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Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities    
Net income (loss) $ 236,597 $ (233,356)
Adjustments for:    
Non-cash share-based compensation 0 16,237
Unrealized foreign exchange loss (gain) 153,930 (14,300)
Exploration and evaluation 779 8,896
Depletion and depreciation 1,385,910 1,047,904
Impairment loss 0 833,662
Non-cash financing and accretion 62,270 32,350
Non-cash other income 0 (1,271)
Unrealized financial derivatives (gain) loss (654) 11,517
Cash premiums on derivatives 0 (2,263)
Loss on dispositions 1,220 141,295
Deferred income tax expense (recovery) 114,927 (297,629)
Asset retirement obligations settled (28,793) (26,416)
Change in non-cash working capital (17,922) (220,895)
Cash flows from operating activities 1,908,264 1,295,731
Financing activities    
(Decrease) increase in credit facilities (539,676) 477,387
Decrease in acquired credit facilities 0 (373,608)
Debt issuance costs (25,023) (40,424)
Payments on lease obligations (15,510) (11,527)
Net proceeds from issuance of long-term notes 780,936 1,046,197
Redemption of long-term notes (580,913) 0
Redemption of acquired long-term notes 0 (569,256)
Repurchase of common shares (222,200) (221,932)
Dividends declared (71,985) (37,519)
Change in non-cash working capital 6,200 (3,068)
Cash flows (used in) from financing activities (668,171) 266,250
Investing activities    
Additions to oil and gas properties (1,256,633) (1,012,787)
Additions to other plant and equipment (5,370) (4,416)
Corporate acquisition, net of cash acquired 0 (662,579)
Property acquisitions (52,415) (38,914)
Proceeds from dispositions 46,495 160,256
Change in non-cash working capital (11,375) 46,810
Cash flows used in investing activities (1,279,298) (1,511,630)
Change in cash (39,205) 50,351
Cash, beginning of year 55,815 5,464
Cash, end of year 16,610 55,815
Supplementary information    
Interest paid 200,218 153,224
Income taxes paid $ 19,430 $ 3,603