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Other Long-Term Liabilities (Tables)
 12 Months Ended
Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]  
Disclosure of Other Long-term Liabilities
 
2022

2021
Asset retirement obligations
$6,908 

$6,806 
Lease liabilities (note 8)
1,540 1,584 
Share-based compensation
832 489 
Transportation and processing contracts (1)
159 

241 
Risk management (note 19)
3 

85 
Other
92 

127 
 
9,534 9,332 
Less: current portion
1,373 

948 
 
$8,161 $8,384 
(1)The acquisition of Painted Pony in 2020 included product transportation and processing obligations (note 7).
Summary of Asset Retirement Obligations Reconciliations of the discounted asset retirement obligations were as follows:
 202220212020
Balance – beginning of year
$6,806 

$5,861 

$5,771 
Liabilities incurred
20 

5 

5 
Liabilities acquired, net11 

76 

13 
Liabilities settled(449)

(307)

(249)
Asset retirement obligation accretion281 

185 

205 
Revision of cost, inflation and timing estimates (1)
897 508 

(134)
Impact of regulatory changes (2)
982 

1,208 — 
Change in discount rates(1,698)

(723)

253 
Foreign exchange adjustments
58 

(7)

(3)
Balance – end of year
6,908 6,806 5,861 
Less: current portion
495 

249 

184 
 
$6,413 $6,557 $5,677 
(1)Includes normal course revisions of cost, inflation and timing estimates, as well as revisions related to the acceleration of the abandonment of Ninian field assets in the North Sea at December 31, 2022.
(2)Reflects changes to the estimated timing of settlement of the Company's asset retirement obligations due to provincial regulatory changes in Alberta, British Columbia and Saskatchewan.
Segmented Asset Retirement Obligations
 
2022

2021
Exploration and Production
 

 
North America
$4,326 

$4,021 
North Sea1,011 

821 
Offshore Africa143 

170 
Oil Sands Mining and Upgrading
1,427 

1,793 
Midstream and Refining
1 

1 
 
$6,908 $6,806 
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.
 
202220212020
Balance – beginning of year
$489 $160 $297 
Share-based compensation expense (recovery)
804 514 (82)
Cash payment for stock options surrendered and PSUs vested(79)(48)(39)
Transferred to common shares(387)(139)(21)
Other
5 2 5 
Balance – end of year
832 489 160 
Less: current portion
559 329 119 
 
$273 $160 $41 
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:
 
202220212020
Fair value
$32.96 $16.98 $3.47 
Share price
$75.19 $53.45 $30.59 
Expected volatility
35.8%35.5%39.8%
Expected dividend yield
4.5%4.4%5.6%
Risk free interest rate
3.8%1.1%0.3%
Expected forfeiture rate
5.0%4.7%4.3%
Expected stock option life (1)
4.2 years
4.2 years
4.3 years
(1)At original time of grant.