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Business segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Business segments | Business segments
Second Quarter | Upstream | Downstream (d) | Chemical (d) |
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues and other income |  |  |  |  |  |  |
Revenues (a) (b) | 87 |  | 29 |  | 10,862 |  | 12,986 |  | 259 |  | 333 |  |
Intersegment sales | 3,701 |  | 4,522 |  | 1,550 |  | 1,639 |  | 97 |  | 85 |  |
Investment and other income (note 3) | (4) |  | 1 |  | 15 |  | 9 |  | — |  | — |  |
Total revenues and other income | 3,784 |  | 4,552 |  | 12,427 |  | 14,634 |  | 356 |  | 418 |  |
Expenses |  |  |  |  |  |  |
Exploration | — |  | 1 |  | — |  | — |  | — |  | — |  |
Purchases of crude oil and products | 1,369 |  | 1,900 |  | 10,952 |  | 12,944 |  | 240 |  | 256 |  |
Production and manufacturing | 1,127 |  | 1,203 |  | 466 |  | 435 |  | 62 |  | 48 |  |
Selling and general | — |  | — |  | 175 |  | 171 |  | 20 |  | 23 |  |
Federal excise tax and fuel charge | — |  | — |  | 370 |  | 655 |  | 2 |  | 1 |  |
Depreciation and depletion | 418 |  | 396 |  | 44 |  | 46 |  | 4 |  | 4 |  |
Non-service pension and postretirement benefit | — |  | — |  | — |  | — |  | — |  | — |  |
Financing (note 5) | — |  | 1 |  | — |  | — |  | — |  | — |  |
Total expenses | 2,914 |  | 3,501 |  | 12,007 |  | 14,251 |  | 328 |  | 332 |  |
Income (loss) before income taxes | 870 |  | 1,051 |  | 420 |  | 383 |  | 28 |  | 86 |  |
Income tax expense (benefit) | 206 |  | 252 |  | 98 |  | 89 |  | 7 |  | 21 |  |
Net income (loss) | 664 |  | 799 |  | 322 |  | 294 |  | 21 |  | 65 |  |
Cash flows from (used in) operating activities | 1,021 |  | 1,162 |  | 641 |  | 384 |  | (134) |  | 74 |  |
Capital and exploration expenditures (c) | 353 |  | 267 |  | 90 |  | 149 |  | 1 |  | 3 |  |
Second Quarter | Corporate and other | Eliminations |  |  |  | Consolidated
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 |  |  |  | 2025 | 2024
Revenues and other income |  |  |  |  |  |  |  |  |
Revenues (a) (b) | — |  | — |  | — |  | — |  |  |  |  | 11,208 |  | 13,348 |
Intersegment sales | — |  | — |  | (5,348) |  | (6,246) |  |  |  |  | — |  | — |
Investment and other income (note 3) | 13 |  | 25 |  | — |  | — |  |  |  |  | 24 |  | 35 |
Total revenues and other income | 13 |  | 25 |  | (5,348) |  | (6,246) |  |  |  |  | 11,232 |  | 13,383 |
Expenses |  |  |  |  |  |  |  |  |
Exploration | — |  | — |  | — |  | — |  |  |  |  | — |  | 1 |
Purchases of crude oil and products | — |  | — |  | (5,346) |  | (6,244) |  |  |  |  | 7,215 |  | 8,856 |
Production and manufacturing | 9 |  | 3 |  | — |  | — |  |  |  |  | 1,664 |  | 1,689 |
Selling and general | 58 |  | 29 |  | (2) |  | (2) |  |  |  |  | 251 |  | 221 |
Federal excise tax and fuel charge | — |  | — |  | — |  | — |  |  |  |  | 372 |  | 656 |
Depreciation and depletion | 12 |  | 10 |  | — |  | — |  |  |  |  | 478 |  | 456 |
Non-service pension and postretirement benefit | 6 |  | 1 |  | — |  | — |  |  |  |  | 6 |  | 1 |
Financing (note 5) | 2 |  | 13 |  | — |  | — |  |  |  |  | 2 |  | 14 |
Total expenses | 87 |  | 56 |  | (5,348) |  | (6,246) |  |  |  |  | 9,988 |  | 11,894 |
Income (loss) before income taxes | (74) |  | (31) |  | — |  | — |  |  |  |  | 1,244 |  | 1,489 |
Income tax expense (benefit) | (16) |  | (6) |  | — |  | — |  |  |  |  | 295 |  | 356 |
Net income (loss) | (58) |  | (25) |  | — |  | — |  |  |  |  | 949 |  | 1,133 |
Cash flows from (used in) operating activities | (63) |  | 9 |  | — |  | — |  |  |  |  | 1,465 |  | 1,629 |
Capital and exploration expenditures (c) | 29 |  | 43 |  | — |  | — |  |  |  |  | 473 |  | 462 |
Includes export sales to the United States of $1,915 million (2024 - $2,632 million). (b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues | Second Quarter
millions of Canadian dollars | 2025 |  | 2024 |
Revenue from contracts with customers | 9,559 |  | 10,782 |
Revenue outside the scope of ASC 606 | 1,649 |  | 2,566 |
Total | 11,208 |  | 13,348 |
(c)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. (d)In the second quarter of 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in the second quarter of 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.
Six Months to June 30 | Upstream | Downstream (d) | Chemical (d) |
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues and other income |  |  |  |  |  |  |
Revenues (a) (b) | 126 |  | 71 |  | 23,023 |  | 24,865 |  | 525 |  | 661 |  |
Intersegment sales | 8,106 |  | 8,644 |  | 3,387 |  | 3,387 |  | 203 |  | 175 |  |
Investment and other income (note 3) | 10 |  | 5 |  | 36 |  | 21 |  | — |  | 1 |  |
Total revenues and other income | 8,242 |  | 8,720 |  | 26,446 |  | 28,273 |  | 728 |  | 837 |  |
Expenses |  |  |  |  |  |  |
Exploration | 2 |  | 2 |  | — |  | — |  | — |  | — |  |
Purchases of crude oil and products | 3,231 |  | 3,713 |  | 22,939 |  | 24,535 |  | 493 |  | 516 |  |
Production and manufacturing | 2,303 |  | 2,391 |  | 923 |  | 856 |  | 113 |  | 101 |  |
Selling and general | — |  | — |  | 349 |  | 333 |  | 42 |  | 49 |  |
Federal excise tax and fuel charge | — |  | — |  | 961 |  | 1,245 |  | 3 |  | 2 |  |
Depreciation and depletion | 888 |  | 828 |  | 89 |  | 91 |  | 8 |  | 8 |  |
Non-service pension and postretirement benefit | — |  | — |  | — |  | — |  | — |  | — |  |
Financing (note 5) | (12) |  | 2 |  | — |  | — |  | — |  | — |  |
Total expenses | 6,412 |  | 6,936 |  | 25,261 |  | 27,060 |  | 659 |  | 676 |  |
Income (loss) before income taxes | 1,830 |  | 1,784 |  | 1,185 |  | 1,213 |  | 69 |  | 161 |  |
Income tax expense (benefit) | 435 |  | 427 |  | 279 |  | 288 |  | 17 |  | 39 |  |
Net income (loss) | 1,395 |  | 1,357 |  | 906 |  | 925 |  | 52 |  | 122 |  |
Cash flows from (used in) operating activities | 1,222 |  | 2,053 |  | 1,997 |  | 391 |  | (75) |  | 71 |  |
Capital and exploration expenditures (c) | 619 |  | 557 |  | 178 |  | 302 |  | 4 |  | 8 |  |
Total assets as at June 30 | 29,387 |  | 28,505 |  | 11,784 |  | 12,016 |  | 519 |  | 503 |  |
Six Months to June 30 | Corporate and other | Eliminations |  |  |  | Consolidated
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 |  |  |  | 2025 | 2024
Revenues and other income |  |  |  |  |  |  |  |  |
Revenues (a) (b) | — |  | — |  | — |  | — |  |  |  |  | 23,674 |  | 25,597 |
Intersegment sales | — |  | — |  | (11,696) |  | (12,206) |  |  |  |  | — |  | — |
Investment and other income (note 3) | 29 |  | 42 |  | — |  | — |  |  |  |  | 75 |  | 69 |
Total revenues and other income | 29 |  | 42 |  | (11,696) |  | (12,206) |  |  |  |  | 23,749 |  | 25,666 |
Expenses |  |  |  |  |  |  |  |  |
Exploration | — |  | — |  | — |  | — |  |  |  |  | 2 |  | 2 |
Purchases of crude oil and products | — |  | — |  | (11,692) |  | (12,202) |  |  |  |  | 14,971 |  | 16,562 |
Production and manufacturing | 11 |  | 5 |  | — |  | — |  |  |  |  | 3,350 |  | 3,353 |
Selling and general | 123 |  | 89 |  | (4) |  | (4) |  |  |  |  | 510 |  | 467 |
Federal excise tax and fuel charge | — |  | — |  | — |  | — |  |  |  |  | 964 |  | 1,247 |
Depreciation and depletion | 24 |  | 19 |  | — |  | — |  |  |  |  | 1,009 |  | 946 |
Non-service pension and postretirement benefit | 11 |  | 2 |  | — |  | — |  |  |  |  | 11 |  | 2 |
Financing (note 5) | 12 |  | 24 |  | — |  | — |  |  |  |  | — |  | 26 |
Total expenses | 181 |  | 139 |  | (11,696) |  | (12,206) |  |  |  |  | 20,817 |  | 22,605 |
Income (loss) before income taxes | (152) |  | (97) |  | — |  | — |  |  |  |  | 2,932 |  | 3,061 |
Income tax expense (benefit) | (36) |  | (21) |  | — |  | — |  |  |  |  | 695 |  | 733 |
Net income (loss) | (116) |  | (76) |  | — |  | — |  |  |  |  | 2,237 |  | 2,328 |
Cash flows from (used in) operating activities | (137) |  | 190 |  | (15) |  | — |  |  |  |  | 2,992 |  | 2,705 |
Capital and exploration expenditures (c) | 70 |  | 91 |  | — |  | — |  |  |  |  | 871 |  | 958 |
Total assets as at June 30 | 4,510 |  | 3,528 |  | (2,022) |  | (417) |  |  |  |  | 44,178 |  | 44,135 |
Includes export sales to the United States of $4,706 million (2024 - $5,010 million). (b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues | Six Months to June 30
millions of Canadian dollars | 2025 |  | 2024 |
Revenue from contracts with customers | 19,694 |  | 20,511 |
Revenue outside the scope of ASC 606 | 3,980 |  | 5,086 |
Total | 23,674 |  | 25,597 |
(c)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. (d)In 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.

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- Definition The entire disclosure for reporting segments including data and tables. 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