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Segmented Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Operating Segments [Abstract] |
Segmented Information | Segmented Information The Company’s exploration and production activities are conducted in three geographic segments: North America, North Sea and Offshore Africa. These activities include the exploration, development, production, and marketing of crude oil, natural gas liquids, and natural gas. The Company’s Oil Sands Mining and Upgrading activities are reported in a separate segment from exploration and production activities. Midstream and Refining activities include the Company’s pipeline operations, an electricity co-generation system, and NWRP. Segmented revenue and segmented results include transactions between business segments. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers are based on the location of the seller.
|  | North America | North Sea | Offshore Africa
(millions of Canadian dollars) |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Segmented product sales |  |  |  |  |  |  |  |  |  |
Crude oil and NGLs (1) |  | $ | 18,740 |  | $ | 17,375 |  | $ | 20,755 |  | $ | 467 |  | $ | 435 |  | $ | 623 |  | $ | 434 |  | $ | 577 |  | $ | 694 |
Natural gas |  | 1,415 |  | 2,375 |  | 4,931 |  | 7 |  | 7 |  | 13 |  | 42 |  | 51 |  | 55 |
Other income and revenue (2) |  | 6 |  | 10 |  | 217 |  | 4 |  | — |  | — |  | 4 |  | 9 |  | 8 |
Total segmented product sales |  | 20,161 |  | 19,760 |  | 25,903 |  | 478 |  | 442 |  | 636 |  | 480 |  | 637 |  | 757 |
Less: royalties |  | (2,876) |  | (2,443) |  | (3,918) |  | (1) |  | (1) |  | (1) |  | (24) |  | (57) |  | (71) |
Segmented revenue |  | 17,285 |  | 17,317 |  | 21,985 |  | 477 |  | 441 |  | 635 |  | 456 |  | 580 |  | 686 |
Segmented expenses |  |  |  |  |  |  |  |  |  |
Production |  | 3,249 |  | 3,617 |  | 3,754 |  | 440 |  | 342 |  | 437 |  | 109 |  | 141 |  | 114 |
Transportation, blending and feedstock (1) |  | 6,184 |  | 5,808 |  | 6,394 |  | 10 |  | 7 |  | 6 |  | 1 |  | 1 |  | 1 |
Depletion, depreciation and amortization (3) |  | 3,831 |  | 3,679 |  | 3,595 |  | 279 |  | 494 |  | 1,747 |  | 297 |  | 213 |  | 173 |
Asset retirement obligation accretion |  | 231 |  | 234 |  | 171 |  | 65 |  | 46 |  | 33 |  | 9 |  | 8 |  | 7 |
Risk management loss (commodity derivatives) |  | 7 |  | 24 |  | 18 |  | — |  | — |  | — |  | — |  | — |  | — |
Total segmented expenses |  | 13,502 |  | 13,362 |  | 13,932 |  | 794 |  | 889 |  | 2,223 |  | 416 |  | 363 |  | 295 |
Segmented earnings (loss) |  | $ | 3,783 |  | $ | 3,955 |  | $ | 8,053 |  | $ | (317) |  | $ | (448) |  | $ | (1,588) |  | $ | 40 |  | $ | 217 |  | $ | 391 |
Non-segmented expenses |  |  |  |  |  |  |  |  |  |
Administration |  |  |  |  |  |  |  |  |  |
Share-based compensation |  |  |  |  |  |  |  |  |  |
Interest and other financing expense |  |  |  |  |  |  |  |  |  |
Risk management loss (gain) (other) |  |  |  |  |  |  |  |  |  |
Foreign exchange loss (gain) |  |  |  |  |  |  |  |  |  |
Gain from investments |  |  |  |  |  |  |  |  |  |
Total non-segmented expenses |  |  |  |  |  |  |  |
Earnings before taxes |  |  |  |  |  |  |  |  |  |
Current income tax |  |  |  |  |  |  |  |  |  |
Deferred income tax |  |  |  |  |  |  |  |  |  |
Net earnings |  |  |  |  |  |  |  |  |  |
(1)Includes blending and feedstock costs associated with the processing of third party bitumen and other purchased feedstock in the Oil Sands Mining and Upgrading segment. (2)Includes the sale of diesel and other refined products and other income, including government grants and recoveries associated with the joint operations partners' share of the costs of lease contracts. (3)Includes a recoverability charge in depletion, depreciation and amortization, related to the Ninian field in the North Sea at December 31, 2024 for $160 million (2023 – $436 million; 2022 – $1,620 million) (note 7). Inter-segment Elimination and Other includes internal and corporate transportation and electricity charges. Production, processing, and other purchasing and selling activities, that are not included in the preceding segments are also reported in the segmented information as Inter-segment Elimination and Other. Operating segments have been determined based on the nature of the Company’s activities and the geographic locations in which the Company operates, and are consistent with the level of information regularly provided to and reviewed by the Company’s chief operating decision makers.
Oil Sands Mining and Upgrading | Midstream and Refining | Inter-segment Elimination and Other | Total
2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
$ | 19,263 |  | $ | 18,661 |  | $ | 20,804 |  | $ | 82 |  | $ | 76 |  | $ | 80 |  | $ | 98 |  | $ | 176 |  | $ | 53 |  | $ | 39,084 |  | $ | 37,300 |  | $ | 43,009 |
— |  | — |  | — |  | — |  | — |  | — |  | 104 |  | 142 |  | 237 |  | 1,568 |  | 2,575 |  | 5,236 |
16 |  | 5 |  | 149 |  | 813 |  | 926 |  | 906 |  | 14 |  | 10 |  | 5 |  | 857 |  | 960 |  | 1,285 |
19,279 |  | 18,666 |  | 20,953 |  | 895 |  | 1,002 |  | 986 |  | 216 |  | 328 |  | 295 |  | 41,509 |  | 40,835 |  | 49,530 |
(2,952) |  | (2,366) |  | (3,242) |  | — |  | — |  | — |  | — |  | — |  | — |  | (5,853) |  | (4,867) |  | (7,232) |
16,327 |  | 16,300 |  | 17,711 |  | 895 |  | 1,002 |  | 986 |  | 216 |  | 328 |  | 295 |  | 35,656 |  | 35,968 |  | 42,298 |
3,921 |  | 3,989 |  | 4,076 |  | 315 |  | 332 |  | 271 |  | 59 |  | 59 |  | 60 |  | 8,093 |  | 8,480 |  | 8,712 |
2,959 |  | 2,563 |  | 2,652 |  | 685 |  | 664 |  | 691 |  | 145 |  | 259 |  | 229 |  | 9,984 |  | 9,302 |  | 9,973 |
2,258 |  | 2,011 |  | 1,822 |  | 16 |  | 16 |  | 16 |  | — |  | — |  | — |  | 6,681 |  | 6,413 |  | 7,353 |
84 |  | 78 |  | 70 |  | — |  | — |  | — |  | — |  | — |  | — |  | 389 |  | 366 |  | 281 |
— |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 7 |  | 24 |  | 18 |
9,222 |  | 8,641 |  | 8,620 |  | 1,016 |  | 1,012 |  | 978 |  | 204 |  | 318 |  | 289 |  | 25,154 |  | 24,585 |  | 26,337 |
$ | 7,105 |  | $ | 7,659 |  | $ | 9,091 |  | $ | (121) |  | $ | (10) |  | $ | 8 |  | $ | 12 |  | $ | 10 |  | $ | 6 |  | $ | 10,502 |  | $ | 11,383 |  | $ | 15,961 |
|  |  |  |  |  |  |  |  | 503 |  | 452 |  | 415 |
|  |  |  |  |  |  |  |  | 279 |  | 491 |  | 804 |
|  |  |  |  |  |  |  |  | 592 |  | 636 |  | 549 |
|  |  |  |  |  |  |  |  | 170 |  | (26) |  | (53) |
|  |  |  |  |  |  |  |  | 955 |  | (279) |  | 738 |
|  |  |  |  |  |  |  |  | (56) |  | (56) |  | (196) |
|  |  |  |  |  |  |  |  | 2,443 |  | 1,218 |  | 2,257 |
|  |  |  |  |  |  |  |  | 8,059 |  | 10,165 |  | 13,704 |
|  |  |  |  |  |  |  |  | 1,531 |  | 1,879 |  | 2,906 |
|  |  |  |  |  |  |  |  | 422 |  | 53 |  | (139) |
|  |  |  |  |  |  |  |  | $ | 6,106 |  | $ | 8,233 |  | $ | 10,937 |
CAPITAL EXPENDITURES (1)
| 2024 |  | 2023
| Net expenditures |  | Non-cash and fair value changes (2) |  | Capitalized costs |  | Net expenditures |  | Non-cash and fair value changes (2) |  | Capitalized costs
Exploration and evaluation assets |  |  |  |  |  |  |  |  |  |  |
Exploration and Production |  |  |  |  |  |  |  |  |  |  |
North America (3) | $ | 406 |  |  | $ | (29) |  |  | $ | 377 |  |  | $ | 41 |  |  | $ | (36) |  |  | $ | 5 |
Offshore Africa | 6 |  |  | (62) |  |  | (56) |  |  | 3 |  |  | — |  |  | 3 |
Oil Sands Mining and Upgrading (3) | — |  |  | (7) |  |  | (7) |  |  | — |  |  | (25) |  |  | (25) |
| 412 |  |  | (98) |  |  | 314 |  |  | 44 |  |  | (61) |  |  | (17) |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |
Exploration and Production |  |  |  |  |  |  |  |  |  |  |
North America (3) | 5,627 |  |  | (146) |  |  | 5,481 |  |  | 2,729 |  |  | (321) |  |  | 2,408 |
North Sea | 39 |  |  | 295 |  |  | 334 |  |  | 33 |  |  | 525 |  |  | 558 |
Offshore Africa | 197 |  |  | 8 |  |  | 205 |  |  | 169 |  |  | 18 |  |  | 187 |
| 5,863 |  |  | 157 |  |  | 6,020 |  |  | 2,931 |  |  | 222 |  |  | 3,153 |
Oil Sands Mining and Upgrading (3) | 8,104 |  |  | (134) |  |  | 7,970 |  |  | 1,894 |  |  | (251) |  |  | 1,643 |
Midstream and Refining | 11 |  |  | — |  |  | 11 |  |  | 10 |  |  | — |  |  | 10 |
Head Office | 41 |  |  | — |  |  | 41 |  |  | 30 |  |  | — |  |  | 30 |
| 14,019 |  |  | 23 |  |  | 14,042 |  |  | 4,865 |  |  | (29) |  |  | 4,836 |
| $ | 14,431 |  |  | $ | (75) |  |  | $ | 14,356 |  |  | $ | 4,909 |  |  | $ | (90) |  |  | $ | 4,819 |
(1)This table provides a reconciliation of capitalized costs, reported in note 6 and note 7, to net expenditures reported in the investing activities section of the statements of cash flows. The reconciliation excludes the impact of foreign exchange adjustments. (2)Derecognitions, asset retirement obligations, transfer of exploration and evaluation assets, and other fair value adjustments. (3)Includes cash consideration paid of $320 million for exploration and evaluation assets and $2,553 million for property, plant and equipment within the North America Exploration and Production segment, and $6,175 million for property, plant and equipment within the Oil Sands Mining and Upgrading segment acquired from Chevron in 2024. SEGMENTED ASSETS
|  | 2024 |  | 2023
Exploration and Production |  |  |  |
North America |  | $ | 32,670 |  |  | $ | 30,058 |
North Sea |  | 702 |  |  | 602 |
Offshore Africa |  | 1,412 |  |  | 1,380 |
Other |  | 31 |  |  | 32 |
Oil Sands Mining and Upgrading |  | 49,221 |  |  | 42,865 |
Midstream and Refining |  | 1,099 |  |  | 856 |
Head Office |  | 224 |  |  | 162 |
|  | $ | 85,359 |  |  | $ | 75,955 |

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