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Segmented Information | 12 Months Ended
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Dec. 31, 2022
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 (classified as assets held for sale and subsequent to the fourth quarter of 2022, the company reached an agreement for the sale of its United Kingdom (U.K.) operations - see note 33) and Golden Eagle Area Development in the U.K. (which was sold in 2021 – see note 16), exploration and production of crude oil and gas at Oda and the development of the Fenja field in Norway (the Norway assets were sold on September 30, 2022 – see note 16), 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 wind and solar power, as well as other investments in clean technology, such as Suncor’s investment in Enerkem Inc., LanzaJet, Inc., Svante Inc., the Varennes Carbon Recycling facility, the Pathways Alliance, and the early-stage design and engineering for the ATCO/Suncor hydrogen project. The wind and solar assets are classified as assets held for sale and subsequent to the fourth quarter of 2022, the company completed the sale of these assets (note 33). ​ 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 is not recognized until the related product has been sold to third parties. Beginning in the first quarter of 2022, to align with how management evaluates segment performance, the company revised its segment presentation to reflect segment results before income tax expense and present tax at a consolidated level. This presentation change has no effect on consolidated net earnings and comparative periods have been revised to reflect this change. ​
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​ | ​ | ​ | ​ | ​ | ​ | Exploration | ​ | Refining and | ​ | Corporate and | ​ | ​ | ​ | ​ |
For the years ended December 31 | ​ | Oil Sands | ​ | and Production | ​ | Marketing | ​ | Eliminations | ​ | Total |
($ millions) |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues and Other Income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​
Gross revenues(1) |  | 21 905 |  | 15 319 |  | 4 331 |  | 2 978 |  | 36 622 |  | 22 808 |  | 49 |  | 28 |  | 62 907 |  | 41 133 | ​
Intersegment revenues(1) |  | 8 526 |  | 4 601 |  | - |  | - |  | 106 |  | 107 |  | (8 632) |  | (4 708) |  | - |  | - | ​
Less: Royalties |  | (3 963) |  | (1 523) |  | (608) |  | (478) |  | - |  | - |  | - |  | - |  | (4 571) |  | (2 001) | ​
Operating revenues, net of royalties |  | 26 468 |  | 18 397 |  | 3 723 |  | 2 500 |  | 36 728 |  | 22 915 |  | (8 583) |  | (4 680) |  | 58 336 |  | 39 132 | ​
Other (loss) income |  | (53) |  | 6 |  | 164 |  | 17 |  | (60) |  | (50) |  | 80 |  | (4) |  | 131 |  | (31) | ​
​ |  | 26 415 |  | 18 403 |  | 3 887 |  | 2 517 |  | 36 668 |  | 22 865 |  | (8 503) |  | (4 684) |  | 58 467 |  | 39 101 | ​
Expenses |  |  |  |  |  |  |  |  |  | ​ |  |  |  | ​ |  |  |  |  |  |  | ​
Purchases of crude oil and products(1) |  | 2 050 |  | 1 444 |  | - |  | - |  | 27 261 |  | 16 807 |  | (8 536) |  | (4 460) |  | 20 775 |  | 13 791 | ​
Operating, selling and general |  | 9 152 |  | 8 056 |  | 490 |  | 429 |  | 2 427 |  | 2 019 |  | 738 |  | 862 |  | 12 807 |  | 11 366 | ​
Transportation and distribution |  | 1 210 |  | 1 126 |  | 101 |  | 112 |  | 396 |  | 282 |  | (36) |  | (41) |  | 1 671 |  | 1 479 | ​
Depreciation, depletion, amortization and impairment |  | 7 927 |  | 4 585 |  | (105) |  | 324 |  | 844 |  | 853 |  | 120 |  | 88 |  | 8 786 |  | 5 850 | ​
Exploration |  | 37 |  | 12 |  | 19 |  | 35 |  | - |  | - |  | - |  | - |  | 56 |  | 47 | ​
(Gain) loss on disposal of assets |  | (7) |  | (4) |  | 66 |  | (227) |  | (11) |  | (19) |  | (3) |  | (7) |  | 45 |  | (257) | ​
Financing expenses |  | 413 |  | 359 |  | 95 |  | 53 |  | 57 |  | 56 |  | 1 446 |  | 787 |  | 2 011 |  | 1 255 | ​
​ |  | 20 782 |  | 15 578 |  | 666 |  | 726 |  | 30 974 |  | 19 998 |  | (6 271) |  | (2 771) |  | 46 151 |  | 33 531 | ​
Earnings (Loss) before Income Taxes |  | 5 633 |  | 2 825 |  | 3 221 |  | 1 791 |  | 5 694 |  | 2 867 |  | (2 232) |  | (1 913) |  | 12 316 |  | 5 570 | ​
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  | ​ |  |  |  | ​ |  | ​ |  |  |  |  | ​
Current |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 4 229 |  | 1 395 | ​
Deferred |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | (990) |  | 56 | ​
​ |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 3 239 |  | 1 451 | ​
Net Earnings |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | 9 077 |  | 4 119 | ​
Capital and Exploration Expenditures(2) |  | 3 540 |  | 3 168 |  | 443 |  | 270 |  | 816 |  | 825 |  | 188 |  | 292 |  | 4 987 |  | 4 555 | ​
(1) | The company revised certain gross revenues and purchases of crude oil and products to align with current period presentation. For the twelve months ended December 31, 2022, gross revenues and purchases of crude oil and products decreased by $150 million, with no effect on net earnings.
(2) | Excludes capital expenditures related to assets held for sale of $133 million for the year ended December 31, 2022.
​ ​ Disaggregation of Revenue from Contracts with Customers and Intersegment Revenue The company’s revenues are from the following major commodities and geographical regions:
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For the years ended December 31 | ​ | 2022 | ​ | 2021
($ millions) | ​ | North America | ​ | International | ​ | Total | ​ | North America | ​ | International | ​ | Total
Oil Sands |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Synthetic crude oil and diesel(1) |  | 22 539 | ​ | - | ​ | 22 539 | ​ | 14 452 | ​ | - | ​ | 14 452
Bitumen |  | 7 892 | ​ | - | ​ | 7 892 | ​ | 5 468 | ​ | - | ​ | 5 468
​ | ​ | 30 431 | ​ | - | ​ | 30 431 | ​ | 19 920 | ​ | - | ​ | 19 920
Exploration and Production | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Crude oil and natural gas liquids | ​ | 2 464 | ​ | 1 834 | ​ | 4 298 | ​ | 1 709 | ​ | 1 257 | ​ | 2 966
Natural gas | ​ | - | ​ | 33 | ​ | 33 | ​ | - | ​ | 12 | ​ | 12
​ | ​ | 2 464 | ​ | 1 867 | ​ | 4 331 | ​ | 1 709 | ​ | 1 269 | ​ | 2 978
Refining and Marketing | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gasoline | ​ | 14 540 | ​ | - | ​ | 14 540 | ​ | 9 983 | ​ | - | ​ | 9 983
Distillate | ​ | 18 663 | ​ | - | ​ | 18 663 | ​ | 9 832 | ​ | - | ​ | 9 832
Other | ​ | 3 525 | ​ | - | ​ | 3 525 | ​ | 3 100 | ​ | - | ​ | 3 100
​ | ​ | 36 728 | ​ | - | ​ | 36 728 | ​ | 22 915 | ​ | - | ​ | 22 915
Corporate and Eliminations(1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | (8 583) | ​ | - | ​ | (8 583) | ​ | (4 680) | ​ | - | ​ | (4 680)
Total Gross Revenue from Contracts with Customers |  | 61 040 | ​ | 1 867 | ​ | 62 907 | ​ | 39 864 | ​ | 1 269 | ​ | 41 133
(1) | The company revised certain gross revenues and purchases of crude oil and products to align with current period presentation. For the twelve months ended December 31, 2022, gross revenues and purchases of crude oil and products decreased by $150 million, with no effect on net earnings.
​ ​ Geographical Information Operating Revenues, net of Royalties
​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​
Canada |  | 49 169 |  | 32 286 | ​
United States |  | 7 544 |  | 5 818 | ​
Other foreign |  | 1 623 |  | 1 028 | ​
​ |  | 58 336 |  | 39 132 | ​
​ Non-Current Assets(1)
​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31 |  | December 31 |
($ millions) | ​ | 2022 | ​ | 2021 | ​
​ | ​ | ​ | ​ | ​ | ​
Canada |  | 66 346 |  | 68 900 | ​
United States |  | 2 629 |  | 2 020 | ​
Other foreign |  | 1 026 |  | 1 682 | ​
​ |  | 70 001 |  | 72 602 | ​
(1) | Excludes deferred income tax assets.

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