
Income Tax (Expense) Recovery	(10)	(7)
Ending balance	156	85
Foreign Currency Translation Adjustment
Disclosure of accumulated other comprehensive income loss [line items]
Beginning balance	1,068	1,342
Other Comprehensive Income (Loss), Before Tax	1,020	(286)
Reclassification on Divestiture (Note 5)		12
Income Tax (Expense) Recovery	0	0
Ending balance	$ 2,088	$ 1,068

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2024 CAD ($) shares plan $ / shares	Dec. 31, 2023 CAD ($) shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Employee Long-Term Incentives \| $	$ 132,000,000	$ 284,000,000
Number of deferred share unit plans \| plan	2
Minimum
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Vesting multiplier, percent	0%
Maximum
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Vesting multiplier, percent	200%
Net settlement rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Weighted average unit fair value of granted \| $	$ 5.20
Weighted average exercise price, exercised (in dollars per share) \| $ / shares	$ 10.77
Weighted average exercise price, exercised (in CAD per share) \| $ / shares	$ 11.97
Number of other equity instruments exercised or vested in share-based payment arrangement, settled for common shares (in shares) \| shares	793
Common shares issued in exercise of other equity instruments (in shares) \| shares	562
Outstanding number (in shares) \| shares	8,653	11,895
Weighted average remaining contractual life of outstanding share options (in years)	4 years 21 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) \| $ / shares	$ 17.83	$ 13.66
Cenovus Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Employee Long-Term Incentives \| $	$ 5,000,000	$ 12,000,000
Outstanding number (in shares) \| shares	348	1,005
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) \| $ / shares	$ 3.54	$ 6.49
Cenovus Replacement Stock Options \| 3.00 to 4.99
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Outstanding number (in shares) \| shares	348
Weighted average remaining contractual life of outstanding share options (in years)	5 months 19 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share) \| $ / shares	$ 3.54
Cenovus Replacement Stock Options \| Settled for cash
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Weighted average exercise price, exercised (in dollars per share) \| $ / shares	$ 7.34
Number of other equity instruments exercised or vested in share-based payment arrangement, settled for cash \| shares	577
Weighted average exercise price, exercised (in CAD per share) \| $ / shares	$ 7.48
Cenovus Replacement Stock Options \| Settled for common shares
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of other equity instruments exercised or vested in share-based payment arrangement, settled for common shares (in shares) \| shares	37
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	$ 5.17
Common shares issued in exercise of other equity instruments (in shares) \| shares	29
PSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Employee Long-Term Incentives \| $	$ 80,000,000	$ 238,000,000
Award vesting term	3 years
Intrinsic value of vested \| $	$ 0
RSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Employee Long-Term Incentives \| $	$ 105,000,000	97,000,000
Award vesting term	3 years
Intrinsic value of vested \| $	$ 0
DSUs Option One
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs	0%
DSUs Option Two
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs	25%
DSUs Option Three
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs	50%
DSUs Option Four
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs	75%
Deferred Share Units Option Five
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of annual bonus award to convert into DSUs	100%
DSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Employee Long-Term Incentives \| $	$ 38,000,000	$ 37,000,000
Deferred Income Tax Assets to be Settled After More Than Twelve Months
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of options exercisable	30%
Term of share options in sharebased payment arrangement	1 year
3 Years
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Percentage of options exercisable	30%
Term of share options in sharebased payment arrangement	2 years
4 Years
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Term of share options in sharebased payment arrangement	3 years
Later than seven years and not later than ten years
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Term of share options in sharebased payment arrangement	7 years

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Summary of Assumptions Used to Determine Fair Value of Options Granted (Detail) - Net settlement rights	12 Months Ended
	Dec. 31, 2024 yr
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Risk-Free Interest Rate (percent)	3.51%
Expected Dividend Yield (percent)	2.37%
Expected Volatility	23.64%
Expected Life (years)	5.39

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Summary of Stock Option Activity and Related Information (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares $ / shares
Net settlement rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of options outstanding, beginning of period (in shares)	11,895
Options granted (in shares)	(2,427)
Options exercised (in shares)	(5,251)
Options forfeited (in shares)	(416)
Options expired (in shares)	(2)
Number of options outstanding, ending period (in shares)	8,653
Weighted average exercised price, outstanding, beginning of year (in dollars per share) \| $ / shares	$ 13.66
Weighted average exercise price, granted (in dollars per share) \| $ / shares	23.90
Weighted average exercise price, exercised (in dollars per share) \| $ / shares	10.77
Weighted average exercise price, forfeited (in dollars per share) \| $ / shares	23.16
Weighted average exercise price, expired (in dollars per share) \| $ / shares	24.60
Weighted average exercised price, outstanding, end of year (in dollars per share) \| $ / shares	$ 17.83
Cenovus Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of options outstanding, beginning of period (in shares)	1,005
Options expired (in shares)	(43)
Number of options outstanding, ending period (in shares)	348
Weighted average exercised price, outstanding, beginning of year (in dollars per share) \| $ / shares	$ 6.49
Weighted average exercise price, expired (in dollars per share) \| $ / shares	18.35
Weighted average exercised price, outstanding, end of year (in dollars per share) \| $ / shares	$ 3.54
Cenovus Replacement Stock Options \| Settled for cash
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Options exercised (in shares)	(614)
Weighted average exercise price, exercised (in dollars per share) \| $ / shares	$ 7.34
PSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share units, outstanding, beginning of year (in shares)	10,243
Granted (in shares)	6,368
Exercised (in shares)	(8,903)
Cancelled (in shares)	(742)
United in lieu of dividends (in shares)	244
Number of share units, outstanding, end of year (in shares)	7,210
RSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share units, outstanding, beginning of year (in shares)	7,234
Granted (in shares)	3,393
Exercised (in shares)	(2,286)
Cancelled (in shares)	(466)
United in lieu of dividends (in shares)	273
Number of share units, outstanding, end of year (in shares)	8,148
DSUs
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Number of share units, outstanding, beginning of year (in shares)	1,691
Granted (in shares)	72
United in lieu of dividends (in shares)	58
Redeemed (in shares)	(186)
Number of share units, outstanding, end of year (in shares)	1,761
DSUs \| Director
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Granted (in shares)	126

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares
Net settlement rights
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	8,653	11,895
Weighted average remaining contractual life of outstanding share options (in years)	4 years 21 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 17.83	$ 13.66
Number of Stock Options with Associated Net Settlement Rights (in shares) \| shares	4,741
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share)	$ 13.55
Net settlement rights \| 5.00 to 9.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	1,486
Weighted average remaining contractual life of outstanding share options (in years)	2 years 5 months 19 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 8.87
Number of Stock Options with Associated Net Settlement Rights (in shares) \| shares	1,486
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share)	$ 8.87
Net settlement rights \| 5.00 to 9.99 \| Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	5
Net settlement rights \| 5.00 to 9.99 \| Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	$ 9.99
Net settlement rights \| 10.00 to 14.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	2,004
Weighted average remaining contractual life of outstanding share options (in years)	2 years 29 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 11.70
Number of Stock Options with Associated Net Settlement Rights (in shares) \| shares	1,902
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share)	$ 11.69
Net settlement rights \| 10.00 to 14.99 \| Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	10
Net settlement rights \| 10.00 to 14.99 \| Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	$ 14.99
Net settlement rights \| 15.00 to 19.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	1,560
Weighted average remaining contractual life of outstanding share options (in years)	4 years 1 month 17 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 19.88
Number of Stock Options with Associated Net Settlement Rights (in shares) \| shares	902
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share)	$ 19.88
Net settlement rights \| 15.00 to 19.99 \| Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	15
Net settlement rights \| 15.00 to 19.99 \| Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	$ 19.99
Net settlement rights \| 20.00 to 24.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	3,373
Weighted average remaining contractual life of outstanding share options (in years)	5 years 9 months
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 23.84
Number of Stock Options with Associated Net Settlement Rights (in shares) \| shares	448
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share)	$ 24.14
Net settlement rights \| 20.00 to 24.99 \| Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	20
Net settlement rights \| 20.00 to 24.99 \| Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	$ 24.99
Net settlement rights \| 25.00 to 29.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	230
Weighted average remaining contractual life of outstanding share options (in years)	6 years 5 months 15 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 27.21
Number of Stock Options with Associated Net Settlement Rights (in shares) \| shares	3
Weighted average exercise price of share options exercisable in share-based payment arrangement (in dollars per share)	$ 27.71
Net settlement rights \| 25.00 to 29.99 \| Bottom of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	25
Net settlement rights \| 25.00 to 29.99 \| Top of range
Disclosure of range of exercise prices of outstanding share options [Line Items]
Exercise price of warrants (in dollars per share)	$ 29.99
Cenovus Replacement Stock Options
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	348	1,005
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 3.54	$ 6.49
Cenovus Replacement Stock Options \| 3.00 to 4.99
Disclosure of range of exercise prices of outstanding share options [Line Items]
Outstanding number (in shares) \| shares	348
Weighted average remaining contractual life of outstanding share options (in years)	5 months 19 days
Weighted average exercise price of share options outstanding in share-based payment arrangement (in dollars per share)	$ 3.54

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Summary of Stock-Based Compensation (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total Stock-Based Compensation Expense (Recovery)	$ 126	$ 97
Stock Options With Associated Net Settlement Rights
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total Stock-Based Compensation Expense (Recovery)	12	11
Cenovus Replacement Stock Options
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total Stock-Based Compensation Expense (Recovery)	1	(5)
Performance Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total Stock-Based Compensation Expense (Recovery)	48	47
Restricted Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total Stock-Based Compensation Expense (Recovery)	60	46
Deferred Share Units
Disclosure of terms and conditions of share-based payment arrangement [Line Items]
Total Stock-Based Compensation Expense (Recovery)	$ 5	$ (2)

Employee Salaries and Benefit_3

Employee Salaries and Benefit Expenses - Summary of Employee Salaries and Benefit Expenses (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Salaries And Employee Benefits [Abstract]
Salaries, Bonuses and Other Short-Term Employee Benefits	$ 1,526	$ 1,344
Pension and Post-Employment Benefits	119	125
Stock-Based Compensation (Note 29)	126	97
Termination Benefits	41	14
Employee Salaries and Benefit Expenses	$ 1,812	$ 1,580

Related Party Transactions - Su

Related Party Transactions - Summary of Key Management Compensation (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of transactions between related parties [abstract]
Salaries, Director Fees and Other Short-Term Benefits	$ 47	$ 40
Pension and Post-Employment Benefits	4	3
Stock-Based Compensation	48	40
Termination Benefits	11	0
Total compensation paid or payable	$ 110	$ 83

Related Party Transactions - _2

Related Party Transactions - Summary of Revenues and Associated Expenses (Detail) - Joint ventures where entity is venturer - Husky Midstream Limited Partnership - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of transactions between related parties [line items]
Revenues from Construction and Management Services	$ 155	$ 160
Transportation Expenses	$ 278	$ 295

Financial Instruments - Additio

Financial Instruments - Additional information (Detail) $ in Millions	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($) share	Dec. 31, 2022 CAD ($)
Disclosure of detailed information about financial instruments [line items]
Total Debt	$ 7,500	$ 7,100
Cash collateral for risk management contracts price change	18	$ 47
Discounted credit adjusted risk free rate		5.60%
WCS Forward Prices
Disclosure of detailed information about financial instruments [line items]
Average forward price for Western Canadian Select crude oil for the remaining term (in CAD per barrel) \| share		71.86
WTI Option Implied Volatility
Disclosure of detailed information about financial instruments [line items]
Average implied volatility contingent payment percentage		39.40%
U.S. to Canadian Dollar Foreign Exchange Average Rate Volatility Contingent Payment
Disclosure of detailed information about financial instruments [line items]
Average implied volatility contingent payment percentage		5.80%
Sunrise Oil Sands Partnership
Disclosure of detailed information about financial instruments [line items]
Contingent liabilities recognised in business combination	0	$ 164	$ 419
Level 2
Disclosure of detailed information about financial instruments [line items]
Fair value debt carried at amortized cost	$ 6,900	$ 6,600

Financial Instruments - Reconci

Financial Instruments - Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets (Detail) - Level 3 of fair value hierarchy - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value measurement of assets [Line Items]
Fair Value, Beginning of Year	$ 131	$ 55
Acquisitions	7	13
Changes in Fair Value	81	63
Fair Value, End of Year	$ 219	$ 131

Financial Instruments - Summary

Financial Instruments - Summary of Unrealized Risk Management Positions (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Net	$ 7	$ 12	$ 46
Power Contacts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Net	6
Renewable Power Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Net	5
Level 2
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Net	2	(6)
Level 2 \| Commodity price risk
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Asset	20	31
Liability	13	19
Net	7	12
Level 2 \| Commodity price risk \| Crude Oil, Natural Gas, Condensate and Refined Products
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Asset	9	11
Liability	10	19
Net	(1)	(8)
Level 2 \| Commodity price risk \| Power Contacts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Asset	6	2
Liability	0	0
Net	6	2
Level 2 \| Commodity price risk \| Renewable Power Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Asset	5	18
Liability	0	0
Net	5	18
Level 2 \| Currency risk \| Foreign Exchange Rate Contracts
Disclosure Of Recurring Fair Value Measurement Of Assets And Liabilities [Line Items]
Asset	0	0
Liability	3	0
Net	$ (3)	$ 0

Financial Instruments - Summa_2

Financial Instruments - Summary of Fair Value Hierarchy for Risk Management Assets and Liabilities Carried at Fair Value (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Fair value of derivative financial instruments net	$ 7	$ 12	$ 46
Level 2
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Fair value of derivative financial instruments net	2	(6)
Level 3
Disclosure Of Levels Of Fair Value Hierarchy [Line Items]
Fair value of derivative financial instruments net	$ 5	$ 18

Financial Instruments - Recon_2

Financial Instruments - Reconciliation of Changes in the Fair Value of Cenovus's Risk Management Assets and Liabilities (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Fair Value of Contracts, Beginning of Year	$ 12	$ 46
Change in Fair Value of Contracts in Place at Beginning of Year	(20)	0
Change in Fair Value of Contracts Entered Into During the Year	(30)	(45)
Fair Value of Contracts Realized During the Year	46	9
Unrealized Foreign Exchange Gain (Loss) on U.S. Dollar Contracts	(1)	2
Fair Value of Contracts, End of Year	$ 7	$ 12

Financial Instruments - Summa_3

Financial Instruments - Summary of Offsetting Risk Management Positions (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Risk management asset, gross	$ 38	$ 71
Risk management asset, amount offset	(18)	(40)
Net risk management asset	20	31
Risk management liabilities, gross	31	59
Risk management liabilities, amount offset	(18)	(40)
Net risk management liabilities	13	19
Risk management net, gross	7	12
Risk management net, amount offset	0	0
Risk management net	$ 7	$ 12

Financial Instruments - Summa_4

Financial Instruments - Summary of Earnings Impact of (Gain) Loss from Risk Management Positions (Detail) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	$ 58	$ 61
Realized (Gain) Loss
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	46	9
Unrealized (Gain) Loss
Disclosure of detailed information about financial instruments [line items]
(Gain) Loss on Risk Management	$ 12	$ 52

Financial Instruments - Summa_5

Financial Instruments - Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax (Detail) - WCS Forward Prices $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($) $ / bbl
Disclosure Of Sensitivity Of Fair Value Measurement To Changes In Unobservable Inputs Liabilities [Line Items]
Sensitivity price range \| $ / bbl	10
Theoretical Impact To Net Earnings Before Tax From Increase In Option Pricing Model Sensitivity Inputs	$ (21)
Theoretical Impact To Net Earnings Before Tax From Decrease In Option Pricing Model Sensitivity Inputs	$ 45

Risk Management - Additional In

Risk Management - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / bbl	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)
Disclosure of risk management strategy related to hedge accounting [line items]
Fair value of derivative financial instruments net	$ 7,000,000		$ 12,000,000		$ 46,000,000
Percentage of accounts receivable outstanding, less than 60 days	96%	96%
Target net debt to adjusted EBITDA ratio	1
Average crude oil price \| $ / bbl	45
Cash and Cash Equivalents	$ 3,093,000,000		2,227,000,000		$ 4,524,000,000
WRB Refining LP
Disclosure of risk management strategy related to hedge accounting [line items]
Uncommitted demand facilities	151,000,000	$ 105
Uncommitted Demand Facilities
Disclosure of risk management strategy related to hedge accounting [line items]
Uncommitted demand facilities	1,300,000,000
Liquidity risk \| Committed Credit Facility
Disclosure of risk management strategy related to hedge accounting [line items]
Uncommitted demand facilities	5,500,000,000
Top of range \| Uncommitted Demand Facilities
Disclosure of risk management strategy related to hedge accounting [line items]
Amount of undrawn facilities for general purposes	1,100,000,000
Long-Term Debt
Disclosure of risk management strategy related to hedge accounting [line items]
Total debt principal	7,470,000,000		7,028,000,000
U.S. Dollar Denominated Unsecured Notes \| Long-Term Debt
Disclosure of risk management strategy related to hedge accounting [line items]
Total debt principal	5,470,000,000	3,800	5,028,000,000	$ 3,800
Foreign Exchange Rate Contracts
Disclosure of risk management strategy related to hedge accounting [line items]
Fair value of derivative financial instruments net	(3,000,000)
Total debt principal		$ 250
Interest rate swap contract
Disclosure of risk management strategy related to hedge accounting [line items]
Total debt principal	$ 0		$ 0
Trade Receivables \| Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Average expected credit loss rate	0.40%	0.40%	0.40%	0.40%
Trade Receivables \| Investment grade counterparties \| Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Number of days outstanding for accruals, joint operations, trade receivables and net investment in finance leases	60 days	60 days
Trade Receivables \| Investment grade counterparties \| Bottom of range \| Credit risk
Disclosure of risk management strategy related to hedge accounting [line items]
Percent of accounts receivable held with investment grade counterparties	79%	79%	83%	83%

Risk Management - Net Fair Valu

Risk Management - Net Fair Value of Risk Management Positions (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / barrel	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
Disclosure of Derivative Financial Instruments [Line Items]
Fair value of derivative financial instruments net	$ 7	$ 12	$ 46
Fair value derivative financial instruments
Disclosure of Derivative Financial Instruments [Line Items]
Average contract financial term	14 months
Power Contacts
Disclosure of Derivative Financial Instruments [Line Items]
Fair value of derivative financial instruments net	$ 6
Renewable Power Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Fair value of derivative financial instruments net	$ 5
WTI Fixed – Sell \| Crude Oil and Condensate Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Notional volume \| $ / barrel	1,600,000
Weighted average price \| $ / barrel	70.18
Fair value of derivative financial instruments net	$ (3)
WTI Fixed – Buy \| Crude Oil and Condensate Contracts
Disclosure of Derivative Financial Instruments [Line Items]
Notional volume \| $ / barrel	300,000
Weighted average price \| $ / barrel	72.80
Fair value of derivative financial instruments net	$ (1)
Other Financial Positions
Disclosure of Derivative Financial Instruments [Line Items]
Fair value of derivative financial instruments net	$ 3

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	Dec. 31, 2024 CAD ($) $ / MMcf $ / barrel $ / $ $ / MWh	Dec. 31, 2023 CAD ($) $ / barrel $ / MMcf $ / MWh $ / $
Crude Oil Contracts \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / barrel	10	10
Increase	$ 0	$ (1)
Decrease	$ 0	$ 1
Crude Oil and Condensate Differential Price \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / barrel	2.50	2.50
Increase	$ 20	$ (4)
Decrease	$ (20)	$ 4
WCS (Hardisty) Differential Price \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / barrel	2.50	5
Increase	$ (6)	$ 0
Decrease	$ 6	$ 0
Refined Products \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / barrel	10	10
Increase	$ (3)	$ (3)
Decrease	$ 3	$ 3
Natural Gas Commodity Price \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / MMcf	0.50	1
Increase	$ 0	$ 0
Decrease	$ 0	$ 0
Natural Gas Basis Price \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / MMcf	0.25	0.50
Increase	$ 1	$ 0
Decrease	$ (1)	$ 0
Power Commodity Price \| Commodity price risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / MWh	10	20
Increase	$ 46	$ 92
Decrease	$ (46)	$ (92)
U.S. to Canadian Dollar Exchange Rate \| Currency risk
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / $	0.05	0.05
Increase	$ 24	$ 0
Decrease	$ (28)	$ 0

Risk Management - Impact of F_2

Risk Management - Impact of Fluctuating Commodity Prices and Interest Rates on Company's Open Risk Management Positions (Detail) - Currency risk $ in Millions	12 Months Ended
	Dec. 31, 2024 CAD ($) $ / $	Dec. 31, 2023 CAD ($)
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Increase	$ 196	$ 197
Decrease	$ (196)	$ (197)
Canadian to U.S. Dollar Exchange Rate
Disclosure of Nature and Extent of Risks Arising from Financial Instruments [Line Items]
Sensitivity Range \| $ / $	0.05

Risk Management - Undiscounted

Risk Management - Undiscounted Cash Outflows Relating to Financial Liabilities (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts Payables And Accrued Liabilities
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	$ 6,242	$ 5,480
Accounts Payables And Accrued Liabilities \| 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	6,242	5,480
Accounts Payables And Accrued Liabilities \| Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	0
Accounts Payables And Accrued Liabilities \| Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	0
Accounts Payables And Accrued Liabilities \| Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	0
Short-Term Borrowings
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	173	179
Short-Term Borrowings \| 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	173	179
Short-Term Borrowings \| Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	0
Short-Term Borrowings \| Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	0
Short-Term Borrowings \| Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	0	0
Contingent Payments
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		168
Contingent Payments \| 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		168
Contingent Payments \| Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		0
Contingent Payments \| Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments		0
Contingent Payments \| Thereafter
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	4,613	4,354
Lease Liabilities \| 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	538	438
Lease Liabilities \| Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	824	712
Lease Liabilities \| Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	645	569
Lease Liabilities \| Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	2,606	2,635
Long-Term Debt
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	11,711	11,257
Long-Term Debt \| 1 Year
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	526	313
Long-Term Debt \| Years 2 and 3
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	1,910	792
Long-Term Debt \| Years 4 and 5
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	1,989	3,007
Long-Term Debt \| Thereafter
Disclosure of Maturity Analysis for Financial Liabilities [Line Items]
Financial instruments	$ 7,286	$ 7,145

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information - Summary of Supplementary Cash Flow Information (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Supplementary Cash Flow Information [Abstract]
Total Current Assets	$ 10,434	$ 9,708
Total Current Liabilities	7,362	6,210
Working Capital	$ 3,072	$ 3,498

Supplementary Cash Flow Infor_4

Supplementary Cash Flow Information - Non-Cash Working Capital (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Supplementary Cash Flow Information [Abstract]
Accounts Receivable and Accrued Revenues	$ 547	$ 314
Income Tax Receivable	199	(295)
Inventories	(117)	216
Accounts Payable and Accrued Liabilities	299	(685)
Income Tax Payable	322	(1,112)
Total Change in Non-Cash Working Capital	1,250	(1,562)
Net Change in Non-Cash Working Capital – Operating Activities	1,305	(1,193)
Net Change in Non-Cash Working Capital – Investing Activities	$ (55)	$ (369)

Supplementary Cash Flow Infor_5

Supplementary Cash Flow Information - Cash Flows Related to Interest and Taxes (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Supplementary Cash Flow Information [Abstract]
Interest Paid	$ 356	$ 402
Interest Received	163	130
Income Taxes Paid	$ 868	$ 2,595

Supplementary Cash Flow Infor_6

Supplementary Cash Flow Information - Summary of Reconciliation of Liabilities to Cash Flows from Financing Activities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, short-term borrowings	$ 179
Beginning balance, lease liabilities	2,658	$ 2,836
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Repayment of Long-Term Debt	0	(1,346)
Principal Repayment of Leases	(299)	(288)
Variable Dividends Declared on Common Shares	251	0
Payment for Purchase of Warrants	0	(711)
Non-Cash Changes:
Lease Additions	363	57
Warrants Purchased and Cancelled	87
Ending balance, short term borrowings	173	179
Ending balance, lease liabilities	2,927	2,658
Common Shares
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Variable Dividends Declared on Common Shares	251
Preferred Shares
Non-Cash Changes:
Warrants Purchased and Cancelled	163	0
Dividends Payable
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, dividend payable	9	9
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Dividends Paid	(1,551)	(1,026)
Non-Cash Changes:
Ending balance, dividend payable	0	9
Dividends Payable \| Common Shares
Non-Cash Changes:
Dividends declared	1,255	990
Variable Dividends Declared on Common Shares	251
Dividends Payable \| Preferred Shares
Non-Cash Changes:
Dividends declared	36	36
Warrants
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, warrant payable	0	0
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Payment for Purchase of Warrants		(711)
Finance and Transaction Costs		(2)
Non-Cash Changes:
Finance and Transaction Costs	0	2
Warrants Purchased and Cancelled		711
Ending balance, warrant payable	0	0
Short-Term Borrowings
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, short-term borrowings	179	115
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Net Issuance (Repayment) of Short-Term Borrowings	5	58
Non-Cash Changes:
Exchange Rate Movements and Other	(11)	6
Ending balance, short term borrowings	173	179
Long-Term Debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, long term debt	7,108	8,691
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Repayment of Long-Term Debt		(1,346)
Non-Cash Changes:
Net Premium (Discount) on Redemption of Long-Term Debt		(84)
Finance and Transaction Costs	(16)	(19)
Exchange Rate Movements and Other	442	(134)
Ending balance, long term debt	7,534	7,108
Lease Liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance, lease liabilities	2,658	2,836
Disclosure of reconciliation of liabilities arising from financing activities [abstract]
Principal Repayment of Leases	(299)	(288)
Non-Cash Changes:
Lease Acquisitions		33
Lease Additions	363	57
Exchange Rate Movements and Other	205	20
Ending balance, lease liabilities	$ 2,927	$ 2,658

Commitments and Contingencies -

Commitments and Contingencies - Future Payments for Commitments (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	$ 24,260	$ 24,667
Product Purchases	14	617
Real Estate	841	898
Obligation to Fund HCML	512	513
Other Long-Term Commitments	1,653	2,101
Total Commitments	$ 27,280	28,796
Transportation commitments subject to regulatory approval or approved but not yet in service term	20 years
Contractual commitments	$ 27,280	28,796
HMLP
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Total Commitments	1,800	2,100
Contractual commitments	1,800	2,100
Commitments approved and not yet in service
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation commitments	854	13,000
1 Year
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	2,122	2,018
Product Purchases	14	617
Real Estate	63	57
Obligation to Fund HCML	104	94
Other Long-Term Commitments	411	417
Total Commitments	2,714	3,203
Contractual commitments	2,714	3,203
2 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	1,947	1,927
Product Purchases	0	0
Real Estate	63	57
Obligation to Fund HCML	105	94
Other Long-Term Commitments	191	194
Total Commitments	2,306	2,272
Contractual commitments	2,306	2,272
3 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	1,921	1,680
Product Purchases	0	0
Real Estate	61	59
Obligation to Fund HCML	98	94
Other Long-Term Commitments	187	184
Total Commitments	2,267	2,017
Contractual commitments	2,267	2,017
4 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	1,904	1,663
Product Purchases	0	0
Real Estate	59	63
Obligation to Fund HCML	56	89
Other Long-Term Commitments	158	175
Total Commitments	2,177	1,990
Contractual commitments	2,177	1,990
5 Years
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	1,815	1,641
Product Purchases	0	0
Real Estate	63	58
Obligation to Fund HCML	44	52
Other Long-Term Commitments	117	166
Total Commitments	2,039	1,917
Contractual commitments	2,039	1,917
Thereafter
Disclosure Of Commitments And Contingent Liabilities [Line Items]
Transportation and storage	14,551	15,738
Product Purchases	0	0
Real Estate	532	604
Obligation to Fund HCML	105	90
Other Long-Term Commitments	589	965
Total Commitments	15,777	17,397
Contractual commitments	$ 15,777	$ 17,397

Commitments and Contingencies_2

Commitments and Contingencies - Additional information (Detail) - CAD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Commitments And Contingencies [Abstract]
Outstanding letters of credit	$ 355	$ 364

Material Accounting Policies -

Material Accounting Policies - Additional information (Detail)	12 Months Ended
	Dec. 31, 2024
Land improvements and buildings \| Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Land improvements and buildings \| Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	40 years
Office Improvements And Vehicles \| Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Office Improvements And Vehicles \| Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	15 years
Rail Facilities \| Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	10 years
Rail Facilities \| Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	40 years
Refining Assets \| Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	5 years
Refining Assets \| Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	60 years
Other \| Bottom of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	3 years
Other \| Top of range
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful life measured as period of time, property, plant and equipment	60 years