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Other Long-Term Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract] |
Disclosure of Other Long-term Liabilities |
|  | 2024 |  | 2023
Asset retirement obligations |  | $ | 8,607 |  |  | $ | 7,690 |
Lease liabilities (note 8) |  | 1,464 |  |  | 1,555 |
Share-based compensation |  | 620 |  |  | 780 |
Transportation and processing contracts |  | 58 |  |  | 87 |
Risk management (note 19) |  | 8 |  |  | 4 |
Other |  | 80 |  |  | 73 |
|  | 10,837 |  |  | 10,189 |
Less: current portion |  | 1,535 |  |  | 1,503 |
|  | $ | 9,302 |  |  | $ | 8,686 |
Summary of Asset Retirement Obligations | Reconciliations of the discounted asset retirement obligations were as follows:
|  | 2024 |  | 2023 |  | 2022
Balance – beginning of year |  | $ | 7,690 |  |  | $ | 6,908 |  |  | $ | 6,806 |
Liabilities incurred |  | 28 |  |  | 25 |  |  | 20 |
Liabilities acquired, net |  | 171 |  |  | — |  |  | 11 |
Liabilities settled |  | (646) |  |  | (509) |  |  | (449) |
Asset retirement obligation accretion |  | 389 |  |  | 366 |  |  | 281 |
Revision of cost, inflation and timing estimates (1) |  | 417 |  |  | 621 |  |  | 897 |
Impact of regulatory changes (2) |  | — |  |  | — |  |  | 982 |
Change in discount rates |  | 419 |  |  | 314 |  |  | (1,698) |
Foreign exchange adjustments |  | 139 |  |  | (35) |  |  | 58 |
Balance – end of year |  | 8,607 |  |  | 7,690 |  |  | 6,908 |
Less: current portion |  | 787 |  |  | 634 |  |  | 495 |
|  | $ | 7,820 |  |  | $ | 7,056 |  |  | $ | 6,413 |
(1)Includes normal course revisions of cost, inflation and timing estimates, as well as revisions related to cost estimate increases on future abandonment of the Ninian field assets in the North Sea. (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 in 2022. Segmented Asset Retirement Obligations
|  | 2024 |  | 2023
Exploration and Production |  |  |  |
North America |  | $ | 4,783 |  |  | $ | 4,471 |
North Sea |  | 1,724 |  |  | 1,441 |
Offshore Africa |  | 197 |  |  | 165 |
Oil Sands Mining and Upgrading |  | 1,902 |  |  | 1,612 |
Midstream and Refining |  | 1 |  |  | 1 |
|  | $ | 8,607 |  |  | $ | 7,690 |
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.
|  | 2024 |  | 2023 |  | 2022
Balance – beginning of year |  | $ | 780 |  |  | $ | 832 |  |  | $ | 489 |
Share-based compensation expense |  | 279 |  |  | 491 |  |  | 804 |
Cash payment for stock options surrendered and PSUs vested |  | (84) |  |  | (110) |  |  | (79) |
Transferred to common shares |  | (358) |  |  | (435) |  |  | (387) |
Other |  | 3 |  |  | 2 |  |  | 5 |
Balance – end of year |  | 620 |  |  | 780 |  |  | 832 |
Less: current portion |  | 463 |  |  | 538 |  |  | 559 |
|  | $ | 157 |  |  | $ | 242 |  |  | $ | 273 |
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:
|  | 2024 |  | 2023 |  | 2022
Fair value (1) |  | $ | 13.15 |  |  | $ | 17.96 |  |  | $ | 16.48 |
Share price (1) |  | $ | 44.38 |  |  | $ | 43.41 |  |  | $ | 37.60 |
Expected volatility |  | 26.4% |  | 30.9% |  | 35.8%
Expected dividend yield |  | 5.1% |  | 4.6% |  | 4.5%
Risk free interest rate |  | 2.9% |  | 3.6% |  | 3.8%
Expected forfeiture rate |  | 5.2% |  | 5.4% |  | 5.0%
Expected stock option life (2) |  | 4.1 years |  | 4.2 years |  | 4.2 years
(1)Common share, per common share, dividend, and stock option amounts have been updated to reflect the two for one common share split (note 1). (2)At original time of grant.

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