Oil and Gas Properties (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure of detailed information about property, plant and equipment [abstract]


	Cost		Accumulated depletion		Net book value
Balance, December 31, 2022	$	12,042,216	$	(7,421,450)	$	4,620,766
Capital expenditures	1,012,787		—		1,012,787
Corporate acquisition (note 4)	3,096,404		—		3,096,404
Property acquisitions	24,989		—		24,989
Transfers from exploration and evaluation assets (note 6)	83,530		—		83,530
Transfers from lease assets	7,611		—		7,611
Change in asset retirement obligations (note 10)	54,166		—		54,166
Divestitures	(668,621)		321,407		(347,214)

Impairment loss	—		(833,662)		(833,662)
Foreign currency translation	(127,065)		66,501		(60,564)
Depletion	—		(1,039,780)		(1,039,780)
Balance, December 31, 2023	$	15,526,017	$	(8,906,984)	$	6,619,033
Capital expenditures	1,256,633		—		1,256,633

Property acquisitions	16,437		—		16,437
Transfers from exploration and evaluation assets (note 6)	3,131		—		3,131
Transfers from lease assets	8,210		—		8,210
Change in asset retirement obligations (note 10)	25,253		—		25,253
Divestitures	(187,103)		135,742		(51,361)


Foreign currency translation	794,766		(378,871)		415,895
Depletion	—		(1,372,063)		(1,372,063)
Balance, December 31, 2024	$	17,443,344	$	(10,522,176)	$	6,921,168

Disclosure of recoverable amount of CGU benchmark reference prices

At December 31, 2023, the recoverable amounts of the two CGUs were calculated using the following benchmark reference prices for the years 2024 to 2033 adjusted for commodity differentials specific to the CGU. The prices and costs subsequent to 2033 have been adjusted for inflation at an annual rate of 2.0%.


	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
WTI crude oil (US$/bbl)	73.67	74.98	76.14	77.66	79.22	80.80	82.42	84.06	85.74	87.46

LLS crude oil (US$/bbl)	76.49	77.80	78.95	80.35	81.95	83.59	85.27	86.97	88.71	90.48
Edmonton par oil ($/bbl)	92.91	95.04	96.07	97.99	99.95	101.94	103.98	106.06	108.18	110.35
NYMEX Henry Hub gas (US$/mmbtu)	2.75	3.64	4.02	4.10	4.18	4.27	4.35	4.44	4.53	4.62
AECO gas ($/mmbtu)	2.20	3.37	4.05	4.13	4.21	4.30	4.38	4.47	4.56	4.65
Exchange rate (CAD/USD)	0.75	0.75	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.76

Sensitivity of The Estimated Recoverable Amount of Changes in Assumptions

The following table summarizes the recoverable amount and impairment for each of the two CGUs at December 31, 2023 and demonstrates the sensitivity of the impairment to reasonably possible changes in key assumptions inherent in the calculation.


	Recoverable amount		Impairment loss		Change in discount rate of 1%		Change in oil price of $2.50/bbl		Change in gas price of $0.25/mcf




Viking CGU	$	606,290	$	184,000	$	26,500	$	53,000	$	3,500
Eagle Ford Non-operated CGU (1)	1,429,658		649,662		71,300		107,600		25,700

(1)There were no indicators of impairment identified for the Eagle Ford Operated CGU which includes the assets acquired from Ranger (note 4).