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Supplementary Oil And Gas Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
Extractive Industries [Abstract]  
Schedule of Twelve Month Average Benchmark Prices The Company has used the following 12-month average benchmark prices to determine its 2023 and 2022 reserves for SEC requirements.
Crude Oil and NGLs      Natural Gas
WTIWCSCanadian Light SweetCromer LSBBrentEdmonton C5+Henry HubAECOBC Westcoast Station 2
(US$/bbl)(C$/bbl)(C$/bbl)(C$/bbl)(US$/bbl)(C$/bbl)(US$/MMBtu)(C$/MMBtu)(C$/MMBtu)
202378.10 79.95 100.93 99.48 82.51 103.43 2.75 2.79 2.10 
202294.1399.40118.90117.7697.98119.936.445.594.51
Schedule of Crude Oil, NGL's and Natural Gas Net Proved Reserve Quantities
The following tables summarize the Company's proved and proved developed crude oil and natural gas reserves, net of royalties, as at December 31, 2023, 2022, 2021 and 2020:
 North America 
Crude Oil and NGLs (MMbbl) (1)
Synthetic
Crude Oil
Bitumen (2)
Crude Oil
& NGLs		North
America
Total		North
 Sea		Offshore
Africa		Total
Net Proved Reserves
       
Reserves, December 31, 2020
6,847 2,413 525 9,785 87 71 9,943 
Extensions and discoveries
— 101 14 115 — — 115 
Improved recovery
— 19 14 33 — — 33 
Purchases of reserves in place
— — 52 52 — — 52 
Sales of reserves in place
— — — — — — — 
Production
(150)(103)(45)(297)(6)(5)(309)
Economic revisions due to prices (3)
(927)(296)108 (1,115)1 (4)(1,118)
Revisions of prior estimates
174 155 40 369 (3)2 368 
Reserves, December 31, 2021
5,944 2,289 708 8,941 79 64 9,083 
Extensions and discoveries
— 195 11 205 — — 205 
Improved recovery
29 5 21 56 — — 56 
Purchases of reserves in place
— 267 21 288 — — 288 
Sales of reserves in place
— — — — — — — 
Production
(128)(91)(45)(265)(5)(5)(274)
Economic revisions due to prices (3)
(455)(263)(73)(791)1 (2)(792)
Revisions of prior estimates— 144 54 198 (64)— 134 
Reserves, December 31, 20225,390 2,546 696 8,632 11 57 8,700 
Extensions and discoveries
162 67 51 280 — — 280 
Improved recovery
28 9 37 75 — — 75 
Purchases of reserves in place
— — — — — — — 
Sales of reserves in place
— — (1)(1)— — (1)
Production
(141)(102)(47)(289)(5)(4)(298)
Economic revisions due to prices (3)
333 123 29 484 — 1 485 
Revisions of prior estimates
68 26 1 94 3 1 98 
Reserves, December 31, 2023
5,840 2,669 767 9,276 9 54 9,339 
Net Proved Developed Reserves
       
December 31, 2020
6,770 628 285 7,682 32 37 7,751 
December 31, 20215,929 584 370 6,883 39 38 6,960 
December 31, 2022
5,389 582 359 6,330 5 34 6,369 
December 31, 2023
5,804 610 337 6,752 6 30 6,787 
(1)Information in the reserves data tables may not add due to rounding.
(2)Bitumen as defined by the SEC, "is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis." Under this definition, all the Company's thermal and primary heavy crude oil reserves have been classified as bitumen.
(3)Includes changes due to commodity price and resulting royalty volumes.
Natural Gas (Bcf) (1)
North
 America
North
 Sea
Offshore
 Africa
Total
Net Proved Reserves
 
 
 
Reserves, December 31, 2020
7,655 12 34 7,701 
Extensions and discoveries
545 — — 545 
Improved recovery
161 — — 161 
Purchases of reserves in place
1,654 — — 1,654 
Sales of reserves in place
(1)— — (1)
Production
(581)(1)(4)(587)
Economic revisions due to prices (2)
712 — (4)708 
Revisions of prior estimates
1,139 (3)— 1,136 
Reserves, December 31, 2021
11,285 8 25 11,318 
Extensions and discoveries
251 — — 251 
Improved recovery
192 — — 192 
Purchases of reserves in place
228 — — 228 
Sales of reserves in place
— — — — 
Production
(688)(1)(4)(693)
Economic revisions due to prices (2)
(572)— (3)(575)
Revisions of prior estimates
1,521 (3)7 1,526 
Reserves, December 31, 2022
12,217 4 25 12,246 
Extensions and discoveries
1,185 — — 1,185 
Improved recovery
603 — — 603 
Purchases of reserves in place
— — — — 
Sales of reserves in place
(6)— — (6)
Production
(750)(1)(4)(755)
Economic revisions due to prices (2)
87 — 1 88 
Revisions of prior estimates
57 (1)1 58 
Reserves, December 31, 2023
13,393 3 23 13,419 
Net Proved Developed Reserves
 
 
 
 
December 31, 2020
3,116 6 22 3,144 
December 31, 20214,469 3 20 4,492 
December 31, 20224,956 1 19 4,975 
December 31, 20234,029 1 10 4,040 
(1)Information in the reserves data tables may not add due to rounding.
(2)Includes changes due to commodity price and resulting royalty volumes.
Schedule of Capitalized Costs Relating To Oil And Gas Producing Activities Disclosure
Capitalized Costs Related to Crude Oil and Natural Gas Activities
 2023
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Proved properties
$132,858 $8,606 $4,409 $145,873 
Unproved properties
2,108 — 100 2,208 
 
134,966 8,606 4,509 148,081 
Less: accumulated depletion and depreciation
(69,945)(8,382)(3,358)(81,685)
Net capitalized costs
$65,021 $224 $1,151 $66,396 
 
2022
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Proved properties
$128,807 $8,258 $4,332 $141,397 
Unproved properties
2,128 — 98 2,226 
 
130,935 8,258 4,430 143,623 
Less: accumulated depletion and depreciation
(65,547)(8,106)(3,277)(76,930)
Net capitalized costs
$65,388 $152 $1,153 $66,693 
 
2021
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Proved properties
$124,690 $7,438 $3,980 $136,108 
Unproved properties
2,159 — 91 2,250 
 
126,849 7,438 4,071 138,358 
Less: accumulated depletion and depreciation
(61,231)(5,951)(2,923)(70,105)
Net capitalized costs
$65,618 $1,487 $1,148 $68,253 
Disclosure of Detailed Information About Costs Incurred In Crude Oil And Natural Gas Activities
Costs Incurred in Crude Oil and Natural Gas Activities
 2023
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Property acquisitions
 
 
 
 
Proved
$— $— $— $— 
Unproved
— — — — 
Exploration
43 — 3 46 
Development
5,039 558 187 5,784 
Costs incurred
$5,082 $558 $190 $5,830 
 
2022
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Property acquisitions
 
 
 
 
Proved
$524 $— $— $524 
Unproved
— — — — 
Exploration
40 — 5 45 
Development
4,387 304 75 4,766 
Costs incurred
$4,951 $304 $80 $5,335 
 
2021
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Property acquisitions
 
 
 
 
Proved
$1,371 $— $— $1,371 
Unproved
26 — — 26 
Exploration
4 — 8 12 
Development
4,301 208 48 4,557 
Costs incurred
$5,702 $208 $56 $5,966 
Disclosure Of Detailed Information About Results Of Operations From Crude Oil And Natural Gas Activities
The Company's results of operations from crude oil and natural gas producing activities for the years ended December 31, 2023, 2022 and 2021 are summarized in the following tables:
 2023
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Crude oil and natural gas revenue, net of royalties,
blending and feedstock costs
$26,773 $442 $581 $27,796 
Production
(7,606)(342)(141)(8,089)
Transportation
(1,550)(7)(1)(1,558)
Depletion, depreciation and amortization
(5,690)(494)(213)(6,397)
Asset retirement obligation accretion
(312)(46)(8)(366)
Petroleum revenue tax
— 273 — 273 
Income tax
(2,700)70 (54)(2,684)
Results of operations$8,915 $(104)$164 $8,975 
 2022
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Crude oil and natural gas revenue, net of royalties,
blending and feedstock costs
$31,698 $635 $687 $33,020 
Production
(7,830)(437)(114)(8,381)
Transportation
(1,424)(6)(1)(1,431)
Depletion, depreciation and amortization
(5,417)(1,747)(173)(7,337)
Asset retirement obligation accretion
(241)(33)(7)(281)
Petroleum revenue tax
— 483 — 483 
Income tax
(3,896)442 (98)(3,552)
Results of operations
$12,890 $(663)$294 $12,521 
 
2021
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Crude oil and natural gas revenue, net of royalties,
blending and feedstock costs
$23,111 $611 $438 $24,160 
Production
(6,377)(383)(91)(6,851)
Transportation
(1,176)(7)(1)(1,184)
Depletion, depreciation and amortization
(5,407)(160)(142)(5,709)
Asset retirement obligation accretion
(158)(21)(6)(185)
Petroleum revenue tax
— 33 — 33 
Income tax
(2,317)(29)(50)(2,396)
Results of operations
$7,676 $44 $148 $7,868 
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure The following tables summarize the Company's future net cash flows relating to proved crude oil and natural gas reserves based on the standardized measure as prescribed in FASB Topic 932 - "Extractive Activities - Oil and Gas":
 
2023
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Future cash inflows
$863,544 $1,067 $6,144 $870,755 
Future production costs
(276,498)(636)(1,880)(279,014)
Future development costs and asset retirement obligations
(86,615)(1,873)(1,927)(90,415)
Future income taxes
(113,516)967 (508)(113,057)
Future net cash flows
386,915 (475)1,829 388,269 
10% annual discount for timing of future cash flows(278,814)168 (887)(279,533)
Standardized measure of future net cash flows (1)
$108,101 $(307)$942 $108,736 
(1)Includes abandonment cost estimates for the Ninian field.
 2022
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Future cash inflows
$986,672 $1,506 $7,304 $995,482 
Future production costs
(303,270)(691)(1,998)(305,959)
Future development costs and asset retirement obligations
(83,803)(1,416)(1,439)(86,658)
Future income taxes
(136,905)517 (900)(137,288)
Future net cash flows
462,694 (84)2,967 465,577 
10% annual discount for timing of future cash flows(327,333)84 (1,330)(328,579)
Standardized measure of future net cash flows (1)
$135,361 $— $1,637 $136,998 
(1)Includes abandonment cost estimates for the Ninian field.
 
2021
(millions of Canadian dollars)
North
 America
North
 Sea
Offshore
 Africa
Total
Future cash inflows
$679,123 $7,791 $5,581 $692,495 
Future production costs
(238,144)(4,074)(1,818)(244,036)
Future development costs and asset retirement obligations
(77,375)(1,857)(1,142)(80,374)
Future income taxes
(81,860)(719)(565)(83,144)
Future net cash flows
281,744 1,141 2,056 284,941 
10% annual discount for timing of future cash flows(201,227)(142)(788)(202,157)
Standardized measure of future net cash flows
$80,517 $999 $1,268 $82,784 
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows
The principal sources of change in the standardized measure of discounted future net cash flows are summarized in the following table:
(millions of Canadian dollars)202320222021
Sales of crude oil and natural gas produced, net of production costs
$(18,174)$(23,242)$(16,149)
Net changes in sales prices and production costs
(47,145)79,291 74,558 
Extensions, discoveries and improved recovery
8,196 6,198 2,948 
Changes in estimated future development costs
(1,511)(3,640)(2,773)
Purchases of proved reserves in place
— 5,745 4,010 
Sales of proved reserves in place
(47)— (1)
Revisions of previous reserve estimates
6,647 (9,956)(186)
Accretion of discount
17,769 10,712 3,460 
Changes in production timing and other
(2,831)5,463 6,638 
Net change in income taxes
8,834 (16,357)(17,232)
Net change
(28,262)54,214 55,273 
Balance - beginning of year
136,998 82,784 27,511 
Balance - end of year
$108,736 $136,998 $82,784