v3.26.3
FINANCIAL INSTRUMENTS (Tables)
9 Months Ended
Sep. 30, 2026
Disclosure of detailed information about financial instruments [abstract]  
Schedule of Reconciliation of Changes in the Fair Value of Available for Sale Financial Assets
The following table summarizes revenues and associated expenses related to HMLP:
Three Months EndedNine Months Ended
For the periods ended September 30,
2026202520262025
Revenues from Construction and Management Services5350129116
Transportation Expenses6566200203
The following table provides a reconciliation of changes in the fair value of private equity investments held and classified as FVOCI during the period:
Total
As at December 31, 2025193
Acquisitions5
Changes in Fair Value
3
As at September 30, 2026201
Schedule of Unrealized Risk Management Positions
Summary of Risk Management Positions
September 30, 2026December 31, 2025
Risk ManagementRisk Management
As at AssetLiabilityNetAssetLiabilityNet
Crude Oil, Condensate, Natural Gas and Refined Products170141292730(3)
Power Contracts5—52—2
Renewable Power Contracts179817611
Foreign Exchange Rate Contracts—14(14)———
19216428463610
Schedule 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:
September 30,December 31,
As at 20262025
Level 2 – Prices Sourced From Observable Data or Market Corroboration20(1)
Level 3 – Prices Sourced From Partially Unobservable Data811
2810
Schedule of 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:
Total
As at December 31, 202510
Change in Fair Value of Contracts in Place, Beginning of Year
5
Change in Fair Value of Contracts Entered Into During the Period(85)
Fair Value of Contracts Realized During the Period98
As at September 30, 202628
Schedule of Earnings Impact of (Gain) Loss from Risk Management Positions Earnings Impact of (Gains) Losses From Risk Management Positions
Three Months EndedNine Months Ended
For the periods ended September 30,
2026202520262025
Realized (Gain) Loss51798(14)
Unrealized (Gain) Loss2(19)(18)(65)
(Gain) Loss on Risk Management
7(2)80(79)