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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Provision for Income Tax
The provision for income tax was as follows:
Expense (recovery)2023

2022

2021
Current corporate income tax – North America (1)
$1,853 

$2,789 $1,841 
Current corporate income tax – North Sea(6)69 7 
Current corporate income tax – Offshore Africa73 

74 21 
Current PRT (2) – North Sea
(58)

(42)(34)
Other taxes17 

16 13 
Current income tax 1,879 2,906 1,848 
Deferred corporate income tax267 

302 399 
Deferred PRT (2) – North Sea
(214)

(441)— 
Deferred income tax53 (139)399 
Income tax$1,932 $2,767 $2,247 
(1)Includes North America Exploration and Production, Oil Sands Mining and Upgrading, and Midstream and Refining segments.
(2)Petroleum Revenue Tax.
Schedule of Provision for Income Tax Reconciliation
The provision for income tax is different from the amount computed by applying the combined statutory Canadian federal and provincial income tax rates to earnings before taxes. The reasons for the difference are as follows:
 
2023

2022

2021
Canadian statutory income tax rate
23.3%

23.2%

23.2%
Income tax provision at statutory rate
$2,364 

$3,180 

$2,298 
Effect on income taxes of:

 

 
UK PRT and other taxes
(255)

(467)

(21)
Impact of UK PRT and other taxes on corporate income tax
105 

190 

11 
Foreign and domestic tax rate differentials
(104)

(203)

(11)
Non-taxable portion of capital gains
(35)

65 

(26)
Stock options exercised for common shares
91 

159 

98 
Non-taxable gain on corporate acquisitions
— 

— 

(110)
Revisions arising from prior year tax filings
(174)

(186)

16 
Change in unrecognized capital loss carryforward asset
(35)

65 

(26)
Other
(25)

(36)

18 
Income tax
$1,932 

$2,767 

$2,247 
Summary of Major Temporary Differences, Movements in Deferred Tax Assets and Liabilities, and Net Deferred Income Tax Liability
The following table summarizes the temporary differences that give rise to the net deferred income tax liability:
 
2023

2022
Deferred income tax liabilities
 

 
Property, plant and equipment and exploration and evaluation assets
$12,172 

$11,985 
Lease assets
336 

336 
Investments
54 

56 
Investment in North West Redwater Partnership
904 

903 
Taxable PRT for corporate income tax
256 176 
Other
41 

25 
 
13,763 13,481 
Deferred income tax assets
  
Asset retirement obligations
(2,098)

(1,822)
Lease liabilities
(356)(354)
Share-based compensation
(31)(33)
Loss carryforwards
(417)

(652)
Unrealized foreign exchange loss on long-term debt
(39)

(67)
Deferred PRT
(639)

(439)
 
(3,580)(3,367)
Net deferred income tax liability
$10,183 $10,114 
Movements in deferred tax assets and liabilities recognized in net earnings during the year were as follows:
 2023

2022

2021
Property, plant and equipment and exploration and evaluation assets$196 

$(334)

$184 
Lease assets1 

(15)

(30)
Unrealized foreign exchange on long-term debt28 

(81)

34 
Unrealized risk management activities— 

(12)

19 
Asset retirement obligations(292)

(74)

(213)
Lease liabilities(3)11 25 
Share-based compensation2 (11)(10)
Loss carryforwards235 

618 

202 
Investments(2)

21 

21 
Investment in North West Redwater Partnership1 

53 

83 
Deferred PRT86 

(441)

— 
Taxable PRT for corporate income tax(214)

176 

— 
Other15 

(50)

84 
 $53 $(139)$399 
The following table summarizes the movements of the net deferred income tax liability during the year:
 
2023

2022

2021
Balance – beginning of year
$10,114 

$10,220 

$10,144 
Deferred income tax expense (recovery)
53 

(139)

399 
Deferred income tax expense included in other comprehensive (loss) income
— 

— 

1 
Foreign exchange adjustments
16 

33 

(2)
Business combinations
— 

— 

(322)
Balance – end of year
$10,183 $10,114 $10,220