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Oil and Gas Properties (Tables) | 12 Months Ended
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Dec. 31, 2021
Property, plant and equipment [abstract] |
Plant and equipment |
| Cost | Accumulated depletion | Net book value
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 9) | 94,994 |  | — |  | 94,994 |
Property swaps | (1,190) |  | 178 |  | (1,012) |
Impairment | — |  | (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 |
Capital expenditures | 310,005 |  | — |  | 310,005 |
Property acquisitions | 274 |  | — |  | 274 |
Divestitures | (37,835) |  | 32,844 |  | (4,991) |
Property swaps | (26,131) |  | 25,900 |  | (231) |
Transfers from exploration and evaluation assets (note 5) | 7,727 |  | — |  | 7,727 |
Change in asset retirement obligations (note 9) | (12,222) |  | — |  | (12,222) |
Impairment reversal | — |  | 1,542,414 |  | 1,542,414 |
Foreign currency translation | (31,977) |  | 34,765 |  | 2,788 |
Depletion | — |  | (458,941) |  | (458,941) |
Balance, December 31, 2021 | $ | 11,633,517 |  | $ | (7,169,146) |  | $ | 4,464,371 |
Disclosure of recoverable amount of CGU benchmark reference prices | The prices and costs subsequent to 2031 have been adjusted for inflation at an annual rate of 2.0%.
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031
WTI crude oil (US$/bbl) | 72.83 |  | 68.78 |  | 66.76 |  | 68.09 |  | 69.45 |  | 70.84 |  | 72.26 |  | 73.70 |  | 75.18 |  | 76.68 |
WCS heavy oil ($/bbl) | 74.42 |  | 69.17 |  | 66.54 |  | 67.87 |  | 69.23 |  | 70.61 |  | 72.02 |  | 73.46 |  | 74.69 |  | 76.19 |
LLS crude oil (US$/bbl) | 74.33 |  | 70.28 |  | 68.27 |  | 69.62 |  | 71.01 |  | 72.41 |  | 73.85 |  | 75.32 |  | 76.82 |  | 78.35 |
Edmonton par oil ($/bbl) | 86.82 |  | 80.73 |  | 78.01 |  | 79.57 |  | 81.16 |  | 82.78 |  | 84.44 |  | 86.13 |  | 87.85 |  | 89.61 |
Henry Hub gas (US$/mmbtu) | 3.85 |  | 3.44 |  | 3.17 |  | 3.24 |  | 3.30 |  | 3.37 |  | 3.44 |  | 3.50 |  | 3.58 |  | 3.65 |
AECO gas ($/mmbtu) | 3.56 |  | 3.21 |  | 3.05 |  | 3.11 |  | 3.17 |  | 3.23 |  | 3.30 |  | 3.36 |  | 3.43 |  | 3.50 |
Exchange rate (CAD/USD) | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |  | 1.26 |
At June 30, 2021, the recoverable amount of the Company's CGUs were calculated 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 2.0%.
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030
WTI crude oil (US$/bbl) | 71.33 |  | 67.20 |  | 63.95 |  | 63.23 |  | 64.50 |  | 65.79 |  | 67.10 |  | 68.44 |  | 69.81 |  | 71.21 |
WCS heavy oil ($/bbl) | 72.22 |  | 66.84 |  | 61.73 |  | 60.70 |  | 61.91 |  | 63.15 |  | 64.42 |  | 65.70 |  | 67.02 |  | 68.36 |
LLS crude oil (US$/bbl) | 72.17 |  | 68.53 |  | 65.80 |  | 65.10 |  | 66.39 |  | 67.71 |  | 69.05 |  | 70.42 |  | 71.82 |  | 73.26 |
Edmonton par oil ($/bbl) | 83.20 |  | 78.27 |  | 74.06 |  | 73.05 |  | 74.51 |  | 76.00 |  | 77.52 |  | 79.07 |  | 80.66 |  | 82.27 |
Henry Hub gas (US$/mmbtu) | 3.42 |  | 3.19 |  | 2.92 |  | 2.96 |  | 3.02 |  | 3.08 |  | 3.14 |  | 3.21 |  | 3.27 |  | 3.34 |
AECO gas ($/mmbtu) | 3.46 |  | 3.13 |  | 2.72 |  | 2.71 |  | 2.76 |  | 2.82 |  | 2.88 |  | 2.94 |  | 2.99 |  | 3.05 |
Exchange rate (CAD/USD) | 1.24 |  | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |  | 1.25 |
At December 31, 2020, the recoverable amount of the Company's CGUs were calculated 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$/bbl) | 47.17 |  | 50.17 |  | 53.17 |  | 54.97 |  | 56.07 |  | 57.19 |  | 58.34 |  | 59.50 |  | 60.69 |  | 61.91 |
WCS heavy oil ($/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$/bbl) | 49.50 |  | 52.85 |  | 55.87 |  | 57.69 |  | 58.82 |  | 59.97 |  | 61.15 |  | 62.34 |  | 63.56 |  | 64.83 |
Edmonton par oil ($/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$/mmbtu) | 2.83 |  | 2.87 |  | 2.90 |  | 2.96 |  | 3.02 |  | 3.08 |  | 3.14 |  | 3.20 |  | 3.26 |  | 3.33 |
AECO gas ($/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 |
At March 31, 2020, the recoverable amount of the Company's CGUs were calculated 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$/bbl) | 29.17 |  | 40.45 |  | 49.17 |  | 53.28 |  | 55.66 |  | 56.87 |  | 58.01 |  | 59.17 |  | 60.35 |  | 61.56 |
WCS heavy oil ($/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$/bbl) | 32.17 |  | 43.80 |  | 52.55 |  | 56.68 |  | 59.10 |  | 60.35 |  | 61.52 |  | 62.72 |  | 63.94 |  | 65.19 |
Edmonton par oil ($/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$/mmbtu) | 2.10 |  | 2.58 |  | 2.79 |  | 2.86 |  | 2.93 |  | 3.00 |  | 3.07 |  | 3.13 |  | 3.19 |  | 3.25 |
AECO gas ($/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 |
Sensitivity of The Estimated Recoverable Amount of Changes in Assumptions | The following table summarizes the recoverable amount and impairment reversal at December 31, 2021 and demonstrates the sensitivity of the estimated recoverable amount of the five CGUs with respect 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 | $ | 77,846 |  | $ | 19,000 |  | $ | — |  | $ | 3,000 |  | $ | 8,000 |
Peace River CGU | 489,274 |  | 251,000 |  | 8,500 |  | 53,000 |  | 3,500 |
Lloydminster CGU | 479,411 |  | 146,000 |  | 12,500 |  | 52,000 |  | — |
Viking CGU | 1,320,094 |  | — |  | 38,000 |  | 85,500 |  | 4,500 |
Eagle Ford CGU | 2,008,478 |  | — |  | 97,200 |  | 138,800 |  | 31,300 |
| $ | 4,375,103 |  | $ | 416,000 |  | $ | 156,200 |  | $ | 332,300 |  | $ | 47,300 |
The following table summarizes the recoverable amount and impairment reversal at June 30, 2021 and demonstrates the sensitivity of the estimated recoverable amount of the Company's CGUs comprising oil and gas properties 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 | $ | 57,891 |  | $ | 15,000 |  | $ | 1,000 |  | $ | 1,000 |  | $ | 8,000 |
Peace River CGU | 238,714 |  | 154,000 |  | 4,000 |  | 40,000 |  | 2,500 |
Lloydminster CGU | 340,730 |  | 154,000 |  | 12,500 |  | 52,000 |  | — |
Duvernay CGU(1) | 115,157 |  | 5,000 |  | 45,000 |  | 44,500 |  | 44,500 |
Viking CGU | 1,338,985 |  | 356,000 |  | 47,000 |  | 89,500 |  | 4,500 |
Eagle Ford CGU | 2,015,118 |  | 442,415 |  | 109,400 |  | 103,900 |  | 24,400 |
| $ | 4,106,595 |  | $ | 1,126,415 |  | $ | 218,900 |  | $ | 330,900 |  | $ | 83,900 |
(1) The impairment reversal for the Duvernay CGU was limited to total accumulated impairments less subsequent depletion of $5.0 million. 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 |
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 |

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