No significant hedges so higher prices move right to results Don't forget that Cenovus made decision to end hedging in April 2022 after their disastrous one quarter near billion dollar (970 million) hedging losses in Q1 2022. . They have less than 10 mm barrels a day hedged for blending operations but really minimal. So the increase in oil price will show up in financial performance very quickly.
That is very different than Ovintiv which jumped right back in and has 80% of production hedged at max of $84 through Q2 2024. That is still a great high margin price for OVV, but they will show some hedging losses. That difference is one reason I favor CVE over OVV for new money going to energy sector.