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v3.22.1

Business segments | 3 Months Ended
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Mar. 31, 2022
Business segments |
2. | Business segments
Three Months to March 31 |  |  | Upstream |  |  |  | Downstream |  |  |  | Chemical |
millions of Canadian dollars |  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (a) |  |  | 99 |  |  |  | 2,142 |  |  |  | 12,191 |  |  |  | 4,527 |  |  |  | 367 |  |  |  | 323 |
Intersegment sales |  |  | 4,431 |  |  |  | 1,351 |  |  |  | 1,833 |  |  |  | 773 |  |  |  | 104 |  |  |  | 53 |
Investment and other income (note 3) |  |  | 4 |  |  |  | - |  |  |  | 21 |  |  |  | 5 |  |  |  | - |  |  |  | - |
|  |  | 4,534 |  |  |  | 3,493 |  |  |  | 14,045 |  |  |  | 5,305 |  |  |  | 471 |  |  |  | 376 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exploration |  |  | 2 |  |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchases of crude oil and products |  |  | 1,890 |  |  |  | 1,834 |  |  |  | 12,512 |  |  |  | 4,020 |  |  |  | 315 |  |  |  | 209 |
Production and manufacturing |  |  | 1,249 |  |  |  | 1,109 |  |  |  | 356 |  |  |  | 326 |  |  |  | 54 |  |  |  | 50 |
Selling and general |  |  | - |  |  |  | - |  |  |  | 147 |  |  |  | 133 |  |  |  | 23 |  |  |  | 25 |
Federal excise tax and fuel charge |  |  | - |  |  |  | - |  |  |  | 479 |  |  |  | 404 |  |  |  | - |  |  |  | - |
Depreciation and depletion |  |  | 373 |  |  |  | 445 |  |  |  | 41 |  |  |  | 39 |  |  |  | 5 |  |  |  | 4 |
Non-service pension and postretirement benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Financing (note 5) |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total expenses |  |  | 3,514 |  |  |  | 3,391 |  |  |  | 13,535 |  |  |  | 4,922 |  |  |  | 397 |  |  |  | 288 |
Income (loss) before income taxes |  |  | 1,020 |  |  |  | 102 |  |  |  | 510 |  |  |  | 383 |  |  |  | 74 |  |  |  | 88 |
Income tax expense (benefit) |  |  | 238 |  |  |  | 23 |  |  |  | 121 |  |  |  | 91 |  |  |  | 18 |  |  |  | 21 |
Net income (loss) |  |  | 782 |  |  |  | 79 |  |  |  | 389 |  |  |  | 292 |  |  |  | 56 |  |  |  | 67 |
Cash flows from (used in) operating activities |  |  | 1,447 |  |  |  | 531 |  |  |  | 375 |  |  |  | 462 |  |  |  | 67 |  |  |  | 62 |
Capital and exploration expenditures (b) |  |  | 222 |  |  |  | 85 |  |  |  | 68 |  |  |  | 68 |  |  |  | 1 |  |  |  | 2 |
Total assets as at March 31 |  |  | 29,182 |  |  |  | 31,754 |  |  |  | 10,179 |  |  |  | 4,909 |  |  |  | 501 |  |  |  | 462 |
Three Months to March 31 |  |  | Corporate and other |  |  |  | Eliminations |  |  |  | Consolidated |
millions of Canadian dollars |  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2022 |  |  |  | 2021 |
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues (a) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,657 |  |  |  | 6,992 |
Intersegment sales |  |  | - |  |  |  | - |  |  |  | (6,368 | ) |  |  | (2,177 | ) |  |  | - |  |  |  | - |
Investment and other income (note 3) |  |  | 4 |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 29 |  |  |  | 6 |
|  |  | 4 |  |  |  | 1 |  |  |  | (6,368 | ) |  |  | (2,177 | ) |  |  | 12,686 |  |  |  | 6,998 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exploration |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
Purchases of crude oil and products |  |  | - |  |  |  | - |  |  |  | (6,367 | ) |  |  | (2,176 | ) |  |  | 8,350 |  |  |  | 3,887 |
Production and manufacturing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,659 |  |  |  | 1,485 |
Selling and general |  |  | 56 |  |  |  | 32 |  |  |  | (1 | ) |  |  | (1 | ) |  |  | 225 |  |  |  | 189 |
Federal excise tax and fuel charge |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 479 |  |  |  | 404 |
Depreciation and depletion |  |  | 7 |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | 426 |  |  |  | 494 |
Non-service pension and postretirement benefit |  |  | 4 |  |  |  | 11 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 11 |
Financing (note 5) |  |  | 7 |  |  |  | 13 |  |  |  | - |  |  |  | - |  |  |  | 7 |  |  |  | 14 |
Total expenses |  |  | 74 |  |  |  | 62 |  |  |  | (6,368 | ) |  |  | (2,177 | ) |  |  | 11,152 |  |  |  | 6,486 |
Income (loss) before income taxes |  |  | (70 | ) |  |  | (61 | ) |  |  | - |  |  |  | - |  |  |  | 1,534 |  |  |  | 512 |
Income tax expense (benefit) |  |  | (16 | ) |  |  | (15 | ) |  |  | - |  |  |  | - |  |  |  | 361 |  |  |  | 120 |
Net income (loss) |  |  | (54 | ) |  |  | (46 | ) |  |  | - |  |  |  | - |  |  |  | 1,173 |  |  |  | 392 |
Cash flows from (used in) operating activities |  |  | 25 |  |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | 1,914 |  |  |  | 1,045 |
Capital and exploration expenditures (b) |  |  | 5 |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | 296 |  |  |  | 163 |
Total assets as at March 31 |  |  | 4,136 |  |  |  | 2,346 |  |  |  | (188 | ) |  |  | (464 | ) |  |  | 43,810 |  |  |  | 39,007 |
(a) | Included export sales to the United States of $2,504 million (2021 - $1,569 million).
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.

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