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Other Long-Term Liabilities (Tables)
 12 Months Ended
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 compensation620 780 
Transportation and processing contracts 58 

87 
Risk management (note 19)
8 

4 
Other80 

73 
 10,837 10,189 
Less: current portion1,535 

1,503 
 $9,302 $8,686 
Summary of Asset Retirement Obligations Reconciliations of the discounted asset retirement obligations were as follows:
 
202420232022
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.
 
202420232022
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:
 202420232022
Fair value (1)
$13.15 $17.96 $16.48 
Share price (1)
$44.38 $43.41 $37.60 
Expected volatility26.4%30.9%35.8%
Expected dividend yield5.1%4.6%4.5%
Risk free interest rate2.9%3.6%3.8%
Expected forfeiture rate5.2%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.