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Description of Business and Segmented Disclosures | 9 Months Ended
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Sep. 30, 2021
Disclosure Of Reportable Segments [Abstract] |
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES |
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES
Upstream Segments •Oil Sands, includes the development and production of bitumen and heavy oil in northern Alberta and Saskatchewan. Cenovus’s oil sands assets include Foster Creek, Christina Lake, Sunrise (jointly owned with BP Canada Energy Group ULC (“BP Canada”) and operated by Cenovus) and Tucker oil sands projects, as well as Lloydminster Thermal and Cold and Enhanced Oil Recovery assets. Cenovus jointly owns and operates pipeline gathering systems and terminals through the equity-accounted investment in Husky Midstream Limited Partnership (“HMLP”). The sale and transportation of Cenovus’s production and third-party commodity trading volumes are managed and marketed through access to capacity on third-party pipelines and storage facilities in both Canada and the U.S. to optimize product mix, delivery points, transportation commitments and customer diversification. •Conventional, includes assets rich in natural gas liquids (“NGLs”) and natural gas within the Elmworth-Wapiti, Kaybob‑Edson, Clearwater and Rainbow Lake operating areas in Alberta and British Columbia and interests in numerous natural gas processing facilities. Cenovus’s NGLs and natural gas production is marketed and transported with other third-party commodity trading volumes through access to capacity on third-party pipelines, export terminals and storage facilities which provides flexibility for market access to optimize product mix, delivery points, transportation commitments and customer diversification. •Offshore, includes offshore operations, exploration and development activities in China and the east coast of Canada, as well as the equity-accounted investment in the Husky-CNOOC Madura Ltd. (“HCML”) joint venture in Indonesia. Downstream Segments •Canadian Manufacturing, includes the owned and operated Lloydminster upgrading and asphalt refining complex which upgrades heavy oil into synthetic crude oil, diesel fuel, asphalt and other ancillary products. Cenovus seeks to maximize the value per barrel from its heavy oil production through its integrated network of assets. In addition, Cenovus owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. Cenovus also markets its production and third-party commodity trading volumes of synthetic crude oil, asphalt and ancillary products. •U.S. Manufacturing, includes the refining of crude oil to produce diesel fuel, gasoline, jet fuel, asphalt and other products at the wholly-owned Lima Refinery and Superior Refinery, the Wood River and Borger refineries (jointly owned with operator Phillips 66) and the Toledo Refinery (jointly owned with operator BP Products North America Inc. (“BP”)). Cenovus also markets its own and third-party volumes of refined petroleum products including gasoline, diesel and jet fuel. •Retail, includes the marketing of its own and third-party volumes of refined petroleum products, including gasoline and diesel, through retail, commercial and bulk petroleum outlets, as well as wholesale channels in Canada. Corporate and Eliminations, primarily includes Cenovus-wide costs for general and administrative, financing activities, gains and losses on risk management for corporate related derivative instruments and foreign exchange. Eliminations include adjustments for internal usage of natural gas production between segments, transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal and crude oil production used as feedstock by the Canadian Manufacturing and U.S. Manufacturing segments. Eliminations are recorded at transfer prices based on current market prices. To conform to the presentation adopted for the current period’s operating segments, the following comparatives prior to January 1, 2021, have been reclassified: •The Company’s market optimization activities, previously reported in the Refining and Marketing segment, have been reclassified to the Oil Sands and Conventional segments. •The Bruderheim crude-by-rail terminal results, previously reported under the Refining and Marketing segment, have been reclassified to the Canadian Manufacturing segment. •The refining activities in the U.S. with operator Phillips 66, previously reported in the Refining and Marketing segment, have been reclassified to the U.S. Manufacturing segment. •The Company’s unrealized gain and loss on risk management, previously reported in the Corporate and Eliminations segment, have been reclassified to the reportable segment to which the derivative instrument relates. The following tabular financial information presents the segmented information first by segment, then by product and geographic location. Prior year comparatives have been re-presented (see Note 31). A) Results of Operations – Segment and Operational Information i) Results for the Three Months Ended September 30
| Upstream |
| Oil Sands |  |  | Conventional |  |  | Offshore |
For the three months ended September 30, | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 6,114 |  |  |  | 2,436 |  |  |  | 833 |  |  |  | 232 |  |  |  | 404 |  |  |  | — |
Less: Royalties (1) |  | 669 |  |  |  | 129 |  |  |  | 40 |  |  |  | 24 |  |  |  | 24 |  |  |  | — |
|  | 5,445 |  |  |  | 2,307 |  |  |  | 793 |  |  |  | 208 |  |  |  | 380 |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  | 822 |  |  |  | 235 |  |  |  | 445 |  |  |  | 76 |  |  |  | — |  |  |  | — |
Transportation and Blending (1) |  | 1,918 |  |  |  | 1,015 |  |  |  | 20 |  |  |  | 21 |  |  |  | 3 |  |  |  | — |
Operating (1) |  | 616 |  |  |  | 286 |  |  |  | 135 |  |  |  | 81 |  |  |  | 49 |  |  |  | — |
Realized (Gain) Loss on Risk Management |  | 166 |  |  |  | 137 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |
Operating Margin |  | 1,923 |  |  |  | 634 |  |  |  | 191 |  |  |  | 30 |  |  |  | 328 |  |  |  | — |
Unrealized (Gain) Loss on Risk Management |  | (39) |  |  |  | (135) |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |
Depreciation, Depletion and Amortization |  | 743 |  |  |  | 470 |  |  |  | 99 |  |  |  | 75 |  |  |  | 127 |  |  |  | — |
Exploration Expense |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 25 |  |  |  | 3 |  |  |  | — |
(Income) Loss From Equity-Accounted Affiliates |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12) |  |  |  | — |
Segment Income (Loss) |  | 1,217 |  |  |  | 299 |  |  |  | 83 |  |  |  | (70) |  |  |  | 210 |  |  |  | — |
(1)Inventory write-downs prior to January 1, 2021, have been recl
| Downstream |
| Canadian Manufacturing |  |  | U.S. Manufacturing |  |  | Retail |
For the three months ended September 30, | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 1,215 |  |  |  | 15 |  |  |  | 5,723 |  |  |  | 1,237 |  |  |  | 592 |  |  |  | — |
Less: Royalties (1) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | 1,215 |  |  |  | 15 |  |  |  | 5,723 |  |  |  | 1,237 |  |  |  | 592 |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Purchased Product (1) |  | 986 |  |  |  | — |  |  |  | 5,171 |  |  |  | 1,133 |  |  |  | 551 |  |  |  | — |
Transportation and Blending (1) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating (1) |  | 99 |  |  |  | 8 |  |  |  | 413 |  |  |  | 179 |  |  |  | 25 |  |  |  | — |
Realized (Gain) Loss on Risk Management |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Operating Margin |  | 130 |  |  |  | 7 |  |  |  | 122 |  |  |  | (77) |  |  |  | 16 |  |  |  | — |
Unrealized (Gain) Loss on Risk Management |  | — |  |  |  | — |  |  |  | 5 |  |  |  | (3) |  |  |  | — |  |  |  | — |
Depreciation, Depletion and Amortization |  | 41 |  |  |  | 2 |  |  |  | 103 |  |  |  | 518 |  |  |  | 11 |  |  |  | — |
Exploration Expense |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(Income) Loss From Equity-Accounted Affiliates |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Segment Income (Loss) |  | 89 |  |  |  | 5 |  |  |  | 14 |  |  |  | (592) |  |  |  | 5 |  |  |  | — |
|  |  |  |  | Corporate and Eliminations |  |  | Consolidated |
For the three months ended September 30, |  |  |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  |  |  |  |  | (1,450) |  |  |  | (108) |  |  |  | 13,431 |  |  |  | 3,812 |
Less: Royalties (1) |  |  |  |  |  | — |  |  |  | — |  |  |  | 733 |  |  |  | 153 |
|  |  |  |  |  | (1,450) |  |  |  | (108) |  |  |  | 12,698 |  |  |  | 3,659 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  |  |  |  |  | (1,244) |  |  |  | (36) |  |  |  | 6,731 |  |  |  | 1,408 |
Transportation and Blending (1) |  |  |  |  |  | (18) |  |  |  | (3) |  |  |  | 1,923 |  |  |  | 1,033 |
Operating (1) |  |  |  |  |  | (187) |  |  |  | (73) |  |  |  | 1,150 |  |  |  | 481 |
Realized (Gain) Loss on Risk Management |  |  |  |  |  | (1) |  |  |  | (1) |  |  |  | 184 |  |  |  | 138 |
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  | (2) |  |  |  | 3 |  |  |  | (27) |  |  |  | (135) |
Depreciation, Depletion and Amortization |  |  |  |  |  | 29 |  |  |  | 27 |  |  |  | 1,153 |  |  |  | 1,092 |
Exploration Expense |  |  |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 25 |
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  | (1) |  |  |  | — |  |  |  | (13) |  |  |  | — |
Segment Income (Loss) |  |  |  |  |  | (26) |  |  |  | (25) |  |  |  | 1,592 |  |  |  | (383) |
General and Administrative |  |  |  |  |  | 158 |  |  |  | 51 |  |  |  | 158 |  |  |  | 51 |
Finance Costs |  |  |  |  |  | 360 |  |  |  | 145 |  |  |  | 360 |  |  |  | 145 |
Interest Income |  |  |  |  |  | (4) |  |  |  | (2) |  |  |  | (4) |  |  |  | (2) |
Integration Costs |  |  |  |  |  | 45 |  |  |  | — |  |  |  | 45 |  |  |  | — |
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  | 196 |  |  |  | (159) |  |  |  | 196 |  |  |  | (159) |
Re-measurement of Contingent Payment |  |  |  |  |  | 135 |  |  |  | (31) |  |  |  | 135 |  |  |  | (31) |
(Gain) Loss on Divestiture of Assets |  |  |  |  |  | (25) |  |  |  | (1) |  |  |  | (25) |  |  |  | (1) |
Other (Income) Loss, Net |  |  |  |  |  | (107) |  |  |  | (14) |  |  |  | (107) |  |  |  | (14) |
|  |  |  |  |  | 758 |  |  |  | (11) |  |  |  | 758 |  |  |  | (11) |
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  |  |  | 834 |  |  |  | (372) |
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  |  |  | 283 |  |  |  | (178) |
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | 551 |  |  |  | (194) |
(1)Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. ii) Results for the Nine Months Ended September 30
| Upstream |
| Oil Sands |  |  | Conventional |  |  | Offshore |
For the nine months ended September 30, | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 15,904 |  |  |  | 6,117 |  |  |  | 2,235 |  |  |  | 636 |  |  |  | 1,262 |  |  |  | — |
Less: Royalties (1) |  | 1,462 |  |  |  | 200 |  |  |  | 103 |  |  |  | 28 |  |  |  | 74 |  |  |  | — |
|  | 14,442 |  |  |  | 5,917 |  |  |  | 2,132 |  |  |  | 608 |  |  |  | 1,188 |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  | 2,114 |  |  |  | 806 |  |  |  | 1,113 |  |  |  | 184 |  |  |  | — |  |  |  | — |
Transportation and Blending (1) |  | 5,476 |  |  |  | 3,552 |  |  |  | 57 |  |  |  | 63 |  |  |  | 10 |  |  |  | — |
Operating (1) |  | 1,793 |  |  |  | 839 |  |  |  | 417 |  |  |  | 248 |  |  |  | 166 |  |  |  | — |
Realized (Gain) Loss on Risk Management |  | 584 |  |  |  | 228 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |
Operating Margin |  | 4,475 |  |  |  | 492 |  |  |  | 543 |  |  |  | 113 |  |  |  | 1,012 |  |  |  | — |
Unrealized (Gain) Loss on Risk Management |  | 194 |  |  |  | 8 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | — |
Depreciation, Depletion and Amortization |  | 1,982 |  |  |  | 1,276 |  |  |  | 309 |  |  |  | 563 |  |  |  | 369 |  |  |  | — |
Exploration Expense |  | 15 |  |  |  | 7 |  |  |  | (3) |  |  |  | 25 |  |  |  | 3 |  |  |  | — |
(Income) Loss From Equity-Accounted Affiliates |  | (5) |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (36) |  |  |  | — |
Segment Income (Loss) |  | 2,289 |  |  |  | (799) |  |  |  | 227 |  |  |  | (475) |  |  |  | 676 |  |  |  | — |
| Downstream |
| Canadian Manufacturing |  |  | U.S. Manufacturing |  |  | Retail |
For the nine months ended September 30, | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  | 3,109 |  |  |  | 58 |  |  |  | 13,889 |  |  |  | 3,633 |  |  |  | 1,540 |  |  |  | — |
Less: Royalties (1) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | 3,109 |  |  |  | 58 |  |  |  | 13,889 |  |  |  | 3,633 |  |  |  | 1,540 |  |  |  | — |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Purchased Product (1) |  | 2,424 |  |  |  | — |  |  |  | 12,320 |  |  |  | 3,413 |  |  |  | 1,434 |  |  |  | — |
Transportation and Blending (1) |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating (1) |  | 284 |  |  |  | 29 |  |  |  | 1,212 |  |  |  | 564 |  |  |  | 73 |  |  |  | — |
Realized (Gain) Loss on Risk Management |  | — |  |  |  | — |  |  |  | 48 |  |  |  | (6) |  |  |  | — |  |  |  | — |
Operating Margin |  | 401 |  |  |  | 29 |  |  |  | 309 |  |  |  | (338) |  |  |  | 33 |  |  |  | — |
Unrealized (Gain) Loss on Risk Management |  | — |  |  |  | — |  |  |  | 38 |  |  |  | (1) |  |  |  | — |  |  |  | — |
Depreciation, Depletion and Amortization |  | 127 |  |  |  | 6 |  |  |  | 320 |  |  |  | 666 |  |  |  | 36 |  |  |  | — |
Exploration Expense |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(Income) Loss From Equity-Accounted Affiliates |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Segment Income (Loss) |  | 274 |  |  |  | 23 |  |  |  | (49) |  |  |  | (1,003) |  |  |  | (3) |  |  |  | — |
(1)Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs.
|  |  |  |  |  |  |  |  | Corporate and Eliminations |  |  | Consolidated |
For the nine months ended September 30, |  |  |  |  |  |  |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales |  |  |  |  |  |  |  |  |  | (3,875) |  |  |  | (422) |  |  |  | 34,064 |  |  |  | 10,022 |
Less: Royalties (1) |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,639 |  |  |  | 228 |
|  |  |  |  |  |  |  |  |  | (3,875) |  |  |  | (422) |  |  |  | 32,425 |  |  |  | 9,794 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  |  |  |  |  |  |  |  |  | (3,327) |  |  |  | (196) |  |  |  | 16,078 |  |  |  | 4,207 |
Transportation and Blending (1) |  |  |  |  |  |  |  |  |  | (39) |  |  |  | (24) |  |  |  | 5,504 |  |  |  | 3,591 |
Operating (1) |  |  |  |  |  |  |  |  |  | (517) |  |  |  | (210) |  |  |  | 3,428 |  |  |  | 1,470 |
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  |  |  | 91 |  |  |  | 4 |  |  |  | 725 |  |  |  | 226 |
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  |  |  | (16) |  |  |  | — |  |  |  | 226 |  |  |  | 7 |
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  |  |  | 91 |  |  |  | 104 |  |  |  | 3,234 |  |  |  | 2,615 |
Exploration Expense |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 32 |
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  |  |  | 1 |  |  |  | — |  |  |  | (40) |  |  |  | — |
Segment Income (Loss) |  |  |  |  |  |  |  |  |  | (159) |  |  |  | (100) |  |  |  | 3,255 |  |  |  | (2,354) |
General and Administrative |  |  |  |  |  |  |  |  |  | 491 |  |  |  | 124 |  |  |  | 491 |  |  |  | 124 |
Finance Costs |  |  |  |  |  |  |  |  |  | 836 |  |  |  | 391 |  |  |  | 836 |  |  |  | 391 |
Interest Income |  |  |  |  |  |  |  |  |  | (11) |  |  |  | (4) |  |  |  | (11) |  |  |  | (4) |
Integration Costs |  |  |  |  |  |  |  |  |  | 302 |  |  |  | — |  |  |  | 302 |  |  |  | — |
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  |  |  | (93) |  |  |  | 168 |  |  |  | (93) |  |  |  | 168 |
Re-measurement of Contingent Payment |  |  |  |  |  |  |  |  |  | 571 |  |  |  | (97) |  |  |  | 571 |  |  |  | (97) |
(Gain) Loss on Divestiture of Assets |  |  |  |  |  |  |  |  |  | (97) |  |  |  | — |  |  |  | (97) |  |  |  | — |
Other (Income) Loss, Net |  |  |  |  |  |  |  |  |  | (208) |  |  |  | (52) |  |  |  | (208) |  |  |  | (52) |
|  |  |  |  |  |  |  |  |  | 1,791 |  |  |  | 530 |  |  |  | 1,791 |  |  |  | 530 |
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,464 |  |  |  | (2,884) |
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 469 |  |  |  | (658) |
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 995 |  |  |  | (2,226) |
(1)Inventory write-downs prior to January 1, 2021, have been reclassified to royalties, purchased product, transportation and blending or operating expenses to conform with the current presentation of inventory write-downs. B) Revenues by Product (1)
| Three Months Ended |  |  | Nine Months Ended |
For the periods ended September 30, |  | 2021 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2020 |
Upstream |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Crude Oil |  | 5,140 |  |  |  | 2,333 |  |  |  | 13,368 |  |  |  | 5,971 |
NGLs |  | 754 |  |  |  | 152 |  |  |  | 1,921 |  |  |  | 242 |
Natural Gas |  | 625 |  |  |  | 17 |  |  |  | 2,125 |  |  |  | 270 |
Other |  | 99 |  |  |  | 12 |  |  |  | 348 |  |  |  | 41 |
Downstream |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Synthetic Crude Oil |  | 492 |  |  |  | — |  |  |  | 1,289 |  |  |  | — |
Diesel and Distillate |  | 107 |  |  |  | — |  |  |  | 283 |  |  |  | — |
Asphalt |  | 177 |  |  |  | — |  |  |  | 358 |  |  |  | — |
Other Products and Services |  | 439 |  |  |  | 15 |  |  |  | 1,179 |  |  |  | 58 |
U.S. Manufacturing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gasoline |  | 2,942 |  |  |  | 642 |  |  |  | 7,245 |  |  |  | 1,782 |
Diesel and Distillate |  | 1,719 |  |  |  | 347 |  |  |  | 4,497 |  |  |  | 1,211 |
Other Products |  | 1,062 |  |  |  | 249 |  |  |  | 2,147 |  |  |  | 641 |
Retail |  | 592 |  |  |  | — |  |  |  | 1,540 |  |  |  | — |
Corporate and Eliminations |  | (1,450) |  |  |  | (108) |  |  |  | (3,875) |  |  |  | (422) |
Consolidated |  | 12,698 |  |  |  | 3,659 |  |  |  | 32,425 |  |  |  | 9,794 |
(1) Prior period results of the Company’s market optimization activities have been reclassified to revenues, by product, in the Upstream segment. C) Geographical Information
|  | Revenues |
|  | Three Months Ended |  | Nine Months Ended |
For the periods ended September 30, |  | 2021 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2020 |
Canada |  | 6,243 |  |  |  | 2,418 |  |  |  | 16,774 |  |  |  | 6,082 |
United States |  | 6,139 |  |  |  | 1,241 |  |  |  | 14,740 |  |  |  | 3,712 |
China |  | 316 |  |  |  | — |  |  |  | 911 |  |  |  | — |
Consolidated |  | 12,698 |  |  |  | 3,659 |  |  |  | 32,425 |  |  |  | 9,794 |
|  |  |  |  | Non-Current Assets (1) |
As at |  |  |  |  | September 30, 2021 |  |  | December 31, 2020 |
Canada |  |  |  |  |  | 34,506 |  |  |  | 26,041 |
United States |  |  |  |  |  | 6,433 |  |  |  | 3,590 |
China |  |  |  |  |  | 2,602 |  |  |  | — |
Indonesia |  |  |  |  |  | 404 |  |  |  | — |
Consolidated |  |  |  |  |  | 43,945 |  |  |  | 29,631 |
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, investments in equity-accounted affiliate, precious metals, intangible assets and goodwill. D) Assets by Segment (1)
| E&E Assets |  |  | PP&E |  |  | ROU Assets
As at | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020
Oil Sands |  | 634 |  |  |  | 617 |  |  |  | 23,632 |  |  |  | 19,748 |  |  |  | 749 |  |  |  | 196
Conventional |  | 6 |  |  |  | 6 |  |  |  | 1,948 |  |  |  | 1,758 |  |  |  | 4 |  |  |  | 3
Offshore |  | 15 |  |  |  | — |  |  |  | 2,795 |  |  |  | — |  |  |  | 164 |  |  |  | —
Canadian Manufacturing |  | — |  |  |  | — |  |  |  | 2,365 |  |  |  | 176 |  |  |  | 366 |  |  |  | 392
U.S. Manufacturing |  | — |  |  |  | — |  |  |  | 6,053 |  |  |  | 3,476 |  |  |  | 280 |  |  |  | 114
Retail |  | — |  |  |  | — |  |  |  | 422 |  |  |  | — |  |  |  | 107 |  |  |  | —
Corporate and Eliminations |  | — |  |  |  | — |  |  |  | 384 |  |  |  | 253 |  |  |  | 463 |  |  |  | 434
Consolidated |  | 655 |  |  |  | 623 |  |  |  | 37,599 |  |  |  | 25,411 |  |  |  | 2,133 |  |  |  | 1,139
|  |  |  | Goodwill |  |  | Total Assets
As at |  |  |  |  |  | September 30, 2021 |  |  | December 31, 2020 |  |  | September 30, 2021 |  |  | December 31, 2020
Oil Sands |  |  |  |  |  |  | 2,984 |  |  |  | 2,272 |  |  |  | 30,782 |  |  |  | 24,641
Conventional |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 2,706 |  |  |  | 1,978
Offshore |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 3,626 |  |  |  | —
Canadian Manufacturing |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 3,006 |  |  |  | 578
U.S. Manufacturing |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 9,946 |  |  |  | 4,363
Retail |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 708 |  |  |  | —
Corporate and Eliminations |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 3,477 |  |  |  | 1,210
Consolidated |  |  |  |  |  |  | 2,984 |  |  |  | 2,272 |  |  |  | 54,251 |  |  |  | 32,770
(1) Prior periods have been reclassified to conform with the current period’s operating segments. E) Capital Expenditures (1) (2)
| Three Months Ended |  |  | Nine Months Ended |
For the periods ended September 30, |  | 2021 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2020 |
Capital Investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Sands |  | 198 |  |  |  | 65 |  |  |  | 617 |  |  |  | 337 |
Conventional |  | 41 |  |  |  | 12 |  |  |  | 135 |  |  |  | 39 |
Offshore |  | 69 |  |  |  | — |  |  |  | 130 |  |  |  | — |
Canadian Manufacturing |  | 9 |  |  |  | 5 |  |  |  | 23 |  |  |  | 22 |
U.S. Manufacturing |  | 301 |  |  |  | 60 |  |  |  | 743 |  |  |  | 150 |
Retail |  | 16 |  |  |  | — |  |  |  | 22 |  |  |  | — |
Corporate and Eliminations |  | 13 |  |  |  | 6 |  |  |  | 58 |  |  |  | 51 |
|  | 647 |  |  |  | 148 |  |  |  | 1,728 |  |  |  | 599 |
Acquisition Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Sands |  | — |  |  |  | 1 |  |  |  | 3 |  |  |  | 6 |
Conventional |  | — |  |  |  | 3 |  |  |  | 4 |  |  |  | 4 |
|  | — |  |  |  | 4 |  |  |  | 7 |  |  |  | 10 |
Acquisitions (Note 4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oil Sands |  | — |  |  |  | — |  |  |  | 5,119 |  |  |  | — |
Conventional |  | — |  |  |  | — |  |  |  | 565 |  |  |  | — |
Offshore |  | 84 |  |  |  | — |  |  |  | 3,061 |  |  |  | — |
Canadian Manufacturing |  | — |  |  |  | — |  |  |  | 2,283 |  |  |  | — |
U.S. Manufacturing |  | — |  |  |  | — |  |  |  | 2,140 |  |  |  | — |
Retail |  | — |  |  |  | — |  |  |  | 422 |  |  |  | — |
Corporate and Eliminations |  | — |  |  |  | — |  |  |  | 155 |  |  |  | — |
Total Capital Expenditures |  | 731 |  |  |  | 152 |  |  |  | 15,480 |  |  |  | 609 |
(1)Includes expenditures on PP&E and E&E assets. (2)Prior periods have been reclassified to conform with the current period’s operating segments.

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