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Impairment Charges and Reversals (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of impairment loss recognised or reversed for cash-generating unit [abstract] |
Summary of Crude Oil, NGLs and Natural Gas Prices | The forward commodity prices as at December 31, 2023, used to determine future cash flows from crude oil, NGLs and natural gas reserves were:
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Average Annual Increase Thereafter
West Texas Intermediate (“WTI”) (US$/bbl) (1) | 73.67 |  | 74.98 |  | 76.14 |  | 77.66 |  | 79.22 |  | 2.00 | %
Western Canadian Select at Hardisty (2) (C$/bbl) | 76.74 |  | 79.77 |  | 81.12 |  | 82.88 |  | 85.04 |  | 2.00 | %
Condensate at Edmonton (C$/bbl) | 96.79 |  | 98.75 |  | 100.71 |  | 102.72 |  | 104.78 |  | 2.00 | %
Alberta Energy Company Natural Gas (C$/Mcf) (3) | 2.20 |  | 3.37 |  | 4.05 |  | 4.13 |  | 4.21 |  | 2.00 | %
(1)Barrel ("bbl"). (2)Western Canadian Select at Hardisty (“WCS”). (3)One thousand cubic feet (“Mcf”).
Summary of Crude Oil and Forward Crack Spreads | The forward commodity 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
WTI (US$/bbl) | 80.33 |  | 78.50 |  | 76.95 |  | 77.61 |  | 79.16 |  | 2.00 | %
WCS (C$/bbl) | 76.54 |  | 77.75 |  | 77.55 |  | 80.07 |  | 81.89 |  | 2.00 | %
Condensate at Edmonton (C$/bbl) | 106.22 |  | 101.35 |  | 98.94 |  | 100.19 |  | 101.74 |  | 2.00 | %
Alberta Energy Company Natural Gas (C$/Mcf) | 4.23 |  | 4.40 |  | 4.21 |  | 4.27 |  | 4.34 |  | 2.00 | %
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$/bbl) | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
WTI | 80.33 |  | 78.50 |  | 76.95 |  | 77.61 |  | 79.16
Differential WTI – WTS (1) | (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 Spread | 29.37 |  | 24.10 |  | 22.12 |  | 21.70 |  | 21.67
(1)West Texas Sour (“WTS”).
Summary of Sensitivities |
| 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
Increase (Decrease) to Impairment Amount | 69 |  | (65) |  | (268) |  | 268
Increase (Decrease) to Impairment Reversal Amount | (72) |  | 14 |  | 168 |  | (342)

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