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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination, Asset Acquisition And Dispositions [Abstract]

Schedule of Business Combination

The fair value of total consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion):

Fair value of consideration			Millions of Dollars
Cash paid			$	2,685
Contingent consideration			320
Total consideration			$	3,005

Schedule of Assets Acquired and Liabilities Assumed

Recognized amounts of identifiable assets acquired and liabilities assumed			Millions of Dollars
Oil and gas properties			3,129
Asset retirement obligations			(112)
Other			(12)
Total identifiable net assets			$	3,005

Schedule of Non-Recurring Restructuring and Transition-Related Costs

The impact from the transaction and restructuring costs to the lines of our consolidated income statement for the year ended December 31, 2021, are below:

			Millions of Dollars
			Transaction Cost			Restructuring Cost			Total Cost
Production and operating expenses						128			128
Selling, general and administration expenses			135			67			202
Exploration expenses			18			8			26
Taxes other than income taxes			4			2			6
Other expenses			—			29			29
			$	157		234			391

Schedule of Supplemental Pro Forma Financial Information

The following tables summarize the unaudited supplemental pro forma financial information for the year ended December 31, 2023, and 2022, as if we had completed the acquisition on January 1, 2022.

			Millions of Dollars
			Year Ended December 31, 2023
			As reported						Pro forma Surmont			Pro forma Combined
Total Revenues and Other Income			$	58,574					2,561			61,135
Income (loss) before income taxes			16,288						659			16,947
Net Income (Loss)			10,957						501			11,458
Earnings per share:
Basic net income (loss)			$	9.08								9.50
Diluted net income (loss)			9.06									9.47
			Millions of Dollars
			Year Ended December 31, 2022
			As reported						Pro forma Surmont			Pro forma Combined
Total Revenues and Other Income			$	82,156					3,582			85,738
Income (loss) before income taxes			28,228						947			29,175
Net Income (Loss)			18,680						720			19,400
Earnings per share:
Basic net income (loss)			$	14.62								15.18
Diluted net income (loss)			14.57									15.13

The following table summarizes the unaudited supplemental pro forma financial information for the year ended December 31, 2021, as if we had completed the acquisition of the Shell Permian assets on January 1, 2020.

			Millions of Dollars
			Year Ended December 31, 2021
			As reported									Pro forma Shell			Pro forma Combined
Total Revenues and Other Income			$	48,349								3,220			51,569
Income (loss) before income taxes			12,712									1,201			13,913
Net Income (Loss)			8,079									920			8,999
Earnings per share:
Basic net income (loss)			$	6.09											6.78
Diluted net income (loss)			6.07												6.76

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Business Combination, Asset Acquisition And Dispositions

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Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information).

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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