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Financial and derivative instruments (Tables) | 3 Months Ended
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Mar. 31, 2022
Schedule of Net Long Short Position Of Derivative Instruments | The net notional long/(short) position of derivative instruments was:
|  | As at Mar 31 |  |  | As at Dec 31 |
thousands of barrels |  | 2022 |  |  | 2021 |
Crude |  |  | (620 | ) |  |  | 7,390 |
Products |  |  | (70 | ) |  |  | (560 | )
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments | Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
|  | Three Months to March 31 |
millions of Canadian dollars |  | 2022 |  |  | 2021 |
Revenues |  |  | 37 |  |  |  | - |
Purchases of crude oil and products |  |  | - |  |  |  | (14 | )
Total |  |  | 37 |  |  |  | (14 | )
Summary of estimated fair value of financial instruments | The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is as follows:
At March 31, 2022
millions of Canadian dollars
|  | Fair value |  |  | Effect of |  |  | Effect of |  |  | Net |
|  |  |  |  |  |  |  |  |  |  |  |  |  | counterparty |  |  | collateral |  |  | carrying |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | netting |  |  | netting |  |  | value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets (a) |  |  | 48 |  |  |  | 18 |  |  |  | - |  |  |  | 66 |  |  |  | (59 | ) |  |  | - |  |  |  | 7 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (b) |  |  | 53 |  |  |  | 25 |  |  |  | - |  |  |  | 78 |  |  |  | (59 | ) |  |  | (4 | ) |  |  | 15 |
(a) | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable—net” and “Other assets, including intangibles - net”.
(b) | Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2021 |
millions of Canadian dollars |
|  | Fair value |  |  | Effect of |  |  | Effect of |  |  | Net |
|  |  |  |  |  |  |  |  |  |  |  |  |  | counterparty |  |  | collateral |  |  | carrying |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | netting |  |  | netting |  |  | value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets (a) |  |  | 24 |  |  |  | 17 |  |  |  | - |  |  |  | 41 |  |  |  | (31 | ) |  |  | - |  |  |  | 10 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (b) |  |  | 31 |  |  |  | 12 |  |  |  | - |  |  |  | 43 |  |  |  | (31 | ) |  |  | (7 | ) |  |  | 5 |
(a) | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b) | Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.

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- Definition Disclosure detail of net long short position of derivative instruments. + References No definition available. + Details
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- Definition Realized And Unrealized Gains Losses On Derivative Instruments Table [Text Block] + References No definition available. + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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