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Business segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business segments |
Third Quarter | Upstream | Downstream | Chemical |
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues and other income |  |  |  |  |  |  |
Revenues (a) (b) | 72 |  | 24 |  | 11,675 |  | 12,997 |  | 247 |  | 194 |  |
Intersegment sales | 4,034 |  | 4,583 |  | 1,517 |  | 1,562 |  | 96 |  | 60 |  |
Investment and other income (note 3) | 3 |  | 2 |  | 31 |  | 11 |  | — |  | 1 |  |
Total revenues and other income | 4,109 |  | 4,609 |  | 13,223 |  | 14,570 |  | 343 |  | 255 |  |
Expenses |  |  |  |  |  |  |
Exploration | 1 |  | 1 |  | — |  | — |  | — |  | — |  |
Purchases of crude oil and products | 1,612 |  | 1,766 |  | 11,578 |  | 13,014 |  | 231 |  | 157 |  |
Production and manufacturing | 1,098 |  | 1,050 |  | 462 |  | 423 |  | 58 |  | 36 |  |
Selling and general (note 11) | — |  | — |  | 169 |  | 170 |  | 22 |  | 22 |  |
Federal excise tax and fuel charge | — |  | — |  | 379 |  | 660 |  | 1 |  | 1 |  |
Depreciation and depletion (note 11) | 434 |  | 447 |  | 56 |  | 48 |  | 4 |  | 3 |  |
Non-service pension and postretirement benefit | — |  | — |  | — |  | — |  | — |  | — |  |
Financing (note 5) | 3 |  | 2 |  | — |  | — |  | — |  | — |  |
Total expenses | 3,148 |  | 3,266 |  | 12,644 |  | 14,315 |  | 316 |  | 219 |  |
Income (loss) before income taxes | 961 |  | 1,343 |  | 579 |  | 255 |  | 27 |  | 36 |  |
Income tax expense (benefit) | 233 |  | 316 |  | 135 |  | 50 |  | 6 |  | 8 |  |
Net income (loss) | 728 |  | 1,027 |  | 444 |  | 205 |  | 21 |  | 28 |  |
Cash flows from (used in) operating activities | 1,415 |  | 1,298 |  | 319 |  | 164 |  | 15 |  | 49 |  |
Capital and exploration expenditures (c) | 353 |  | 300 |  | 114 |  | 133 |  | 4 |  | 3 |  |
Third Quarter | Corporate and other | Eliminations |  |  |  | Consolidated
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 |  |  |  | 2025 | 2024
Revenues and other income |  |  |  |  |  |  |  |  |
Revenues (a) (b) | — |  | — |  | — |  | — |  |  |  |  | 11,994 |  | 13,215 |
Intersegment sales | — |  | — |  | (5,647) |  | (6,205) |  |  |  |  | — |  | — |
Investment and other income (note 3) | 21 |  | 30 |  | — |  | — |  |  |  |  | 55 |  | 44 |
Total revenues and other income | 21 |  | 30 |  | (5,647) |  | (6,205) |  |  |  |  | 12,049 |  | 13,259 |
Expenses |  |  |  |  |  |  |  |  |
Exploration | — |  | — |  | — |  | — |  |  |  |  | 1 |  | 1 |
Purchases of crude oil and products | — |  | — |  | (5,645) |  | (6,203) |  |  |  |  | 7,776 |  | 8,734 |
Production and manufacturing | 7 |  | 8 |  | — |  | — |  |  |  |  | 1,625 |  | 1,517 |
Selling and general (note 11) | 433 |  | 33 |  | (2) |  | (2) |  |  |  |  | 622 |  | 223 |
Federal excise tax and fuel charge | — |  | — |  | — |  | — |  |  |  |  | 380 |  | 661 |
Depreciation and depletion (note 11) | 417 |  | 10 |  | — |  | — |  |  |  |  | 911 |  | 508 |
Non-service pension and postretirement benefit | 25 |  | 1 |  | — |  | — |  |  |  |  | 25 |  | 1 |
Financing (note 5) | 5 |  | 9 |  | — |  | — |  |  |  |  | 8 |  | 11 |
Total expenses | 887 |  | 61 |  | (5,647) |  | (6,205) |  |  |  |  | 11,348 |  | 11,656 |
Income (loss) before income taxes | (866) |  | (31) |  | — |  | — |  |  |  |  | 701 |  | 1,603 |
Income tax expense (benefit) | (212) |  | (8) |  | — |  | — |  |  |  |  | 162 |  | 366 |
Net income (loss) | (654) |  | (23) |  | — |  | — |  |  |  |  | 539 |  | 1,237 |
Cash flows from (used in) operating activities | 49 |  | (24) |  | — |  | — |  |  |  |  | 1,798 |  | 1,487 |
Capital and exploration expenditures (c) | 34 |  | 50 |  | — |  | — |  |  |  |  | 505 |  | 486 |
Includes export sales to the United States of $2,404 million (2024 - $2,631 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 | Third Quarter
millions of Canadian dollars | 2025 |  | 2024 |
Revenue from contracts with customers | 9,696 |  | 10,404 |
Revenue outside the scope of ASC 606 | 2,298 |  | 2,811 |
Total | 11,994 |  | 13,215 |
(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.
Nine Months to September 30 | Upstream | Downstream | Chemical |
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenues and other income |  |  |  |  |  |  |
Revenues (a) (b) | 198 |  | 95 |  | 34,698 |  | 37,862 |  | 772 |  | 855 |  |
Intersegment sales | 12,140 |  | 13,227 |  | 4,904 |  | 4,949 |  | 299 |  | 235 |  |
Investment and other income (note 3) | 13 |  | 7 |  | 67 |  | 32 |  | — |  | 2 |  |
Total revenues and other income | 12,351 |  | 13,329 |  | 39,669 |  | 42,843 |  | 1,071 |  | 1,092 |  |
Expenses |  |  |  |  |  |  |
Exploration | 3 |  | 3 |  | — |  | — |  | — |  | — |  |
Purchases of crude oil and products | 4,843 |  | 5,479 |  | 34,517 |  | 37,549 |  | 724 |  | 673 |  |
Production and manufacturing | 3,401 |  | 3,441 |  | 1,385 |  | 1,279 |  | 171 |  | 137 |  |
Selling and general (note 11) | — |  | — |  | 518 |  | 503 |  | 64 |  | 71 |  |
Federal excise tax and fuel charge | — |  | — |  | 1,340 |  | 1,905 |  | 4 |  | 3 |  |
Depreciation and depletion (note 11) | 1,322 |  | 1,275 |  | 145 |  | 139 |  | 12 |  | 11 |  |
Non-service pension and postretirement benefit | — |  | — |  | — |  | — |  | — |  | — |  |
Financing (note 5) | (9) |  | 4 |  | — |  | — |  | — |  | — |  |
Total expenses | 9,560 |  | 10,202 |  | 37,905 |  | 41,375 |  | 975 |  | 895 |  |
Income (loss) before income taxes | 2,791 |  | 3,127 |  | 1,764 |  | 1,468 |  | 96 |  | 197 |  |
Income tax expense (benefit) | 668 |  | 743 |  | 414 |  | 338 |  | 23 |  | 47 |  |
Net income (loss) | 2,123 |  | 2,384 |  | 1,350 |  | 1,130 |  | 73 |  | 150 |  |
Cash flows from (used in) operating activities | 2,637 |  | 3,351 |  | 2,316 |  | 555 |  | (60) |  | 120 |  |
Capital and exploration expenditures (c) | 972 |  | 857 |  | 292 |  | 435 |  | 8 |  | 11 |  |
Total assets as at September 30 (d) (note 11) | 28,449 |  | 28,186 |  | 11,696 |  | 11,104 |  | 542 |  | 452 |  |
Nine Months to September 30 | Corporate and other | Eliminations |  |  |  | Consolidated
millions of Canadian dollars | 2025 | 2024 | 2025 | 2024 |  |  |  | 2025 | 2024
Revenues and other income |  |  |  |  |  |  |  |  |
Revenues (a) (b) | — |  | — |  | — |  | — |  |  |  |  | 35,668 |  | 38,812 |
Intersegment sales | — |  | — |  | (17,343) |  | (18,411) |  |  |  |  | — |  | — |
Investment and other income (note 3) | 50 |  | 72 |  | — |  | — |  |  |  |  | 130 |  | 113 |
Total revenues and other income | 50 |  | 72 |  | (17,343) |  | (18,411) |  |  |  |  | 35,798 |  | 38,925 |
Expenses |  |  |  |  |  |  |  |  |
Exploration | — |  | — |  | — |  | — |  |  |  |  | 3 |  | 3 |
Purchases of crude oil and products | — |  | — |  | (17,337) |  | (18,405) |  |  |  |  | 22,747 |  | 25,296 |
Production and manufacturing | 18 |  | 13 |  | — |  | — |  |  |  |  | 4,975 |  | 4,870 |
Selling and general (note 11) | 556 |  | 122 |  | (6) |  | (6) |  |  |  |  | 1,132 |  | 690 |
Federal excise tax and fuel charge | — |  | — |  | — |  | — |  |  |  |  | 1,344 |  | 1,908 |
Depreciation and depletion (note 11) | 441 |  | 29 |  | — |  | — |  |  |  |  | 1,920 |  | 1,454 |
Non-service pension and postretirement benefit | 36 |  | 3 |  | — |  | — |  |  |  |  | 36 |  | 3 |
Financing (note 5) | 17 |  | 33 |  | — |  | — |  |  |  |  | 8 |  | 37 |
Total expenses | 1,068 |  | 200 |  | (17,343) |  | (18,411) |  |  |  |  | 32,165 |  | 34,261 |
Income (loss) before income taxes | (1,018) |  | (128) |  | — |  | — |  |  |  |  | 3,633 |  | 4,664 |
Income tax expense (benefit) | (248) |  | (29) |  | — |  | — |  |  |  |  | 857 |  | 1,099 |
Net income (loss) | (770) |  | (99) |  | — |  | — |  |  |  |  | 2,776 |  | 3,565 |
Cash flows from (used in) operating activities | (88) |  | 166 |  | (15) |  | — |  |  |  |  | 4,790 |  | 4,192 |
Capital and exploration expenditures (c) | 104 |  | 141 |  | — |  | — |  |  |  |  | 1,376 |  | 1,444 |
Total assets as at September 30 (d) (note 11) | 4,034 |  | 2,942 |  | (1,758) |  | (155) |  |  |  |  | 42,963 |  | 42,529 |
Includes export sales to the United States of $7,110 million (2024 - $7,641 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 | Nine Months to September 30
millions of Canadian dollars | 2025 |  | 2024 |
Revenue from contracts with customers | 29,390 |  | 30,915 |
Revenue outside the scope of ASC 606 | 6,278 |  | 7,897 |
Total | 35,668 |  | 38,812 |
(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, in conjunction with the company signing an agreement to sell the Calgary Imperial campus, the Upstream segment transferred the asset to the Corporate and other segment for $466 million. The effects of this transaction have been eliminated for consolidation purposes. Prior periods have not been recast.
Disaggregation of Revenue |
Revenues | Third Quarter
millions of Canadian dollars | 2025 |  | 2024 |
Revenue from contracts with customers | 9,696 |  | 10,404 |
Revenue outside the scope of ASC 606 | 2,298 |  | 2,811 |
Total | 11,994 |  | 13,215 |
Revenues | Nine Months to September 30
millions of Canadian dollars | 2025 |  | 2024 |
Revenue from contracts with customers | 29,390 |  | 30,915 |
Revenue outside the scope of ASC 606 | 6,278 |  | 7,897 |
Total | 35,668 |  | 38,812 |

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