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Description of Business and Segmented Disclosures (Tables)
 9 Months Ended
Sep. 30, 2025
Disclosure Of Reportable Segments [Abstract]  
Schedule of Segment and Operational Information
Upstream
For the three months ended
Oil Sands
Conventional
OffshoreTotal
September 30,20252024202520242025202420252024
Gross Sales
External Sales 5,1775,4562122253853715,7746,052
Intersegment Sales1,5711,719217488——1,7882,207
6,7487,1754297133853717,5628,259
Royalties
(831)(889)(12)(15)(15)(25)(858)(929)
Revenues5,9176,2864176983703466,7047,330
Expenses
Purchased Product
5076291614596—6741,088
Transportation and Blending
2,4522,5798680522,5432,661
Operating
65562112714710392885860
Realized (Gain) Loss on Risk
   Management		10(10)2———12(10)
Operating Margin2,2932,46741122562522,5902,731
Unrealized (Gain) Loss on Risk
   Management
(12)(1)(6)2——(18)1
Depreciation, Depletion and
   Amortization		8677841251091061341,0981,027
Exploration Expense12———42144
(Income) Loss From Equity-
   Accounted Affiliates		————(9)(11)(9)(11)
Segment Income (Loss)1,4371,682(78)(99)159871,5181,670
Downstream
Canadian Refining
U.S. Refining
Total
For the three months ended September 30,
2025
2024
2025
2024
2025
2024
Gross Sales
External Sales (1)
1,1981,4827,0817,2148,2798,696
Intersegment Sales1559814156102
1,3531,5807,0827,2188,4358,798
Royalties
——————
Revenues (1)
1,3531,5807,0827,2188,4358,798
Expenses
Purchased Product (1)
1,1021,3536,2196,8547,3218,207
Transportation and Blending
——————
Operating
140167611751751918
Realized (Gain) Loss on Risk Management——(1)(4)(1)(4)
Operating Margin11160253(383)364(323)
Unrealized (Gain) Loss on Risk Management
——3535
Depreciation, Depletion and Amortization4049160115200164
Exploration Expense——————
(Income) Loss From Equity-Accounted Affiliates——————
Segment Income (Loss)711190(503)161(492)
(1)Comparative period reflects certain revisions. See Note 23.
Corporate and EliminationsConsolidated
For the three months ended September 30,
2025202420252024
Gross Sales
External Sales (1)
——14,05314,748
Intersegment Sales(1,944)(2,309)——
(1,944)(2,309)14,05314,748
Royalties
——(858)(929)
Revenues (1)
(1,944)(2,309)13,19513,819
Expenses
Purchased Product (1)
(1,855)(2,169)6,1407,126
Transportation and Blending
(138)(172)2,4052,489
Purchased Product, Transportation and Blending (1)
(1,993)(2,341)8,5459,615
Operating
(42)(42)1,5941,736
Realized (Gain) Loss on Risk Management6(13)17(27)
Unrealized (Gain) Loss on Risk Management
(4)1(19)7
Depreciation, Depletion and Amortization24271,3221,218
Exploration Expense——144
(Income) Loss From Equity-Accounted Affiliates——(9)(11)
Segment Income (Loss)65591,7441,237
General and Administrative220172220172
Finance Costs, Net 154118154118
Integration, Transaction and Other Costs44414441
Foreign Exchange (Gain) Loss, Net157(73)157(73)
(Gain) Loss on Divestiture of Assets (106)(17)(106)(17)
Other (Income) Loss, Net(22)(28)(22)(28)
447213447213
Earnings (Loss) Before Income Tax1,2971,024
Income Tax Expense (Recovery)11204
Net Earnings (Loss)1,286820
(1)Comparative period reflects certain revisions.
Upstream
For the nine months ended
Oil SandsConventionalOffshoreTotal
September 30,
20252024202520242025202420252024
Gross Sales
External Sales15,87416,5259368661,1711,19917,98118,590
Intersegment Sales5,2414,8319861,417——6,2276,248
21,11521,3561,9222,2831,1711,19924,20824,838
Royalties
(2,281)(2,400)(44)(61)(60)(74)(2,385)(2,535)
Revenues18,83418,9561,8782,2221,1111,12521,82322,303
Expenses
Purchased Product
1,9951,3219511,3536—2,9522,674
Transportation and Blending
8,1388,2652592411498,4118,515
Operating
2,0321,8963694322733192,6742,647
Realized (Gain) Loss on Risk
   Management		10231(7)——1116
Operating Margin6,6597,4512982038187977,7758,451
Unrealized (Gain) Loss on Risk
   Management
(3)(13)(7)10——(10)(3)
Depreciation, Depletion and
   Amortization		2,4502,3303623303294213,1413,081
Exploration Expense76——250956
(Income) Loss From Equity-
   Accounted Affiliates		(38)(14)11(24)(34)(61)(47)
Segment Income (Loss)4,2435,142(58)(138)5113604,6965,364
Downstream
Canadian Refining
U.S. Refining
Total
For the nine months ended September 30,
202520242025202420252024
Gross Sales
External Sales (1)
3,2593,68219,95821,72723,21725,409
Intersegment Sales66436527666372
3,9234,04719,96021,73423,88325,781
Royalties——————
Revenues (1)
3,9234,04719,96021,73423,88325,781
Expenses
Purchased Product (1)
3,2183,41518,06319,47321,28122,888
Transportation and Blending
——————
Operating
4197592,1332,0452,5522,804
Realized (Gain) Loss on Risk Management——(6)5(6)5
Operating Margin286(127)(230)2115684
Unrealized (Gain) Loss on Risk Management
——(5)3(5)3
Depreciation, Depletion and Amortization139147467338606485
Exploration Expense——————
(Income) Loss From Equity-Accounted Affiliates——————
Segment Income (Loss)147(274)(692)(130)(545)(404)
(1)Comparative period reflects certain revisions. See Note 23.
Corporate and EliminationsConsolidated
For the nine months ended September 30,
2025202420252024
Gross Sales
External Sales (1)
——41,19843,999
Intersegment Sales(6,893)(6,620)——
(6,893)(6,620)41,19843,999
Royalties——(2,385)(2,535)
Revenues (1)
(6,893)(6,620)38,81341,464
Expenses
Purchased Product (1)
(6,133)(5,756)18,10019,806
Transportation and Blending
(555)(586)7,8567,929
Purchased Product, Transportation and Blending (1)
(6,688)(6,342)25,95627,735
Operating
(255)(237)4,9715,214
Realized (Gain) Loss on Risk Management(19)(10)(14)11
Unrealized (Gain) Loss on Risk Management
(50)31(65)31
Depreciation, Depletion and Amortization73803,8203,646
Exploration Expense——956
(Income) Loss From Equity-Accounted Affiliates16(1)(45)(48)
Segment Income (Loss)30(141)4,1814,819
General and Administrative570593570593
Finance Costs, Net 404394404394
Integration, Transaction and Other Costs123113123113
Foreign Exchange (Gain) Loss, Net(196)81(196)81
(Gain) Loss on Divestiture of Assets (109)(121)(109)(121)
Re-measurement of Contingent Payments—30—30
Other (Income) Loss, Net(54)(158)(54)(158)
738932738932
Earnings (Loss) Before Income Tax3,4433,887
Income Tax Expense (Recovery)447891
Net Earnings (Loss)2,9962,996
(1)Comparative period reflects certain revisions. See Note 23.
Schedule of Revenues by Product
Upstream
For the three months endedOil SandsConventionalOffshoreTotal
September 30,
20252024202520242025202420252024
Crude Oil4,9545,2694733125715,1265,373
Natural Gas and Other8083142107234221456411
NGLs (1)
14310423852679192268
External Sales5,1775,4562122253853715,7746,052
Downstream
Canadian RefiningU.S. RefiningTotal
For the three months ended September 30,
202520242025202420252024
Gasoline701283,3933,5133,4633,641
Distillates (2)
3663952,7922,6043,1582,999
Synthetic Crude Oil408588——408588
Asphalt197208321322518530
Other Products and Services (3)
157163575775732938
External Sales1,1981,4827,0817,2148,2798,696
Upstream
For the nine months ended
Oil SandsConventionalOffshoreTotal
September 30,
20252024202520242025202420252024
Crude Oil14,71815,96315615734326315,21716,383
Natural Gas and Other2442636094536636861,5161,402
NGLs (1)
9122991712561652501,248805
External Sales15,87416,5259368661,1711,19917,98118,590
Downstream
Canadian RefiningU.S. RefiningTotal
For the nine months ended September 30,
202520242025202420252024
Gasoline1813639,70610,6139,88710,976
Distillates (2)
1,0681,1437,5998,1498,6679,292
Synthetic Crude Oil1,2141,323——1,2141,323
Asphalt3974337567531,1531,186
Other Products and Services (3)
3994201,8972,2122,2962,632
External Sales3,2593,68219,95821,72723,21725,409
(1)Third-party condensate sales are included within NGLs.
(2)Includes diesel and jet fuel.
(3)Comparative period reflects certain revisions. See Note 23.
Schedule of Geographical Information
C) Geographical Information
Revenues (1)
Three Months EndedNine Months Ended
For the periods ended September 30,
2025202420252024
Canada5,7876,93717,35920,235
United States (2)
7,1766,60620,69720,366
China232276757863
Consolidated13,19513,81938,81341,464
(1)Revenues from external customers by country are classified based on the jurisdiction in which the selling entities are located.
(2)Comparative periods reflect certain revisions. See Note 23.
Non-Current Assets (1)
September 30,
December 31,
As at
2025
2024
Canada37,88937,006
United States2,5385,902
China1,0061,249
Indonesia230295
Consolidated41,66344,452
(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.
Schedule of Assets by Segment
D) Assets by Segment
E&E AssetsPP&EROU Assets
September 30,December 31,September 30,December 31,September 30,December 31,
As at
202520242025202420252024
Oil Sands40346124,87324,6469461,018
Conventional20152,2132,2304757
Offshore783,9503,36518795
Canadian Refining——2,4572,5115439
U.S. Refining——2,2595,538290342
Corporate and Eliminations——220278390399
Consolidated43048435,97238,5681,9141,950
GoodwillTotal Assets
September 30,December 31,September 30,December 31,
As at
2025202420252024
Oil Sands2,9232,92331,99431,668
Conventional ——2,5512,610
Offshore——4,6334,089
Canadian Refining——2,9342,901
U.S. Refining——6,6009,517
Corporate and Eliminations
——4,8615,754
Consolidated2,9232,92353,57356,539
Schedule of Capital Expenditures
E) Capital Expenditures (1)
Three Months EndedNine Months Ended
For the periods ended September 30,
2025202420252024
Capital Investment
Oil Sands6756812,0821,941
Conventional107106302300
Offshore
Atlantic194341674765
Asia Pacific23145444
Total Upstream9991,1423,1123,050
Canadian Refining
334483145
U.S. Refining
120153343320
Total Downstream153197426465
Corporate and Eliminations27922
1,1541,3463,5473,537
Acquisitions
Oil Sands
712357
Conventional—33312
7426819
Total Capital Expenditures1,1611,3503,8153,556
(1)Includes expenditures on PP&E, E&E assets and capitalized interest.