XML 37 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net earnings (loss) $ 2,397 $ (204) $ (637)
Non-cash items      
Depletion, depreciation and amortization 5,186 4,858 5,483
Share-based compensation 134 355 (46)
Asset retirement obligation accretion 164 142 173
Unrealized risk management loss 37 25 374
Unrealized foreign exchange (gain) loss (821) (93) 858
(Gain) loss from investments (11) (299) 55
Deferred income tax expense (recovery) 640 (241) 231
Gain on acquisition, disposition and revaluation of properties (379) (250) (739)
Current income tax on disposition of properties 0 0 33
Other (110) (32) (22)
Abandonment expenditures (274) (267) (370)
Net change in non-cash working capital 299 (542) 239
Cash flows from operating activities 7,262 3,452 5,632
Financing activities      
Issue of bank credit facilities and commercial paper, net 2,222 342 970
Issue of medium-term notes, net 1,791 998 107
Issue (repayment) of US dollar debt securities, net 2,733 (834) 0
Issue of common shares on exercise of stock options 466 559 91
Dividends on common shares (1,252) (758) (1,251)
Net change in non-cash working capital 0 0 (40)
Cash flows from (used in) financing activities 5,960 307 (123)
Investing activities      
Net (expenditures) proceeds on exploration and evaluation assets [1] (124) 6 236
Net expenditures on property, plant and equipment [1],[2] (4,574) (3,803) (4,704)
Acquisition of AOSP and other assets, net of cash acquired [3] (8,630) 0 0
Current income tax on disposition of properties 0 0 (33)
Investment in other long-term assets (87) (99) (112)
Net change in non-cash working capital, investing activities 313 85 (852)
Cash flows used in investing activities (13,102) (3,811) (5,465)
Increase (decrease) in cash and cash equivalents 120 (52) 44
Cash and cash equivalents – beginning of year 17 69 25
Cash and cash equivalents – end of year 137 17 69
Interest paid, net 725 617 541
Income taxes (received) paid (792) (444) 42
Investment in PrairieSky Royalty Ltd.      
Investing activities      
Non-cash share consideration received     $ 985
Disposal of Cold Lake Pipeline | Investment in Inter Pipeline Ltd.      
Investing activities      
Non-cash share consideration received   $ 190  
AOSP      
Investing activities      
Other working capital 291    
Fair value of share considerations issued $ 3,818    
[1] Net proceeds on exploration and evaluation assets and net expenditures on property, plant and equipment in 2015 exclude non-cash share consideration of $985 million received from PrairieSky Royalty Ltd. ("PrairieSky") on the disposition of royalty income assets.
[2] Net expenditures on property, plant and equipment in 2016 exclude non-cash share consideration of $190 million received from Inter Pipeline Ltd. ("Inter Pipeline") on the disposition of the Company's interest in the Cold Lake Pipeline.
[3] The acquisition of AOSP in 2017 includes net working capital of $291 million and excludes non-cash share consideration of $3,818 million. See note 7.