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SEGMENTED INFORMATION | 12 Months Ended
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Dec. 31, 2021
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 wholly owned operations in the Athabasca oil sands in Alberta to explore, 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 Syncrude oil sands mining and upgrading operation, and the company’s joint interest in the Fort Hills partnership as well as the marketing, supply, transportation and risk management of crude oil, natural gas, power and byproducts. 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 (the latter of which the company sold during 2021 – see note 33) in the United Kingdom (U.K.), exploration and production of crude oil and gas at Oda, and the development of the Fenja field in Norway, as well as the marketing and risk management of crude oil and natural gas.
● | Refining and Marketing includes the refining of crude oil products, and the distribution, marketing, transportation and risk management of refined and petrochemical products, and other purchased products through the retail and wholesale networks located in Canada and the United States (U.S.). The segment also includes trading of crude oil, natural gas and power.
The company also reports activities not directly attributable to an operating segment under Corporate and Eliminations. This includes renewable projects such as the wind power facilities of Chin Chute and Magrath in Alberta, SunBridge in Saskatchewan and Adelaide in Ontario, the development of the Forty Mile Wind Project in Alberta, as well as other investments in waste-to-biofuels, chemicals, and carbon capture 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. ​
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​ | ​ | ​ | ​ | ​ | ​ | Exploration | ​ | Refining and | ​ | Corporate and | ​ | ​ | ​ | ​ |
For the years ended December 31 | ​ | Oil Sands | ​ | and Production | ​ | Marketing | ​ | Eliminations | ​ | Total |
($ millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Gross revenues |  | 15 319 |  | 7 792 |  | 2 978 |  | 1 899 |  | 22 808 |  | 15 180 |  | 28 |  | 29 |  | 41 133 |  | 24 900 | ​
Intersegment revenues |  | 4 601 |  | 2 825 |  | - |  | - |  | 107 |  | 92 |  | (4 708) |  | (2 917) |  | - |  | - | ​
Less: Royalties |  | (1 523) |  | (95) |  | (478) |  | (143) |  | - |  | - |  | - |  | - |  | (2 001) |  | (238) | ​
Operating revenues, net of royalties |  | 18 397 |  | 10 522 |  | 2 500 |  | 1 756 |  | 22 915 |  | 15 272 |  | (4 680) |  | (2 888) |  | 39 132 |  | 24 662 | ​
Other income (loss) |  | 6 |  | 298 |  | 17 |  | 54 |  | (50) |  | 48 |  | (4) |  | (10) |  | (31) |  | 390 | ​
​ |  | 18 403 |  | 10 820 |  | 2 517 |  | 1 810 |  | 22 865 |  | 15 320 |  | (4 684) |  | (2 898) |  | 39 101 |  | 25 052 | ​
Expenses |  |  |  |  |  |  |  |  |  | ​ |  |  |  | ​ |  |  |  |  |  |  | ​
Purchases of crude oil and products |  | 1 444 |  | 844 |  | - |  | - |  | 16 807 |  | 11 243 |  | (4 460) |  | (2 975) |  | 13 791 |  | 9 112 | ​
Operating, selling and general(1) |  | 8 056 |  | 7 169 |  | 429 |  | 476 |  | 2 019 |  | 1 759 |  | 862 |  | 390 |  | 11 366 |  | 9 794 | ​
Transportation and distribution(1) |  | 1 126 |  | 1 223 |  | 112 |  | 100 |  | 282 |  | 271 |  | (41) |  | (43) |  | 1 479 |  | 1 551 | ​
Depreciation, depletion, amortization and impairment |  | 4 585 |  | 6 430 |  | 324 |  | 2 147 |  | 853 |  | 867 |  | 88 |  | 82 |  | 5 850 |  | 9 526 | ​
Exploration |  | 12 |  | 57 |  | 35 |  | 129 |  | - |  | - |  | - |  | - |  | 47 |  | 186 | ​
(Gain) loss on disposal of assets |  | (4) |  | (1) |  | (227) |  | - |  | (19) |  | (24) |  | (7) |  | 9 |  | (257) |  | (16) | ​
Financing expenses |  | 359 |  | 336 |  | 53 |  | 47 |  | 56 |  | 37 |  | 787 |  | 576 |  | 1 255 |  | 996 | ​
​ |  | 15 578 |  | 16 058 |  | 726 |  | 2 899 |  | 19 998 |  | 14 153 |  | (2 771) |  | (1 961) |  | 33 531 |  | 31 149 | ​
Earnings (Loss) before Income Taxes |  | 2 825 |  | (5 238) |  | 1 791 |  | (1 089) |  | 2 867 |  | 1 167 |  | (1 913) |  | (937) |  | 5 570 |  | (6 097) | ​
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  | ​ |  |  |  | ​ |  | ​ |  |  |  |  | ​
Current |  | 729 |  | (645) |  | 473 |  | 64 |  | 576 |  | 325 |  | (383) |  | (403) |  | 1 395 |  | (659) | ​
Deferred |  | (51) |  | (797) |  | 33 |  | (321) |  | 113 |  | (24) |  | (39) |  | 23 |  | 56 |  | (1 119) | ​
​ |  | 678 |  | (1 442) |  | 506 |  | (257) |  | 689 |  | 301 |  | (422) |  | (380) |  | 1 451 |  | (1 778) | ​
Net Earnings (Loss) |  | 2 147 |  | (3 796) |  | 1 285 |  | (832) |  | 2 178 |  | 866 |  | (1 491) |  | (557) |  | 4 119 |  | (4 319) | ​
Capital and Exploration Expenditures |  | 3 168 |  | 2 736 |  | 270 |  | 489 |  | 825 |  | 515 |  | 292 |  | 186 |  | 4 555 |  | 3 926 | ​
(1) | Prior period amounts of the Refining and Marketing segment have been reclassified to align with the current year presentation of transportation and distribution expense. For the year ended December 31, 2020, $133 million was reclassified from operating, selling and general expense to transportation and distribution expense. This reclassification had no effect on net earnings (loss).
​ ​ Disaggregation of Revenue from Contracts with Customers and Intersegment Revenue The company derives revenue from the transfer of goods mainly at a point in time in the following major commodities, revenue streams and geographical regions: ​
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For the years ended December 31 | ​ | 2021 | ​ | 2020
($ millions) | ​ | North America | ​ | International | ​ | Total | ​ | North America | ​ | International | ​ | Total
Oil Sands |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
SCO and diesel |  | 14 452 | ​ | - | ​ | 14 452 | ​ | 8 574 | ​ | - | ​ | 8 574
Bitumen |  | 5 468 | ​ | - | ​ | 5 468 | ​ | 2 043 | ​ | - | ​ | 2 043
​ | ​ | 19 920 | ​ | - | ​ | 19 920 | ​ | 10 617 | ​ | - | ​ | 10 617
Exploration and Production | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Crude oil and natural gas liquids | ​ | 1 709 | ​ | 1 257 | ​ | 2 966 | ​ | 1 089 | ​ | 806 | ​ | 1 895
Natural gas | ​ | - | ​ | 12 | ​ | 12 | ​ | - | ​ | 4 | ​ | 4
​ | ​ | 1 709 | ​ | 1 269 | ​ | 2 978 | ​ | 1 089 | ​ | 810 | ​ | 1 899
Refining and Marketing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline | ​ | 9 983 | ​ | - | ​ | 9 983 | ​ | 6 585 | ​ | - | ​ | 6 585
Distillate | ​ | 9 832 | ​ | - | ​ | 9 832 | ​ | 6 525 | ​ | - | ​ | 6 525
Other | ​ | 3 100 | ​ | - | ​ | 3 100 | ​ | 2 162 | ​ | - | ​ | 2 162
​ | ​ | 22 915 | ​ | - | ​ | 22 915 | ​ | 15 272 | ​ | - | ​ | 15 272
Corporate and Eliminations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (4 680) | ​ | - | ​ | (4 680) | ​ | (2 888) | ​ | - | ​ | (2 888)
Total Gross Revenue from Contracts with Customers |  | 39 864 | ​ | 1 269 | ​ | 41 133 | ​ | 24 090 | ​ | 810 | ​ | 24 900
​ Geographical Information Operating Revenues, net of Royalties
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($ millions) |  | 2021 |  | 2020 |
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Canada |  | 32 286 |  | 20 588 | ​
United States |  | 5 818 |  | 3 312 | ​
Other foreign |  | 1 028 |  | 762 | ​
​ |  | 39 132 |  | 24 662 | ​
​ Non-Current Assets(1)
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​ |  | December 31 |  | December 31 |
($ millions) | ​ | 2021 | ​ | 2020 | ​
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Canada |  | 68 900 |  | 71 040 | ​
United States |  | 2 020 |  | 1 856 | ​
Other foreign |  | 1 682 |  | 2 125 | ​
​ |  | 72 602 |  | 75 021 | ​
(1) | Excludes deferred income tax assets.

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