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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.