v3.26.3
SHARE CAPITAL AND WARRANTS (Tables)
 9 Months Ended
Sep. 30, 2026
Disclosure of classes of share capital [abstract]  
Schedule of Share Capital
B) Issued and Outstanding – Common Shares
September 30, 2026December 31, 2025
Number of
Common
Shares
(thousands)
Amount
Number of
Common
Shares
(thousands)
Amount
Outstanding, Beginning of Year1,883,40018,5991,825,03815,659
Issued Under the MEG Acquisition, Net of Issuance Costs (Note 4)
——143,9353,667
Issued Upon Exercise of Warrants53652,47124
Issued Under Stock Option Plans4,339991,39420
Purchase of Common Shares Under NCIB(71,718)(709)(89,438)(771)
Purchase of Common Shares Under ASPP—(60)——
Outstanding, End of Period1,816,55717,9341,883,40018,599
The Company recorded the following liability under the ASPP:
September 30,December 31,
As at20262025
Amounts Charged To:
Share Capital60—
Retained Earnings207—
Liability for Share Purchase Commitment Under ASPP267—
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.
September 30, 2026December 31, 2025
Number of
Common
Shares
(thousands)
Amount
Number of
Common
Shares
(thousands)
Amount
Outstanding, Beginning of Year5,2581162,00043
Purchased Under Employee Benefit Plan7,3002847,100155
Distributed Under Employee Benefit Plan(3,792)(88)(3,842)(82)
Outstanding, End of Period8,7663125,258116
Issued and Outstanding – Preferred Shares
September 30, 2026December 31, 2025
Number of Preferred Shares (thousands)
Amount
       Number of
         Preferred
              Shares
(thousands)
Amount
Outstanding, Beginning of Year12,00011326,000356
Preferred Shares Redeemed(12,000)(113)(14,000)(243)
Outstanding, End of Period——12,000113
On March 31, 2026, Cenovus exercised its right to redeem all 10.7 million of the Company’s series 1 preferred shares and all 1.3 million of the Company’s series 2 preferred shares. The preferred shares were redeemed at a price of $25.00 per share for a total of $300 million. Retained earnings was reduced by $187 million, representing the excess of the purchase price of the preferred shares over their carrying value.
Issued and Outstanding – Warrants
September 30, 2026December 31, 2025
Number of
Warrants
(thousands)
Amount
Number of
Warrants
(thousands)
Amount
Outstanding, Beginning of Year1,17243,64312
Exercised(536)(2)(2,471)(8)
Expired(636)(2)——
Outstanding, End of Period——1,1724