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Risk Management (Tables)

12 Months Ended

Dec. 31, 2024

Risk Management [Abstract]

Net Fair Value of Risk Management Positions

Net Fair Value of Risk Management Positions

As at December 31, 2024

Notional Volumes (1) (2)

Terms (3)

Weighted Average Price (2)

Fair Value Asset (Liability)

WTI Contracts Related to Blending (4)

WTI Fixed – Sell

1.6 MMbbls

January 2025 - November 2025

US$70.18/bbl

(3)

WTI Fixed – Buy

0.3 MMbbls

January 2025 - November 2025

US$72.80/bbl

(1)

Power Contacts

6

Renewable Power Contracts

5

Other Financial Positions (5)

3

Foreign Exchange Rate Contracts

(3)

Total Fair Value

7

(1)Million barrels ("MMbbls").

(2)    Notional volumes and weighted average price are based on multiple contracts of varying amounts and terms over the respective time period; therefore, the notional volumes and weighted average price may fluctuate from month to month.

(3)    Includes individual contracts with varying terms, the longest of which is 14 months.

(4)    WTI contracts related to blending are used to help manage price exposure to condensate used for blending.

(5)    Includes risk management positions related to WCS, heavy oil, light oil and condensate differentials, benchmark delivery location spreads, Belvieu fixed price contracts, reformulated blendstock for oxygenate blending gasoline contracts, heating oil and natural gas fixed price contracts and the Company’s U.S. refining and marketing activities.

Summary of Changes in Inputs to Option Pricing Model, Resulted in Unrealized Gains (Losses) Impacting Earnings Before Income Tax

For the years ended December 31,			2024						2023
Realized (Gain) Loss			46						9
Unrealized (Gain) Loss			12						52
(Gain) Loss on Risk Management			58						61

The impact of fluctuating commodity prices and foreign exchange rates on the Company’s open risk management positions could have resulted in an unrealized gain (loss) impacting earnings before income tax as follows:

As at December 31, 2024			Sensitivity Range			Increase						Decrease
Crude Oil and Condensate Commodity Price			± US$10.00/bbl Applied to WTI, Condensate and Related Hedges			—						—
Crude Oil and Condensate Differential Price (1)			± US$2.50/bbl Applied to Differential Hedges Tied to Production			20						(20)
WCS (Hardisty) Differential Price			± US$2.50/bbl Applied to WCS Differential Hedges Tied to Production			(6)						6
Refined Products Commodity Price			± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges			(3)						3
Natural Gas Commodity Price			± US$0.50/Mcf Applied to Natural Gas Hedges Tied to Production			—						—
Natural Gas Basis Price			± US$0.25/Mcf Applied to Natural Gas Basis Hedges			1						(1)
Power Commodity Price			± C$10.00/MWh (2) Applied to Power Hedges			46						(46)
U.S. to Canadian Dollar Exchange Rate			± $0.05 in the U.S. to Canadian Dollar Exchange Rate			24						(28)

(1)Excluding WCS at Hardisty.

(2)One thousand kilowatts of electricity per hour (“MWh”).

As at December 31, 2023			Sensitivity Range			Increase						Decrease
Crude Oil and Condensate Commodity Price			± US$10.00/bbl Applied to WTI, Condensate and Related Hedges			(1)						1
Crude Oil and Condensate Differential Price (1)			± US$2.50/bbl Applied to Differential Hedges Tied to Production			(4)						4
WCS (Hardisty) Differential Price			± US$5.00/bbl Applied to WCS Differential Hedges Tie to Production			—						—
Refined Products Commodity Price			± US$10.00/bbl Applied to Heating Oil and Gasoline Hedges			(3)						3
Natural Gas Commodity Price			± $1.00/Mcf Applied to Natural Gas Hedges Tied to Production			—						—
Natural Gas Basis Price			± US$0.50/Mcf Applied to Natural Gas Basis Hedges			—						—
Power Commodity Price			± C$20.00/MWh Applied to Power Hedges			92						(92)
U.S. to Canadian Dollar Exchange Rate			± $0.05 in the U.S. to Canadian Dollar Exchange Rate			—						—

(1)Excluding WCS at Hardisty.

In respect of these financial instruments, the impact of changes in the Canadian per U.S. dollar exchange rate would have resulted in a change to the foreign exchange (gain) loss as follows:

As at December 31,						2024						2023
$0.05 Increase in the Canadian per U.S. Dollar Foreign Exchange Rate						196						197
$0.05 Decrease in the Canadian per U.S. Dollar Foreign Exchange Rate						(196)						(197)

Undiscounted Cash Outflows Relating to Financial Liabilities

Undiscounted cash outflows relating to financial liabilities are:

As at December 31, 2024			1 Year						Years 2 and 3						Years 4 and 5						Thereafter						Total
Accounts Payable and Accrued Liabilities (1)			6,242						—						—						—						6,242
Short-Term Borrowings			173						—						—						—						173
Lease Liabilities (2)			538						824						645						2,606						4,613
Long-Term Debt (2)			526						1,910						1,989						7,286						11,711
As at December 31, 2023			1 Year						Years 2 and 3						Years 4 and 5						Thereafter						Total
Accounts Payable and Accrued Liabilities (1)			5,480						—						—						—						5,480
Short-Term Borrowings			179						—						—						—						179
Contingent Payments			168						—						—						—						168
Lease Liabilities (2)			438						712						569						2,635						4,354
Long-Term Debt (2)			313						792						3,007						7,145						11,257

(1)Includes current risk management liabilities.

(2)Principal and interest, including current portion, if applicable.

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The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]]

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