Don't forget that Cenovus made decision to largely 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 somewhat different than Ovintiv which changed their strategy but still protects near term downside a quarter or two ahead. OVV and has 80% of production hedged at upside of $84 through Q2 2024. That is still a great high margin price for OVV, but they will show some hedging losses with oil price at current or higher point. That difference is one reason I favor CVE over OVV right now for new money going to energy sector.
However OVV may prove happier than CVE if there is a collapse in oil price although the downside is fully protected only below about $65 which seems unlikely at this point.