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Description of Business and Segmented Disclosures | 9 Months Ended
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Sep. 30, 2023
Disclosure Of Reportable Segments [Abstract] |
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES |
1. DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES
Cenovus Energy Inc., including its subsidiaries, (together “Cenovus” or the “Company”) is an integrated energy company with crude oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States (“U.S.”). Cenovus is incorporated under the Canada Business Corporations Act and its common shares and common share purchase warrants are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange. Cenovus’s cumulative redeemable preferred shares series 1, 2, 3, 5 and 7 are listed on the TSX. The executive and registered office is located at 4100, 225 6 Avenue S.W., Calgary, Alberta, Canada, T2P 1N2. Information on the Company’s basis of preparation for these interim Consolidated Financial Statements is found in Note 2. Management has determined the operating segments based on information regularly reviewed for the purposes of decision making, allocating resources and assessing operational performance by Cenovus’s chief operating decision maker. The Company’s operating segments are aggregated based on their geographic locations, the nature of the businesses or a combination of these factors. The Company evaluates the financial performance of its operating segments primarily based on operating margin. The Company operates through the following reportable segments: 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, Lloydminster thermal and Lloydminster conventional heavy oil 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 additional third-party commodity trading volumes, through access to capacity on third-party pipelines, export terminals and storage facilities. These provide 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 converts heavy oil and bitumen into synthetic crude oil, diesel, asphalt and other ancillary products. Cenovus also owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The Company’s commercial fuels business across Canada is included in this segment. Cenovus markets its production and third-party commodity trading volumes in an effort to use its integrated network of assets to maximize value. •U.S. Manufacturing, includes the refining of crude oil to produce gasoline, diesel, jet fuel, asphalt and other products at the wholly-owned Lima, Superior and Toledo refineries, and the jointly-owned Wood River and Borger refineries (jointly owned with operator Phillips 66). Cenovus also markets some of its own and third-party volumes of refined petroleum products including gasoline, diesel, jet fuel and asphalt. Corporate and Eliminations Corporate and Eliminations, 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 and condensate production between segments, transloading services provided to the Oil Sands segment by the Company’s crude-by-rail terminal, crude oil production used as feedstock by the Canadian Manufacturing and U.S. Manufacturing segments, the sale of condensate extracted from blended crude oil production in the Canadian Manufacturing segment and sold to the Oil Sands segment, and unrealized profits in inventory. Eliminations are recorded based on market prices. In December 2022, Management elected to aggregate the commercial fuels business and the historical retail fuels business with the Canadian Manufacturing segment. The marketing operations of the Canadian Manufacturing segment have similar products and services, customer types, distribution methods and operate in the same regulatory environment as the commercial fuels business. Prior period results were reclassified; see Note 26. The following tabular financial information presents segmented information first by segment, then by product and geographic location. A) Results of Operations – Segment and Operational Information i) Results for the Three Months Ended September 30
| Upstream
For the three months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 7,571 |  | 8,764 |  | 810 |  | 1,036 |  | 402 |  | 450 |  | 8,783 |  | 10,250
Less: Royalties | 1,082 |  | 1,136 |  | 27 |  | 68 |  | 26 |  | 22 |  | 1,135 |  | 1,226
| 6,489 |  | 7,628 |  | 783 |  | 968 |  | 376 |  | 428 |  | 7,648 |  | 9,024
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 462 |  | 1,919 |  | 438 |  | 464 |  | — |  | — |  | 900 |  | 2,383
Transportation and Blending (1) | 2,324 |  | 2,758 |  | 73 |  | 64 |  | — |  | 4 |  | 2,397 |  | 2,826
Operating | 688 |  | 689 |  | 150 |  | 141 |  | 76 |  | 85 |  | 914 |  | 915
Realized (Gain) Loss on Risk Management | (6) |  | 42 |  | (4) |  | 9 |  | — |  | — |  | (10) |  | 51
Operating Margin | 3,021 |  | 2,220 |  | 126 |  | 290 |  | 300 |  | 339 |  | 3,447 |  | 2,849
Unrealized (Gain) Loss on Risk Management | 47 |  | (2) |  | 7 |  | 8 |  | — |  | — |  | 54 |  | 6
Depreciation, Depletion and Amortization | 785 |  | 652 |  | 104 |  | 103 |  | 130 |  | 132 |  | 1,019 |  | 887
Exploration Expense | — |  | 7 |  | — |  | — |  | 2 |  | 66 |  | 2 |  | 73
(Income) Loss From Equity- Accounted Affiliates | — |  | — |  | — |  | — |  | (11) |  | (9) |  | (11) |  | (9)
Segment Income (Loss) | 2,189 |  | 1,563 |  | 15 |  | 179 |  | 179 |  | 150 |  | 2,383 |  | 1,892
(1)Comparative periods reflect certain revisions. See Note 26.
| Downstream
For the three months ended | Canadian Manufacturing |  | U.S. Manufacturing |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 1,805 |  | 2,168 |  | 7,853 |  | 8,705 |  | 9,658 |  | 10,873
Less: Royalties | — |  | — |  | — |  | — |  | — |  | —
| 1,805 |  | 2,168 |  | 7,853 |  | 8,705 |  | 9,658 |  | 10,873
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 1,480 |  | 1,750 |  | 6,467 |  | 7,930 |  | 7,947 |  | 9,680
Transportation and Blending (1) | — |  | — |  | — |  | — |  | — |  | —
Operating | 155 |  | 172 |  | 623 |  | 608 |  | 778 |  | 780
Realized (Gain) Loss on Risk Management | — |  | — |  | 11 |  | (77) |  | 11 |  | (77)
Operating Margin | 170 |  | 246 |  | 752 |  | 244 |  | 922 |  | 490
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (2) |  | (8) |  | (2) |  | (8)
Depreciation, Depletion and Amortization | 50 |  | 42 |  | 109 |  | 91 |  | 159 |  | 133
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 120 |  | 204 |  | 645 |  | 161 |  | 765 |  | 365
For the three months ended |  |  | Corporate and Eliminations |  | Consolidated
September 30, |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) |  |  |  |  |  |  |  | (2,729) |  | (2,426) |  | 15,712 |  | 18,697
Less: Royalties |  |  |  |  |  |  |  | — |  | — |  | 1,135 |  | 1,226
|  |  |  |  |  |  |  | (2,729) |  | (2,426) |  | 14,577 |  | 17,471
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) |  |  |  |  |  |  |  | (2,227) |  | (2,011) |  | 6,620 |  | 10,052
Transportation and Blending (1) |  |  |  |  |  |  |  | (233) |  | (247) |  | 2,164 |  | 2,579
Operating (1) |  |  |  |  |  |  |  | (139) |  | (191) |  | 1,553 |  | 1,504
Realized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | (1) |  | 16 |  | — |  | (10)
Unrealized (Gain) Loss on Risk Management |  |  |  |  |  |  |  | 20 |  | (16) |  | 72 |  | (18)
Depreciation, Depletion and Amortization |  |  |  |  |  |  |  | 19 |  | 27 |  | 1,197 |  | 1,047
Exploration Expense |  |  |  |  |  |  |  | — |  | — |  | 2 |  | 73
(Income) Loss From Equity-Accounted Affiliates |  |  |  |  |  |  |  | — |  | — |  | (11) |  | (9)
Segment Income (Loss) |  |  |  |  |  |  |  | (168) |  | (4) |  | 2,980 |  | 2,253
General and Administrative |  |  |  |  |  |  |  | 292 |  | 128 |  | 292 |  | 128
Finance Costs |  |  |  |  |  |  |  | 106 |  | 207 |  | 106 |  | 207
Interest Income |  |  |  |  |  |  |  | (33) |  | (21) |  | (33) |  | (21)
Integration and Transaction Costs |  |  |  |  |  |  |  | 12 |  | 27 |  | 12 |  | 27
Foreign Exchange (Gain) Loss, Net |  |  |  |  |  |  |  | 133 |  | 316 |  | 133 |  | 316
Revaluation (Gain) Loss |  |  |  |  |  |  |  | — |  | (549) |  | — |  | (549)
Re-measurement of Contingent Payments |  |  |  |  |  |  |  | 67 |  | (109) |  | 67 |  | (109)
(Gain) Loss on Divestiture of Assets |  |  |  |  |  |  |  | — |  | 60 |  | — |  | 60
Other (Income) Loss, Net |  |  |  |  |  |  |  | (22) |  | (59) |  | (22) |  | (59)
|  |  |  |  |  |  |  | 555 |  | — |  | 555 |  | —
Earnings (Loss) Before Income Tax |  |  |  |  |  |  |  |  |  |  |  | 2,425 |  | 2,253
Income Tax Expense (Recovery) |  |  |  |  |  |  |  |  |  |  |  | 561 |  | 644
Net Earnings (Loss) |  |  |  |  |  |  |  |  |  |  |  | 1,864 |  | 1,609
(1)Comparative periods reflect certain revisions. See Note 26. ii) Results for the Nine Months Ended September 30
| Upstream
For the nine months ended | Oil Sands |  | Conventional |  | Offshore |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 19,715 |  | 28,030 |  | 2,467 |  | 3,286 |  | 1,103 |  | 1,575 |  | 23,285 |  | 32,891
Less: Royalties | 2,218 |  | 3,709 |  | 85 |  | 228 |  | 65 |  | 56 |  | 2,368 |  | 3,993
| 17,497 |  | 24,321 |  | 2,382 |  | 3,058 |  | 1,038 |  | 1,519 |  | 20,917 |  | 28,898
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 1,231 |  | 4,202 |  | 1,258 |  | 1,460 |  | — |  | — |  | 2,489 |  | 5,662
Transportation and Blending (1) | 7,965 |  | 9,114 |  | 220 |  | 191 |  | 9 |  | 12 |  | 8,194 |  | 9,317
Operating | 2,101 |  | 2,197 |  | 444 |  | 403 |  | 281 |  | 234 |  | 2,826 |  | 2,834
Realized (Gain) Loss on Risk Management | (7) |  | 1,468 |  | — |  | 17 |  | — |  | — |  | (7) |  | 1,485
Operating Margin | 6,207 |  | 7,340 |  | 460 |  | 987 |  | 748 |  | 1,273 |  | 7,415 |  | 9,600
Unrealized (Gain) Loss on Risk Management | 44 |  | (59) |  | (14) |  | 7 |  | — |  | — |  | 30 |  | (52)
Depreciation, Depletion and Amortization | 2,230 |  | 1,977 |  | 286 |  | 282 |  | 349 |  | 441 |  | 2,865 |  | 2,700
Exploration Expense | 4 |  | 7 |  | — |  | 1 |  | 6 |  | 91 |  | 10 |  | 99
(Income) Loss From Equity- Accounted Affiliates | 6 |  | 8 |  | — |  | — |  | (29) |  | (19) |  | (23) |  | (11)
Segment Income (Loss) | 3,923 |  | 5,407 |  | 188 |  | 697 |  | 422 |  | 760 |  | 4,533 |  | 6,864
(1)Comparative periods reflect certain revisions. See Note 26.
| Downstream
For the nine months ended | Canadian Manufacturing |  | U.S. Manufacturing |  | Total
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |  |  |  |  |
Gross Sales (1) | 4,676 |  | 6,020 |  | 19,546 |  | 23,688 |  | 24,222 |  | 29,708
Less: Royalties | — |  | — |  | — |  | — |  | — |  | —
| 4,676 |  | 6,020 |  | 19,546 |  | 23,688 |  | 24,222 |  | 29,708
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased Product (1) | 3,656 |  | 5,065 |  | 16,729 |  | 20,351 |  | 20,385 |  | 25,416
Transportation and Blending (1) | — |  | — |  | — |  | — |  | — |  | —
Operating | 471 |  | 534 |  | 1,904 |  | 1,757 |  | 2,375 |  | 2,291
Realized (Gain) Loss on Risk Management | — |  | — |  | 6 |  | 120 |  | 6 |  | 120
Operating Margin | 549 |  | 421 |  | 907 |  | 1,460 |  | 1,456 |  | 1,881
Unrealized (Gain) Loss on Risk Management | — |  | — |  | (13) |  | (22) |  | (13) |  | (22)
Depreciation, Depletion and Amortization | 136 |  | 164 |  | 314 |  | 259 |  | 450 |  | 423
Exploration Expense | — |  | — |  | — |  | — |  | — |  | —
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | — |  | — |  | — |  | —
Segment Income (Loss) | 413 |  | 257 |  | 606 |  | 1,223 |  | 1,019 |  | 1,480
For the nine months ended | Corporate and Eliminations |  | Consolidated
September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |  |
Gross Sales (1) | (6,069) |  | (5,772) |  | 41,438 |  | 56,827
Less: Royalties | — |  | — |  | 2,368 |  | 3,993
| (6,069) |  | (5,772) |  | 39,070 |  | 52,834
Expenses |  |  |  |  |  |  |
Purchased Product (1) | (4,717) |  | (4,040) |  | 18,157 |  | 27,038
Transportation and Blending (1) | (715) |  | (911) |  | 7,479 |  | 8,406
Operating (1) | (412) |  | (765) |  | 4,789 |  | 4,360
Realized (Gain) Loss on Risk Management | 2 |  | 23 |  | 1 |  | 1,628
Unrealized (Gain) Loss on Risk Management | 71 |  | (14) |  | 88 |  | (88)
Depreciation, Depletion and Amortization | 59 |  | 86 |  | 3,374 |  | 3,209
Exploration Expense | — |  | — |  | 10 |  | 99
(Income) Loss From Equity-Accounted Affiliates | — |  | — |  | (23) |  | (11)
Segment Income (Loss) | (357) |  | (151) |  | 5,195 |  | 8,193
General and Administrative | 617 |  | 545 |  | 617 |  | 545
Finance Costs | 493 |  | 631 |  | 493 |  | 631
Interest Income | (100) |  | (44) |  | (100) |  | (44)
Integration and Transaction Costs | 49 |  | 79 |  | 49 |  | 79
Foreign Exchange (Gain) Loss, Net | 7 |  | 406 |  | 7 |  | 406
Revaluation (Gain) Loss | 33 |  | (549) |  | 33 |  | (549)
Re-measurement of Contingent Payments | 83 |  | 142 |  | 83 |  | 142
(Gain) Loss on Divestiture of Assets | (11) |  | (244) |  | (11) |  | (244)
Other (Income) Loss, Net | (42) |  | (467) |  | (42) |  | (467)
| 1,129 |  | 499 |  | 1,129 |  | 499
Earnings (Loss) Before Income Tax |  |  |  |  | 4,066 |  | 7,694
Income Tax Expense (Recovery) |  |  |  |  | 700 |  | 2,028
Net Earnings (Loss) |  |  |  |  | 3,366 |  | 5,666
(1)Comparative periods reflect certain revisions. See Note 26. ) Revenues by Product
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Upstream |  |  |  |  |  |  |
Crude Oil (1) (2) | 6,666 |  | 7,384 |  | 17,671 |  | 24,143
Natural Gas (2) | 563 |  | 973 |  | 1,975 |  | 2,740
NGLs (1) | 382 |  | 571 |  | 1,088 |  | 1,684
Other | 37 |  | 96 |  | 183 |  | 331
Total Upstream | 7,648 |  | 9,024 |  | 20,917 |  | 28,898
Downstream |  |  |  |  |  |  |
Canadian Manufacturing |  |  |  |  |  |  |
Synthetic Crude Oil | 657 |  | 657 |  | 1,607 |  | 1,786
Diesel | 460 |  | 567 |  | 1,286 |  | 1,544
Gasoline | 162 |  | 298 |  | 410 |  | 837
Asphalt | 200 |  | 248 |  | 431 |  | 482
Other Products and Services | 326 |  | 398 |  | 942 |  | 1,371
U.S. Manufacturing |  |  |  |  |  |  |
Gasoline | 3,822 |  | 3,919 |  | 9,336 |  | 11,180
Distillates | 2,871 |  | 3,384 |  | 7,169 |  | 8,535
Asphalt | 326 |  | 196 |  | 610 |  | 402
Other Products (2) | 834 |  | 1,206 |  | 2,431 |  | 3,571
Total Downstream | 9,658 |  | 10,873 |  | 24,222 |  | 29,708
Corporate and Eliminations (2) | (2,729) |  | (2,426) |  | (6,069) |  | (5,772)
Consolidated | 14,577 |  | 17,471 |  | 39,070 |  | 52,834
(1)Prior period results have been re-presented. Third-party condensate sales previously included in crude oil have been aggregated with NGLs. (2)Comparative periods reflect certain revisions. See Note 26. C) Geographical Information
| Revenues (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Canada (2) | 6,666 |  | 7,999 |  | 18,828 |  | 26,471
United States (2) | 7,611 |  | 9,155 |  | 19,425 |  | 25,340
China | 300 |  | 317 |  | 817 |  | 1,023
Consolidated | 14,577 |  | 17,471 |  | 39,070 |  | 52,834
(1)Revenues by country are classified based on where the operations are located. (2)Comparative periods reflect certain revisions. See Note 26.
| Non-Current Assets (1)
| September 30, |  | December 31,
As at | 2023 |  | 2022
Canada | 35,257 |  | 35,194
United States | 5,284 |  | 4,824
China | 1,758 |  | 2,064
Indonesia | 356 |  | 365
Consolidated | 42,655 |  | 42,447
(1)Includes exploration and evaluation (“E&E”) assets, property, plant and equipment (“PP&E”), right-of-use (“ROU”) assets, income tax receivable, investments in equity-accounted affiliates, precious metals, intangible assets and goodwill. D) Assets by Segment
| E&E Assets |  | PP&E |  | ROU Assets
| September 30, |  | December 31, |  | September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Oil Sands | 785 |  | 674 |  | 24,271 |  | 24,657 |  | 687 |  | 638
Conventional | 5 |  | 6 |  | 2,045 |  | 2,020 |  | 2 |  | 2
Offshore | 6 |  | 5 |  | 2,679 |  | 2,549 |  | 103 |  | 152
Canadian Manufacturing | — |  | — |  | 2,438 |  | 2,466 |  | 220 |  | 252
U.S. Manufacturing | — |  | — |  | 4,981 |  | 4,482 |  | 286 |  | 329
Corporate and Eliminations | — |  | — |  | 313 |  | 325 |  | 440 |  | 472
Consolidated | 796 |  | 685 |  | 36,727 |  | 36,499 |  | 1,738 |  | 1,845
| Goodwill |  | Total Assets
| September 30, |  | December 31, |  | September 30, |  | December 31,
As at | 2023 |  | 2022 |  | 2023 |  | 2022
Oil Sands | 2,923 |  | 2,923 |  | 32,481 |  | 32,248
Conventional | — |  | — |  | 2,278 |  | 2,410
Offshore | — |  | — |  | 3,416 |  | 3,339
Canadian Manufacturing | — |  | — |  | 3,320 |  | 3,172
U.S. Manufacturing | — |  | — |  | 9,728 |  | 8,324
Corporate and Eliminations | — |  | — |  | 3,204 |  | 6,376
Consolidated | 2,923 |  | 2,923 |  | 54,427 |  | 55,869
E) Capital Expenditures (1)
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Capital Investment |  |  |  |  |  |  |
Oil Sands | 590 |  | 360 |  | 1,764 |  | 1,111
Conventional | 100 |  | 67 |  | 323 |  | 188
Offshore |  |  |  |  |  |  |
Asia Pacific | 3 |  | 3 |  | 4 |  | 5
Atlantic | 191 |  | 78 |  | 474 |  | 220
Total Upstream | 884 |  | 508 |  | 2,565 |  | 1,524
Canadian Manufacturing | 38 |  | 24 |  | 99 |  | 77
U.S. Manufacturing | 88 |  | 300 |  | 435 |  | 774
Total Downstream | 126 |  | 324 |  | 534 |  | 851
Corporate and Eliminations | 15 |  | 34 |  | 29 |  | 59
| 1,025 |  | 866 |  | 3,128 |  | 2,434
Acquisitions (Note 3) |  |  |  |  |  |  |
Oil Sands | 32 |  | 1,596 |  | 35 |  | 1,596
Conventional | 1 |  | 5 |  | 5 |  | 6
U.S. Manufacturing (2) | — |  | — |  | 337 |  | —
| 33 |  | 1,601 |  | 377 |  | 1,602
Total Capital Expenditures | 1,058 |  | 2,467 |  | 3,505 |  | 4,036
(1)Includes expenditures on PP&E, E&E assets and capitalized interest. (2)Cenovus was deemed to have disposed of its pre-existing interest in BP-Husky Refining LLC (“Toledo”) and reacquired it at fair value as required by International Financial Reporting Standard 3, “Business Combinations” (“IFRS 3”). The acquisition capital above does not include the fair value of the pre‑existing interest in Toledo of $320 million.

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