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Impairment Charges and Reversals (Tables)
 12 Months Ended
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 ImpairmentRecoverable Amount
Clearwater145427
Elmworth-Wapiti115747
Kaybob-Edson118837
The following table summarizes impairment losses recorded in 2020 and estimated recoverable amounts as at December 31, 2020, by CGU:
ImpairmentRecoverable Amount
Clearwater260160
Elmworth-Wapiti120259
Kaybob-Edson175384
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:
20232024202520262027Average Annual Increase Thereafter
West Texas Intermediate (US$/barrel)
80.3378.5076.9577.6179.162.00 %
Western Canadian Select (C$/barrel)
76.5477.7577.5580.0781.892.00 %
Condensate at Edmonton (C$/barrel)
106.22101.3598.94100.19101.742.00 %
Alberta Energy Company Natural Gas (C$/Mcf) (1)
4.234.404.214.274.342.00 %
(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:
20222023202420252026Average Annual Increase Thereafter
West Texas Intermediate (US$/barrel)
72.8368.7866.7668.0969.452.00 %
Western Canadian Select (C$/barrel)
74.4369.1766.5467.8769.232.00 %
Edmonton C5+ (C$/barrel)
91.8585.5382.9884.6386.332.00 %
Alberta Energy Company Natural Gas (C$/Mcf) (1)
3.563.203.053.103.172.00 %
(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:
20212022202320242025Average Annual Increase Thereafter
West Texas Intermediate (US$/barrel)
47.1750.1753.1754.9756.072.00 %
Western Canadian Select (C$/barrel)
44.6348.1852.1054.1055.192.00 %
Edmonton C5+ (C$/barrel)
59.2463.1967.3469.7771.182.00 %
Alberta Energy Company Natural Gas (C$/Mcf) (1)
2.882.802.712.752.802.00 %
(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 RateOne Percent Decrease in
the Discount Rate		Five Percent Increase in the Forward Price EstimatesFive Percent Decrease in the Forward Price Estimates
Clearwater7(7)(68)128
Elmworth-Wapiti10(10)(71)126
Kaybob-Edson17(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 EstimatesFive Percent Decrease in the Forward Price Estimates
U.S. Manufacturing69(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 EstimatesFive Percent Decrease in the Forward Price Estimates
U.S. Manufacturing(72)14168(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 EstimatesFive Percent Decrease in the Forward Price Estimates
Borger, Wood River and Lima251(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 EstimatesFive Percent Decrease in the Forward Price Estimates
Borger89(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$/barrel)20232024202520262027
West Texas Intermediate
80.3378.5076.9577.6179.16
Differential WTI-WTS
(0.56)(0.56)(0.56)(0.56)(0.56)
Differential WTI-WCS
(23.32)(19.09)(17.42)(15.87)(15.74)
Chicago 3-2-1 Crack Spreads (WTI)
29.3724.1022.1221.7021.67
Subsequent prices were extrapolated using a two percent growth rate to determine future cash flows up to the year 2032.
Forward prices are based on Management’s best estimate and corroborated with third-party data. As at December 31, 2021, the forward prices used to determine future cash flows were:
2022 to 20232024 to 2026
(US$/barrel)LowHigh LowHigh
West Texas Intermediate
68.7872.8366.7669.45
Differential WTI-WTS
—0.01(0.06)(0.06)
Differential WTI-WCS
13.5413.6713.7514.30
Chicago 3-2-1 Crack Spreads (WTI)
14.8718.4414.6816.81
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 20222023 to 2025
(US$/barrel)LowHigh LowHigh
West Texas Intermediate
36.3650.8449.6658.74
Differential WTI-WTS
0.371.731.211.81
Group 3 3-2-1 Crack Spreads (WTI)
11.5613.2311.7916.58