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Other Long-Term Liabilities (Tables)
 12 Months Ended
Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]  
Disclosure of other long-term liabilities
 
2021

2020
Asset retirement obligations
$6,806 

$5,861 
Lease liabilities (note 8)
1,584 1,690 
Share-based compensation
489 160 
Risk management (note 19)
85 

160 
Transportation and processing contracts (1)
241 

270 
Other (2)
127 

145 
 
9,332 8,286 
Less: current portion
948 

722 
 
$8,384 $7,564 
(1)The acquisition of Painted Pony in 2020 included product transportation and processing obligations (note 7).
(2)Includes $48 million (2020 – $72 million) related to the acquisition of the Joslyn oil sands project in 2018, payable in annual installments of $25 million.
Summary of asset retirement obligations Reconciliations of the discounted asset retirement obligations were as follows:
 202120202019
Balance – beginning of year
$5,861 

$5,771 

$3,886 
Liabilities incurred
5 

5 

15 
Liabilities acquired, net76 

13 

198 
Liabilities settled
(307)

(249)

(296)
Asset retirement obligation accretion
185 

205 

190 
Revision of cost and timing estimates
1,716 

(134)

412 
Change in discount rates
(723)

253 

1,412 
Foreign exchange adjustments
(7)

(3)

(46)
Balance – end of year
6,806 5,861 5,771 
Less: current portion
249 

184 

208 
 
$6,557 $5,677 $5,563 
Segmented Asset Retirement Obligations
 
2021

2020
Exploration and Production
 

 
North America
$4,021 

$2,899 
North Sea
821 

787 
Offshore Africa
170 

174 
Oil Sands Mining and Upgrading
1,793 

1,999 
Midstream and Refining
1 

2 
 
$6,806 $5,861 
Summary of share-based compensation liability The current portion of the liability represents the maximum amount of the liability payable within the next twelve month period if all vested stock options and PSUs are settled in cash.
 
202120202019
Balance – beginning of year
$160 $297 $124 
Share-based compensation expense (recovery)
514 (82)223 
Cash payment for stock options surrendered and PSUs vested
(48)(39)(2)
Transferred to common shares
(139)(21)(53)
Other
2 5 5 
Balance – end of year
489 160 297 
Less: current portion
329 119 227 
 
$160 $41 $70 
Disclosure of weighted average assumptions used
The fair value of stock options outstanding was estimated using the Black-Scholes valuation model with the following weighted average assumptions:
 
202120202019
Fair value
$16.98 $3.47 $7.88 
Share price
$53.45 $30.59 $42.00 
Expected volatility
35.5%39.8%26.7%
Expected dividend yield
4.4%5.6%3.6%
Risk free interest rate
1.1%0.3%1.7%
Expected forfeiture rate
4.7%4.3%4.3%
Expected stock option life (1)
4.2 years
4.3 years
4.4 years
(1)At original time of grant.