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Consolidated statement of income - CAD ($) $ in Millions | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017
Revenues and other income |  |  |  |
Revenues | [1],[2] | $ 34,002 | $ 34,964 | $ 29,125
Investment and other income (note 9) |  | 99 | 135 | 299
Total revenues and other income |  | 34,101 | 35,099 | 29,424
Expenses |  |  |  |
Exploration (note 16) | [3] | 47 | 19 | 183
Purchases of crude oil and products | [4] | 20,946 | 21,541 | 18,145
Production and manufacturing | [5] | 6,520 | 6,121 | 5,586
Selling and general | [5] | 900 | 908 | 883
Federal excise tax and fuel charge |  | 1,808 | 1,667 | 1,673
Depreciation and depletion | [3],[6] | 1,598 | 1,555 | 2,172
Non-service pension and postretirement benefit |  | 143 | 107 | 122
Financing (note 13) | [7],[8] | 93 | 108 | 78
Total expenses |  | 32,055 | 32,026 | 28,842
Income (loss) before income taxes |  | 2,046 | 3,073 | 582
Income taxes (note 4) | [9],[10] | (154) | 759 | 92
Net income (loss) |  | $ 2,200 | $ 2,314 | $ 490
Per share information (Canadian dollars) |  |  |  |
Net income (loss) per common share - basic (note 11) |  | $ 2.88 | $ 2.87 | $ 0.58
Net income (loss) per common share - diluted (note 11) |  | $ 2.88 | $ 2.86 | $ 0.58
[1] | Amounts from related parties included in revenues, (note 17).8,569 6,383 4,110
[2] | Includes export sales to the United States of $7,190 million (2018 - $6,661 million, 2017 - $4,392 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.
[3] | The Upstream segment in 2017 includes non-cash impairment charges of $396 million, before tax, associated with the Horn River development and $379 million, before tax, associated with the Mackenzie gas project. The impairment charges are recognized in the lines “Exploration” and “Depreciation and depletion” on the Consolidated statement of income, and the “Accumulated depreciation and depletion” line of the Consolidated balance sheet.
[4] | Amounts to related parties included in purchases of crude oil and products, (note 17). 3,305 4,092 2,687
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses, (note 17). 628 566 544
[6] | In 2018, the Downstream segment included a non-cash impairment charge of $46 million, before tax, associated with the Government of Ontario’s revocation of its cap and trade legislation.
[7] | Amounts to related parties included in financing, (note 17). 98 89 60
[8] | The weighted average interest rate on short-term borrowings in 2019 was 1.8 percent (2018 – 1.5 percent, 2017– 0.9 percent). Average effective rate on the long-term borrowings with ExxonMobil in 2019 was 2.2 percent (2018 – 2.0 percent, 2017 – 1.3 percent).
[9] | On June 28, 2019 the Alberta government enacted a 4 percent decrease in the provincial tax rate, from 12 percent to 8 percent by 2022. On November 2, 2017 the British Columbia government enacted a 1 percent increase in the provincial tax rate from 11 percent to 12 percent.
[10] | Segment results in 2019 include a largely non-cash favourable impact of $662 million associated with the Alberta corporate income tax rate decrease, with the largest impact in the Upstream segment.

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- Definition Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 23 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62136-109447 + Details
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