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Financial and derivative instruments (Tables)
 3 Months Ended
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”.