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Provisions (Tables) | 12 Months Ended
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Dec. 31, 2023
Provisions |
Schedule of provisions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Decommissioning |  | ​ |  | ​ |  | ​ |
($ millions) | ​ | and Restoration(1) | ​ | Royalties | ​ | Other(2) | ​ | Total |
At December 31, 2021 |  | 8 792 |  | 222 |  | 541 |  | 9 555 | ​
Liabilities incurred |  | 114 | ​ | 89 | ​ | 3 | ​ | 206 | ​
Change in discount rate |  | (2 456) | ​ | - | ​ | - | ​ | (2 456) | ​
Changes in estimates |  | 3 596 | ​ | (4) | ​ | 69 | ​ | 3 661 | ​
Liabilities settled |  | (314) | ​ | (125) | ​ | (332) | ​ | (771) | ​
Accretion |  | 316 | ​ | - | ​ | - | ​ | 316 | ​
Asset disposals | ​ | 62 | ​ | - | ​ | - | ​ | 62 | ​
Reclassified to assets held for sale (note 33) | ​ | (226) | ​ | - | ​ | - | ​ | (226) | ​
Foreign exchange |  | 17 | ​ | - | ​ | - | ​ | 17 | ​
At December 31, 2022 |  | 9 901 |  | 182 |  | 281 |  | 10 364 | ​
Less: current portion |  | (337) | ​ | (182) | ​ | (45) | ​ | (564) | ​
​ |  | 9 564 |  | - |  | 236 |  | 9 800 | ​
At December 31, 2022 |  | 9 901 |  | 182 |  | 281 |  | 10 364 | ​
Liabilities incurred |  | 212 | ​ | 134 | ​ | 327 | ​ | 673 | ​
Acquisitions (note 16)(3) | ​ | 1 242 | ​ | - | ​ | - | ​ | 1 242 | ​
Change in discount rate |  | 515 | ​ | - | ​ | - | ​ | 515 | ​
Changes in estimates |  | 688 | ​ | - | ​ | (123) | ​ | 565 | ​
Liabilities settled |  | (390) | ​ | (26) | ​ | (113) | ​ | (529) | ​
Accretion |  | 532 | ​ | - | ​ | - | ​ | 532 | ​
Asset disposals |  | (17) | ​ | - | ​ | - | ​ | (17) | ​
Divestments (note 16)(3) | ​ | (757) | ​ | - | ​ | - | ​ | (757) | ​
Foreign exchange |  | 5 | ​ | - | ​ | - | ​ | 5 | ​
At December 31, 2023 |  | 11 931 |  | 290 |  | 372 |  | 12 593 | ​
Less: current portion |  | (430) | ​ | (290) | ​ | (263) | ​ | (983) | ​
​ |  | 11 501 |  | - |  | 109 |  | 11 610 | ​
​
(1) | Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted and uninflated amount of estimated future cash flows required to settle the obligations at December 31, 2023 was approximately $23.5 billion (December 31, 2022 – $22.4 billion). A weighted average credit-adjusted risk-free interest rate of 5.20% was used to discount the provision recognized at December 31, 2023 (December 31, 2022 – 5.50%). The credit-adjusted risk-free interest rate used reflects the expected time frame of the provisions. Payments to settle the decommissioning and restoration provisions occur on an ongoing basis and will continue over the lives of the operating assets, which can exceed 50 years.
(2) | During 2023, liabilities incurred include a restructuring provision for $275 million, changes in estimates include a $117 million provision reversal related to the company’s arrangement involving a third-party by product processor, and liabilities settled include restructuring related payments of $113 million. As at December 31, 2023, other provisions include a restructuring provision and other legal, insurance, and environmental provisions.
Schedule of impact of changes in discount rate on decommissioning and restoration liabilities. | Changes to the discount rate would have the following impact on Decommissioning and Restoration liabilities:
​ | ​ | ​ | ​ | ​ | ​
As at December 31 |  | 2023 |  | 2022 |
1% Increase |  | (1 799) |  | (1 594) | ​
1% Decrease |  | 2 390 |  | 2 131 | ​
​

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