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Impairment Charges and Reversals (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Impairment Loss Recognised Or Reversed [Abstract]  
Summary of Impairment Losses and Estimated Recoverable Amounts The following table summarizes the year ended December 31, 2020 impairment losses and estimated recoverable amounts as at December 31, 2020 by CGU:

CGU

Impairment Amount

 

 

Recoverable Amount

 

Clearwater

 

260

 

 

 

160

 

Elmworth-Wapiti

 

120

 

 

 

259

 

Kaybob-Edson

 

175

 

 

 

384

 

 
Summary of Forward Prices Used to Determine Future Cash Flows

The forward prices as at December 31, 2020, used to determine future cash flows from crude oil, NGLs and natural gas reserves were:

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

Average

Annual

Increase

Thereafter

 

WTI (US$/barrel) (1)

 

47.17

 

 

 

50.17

 

 

 

53.17

 

 

 

54.97

 

 

 

56.07

 

 

 

2.0

%

WCS (C$/barrel) (2)

 

44.63

 

 

 

48.18

 

 

 

52.10

 

 

 

54.10

 

 

 

55.19

 

 

 

2.0

%

Edmonton C5+ (C$/barrel)

 

59.24

 

 

 

63.19

 

 

 

67.34

 

 

 

69.77

 

 

 

71.18

 

 

 

2.0

%

AECO (C$/Mcf) (3)

 

2.88

 

 

 

2.80

 

 

 

2.71

 

 

 

2.75

 

 

 

2.80

 

 

 

2.0

%

(1)

West Texas Intermediate (“WTI”).

(2)

Western Canadian Select (“WCS”).

(3)

Alberta Energy Company (“AECO”) natural gas. Assumes gas heating value of one million British thermal units per thousand cubic feet (“Mcf”).
Summary of Increase (Decrease) to Recoverable Amount The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount in the impairment testing completed as at December 31, 2020 for the following CGUs:

 

Increase (Decrease) to Recoverable Amount

 

 

One Percent Increase in

the Discount Rate

 

 

One Percent Decrease in the Discount Rate

 

 

Five Percent Increase in

the Forward Price

Estimates

 

 

Five Percent Decrease in the Forward Price Estimates

 

Clearwater

 

(5

)

 

 

6

 

 

 

52

 

 

 

(97

)

Elmworth-Wapiti

 

(7

)

 

 

8

 

 

 

54

 

 

 

(96

)

Kaybob-Edson

 

(13

)

 

 

14

 

 

 

54

 

 

 

(106

)

 

The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated recoverable amount in the impairment testing completed as at September 30, 2020 for the following CGU:

 

Increase (Decrease) to Recoverable Amount

 

 

One Percent Increase in

the Discount Rate

 

 

One Percent Decrease in the Discount Rate

 

 

Five Percent Increase in

the Forward Price

Estimates

 

 

Five Percent Decrease in the Forward Price Estimates

 

Borger

 

(71

)

 

 

81

 

 

 

263

 

 

 

(264

)