Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, plant and equipment [abstract]

Detailed Information About Property, Plant and Equipment


	Exploration and Production						Oil Sands Mining and Upgrading		Midstream and Refining		Head Office		Total
	North America		North Sea		Offshore Africa
Cost
At December 31, 2022	$	81,075	$	8,258	$	4,332	$	47,732	$	474	$	536	$	142,407
Additions/Acquisitions	2,951		558		187		2,088		10		30		5,824


Transfers from exploration and evaluation assets	38		—		—		25		—		—		63
Derecognitions (1)	(581)		—		—		(470)		—		—		(1,051)

Foreign exchange adjustments and other	—		(210)		(110)		—		—		—		(320)
At December 31, 2023	83,483		8,606		4,409		49,375		484		566		146,923
Additions	3,440		352		205		2,103		11		41		6,152
Acquisition of Chevron's assets	2,585		—		—		6,316		—		—		8,901
Transfers from exploration and evaluation assets	45		—		—		7		—		—		52
Derecognitions (1)	(589)		(18)		—		(456)		—		—		(1,063)

Foreign exchange adjustments and other	—		791		409		—		—		—		1,200
At December 31, 2024	$	88,964	$	9,731	$	5,023	$	57,345	$	495	$	607	$	162,165

Accumulated depletion and depreciation
At December 31, 2022	$	55,835	$	8,106	$	3,277	$	9,712	$	198	$	420	$	77,548
Expense	3,592		40		177		1,856		15		24		5,704
Derecognitions (1)	(581)		—		—		(470)		—		—		(1,051)

Recoverability charge (2)	—		436		—		—		—		—		436
Foreign exchange adjustments and other	(6)		(200)		(96)		7		—		—		(295)
At December 31, 2023	58,840		8,382		3,358		11,105		213		444		82,342
Expense	3,741		96		192		2,086		16		26		6,157
Derecognitions (1)	(589)		(18)		—		(456)		—		—		(1,063)

Recoverability charge (2)	—		160		—		—		—		—		160
Foreign exchange adjustments and other	18		772		335		30		—		—		1,155
At December 31, 2024	$	62,010	$	9,392	$	3,885	$	12,765	$	229	$	470	$	88,751

Net book value
At December 31, 2024	$	26,954	$	339	$	1,138	$	44,580	$	266	$	137	$	73,414
At December 31, 2023	$	24,643	$	224	$	1,051	$	38,270	$	271	$	122	$	64,581

(1)An asset is derecognized when no future economic benefits are expected to arise from its continued use or disposal.

(2)The Company continues to refine its project scope and cost estimates related to its long-term abandonment activities at the Ninian field in the North Sea. At December 31, 2024, the Company recognized a non-cash charge of $21 million comprised of a recoverability charge recognized in depletion, depreciation and amortization expense of $160 million net of deferred tax recoveries of $139 million (2023 – $113 million comprised of a recoverability charge of $436 million net of deferred tax recoveries of $323 million; 2022 – $651 million comprised of a recoverability charge of $1,620 million net of deferred tax recoveries of $969 million). The Company's estimate of its asset retirement obligation liability, including the Ninian field recoverability charges and associated tax recoveries, is subject to revision in future periods as abandonment efforts progress.

Disclosure of Detailed Information about Asset Acquisition

The following provides a summary of the net assets acquired relating to the acquisition:



Property, plant and equipment	$	8,901
Exploration and evaluation assets	320
Working capital	115
Asset retirement obligations	(173)


Net assets acquired	$	9,163