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Impairment Charges and Reversals (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract] |
Summary of Impairment Losses and Estimated Recoverable Amounts | The following table summarizes impairment reversals recorded in 2021 and estimated recoverable amounts as at December 31, 2021, by CGU:
| Reversal of Impairment |  | Recoverable Amount
Clearwater | 145 |  | 427
Elmworth-Wapiti | 115 |  | 747
Kaybob-Edson | 118 |  | 837
The following table summarizes impairment losses recorded in 2020 and estimated recoverable amounts as at December 31, 2020, by CGU:
| Impairment |  | Recoverable Amount
Clearwater | 260 |  | 160
Elmworth-Wapiti | 120 |  | 259
Kaybob-Edson | 175 |  | 384
Summary of Crude Oil, NGLs and Natural Gas Prices | The forward prices as at December 31, 2022, used to determine future cash flows from crude oil, NGLs and natural gas reserves were:
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Average Annual Increase Thereafter
West Texas Intermediate (US$/barrel) | 80.33 |  | 78.50 |  | 76.95 |  | 77.61 |  | 79.16 |  | 2.00 | %
Western Canadian Select (C$/barrel) | 76.54 |  | 77.75 |  | 77.55 |  | 80.07 |  | 81.89 |  | 2.00 | %
Condensate at Edmonton (C$/barrel) | 106.22 |  | 101.35 |  | 98.94 |  | 100.19 |  | 101.74 |  | 2.00 | %
Alberta Energy Company Natural Gas (C$/Mcf) (1) | 4.23 |  | 4.40 |  | 4.21 |  | 4.27 |  | 4.34 |  | 2.00 | %
(1) Assumes natural gas heating value of one million British thermal units per thousand cubic feet (“Mcf”). Crude Oil, NGLs and Natural Gas Prices The forward prices as at December 31, 2021, used to determine future cash flows from crude oil, NGLs and natural gas reserves were:
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Average Annual Increase Thereafter
West Texas Intermediate (US$/barrel) | 72.83 |  | 68.78 |  | 66.76 |  | 68.09 |  | 69.45 |  | 2.00 | %
Western Canadian Select (C$/barrel) | 74.43 |  | 69.17 |  | 66.54 |  | 67.87 |  | 69.23 |  | 2.00 | %
Edmonton C5+ (C$/barrel) | 91.85 |  | 85.53 |  | 82.98 |  | 84.63 |  | 86.33 |  | 2.00 | %
Alberta Energy Company Natural Gas (C$/Mcf) (1) | 3.56 |  | 3.20 |  | 3.05 |  | 3.10 |  | 3.17 |  | 2.00 | %
(1) Assumes natural gas heating value of one million British thermal units per thousand cubic feet ("Mcf"). Crude Oil, NGLs and Natural Gas Prices 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
West Texas Intermediate (US$/barrel) | 47.17 |  | 50.17 |  | 53.17 |  | 54.97 |  | 56.07 |  | 2.00 | %
Western Canadian Select (C$/barrel) | 44.63 |  | 48.18 |  | 52.10 |  | 54.10 |  | 55.19 |  | 2.00 | %
Edmonton C5+ (C$/barrel) | 59.24 |  | 63.19 |  | 67.34 |  | 69.77 |  | 71.18 |  | 2.00 | %
Alberta Energy Company Natural Gas (C$/Mcf) (1) | 2.88 |  | 2.80 |  | 2.71 |  | 2.75 |  | 2.80 |  | 2.00 | %
(1) Assumes gas heating value of one million British thermal units per Mcf.
Summary of Sensitivities | The sensitivity analysis below shows the impact that a change in the discount rate or forward commodity prices would have had on the calculated impairment amount used in the impairment testing completed as at December 31, 2020, for the following CGUs:
| Increase (Decrease) to Impairment 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 | 7 |  | (7) |  | (68) |  | 128
Elmworth-Wapiti | 10 |  | (10) |  | (71) |  | 126
Kaybob-Edson | 17 |  | (19) |  | (71) |  | 140
| Increase (Decrease) to Impairment 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
U.S. Manufacturing | 69 |  | (65) |  | (268) |  | 268
| Increase (Decrease) to Impairment Reversal 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
U.S. Manufacturing | (72) |  | 14 |  | 168 |  | (342)
The sensitivity analysis below shows the impact that a change in the discount rate or forward crude oil and crack spreads would have had on the calculated recoverable amounts used in the impairment testing completed as at December 31, 2021, for the following CGUs:
| Increase (Decrease) to Impairment 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, Wood River and Lima | 251 |  | (283) |  | (990) |  | 996
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 used in the impairment testing completed as at September 30, 2020, for the following CGU:
| Increase (Decrease) to Impairment 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 | 89 |  | (110) |  | (348) |  | 342
Summary of Crude Oil and Forward Crack Spreads | Forward prices are based on Management’s best estimate and corroborated with third-party data. As at December 31, 2022, the forward prices used to determine future cash flows were:
(US$/barrel) | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
West Texas Intermediate | 80.33 |  | 78.50 |  | 76.95 |  | 77.61 |  | 79.16
Differential WTI-WTS | (0.56) |  | (0.56) |  | (0.56) |  | (0.56) |  | (0.56)
Differential WTI-WCS | (23.32) |  | (19.09) |  | (17.42) |  | (15.87) |  | (15.74)
Chicago 3-2-1 Crack Spreads (WTI) | 29.37 |  | 24.10 |  | 22.12 |  | 21.70 |  | 21.67
Subsequent prices were extrapolated using a two percent growth rate to determine future cash flows up to the year 2032. Forward prices are based on Management’s best estimate and corroborated with third-party data. As at December 31, 2021, the forward prices used to determine future cash flows were:
| 2022 to 2023 |  | 2024 to 2026
(US$/barrel) | Low |  | High |  | Low |  | High
West Texas Intermediate | 68.78 |  | 72.83 |  | 66.76 |  | 69.45
Differential WTI-WTS | — |  | 0.01 |  | (0.06) |  | (0.06)
Differential WTI-WCS | 13.54 |  | 13.67 |  | 13.75 |  | 14.30
Chicago 3-2-1 Crack Spreads (WTI) | 14.87 |  | 18.44 |  | 14.68 |  | 16.81
Crude Oil and Crack Spreads Forward prices are based on Management’s best estimate and corroborated with third-party data. As at September 30, 2020, the forward prices used to determine future cash flows were:
| 2021 to 2022 |  | 2023 to 2025
(US$/barrel) | Low |  | High |  | Low |  | High
West Texas Intermediate | 36.36 |  | 50.84 |  | 49.66 |  | 58.74
Differential WTI-WTS | 0.37 |  | 1.73 |  | 1.21 |  | 1.81
Group 3 3-2-1 Crack Spreads (WTI) | 11.56 |  | 13.23 |  | 11.79 |  | 16.58

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