Segmented Information (Tables)

12 Months Ended

Dec. 31, 2024


	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).


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


	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.


	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