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Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net earnings $ 8,233 $ 10,937 $ 7,664
Non-cash items      
Depletion, depreciation and amortization 6,413 7,353 5,724
Share-based compensation 491 804 514
Asset retirement obligation accretion 366 281 185
Unrealized risk management loss (gain) 12 (28) 19
Unrealized foreign exchange (gain) loss (260) 852 (205)
Gain on acquisitions 0 0 (478)
Gain from investments (34) (182) (132)
Deferred income tax expense (recovery) 53 (139) 399
Realized foreign exchange (gain) loss [1] 0 (62) 118
Proceeds on settlement of cross currency swap 0 89 0
Abandonment expenditures (509) (449) (307)
Other 5 (144) 13
Net change in non-cash working capital (2,417) 79 964
Cash flows from operating activities 12,353 19,391 14,478
Financing activities      
Repayment of bank credit facilities and commercial paper, net 0 (1,156) (6,151)
Repayment of medium-term notes (416) (1,498) 0
Repayment of US dollar debt securities 0 (1,356) (628)
Settlement of long-term debt acquired 0 0 (183)
Proceeds on settlement of cross currency swaps 0 69 0
Payment of lease liabilities (285) (232) (209)
Issue of common shares on exercise of stock options 372 442 707
Dividends on common shares (3,891) (4,926) (2,170)
Purchase of common shares under Normal Course Issuer Bid (3,318) (5,571) (1,581)
Cash flows used in financing activities (7,538) (14,228) (10,215)
Investing activities      
Net expenditures on exploration and evaluation assets (44) (33) (1)
Net expenditures on property, plant and equipment (4,865) (5,103) (4,492)
Proceeds from investment 0 0 128
Repayment of North West Redwater Partnership subordinated debt advances 0 0 555
Net change in non-cash working capital 51 149 107
Cash flows used in investing activities (4,858) (4,987) (3,703)
(Decrease) increase in cash and cash equivalents (43) 176 560
Cash and cash equivalents – beginning of year 920 744 184
Cash and cash equivalents – end of year 877 920 744
Interest paid on long-term debt, net 602 613 672
Income taxes paid (received) $ 3,317 $ 3,057 $ (62)
[1] Consists of the realized foreign exchange gain on settlement of cross currency swaps in 2022, and the realized foreign exchange loss on repayment of US dollar debt securities in 2022 and 2021.