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Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net earnings $ 6,106 $ 8,233 $ 10,937
Non-cash items      
Depletion, depreciation and amortization 6,681 6,413 7,353
Share-based compensation 279 491 804
Asset retirement obligation accretion 389 366 281
Unrealized risk management loss (gain) 9 12 (28)
Unrealized foreign exchange loss (gain) 888 (260) 852
Gain from investments (50) (34) (182)
Deferred income tax expense (recovery) 422 53 (139)
Realized foreign exchange loss (gain) [1] 135 0 (62)
Proceeds on settlement of cross currency swap 0 0 89
Abandonment expenditures (646) (509) (449)
Other (84) 5 (144)
Net change in non-cash working capital (743) (2,417) 79
Cash flows from operating activities 13,386 12,353 19,391
Financing activities      
Issuance (repayment) of bank credit facilities and commercial paper, net 5,466 0 (1,156)
Issuance of other long-term debt 2,639 0 0
Repayment of other long-term debt (1,008) (416) (2,854)
Proceeds on settlement of cross currency swaps 0 0 69
Payment of lease liabilities (325) (285) (232)
Issue of common shares on exercise of stock options 280 372 442
Dividends on common shares (4,429) (3,891) (4,926)
Purchase of common shares under Normal Course Issuer Bid (2,660) (3,318) (5,571)
Cash flows used in financing activities (37) (7,538) (14,228)
Investing activities      
Net expenditures on exploration and evaluation assets (92) (44) (33)
Net expenditures on property, plant and equipment (5,291) (4,865) (5,103)
Acquisition of Chevron's assets (9,163) 0 0
Net proceeds from investments 575 0 0
Net change in non-cash working capital (124) 51 149
Cash flows used in investing activities (14,095) (4,858) (4,987)
(Decrease) increase in cash and cash equivalents (746) (43) 176
Cash and cash equivalents – beginning of year 877 920 744
Cash and cash equivalents – end of year 131 877 920
Interest paid on long-term debt 586 602 613
Income taxes paid, net $ 1,144 $ 3,317 $ 3,057
[1] Consists of the realized foreign exchange loss on repayment of US dollar debt securities in 2024 and 2022, and the realized foreign exchange gain on settlement of cross currency swaps in 2022.