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SEGMENTED INFORMATION | 12 Months Ended
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Dec. 31, 2017
Operating Segments [Abstract] |
SEGMENTED INFORMATION | SEGMENTED INFORMATION The Company’s exploration and production activities are conducted in three geographic segments: North America, North Sea and Offshore Africa. These activities include the exploration, development, production and marketing of crude oil, natural gas liquids and natural gas. The Company’s Oil Sands Mining and Upgrading activities are reported in a separate segment from exploration and production activities.
| North America | North Sea | Offshore Africa
(millions of Canadian dollars) | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
Segmented product sales | $ | 9,161 |  | $ | 7,209 |  | $ | 9,222 |  | $ | 784 |  | $ | 570 |  | $ | 638 |  | $ | 632 |  | $ | 603 |  | $ | 482 |
Less: royalties | (809 | ) | (524 | ) | (732 | ) | (1 | ) | (1 | ) | (1 | ) | (41 | ) | (26 | ) | (22 | )
Segmented revenue | 8,352 |  | 6,685 |  | 8,490 |  | 783 |  | 569 |  | 637 |  | 591 |  | 577 |  | 460 |
Segmented expenses |  |  |  |  |  |  |  |  |
Production | 2,362 |  | 2,186 |  | 2,603 |  | 400 |  | 403 |  | 544 |  | 226 |  | 200 |  | 223 |
Transportation, blending and feedstock | 2,291 |  | 1,941 |  | 2,309 |  | 31 |  | 48 |  | 61 |  | 1 |  | 2 |  | 2 |
Depletion, depreciation and amortization | 3,243 |  | 3,465 |  | 4,248 |  | 509 |  | 458 |  | 388 |  | 205 |  | 262 |  | 273 |
Asset retirement obligation accretion | 80 |  | 66 |  | 93 |  | 27 |  | 35 |  | 39 |  | 9 |  | 12 |  | 10 |
Realized risk management activities | (2 | ) | 8 |  | (843 | ) | — |  | — |  | — |  | — |  | — |  | — |
Gain on acquisition, disposition and revaluation of properties | (35 | ) | (32 | ) | (739 | ) | — |  | — |  | — |  | — |  | — |  | — |
(Gain) loss from investments | (7 | ) | (320 | ) | 6 |  | — |  | — |  | — |  | — |  | — |  | — |
Total segmented expenses | 7,932 |  | 7,314 |  | 7,677 |  | 967 |  | 944 |  | 1,032 |  | 441 |  | 476 |  | 508 |
Segmented earnings (loss) before the following | $ | 420 |  | $ | (629 | ) | $ | 813 |  | $ | (184 | ) | $ | (375 | ) | $ | (395 | ) | $ | 150 |  | $ | 101 |  | $ | (48 | )
Non–segmented expenses |  |  |  |  |  |  |  |  |
Administration |  |  |  |  |  |  |  |  |
Share-based compensation |  |  |  |  |  |  |  |  |
Interest and other financing expense |  |  |  |  |  |  |  |  |
Unrealized risk management activities |  |  |  |  |  |  |  |  |
Foreign exchange (gain) loss |  |  |  |  |  |  |  |  |
Total non–segmented expenses |  |  |  |  |  |  |  |  |
Earnings (loss) before taxes |  |  |  |  |  |  |  |  |
Current income tax recovery |  |  |  |  |  |  |  |  |
Deferred income tax expense (recovery) |  |  |  |  |  |  |  |  |
Net earnings (loss) |  |  |  |  |  |  |  |  |
Midstream activities include the Company’s pipeline operations, an electricity co-generation system and Redwater Partnership. Production activities that are not included in the above segments are reported in the segmented information as other. Inter-segment eliminations include internal transportation and electricity charges. Segmented revenue and segmented results include transactions between business segments. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers are based on the location of the seller. Operating segments are reported in a manner consistent with the internal reporting provided to the Company’s chief operating decision makers.
Oil Sands Mining and Upgrading | Midstream | Inter–segment elimination and other | Total
2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
$ | 7,072 |  | $ | 2,657 |  | $ | 2,764 |  | $ | 102 |  | $ | 114 |  | $ | 136 |  | $ | (82 | ) | $ | (55 | ) | $ | (75 | ) | $ | 17,669 |  | $ | 11,098 |  | $ | 13,167 |
(167 | ) | (24 | ) | (49 | ) | — |  | — |  | — |  | — |  | — |  | — |  | (1,018 | ) | (575 | ) | (804 | )
6,905 |  | 2,633 |  | 2,715 |  | 102 |  | 114 |  | 136 |  | (82 | ) | (55 | ) | (75 | ) | 16,651 |  | 10,523 |  | 12,363 |
2,600 |  | 1,292 |  | 1,332 |  | 16 |  | 25 |  | 32 |  | (8 | ) | (7 | ) | (8 | ) | 5,596 |  | 4,099 |  | 4,726 |
679 |  | 80 |  | 82 |  | — |  | — |  | — |  | (85 | ) | (68 | ) | (75 | ) | 2,917 |  | 2,003 |  | 2,379 |
1,220 |  | 662 |  | 562 |  | 9 |  | 11 |  | 12 |  | — |  | — |  | — |  | 5,186 |  | 4,858 |  | 5,483 |
48 |  | 29 |  | 31 |  | — |  | — |  | — |  | — |  | — |  | — |  | 164 |  | 142 |  | 173 |
— |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | (2 | ) | 8 |  | (843 | )
(230 | ) | — |  | — |  | (114 | ) | (218 | ) | — |  | — |  | — |  | — |  | (379 | ) | (250 | ) | (739 | )
— |  | — |  | — |  | (31 | ) | (7 | ) | 44 |  | — |  | — |  | — |  | (38 | ) | (327 | ) | 50 |
4,317 |  | 2,063 |  | 2,007 |  | (120 | ) | (189 | ) | 88 |  | (93 | ) | (75 | ) | (83 | ) | 13,444 |  | 10,533 |  | 11,229 |
$ | 2,588 |  | $ | 570 |  | $ | 708 |  | $ | 222 |  | $ | 303 |  | $ | 48 |  | $ | 11 |  | $ | 20 |  | $ | 8 |  | 3,207 |  | (10 | ) | 1,134 |
|  |  |  |  |  |  |  |  | 319 |  | 345 |  | 390 |
|  |  |  |  |  |  |  |  | 134 |  | 355 |  | (46 | )
|  |  |  |  |  |  |  |  | 631 |  | 383 |  | 322 |
|  |  |  |  |  |  |  |  | 37 |  | 25 |  | 374 |
|  |  |  |  |  |  |  |  | (787 | ) | (55 | ) | 761 |
|  |  |  |  |  |  |  |  | 334 |  | 1,053 |  | 1,801 |
|  |  |  |  |  |  |  |  | 2,873 |  | (1,063 | ) | (667 | )
|  |  |  |  |  |  |  |  | (164 | ) | (618 | ) | (261 | )
|  |  |  |  |  |  |  |  | 640 |  | (241 | ) | 231 |
|  |  |  |  |  |  |  |  | $ | 2,397 |  | $ | (204 | ) | $ | (637 | )
Capital Expenditures (1)
|  | 2017 |  | 2016
|  | Net (2) expenditures |  |  | Non-cash and fair value changes (2) (3) |  |  | Capitalized costs |  |  | Net expenditures (proceeds) |  |  | Non-cash and fair value changes (3) |  |  | Capitalized costs |
Exploration and evaluation assets |  |  |  |  |  |  |  |  |  |  |  |
Exploration and Production |  |  |  |  |  |  |  |  |  |  |  |
North America (4) |  | $ | 160 |  |  | $ | (184 | ) |  | $ | (24 | ) |  | $ | 17 |  |  | $ | (211 | ) |  | $ | (194 | )
North Sea |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Offshore Africa |  | 15 |  |  | — |  |  | 15 |  |  | 9 |  |  | (18 | ) |  | (9 | )
Oil Sands Mining and Upgrading |  | 142 |  |  | 117 |  |  | 259 |  |  | — |  |  | — |  |  | — |
|  | $ | 317 |  |  | $ | (67 | ) |  | $ | 250 |  |  | $ | 26 |  |  | $ | (229 | ) |  | $ | (203 | )
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exploration and Production |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 2,815 |  |  | $ | 354 |  |  | $ | 3,169 |  |  | $ | 1,143 |  |  | $ | (36 | ) |  | $ | 1,107 |
North Sea |  | 160 |  |  | 95 |  |  | 255 |  |  | 126 |  |  | 60 |  |  | 186 |
Offshore Africa |  | 89 |  |  | 12 |  |  | 101 |  |  | 142 |  |  | (26 | ) |  | 116 |
|  | 3,064 |  |  | 461 |  |  | 3,525 |  |  | 1,411 |  |  | (2 | ) |  | 1,409 |
Oil Sands Mining and Upgrading (5) |  | 9,592 |  |  | 5,454 |  |  | 15,046 |  |  | 2,718 |  |  | (23 | ) |  | 2,695 |
Midstream (6) (7) |  | 80 |  |  | 114 |  |  | 194 |  |  | (315 | ) |  | (28 | ) |  | (343 | )
Head office |  | 19 |  |  | — |  |  | 19 |  |  | 17 |  |  | — |  |  | 17 |
|  | $ | 12,755 |  |  | $ | 6,029 |  |  | $ | 18,784 |  |  | $ | 3,831 |  |  | $ | (53 | ) |  | $ | 3,778 |
(1) | This table provides a reconciliation of capitalized costs including derecognitions and does not include the impact of foreign exchange adjustments.
(2) | Net expenditures on exploration and evaluation assets and property, plant and equipment for the year ended December 31, 2017 exclude non-cash share consideration of $3,818 million issued on the acquisition of AOSP and other assets. This non-cash consideration is included in non-cash and other fair value changes.
(3) | Asset retirement obligations, transfers of exploration and evaluation assets, transfers of property, plant and equipment to inventory due to change in use, and other fair value adjustments.
(4) | The above noted figures for 2017 do not include the impact of a pre-tax cash gain of $35 million (2016 - $32 million pre-tax cash gain) on the disposition of exploration and evaluation assets.
(5) | Net expenditures for Oil Sands Mining and Upgrading include capitalized interest and share-based compensation.
(6) | The above noted figures for 2016 do not include a pre-tax cash and non-cash gain of $218 million on the disposition of certain Midstream assets to Inter Pipeline.
(7) | The above noted figures for 2017 include the impact of a pre-tax non-cash revaluation gain of $114 million ($83 million after-tax) related to a previously held joint interest in a pipeline system.
Segmented Assets
|  | 2017 |  |  | 2016 |
Exploration and Production |  |  |  |
North America |  | $ | 28,705 |  |  | $ | 28,892 |
North Sea |  | 1,854 |  |  | 2,269 |
Offshore Africa |  | 1,331 |  |  | 1,580 |
Other |  | 29 |  |  | 29 |
Oil Sands Mining and Upgrading |  | 40,559 |  |  | 24,852 |
Midstream |  | 1,279 |  |  | 912 |
Head office |  | 110 |  |  | 114 |
|  | $ | 73,867 |  |  | $ | 58,648 |

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