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Segmented Information | 12 Months Ended
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Dec. 31, 2018
SEGMENTED INFORMATION |
SEGMENTED INFORMATION | 6. SEGMENTED INFORMATION The company's operating segments are reported based on the nature of their products and services and management responsibility. The following summary describes the operations in each of the segments:
• | Oil Sands includes the company's operations in the Athabasca oil sands in Alberta to develop and produce bitumen, synthetic crude oil and related products, through the recovery and upgrading of bitumen from mining and in situ operations. This segment also includes the company's joint interest in the Fort Hills partnership, partnership in the East Tank Farm blending and storage facility, as well as its ownership interest in the Syncrude oil sands mining and upgrading joint operation, located near Fort McMurray, Alberta. The individual operating segments related to mining operations, in situ, Fort Hills and Syncrude have been aggregated into one reportable segment (Oil Sands) due to the similar nature of their business activities, including the production of bitumen, and the single geographic area and regulatory environment in which they operate.
• | Exploration and Production (E&P) includes offshore activity in East Coast Canada, with interests in the Hibernia, Terra Nova, White Rose and Hebron oilfields, the exploration and production of crude oil and natural gas at Buzzard and Golden Eagle Area Development, as well as development of the North Sea Rosebank Project, all in the United Kingdom (U.K.) and the development of the Oda and Fenja fields in Norway, and in Libya and Syria. Due to unrest in Syria, the company has declared force majeure under its contractual obligations, and Suncor's operations in Syria have been suspended indefinitely. Production in Libya remains partially shutin due to political unrest, and the timing of a return to normal operations continues to be uncertain.
• | Refining and Marketing includes the refining of crude oil products, and the distribution and marketing of these and other purchased products through retail stations located in Canada and the United States (U.S.), as well as a previously owned lubricants plant located in Eastern Canada which was sold on February 1, 2017 (note 33).
The company also reports activities not directly attributable to an operating segment under Corporate, Energy Trading and Eliminations. This includes investments in renewables projects. Intersegment sales of crude oil and natural gas are accounted for at market values and included, for segmented reporting, in revenues of the segment making the transfer and expenses of the segment receiving the transfer. Intersegment balances are eliminated on consolidation. Intersegment profit will not be recognized until the related product has been sold to third parties.
For the years ended December 31 |  | Oil Sands |  | Exploration and Production |  | Refining and Marketing |  | Corporate, Energy Trading and Eliminations |  | Total |  |
($ millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  |
|  | (restated – note 5) |  |  |  |  |  | (restated – note 5) |  | (restated – note 5) |  | (restated – note 5) |  |
Revenues and Other Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross revenues |  | 12 039 |  | 9 723 |  | 3 869 |  | 3 487 |  | 23 655 |  | 19 612 |  | 29 |  | 63 |  | 39 592 |  | 32 885 |  |
Intersegment revenues |  | 3 704 |  | 3 551 |  | — |  | — |  | 69 |  | 92 |  | (3 773 | ) | (3 643 | ) | — |  | — |  |
Less: Royalties |  | (398 | ) | (355 | ) | (652 | ) | (576 | ) | — |  | — |  | — |  | — |  | (1 050 | ) | (931 | ) |
Operating revenues, net of royalties |  | 15 345 |  | 12 919 |  | 3 217 |  | 2 911 |  | 23 724 |  | 19 704 |  | (3 744 | ) | (3 580 | ) | 38 542 |  | 31 954 |  |
Other income (loss) |  | 288 |  | 86 |  | (71 | ) | (14 | ) | 21 |  | 73 |  | 206 |  | (20 | ) | 444 |  | 125 |  |
|  | 15 633 |  | 13 005 |  | 3 146 |  | 2 897 |  | 23 745 |  | 19 777 |  | (3 538 | ) | (3 600 | ) | 38 986 |  | 32 079 |  |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of crude oil and products |  | 1 563 |  | 623 |  | — |  | — |  | 16 656 |  | 14 011 |  | (4 086 | ) | (3 513 | ) | 14 133 |  | 11 121 |  |
Operating, selling and general |  | 7 570 |  | 6 257 |  | 503 |  | 422 |  | 1 979 |  | 1 950 |  | 521 |  | 559 |  | 10 573 |  | 9 188 |  |
Transportation |  | 1 144 |  | 827 |  | 85 |  | 86 |  | 137 |  | 110 |  | (47 | ) | (26 | ) | 1 319 |  | 997 |  |
Depreciation, depletion, amortization and impairment |  | 4 024 |  | 3 782 |  | 967 |  | 1 028 |  | 683 |  | 685 |  | 64 |  | 106 |  | 5 738 |  | 5 601 |  |
Exploration |  | 44 |  | 15 |  | 78 |  | 89 |  | — |  | — |  | — |  | — |  | 122 |  | 104 |  |
(Gain) loss on asset exchange and disposal of assets |  | (108 | ) | (50 | ) | 91 |  | — |  | (7 | ) | (455 | ) | — |  | (97 | ) | (24 | ) | (602 | ) |
Financing expenses (income) |  | 320 |  | 180 |  | 46 |  | 36 |  | 7 |  | 15 |  | 1 769 |  | (477 | ) | 2 142 |  | (246 | ) |
|  | 14 557 |  | 11 634 |  | 1 770 |  | 1 661 |  | 19 455 |  | 16 316 |  | (1 779 | ) | (3 448 | ) | 34 003 |  | 26 163 |  |
Earnings (Loss) before Income Taxes |  | 1 076 |  | 1 371 |  | 1 376 |  | 1 236 |  | 4 290 |  | 3 461 |  | (1 759 | ) | (152 | ) | 4 983 |  | 5 916 |  |
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | (128 | ) | 192 |  | 680 |  | 617 |  | 1 098 |  | 941 |  | (400 | ) | (541 | ) | 1 250 |  | 1 209 |  |
Deferred |  | 351 |  | 170 |  | (112 | ) | (113 | ) | 39 |  | (138 | ) | 162 |  | 330 |  | 440 |  | 249 |  |
|  | 223 |  | 362 |  | 568 |  | 504 |  | 1 137 |  | 803 |  | (238 | ) | (211 | ) | 1 690 |  | 1 458 |  |
Net Earnings (Loss) |  | 853 |  | 1 009 |  | 808 |  | 732 |  | 3 153 |  | 2 658 |  | (1 521 | ) | 59 |  | 3 293 |  | 4 458 |  |
Capital and Exploration Expenditures |  | 3 546 |  | 5 059 |  | 946 |  | 824 |  | 856 |  | 634 |  | 58 |  | 34 |  | 5 406 |  | 6 551 |  |
Disaggregation of Revenue from Contracts with Customers and Intersegment Revenue The company derives revenue from the transfer of goods mainly at a point in time in the following major commodities, revenue streams and geographical regions:
For the twelve months ended December 31 | 2018 |  | 2017 |  |
($ millions) | North America |  | International |  | Total |  | North America |  | International |  | Total |  |
Oil Sands |  |  |  |  |  |  |  |  |  |  |  |  |
| SCO and diesel | 11 659 |  | — |  | 11 659 |  | 11 244 |  | — |  | 11 244 |  |
| Bitumen | 4 084 |  | — |  | 4 084 |  | 2 030 |  | — |  | 2 030 |  |
| 15 743 |  | — |  | 15 743 |  | 13 274 |  | — |  | 13 274 |  |
Exploration and Production |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and natural gas liquids | 1 741 |  | 2 112 |  | 3 853 |  | 1 326 |  | 2 133 |  | 3 459 |  |
| Natural gas | 3 |  | 13 |  | 16 |  | 10 |  | 18 |  | 28 |  |
| 1 744 |  | 2 125 |  | 3 869 |  | 1 336 |  | 2 151 |  | 3 487 |  |
Refining and Marketing |  |  |  |  |  |  |  |  |  |  |  |  |
| Gasoline | 10 819 |  | — |  | 10 819 |  | 9 075 |  | — |  | 9 075 |  |
| Distillate | 9 698 |  | — |  | 9 698 |  | 7 800 |  | — |  | 7 800 |  |
| Other | 3 207 |  | — |  | 3 207 |  | 2 829 |  | — |  | 2 829 |  |
| 23 724 |  | — |  | 23 724 |  | 19 704 |  | — |  | 19 704 |  |
Corporate, Energy Trading and Eliminations | (3 744 | ) | — |  | (3 744 | ) | (3 580 | ) | — |  | (3 580 | ) |
Total Revenue from Contracts with Customers | 37 467 |  | 2 125 |  | 39 592 |  | 30 734 |  | 2 151 |  | 32 885 |  |
Geographical Information Operating Revenues, net of Royalties
($ millions) |  | 2018 |  | 2017 |
|  | (restated – note 5) |
Canada |  | 30 418 |  | 25 551 |
United States |  | 5 999 |  | 4 252 |
Other foreign |  | 2 125 |  | 2 151 |
|  | 38 542 |  | 31 954 |
Non-Current Assets(1)
($ millions) |  | December 31 2018 |  | December 31 2017 |
Canada |  | 76 708 |  | 76 091 |
United States |  | 1 889 |  | 1 712 |
Other foreign |  | 2 154 |  | 2 014 |
|  | 80 751 |  | 79 817 |
(1) Excludes deferred income tax assets.

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