Segmented Information (Tables)

12 Months Ended

Dec. 31, 2021


	North America						North Sea						Offshore Africa
(millions of Canadian dollars)	2021		2020		2019		2021		2020		2019		2021		2020		2019
Segmented product sales
Crude oil and NGLs (1)	$	14,478	$	7,480	$	9,679	$	607	$	417	$	860	$	420	$	318	$	632
Natural gas	2,484		1,242		1,150		5		12		57		31		42		67
Other income and revenue (2)	119		41		6		(1)		3		5		7		18		8
Total segmented product sales	17,081		8,763		10,835		611		432		922		458		378		707
Less: royalties	(1,694)		(503)		(998)		(1)		(1)		(2)		(21)		(16)		(42)
Segmented revenue	15,387		8,260		9,837		610		431		920		437		362		665
Segmented expenses
Production	2,963		2,510		2,425		383		321		391		91		103		109
Transportation, blending and feedstock (1) (3)	4,772		3,393		2,935		7		15		19		1		1		2
Depletion, depreciation and amortization	3,569		3,780		3,326		160		277		308		142		190		242
Asset retirement obligation accretion	101		97		95		21		30		28		6		6		6
Risk management activities (commodity derivatives)	29		(20)		49		—		—		—		—		—		—
Gain on acquisitions	(478)		(217)		—		—		—		—		—		—		—
Income from NWRP	—		—		—		—		—		—		—		—		—
Equity loss from investments	—		—		—		—		—		—		—		—		—
Total segmented expenses	10,956		9,543		8,830		571		643		746		240		300		359
Segmented earnings (loss)	$	4,431	$	(1,283)	$	1,007	$	39	$	(212)	$	174	$	197	$	62	$	306
Non–segmented expenses
Administration
Share-based compensation
Interest and other financing expense
Risk management activities (other)
Foreign exchange gain
(Gain) loss from investments
Total non–segmented expenses
Earnings (loss) before taxes
Current income tax
Deferred income tax
Net earnings (loss)

(1)Includes blending and feedstock costs associated with the processing of third party bitumen and other purchased feedstock in the Oil Sands Mining and Upgrading segment.

(2)Includes the sale of diesel and other refined products and other income, including government grants and recoveries associated with the joint operations partners' share of the costs of lease contracts.

(3)Includes a provision of $143 million relating to the Keystone XL pipeline project in the North America segment in 2020.


Oil Sands Mining and Upgrading						Midstream and Refining						Inter–segment elimination and Other						Total
2021		2020		2019		2021		2020		2019		2021		2020		2019		2021		2020		2019

$	14,033	$	7,389	$	11,340	$	78	$	83	$	88	$	(360)	$	(108)	$	351	$	29,256	$	15,579	$	22,950
—		—		—		—		—		—		196		182		145		2,716		1,478		1,419
73		139		6		681		202		—		3		31		—		882		434		25
14,106		7,528		11,346		759		285		88		(161)		105		496		32,854		17,491		24,394
(1,081)		(78)		(481)		—		—		—		—		—		—		(2,797)		(598)		(1,523)
13,025		7,450		10,865		759		285		88		(161)		105		496		30,057		16,893		22,871

3,414		3,114		3,276		234		184		20		67		48		56		7,152		6,280		6,277
1,505		881		1,306		550		181		—		(231)		27		437		6,604		4,498		4,699
1,838		1,784		1,656		15		15		14		—		—		—		5,724		6,046		5,546
57		72		61		—		—		—		—		—		—		185		205		190
—		—		—		—		—		—		—		—		—		29		(20)		49
—		—		—		—		—		—		—		—		—		(478)		(217)		—
—		—		—		(400)		—		—		—		—		—		(400)		—		—
—		—		—		—		—		287		—		—		—		—		—		287
6,814		5,851		6,299		399		380		321		(164)		75		493		18,816		16,792		17,048
$	6,211	$	1,599	$	4,566	$	360	$	(95)	$	(233)	$	3	$	30	$	3	$	11,241	$	101	$	5,823

																		366		391		344
																		514		(82)		223
																		711		756		836
																		7		13		28
																		(127)		(275)		(570)
																		(141)		171		6
																		1,330		974		867
																		9,911		(873)		4,956
																		1,848		(257)		434
																		399		(181)		(894)
																		$	7,664	$	(435)	$	5,416


	2021						2020
	Net expenditures		Non-cash and fair value changes (2)		Capitalized costs		Net expenditures		Non-cash and fair value changes (2)		Capitalized costs

Exploration and evaluation assets
Exploration and Production
North America	$	(7)	$	(36)	$	(43)	$	(7)	$	(150)	$	(157)
Offshore Africa	8		—		8		12		3		15
Oil Sands Mining and Upgrading	—		(150)		(150)		—		—		—
	1		(186)		(185)		5		(147)		(142)

Property, plant and equipment
Exploration and Production
North America (3) (4)	2,486		1,351		3,837		999		371		1,370
North Sea	173		38		211		122		(21)		101
Offshore Africa	54		(6)		48		87		7		94
	2,713		1,383		4,096		1,208		357		1,565
Oil Sands Mining and Upgrading (5)	1,747		(601)		1,146		1,323		(629)		694
Midstream and Refining	9		—		9		5		1		6
Head office	23		—		23		19		—		19
	4,492		782		5,274		2,555		(271)		2,284
	$	4,493	$	596	$	5,089	$	2,560	$	(418)	$	2,142

(1)This table provides a reconciliation of capitalized costs, reported in note 6 and note 7, to net expenditures reported in the investing activities section of the statements of cash flows. The reconciliation excludes the impact of foreign exchange adjustments.

(2)Derecognitions, asset retirement obligations, transfer of exploration and evaluation assets, and other fair value adjustments.

(3)Includes cash consideration paid of $771 million for the acquisition of Storm in 2021.

(4)Includes cash consideration paid of $111 million for the acquisition of Painted Pony in 2020.

(5)Net expenditures includes the acquisition of a 5% net carried interest on an existing oil sands lease during 2021, capitalized interest and share-based compensation.


	2021		2020
Exploration and Production
North America	$	30,645	$	29,094
North Sea	1,561		1,624
Offshore Africa	1,332		1,407
Other	40		81
Oil Sands Mining and Upgrading	42,016		41,567
Midstream and Refining	886		1,301
Head office	185		202
	$	76,665	$	75,276