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Leases | 12 Months Ended
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Dec. 31, 2024
Disclosure of leases [Abstract] |
Leases | Leases LEASE ASSETS
| Product transportation and storage |  | Field equipment and power |  | Offshore vessels and equipment |  | Office leases and other |  | Total
At December 31, 2022 | $ | 912 |  |  | $ | 377 |  |  | $ | 97 |  |  | $ | 61 |  |  | $ | 1,447 |
Additions | 27 |  |  | 218 |  |  | 49 |  |  | 23 |  |  | 317 |
Depreciation | (98) |  |  | (111) |  |  | (45) |  |  | (19) |  |  | (273) |
Foreign exchange adjustments and other | (1) |  |  | (2) |  |  | (30) |  |  | — |  |  | (33) |
At December 31, 2023 | 840 |  |  | 482 |  |  | 71 |  |  | 65 |  |  | 1,458 |
Additions | 5 |  |  | 118 |  |  | 40 |  |  | 68 |  |  | 231 |
Depreciation | (96) |  |  | (135) |  |  | (51) |  |  | (20) |  |  | (302) |
Foreign exchange adjustments and other | 3 |  |  | 3 |  |  | 4 |  |  | (3) |  |  | 7 |
At December 31, 2024 | $ | 752 |  |  | $ | 468 |  |  | $ | 64 |  |  | $ | 110 |  |  | $ | 1,394 |
LEASE ASSETS, BY SEGMENT As at December 31, 2024 and 2023, the Company had the following lease assets by segment:
|  | 2024 |  | 2023 |  |
Exploration and Production |  |  |  |  |  |
North America |  | $ | 257 |  |  | $ | 280 |  |  |
North Sea |  | 25 |  |  | 18 |  |  |
Offshore Africa |  | 93 |  |  | 119 |  |  |
Oil Sands Mining and Upgrading |  | 932 |  |  | 1,001 |  |  |
Head Office |  | 87 |  |  | 40 |  |  |
|  | $ | 1,394 |  |  | $ | 1,458 |  |  |
LEASE LIABILITIES The Company measures its lease liabilities at the discounted value of its lease payments during the lease term. Lease liabilities at December 31, 2024 and 2023, were as follows:
|  | 2024 |  | 2023 |  |
Lease liabilities |  | $ | 1,464 |  |  | $ | 1,555 |  |  |
Less: current portion |  | 255 |  |  | 298 |  |  |
|  | $ | 1,209 |  |  | $ | 1,257 |  |  |
In addition to the lease assets disclosed above, on an ongoing basis the Company enters into short-term leases related to its Exploration and Production and Oil Sands Mining and Upgrading activities. Other amounts included in net earnings and cash flows during 2024 and 2023 are provided below:
|  | 2024 |  | 2023 |  |
Expenses relating to short-term leases (1) |  | $ | 337 |  |  | $ | 403 |  |  |
Interest expense on lease liabilities |  | $ | 69 |  |  | $ | 64 |  |  |
Variable lease payments not included in the measurement of lease liabilities |  | $ | 59 |  |  | $ | 59 |  |  |
Total cash outflows for leases (2) |  | $ | 1,333 |  |  | $ | 1,325 |  |  |
(1)During 2024, the Company capitalized $543 million (2023 – $514 million) of short-term leases as additions to property, plant and equipment. (2)Comprised of cash outflows relating to lease liabilities, short-term leases, and variable lease payments.

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- Definition The entire disclosure for leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Presentation -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g47-50_TI -URIDate 2024-03-27 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2024-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS16_g51-60_TI -URIDate 2024-03-27 + Details
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