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Property, Plant and Equipment, Net | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment, Net |
10. | Property, Plant and Equipment, Net
As at December 31 |  | 2025 |  |  |  | 2024 |
|  | Cost |  |  | Accumulated DD&A |  |  | Net |  |  |  | Cost |  |  | Accumulated DD&A |  |  | Net |
USA Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 50,573 |  |  | $ | (39,294 | ) |  | $ | 11,279 |  |  |  | $ | 50,246 |  |  | $ | (37,770 | ) |  | $ | 12,476 |
Unproved properties |  |  | 316 |  |  |  | - |  |  |  | 316 |  |  |  |  | 741 |  |  |  | - |  |  |  | 741 |
Other |  |  | 20 |  |  |  | (2 | ) |  |  | 18 |  |  |  |  | 48 |  |  |  | (2 | ) |  |  | 46 |
|  |  | 50,909 |  |  |  | (39,296 | ) |  |  | 11,613 |  |  |  |  | 51,035 |  |  |  | (37,772 | ) |  |  | 13,263 |
Canadian Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proved properties |  |  | 19,560 |  |  |  | (17,163 | ) |  |  | 2,397 |  |  |  |  | 15,763 |  |  |  | (14,821 | ) |  |  | 942 |
Unproved properties |  |  | 118 |  |  |  | - |  |  |  | 118 |  |  |  |  | 23 |  |  |  | - |  |  |  | 23 |
Other |  |  | 12 |  |  |  | (5 | ) |  |  | 7 |  |  |  |  | 10 |  |  |  | (5 | ) |  |  | 5 |
|  |  | 19,690 |  |  |  | (17,168 | ) |  |  | 2,522 |  |  |  |  | 15,796 |  |  |  | (14,826 | ) |  |  | 970 |
Corporate & Other |  |  | 832 |  |  |  | (723 | ) |  |  | 109 |  |  |  |  | 807 |  |  |  | (676 | ) |  |  | 131 |
|  | $ | 71,431 |  |  | $ | (57,187 | ) |  | $ | 14,244 |  |  |  | $ | 67,638 |  |  | $ | (53,274 | ) |  | $ | 14,364 |
USA and Canadian Operations’ property, plant and equipment include internal costs directly related to exploration, development and construction activities of $151 million, which have been capitalized during the year ended December 31, 2025 (2024 - $181 million). In 2025, the Company recognized before-tax non-cash ceiling test impairments of $871 million (2024 - $450 million; 2023 - nil) and $49 million (2024 - nil; 2023 - nil) in the Canadian Operations and USA Operations, respectively. The non-cash ceiling test impairments primarily resulted from the 12-month average trailing prices used in the ceiling test at March 31, 2025, which were lower than the market prices used for the Montney Acquisition on January 31, 2025, and declines in the 12-month average trailing prices during the year, which reduced proved reserves in both the Canadian and USA Operations. The 12-month average trailing prices used in the ceiling test calculations reflect benchmark prices adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. The benchmark prices are disclosed in Note 29.

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