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v3.20.4

Oil and Gas Properties (Tables) | 12 Months Ended
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Dec. 31, 2020
Property, plant and equipment [abstract] |
Plant and equipment | The depreciation methods and estimated useful lives for other plant and equipment are as follows:
Classification | Method | Rate or period
Motor Vehicles | Diminishing balance | 15%
Office Equipment | Diminishing balance | 20%
Computer Hardware | Diminishing balance | 30%
Furniture and Fixtures | Diminishing balance | 10%
Leasehold Improvements | Straight-line over life of the lease | Various
Lease assets | Straight-line over the shorter of the useful life or the lease term | Various
Other Assets | Diminishing balance | Various
| Cost | Accumulated depletion | Net book value
Balance, December 31, 2018 | $ | 10,744,533 |  | $ | (4,926,644) |  | $ | 5,817,889 |
Capital expenditures | 549,343 |  | — |  | 549,343 |
Property acquisitions | 2,636 |  | — |  | 2,636 |
Transfers from exploration and evaluation assets (note 5) | 16,204 |  | — |  | 16,204 |
Change in asset retirement obligations (note 10) | 23,894 |  | — |  | 23,894 |
Divestitures | (2,069) |  | 1,690 |  | (379) |
Property swaps | 1,773 |  | — |  | 1,773 |
Impairment | — |  | (180,000) |  | (180,000) |
Foreign currency translation | (208,017) |  | 89,813 |  | (118,204) |
Depletion | — |  | (725,267) |  | (725,267) |
Balance, December 31, 2019 | $ | 11,128,297 |  | $ | (5,740,408) |  | $ | 5,387,889 |
Capital expenditures | 275,850 |  | — |  | 275,850 |
Transfers from exploration and evaluation assets (note 5) | 8,585 |  | — |  | 8,585 |
Change in asset retirement obligations (note 10) | 94,994 |  | — |  | 94,994 |
Property swaps | (1,190) |  | 178 |  | (1,012) |
Impairments | — |  | (2,247,162) |  | (2,247,162) |
Foreign currency translation | (82,860) |  | 120,123 |  | 37,263 |
Depletion | — |  | (478,859) |  | (478,859) |
Balance, December 31, 2020 | $ | 11,423,676 |  | $ | (8,346,128) |  | $ | 3,077,548 |
Disclosure of recoverable amount of CGU benchmark reference prices | The recoverable amount of the Company's CGUs were calculated at March 31, 2020 using the following benchmark reference prices for the years 2020 to 2029 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2029 have been adjusted for inflation at an annual rate of 2%.
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029
WTI crude oil (US$/bbl) | 29.17 |  | 40.45 |  | 49.17 |  | 53.28 |  | 55.66 |  | 56.87 |  | 58.01 |  | 59.17 |  | 60.35 |  | 61.56 |
WCS heavy oil (CA$/bbl) | 19.21 |  | 34.65 |  | 46.34 |  | 51.25 |  | 54.28 |  | 55.72 |  | 56.96 |  | 58.22 |  | 59.51 |  | 60.82 |
LLS crude oil (US$/bbl) | 32.17 |  | 43.80 |  | 52.55 |  | 56.68 |  | 59.10 |  | 60.35 |  | 61.52 |  | 62.72 |  | 63.94 |  | 65.19 |
Edmonton par oil (CA$/bbl) | 29.22 |  | 46.85 |  | 59.27 |  | 65.02 |  | 68.43 |  | 69.81 |  | 71.24 |  | 72.70 |  | 74.19 |  | 75.71 |
Henry Hub gas (US$/mmbtu) | 2.10 |  | 2.58 |  | 2.79 |  | 2.86 |  | 2.93 |  | 3.00 |  | 3.07 |  | 3.13 |  | 3.19 |  | 3.25 |
AECO gas (CA$/mmbtu) | 1.74 |  | 2.20 |  | 2.38 |  | 2.45 |  | 2.53 |  | 2.60 |  | 2.66 |  | 2.72 |  | 2.79 |  | 2.85 |
Exchange rate (CAD/USD) | 1.41 |  | 1.37 |  | 1.34 |  | 1.34 |  | 1.34 |  | 1.33 |  | 1.33 |  | 1.33 |  | 1.33 |  | 1.33 |
The recoverable amount of the Company's CGUs were calculated at December 31, 2020 using the following benchmark reference prices for the years 2021 to 2030 adjusted for commodity differentials specific to the Company. The prices and costs subsequent to 2030 have been adjusted for inflation at an annual rate of 2%.
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030
WTI crude oil (US$/bbl) | 47.17 |  | 50.17 |  | 53.17 |  | 54.97 |  | 56.07 |  | 57.19 |  | 58.34 |  | 59.50 |  | 60.69 |  | 61.91 |
WCS heavy oil (CA$/bbl) | 44.63 |  | 48.18 |  | 52.10 |  | 54.10 |  | 55.19 |  | 56.29 |  | 57.42 |  | 58.57 |  | 59.74 |  | 60.93 |
LLS crude oil (US$/bbl) | 49.50 |  | 52.85 |  | 55.87 |  | 57.69 |  | 58.82 |  | 59.97 |  | 61.15 |  | 62.34 |  | 63.56 |  | 64.83 |
Edmonton par oil (CA$/bbl) | 55.76 |  | 59.89 |  | 63.48 |  | 65.76 |  | 67.13 |  | 68.53 |  | 69.95 |  | 71.40 |  | 72.88 |  | 74.34 |
Henry Hub gas (US$/mmbtu) | 2.83 |  | 2.87 |  | 2.90 |  | 2.96 |  | 3.02 |  | 3.08 |  | 3.14 |  | 3.20 |  | 3.26 |  | 3.33 |
AECO gas (CA$/mmbtu) | 2.78 |  | 2.70 |  | 2.61 |  | 2.65 |  | 2.70 |  | 2.76 |  | 2.81 |  | 2.87 |  | 2.92 |  | 2.98 |
Exchange rate (CAD/USD) | 1.30 |  | 1.31 |  | 1.31 |  | 1.31 |  | 1.31 |  | 1.31 |  | 1.31 |  | 1.31 |  | 1.31 |  | 1.31 |
Sensitivity of The Estimated Recoverable Amount of Changes in Assumptions | The following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible changes in key assumptions inherent in the estimate.
| Recoverable amount | Impairment | Change in discount rate of 1% | Change in oil price of $2.50/bbl | Change in gas price of $0.25/mcf
Conventional CGU | $ | 37,444 |  | $ | 41,000 |  | $ | 3,000 |  | $ | 3,500 |  | $ | 8,500 |
Peace River CGU | 109,631 |  | 345,000 |  | 9,500 |  | 53,500 |  | 3,000 |
Lloydminster CGU | 227,967 |  | 470,000 |  | 25,000 |  | 69,500 |  | — |
Duvernay CGU | 61,197 |  | 5,000 |  | 5,500 |  | 9,500 |  | 1,500 |
Viking CGU | 962,134 |  | 915,000 |  | 57,000 |  | 123,000 |  | 4,000 |
Eagle Ford CGU | 1,576,423 |  | 812,488 |  | 120,750 |  | 141,500 |  | 32,000 |
| $ | 2,974,796 |  | $ | 2,588,488 |  | $ | 220,750 |  | $ | 400,500 |  | $ | 49,000 |
The following table demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs to reasonably possible changes in key assumptions inherent in the estimate.
| Recoverable amount | Impairment reversal | Change in discount rate of 1% | Change in oil price of $2.50/bbl | Change in gas price of $0.25/mcf
Conventional CGU | $ | 54,265 |  | $ | — |  | $ | 1,000 |  | $ | 3,000 |  | $ | 9,000 |
Peace River CGU | 104,225 |  | — |  | 1,000 |  | 49,500 |  | 3,000 |
Lloydminster CGU | 212,979 |  | — |  | 7,000 |  | 57,500 |  | 500 |
Duvernay CGU | 70,491 |  | — |  | 5,500 |  | 12,000 |  | 1,500 |
Viking CGU | 1,026,026 |  | 116,000 |  | 34,500 |  | 106,500 |  | 5,000 |
Eagle Ford CGU | 1,609,562 |  | 225,326 |  | 91,600 |  | 157,500 |  | 38,400 |
| $ | 3,077,548 |  | $ | 341,326 |  | $ | 140,600 |  | $ | 386,000 |  | $ | 57,400 |

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