Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Registrant Name | ENCANA CORP | ||
Entity Central Index Key | 1,157,806 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 973,123,364 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Trading Symbol | ECA | ||
Entity Public Float | $ 8,563,240,884 |
Consolidated Statement Of Earni
Consolidated Statement Of Earnings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statement Of Earnings [Abstract] | |||
Product revenues | $ 2,999 | $ 2,443 | $ 3,350 |
Gains (losses) from risk management, net | 482 | (275) | 592 |
Market optimization | 863 | 647 | 368 |
Other | 99 | 103 | 112 |
Total Revenues | 4,443 | 2,918 | 4,422 |
Expenses | |||
Production, mineral and other taxes | 112 | 99 | 144 |
Transportation and processing | 845 | 901 | 1,252 |
Operating | 506 | 598 | 723 |
Purchased product | 788 | 586 | 323 |
Depreciation, depletion and amortization | 833 | 859 | 1,488 |
Impairments | 1,396 | 6,473 | |
Accretion of asset retirement obligation | 37 | 51 | 45 |
Administrative | 254 | 309 | 275 |
Total Operating Expenses | 3,375 | 4,799 | 10,723 |
Operating Income (Loss) | 1,068 | (1,881) | (6,301) |
Interest | 363 | 397 | 614 |
Foreign exchange (gain) loss, net | (279) | (210) | 1,082 |
(Gain) loss on divestitures, net | (404) | (390) | (14) |
Other (gains) losses, net | (42) | (58) | 27 |
Total Other (Income) Expenses | (362) | (261) | 1,709 |
Net Earnings (Loss) Before Income Tax | 1,430 | (1,620) | (8,010) |
Income tax expense (Recovery) | 603 | (676) | (2,845) |
Net Earnings (Loss) | $ 827 | $ (944) | $ (5,165) |
Net Earnings (Loss) per Common Share | |||
Earnings Per Share, Basic and Diluted | $ 0.85 | $ (1.07) | $ (6.28) |
Dividends, Common Stock [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.06 | $ 0.06 | $ 0.28 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 973,100,000 | 882,600,000 | 822,100,000 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statement Of Comprehensive Income [Abstract] | |||
Net Earnings (Loss) | $ 827 | $ (944) | $ (5,165) |
Other Comprehensive Income (Loss), Net of Tax | |||
Foreign currency translation adjustment | (171) | (183) | 668 |
Pension and other post-employment benefit plans | 3 | 3 | 33 |
Other Comprehensive Income (Loss) | (168) | (180) | 701 |
Comprehensive Income (Loss) | $ 659 | $ (1,124) | $ (4,464) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 719 | $ 834 |
Accounts receivable and accrued revenues | 774 | 663 |
Risk Management Assets, Net, Current | 205 | |
Income tax receivable | 573 | 426 |
Total Current Assets | 2,271 | 1,923 |
Natural gas & oil properties, based on full cost accounting | ||
Proved properties | 40,228 | 39,610 |
Unproved properties | 4,480 | 5,198 |
Other | 2,302 | 2,194 |
Property, plant and equipment | 47,010 | 47,002 |
Less: Accumulated depreciation, depletion and amortization | (38,056) | (38,863) |
Property, plant and equipment, net | 8,954 | 8,139 |
Other Assets | 144 | 138 |
Risk Management Assets, Net, Long-term | 246 | 16 |
Deferred Income Taxes Assets | 1,043 | 1,658 |
Goodwill | 2,609 | 2,779 |
Total Assets | 15,267 | 14,653 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,415 | 1,303 |
Income tax payable | 7 | 5 |
Risk Management Liabilities, Net, Current | 236 | 254 |
Current portion of long-term debt | 0 | |
Total Current Liabilities | 1,658 | 1,562 |
Long-Term Debt | 4,197 | 4,198 |
Other Liabilities and Provisions | 2,167 | 2,047 |
Risk Management Liabilities, Net, Long-term | 13 | 35 |
Asset Retirement Obligation | 470 | 654 |
Deferred Income Taxes | 34 | 31 |
Total Liabilities | 8,539 | 8,527 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Share capital - authorized unlimited common shares, without par value, 2017 issued and outstanding: 973.1 million shares (2016: 973.0 million shares) | 4,757 | 4,756 |
Paid in surplus | 1,358 | 1,358 |
Accumulated deficit | (429) | (1,198) |
Accumulated other comprehensive income | 1,042 | 1,210 |
Total Shareholders' Equity | 6,728 | 6,126 |
Total Liabilities and Shareholders' Equity | $ 15,267 | $ 14,653 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheet [Abstract] | ||
Common Stock, Shares, Issued | 973.1 | 973 |
Common Stock, Shares, Outstanding | 973.1 | 973 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Shareholders' Equity - USD ($) $ in Millions | Share Capital [Member] | Paid In Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance, Beginning of Year at Dec. 31, 2014 | $ 2,450 | $ 1,358 | $ 5,188 | $ 689 | $ 9,685 |
Net Earnings (Loss) | (5,165) | (5,165) | |||
Dividends on Common Shares | (225) | (225) | |||
Common Shares Issued | 1,098 | 1,098 | |||
Common Shares Issued under Dividend Reinvestment Plan | 73 | 73 | |||
Other Comprehensive Income (Loss) | 701 | 701 | |||
Balance, End of Year at Dec. 31, 2015 | 3,621 | 1,358 | (202) | 1,390 | 6,167 |
Net Earnings (Loss) | (944) | (944) | |||
Dividends on Common Shares | (52) | (52) | |||
Common Shares Issued | 1,134 | 1,134 | |||
Common Shares Issued under Dividend Reinvestment Plan | 1 | 0.9 | |||
Other Comprehensive Income (Loss) | (180) | (180) | |||
Balance, End of Year at Dec. 31, 2016 | 4,756 | 1,358 | (1,198) | 1,210 | 6,126 |
Net Earnings (Loss) | 827 | 827 | |||
Dividends on Common Shares | (58) | (58) | |||
Common Shares Issued under Dividend Reinvestment Plan | 1 | 0.6 | |||
Other Comprehensive Income (Loss) | (168) | (168) | |||
Balance, End of Year at Dec. 31, 2017 | $ 4,757 | $ 1,358 | $ (429) | $ 1,042 | $ 6,728 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net Earnings (Loss) | $ 827 | $ (944) | $ (5,165) |
Depreciation, depletion and amortization | 833 | 859 | 1,488 |
Impairments | 1,396 | 6,473 | |
Accretion of asset retirement obligation | 37 | 51 | 45 |
Deferred income taxes | 666 | (598) | (2,811) |
Unrealized (gain) loss on risk management | (442) | 614 | 331 |
Unrealized foreign exchange (gain) loss | (291) | (140) | 687 |
Foreign exchange on settlements | 24 | (68) | 358 |
(Gain) loss on divestitures, net | (404) | (390) | (14) |
Other | 93 | 58 | 38 |
Net change in other assets and liabilities | (40) | (26) | (11) |
Net change in non-cash working capital | (253) | (187) | 262 |
Cash From (Used in) Operating Activities | 1,050 | 625 | 1,681 |
Investing Activities | |||
Capital expenditures | (1,796) | (1,132) | (2,232) |
Acquisition of Proved, Unproved, and Corporate Property, Plant and Equipment | 54 | 210 | 70 |
Proceeds from divestitures | 736 | 1,262 | 1,908 |
Net change in investments and other | 77 | 51 | (271) |
Cash From (Used in) Investing Activities | (1,037) | (29) | (665) |
Financing Activities | |||
Net Issuance (repayment) of revolving long-term debt | (650) | (627) | |
Repayment of long-term debt | (400) | (1,302) | |
Issuance of common shares | 1,129 | 1,088 | |
Dividends on common shares | (57) | (51) | (152) |
Capital lease payments and other financing arrangements | (82) | (66) | (61) |
Cash From (Used in) Financing Activities | (139) | (38) | (1,054) |
Foreign Exchange Gain (Loss) on Cash and Cash Equivalents Held in Foreign Currency | 11 | 5 | (29) |
Increase (Decrease) in Cash and Cash Equivalents | (115) | 563 | (67) |
Cash and Cash Equivalents, Beginning of Period | 834 | 271 | 338 |
Cash and Cash Equivalents, End of Period | $ 834 | $ 271 | $ 338 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies A) NATURE OF OPERATIONS Encana is in the business of the exploration for, the development of, and the production and marketing of oil, NGLs and natural gas. B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of Encana and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. Encana’s financial results are consolidated in Canadian dollars; however, the Company has adopted the U.S. dollar as its reporting currency to facilitate a more direct comparison to other North American oil and gas companies. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. C) PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements include the accounts of Encana and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which Encana has the ability to exercise significant influence are accounted for using the equity method. D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to the foreign operations are included in accumulated other comprehensive income (“AOCI”). Recognition of Encana’s accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Company’s investment in the foreign operation. For financial statement presentation, assets and liabilities are translated into the reporting currency at period end exchange rates, while revenues and expenses are translated using average rates over the period. Gains and losses relating to the financial statement translation are included in AOCI. E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: · Estimates of proved reserves used for depletion and ceiling test impairment calculations · Estimated fair value of long-term assets used for impairment calculations · Fair value of reporting units used for the assessment of goodwill · Estimates of future taxable earnings used to assess the realizable value of deferred tax assets · Fair value of asset retirement costs and related obligations · Fair value of derivative instruments · Fair value attributed to assets acquired and liabilities assumed in business combinations · Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate · Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount · Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions · Accruals for legal claims, environmental risks and exposures F) REVENUE RECOGNITION Revenues associated with Encana’s oil, NGLs and natural gas are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability of the revenue is probable. Revenues are presented on an after-royalties basis. Realized gains and losses from the Company’s financial derivatives related to oil and natural gas commodity prices are recognized in revenues when the contract is settled. Unrealized gains and losses related to these contracts are recognized in revenues based on the changes in fair value of the contracts at the end of the respective periods. Market optimization revenues and purchased product expenses are recorded on a gross basis when Encana takes title to the product and has the risks and rewards of ownership. Purchases and sales of products that are entered into in contemplation of each other with the same counterparty are recorded on a net basis. Revenues associated with the services provided where Encana acts as agent are recorded as the services are provided. Other revenues primarily include sublease rentals. Sublease rentals are recognized straight-line over the lease term. G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by Encana for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by Encana for taxes on the valuation of upstream assets and reserves are recognized when incurred. H) TRANSPORTATION AND PROCESSING Costs paid by Encana for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided. I) OPERATING Operating costs paid by Encana, net of amounts capitalized, for oil and natural gas properties in which the Company has a working interest. J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in Canada and the U.S. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. Encana accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Management’s best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Pension expense for the defined benefit pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. Actuarial gains and losses related to the change in the over-funded or under-funded status of the defined benefit pension plan and other post-employment benefit plans are recognized in other comprehensive income. K) INCOME TAXES Encana follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholders’ equity, in which case the income taxes are recognized directly in shareholders’ equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. Encana considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. Encana recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense. L) EARNINGS PER SHARE AMOUNTS Basic net earnings per common share is computed by dividing the net earnings by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share amounts are calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue common shares were exercised, fully vested, or converted to common shares. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase common shares at the average market price. M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities. N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM Encana uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost centre basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost centre are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of Encana’s oil and natural gas properties within each country cost centre is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of a country cost centre exceeds the country cost centre ceiling. The carrying amount of a cost centre includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The cost centre ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12 -month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost centre, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Company’s proved reserves quantities in a particular country are sold. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years. Costs associated with The Bow office building are carried at cost and depreciated on a straight-line basis over the 60 -year estimated life of the building. Assets under construction are not subject to depreciation until put into use. Land is carried at cost. O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with major development projects is capitalized during the construction phase. P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value o f net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred. Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are Encana’s country cost centres. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of the reporting unit. If the carrying amount of the reporting unit, including goodwill, is higher than its related fair value then goodwill is written down to the reporting unit’s implied fair value of goodwill. The implied fair value of goodwill is determined by deducting the fair value of the reporting unit’s assets and liabilities from the fair value of the reporting unit as if the reporting entity had been acquired in a business combination. Any excess of the carrying value of goodwill over the implied fair value of goodwill is recognized as an impairment and charged to net earnings. Subsequent measurement of goodwill is at cost less any accumulated impairments. R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value. S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, an offshore production platform, processing plants , and restoring land or seabed at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset on the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company’s credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation. T) STOCK-BASED COMPENSATION Obligations for payments of cash or common shares under Encana’s stock-based compensation plans are accrued over the vesting period, net of forfeitures, using fair values. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholders’ equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. U) LEASES Leases entered into for the use of an asset are classified as either capital or operating leases. Capital leases transfer to the Company substantially all of the risks and benefits incidental to ownership of the leased item. Capital leases are capitalized upon commencement of the lease term at the lower of the fair value of the leased asset or the present value of the minimum lease payments. Capitalized leased assets are amortized over the estimated useful life of the asset if the lease arrangement contains a bargain purchase option or ownership of the leased asset transfers at the end of the lease term. Otherwise, the leased assets are amortized over the lease term. Amortization of capitalized leased assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. All other leases are classified as operating leases and the payments are recognized on a straight-line basis over the lease term. V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future amounts to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: · Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. · Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable reported on the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 12. Fair value information related to pension plan assets is included in Note 20. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 21. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions. W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by Encana to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. The Company’s policy is not to utilize derivative financial instruments for speculative purposes. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil and natural gas commodity prices are recognized in revenues as the contracts are settled. Realized gains or losses from financial derivatives related to power commodity prices are recognized in transportation and processing expense as the related power contracts are settled. Realized gains or losses from foreign currency exchange swaps are recognized in foreign exchange (gain) loss as the contracts are settled. Realized gains or losses from other derivative contracts related to certain payment obligations are recognized in revenues as the obligations are settled. Unrealized gains and losses are recognized in revenues, transportation and processing expense and foreign exchange (gain) loss accordingly, at the end of each respective reporting period based on the changes in fair value of the contracts. X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. Y) RECENT ACCOUNTING PRONOUNCEMENTS NEW STANDARDS ISSUED NOT YET ADOPTED As of January 1, 2018, Encana will be required to adopt ASU 2014-09, “Revenue from Contracts with Customers” under Topic 606 and the related subsequent updates and clarifications issued, which will replace Topic 605, “Revenue Recognition”, and other industry-specific guidance in the Accounting Standards Codification. The new standard is based on the principle that revenue is recognized on the transfer of promised goods or services to customers in an amount that reflects the consideration the company expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, “Deferral of Effective Date for Revenue from Contracts with Customers”, which deferred the effective date of ASU 2014-09. The standard can be applied using either the full retrospective approach or a modified retrospective approach at the date of adoption. Encana has substantially completed evaluating the impact of ASU 2014-09 and currently expects that the standard will not have a material impact on the Company’s Consolidated Financial Statements other than enhanced disclosures related to the disaggregation of revenues from contracts with customers, the Company’s performance obligations and any significant judgments. Encana intends to adopt the new standard using the modified retrospective approach at the date of adoption. As of January 1, 2018, Encana will be required to adopt ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. The amendment requires the service cost component to be presented with the related employee compensation costs, while the other components of net benefit costs are required to be presented separately from the service cost component and outside the subtotal of income from operations. In addition, the amendment allows only the service cost to be eligible for capitalization. The amendment will be applied retrospectively and provides certain practical expedients for the presentation of net periodic pension costs and net periodic postretirement benefit cost, while the capitalization of the service cost component will be applied prospectively, at the date of adoption. Encana does not expect the amendment to have a material impact on the Company’s Consolidated Financial Statements. As of January 1, 2019, Encana will be required to adopt ASU 2016-02, “Leases” under Topic 842, which will replace Topic 840 “Leases”. The new standard will require lessees to recognize right-of-use assets and related lease liabilities for all leases, including leases classified as operating leases, on the Consolidated Balance Sheet. The dual classification model was retained for the purpose of subsequent measurement and presentation of leases in the Consolidated Statement of Earnings and Consolidated Statement of Cash Flows. The new standard also expands disclosures related to the amount, timing and uncertainty of cash flows arising from leases. The standard will be applied using a modified retrospective approach, in addition Encana plans to elect certain practical expedients which will allow the Company to retain the classification of leases assessed under Topic 840 that commenced prior to adoption. Throughout 2017, Encana has been reviewing and analyzing contracts, identifying its portfolio of leased assets, and more recently has begun gathering the necessary terms and data elements that will be used to determine the impact of this standard upon adoption. The Company has also been actively identifying and evaluating the system requirements as well as processes and controls required to support the accounting for leases and related disclosures. In addition, Encana has been monitoring FASB’s proposed amendments and tentative decisions for applicability and impact to the Company. Although Encana is not able to reasonably estimate the financial impact of ASU 2016-02 at this time, the Company anticipates there will be a material impact on the Company’s Consolidated Financial Statements resulting from the recognition of assets and liabilities related to operating lease activities. As of January 1, 2020, Encana will be required to adopt ASU 2017-04, “Simplifying the Test for Goodwill Impairment”. The amendment eliminates the second step of the goodwill impairment test which requires the Company to measure the impairment based on the excess amount of the carrying value of the reporting unit’s goodwill over the implied fair value of its goodwill. Under this amendment, the goodwill impairment will be measured based on the excess amount of the reporting unit’s carrying value over its respective fair value. The amendment will be applied prospectively at the date of adoption. Encana is currently in the early stages of reviewing the amendment, but does not expect the amendment to have a material impact on the Company’s Consolidated Financial Statements. |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2017 | |
Segmented Information [Abstract] | |
Segmented Information | 2. Segmented Information Encana’s reportable segments are determined based on the Company’s operations and geographic locations as follows: · Canadian Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the Canadian cost centre. · USA Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the U.S. cost centre. · Market Optimization is primarily responsible for the sale of the Company’s proprietary production. These results are reported in the Canadian and USA Operations. Market optimization activities include third party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. These activities are reflected in the Market Optimization segment. Market Optimization sells substantially all of the Company’s upstream production to third party customers. Transactions between segments are based on market values and are eliminated on consolidation. Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals. Results of Operations Segment and Geographic Information Canadian Operations USA Operations Market Optimization For the years ended December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Revenues Product revenues $ 1,150 $ 952 $ 1,309 $ 1,849 $ 1,491 $ 2,041 $ - $ - $ - Gains (losses) on risk management, net 22 107 495 18 255 425 - (1) (3) Market optimization - - - - - - 863 647 368 Other 19 8 18 11 24 25 - - - Total Revenues 1,191 1,067 1,822 1,878 1,770 2,491 863 646 365 Operating Expenses Production, mineral and other taxes 20 23 28 92 76 116 - - - Transportation and processing 578 576 654 164 260 580 103 87 12 Operating 122 152 152 331 394 519 35 35 33 Purchased product - - - - - - 788 586 323 Depreciation, depletion and amortization 236 260 305 530 523 1,088 1 - - Impairments - 493 - - 903 6,473 - - - Total Operating Expenses 956 1,504 1,139 1,117 2,156 8,776 927 708 368 Operating Income (Loss) $ 235 $ (437) $ 683 $ 761 $ (386) $ (6,285) $ (64) $ (62) $ (3) Corporate & Other Consolidated 2017 2016 2015 2017 2016 2015 Revenues Product revenues $ - $ - $ - $ 2,999 $ 2,443 $ 3,350 Gains (losses) on risk management, net 442 (636) (325) 482 (275) 592 Market optimization - - - 863 647 368 Other 69 71 69 99 103 112 Total Revenues 511 (565) (256) 4,443 2,918 4,422 Operating Expenses Production, mineral and other taxes - - - 112 99 144 Transportation and processing - (22) 6 845 901 1,252 Operating 18 17 19 506 598 723 Purchased product - - - 788 586 323 Depreciation, depletion and amortization 66 76 95 833 859 1,488 Impairments - - - - 1,396 6,473 Accretion of asset retirement obligation 37 51 45 37 51 45 Administrative 254 309 275 254 309 275 Total Operating Expenses 375 431 440 3,375 4,799 10,723 Operating Income (Loss) $ 136 $ (996) $ (696) 1,068 (1,881) (6,301) Other (Income) Expenses Interest 363 397 614 Foreign exchange (gain) loss, net (279) (210) 1,082 (Gain) loss on divestitures (404) (390) (14) Other (gains) losses, net (42) (58) 27 Total Other (Income) Expenses (362) (261) 1,709 Net Earnings (Loss) Before Income Tax 1,430 (1,620) (8,010) Income tax expense (recovery) 603 (676) (2,845) Net Earnings (Loss) $ 827 $ (944) $ (5,165) Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the years ended December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Revenues $ 3,939 $ 3,304 $ 4,309 $ (3,076) $ (2,658) $ (3,944) $ 863 $ 646 $ 365 Operating Expenses Transportation and processing 291 279 348 (188) (192) (336) 103 87 12 Operating 35 35 33 - - - 35 35 33 Purchased product 3,676 3,052 3,931 (2,888) (2,466) (3,608) 788 586 323 Depreciation, depletion and amortization 1 - - - - - 1 - - Operating Income (Loss) $ (64) $ (62) $ (3) $ - $ - $ - $ (64) $ (62) $ (3) Capital Expenditures For the years ended December 31 2017 2016 2015 Canadian Operations $ 426 $ 256 $ 380 USA Operations 1,358 873 1,847 Market Optimization 1 1 1 Corporate & Other 11 2 4 $ 1,796 $ 1,132 $ 2,232 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at December 31 2017 2016 2017 2016 2017 2016 Canadian Operations $ 696 $ 650 $ 862 $ 602 $ 1,908 $ 1,542 USA Operations 1,913 2,129 6,555 6,050 9,301 9,535 Market Optimization - - 2 2 152 105 Corporate & Other - - 1,535 1,485 3,906 3,471 $ 2,609 $ 2,779 $ 8,954 $ 8,139 $ 15,267 $ 14,653 Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2017 2016 2017 2016 2017 2016 Canada $ 696 $ 650 $ 2,319 $ 2,000 $ 5,412 $ 4,732 United States 1,913 2,129 6,635 6,139 9,811 9,902 Other Countries - - - - 44 19 $ 2,609 $ 2,779 $ 8,954 $ 8,139 $ 15,267 $ 14,653 Export Sales Sales of oil, NGLs and natural gas produced or purchased in Canada delivered to customers outside of Canada were $ 64 million for the year ended December 31, 2017 (2016 - $ 50 million; 2015 - $ 153 million). Major Customers In connection with the marketing and sale of Encana’s own and purchased oil, NGLs and natural gas for the year ended December 31, 2017, the Company had two customers which individually accounted for more than 10 percent of Encana’s product revenues. Sales to these customers, which have investment grade credit ratings, were approximately $ 709 million and $412 million which comprised $144 million in Canada and $977 million in the United States (2016 - two customers with sales of approximately $ 434 million and $343 million, respectively; 2015 - two customers with sales of approximately $ 447 million and $414 million, respectively). |
Acquisitions And Divestitures
Acquisitions And Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions And Divestitures | 3. Acquisitions and Divestitures For the years ended December 31 2017 2016 2015 Acquisitions Canadian Operations $ 31 $ 1 $ 9 USA Operations 23 209 27 Corporate & Other - - 34 Total Acquisitions 54 210 70 Divestitures Canadian Operations (41) (456) (959) USA Operations (695) (806) (896) Corporate & Other - - (53) Total Divestitures (736) (1,262) (1,908) Net Acquisitions & (Divestitures) $ (682) $ (1,052) $ (1,838) ACQUISITIONS Acquisitions in 2017 in the Canadian and USA Operations primarily included land purchases with oil and liquids rich potential. Acquisitions in 2016 in the USA Operations primarily included the purchase of natural gas gathering and water handling assets in Piceance located in Colorado and the purchase of land and property in Eagle Ford with oil and liquids rich potential. DIVESTITURES In 2017, amounts received from the sale of assets were $ 736 million (2016 - $ 1,262 million; 2015 - $ 1,908 million). In 2017, divestitures were $41 million in the Canadian Operations and $ 695 million in the USA Operations. Amounts received from the Company’s divestiture transactions have been deducted from the respective Canadian and U.S. full cost pools, except for divestitures that result in a significant alteration between capitalized costs and proved reserves in a country cost centre. For divestitures that result in a gain or loss and constitute a business, goodwill is allocated to the divestiture. Canadian Operations In 2017, divestitures in the Canadian Operations primarily included the sale of certain properties that did not complement Encana’s existing portfolio of assets. In 2016, divestitures in the Canadian Operations primarily included the sale of the Gordondale assets in Montney located in northwestern Alberta for proceeds of approximately C$600 million ( $455 million), after closing adjustments. For the year ended December 31, 2016, Encana recognized a gain of approximately $394 million, before tax, on the sale of the Company’s Gordondale assets in the Canadian cost centre and allocated goodwill of $32 million. In 2015, divestitures in the Canadian Operations primarily included the sale of certain assets in Wheatland located in central and southern Alberta for proceeds of approximately C$557 million ( $467 million), after closing adjustments, the sale of certain natural gas gathering and compression assets in Montney located in northeastern British Columbia for proceeds of approximately C$450 million ( $355 million), after closing adjustments, and the sale of certain properties that did not complement Encana’s existing portfolio of assets. USA Operations In 2017, divestitures in the USA Operations primarily included the sale of the Piceance natural gas assets located in northwestern Colorado for proceeds of approximately $605 million, after closing and other adjustments, and the sale of the Tuscaloosa Marine Shale assets in Mississippi and Louisiana. For the year ended December 31, 2017, Encana recognized a gain of approximately $406 million, before tax, on the sale of the Company’s Piceance assets in the U.S. cost centre and allocated goodwill of $216 million. In 2016, divestitures in the USA Operations primarily included the sale of the DJ Basin assets located in northern Colorado for proceeds of approximately $633 million, after closing and other adjustments, as well as the sale of certain natural gas leasehold interests in Piceance located in Colorado for proceeds of approximately $135 million , after closing and other adjustments. In 2015, divestitures in the USA Operations primarily included the sale of the Haynesville natural gas assets located in northern Louisiana for proceeds of approximately $769 million, after closing adjustments, and the sale of certain properties that did not complement Encana’s existing portfolio of assets. Corporate and Other For the year ended December 31, 2015, Corporate and Other acquisitions and divestitures primarily included the purchase and subsequent sale of the Encana Place office building located in Calgary, which resulted in a gain on divestiture of approximately $12 million. |
Interest
Interest | 12 Months Ended |
Dec. 31, 2017 | |
Interest [Abstract] | |
Interest | 4. Interest For the years ended December 31 2017 2016 2015 Interest Expense on: Debt $ 267 $ 296 $ 497 The Bow office building 63 62 65 Capital leases 20 24 28 Other 13 15 24 $ 363 $ 397 $ 614 Interest Expense on Debt for the year ended December 31, 2015 included a one-time interest payment of approximately $165 million resulting from the April 2015 early redemption of the Company’s $700 million 5.90 percent notes due December 1, 2017 and C$750 million 5.80 percent medium-term notes due January 18, 2018 as discussed in Note 12. |
Foreign Exchange (Gain) Loss, N
Foreign Exchange (Gain) Loss, Net | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | 5. Foreign Exchange (Gain) Loss, Net For the years ended December 31 2017 2016 2015 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ (243) $ (130) $ 754 Translation of U.S. dollar risk management contracts issued from Canada (44) 4 (67) Translation of intercompany notes (4) (14) - (291) (140) 687 Foreign Exchange on Settlements of: U.S. dollar financing debt issued from Canada 14 (73) 269 U.S. dollar risk management contracts issued from Canada (15) - - Intercompany notes 10 5 89 Other Monetary Revaluations 3 (2) 37 $ (279) $ (210) $ 1,082 The unrealized foreign exchange (gain) loss on translation of U.S. dollar financing debt issued from Canada for the year ended December 31, 2017 disclosed in the table above includes an out-of-period adjustment in respect of unrealized losses on a foreign-denominated capital lease obligation since December 2013. The cumulative impact recognized within foreign exchange (gain) loss in the Company’s Consolidated Statement of Earnings for the year ended December 31, 2017 was $68 million, before tax ( $47 million, after tax). Encana has determined that the adjustment is not material to the Consolidated Financial Statements for the year ended December 31, 2017 or any prior periods. Accordingly, comparative periods presented in the Consolidated Financial Statements have not been restated. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes The provision for income taxes is as follows: For the years ended December 31 2017 2016 2015 Current Tax Canada $ (59) $ (82) $ (25) United States (9) - (17) Other Countries 5 4 8 Total Current Tax Expense (Recovery) (63) (78) (34) Deferred Tax Canada 55 (163) (316) United States 611 (435) (2,495) Other Countries - - - Total Deferred Tax Expense (Recovery) 666 (598) (2,811) Income Tax Expense (Recovery) $ 603 $ (676) $ (2,845) During the year ended December 31, 2017, the current tax recovery was primarily due to the successful resolution of certain tax items previously assessed by the taxing authorities relating to prior taxation years. During the years ended December 31, 2016 and December 31, 2015, the current tax recoveries were primarily due to amounts recorded in respect of prior periods. On December 22, 2017, the Tax Cuts and Jobs Act (“U.S. Tax Reform”) was signed into law making significant changes to the U.S. tax code, including a reduction of the U.S. federal corporate tax rate from 35 percent to 21 percent. During the year ended December 31, 2017, the deferred tax expense of $666 million includes a provisional adjustment of $327 million resulting from the re-measurement of the Company’s tax position due to U.S. Tax Reform. The adjustment of $327 million includes a $26 million valuation allowance re-measurement with respect to U.S. foreign tax credits and U.S. charitable donations. The SEC Staff Accounting Bulletin No. 118 addresses the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of U.S. Tax Reform. The ultimate impact of U.S. Tax Reform may differ from the provisional amount recognized of $327 million due to additional analysis, changes in interpretations and assumptions made by the Company, additional regulatory guidance that may be issued, and actions the Company may take as a result of U.S. Tax Reform. Any subsequent adjustments to the provisional amount will be recorded in income tax expense in the period in which the analysis is complete. U.S. Tax Reform also included new rules to limit the deductibility for related party interest amounts. As at December 31, 2017, the Company has a carryforward balance of deferred interest deductions for which a deferred income tax asset of $28 million has been recorded. It is unclear whether the new rules would limit the realizability of this carryforward interest amount. Further clarification is required of the transition rules through potential Treasury Department regulations and guidance before a final determination can be made. During the years ended December 31, 2016 and December 31, 2015, the deferred tax recoveries were primarily due to the ceiling test impairments recognized in the Canadian and USA Operations as disclosed in Note 8. The following table reconciles income taxes calculated at the Canadian statutory rate with the actual income taxes: For the years ended December 31 2017 2016 2015 Net Earnings (Loss) Before Income Tax Canada $ 512 $ (627) $ (2,014) United States 476 (1,522) (6,963) Other Countries 442 529 967 Total Net Earnings (Loss) Before Income Tax 1,430 (1,620) (8,010) Canadian Statutory Rate 27.0% 27.0% 26.4% Expected Income Tax 386 (437) (2,115) Effect on Taxes Resulting From: Income tax related to foreign operations (73) (266) (776) Effect of legislative changes 299 - (11) Non-taxable capital (gains) losses (39) (29) 132 Tax differences on divestitures and transactions 77 9 (8) Partnership tax allocations in excess of funding (54) (17) (21) Amounts in respect of prior periods (49) (11) (8) Change in valuation allowance 54 121 - Other 2 (46) (38) $ 603 $ (676) $ (2,845) Effective Tax Rate 42.2% 41.7% 35.5% For the year ended December 31, 2017, the effective tax rate was 42.2 percent, which is higher than the Canadian statutory tax rate of 27 percent primarily due to U.S. Tax Reform, which increased Encana’s effective tax rate by 22.9 percent. The effective tax rate for the years ended December 31, 2016 and December 31, 2015 exceeded the Canadian statutory tax rate of 27 percent and 26.4 percent, respectively, primarily due to the impact of the foreign jurisdictional tax rates relative to the Canadian statutory tax rate applied to jurisdictional earnings. The net deferred income tax asset (liability) consists of: As at December 31 2017 2016 Deferred Income Tax Assets Property, plant and equipment $ 281 $ 256 Risk management 34 81 Compensation plans 99 100 Interest and other deferred deductions 28 48 Unrealized foreign exchange losses - 20 Non-capital and net capital losses carried forward 1,014 1,149 Foreign tax credits 198 198 Other 53 82 Less: valuation allowance (187) (133) Deferred Income Tax Liabilities Property, plant and equipment (386) (155) Risk management (97) - Unrealized foreign exchange gains (18) - Other (10) (19) Net Deferred Income Tax Asset (Liability) $ 1,009 $ 1,627 As at December 31, 2017, Encana has recorded a valuation allowance against U.S. foreign tax credits and U.S. charitable donations in the amounts of $156 million (2016 - $129 million) and $3 million (2016 - $4 million), respectively, as it is more likely than not that these benefits will not be realized based on expected future taxable earnings as determined in accordance with the Company’s accounting policies. This change in the valuation allowance of $26 million arose from the re-measurement due to U.S. Tax Reform as noted above. In addition, a valuation allowance of $28 million ( 2016 - nil ) was taken against U.S. state losses as it is more likely than not that these benefits will not be realized based on expected future taxable state earnings. The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2017 2016 Deferred Income Tax Assets Canada $ 555 $ 568 United States 488 1,090 1,043 1,658 Deferred Income Tax Liabilities Canada (34) (31) United States - - (34) (31) Net Deferred Income Tax Asset (Liability) $ 1,009 $ 1,627 Tax pools, loss carryforwards, charitable donations and tax credits available are as follows: As at December 31 2017 Expiration Date Canada Tax pools $ 1,520 Indefinite Net capital losses 15 Indefinite Non-capital losses 982 2027 - 2037 Charitable donations 1 2022 United States Tax basis $ 4,703 Indefinite Non-capital losses (Federal) 3,407 2031 - 2037 Charitable donations 13 2019 - 2023 Foreign tax credits 198 2021 - 2025 As at December 31, 2017, approximately $3.2 billion of Encana’s unremitted earnings from its foreign subsidiaries were considered to be permanently reinvested outside of Canada and, accordingly, Encana has not recognized a deferred income tax liability for Canadian income taxes in respect of such earnings. If such earnings were to be remitted to Canada, Encana may be subject to Canadian income taxes and foreign withholding taxes. However, determination of any potential amount of unrecognized deferred income tax liabilities is not practicable. The following table presents changes in the balance of Encana’s unrecognized tax benefits excluding interest: For the years ended December 31 2017 2016 Balance, Beginning of Year $ (286) $ (317) Additions for tax positions taken in the current year - - Additions for tax positions of prior years (1) (1) Reductions for tax positions of prior years 1 - Lapse of statute of limitations - 42 Settlements - - Foreign currency translation (20) (10) Balance, End of Year $ (306) $ (286) The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: For the years ended December 31 2017 2016 Income tax receivable $ (45) $ (21) Other liabilities and provisions (See Note 13) (202) (193) Deferred income tax asset (59) (72) Balance, End of Year $ (306) $ (286) If recognized, all of Encana’s unrecognized tax benefits as at December 31, 2017 would affect Encana’s effective income tax rate. Encana does not anticipate that the amount of unrecognized tax benefits will significantly change during the next 12 months. Encana recognizes interest accrued in respect of unrecognized tax benefits in interest expense. During 2017, Encana recognized $ 12 million (2016 - $ 1 million; 2015 - $ 2 million) in interest expense. As at December 31, 2017, Encana had a liability of $ 16 million (2016 - $ 4 million) for interest accrued in respect of unrecognized tax benefits. Included below is a summary of the tax years, by jurisdiction, that remain subject to examination by the taxing authorities. Jurisdiction Taxation Year Canada - Federal 2009 - 2017 Canada - Provincial 2009 - 2017 United States - Federal 2014 - 2017 United States - State 2013 - 2017 Other 2016 - 2017 Encana and its subsidiaries file income tax returns primarily in Canada and the United States. Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion. |
Accounts Receivable And Accrued
Accounts Receivable And Accrued Revenues | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable And Accrued Revenues [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7. Accounts Receivable and Accrued Revenues As at December 31 2017 2016 Trade Receivables and Accrued Revenues Oil, NGLs and natural gas $ 425 $ 394 Midstream and marketing 284 161 Derivative financial instruments 3 4 Corporate and other 9 81 Total Trade Receivables and Accrued Revenues 721 640 Prepaids 21 18 Deposits and Other 37 11 779 669 Allowance for Doubtful Accounts (5) (6) $ 774 $ 663 Encana’s trade receivables balance primarily consists of oil , NGLs and natural gas sales receivables, marketing revenues and joint interest receivables. Trade receivables are non-interest bearing. In determining the recoverability of trade receivables, the Company considers the age of the outstanding receivable and the credit worthiness of the counterparties. The Company charges uncollectible trade receivables to the allowance for doubtful accounts when it is determined no longer collectible. See Note 22 for further information about credit risk. |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant And Equipment, Net [Abstract] | |
Property, Plant And Equipment, Net | 8. Property, Plant and Equipment, Net As at December 31 2017 2016 Cost Accumulated DD&A Net Cost Accumulated DD&A Net Canadian Operations Proved properties $ 14,555 $ (14,047) $ 508 $ 13,159 $ (12,896) $ 263 Unproved properties 311 - 311 285 - 285 Other 43 - 43 54 - 54 14,909 (14,047) 862 13,498 (12,896) 602 USA Operations Proved properties 25,610 (23,240) 2,370 26,393 (25,300) 1,093 Unproved properties 4,169 - 4,169 4,913 - 4,913 Other 16 - 16 44 - 44 29,795 (23,240) 6,555 31,350 (25,300) 6,050 Market Optimization 7 (5) 2 6 (4) 2 Corporate & Other 2,299 (764) 1,535 2,148 (663) 1,485 $ 47,010 $ (38,056) $ 8,954 $ 47,002 $ (38,863) $ 8,139 Canadian and USA Operations property, plant and equipment include internal costs directly related to exploration, development and construction activities of $208 million, which have been capitalized during the year ended December 31, 2017 (2016 - $ 161 million). Included in Corporate and Other are $ 63 million (2016 - $ 58 million) of international property costs, which have been fully impaired. For the year ended December 31, 2017, the Company did not recognize any ceiling test impairments in the Canadian or U.S. cost centres. For the year ended December 31, 2016, the Company recognized before-tax ceiling test impairments of $493 million (2015 - nil ) in the Canadian cost centre and $903 million (2015 - $6,473 million) in the U.S. cost centre. The impairments recognized in 2016 are included with accumulated DD&A in the table above and resulted primarily from the decline in the 12-month average trailing prices which reduced proved reserves volumes and values. 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 25. Capital Lease Arrangements The Company has several lease arrangements that are accounted for as capital leases including an office building and an offshore production platform. As at December 31, 2017, the total carrying value of assets under capital lease was $ 46 million (2016 - $ 51 million), net of accumulated amortization of $684 million (2016 - $648 million). Liabilities for the capital lease arrangements are included in other liabilities and provisions in the Consolidated Balance Sheet and are disclosed in Note 13. Other Arrangement As at December 31, 2017, Corporate and Other property, plant and equipment and total assets include a carrying value of $ 1,255 million (2016 - $ 1,194 million) related to The Bow office building, which is under a 25 -year lease agreement. The Bow asset is being depreciated over the 60 -year estimated life of the building. At the conclusion of the 25-year term, the remaining asset and corresponding liability are expected to be derecognized as disclosed in Note 13. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets (Text Block) | 9. Other Assets 5. 6. 7. As at December 31 2017 2016 Long-Term Investments $ 26 $ 26 Long-Term Receivables 72 71 Deferred Charges 7 9 Other (1) 39 32 $ 144 $ 138 (1) Includes $2 million previously reported as Cash in Reserve in the 2016 Consolidated Balance Sheet. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Goodwill | 10. Goodwill As at December 31 2017 2016 Canada Balance, Beginning of Year $ 650 $ 661 Divested During the Year (See Note 3) - (32) Foreign Currency Translation Adjustment 46 21 Balance, End of Year 696 650 United States Balance, Beginning of Year 2,129 2,129 Divested During the Year (See Note 3) (216) - Balance, End of Year 1,913 2,129 Total Goodwill $ 2,609 $ 2,779 During 2017, the Company derecognized goodwill of $216 million upon the divestiture of the Piceance assets as described in Note 3. During 2016, the Company derecognized goodwill of $32 million upon the divestiture of the Gordondale assets as described in Note 3. Goodwill was assessed for impairment as at December 31, 2017 and December 31, 2016. The fair values of the Canada and United States reporting units were determined to be greater than the respective carrying values of the reporting units. Accordingly, no goodwill impairments were recognized. The Company has not recognized any historical cumulative goodwill impairments. |
Accounts Payable And Accrued Li
Accounts Payable And Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Accounts Payable And Accrued Liabilities | 11. Accounts Payable and Accrued Liabilities As at December 31 2017 2016 Trade Payables $ 258 $ 240 Capital Accruals 319 280 Royalty and Production Accruals 278 300 Other Accruals 216 234 Interest Payable 69 69 Current Portion of Long-Term Incentive Costs (See Note 19) 152 88 Current Portion of Capital Lease Obligations (See Note 13) 79 59 Current Portion of Asset Retirement Obligation (See Note 14) 44 33 $ 1,415 $ 1,303 Payables and accruals are non-interest bearing. Interest payable represents amounts accrued related to Encana’s unsecured notes as disclosed in Note 12. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 12. Long-Term Debt As at December 31 Note 2017 2016 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ - $ - U.S. Unsecured Notes: B 6.50% due May 15, 2019 500 500 3.90% due November 15, 2021 600 600 8.125% due September 15, 2030 300 300 7.20% due November 1, 2031 350 350 7.375% due November 1, 2031 500 500 6.50% due August 15, 2034 750 750 6.625% due August 15, 2037 (1) 462 462 6.50% due February 1, 2038 (1) 505 505 5.15% due November 15, 2041 (1) 244 244 Total Principal F 4,211 4,211 Increase in Value of Debt Acquired C 26 26 Unamortized Debt Discounts and Issuance Costs D (40) (39) Current Portion of Long-Term Debt E - - $ 4,197 $ 4,198 (1) Notes accepted for purchase in the March 2016 Tender Offers. A) REVOLVING CREDIT AND TERM LOAN BORROWINGS At December 31, 2017, Encana had in place committed revolving U.S. dollar denominated bank credit facilities totaling $4.5 billion which included $3.0 billion on a revolving bank credit facility for Encana and $1.5 billion on a revolving bank credit facility for a U.S. subsidiary. The facilities are extendible from time to time, but not more than once per year, for a period not longer than five years plus 90 days from the date of the extension request, at the option of the lenders and upon notice from Encana. The facilities mature in July 2020 , and are fully revolving up to maturity. Encana is subject to a financial covenant in its credit facility agreements whereby financing debt to adjusted capitalization cannot exceed 60 percent. Financing debt primarily includes total long-term debt and capital lease obligations. Adjusted capitalization is calculated as the sum of total financing debt, shareholders’ equity and a $7.7 billion equity adjustment for cumulative historical ceiling test impairments recorded as at December 31, 2011 in conjunction with the Company’s January 1, 2012 adoption of U.S. GAAP. As at December 31, 2017, the Company is in compliance with all financial covenants. The Encana facility, which remained unused at December 31, 2017, is unsecured and bears interest at the lenders’ rates for Canadian prime, U.S. base rate, Bankers’ Acceptances or LIBOR, plus applicable margins. The U.S. subsidiary facility, which remained unused as at December 31, 2017, bears interest at either the lenders’ U.S. base rate or LIBOR, plus applicable margins. Standby fees paid in 2017 relating to revolving credit and term loan agreements were approximately $ 15 million (2016 - $ 14 million; 2015 - $ 11 million). B) UNSECURED NOTES Shelf Prospectuses Encana filed a shelf prospectus in Canada and a shelf registration statement in the U.S., in 2016 and 2017, respectively, whereby the Company may issue from time to time, debt securities, common shares, Class A preferred shares, subscription receipts, warrants, units, share purchase contracts and share purchase units in Canada and/or the U.S. In September 2016 and March 2015, the Company filed prospectus supplements for the issuance of common shares as described in Note 15. At December 31, 2017, $4.8 billion remained accessible under the Canadian shelf prospectus. The availability of issuing securities under the Canadian shelf prospectus and U.S. shelf registration statement is dependent upon market conditions. U.S. Unsecured Notes Unsecured notes include medium-term notes and senior notes that are issued from time to time under trust indentures and have equal priority with respect to the payment of both principal and interest. On March 16, 2016, Encana announced tender offers (collectively, the “Tender Offers”) for certain of the Company’s outstanding senior notes (collectively, the “Notes”). The Tender Offers were for an aggregate purchase price of $250 million, excluding accrued and unpaid interest. The consideration for each $1,000 principal amount of Notes validly tendered and accepted for purchase included an early tender premium of $30 per $1,000 principal amount of Notes accepted for purchase, provided the Notes were validly tendered at or prior to the early tender date of March 29, 2016. All Notes validly tendered and accepted for purchase also received accrued and unpaid interest up to the settlement date. On March 30, 2016 , Encana announced an increase in the aggregate purchase price of the Tender Offers to $400 million, excluding accrued and unpaid interest, and accepted for purchase: i) $156 million aggregate principal amount of 5.15 percent notes due 2041; ii) $295 million aggregate principal amount of 6.50 percent notes due 2038; and iii) $38 million aggregate principal amount of 6.625 percent notes due 2037. The Company paid an aggregate amount of $406 million, including accrued and unpaid interest of $6 million and an early tender premium of $14 million, for Notes accepted for purchase. The Company used cash on hand and borrowings under its revolving credit facility to fund the Tender Offers. Encana also recognized a gain on the early debt retirement of $103 million, before tax, representing the difference between the carrying amount of the Notes accepted for purchase and the consideration paid. The gain on the early debt retirement net of the early tender premium totaled $89 million, which is included in other (gains) losses in the Consolidated Statement of Earnings. On March 5, 2015 , Encana provided notice to noteholders that it would redeem the Company’s $700 million 5.90 percent notes due December 1, 2017 and C$750 million 5.80 percent medium-term notes due January 18, 2018. On April 6, 2015, the Company used net proceeds from the common shares issued, as disclosed in Note 15, and cash on hand to complete the note redemptions. In conjunction with the early note redemptions, the Company incurred a one-time interest payment of approximately $165 million as discussed in Note 4. C) INCREASE IN VALUE OF DEBT ACQUIRED Certain of the notes and debentures of the Company were acquired in business combinations and were accounted for at their fair value at the dates of acquisition. The difference between the fair value and the principal amount of the debt is being amortized over the remaining life of the outstanding debt acquired, which is approximately 13 years. D) UNAMORTIZED DEBT DISCOUNTS AND ISSUANCE COSTS Long-term debt premiums and discounts are capitalized within long-term debt and are being amortized using the effective interest method. During 2017 and 2016, no debt premiums or discounts were capitalized. Issuance costs are amortized over the term of the related debt. E) CURRENT PORTION OF LONG-TERM DEBT As at December 31, 2017 and 2016, there was no current portion of long-term debt. F) MANDATORY DEBT PAYMENTS Principal Interest As at December 31 Amount Amount 2018 $ - $ 267 2019 500 251 2020 - 234 2021 600 235 2022 - 211 Thereafter 3,111 2,546 Total $ 4,211 $ 3,744 As at December 31, 2017, total long-term debt had a carrying value of $ 4,197 million and a fair value of $ 5,042 million (2016 - carrying value of $ 4,198 million and a fair value of $ 4,553 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end. |
Other Liabilities And Provision
Other Liabilities And Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities And Provisions [Abstract] | |
Other Liabilities And Provisions | 13. Other Liabilities and Provisions As at December 31 2017 2016 The Bow Office Building $ 1,344 $ 1,266 Capital Lease Obligations 295 304 Unrecognized Tax Benefits (See Note 6) 202 193 Pensions and Other Post-Employment Benefits 116 124 Long-Term Incentive Costs (See Note 19) 175 120 Other Derivative Contracts (See Notes 21, 22) 14 14 Other 21 26 $ 2,167 $ 2,047 The Bow Office Building As described in Note 8, Encana has recognized the accumulated costs for The Bow office building, which is under a 25 -year lease agreement. At the conclusion of the lease term, the remaining asset and corresponding liability are expected to be derecognized. Encana has also subleased approximately 50 percent of The Bow office space under the lease agreement. The total expected future principal and interest payments related to the 25-year lease agreement and the total undiscounted future amounts expected to be recovered from the sublease are outlined below. 2018 2019 2020 2021 2022 Thereafter Total Expected Future Lease Payments $ 76 $ 77 $ 77 $ 78 $ 78 $ 1,295 $ 1,681 Less: Amounts Representing Interest 65 65 63 63 62 802 1,120 Present Value of Expected Future Lease Payments $ 11 $ 12 $ 14 $ 15 $ 16 $ 493 $ 561 Sublease Recoveries (undiscounted) $ (37) $ (38) $ (38) $ (38) $ (39) $ (636) $ (826) Capital Lease Obligations As described in Note 8, the Company has several lease arrangements that are accounted for as capital leases including an office building and the Deep Panuke offshore Production Field Centre (“PFC”). Variable interests related to the PFC are described in Note 17. The total expected future lease payments related to the Company’s capital lease obligations are outlined below. 2018 2019 2020 2021 2022 Thereafter Total Expected Future Lease Payments $ 99 $ 99 $ 99 $ 87 $ 8 $ 38 $ 430 Less: Amounts Representing Interest 20 15 10 4 2 5 56 Present Value of Expected Future Lease Payments $ 79 $ 84 $ 89 $ 83 $ 6 $ 33 $ 374 |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation [Abstract] | |
Asset Retirement Obligation | 14. Asset Retirement Obligation As at December 31 2017 2016 Asset Retirement Obligation, Beginning of Year $ 687 $ 814 Liabilities Incurred and Acquired 11 18 Liabilities Settled and Divested (333) (107) Change in Estimated Future Cash Outflows 88 (99) Accretion Expense 37 51 Foreign Currency Translation 24 10 Asset Retirement Obligation, End of Year $ 514 $ 687 Current Portion (See Note 11) $ 44 $ 33 Long-Term Portion 470 654 $ 514 $ 687 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital [Abstract] | |
Share Capital | 15. Share Capital AUTHORIZED The Company is authorized to issue an unlimited number of no par value common shares and Class A Preferred Shares limited to a number equal to not more than 20 percent of the issued and outstanding number of common shares at the time of issuance. No Class A Preferred Shares are outstanding. ISSUED AND OUTSTANDING As at December 31 2017 2016 2015 Number (millions) Amount Number (millions) Amount Number (millions) Amount Common Shares Outstanding, Beginning of Year 973.0 $ 4,756 849.8 $ 3,621 741.2 $ 2,450 Common Shares Issued - - 123.1 1,134 98.4 1,098 Common Shares Issued Under Dividend Reinvestment Plan 0.1 1 0.1 1 10.2 73 Common Shares Outstanding, End of Year 973.1 $ 4,757 973.0 $ 4,756 849.8 $ 3,621 On September 19, 2016, Encana filed prospectus supplements (the “2016 Share Offering”) to the Company’s shelf prospectuses for the issuance of 107,000,000 common shares and granted an over-allotment option for up to an additional 16,050,000 common shares at a price of $9.35 per common share, pursuant to an underwriting agreement. The aggregate gross proceeds from the 2016 Share Offering, including the exercise in full of the over-allotment option, were approximately $1.15 billion. After deducting underwriters’ fees and costs of the 2016 Share Offering, the net cash proceeds received were approximately $1.13 billion. On March 5, 2015, Encana filed a prospectus supplement (the “2015 Share Offering”) to the Company’s shelf prospectus for the issuance of 85,616,500 common shares and granted an over-allotment option for up to an additional 12,842,475 common shares at a price of C$14.60 per common share, pursuant to an underwriting agreement. The aggregate gross proceeds from the 2015 Share Offering, including the exercise in full of the over-allotment option, were approximately C$1.44 billion ( $1.13 billion). After deducting underwriters’ fees and costs of the 2015 Share Offering, the net cash proceeds received were approximately C$ 1.39 billion ( $1.09 billion). During the year ended December 31, 2017, Encana issued 58,480 common shares totaling $0.6 million under the Company’s dividend reinvestment plan (“DRIP”) (2016 - issued 121,249 common shares totaling $0.9 million; 2015 - issued 10,246,221 common shares totaling $73 million). On February 15, 2018, the Company announced plans to spend up to $400 million to purchase, for cancellation, up to 35 million common shares through a NCIB, subject to and following TSX approval. On February 26, 2018, the Company announced that the TSX accepted its notice of intention to commence the NCIB beginning February 28, 2018 and ending February 27, 2019 . DIVIDENDS For the year ended December 31, 2017, Encana paid dividends of $ 0.06 per common share totaling $ 58 million (2016 - $ 0.06 per common share totaling $ 52 million; 2015 - $ 0.28 per common share totaling $ 225 million). The Company’s quarterly dividend payment in 2017 and 2016 was $0.015 per common share. The Company’s quarterly dividend payment in 2015 was $ 0.07 per common share. Common shares issued as part of the 2016 Share Offering and 2015 Share Offering described above were not eligible to receive the dividends paid on September 30, 2016 and March 31, 2015, respectively. For the year ended December 31, 2017, the dividends paid included $0.6 million in common shares as disclosed above, which were issued in lieu of cash dividends under the DRIP (2016 - $ 0.9 million; 2015 - $ 73 million). On February 14, 2018 , the Board of Directors declared a dividend of $ 0.015 per common share payable on March 29, 2018 to common shareholders of record as of March 15, 2018 . EARNINGS PER COMMON SHARE The following table presents the computation of net earnings (loss) per common share: For the years ended December 31 (US$ millions, except per share amounts) 2017 2016 2015 Net Earnings (Loss) $ 827 $ (944) $ (5,165) Number of Common Shares: Weighted average common shares outstanding - Basic 973.1 882.6 822.1 Effect of dilutive securities - - - Weighted average common shares outstanding - Diluted 973.1 882.6 822.1 Net Earnings (Loss) per Common Share Basic & Diluted $ 0.85 $ (1.07) $ (6.28) ENCANA STOCK OPTION PLAN Encana has share-based compensation plans that allow employees to purchase common shares of the Company. Option exercise prices are not less than the market value of the common shares on the date the options are granted. Options granted are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire five years after the date granted. Options granted after February 2015 expire seven years after the date granted. All options outstanding as at December 31, 2017 have associated Tandem Stock Appreciation Rights (“TSARs”) attached. In lieu of exercising the option, the associated TSARs give the option holder the right to receive a cash payment equal to the excess of the market price of Encana’s common shares at the time of the exercise over the original grant price. In addition, certain stock options granted are performance-based. The Performance TSARs vest and expire under the same terms and conditions as the underlying option. Vesting is also subject to Encana attaining prescribed performance relative to predetermined key measures. Historically, most holders of options with TSARs have elected to exercise their stock options as a Stock Appreciation Right (“SAR”) in exchange for a cash payment. As a result, outstanding TSARs are not considered potentially dilutive securities. See Note 19 for further information on Encana’s outstanding and exercisable TSARs and Performance TSARs. At December 31, 2017, there were 33.3 million common shares reserved for issuance under stock option plans (2016 - 32.2 million; 2015 - 30.3 million). ENCANA RESTRICTED SHARE UNITS (“RSUs”) Encana has a share-based compensation plan whereby eligible employees are granted RSUs. An RSU is a conditional grant to receive the equivalent of an Encana common share upon vesting of the RSUs and in accordance with the terms of the RSU Plan and Grant Agreement. RSUs vest three years from the date granted, provided the employee remains actively employed with Encana on the vesting date. The Company intends to settle vested RSUs in cash on the vesting date. As a result, RSUs are not considered potentially dilutive securities. See Note 19 for further information on Encana’s outstanding RSUs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 16. Accumulated Other Comprehensive Income For the years ended December 31 2017 2016 2015 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 1,200 $ 1,383 $ 715 Change in Foreign Currency Translation Adjustment (171) (183) 668 Balance, End of Year $ 1,029 $ 1,200 $ 1,383 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 10 $ 7 $ (26) Net Actuarial Gains and (Losses) (See Note 20) 7 6 46 Income Taxes (2) (2) (15) Reclassification of Net Actuarial (Gains) and Losses to Net Earnings (See Note 20) - (1) 2 Income Taxes - - - Reclassification of Net Prior Service Costs to Net Earnings (See Note 20) (1) - - Income Taxes - - - Curtailment in Net Defined Periodic Benefit Cost (See Note 20) (1) - - Income Taxes - - - Balance, End of Year $ 13 $ 10 $ 7 Total Accumulated Other Comprehensive Income $ 1,042 $ 1,210 $ 1,390 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Variable Interest Entity Disclosure | 17. Variable Interest Entities Production Field Centre In 2008, Encana entered into a contract for the design, construction and operation of the PFC at its Deep Panuke facility. Upon commencement of operations in December 2013, Encana recognized the PFC as a capital lease asset. Under the lease contract, Encana has a purchase option and the option to extend the lease for 12 one -year terms at fixed prices after the initial lease term expires in 2021 . As a result of the purchase option and fixed price renewal options, Encana has determined it holds variable interests and that the related leasing entity qualifies as a variable interest entity (“VIE”). Encana is not the primary beneficiary of the VIE as the Company does not have the power to direct the activities that most significantly impact the VIE’s economic performance. Encana is not required to provide any financial support or guarantees to the leasing entity or its affiliates, other than the contractual payments under the lease and operating agreements. Encana’s maximum exposure is the expected lease payments over the initial contract term. As at December 31, 2017, Encana had a capital lease obligation of $314 million (2016 - $299 million) related to the PFC. Veresen Midstream Limited Partnership Veresen Midstream Limited Partnership (“VMLP”) provides gathering, compression and processing services under various agreements related to the Company’s development of liquids and natural gas production in the Montney play. As at December 31, 2017, VMLP provides approximately 630 MMcf/d of natural gas gathering and compression and 772 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from up to 15 to 28 years and have various renewal terms providing up to a potential maximum of 10 years. Encana has determined that VMLP is a VIE and that Encana holds variable interests in VMLP. Encana is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact VMLP’s economic performance. These key activities relate to the construction, operation, maintenance and marketing of the assets owned by VMLP. The variable interests arise from certain terms under the various long-term service agreements and include: i) a take or pay for volumes in certain agreements; ii) an operating fee of which a portion can be converted into a fixed fee once VMLP assumes operatorship of certain assets; and iii) a potential payout of minimum costs in certain agreements. The potential payout of minimum costs will be assessed in the eight h year of the assets’ service period and is based on whether there is an overall shortfall of total system cash flows from natural gas gathered and compressed under certain agreements. The potential payout amount can be reduced in the event VMLP markets unutilized capacity to third party users. Encana is not required to provide any financial support or guarantees to VMLP. As a result of Encana’s involvement with VMLP, the maximum total exposure, which represents the potential exposure to Encana in the event the assets under the agreements are deemed worthless, is estimated to be $2,344 million as at December 31, 2017. The estimate comprises the take or pay volume commitments and the potential payout of minimum costs. The take or pay volume commitments associated with certain gathering and processing assets are included in Note 24 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and the amount of capacity contracted to third parties. As at December 31, 2017, there were no accounts payable and accrued liabilities outstanding related to the take or pay commitment. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | 18. Restructuring Charges I n 2013 and 2015, Encana recognized employee and other related costs associated with workforce reductions as a result of organizational restructurings to support changes in the Company’s strategy. During 2015, transition and severance costs of $64 million, before tax, were incurred, of which $2 million related to the 2013 restructuring plan. As at December 31, 2015, $13 million remained accrued. In February 2016 , Encana announced workforce reductions to better align staffing levels and the organizational structure with the Company’s reduced capital spending program as a result of the low commodity price environment. During 2016, the Company incurred total restructuring charges of $34 million, before tax, primarily related to severance costs, of which $7 million remained accrued as at December 31, 2016. As at December 31, 2017, all restructuring costs have been paid. Restructuring charges are included in administrative expense presented in the Corporate & Other segment in the Consolidated Statement of Earnings. For the years ended December 31 2017 2016 2015 Employee Severance and Benefits $ - $ 33 $ 58 Consultants and Building Sublease Brokerage Fees - - 4 Outplacement, Moving and Other Expenses - 1 2 $ - $ 34 $ 64 For the years ended December 31 2017 2016 2015 Outstanding Restructuring Accrual, Beginning of Year $ 7 $ 13 $ 4 Current Year Restructuring Expenses Incurred - 34 62 Charges Related to Prior Years' Restructuring - - 2 Restructuring Costs Paid (7) (40) (55) Outstanding Restructuring Accrual, End of Year (1) $ - $ 7 $ 13 (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation Plans [Abstract] | |
Compensation Plans | 19. Compensation Plans Encana has a number of compensation arrangements under which the Company awards various types of long-term incentive grants to eligible employees. They include TSARs, Performance TSARs, SARs, Performance Share Units (“PSUs”), Deferred Share Units (“DSUs”) and RSUs. These compensation arrangements are share-based. Encana accounts for TSARs, Performance TSARs, SARs, PSUs, and RSUs held by employees as cash-settled share-based payment transactions and, accordingly, accrues compensation costs over the vesting period based on the fair value of the rights determined using the Black-Scholes-Merton and other fair value models. TSARs and SARs granted vest and are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire five years after the date granted. TSARs and SARs granted after February 2015 expire seven years after the date granted. Performance TSARs vest over a four -year period based on prescribed performance targets and expire if not eligible to vest after that time. PSUs and RSUs vest three years from the date of grant, provided the employee remains actively employed with Encana on the vesting date. The following weighted average assumptions were used to determine the fair value of the share units held by employees: US$ Share Units As at December 31 2017 2016 2015 Risk Free Interest Rate 1.67% 0.75% 0.48% Dividend Yield 0.45% 0.51% 1.18% Expected Volatility Rate (1) 57.87% 57.18% 39.16% Expected Term 1.4 yrs 1.9 yrs 1.4 yrs Market Share Price US$13.33 US$11.74 US$5.09 CS$ Share Units As at December 31 2017 2016 2015 Risk Free Interest Rate 1.67% 0.75% 0.48% Dividend Yield 0.46% 0.50% 1.09% Expected Volatility Rate (1) 54.10% 53.24% 36.45% Expected Term 1.5 yrs 1.9 yrs 1.5 yrs Market Share Price C$16.77 C$15.76 C$7.03 (1) Volatility was estimated using historical rates. The Company has recognized the following share-based compensation costs: For the years ended December 31 2017 2016 2015 Total Compensation Costs of Transactions Classified as Cash-Settled $ 165 $ 174 $ (29) Less: Total Share-Based Compensation Costs Capitalized (55) (40) 10 Total Share-Based Compensation Expense (Recovery) $ 110 $ 134 $ (19) Recognized on the Consolidated Statement of Earnings in: Operating $ 34 $ 48 $ (7) Administrative 76 86 (12) $ 110 $ 134 $ (19) As at December 31, 2017, the liability for share-based payment transactions totaled $327 million (2016 - $208 million), of which $152 million (2016 - $88 million) is recognized in accounts payable and accrued liabilities and $175 million (2016 - $120 million) is recognized in other liabilities and provisions in the Consolidated Balance Sheet. For the years ended December 31 2017 2016 2015 Liability for Cash-Settled Share-Based Payment Transactions: Unvested $ 274 $ 171 $ 47 Vested 53 37 4 $ 327 $ 208 $ 51 The following sections outline certain information related to Encana’s compensation plans as at December 31, 2017. A) TANDEM STOCK APPRECIATION RIGHTS All options to purchase common shares issued under the Encana Stock Option Plan have associated TSARs attached. In lieu of exercising the option, the associated TSARs give the option holder the right to receive a cash payment equal to the excess of the market price of Encana’s common shares at the time of exercise over the original grant price. The TSARs vest and expire under the same terms and conditions as the underlying option. The following tables summarize information related to the TSARs held by employees: As at December 31 2017 2016 (thousands of units) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding, Beginning of Year 15,482 14.92 17,369 20.21 Granted 850 15.43 4,277 5.56 Exercised - SARs (316) 5.56 - - Exercised - Options - - - - Forfeited (218) 19.55 (2,108) 19.62 Expired (528) 20.99 (4,056) 25.26 Outstanding, End of Year 15,270 14.87 15,482 14.92 Exercisable, End of Year 10,736 17.42 8,523 18.66 As at December 31, 2017 Outstanding TSARs Exercisable TSARs Range of Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Exercise Price (C$) 0.00 to 9.99 3,910 5.17 5.56 952 5.56 10.00 to 19.99 7,816 1.74 16.93 6,241 17.43 20.00 to 29.99 3,544 1.15 20.57 3,543 20.57 15,270 2.48 14.87 10,736 17.42 During the year, Encana recorded compensation costs of $12 million related to the TSARs (2016 - compensation costs of $39 million; 2015 - reduction of compensation costs of $12 million). As at December 31, 2017, there was approximately $8 million of total unrecognized compensation costs (2016 - $17 million) related to unvested TSARs held by employees. The costs are expected to be recognized over a weighted average period of 1.9 years. B) PERFORMANCE TANDEM STOCK APPRECIATION RIGHTS In 2013, Encana granted Performance TSARs to the President & Chief Executive Officer. The Performance TSARs vested and expired over the same terms and conditions as the underlying option. Under this 2013 grant, vesting was also subject to Encana achieving prescribed performance targets over a four -year period based on Encana’s share price performance. As at December 31, 2017, all remaining Performance TSARs have expired and there are no remaining obligations associated with this grant. During the year, Encana recorded a reduction of compensation costs of $ 2 million related to the Performance TSARs (2016 -compensation costs of $ 2 million; 2015 - reduction of compensation costs of $ 1 million). C) STOCK APPRECIATION RIGHTS Since 2010, U.S. dollar denominated SARs have been granted to eligible U.S. based employees, which entitle the employee to receive a cash payment equal to the excess of the market price of Encana’s common shares at the time of exercise over the original grant price of the right. The following tables summarize information related to U.S. dollar denominated SARs held by employees: As at December 31 2017 2016 (thousands of units) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding, Beginning of Year 6,721 14.55 10,137 20.26 Granted 349 11.75 1,453 4.06 Exercised (147) 4.69 - - Forfeited (418) 17.94 (1,464) 18.65 Expired (162) 20.57 (3,405) 25.32 Outstanding, End of Year 6,343 14.25 6,721 14.55 Exercisable, End of Year 4,611 16.85 3,782 18.02 As at December 31, 2017 Outstanding SARs Exercisable SARs Range of Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Exercise Price (US$) 0.00 to 9.99 1,311 5.17 4.06 301 4.06 10.00 to 19.99 4,707 1.59 16.52 3,985 17.36 20.00 to 29.99 325 1.58 22.46 325 22.46 6,343 2.33 14.25 4,611 16.85 During the year, Encana recorded compensation costs of $ 6 million related to the SARs (2016 - compensation costs of $ 13 million; 2015 - reduction of compensation costs of $ 5 million). As at December 31, 2017, there was approximately $4 million of unrecognized compensation costs (2016 - $7 million) related to unvested SARs held by employees. The costs are expected to be recognized over a weighted average period of 1.5 years. D) PERFORMANCE SHARE UNITS Since 2010, PSUs have been granted to eligible employees, which entitle the employee to receive, upon vesting, a cash payment equal to the value of one common share of Encana for each PSU held, depending upon the terms of the PSU Plan. PSUs vest three years from the date granted, provided the employee remains actively employed with Encana on the vesting date. Based on the performance assessment, up to a maximum of two times the original PSU grant may be eligible to vest in respect of the year being measured. The respective proportion of the original PSU grant deemed eligible to vest for each year will be valued and the notional cash value deposited to a PSU account, with payout deferred to the final vesting date. The ultimate value of the PSUs will depend upon Encana’s performance relative to predetermined corresponding performance targets measured over a three -year period. For grants commencing in 2013, performance is measured over a three-year period relative to a specified peer group. The following table summarizes information related to the PSUs: Canadian Dollar Denominated U.S. Dollar Denominated (thousands of units) Outstanding PUSs Outstanding PUSs As at December 31 2017 2016 2017 2016 Unvested and Outstanding, Beginning of Year 5,218 2,603 2,907 1,025 Granted 1,234 3,559 704 2,245 Vested and Released (433) - (123) - Units, in Lieu of Dividends 33 38 18 21 Forfeited (50) (982) (131) (384) Unvested and Outstanding, End of Year 6,002 5,218 3,375 2,907 During the year, Encana recorded compensation costs of $ 48 million related to the outstanding PSUs (2016 - compensation costs of $ 29 million; 2015 - compensation costs of $ 1 million). As at December 31, 2017, there was approximately $53 million of total unrecognized compensation costs (2016 - $60 million) related to unvested PSUs held by employees. The costs are expected to be recognized over a weighted average period of 1.1 years. E) DEFERRED SHARE UNITS The Company has in place a program whereby Directors and certain key employees are issued DSUs, which vest immediately, are equivalent in value to a common share of the Company and are settled in cash. Under the DSU Plan, employees have the option to convert either 25 or 50 percent of their annual High Performance Results (“HPR”) award into DSUs. The number of DSUs converted is based on the value of the award divided by the closing value of Encana’s share price at the end of the performance period of the HPR award. For both Directors and employees, DSUs can only be redeemed following departure from Encana in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15 th of the year following the departure from Encana. The following table summarizes information related to the DSUs: Canadian Dollar Denominated (thousands of units) Outstanding DSUs As at December 31 2017 2016 Outstanding, Beginning of Year 920 753 Granted 134 139 Converted from HPR awards 16 43 Units, in Lieu of Dividends 5 6 Redeemed (180) (21) Outstanding, End of Year 895 920 During the year, Encana recorded compensation costs of $3 million related to the outstanding DSUs (2016 -compensation costs of $7 million; 201 5 - reduction of compensation costs of $5 million). F) RESTRICTED SHARE UNITS Since 2011, RSUs have been granted to eligible employees. An RSU is a conditional grant to receive the equivalent of an Encana common share upon vesting of the RSUs and in accordance with the terms of the RSU Plan and Grant Agreement. RSUs vest three years from the date granted, provided the employee remains actively employed with Encana on the vesting date. As at December 31, 2017, Encana intends to settle the RSUs in cash on the vesting date. The following table summarizes information related to the RSUs: Canadian Dollar Denominated U.S. Dollar Denominated (thousands of units) Outstanding RSUs Outstanding RSUs As at December 31 2017 2016 2017 2016 Unvested and Outstanding, Beginning of Year 10,998 8,114 10,418 5,909 Granted 2,411 7,209 2,434 7,826 Units, in Lieu of Dividends 60 82 59 80 Vested and Released (2,088) (2,840) (1,268) (1,446) Forfeited (352) (1,567) (1,109) (1,951) Unvested and Outstanding, End of Year 11,029 10,998 10,534 10,418 During the year, Encana recorded compensation costs of $98 million related to the outstanding RSUs (2016 - compensation costs of $84 million; 2015 - reduction of compensation costs of $7 million). As at December 31, 2017, there was approximately $99 million of total unrecognized compensation costs (2016 - $117 million) related to unvested RSUs held by employees. The costs are expected to be recognized over a weighted average period of 1.1 years. |
Pension and Other Post-Employme
Pension and Other Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure | 20. Pension and Other Post-Employment Benefits The Company sponsors defined benefit and defined contribution plans and provides pension and other post-employment benefits (“OPEB”) to its employees in Canada and the U.S. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. The average remaining service period of active employees participating in the defined benefit pension plan is seven years and the average remaining life expectancy of inactive employees is 15 years. The average remaining service period of the active employees participating in the OPEB plan is 13 years. The Company is required to file an actuarial valuation of its pension plans with the provincial regulator at least every three years, or more frequently if directed by the regulator. The most recent filing was dated December 31, 2016 and the next required filing is expected to be as at December 31, 2019. The following tables set forth changes in the benefit obligations and fair value of plan assets for the Company’s defined benefit pension and other post-employment benefit plans for the years ended December 31, 2017 and 2016, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2017 and 2016. Pension Benefits OPEB As at December 31 2017 2016 2017 2016 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 211 $ 212 $ 92 $ 96 Service Cost 1 2 8 10 Interest Cost 7 8 3 4 Actuarial (Gains) Losses 7 6 (8) (14) Exchange Differences 15 6 - 2 Employee Contributions - - 1 1 Benefits Paid (15) (23) (6) (7) Curtailment - - (5) - Projected Benefit Obligation, End of Year $ 226 $ 211 $ 85 $ 92 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 194 $ 208 $ - $ - Actual Return on Plan Assets 15 9 - - Exchange Differences 14 7 - - Employee Contributions - - 1 1 Employer Contributions 2 - 5 6 Benefits Paid (15) (23) (6) (7) Transfers to Defined Contribution Plan - (7) - - Fair Value of Plan Assets, End of Year $ 210 $ 194 $ - $ - Funded Status of Plan Assets, End of Year $ (16) $ (17) $ (85) $ (92) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 4 $ 1 $ - $ - Current Liabilities - - (7) (7) Non-Current Liabilities (20) (18) (78) (85) Total $ (16) $ (17) $ (85) $ (92) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 28 $ 28 $ (35) $ (28) Net Prior Service Costs (5) (5) (5) (7) Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 23 $ 23 $ (40) $ (35) The accumulated defined benefit obligation for all defined benefit plans was $ 310 million as at December 31, 2017 (2016 - $ 300 million). The following table sets forth the defined benefit plans with accumulated benefit obligation and projected benefit obligation in excess of the fair value of the plan assets: Pension Benefits OPEB As at December 31 2017 2016 2017 2016 Projected Benefit Obligation $ (77) $ (211) $ (85) $ (92) Accumulated Benefit Obligation (76) (208) (85) (92) Fair Value of Plan Assets 57 194 - - Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Pension Benefits OPEB As at December 31 2017 2016 2017 2016 Discount Rate 3.25% 3.50% 3.44% 3.80% Rates of Increase in Compensation Levels 3.49% 3.49% 5.04% 5.04% The following sets forth total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Net Defined Periodic Benefit Cost $ - $ (1) $ 1 $ 3 $ 13 $ 14 Defined Contribution Plan Expense 24 25 33 - - - Total Benefit Plans Expense $ 24 $ 24 $ 34 $ 3 $ 13 $ 14 Of the total benefit plans expense, $ 25 million (2016 - $ 28 million; 2015 - $ 39 million) was included in operating expense, $ 8 million (2016 - $ 9 million; 2015 - $ 9 million) was included in administrative expense and a gain of $6 million (2016 - nil ; 2015 - nil ) was included in other (gains) losses, net. The net defined periodic benefit cost is as follows: Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Service Cost $ 1 $ 2 $ 2 $ 8 $ 10 $ 10 Interest Cost 7 8 9 3 4 4 Expected Return on Plan Assets (9) (11) (12) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses 1 - 2 (1) (1) - Amortization of net prior service costs - - - (1) - - Curtailment - - - (1) - - Curtailment - - - (5) - - Total Net Defined Periodic Benefit Cost $ - $ (1) $ 1 $ 3 $ 13 $ 14 The amounts recognized in other comprehensive income are as follows: Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Net Actuarial (Gains) Losses $ 1 $ 8 $ (22) $ (8) $ (14) $ (24) Amortization of Net Actuarial Gains and (Losses) (1) - (2) 1 1 - Amortization of Net Prior Service Costs - - - 1 - - Curtailment - - - 1 - - Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ - $ 8 $ (24) $ (5) $ (13) $ (24) Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ - $ 6 $ (17) $ (3) $ (9) $ (16) The estimated net actuarial loss and net prior service costs for the pension and other post-retirement plans that will be amortized from accumulated other comprehensive income into the defined periodic benefit plan expense in 2018 is $ 2 million. Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Discount Rate 3.50% 3.75% 3.75% 3.76% 4.05% 3.66% Long-Term Rate of Return on Plan Assets 5.25% 6.25% 6.25% - - - Rates of Increase in Compensation Levels 3.49% 3.49% 3.99% 6.10% 6.43% 6.47% The Company’s assumed health care cost trend rates are as follows: For the years ended December 31 2017 2016 2015 Health Care Cost Trend Rate for Next Year 6.98% 7.30% 7.41% Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00% 5.00% 5.00% Year that the Rate Reaches the Ultimate Trend Rate 2025 2026 2026 A one percent change in the assumed health care cost trend rate over the projected period would have the following effects: 1% Increase 1% Decrease Effect on Total of Service and Interest Cost Components $ 1 $ (1) Effect on Other Post-Retirement Benefit Obligations $ 6 $ (5) The Company expects to contribute $2 million to its defined benefit pension plans in 2018. The Company’s OPEB plans are funded on an as required basis. The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Pension Payments Other Benefit Payments 2018 $ 15 $ 6 2019 15 7 2020 15 7 2021 14 7 2022 14 7 2023 - 2027 66 27 The Company’s registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2017 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 27 $ 1 $ - $ 28 Fixed Income - Canadian Bond Funds - 67 - 67 Equity - Domestic 13 41 - 54 Equity - International - 50 - 50 Real Estate and Other - - 11 11 Fair Value of Plan Assets, End of Year $ 40 $ 159 $ 11 $ 210 As at December 31 2016 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 27 $ 1 $ - $ 28 Fixed Income - Canadian Bond Funds - 61 - 61 Equity - Domestic 12 38 - 50 Equity - International - 45 - 45 Real Estate and Other - - 10 10 Fair Value of Plan Assets, End of Year $ 39 $ 145 $ 10 $ 194 Fixed Income investments consist of Canadian bonds issued by investment grade companies. Equity investments consist of both domestic and international securities. The fair values of these securities are based on dealer quotes, quoted market prices and net asset values. Real Estate and Other consists mainly of commercial properties and is valued based on a discounted cash flow model. A summary in changes in Level 3 fair value measurements is presented below: Real Estate and Other As at December 31 2017 2016 Balance, Beginning of Year $ 10 $ 10 Purchases, Sales and Settlements Purchases and sales - - Settlements - - Actual Return on Plan Assets Relating to assets sold during the reporting period - - Relating to assets still held at the reporting date 1 - Transfers In and Out of Level 3 - - Balance, End of Year $ 11 $ 10 Encana’s registered pension plan assets were invested by the Company in the following as at December 31, 2017: 27 percent Domestic Equity (2016 - 26 percent), 23 percent Foreign Equity (2016 - 23 percent), 43 percent Bonds (2016 - 44 percent), and 7 percent Real Estate and Other (2016 - 7 percent). The expected long-term rate of return is 4.25 percent. The expected rate of return on pension plan assets is based on historical and projected rates of return for each asset class in the plan investment portfolio. The actual return on plan assets was $15 million (2016 - $ 9 million). The asset allocation structure is subject to diversification requirements and constraints, which reduce risk by limiting exposure to individual equity investment, credit rating categories and foreign currency exposure. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 21. Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. Fair value information related to pension plan assets is included in Note 20. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 22. These items are carried at fair value in the Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. There have been no significant transfers between the hierarchy levels during the period. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues, transportation and processing expense, and foreign exchange gains and losses according to their purpose. As at December 31, 2017 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 189 $ - $ 189 $ (15) $ 174 Long-term assets - 248 - 248 (2) 246 Foreign Currency Derivatives: Current assets - 31 - 31 - 31 Risk Management Liabilities Commodity Derivatives: Current liabilities 3 196 51 250 (15) 235 Long-term liabilities - 15 - 15 (2) 13 Foreign Currency Derivatives: Current liabilities - 1 - 1 - 1 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 5 $ - $ 5 $ - $ 5 Long-term in other liabilities and provisions - 14 - 14 - 14 As at December 31, 2016 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives Current assets $ - $ 11 $ - $ 11 $ (11) $ - Long-term assets - 19 - 19 (3) 16 Risk Management Liabilities Commodity Derivatives: Current liabilities - 228 36 264 (11) 253 Long-term liabilities - 38 - 38 (3) 35 Foreign Currency Derivatives: Current liabilities - 1 - 1 - 1 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 5 $ - $ 5 $ - $ 5 Long-term in other liabilities and provisions - 14 - 14 - 14 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. The Company’s Level 1 and Level 2 risk management assets and liabilities consist of commodity fixed price contracts, NYMEX call options, foreign currency swaps and basis swaps with terms to 2023. Level 2 also includes financial guarantee contracts as discussed in Note 22. The fair values of these contracts are based on a market approach and are estimated using inputs which are either directly or indirectly observable at the reporting date, such as exchange and other published prices, broker quotes and observable trading activity. Level 3 Fair Value Measurements As at December 31, 2017, the Company’s Level 3 risk management assets and liabilities consist of WTI three-way options and WTI costless collars with terms to 2018. The WTI three-way options are a combination of a sold call, bought put and a sold put. The WTI costless collars are a combination of a sold call and a bought put. These contracts allow the Company to participate in the upside of commodity prices to the ceiling of the call option and provide the Company with complete (collars) or partial (three-way) downside price protection through the put options. The fair values of the WTI three-way options and WTI costless collars are based on the income approach and are modelled using observable and unobservable inputs such as implied volatility. The unobservable inputs are obtained from third parties whenever possible and reviewed by the Company for reasonableness. A summary of changes in Level 3 fair value measurements is presented below: Risk Management 2017 2016 Balance, Beginning of Year $ (36) $ 16 Total Gains (Losses) (21) (16) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 6 (26) Transfers Out of Level 3 (1) - (10) Balance, End of Year $ (51) $ (36) Change in Unrealized Gains (Losses) Related to Assets and Liabilities Held at End of Year $ (51) $ (27) (1) The Company’s policy is to recognize transfers out of Level 3 on the date of the event of change in circumstances that caused the transfer. Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below: As at December 31 Valuation Technique Unobservable Input 2017 2016 Risk Management - WTI Options Option Model Implied Volatility 17% - 76% 18% - 64% A 10 percent increase or decrease in implied volatility for the WTI options would cause a corresponding $2 million (2016 - $3 million) increase or decrease to net risk management assets and liabilities. |
Financial Instruments And Risk
Financial Instruments And Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments And Risk Management [Abstract] | |
Financial Instruments and Risk Management | 22. Financial Instruments and Risk Management A) FINANCIAL INSTRUMENTS Encana’s financial assets and liabilities are recognized in cash and cash equivalents, accounts receivable and accrued revenues, accounts payable and accrued liabilities, risk management assets and liabilities, other liabilities and provisions and long-term debt. B) RISK MANAGEMENT ACTIVITIES Encana uses derivative financial instruments to manage its exposure to cash flow variability from commodity prices and fluctuating foreign currency exchange rates. The Company does not apply hedge accounting to any of its derivative financial instruments. As a result, gains and losses from changes in the fair value are recognized in net earnings. COMMODITY PRICE RISK Commodity price risk arises from the effect that fluctuations in future commodity prices may have on future cash flows. To partially mitigate exposure to commodity price risk, the Company has entered into various derivative financial instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. The Company’s policy is to not use derivative financial instruments for speculative purposes. Crude Oil and NGLs - To partially mitigate crude oil and NGL commodity price risk, the Company uses WTI-based contracts such as fixed price contracts, options and costless collars. Encana has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts, options and costless collars. Encana has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. FOREIGN EXCHANGE RISK Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows of the Company’s financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at December 31, 2017, Encana has entered into $650 million notional U.S. dollar denominated currency swaps at an average exchange rate of US$0.7597 to C$1, which mature monthly throughout 2018 . RISK MANAGEMENT POSITIONS AS AT DECEMBER 31, 2017 Notional Volumes Term Average Price Fair Value Crude Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 71.2 Mbbls/d 2018 53.28 $ (152) WTI Three-Way Options Sold call / bought put / sold put 16.0 Mbbls/d 2018 54.49 / 47.17 / 36.88 (35) WTI Costless Collars Sold call / bought put 10.0 Mbbls/d 2018 57.08 / 45.00 (16) Basis Contracts (1) 2018 - 2020 (41) Crude Oil and NGLs Fair Value Position (244) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 673 MMcf/d 2018 3.07 59 NYMEX Call Options Sold call price 230 MMcf/d 2018 3.75 (3) Sold call price 230 MMcf/d 2019 3.75 (6) Basis Contracts (2) 2018 118 2019 107 2020 83 2021 - 2023 58 Natural Gas Fair Value Position 416 Other Derivative Contracts Fair Value Position (19) Foreign Currency Contracts Fair Value Position (3) 2018 30 Total Fair Value Position $ 183 (1) Encana has entered into swaps to protect against widening Midland, Magellan East Houston, Louisiana Light Sweet and Edmonton Condensate differentials to WTI. (2) Encana has entered into swaps to protect against widening AECO, Dawn, Malin and Waha basis to NYMEX. (3) Encana has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. EARNINGS IMPACT OF REALIZED AND UNREALIZED GAINS (LOSSES) ON RISK MANAGEMENT POSITIONS For the years ended December 31 2017 2016 2015 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 40 $ 361 $ 917 Transportation and processing (4) (8) (16) Foreign Currency Derivatives: Foreign exchange 15 - - $ 51 $ 353 $ 901 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 442 $ (636) $ (325) Transportation and processing - $ 22 (6) Foreign Currency Derivatives: Foreign exchange 32 (1) - $ 474 $ (615) $ (331) Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ 482 $ (275) $ 592 Transportation and processing (4) 14 (22) Foreign Currency Derivatives: Foreign exchange 47 (1) - $ 525 $ (262) $ 570 (1) Includes a realized gain of $7 million for the year ended December 31, 2017 (2016 - gain of $6 million; 2015 - gain of $1 million) related to other derivative contracts. (2) Includes an unrealized loss of $2 million for the year ended December 31, 2017 (2016 - gain of $5 million; 2015 - nil ) related to other derivative contracts. RECONCILIATION OF UNREALIZED RISK MANAGEMENT POSITIONS FROM JANUARY 1 TO DECEMBER 31 2017 2016 2015 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ (292) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Year 525 $ 525 $ (262) $ 570 Settlement of Other Derivative Contracts 7 Fair Value of Other Derivative Contracts Entered into During the Year (6) Fair Value of Contracts Realized During the Year (51) (51) (353) (901) Fair Value of Contracts, End of Year $ 183 $ 474 $ (615) $ (331) Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 21 for a discussion of fair value measurements. UNREALIZED RISK MANAGEMENT POSITIONS As at December 31 2017 2016 Risk Management Assets Current $ 205 $ - Long-term 246 16 451 16 Risk Management Liabilities Current 236 254 Long-term 13 35 249 289 Other Derivative Contracts Current in accounts payable and accrued liabilities 5 5 Long-term in other liabilities and provisions 14 14 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 183 $ (292) SUMMARY OF UNREALIZED RISK MANAGEMENT POSITIONS As at December 31 2017 2016 Risk Management Risk Management Asset Liability Net Asset Liability Net Commodity Price Positions Crude oil and NGLs $ - $ 244 $ (244) $ 2 $ 100 $ (98) Natural gas 420 4 416 14 188 (174) Other Positions Other derivative contracts - 19 (19) - 19 (19) Foreign currency contracts 31 1 30 - 1 (1) Total Fair Value Position $ 451 $ 268 $ 183 $ 16 $ 308 $ (292) C) CREDIT RISK Credit risk arises from the potential that the Company may incur a loss if a counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. While exchange-traded contracts are subject to nominal credit risk due to the financial safeguards established by the New York Stock Exchange and Toronto Stock Exchange, over-the-counter traded contracts expose Encana to counterparty credit risk. This credit risk exposure is mitigated through the use of credit policies approved by the Board of Directors governing the Company’s credit portfolio including credit practices that limit transactions according to counterparties’ credit quality. Mitigation strategies may include master netting arrangements, requesting collateral and/or transacting credit derivatives. The Company executes commodity derivative financial instruments under master agreements that have netting provisions that provide for offsetting payables against receivables. As a result of netting provisions, the Company’s maximum exposure to loss under derivative financial instruments due to credit risk is limited to the net amounts due from the counterparties under the derivative contracts, as disclosed in Note 21. As at December 31, 2017, the Company had no significant credit derivatives in place and held no collateral. As at December 31, 2017, cash equivalents include high-grade, short-term securities, placed primarily with financial institutions and companies with strong investment grade ratings. Any foreign currency agreements entered into are with major financial institutions that have investment grade credit ratings. A substantial portion of the Company’s accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks. As at December 31, 2017, approximately 92 percent (2016 - 90 percent) of Encana’s accounts receivable and financial derivative credit exposures were with investment grade counterparties. As at December 31, 2017, Encana had three counterparties whose net settlement position individually accounted for more than 10 percent of the fair value of the outstanding in-the-money net risk management contracts by counterparty. As at December 31, 2017, these counterparties accounted for 56 percent, 11 percent and 11 percent of the fair value of the outstanding in-the-money net risk management contracts. As at December 31, 2016, Encana had one counterparty whose net settlement position accounted for 84 percent of the fair value of the outstanding in-the-money net risk management contracts. During 2015 and 2017, Encana entered into agreements resulting from divestitures, which may require Encana to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require Encana to perform under the agreements include events where a purchaser fails to make payment to the guaranteed party and/or a purchaser is subject to an insolvency event. The agreements have remaining terms from four to seven years with a fair value recognized of $19 million as at December 31, 2017 (2016 - $19 million). The maximum potential amount of undiscounted future payments is $347 million as at December 31, 2017, and is considered unlikely. |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 23. Supplementary Information Supplemental disclosures to the Consolidated Statement of Cash Flows are presented below: A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2017 2016 2015 Operating Activities Accounts receivable and accrued revenues $ (21) $ 86 $ 314 Accounts payable and accrued liabilities (226) (233) (14) Income tax receivable and payable (6) (40) (38) $ (253) $ (187) $ 262 B) NON-CASH ACTIVITIES For the years ended December 31 2017 2016 2015 Non-Cash Investing Activities Asset retirement obligation incurred (See Note 14) $ 11 $ 18 $ 19 Asset retirement obligation change in estimated future cash outflows (See Note 14) 88 (99) 115 Property, plant and equipment accruals 19 5 (346) Capitalized long-term incentives (See Note 19) 55 40 (10) Property additions/dispositions 194 100 12 Non-Cash Financing Activities Common shares issued under dividend reinvestment plan (See Note 15) $ 1 $ 1 $ 73 C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2017 2016 2015 Interest Paid $ 370 $ 397 $ 602 Income Taxes Paid, net of Amounts (Recovered) $ (77) $ (19) $ (105) |
Commitments and Contigencies
Commitments and Contigencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 24. Commitments and Contingencies COMMITMENTS The following table outlines the Company’s commitments as at December 31, 2017: Expected Future Payments (undiscounted) 2018 2019 2020 2021 2022 Thereafter Total Transportation and Processing $ 604 $ 701 $ 670 $ 571 $ 529 $ 2,315 $ 5,390 Drilling and Field Services 198 39 21 8 - - 266 Operating Leases 18 16 16 15 15 46 126 Total $ 820 $ 756 $ 707 $ 594 $ 544 $ 2,361 $ 5,782 Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 17. Divestiture transactions can reduce certain commitments disclosed above. CONTINGENCIES Encana is involved in various legal claims and actions arising in the normal course of the Company’s operations. Although the outcome of these claims cannot be predicted with certainty, the Company does not expect these matters to have a material adverse effect on Encana’s financial position, cash flows or results of operations. Management’s assessment of these matters may change in the future as certain of these matters are in early stages or are subject to a number of uncertainties. For material matters that the Company believes an unfavourable outcome is reasonably possible, the Company discloses the nature and a range of potential exposures. If an unfavourable outcome were to occur, there exists the possibility of a material impact on the Company’s consolidated net earnings or loss for the period in which the effect becomes reasonably estimable. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. Such accruals are based on the Company’s information known about the matters, estimates of the outcomes of such matters and experience in handling similar matters. |
Supplementary Oil And Gas Infor
Supplementary Oil And Gas Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Oil And Gas Information [Abstract] | |
Supplementary Oil And Gas Information | 25. Supplementary Oil and Gas Information (unaudited) The unaudited supplementary information on oil and gas exploration and production activities for 2017, 2016 and 2015 has been presented in accordance with the FASB’s ASC Topic 932, “Extractive Activities - Oil and Gas” and the SEC’s final rule, “Modernization of Oil and Gas Reporting”. Disclosures by geographic area include Canada and the United States. Proved Oil and Gas Reserves The following reserves disclosures reflect estimates of proved reserves, proved developed reserves, and proved undeveloped reserves, net of third-party royalty interests of oil, NGLs and natural gas owned at each year end and changes in proved reserves during each of the last three years. The Company’s estimates of proved reserves are made using available geological and reservoir data as well as production performance data. These estimates are reviewed annually by internal reservoir engineers and revised, either upward or downward, as warranted by additional data. The results of infill drilling are treated as positive revisions due to increases to expected recovery. Other revisions are due to changes in, among other things, development plans, reservoir performance, commodity prices, economic conditions, and government restrictions. Estimates of proved reserves are inherently imprecise and are continually subject to revision based on production history, results of additional exploration and development, price changes and other factors. The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI ($/bbl) Edmonton Condensate (2) (C$/bbl) Henry Hub ($/MMBtu) AECO (C$/MMBtu) Reserves Pricing (1) 2017 51.34 67.65 2.98 2.32 2016 42.75 55.39 2.49 2.17 2015 50.28 61.94 2.58 2.69 (1) All prices were held constant in all future years when estimating net revenues and reserves. (2) Edmonton Condensate benchmark price has replaced the previously disclosed Edmonton Light Sweet benchmark price. PROVED RESERVES (1) (12-MONTH AVERAGE TRAILING PRICES) Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) Canada United States Total Canada United States Total Canada United States Total 2015 Beginning of year 10.9 194.1 205.0 66.6 90.2 156.7 3,229 2,265 5,494 1,277.4 Revisions and improved recovery (2) (0.9) (73.6) (74.6) (14.8) (41.1) (55.9) (801) (342) (1,144) (321.1) Extensions and discoveries - 68.4 68.4 19.8 24.9 44.7 313 159 472 191.7 Purchase of reserves in place - - - - - - - - - - Sale of reserves in place (1.6) (1.2) (2.8) (0.4) (3.6) (4.0) (434) (728) (1,163) (200.6) Production (2.0) (29.7) (31.8) (8.3) (8.6) (16.9) (354) (241) (596) (148.0) End of year 6.4 157.9 164.3 62.8 61.7 124.5 1,952 1,112 3,064 799.4 Developed 5.0 91.6 96.6 31.8 37.8 69.5 1,295 928 2,223 536.6 Undeveloped 1.3 66.3 67.7 31.0 24.0 55.0 657 184 841 262.8 Total 6.4 157.9 164.3 62.8 61.7 124.5 1,952 1,112 3,064 799.4 2016 Beginning of year 6.4 157.9 164.3 62.8 61.7 124.5 1,952 1,112 3,064 799.4 Revisions and improved recovery (2) (0.3) (15.6) (15.9) (6.4) (1.6) (8.0) (422) 177 (244) (64.7) Extensions and discoveries - 52.2 52.2 58.1 17.7 75.8 796 91 887 275.7 Purchase of reserves in place - 9.6 9.6 - 2.6 2.6 - 16 16 14.9 Sale of reserves in place (5.4) (22.2) (27.6) (11.3) (15.5) (26.8) (163) (150) (313) (106.5) Production (0.7) (26.2) (27.0) (9.2) (8.5) (17.7) (354) (153) (506) (129.1) End of year - 155.6 155.6 94.0 56.4 150.4 1,810 1,093 2,902 789.7 Developed - 82.5 82.5 25.6 31.8 57.4 903 951 1,853 448.8 Undeveloped - 73.1 73.1 68.4 24.6 93.0 907 142 1,049 341.0 Total - 155.6 155.6 94.0 56.4 150.4 1,810 1,093 2,902 789.7 2017 Beginning of year - 155.6 155.6 94.0 56.4 150.4 1,810 1,093 2,902 789.7 Revisions and improved recovery (2) 0.2 (16.0) (15.8) (14.6) (3.6) (18.1) (31) (27) (58) (43.6) Extensions and discoveries 0.2 84.9 85.1 46.4 26.5 72.9 727 144 871 303.1 Purchase of reserves in place - 0.8 0.8 - 0.4 0.4 - 2 2 1.5 Sale of reserves in place - (5.4) (5.4) (0.2) (3.6) (3.8) (65) (729) (795) (141.6) Production (0.2) (27.7) (27.8) (10.6) (8.7) (19.3) (306) (97) (403) (114.3) End of year 0.2 192.3 192.5 115.0 67.5 182.5 2,135 384 2,519 794.9 Developed 0.2 104.7 104.9 40.5 41.6 82.1 1,082 243 1,325 407.8 Undeveloped - 87.7 87.7 74.5 25.8 100.3 1,053 141 1,195 387.1 Total 0.2 192.3 192.5 115.0 67.5 182.5 2,135 384 2,519 794.9 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are nil and are included in revisions of previous estimates. Definitions: a. “Proved” oil and gas reserves are those quantities of oil and gas which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations. b. “Developed” oil and gas reserves are reserves of any category that are expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. c. “Undeveloped” oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Total Proved reserves increased 5.2 MMBOE in 2017 due to the following: · Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to negative revisions of 83.3 MMBOE resulting from changes in the approved development plan, which was partially offset by positive revisions of 32.6 MMBOE due to higher 12-month average trailing oil, NGL and natural gas prices. · Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 303.1 MMBOE due to the extension of proved acreage primarily from successful drilling in the Permian, Montney and Eagle Ford assets. · Sale of reserves in place decreased proved developed reserves by 141.6 MMBOE primarily due to the divestiture of the Piceance assets located in northwestern Colorado. Total Proved reserves decreased 9.7 MMBOE in 2016 due to the following: · Revisions and improved recovery of oil and NGLs included reductions of 6.5 MMbbls and 6.6 MMbbls, respectively, due to lower 12-month average trailing oil and NGL prices. Revisions and improved recovery of natural gas included a reduction of 462 Bcf due to a lower 12-month average trailing natural gas price. · Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 275.7 MMBOE due to the extension of proved acreage primarily from successful drilling in the Permian and Montney assets. · Sale of reserves in place decreased proved developed reserves by 65.4 MMBOE and proved undeveloped reserves by 41.2 MMBOE due to the divestitures of the DJ Basin assets located in northern Colorado and the Gordondale assets located in northwestern Alberta. Total Proved reserves decreased 478.0 MMBOE in 2015 due to the following: · Revisions and improved recovery of oil and NGLs included reductions of 59.9 MMbbls and 52.6 MMbbls, respectively, due to significantly lower 12-month average trailing oil and NGL prices. Revisions and improved recovery of natural gas included a reduction of 1,106 Bcf due to a significantly lower 12-month average trailing natural gas price. · Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 191.7 MMBOE due to the extension of proved acreage primarily from successful drilling in the Montney and Permian assets. · Sale of reserves in place decreased proved developed reserves by 137.4 MMBOE and proved undeveloped reserves by 63.2 MMBOE due to the divestitures of the Haynesville natural gas assets located in northern Louisiana and certain assets in Wheatland located in central and southern Alberta. STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES In calculating the standardized measure of discounted future net cash flows, constant price and cost assumptions were applied to Encana’s annual future production from proved reserves to determine cash inflows. Estimates of future net cash flows from proved reserves are computed based on the average beginning-of-the-month prices during the 12-month period for the year. Future production and development costs include estimates for abandonment and dismantlement costs associated with asset retirement obligations and assume the continuation of existing economic, operating and regulatory conditions. Future income taxes are calculated by applying statutory income tax rates to future pre-tax cash flows after provision for the tax cost of the oil and natural gas properties based upon existing laws and regulations. The effect of tax credits is also considered in determining the income tax expense. The discount was computed by application of a 10 percent discount factor to the future net cash flows. Encana cautions that the discounted future net cash flows relating to proved oil and gas reserves are an indication of neither the fair market value of Encana’s oil and gas properties, nor the future net cash flows expected to be generated from such properties. The discounted future net cash flows do not include the fair market value of exploratory properties and probable or possible oil and gas reserves, nor is consideration given to the effect of anticipated future changes in oil and natural gas prices, development, asset retirement and production costs, and possible changes to tax and royalty regulations. The prescribed discount rate of 10 percent may not appropriately reflect future interest rates. Canada (1) United States (1) 2017 2016 2015 2017 2016 2015 Future cash inflows $ 7,850 $ 5,341 $ 6,284 $ 11,459 $ 8,537 $ 9,462 Less future: Production costs 3,516 2,876 3,800 3,661 3,539 3,959 Development costs 2,058 1,949 1,742 3,042 2,805 3,130 Income taxes 76 - - - - - Future net cash flows 2,200 516 742 4,756 2,193 2,373 Less 10% annual discount for estimated timing of cash flows 618 77 107 2,025 957 960 Discounted future net cash flows $ 1,582 $ 439 $ 635 $ 2,731 $ 1,236 $ 1,413 Total (1) 2017 2016 2015 Future cash inflows $ 19,309 $ 13,878 $ 15,746 Less future: Production costs 7,177 6,415 7,759 Development costs 5,100 4,754 4,872 Income taxes 76 - - Future net cash flows 6,956 2,709 3,115 Less 10% annual discount for estimated timing of cash flows 2,643 1,034 1,067 Discounted future net cash flows $ 4,313 $ 1,675 $ 2,048 (1) The standardized measure of future net cash flows relating to proved oil and gas reserves was amended to include estimated abandonment and reclamation costs associated with proved undeveloped locations, which reduced the standardized measure by $13 million and $16 million in 2016 and 2015, respectively. CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES Canada (1) United States (1) 2017 2016 2015 2017 2016 2015 Balance, beginning of year $ 439 $ 635 $ 4,476 $ 1,236 $ 1,413 $ 7,074 Changes resulting from: Sales of oil and gas produced during the year (471) (316) (988) (1,291) (1,040) (1,276) Discoveries and extensions, net of related costs 582 211 109 1,141 267 504 Purchases of proved reserves in place - - - 13 47 - Sales and transfers of proved reserves in place (12) (71) (674) (413) (220) (1,604) Net change in prices and production costs 893 20 (3,075) 2,183 325 (3,239) Revisions to quantity estimates (22) (124) (1,355) (203) 39 (2,183) Accretion of discount 44 64 565 124 141 833 Development costs incurred during the period 454 286 460 1,366 873 1,874 Changes in estimated future development costs (279) (304) (13) (1,433) (456) (1,809) Other 7 38 (45) 8 (153) (16) Net change in income taxes (53) - 1,175 - - 1,255 Balance, end of year $ 1,582 $ 439 $ 635 $ 2,731 $ 1,236 $ 1,413 Total (1) 2017 2016 2015 Balance, beginning of year $ 1,675 $ 2,048 $ 11,550 Changes resulting from: Sales of oil and gas produced during the year (1,762) (1,356) (2,264) Discoveries and extensions, net of related costs 1,723 478 613 Purchases of proved reserves in place 13 47 - Sales and transfers of proved reserves in place (425) (291) (2,278) Net change in prices and production costs 3,076 345 (6,314) Revisions to quantity estimates (225) (85) (3,538) Accretion of discount 168 205 1,398 Development costs incurred during the period 1,820 1,159 2,334 Changes in estimated future development costs (1,712) (760) (1,822) Other 15 (115) (61) Net change in income taxes (53) - 2,430 Balance, end of year $ 4,313 $ 1,675 $ 2,048 (1) The standardized measure of future net cash flows relating to proved oil and gas reserves was amended to include estimated abandonment and reclamation costs associated with proved undeveloped locations, which reduced the standardized measure by $13 million, $16 million and $7 million in 2016, 2015 and 2014, respectively. RESULTS OF OPERATIONS The following table sets forth revenue and direct cost information relating to the Company’s oil and gas exploration and production activities. Canada United States 2017 2016 2015 2017 2016 2015 Oil, NGL and natural gas revenues, net of transportation and processing $ 613 $ 491 $ 1,168 $ 1,714 $ 1,510 $ 1,911 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligations 164 197 199 438 499 661 Depreciation, depletion and amortization 236 260 305 530 523 1,088 Impairments - 493 - - 903 6,473 Operating income (loss) 213 (459) 664 746 (415) (6,311) Income taxes 58 (123) 179 161 (150) (2,285) Results of operations $ 155 $ (336) $ 485 $ 585 $ (265) $ (4,026) Total 2017 2016 2015 Oil, NGL and natural gas revenues, net of transportation and processing $ 2,327 $ 2,001 $ 3,079 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligations 602 696 860 Depreciation, depletion and amortization 766 783 1,393 Impairments - 1,396 6,473 Operating income (loss) 959 (874) (5,647) Income taxes 219 (273) (2,106) Results of operations $ 740 $ (601) $ (3,541) CAPITALIZED COST S Capitalized costs include the cost of properties, equipment and facilities for oil and natural gas producing activities. Capitalized costs for proved properties include costs for oil and natural gas leaseholds where proved reserves have been identified, development wells and related equipment and facilities, including development wells in progress. Capitalized costs for unproved properties include costs for acquiring oil and gas leaseholds where no proved reserves have been identified. Canada United States 2017 2016 2015 2017 2016 2015 Proved oil and gas properties $ 14,555 $ 13,159 $ 14,866 $ 25,610 $ 26,393 $ 25,723 Unproved oil and gas properties 311 285 334 4,169 4,913 5,282 Total capital cost 14,866 13,444 15,200 29,779 31,306 31,005 Accumulated DD&A 14,047 12,896 14,170 23,240 25,300 23,822 Net capitalized costs $ 819 $ 548 $ 1,030 $ 6,539 $ 6,006 $ 7,183 Other Total 2017 2016 2015 2017 2016 2015 Proved oil and gas properties $ 63 $ 58 $ 58 $ 40,228 $ 39,610 $ 40,647 Unproved oil and gas properties - - - 4,480 5,198 5,616 Total capital cost 63 58 58 44,708 44,808 46,263 Accumulated DD&A 63 58 58 37,350 38,254 38,050 Net capitalized costs $ - $ - $ - $ 7,358 $ 6,554 $ 8,213 COSTS INCURRED Costs incurred includes both capitalized costs and costs charged to expense when incurred. Costs incurred also includes internal costs directly related to acquisition, exploration, and development activities, new asset retirement costs established in the current year as well as increases or decreases to the asset retirement obligations resulting from changes to cost estimates during the year. Canada United States 2017 2016 2015 2017 2016 2015 Acquisition costs Unproved $ 31 $ - $ 2 $ 21 $ 4 $ 15 Proved - 1 7 2 205 12 Total acquisition costs 31 1 9 23 209 27 Exploration costs 1 1 3 4 13 3 Development costs 425 255 377 1,354 860 1,844 Total costs incurred $ 457 $ 257 $ 389 $ 1,381 $ 1,082 $ 1,874 Total 2017 2016 2015 Acquisition costs Unproved $ 52 $ 4 $ 17 Proved 2 206 19 Total acquisition costs 54 210 36 Exploration costs 5 14 6 Development costs 1,779 1,115 2,221 Total costs incurred $ 1,838 $ 1,339 $ 2,263 COSTS NOT SUBJECT TO DEPLETION OR AMORTIZATION Upstream costs in respect of significant unproved properties are excluded from the country cost centre’s depletable base as follows: As at December 31 2017 2016 Canada $ 311 $ 285 United States 4,169 4,913 $ 4,480 $ 5,198 The following is a summary of the costs related to Encana’s unproved properties as at December 31, 2017: 2017 2016 2015 Prior to 2015 Total Acquisition Costs $ 245 $ 104 $ 29 $ 3,965 $ 4,343 Exploration Costs 2 5 8 122 137 $ 247 $ 109 $ 37 $ 4,087 $ 4,480 Acquisition costs primarily include costs incurred to acquire or lease properties. Exploration costs primarily include costs related to geological and geophysical studies and costs of drilling and equipping exploratory wells. Ultimate recoverability of these costs and the timing of inclusion within the applicable country cost centre’s depletable base is dependent upon either the finding of proved oil, NGL and natural gas reserves, expiration of leases or recognition of impairments. Included in the $4.5 billion of oil and gas properties not subject to depletion or amortization are approximately $4.0 billion of acquired leasehold and mineral costs in the Permian related to the Company’s acquisition of Athlon Energy Inc. in 2014. These acquisition costs are associated with acquired acreage for which proved reserves have yet to be assigned from future development. The Company continually assesses the development timeline of the acquired acreage. The timing and amount of the transfer of property acquisition costs into the depletable base are based on several factors and may be subject to changes over time from drilling plans, drilling results, availability of capital, project economics and other assessments of the property. The inclusion of these acquisition costs in the depletable base is expected to occur within 8 to 12 years. The remaining costs excluded from depletion are related to properties which are not individually significant. |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Supplemental Quarterly Financial Information | 26. Supplemental Quarterly Financial Information (unaudited) The following summarizes quarterly financial data for the fiscal years of 2017 and 2016: 2017 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 (1) Revenues $ 1,210 $ 861 $ 1,083 $ 1,289 Impairments - - - - Operating Income (Loss) 262 (4) 321 489 Gains (Loss) on Divestitures, net (1) 406 - (1) Net Earnings (Loss) Before Income Tax $ 147 $ 522 $ 327 $ 434 Income Tax Expense (Recovery) 376 228 (4) 3 Net Earnings (Loss) $ (229) $ 294 $ 331 $ 431 Net Earnings (Loss) per Common Share - Basic & Diluted $ (0.24) $ 0.30 $ 0.34 $ 0.44 (1) Corporate interest income of $8 million previously reported in revenues and operating income (loss) in Q1 2017 has been reclassified to other (gains) losses, net. 2016 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 Revenues $ 822 $ 979 $ 364 $ 753 Impairments - - 484 912 Operating Income (Loss) (54) 128 (912) (1,043) Gains (Loss) on Divestitures, net (3) 395 (2) - Net Earnings (Loss) Before Income Tax $ (251) $ 379 $ (1,068) $ (680) Income Tax Expense (Recovery) 30 62 (467) (301) Net Earnings (Loss) $ (281) $ 317 $ (601) $ (379) Net Earnings (Loss) per Common Share - Basic & Diluted $ (0.29) $ 0.37 $ (0.71) $ (0.45) |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of Presentation | B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of Encana and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. Encana’s financial results are consolidated in Canadian dollars; however, the Company has adopted the U.S. dollar as its reporting currency to facilitate a more direct comparison to other North American oil and gas companies. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. |
Principles Of Consolidation | C) PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements include the accounts of Encana and entities in which it holds a controlling interest. All intercompany balances and transactions are eliminated on consolidation. Undivided interests in oil and natural gas exploration and production joint ventures and partnerships are consolidated on a proportionate basis. Investments in non-controlled entities over which Encana has the ability to exercise significant influence are accounted for using the equity method. |
Foreign Currency Translation | D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to the foreign operations are included in accumulated other comprehensive income (“AOCI”). Recognition of Encana’s accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Company’s investment in the foreign operation. For financial statement presentation, assets and liabilities are translated into the reporting currency at period end exchange rates, while revenues and expenses are translated using average rates over the period. Gains and losses relating to the financial statement translation are included in AOCI. |
Use Of Estimates | E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: · Estimates of proved reserves used for depletion and ceiling test impairment calculations · Estimated fair value of long-term assets used for impairment calculations · Fair value of reporting units used for the assessment of goodwill · Estimates of future taxable earnings used to assess the realizable value of deferred tax assets · Fair value of asset retirement costs and related obligations · Fair value of derivative instruments · Fair value attributed to assets acquired and liabilities assumed in business combinations · Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate · Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount · Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions Accruals for legal claims, environmental risks and exposures |
Revenue Recognition | F) REVENUE RECOGNITION Revenues associated with Encana’s oil, NGLs and natural gas are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, title has transferred and collectability of the revenue is probable. Revenues are presented on an after-royalties basis. Realized gains and losses from the Company’s financial derivatives related to oil and natural gas commodity prices are recognized in revenues when the contract is settled. Unrealized gains and losses related to these contracts are recognized in revenues based on the changes in fair value of the contracts at the end of the respective periods. Market optimization revenues and purchased product expenses are recorded on a gross basis when Encana takes title to the product and has the risks and rewards of ownership. Purchases and sales of products that are entered into in contemplation of each other with the same counterparty are recorded on a net basis. Revenues associated with the services provided where Encana acts as agent are recorded as the services are provided. Other revenues primarily include sublease rentals. Sublease rentals are recognized straight-line over the lease term. |
Production, Mineral and Other Taxes | G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by Encana for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by Encana for taxes on the valuation of upstream assets and reserves are recognized when incurred. |
Transportation and Processing | H) TRANSPORTATION AND PROCESSING Costs paid by Encana for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided. |
Operating | I) OPERATING Operating costs paid by Encana, net of amounts capitalized, for oil and natural gas properties in which the Company has a working interest. |
Employee Benefit Plans | J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in Canada and the U.S. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. Encana accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Management’s best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Pension expense for the defined benefit pension plan includes the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. Actuarial gains and losses related to the change in the over-funded or under-funded status of the defined benefit pension plan and other post-employment benefit plans are recognized in other comprehensive income. |
Income Taxes | K) INCOME TAXES Encana follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholders’ equity, in which case the income taxes are recognized directly in shareholders’ equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. Encana considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. Encana recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense. |
Earnings Per Share Amounts | L) EARNINGS PER SHARE AMOUNTS Basic net earnings per common share is computed by dividing the net earnings by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share amounts are calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue common shares were exercised, fully vested, or converted to common shares. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase common shares at the average market price. |
Cash and Cash Equivalents | M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities. |
Property, Plant and Equipment | N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM Encana uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost centre basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost centre are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of Encana’s oil and natural gas properties within each country cost centre is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of a country cost centre exceeds the country cost centre ceiling. The carrying amount of a cost centre includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The cost centre ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12 -month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost centre, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Company’s proved reserves quantities in a particular country are sold. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years. Costs associated with The Bow office building are carried at cost and depreciated on a straight-line basis over the 60 -year estimated life of the building. Assets under construction are not subject to depreciation until put into use. Land is carried at cost. |
Capitalization Of Costs | O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with major development projects is capitalized during the construction phase. |
Business Combinations | P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value o f net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred. |
Goodwill | Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are Encana’s country cost centres. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of the reporting unit. If the carrying amount of the reporting unit, including goodwill, is higher than its related fair value then goodwill is written down to the reporting unit’s implied fair value of goodwill. The implied fair value of goodwill is determined by deducting the fair value of the reporting unit’s assets and liabilities from the fair value of the reporting unit as if the reporting entity had been acquired in a business combination. Any excess of the carrying value of goodwill over the implied fair value of goodwill is recognized as an impairment and charged to net earnings. Subsequent measurement of goodwill is at cost less any accumulated impairments. |
Impairment Of Long-Term Assets | R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value. |
Asset Retirement Obligation | S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, an offshore production platform, processing plants , and restoring land or seabed at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset on the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Company’s credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation. |
Stock-Based Compensation | T) STOCK-BASED COMPENSATION Obligations for payments of cash or common shares under Encana’s stock-based compensation plans are accrued over the vesting period, net of forfeitures, using fair values. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholders’ equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. |
Leases | U) LEASES Leases entered into for the use of an asset are classified as either capital or operating leases. Capital leases transfer to the Company substantially all of the risks and benefits incidental to ownership of the leased item. Capital leases are capitalized upon commencement of the lease term at the lower of the fair value of the leased asset or the present value of the minimum lease payments. Capitalized leased assets are amortized over the estimated useful life of the asset if the lease arrangement contains a bargain purchase option or ownership of the leased asset transfers at the end of the lease term. Otherwise, the leased assets are amortized over the lease term. Amortization of capitalized leased assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. All other leases are classified as operating leases and the payments are recognized on a straight-line basis over the lease term. |
Fair Value Measurements | V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future amounts to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: · Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. · Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accounts payable reported on the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 12. Fair value information related to pension plan assets is included in Note 20. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 21. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions. |
Risk Management Assets And Liabilities | W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by Encana to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. The Company’s policy is not to utilize derivative financial instruments for speculative purposes. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil and natural gas commodity prices are recognized in revenues as the contracts are settled. Realized gains or losses from financial derivatives related to power commodity prices are recognized in transportation and processing expense as the related power contracts are settled. Realized gains or losses from foreign currency exchange swaps are recognized in foreign exchange (gain) loss as the contracts are settled. Realized gains or losses from other derivative contracts related to certain payment obligations are recognized in revenues as the obligations are settled. Unrealized gains and losses are recognized in revenues, transportation and processing expense and foreign exchange (gain) loss accordingly, at the end of each respective reporting period based on the changes in fair value of the contracts. |
Commitments And Contingencies | X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. |
Recent Accounting Pronouncements | Y) RECENT ACCOUNTING PRONOUNCEMENTS NEW STANDARDS ISSUED NOT YET ADOPTED As of January 1, 2018, Encana will be required to adopt ASU 2014-09, “Revenue from Contracts with Customers” under Topic 606 and the related subsequent updates and clarifications issued, which will replace Topic 605, “Revenue Recognition”, and other industry-specific guidance in the Accounting Standards Codification. The new standard is based on the principle that revenue is recognized on the transfer of promised goods or services to customers in an amount that reflects the consideration the company expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, “Deferral of Effective Date for Revenue from Contracts with Customers”, which deferred the effective date of ASU 2014-09. The standard can be applied using either the full retrospective approach or a modified retrospective approach at the date of adoption. Encana has substantially completed evaluating the impact of ASU 2014-09 and currently expects that the standard will not have a material impact on the Company’s Consolidated Financial Statements other than enhanced disclosures related to the disaggregation of revenues from contracts with customers, the Company’s performance obligations and any significant judgments. Encana intends to adopt the new standard using the modified retrospective approach at the date of adoption. As of January 1, 2018, Encana will be required to adopt ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”. The amendment requires the service cost component to be presented with the related employee compensation costs, while the other components of net benefit costs are required to be presented separately from the service cost component and outside the subtotal of income from operations. In addition, the amendment allows only the service cost to be eligible for capitalization. The amendment will be applied retrospectively and provides certain practical expedients for the presentation of net periodic pension costs and net periodic postretirement benefit cost, while the capitalization of the service cost component will be applied prospectively, at the date of adoption. Encana does not expect the amendment to have a material impact on the Company’s Consolidated Financial Statements. As of January 1, 2019, Encana will be required to adopt ASU 2016-02, “Leases” under Topic 842, which will replace Topic 840 “Leases”. The new standard will require lessees to recognize right-of-use assets and related lease liabilities for all leases, including leases classified as operating leases, on the Consolidated Balance Sheet. The dual classification model was retained for the purpose of subsequent measurement and presentation of leases in the Consolidated Statement of Earnings and Consolidated Statement of Cash Flows. The new standard also expands disclosures related to the amount, timing and uncertainty of cash flows arising from leases. The standard will be applied using a modified retrospective approach, in addition Encana plans to elect certain practical expedients which will allow the Company to retain the classification of leases assessed under Topic 840 that commenced prior to adoption. Throughout 2017, Encana has been reviewing and analyzing contracts, identifying its portfolio of leased assets, and more recently has begun gathering the necessary terms and data elements that will be used to determine the impact of this standard upon adoption. The Company has also been actively identifying and evaluating the system requirements as well as processes and controls required to support the accounting for leases and related disclosures. In addition, Encana has been monitoring FASB’s proposed amendments and tentative decisions for applicability and impact to the Company. Although Encana is not able to reasonably estimate the financial impact of ASU 2016-02 at this time, the Company anticipates there will be a material impact on the Company’s Consolidated Financial Statements resulting from the recognition of assets and liabilities related to operating lease activities. As of January 1, 2020, Encana will be required to adopt ASU 2017-04, “Simplifying the Test for Goodwill Impairment”. The amendment eliminates the second step of the goodwill impairment test which requires the Company to measure the impairment based on the excess amount of the carrying value of the reporting unit’s goodwill over the implied fair value of its goodwill. Under this amendment, the goodwill impairment will be measured based on the excess amount of the reporting unit’s carrying value over its respective fair value. The amendment will be applied prospectively at the date of adoption. Encana is currently in the early stages of reviewing the amendment, but does not expect the amendment to have a material impact on the Company’s Consolidated Financial Statements. |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment And Geographic Information | Canadian Operations USA Operations Market Optimization For the years ended December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Revenues Product revenues $ 1,150 $ 952 $ 1,309 $ 1,849 $ 1,491 $ 2,041 $ - $ - $ - Gains (losses) on risk management, net 22 107 495 18 255 425 - (1) (3) Market optimization - - - - - - 863 647 368 Other 19 8 18 11 24 25 - - - Total Revenues 1,191 1,067 1,822 1,878 1,770 2,491 863 646 365 Operating Expenses Production, mineral and other taxes 20 23 28 92 76 116 - - - Transportation and processing 578 576 654 164 260 580 103 87 12 Operating 122 152 152 331 394 519 35 35 33 Purchased product - - - - - - 788 586 323 Depreciation, depletion and amortization 236 260 305 530 523 1,088 1 - - Impairments - 493 - - 903 6,473 - - - Total Operating Expenses 956 1,504 1,139 1,117 2,156 8,776 927 708 368 Operating Income (Loss) $ 235 $ (437) $ 683 $ 761 $ (386) $ (6,285) $ (64) $ (62) $ (3) Corporate & Other Consolidated 2017 2016 2015 2017 2016 2015 Revenues Product revenues $ - $ - $ - $ 2,999 $ 2,443 $ 3,350 Gains (losses) on risk management, net 442 (636) (325) 482 (275) 592 Market optimization - - - 863 647 368 Other 69 71 69 99 103 112 Total Revenues 511 (565) (256) 4,443 2,918 4,422 Operating Expenses Production, mineral and other taxes - - - 112 99 144 Transportation and processing - (22) 6 845 901 1,252 Operating 18 17 19 506 598 723 Purchased product - - - 788 586 323 Depreciation, depletion and amortization 66 76 95 833 859 1,488 Impairments - - - - 1,396 6,473 Accretion of asset retirement obligation 37 51 45 37 51 45 Administrative 254 309 275 254 309 275 Total Operating Expenses 375 431 440 3,375 4,799 10,723 Operating Income (Loss) $ 136 $ (996) $ (696) 1,068 (1,881) (6,301) Other (Income) Expenses Interest 363 397 614 Foreign exchange (gain) loss, net (279) (210) 1,082 (Gain) loss on divestitures (404) (390) (14) Other (gains) losses, net (42) (58) 27 Total Other (Income) Expenses (362) (261) 1,709 Net Earnings (Loss) Before Income Tax 1,430 (1,620) (8,010) Income tax expense (recovery) 603 (676) (2,845) Net Earnings (Loss) $ 827 $ (944) $ (5,165) |
Capital Expenditures | For the years ended December 31 2017 2016 2015 Canadian Operations $ 426 $ 256 $ 380 USA Operations 1,358 873 1,847 Market Optimization 1 1 1 Corporate & Other 11 2 4 $ 1,796 $ 1,132 $ 2,232 |
Goodwill, Property, Plant And Equipment And Total Assets By Segment | Goodwill Property, Plant and Equipment Total Assets As at December 31 2017 2016 2017 2016 2017 2016 Canadian Operations $ 696 $ 650 $ 862 $ 602 $ 1,908 $ 1,542 USA Operations 1,913 2,129 6,555 6,050 9,301 9,535 Market Optimization - - 2 2 152 105 Corporate & Other - - 1,535 1,485 3,906 3,471 $ 2,609 $ 2,779 $ 8,954 $ 8,139 $ 15,267 $ 14,653 |
Goodwill, Property, Plant And Equipment And Total Assets By Geographical Region | Goodwill Property, Plant and Equipment Total Assets As at December 31 2017 2016 2017 2016 2017 2016 Canada $ 696 $ 650 $ 2,319 $ 2,000 $ 5,412 $ 4,732 United States 1,913 2,129 6,635 6,139 9,811 9,902 Other Countries - - - - 44 19 $ 2,609 $ 2,779 $ 8,954 $ 8,139 $ 15,267 $ 14,653 |
Intersegment Eliminations [Member] | |
Segment And Geographic Information | Market Optimization Marketing Sales Upstream Eliminations Total For the years ended December 31 2017 2016 2015 2017 2016 2015 2017 2016 2015 Revenues $ 3,939 $ 3,304 $ 4,309 $ (3,076) $ (2,658) $ (3,944) $ 863 $ 646 $ 365 Operating Expenses Transportation and processing 291 279 348 (188) (192) (336) 103 87 12 Operating 35 35 33 - - - 35 35 33 Purchased product 3,676 3,052 3,931 (2,888) (2,466) (3,608) 788 586 323 Depreciation, depletion and amortization 1 - - - - - 1 - - Operating Income (Loss) $ (64) $ (62) $ (3) $ - $ - $ - $ (64) $ (62) $ (3) |
Acquisitions And Divestitures (
Acquisitions And Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions And Divestitures [Abstract] | |
Schedule of Net Acquisitions & (Divestitures) | For the years ended December 31 2017 2016 2015 Acquisitions Canadian Operations $ 31 $ 1 $ 9 USA Operations 23 209 27 Corporate & Other - - 34 Total Acquisitions 54 210 70 Divestitures Canadian Operations (41) (456) (959) USA Operations (695) (806) (896) Corporate & Other - - (53) Total Divestitures (736) (1,262) (1,908) Net Acquisitions & (Divestitures) $ (682) $ (1,052) $ (1,838) |
Interest (Tables)
Interest (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest [Abstract] | |
Schedule Of Interest Expense | For the years ended December 31 2017 2016 2015 Interest Expense on: Debt $ 267 $ 296 $ 497 The Bow office building 63 62 65 Capital leases 20 24 28 Other 13 15 24 $ 363 $ 397 $ 614 |
Foreign Exchange (Gain) Loss,38
Foreign Exchange (Gain) Loss, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | For the years ended December 31 2017 2016 2015 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ (243) $ (130) $ 754 Translation of U.S. dollar risk management contracts issued from Canada (44) 4 (67) Translation of intercompany notes (4) (14) - (291) (140) 687 Foreign Exchange on Settlements of: U.S. dollar financing debt issued from Canada 14 (73) 269 U.S. dollar risk management contracts issued from Canada (15) - - Intercompany notes 10 5 89 Other Monetary Revaluations 3 (2) 37 $ (279) $ (210) $ 1,082 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Provision For Income Taxes | For the years ended December 31 2017 2016 2015 Current Tax Canada $ (59) $ (82) $ (25) United States (9) - (17) Other Countries 5 4 8 Total Current Tax Expense (Recovery) (63) (78) (34) Deferred Tax Canada 55 (163) (316) United States 611 (435) (2,495) Other Countries - - - Total Deferred Tax Expense (Recovery) 666 (598) (2,811) Income Tax Expense (Recovery) $ 603 $ (676) $ (2,845) |
Income Taxes Reconciliation | For the years ended December 31 2017 2016 2015 Net Earnings (Loss) Before Income Tax Canada $ 512 $ (627) $ (2,014) United States 476 (1,522) (6,963) Other Countries 442 529 967 Total Net Earnings (Loss) Before Income Tax 1,430 (1,620) (8,010) Canadian Statutory Rate 27.0% 27.0% 26.4% Expected Income Tax 386 (437) (2,115) Effect on Taxes Resulting From: Income tax related to foreign operations (73) (266) (776) Effect of legislative changes 299 - (11) Non-taxable capital (gains) losses (39) (29) 132 Tax differences on divestitures and transactions 77 9 (8) Partnership tax allocations in excess of funding (54) (17) (21) Amounts in respect of prior periods (49) (11) (8) Change in valuation allowance 54 121 - Other 2 (46) (38) $ 603 $ (676) $ (2,845) Effective Tax Rate 42.2% 41.7% 35.5% |
Deferred Income Tax Asset | The net deferred income tax asset (liability) consists of: As at December 31 2017 2016 Deferred Income Tax Assets Property, plant and equipment $ 281 $ 256 Risk management 34 81 Compensation plans 99 100 Interest and other deferred deductions 28 48 Unrealized foreign exchange losses - 20 Non-capital and net capital losses carried forward 1,014 1,149 Foreign tax credits 198 198 Other 53 82 Less: valuation allowance (187) (133) Deferred Income Tax Liabilities Property, plant and equipment (386) (155) Risk management (97) - Unrealized foreign exchange gains (18) - Other (10) (19) Net Deferred Income Tax Asset (Liability) $ 1,009 $ 1,627 |
Deferred Income Tax Assets by Jurisdiction | As at December 31 2017 2016 Deferred Income Tax Assets Canada $ 555 $ 568 United States 488 1,090 1,043 1,658 Deferred Income Tax Liabilities Canada (34) (31) United States - - (34) (31) Net Deferred Income Tax Asset (Liability) $ 1,009 $ 1,627 |
Tax Pools Available | As at December 31 2017 Expiration Date Canada Tax pools $ 1,520 Indefinite Net capital losses 15 Indefinite Non-capital losses 982 2027 - 2037 Charitable donations 1 2022 United States Tax basis $ 4,703 Indefinite Non-capital losses (Federal) 3,407 2031 - 2037 Charitable donations 13 2019 - 2023 Foreign tax credits 198 2021 - 2025 |
Unrecognized Tax Benefits Excluding Interest | For the years ended December 31 2017 2016 Balance, Beginning of Year $ (286) $ (317) Additions for tax positions taken in the current year - - Additions for tax positions of prior years (1) (1) Reductions for tax positions of prior years 1 - Lapse of statute of limitations - 42 Settlements - - Foreign currency translation (20) (10) Balance, End of Year $ (306) $ (286) |
Unrecognized Tax Benefit Reflected In Balance Sheet | For the years ended December 31 2017 2016 Income tax receivable $ (45) $ (21) Other liabilities and provisions (See Note 13) (202) (193) Deferred income tax asset (59) (72) Balance, End of Year $ (306) $ (286) |
Tax Years Subject to Examination, by Jurisdiction | Jurisdiction Taxation Year Canada - Federal 2009 - 2017 Canada - Provincial 2009 - 2017 United States - Federal 2014 - 2017 United States - State 2013 - 2017 Other 2016 - 2017 |
Accounts Receivable And Accru40
Accounts Receivable And Accrued Revenues (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable And Accrued Revenues [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As at December 31 2017 2016 Trade Receivables and Accrued Revenues Oil, NGLs and natural gas $ 425 $ 394 Midstream and marketing 284 161 Derivative financial instruments 3 4 Corporate and other 9 81 Total Trade Receivables and Accrued Revenues 721 640 Prepaids 21 18 Deposits and Other 37 11 779 669 Allowance for Doubtful Accounts (5) (6) $ 774 $ 663 |
Property, Plant And Equipment41
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant And Equipment, Net [Abstract] | |
Schedule Of Property, Plant And Equipment | As at December 31 2017 2016 Cost Accumulated DD&A Net Cost Accumulated DD&A Net Canadian Operations Proved properties $ 14,555 $ (14,047) $ 508 $ 13,159 $ (12,896) $ 263 Unproved properties 311 - 311 285 - 285 Other 43 - 43 54 - 54 14,909 (14,047) 862 13,498 (12,896) 602 USA Operations Proved properties 25,610 (23,240) 2,370 26,393 (25,300) 1,093 Unproved properties 4,169 - 4,169 4,913 - 4,913 Other 16 - 16 44 - 44 29,795 (23,240) 6,555 31,350 (25,300) 6,050 Market Optimization 7 (5) 2 6 (4) 2 Corporate & Other 2,299 (764) 1,535 2,148 (663) 1,485 $ 47,010 $ (38,056) $ 8,954 $ 47,002 $ (38,863) $ 8,139 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets | As at December 31 2017 2016 Long-Term Investments $ 26 $ 26 Long-Term Receivables 72 71 Deferred Charges 7 9 Other (1) 39 32 $ 144 $ 138 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Schedule of Goodwill | As at December 31 2017 2016 Canada Balance, Beginning of Year $ 650 $ 661 Divested During the Year (See Note 3) - (32) Foreign Currency Translation Adjustment 46 21 Balance, End of Year 696 650 United States Balance, Beginning of Year 2,129 2,129 Divested During the Year (See Note 3) (216) - Balance, End of Year 1,913 2,129 Total Goodwill $ 2,609 $ 2,779 |
Accounts Payable And Accrued 44
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As at December 31 2017 2016 Trade Payables $ 258 $ 240 Capital Accruals 319 280 Royalty and Production Accruals 278 300 Other Accruals 216 234 Interest Payable 69 69 Current Portion of Long-Term Incentive Costs (See Note 19) 152 88 Current Portion of Capital Lease Obligations (See Note 13) 79 59 Current Portion of Asset Retirement Obligation (See Note 14) 44 33 $ 1,415 $ 1,303 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt | As at December 31 Note 2017 2016 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ - $ - U.S. Unsecured Notes: B 6.50% due May 15, 2019 500 500 3.90% due November 15, 2021 600 600 8.125% due September 15, 2030 300 300 7.20% due November 1, 2031 350 350 7.375% due November 1, 2031 500 500 6.50% due August 15, 2034 750 750 6.625% due August 15, 2037 (1) 462 462 6.50% due February 1, 2038 (1) 505 505 5.15% due November 15, 2041 (1) 244 244 Total Principal F 4,211 4,211 Increase in Value of Debt Acquired C 26 26 Unamortized Debt Discounts and Issuance Costs D (40) (39) Current Portion of Long-Term Debt E - - $ 4,197 $ 4,198 |
Mandatory Debt Payments | Principal Interest As at December 31 Amount Amount 2018 $ - $ 267 2019 500 251 2020 - 234 2021 600 235 2022 - 211 Thereafter 3,111 2,546 Total $ 4,211 $ 3,744 |
Other Liabilities And Provisi46
Other Liabilities And Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities And Provisions [Abstract] | |
Other Liabilities and Provisions | As at December 31 2017 2016 The Bow Office Building $ 1,344 $ 1,266 Capital Lease Obligations 295 304 Unrecognized Tax Benefits (See Note 6) 202 193 Pensions and Other Post-Employment Benefits 116 124 Long-Term Incentive Costs (See Note 19) 175 120 Other Derivative Contracts (See Notes 21, 22) 14 14 Other 21 26 $ 2,167 $ 2,047 |
Schedule Of Expected Future Payments And Sublease Recoveries | 2018 2019 2020 2021 2022 Thereafter Total Expected Future Lease Payments $ 76 $ 77 $ 77 $ 78 $ 78 $ 1,295 $ 1,681 Less: Amounts Representing Interest 65 65 63 63 62 802 1,120 Present Value of Expected Future Lease Payments $ 11 $ 12 $ 14 $ 15 $ 16 $ 493 $ 561 Sublease Recoveries (undiscounted) $ (37) $ (38) $ (38) $ (38) $ (39) $ (636) $ (826) |
Schedule of Future Minimum Lease Payments for Capital Leases | 2018 2019 2020 2021 2022 Thereafter Total Expected Future Lease Payments $ 99 $ 99 $ 99 $ 87 $ 8 $ 38 $ 430 Less: Amounts Representing Interest 20 15 10 4 2 5 56 Present Value of Expected Future Lease Payments $ 79 $ 84 $ 89 $ 83 $ 6 $ 33 $ 374 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation [Abstract] | |
Schedule of Change In Asset Retirement Obligation | As at December 31 2017 2016 Asset Retirement Obligation, Beginning of Year $ 687 $ 814 Liabilities Incurred and Acquired 11 18 Liabilities Settled and Divested (333) (107) Change in Estimated Future Cash Outflows 88 (99) Accretion Expense 37 51 Foreign Currency Translation 24 10 Asset Retirement Obligation, End of Year $ 514 $ 687 |
Schedule of Asset Retirement Obligations | Current Portion (See Note 11) $ 44 $ 33 Long-Term Portion 470 654 $ 514 $ 687 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital [Abstract] | |
Schedule Of Common Stock Issued And Outstanding | As at December 31 2017 2016 2015 Number (millions) Amount Number (millions) Amount Number (millions) Amount Common Shares Outstanding, Beginning of Year 973.0 $ 4,756 849.8 $ 3,621 741.2 $ 2,450 Common Shares Issued - - 123.1 1,134 98.4 1,098 Common Shares Issued Under Dividend Reinvestment Plan 0.1 1 0.1 1 10.2 73 Common Shares Outstanding, End of Year 973.1 $ 4,757 973.0 $ 4,756 849.8 $ 3,621 |
Earnings Per Common Share | For the years ended December 31 (US$ millions, except per share amounts) 2017 2016 2015 Net Earnings (Loss) $ 827 $ (944) $ (5,165) Number of Common Shares: Weighted average common shares outstanding - Basic 973.1 882.6 822.1 Effect of dilutive securities - - - Weighted average common shares outstanding - Diluted 973.1 882.6 822.1 Net Earnings (Loss) per Common Share Basic & Diluted $ 0.85 $ (1.07) $ (6.28) |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | For the years ended December 31 2017 2016 2015 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 1,200 $ 1,383 $ 715 Change in Foreign Currency Translation Adjustment (171) (183) 668 Balance, End of Year $ 1,029 $ 1,200 $ 1,383 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 10 $ 7 $ (26) Net Actuarial Gains and (Losses) (See Note 20) 7 6 46 Income Taxes (2) (2) (15) Reclassification of Net Actuarial (Gains) and Losses to Net Earnings (See Note 20) - (1) 2 Income Taxes - - - Reclassification of Net Prior Service Costs to Net Earnings (See Note 20) (1) - - Income Taxes - - - Curtailment in Net Defined Periodic Benefit Cost (See Note 20) (1) - - Income Taxes - - - Balance, End of Year $ 13 $ 10 $ 7 Total Accumulated Other Comprehensive Income $ 1,042 $ 1,210 $ 1,390 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Costs [Table Text Block] | For the years ended December 31 2017 2016 2015 Employee Severance and Benefits $ - $ 33 $ 58 Consultants and Building Sublease Brokerage Fees - - 4 Outplacement, Moving and Other Expenses - 1 2 $ - $ 34 $ 64 |
Schedule of Restructuring Charges Incurred, Paid and Accrued [Table Text Block] | For the years ended December 31 2017 2016 2015 Outstanding Restructuring Accrual, Beginning of Year $ 7 $ 13 $ 4 Current Year Restructuring Expenses Incurred - 34 62 Charges Related to Prior Years' Restructuring - - 2 Restructuring Costs Paid (7) (40) (55) Outstanding Restructuring Accrual, End of Year (1) $ - $ 7 $ 13 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions used to fair value share units | US$ Share Units As at December 31 2017 2016 2015 Risk Free Interest Rate 1.67% 0.75% 0.48% Dividend Yield 0.45% 0.51% 1.18% Expected Volatility Rate (1) 57.87% 57.18% 39.16% Expected Term 1.4 yrs 1.9 yrs 1.4 yrs Market Share Price US$13.33 US$11.74 US$5.09 CS$ Share Units As at December 31 2017 2016 2015 Risk Free Interest Rate 1.67% 0.75% 0.48% Dividend Yield 0.46% 0.50% 1.09% Expected Volatility Rate (1) 54.10% 53.24% 36.45% Expected Term 1.5 yrs 1.9 yrs 1.5 yrs Market Share Price C$16.77 C$15.76 C$7.03 |
Amounts Recognized For Share-Based Payment Transactions | For the years ended December 31 2017 2016 2015 Total Compensation Costs of Transactions Classified as Cash-Settled $ 165 $ 174 $ (29) Less: Total Share-Based Compensation Costs Capitalized (55) (40) 10 Total Share-Based Compensation Expense (Recovery) $ 110 $ 134 $ (19) Recognized on the Consolidated Statement of Earnings in: Operating $ 34 $ 48 $ (7) Administrative 76 86 (12) $ 110 $ 134 $ (19) |
Liability for Share-Based Payment Transactions | For the years ended December 31 2017 2016 2015 Liability for Cash-Settled Share-Based Payment Transactions: Unvested $ 274 $ 171 $ 47 Vested 53 37 4 $ 327 $ 208 $ 51 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Canadian Dollar Denominated U.S. Dollar Denominated (thousands of units) Outstanding PUSs Outstanding PUSs As at December 31 2017 2016 2017 2016 Unvested and Outstanding, Beginning of Year 5,218 2,603 2,907 1,025 Granted 1,234 3,559 704 2,245 Vested and Released (433) - (123) - Units, in Lieu of Dividends 33 38 18 21 Forfeited (50) (982) (131) (384) Unvested and Outstanding, End of Year 6,002 5,218 3,375 2,907 |
Schedule Of Outstanding Deferred Share Units | Canadian Dollar Denominated (thousands of units) Outstanding DSUs As at December 31 2017 2016 Outstanding, Beginning of Year 920 753 Granted 134 139 Converted from HPR awards 16 43 Units, in Lieu of Dividends 5 6 Redeemed (180) (21) Outstanding, End of Year 895 920 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Canadian Dollar Denominated U.S. Dollar Denominated (thousands of units) Outstanding RSUs Outstanding RSUs As at December 31 2017 2016 2017 2016 Unvested and Outstanding, Beginning of Year 10,998 8,114 10,418 5,909 Granted 2,411 7,209 2,434 7,826 Units, in Lieu of Dividends 60 82 59 80 Vested and Released (2,088) (2,840) (1,268) (1,446) Forfeited (352) (1,567) (1,109) (1,951) Unvested and Outstanding, End of Year 11,029 10,998 10,534 10,418 |
Tandem Stock Appreciation Rights (TSARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | As at December 31 2017 2016 (thousands of units) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding, Beginning of Year 15,482 14.92 17,369 20.21 Granted 850 15.43 4,277 5.56 Exercised - SARs (316) 5.56 - - Exercised - Options - - - - Forfeited (218) 19.55 (2,108) 19.62 Expired (528) 20.99 (4,056) 25.26 Outstanding, End of Year 15,270 14.87 15,482 14.92 Exercisable, End of Year 10,736 17.42 8,523 18.66 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | As at December 31, 2017 Outstanding TSARs Exercisable TSARs Range of Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Exercise Price (C$) 0.00 to 9.99 3,910 5.17 5.56 952 5.56 10.00 to 19.99 7,816 1.74 16.93 6,241 17.43 20.00 to 29.99 3,544 1.15 20.57 3,543 20.57 15,270 2.48 14.87 10,736 17.42 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity [Table Text Block] | As at December 31 2017 2016 (thousands of units) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding, Beginning of Year 6,721 14.55 10,137 20.26 Granted 349 11.75 1,453 4.06 Exercised (147) 4.69 - - Forfeited (418) 17.94 (1,464) 18.65 Expired (162) 20.57 (3,405) 25.32 Outstanding, End of Year 6,343 14.25 6,721 14.55 Exercisable, End of Year 4,611 16.85 3,782 18.02 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | As at December 31, 2017 Outstanding SARs Exercisable SARs Range of Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Exercise Price (US$) 0.00 to 9.99 1,311 5.17 4.06 301 4.06 10.00 to 19.99 4,707 1.59 16.52 3,985 17.36 20.00 to 29.99 325 1.58 22.46 325 22.46 6,343 2.33 14.25 4,611 16.85 |
Pension and Other Post-Employ52
Pension and Other Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Changes In Benefit Obligation And Fair Value Of Plan Assets | Pension Benefits OPEB As at December 31 2017 2016 2017 2016 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 211 $ 212 $ 92 $ 96 Service Cost 1 2 8 10 Interest Cost 7 8 3 4 Actuarial (Gains) Losses 7 6 (8) (14) Exchange Differences 15 6 - 2 Employee Contributions - - 1 1 Benefits Paid (15) (23) (6) (7) Curtailment - - (5) - Projected Benefit Obligation, End of Year $ 226 $ 211 $ 85 $ 92 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 194 $ 208 $ - $ - Actual Return on Plan Assets 15 9 - - Exchange Differences 14 7 - - Employee Contributions - - 1 1 Employer Contributions 2 - 5 6 Benefits Paid (15) (23) (6) (7) Transfers to Defined Contribution Plan - (7) - - Fair Value of Plan Assets, End of Year $ 210 $ 194 $ - $ - Funded Status of Plan Assets, End of Year $ (16) $ (17) $ (85) $ (92) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 4 $ 1 $ - $ - Current Liabilities - - (7) (7) Non-Current Liabilities (20) (18) (78) (85) Total $ (16) $ (17) $ (85) $ (92) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 28 $ 28 $ (35) $ (28) Net Prior Service Costs (5) (5) (5) (7) Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 23 $ 23 $ (40) $ (35) |
Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value | Pension Benefits OPEB As at December 31 2017 2016 2017 2016 Projected Benefit Obligation $ (77) $ (211) $ (85) $ (92) Accumulated Benefit Obligation (76) (208) (85) (92) Fair Value of Plan Assets 57 194 - - |
Weighted Average Assumptions Used | Pension Benefits OPEB As at December 31 2017 2016 2017 2016 Discount Rate 3.25% 3.50% 3.44% 3.80% Rates of Increase in Compensation Levels 3.49% 3.49% 5.04% 5.04% |
Total Benefit Plan Expense Recognized | Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Net Defined Periodic Benefit Cost $ - $ (1) $ 1 $ 3 $ 13 $ 14 Defined Contribution Plan Expense 24 25 33 - - - Total Benefit Plans Expense $ 24 $ 24 $ 34 $ 3 $ 13 $ 14 |
Defined Periodic Pension And OPEB Expense | Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Service Cost $ 1 $ 2 $ 2 $ 8 $ 10 $ 10 Interest Cost 7 8 9 3 4 4 Expected Return on Plan Assets (9) (11) (12) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses 1 - 2 (1) (1) - Amortization of net prior service costs - - - (1) - - Curtailment - - - (1) - - Curtailment - - - (5) - - Total Net Defined Periodic Benefit Cost $ - $ (1) $ 1 $ 3 $ 13 $ 14 |
Recognized Amounts In Other Comprehensive Income | Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Net Actuarial (Gains) Losses $ 1 $ 8 $ (22) $ (8) $ (14) $ (24) Amortization of Net Actuarial Gains and (Losses) (1) - (2) 1 1 - Amortization of Net Prior Service Costs - - - 1 - - Curtailment - - - 1 - - Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ - $ 8 $ (24) $ (5) $ (13) $ (24) Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ - $ 6 $ (17) $ (3) $ (9) $ (16) |
Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post-Retirement Benefit Cost | Pension Benefits OPEB For the years ended December 31 2017 2016 2015 2017 2016 2015 Discount Rate 3.50% 3.75% 3.75% 3.76% 4.05% 3.66% Long-Term Rate of Return on Plan Assets 5.25% 6.25% 6.25% - - - Rates of Increase in Compensation Levels 3.49% 3.49% 3.99% 6.10% 6.43% 6.47% |
Assumed Health Care Cost Trend Rates | For the years ended December 31 2017 2016 2015 Health Care Cost Trend Rate for Next Year 6.98% 7.30% 7.41% Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00% 5.00% 5.00% Year that the Rate Reaches the Ultimate Trend Rate 2025 2026 2026 |
One Percent Change In Assumed Health Care Cost Trend Rate Over Projected Period | 1% Increase 1% Decrease Effect on Total of Service and Interest Cost Components $ 1 $ (1) Effect on Other Post-Retirement Benefit Obligations $ 6 $ (5) |
Estimate Of Benefit Payments For The Next 10 Years | Defined Benefit Pension Payments Other Benefit Payments 2018 $ 15 $ 6 2019 15 7 2020 15 7 2021 14 7 2022 14 7 2023 - 2027 66 27 |
Schedule of Allocation of Plan Assets | As at December 31 2017 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 27 $ 1 $ - $ 28 Fixed Income - Canadian Bond Funds - 67 - 67 Equity - Domestic 13 41 - 54 Equity - International - 50 - 50 Real Estate and Other - - 11 11 Fair Value of Plan Assets, End of Year $ 40 $ 159 $ 11 $ 210 As at December 31 2016 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 27 $ 1 $ - $ 28 Fixed Income - Canadian Bond Funds - 61 - 61 Equity - Domestic 12 38 - 50 Equity - International - 45 - 45 Real Estate and Other - - 10 10 Fair Value of Plan Assets, End of Year $ 39 $ 145 $ 10 $ 194 |
Real Estate and Other Investments | Real Estate and Other As at December 31 2017 2016 Balance, Beginning of Year $ 10 $ 10 Purchases, Sales and Settlements Purchases and sales - - Settlements - - Actual Return on Plan Assets Relating to assets sold during the reporting period - - Relating to assets still held at the reporting date 1 - Transfers In and Out of Level 3 - - Balance, End of Year $ 11 $ 10 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis | As at December 31, 2017 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 189 $ - $ 189 $ (15) $ 174 Long-term assets - 248 - 248 (2) 246 Foreign Currency Derivatives: Current assets - 31 - 31 - 31 Risk Management Liabilities Commodity Derivatives: Current liabilities 3 196 51 250 (15) 235 Long-term liabilities - 15 - 15 (2) 13 Foreign Currency Derivatives: Current liabilities - 1 - 1 - 1 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 5 $ - $ 5 $ - $ 5 Long-term in other liabilities and provisions - 14 - 14 - 14 As at December 31, 2016 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives Current assets $ - $ 11 $ - $ 11 $ (11) $ - Long-term assets - 19 - 19 (3) 16 Risk Management Liabilities Commodity Derivatives: Current liabilities - 228 36 264 (11) 253 Long-term liabilities - 38 - 38 (3) 35 Foreign Currency Derivatives: Current liabilities - 1 - 1 - 1 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 5 $ - $ 5 $ - $ 5 Long-term in other liabilities and provisions - 14 - 14 - 14 |
Summary Of Changes In Level 3 Fair Value Measurements | Risk Management 2017 2016 Balance, Beginning of Year $ (36) $ 16 Total Gains (Losses) (21) (16) Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements 6 (26) Transfers Out of Level 3 (1) - (10) Balance, End of Year $ (51) $ (36) Change in Unrealized Gains (Losses) Related to Assets and Liabilities Held at End of Year $ (51) $ (27) |
Quantitative Information About Unobservable Inputs Used In Level 3 | As at December 31 Valuation Technique Unobservable Input 2017 2016 Risk Management - WTI Options Option Model Implied Volatility 17% - 76% 18% - 64% |
Financial Instruments And Ris54
Financial Instruments And Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments And Risk Management [Abstract] | |
Commodity Price Positions | Notional Volumes Term Average Price Fair Value Crude Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 71.2 Mbbls/d 2018 53.28 $ (152) WTI Three-Way Options Sold call / bought put / sold put 16.0 Mbbls/d 2018 54.49 / 47.17 / 36.88 (35) WTI Costless Collars Sold call / bought put 10.0 Mbbls/d 2018 57.08 / 45.00 (16) Basis Contracts (1) 2018 - 2020 (41) Crude Oil and NGLs Fair Value Position (244) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 673 MMcf/d 2018 3.07 59 NYMEX Call Options Sold call price 230 MMcf/d 2018 3.75 (3) Sold call price 230 MMcf/d 2019 3.75 (6) Basis Contracts (2) 2018 118 2019 107 2020 83 2021 - 2023 58 Natural Gas Fair Value Position 416 Other Derivative Contracts Fair Value Position (19) Foreign Currency Contracts Fair Value Position (3) 2018 30 Total Fair Value Position $ 183 |
Earnings Impact Of Realized And Unrealized Gains (Losses) On Risk Management Positions | For the years ended December 31 2017 2016 2015 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 40 $ 361 $ 917 Transportation and processing (4) (8) (16) Foreign Currency Derivatives: Foreign exchange 15 - - $ 51 $ 353 $ 901 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ 442 $ (636) $ (325) Transportation and processing - $ 22 (6) Foreign Currency Derivatives: Foreign exchange 32 (1) - $ 474 $ (615) $ (331) Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ 482 $ (275) $ 592 Transportation and processing (4) 14 (22) Foreign Currency Derivatives: Foreign exchange 47 (1) - $ 525 $ (262) $ 570 |
Reconciliation Of Unrealized Risk Management Positions | 2017 2016 2015 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ (292) Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Year 525 $ 525 $ (262) $ 570 Settlement of Other Derivative Contracts 7 Fair Value of Other Derivative Contracts Entered into During the Year (6) Fair Value of Contracts Realized During the Year (51) (51) (353) (901) Fair Value of Contracts, End of Year $ 183 $ 474 $ (615) $ (331) |
Unrealized Risk Management Position | As at December 31 2017 2016 Risk Management Assets Current $ 205 $ - Long-term 246 16 451 16 Risk Management Liabilities Current 236 254 Long-term 13 35 249 289 Other Derivative Contracts Current in accounts payable and accrued liabilities 5 5 Long-term in other liabilities and provisions 14 14 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ 183 $ (292) |
Summary of Unrealized Risk Management Positions - By Product | As at December 31 2017 2016 Risk Management Risk Management Asset Liability Net Asset Liability Net Commodity Price Positions Crude oil and NGLs $ - $ 244 $ (244) $ 2 $ 100 $ (98) Natural gas 420 4 416 14 188 (174) Other Positions Other derivative contracts - 19 (19) - 19 (19) Foreign currency contracts 31 1 30 - 1 (1) Total Fair Value Position $ 451 $ 268 $ 183 $ 16 $ 308 $ (292) |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Information [Abstract] | |
Net change in Non-Cash Working Capital | For the years ended December 31 2017 2016 2015 Operating Activities Accounts receivable and accrued revenues $ (21) $ 86 $ 314 Accounts payable and accrued liabilities (226) (233) (14) Income tax receivable and payable (6) (40) (38) $ (253) $ (187) $ 262 |
Non-cash Activity | For the years ended December 31 2017 2016 2015 Non-Cash Investing Activities Asset retirement obligation incurred (See Note 14) $ 11 $ 18 $ 19 Asset retirement obligation change in estimated future cash outflows (See Note 14) 88 (99) 115 Property, plant and equipment accruals 19 5 (346) Capitalized long-term incentives (See Note 19) 55 40 (10) Property additions/dispositions 194 100 12 Non-Cash Financing Activities Common shares issued under dividend reinvestment plan (See Note 15) $ 1 $ 1 $ 73 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the years ended December 31 2017 2016 2015 Interest Paid $ 370 $ 397 $ 602 Income Taxes Paid, net of Amounts (Recovered) $ (77) $ (19) $ (105) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies [Abstract] | |
Commitments | Expected Future Payments (undiscounted) 2018 2019 2020 2021 2022 Thereafter Total Transportation and Processing $ 604 $ 701 $ 670 $ 571 $ 529 $ 2,315 $ 5,390 Drilling and Field Services 198 39 21 8 - - 266 Operating Leases 18 16 16 15 15 46 126 Total $ 820 $ 756 $ 707 $ 594 $ 544 $ 2,361 $ 5,782 |
Supplementary Oil And Gas Inf57
Supplementary Oil And Gas Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Oil And Gas Information [Abstract] | |
12 Month Average Trailing Prices | Oil & NGLs Natural Gas WTI ($/bbl) Edmonton Condensate (2) (C$/bbl) Henry Hub ($/MMBtu) AECO (C$/MMBtu) Reserves Pricing (1) 2017 51.34 67.65 2.98 2.32 2016 42.75 55.39 2.49 2.17 2015 50.28 61.94 2.58 2.69 |
Net Proved Reserves | Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) Canada United States Total Canada United States Total Canada United States Total 2015 Beginning of year 10.9 194.1 205.0 66.6 90.2 156.7 3,229 2,265 5,494 1,277.4 Revisions and improved recovery (2) (0.9) (73.6) (74.6) (14.8) (41.1) (55.9) (801) (342) (1,144) (321.1) Extensions and discoveries - 68.4 68.4 19.8 24.9 44.7 313 159 472 191.7 Purchase of reserves in place - - - - - - - - - - Sale of reserves in place (1.6) (1.2) (2.8) (0.4) (3.6) (4.0) (434) (728) (1,163) (200.6) Production (2.0) (29.7) (31.8) (8.3) (8.6) (16.9) (354) (241) (596) (148.0) End of year 6.4 157.9 164.3 62.8 61.7 124.5 1,952 1,112 3,064 799.4 Developed 5.0 91.6 96.6 31.8 37.8 69.5 1,295 928 2,223 536.6 Undeveloped 1.3 66.3 67.7 31.0 24.0 55.0 657 184 841 262.8 Total 6.4 157.9 164.3 62.8 61.7 124.5 1,952 1,112 3,064 799.4 2016 Beginning of year 6.4 157.9 164.3 62.8 61.7 124.5 1,952 1,112 3,064 799.4 Revisions and improved recovery (2) (0.3) (15.6) (15.9) (6.4) (1.6) (8.0) (422) 177 (244) (64.7) Extensions and discoveries - 52.2 52.2 58.1 17.7 75.8 796 91 887 275.7 Purchase of reserves in place - 9.6 9.6 - 2.6 2.6 - 16 16 14.9 Sale of reserves in place (5.4) (22.2) (27.6) (11.3) (15.5) (26.8) (163) (150) (313) (106.5) Production (0.7) (26.2) (27.0) (9.2) (8.5) (17.7) (354) (153) (506) (129.1) End of year - 155.6 155.6 94.0 56.4 150.4 1,810 1,093 2,902 789.7 Developed - 82.5 82.5 25.6 31.8 57.4 903 951 1,853 448.8 Undeveloped - 73.1 73.1 68.4 24.6 93.0 907 142 1,049 341.0 Total - 155.6 155.6 94.0 56.4 150.4 1,810 1,093 2,902 789.7 2017 Beginning of year - 155.6 155.6 94.0 56.4 150.4 1,810 1,093 2,902 789.7 Revisions and improved recovery (2) 0.2 (16.0) (15.8) (14.6) (3.6) (18.1) (31) (27) (58) (43.6) Extensions and discoveries 0.2 84.9 85.1 46.4 26.5 72.9 727 144 871 303.1 Purchase of reserves in place - 0.8 0.8 - 0.4 0.4 - 2 2 1.5 Sale of reserves in place - (5.4) (5.4) (0.2) (3.6) (3.8) (65) (729) (795) (141.6) Production (0.2) (27.7) (27.8) (10.6) (8.7) (19.3) (306) (97) (403) (114.3) End of year 0.2 192.3 192.5 115.0 67.5 182.5 2,135 384 2,519 794.9 Developed 0.2 104.7 104.9 40.5 41.6 82.1 1,082 243 1,325 407.8 Undeveloped - 87.7 87.7 74.5 25.8 100.3 1,053 141 1,195 387.1 Total 0.2 192.3 192.5 115.0 67.5 182.5 2,135 384 2,519 794.9 |
Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | Canada (1) United States (1) 2017 2016 2015 2017 2016 2015 Future cash inflows $ 7,850 $ 5,341 $ 6,284 $ 11,459 $ 8,537 $ 9,462 Less future: Production costs 3,516 2,876 3,800 3,661 3,539 3,959 Development costs 2,058 1,949 1,742 3,042 2,805 3,130 Income taxes 76 - - - - - Future net cash flows 2,200 516 742 4,756 2,193 2,373 Less 10% annual discount for estimated timing of cash flows 618 77 107 2,025 957 960 Discounted future net cash flows $ 1,582 $ 439 $ 635 $ 2,731 $ 1,236 $ 1,413 Total (1) 2017 2016 2015 Future cash inflows $ 19,309 $ 13,878 $ 15,746 Less future: Production costs 7,177 6,415 7,759 Development costs 5,100 4,754 4,872 Income taxes 76 - - Future net cash flows 6,956 2,709 3,115 Less 10% annual discount for estimated timing of cash flows 2,643 1,034 1,067 Discounted future net cash flows $ 4,313 $ 1,675 $ 2,048 |
Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | Canada (1) United States (1) 2017 2016 2015 2017 2016 2015 Balance, beginning of year $ 439 $ 635 $ 4,476 $ 1,236 $ 1,413 $ 7,074 Changes resulting from: Sales of oil and gas produced during the year (471) (316) (988) (1,291) (1,040) (1,276) Discoveries and extensions, net of related costs 582 211 109 1,141 267 504 Purchases of proved reserves in place - - - 13 47 - Sales and transfers of proved reserves in place (12) (71) (674) (413) (220) (1,604) Net change in prices and production costs 893 20 (3,075) 2,183 325 (3,239) Revisions to quantity estimates (22) (124) (1,355) (203) 39 (2,183) Accretion of discount 44 64 565 124 141 833 Development costs incurred during the period 454 286 460 1,366 873 1,874 Changes in estimated future development costs (279) (304) (13) (1,433) (456) (1,809) Other 7 38 (45) 8 (153) (16) Net change in income taxes (53) - 1,175 - - 1,255 Balance, end of year $ 1,582 $ 439 $ 635 $ 2,731 $ 1,236 $ 1,413 Total (1) 2017 2016 2015 Balance, beginning of year $ 1,675 $ 2,048 $ 11,550 Changes resulting from: Sales of oil and gas produced during the year (1,762) (1,356) (2,264) Discoveries and extensions, net of related costs 1,723 478 613 Purchases of proved reserves in place 13 47 - Sales and transfers of proved reserves in place (425) (291) (2,278) Net change in prices and production costs 3,076 345 (6,314) Revisions to quantity estimates (225) (85) (3,538) Accretion of discount 168 205 1,398 Development costs incurred during the period 1,820 1,159 2,334 Changes in estimated future development costs (1,712) (760) (1,822) Other 15 (115) (61) Net change in income taxes (53) - 2,430 Balance, end of year $ 4,313 $ 1,675 $ 2,048 |
Results Of Operations | Canada United States 2017 2016 2015 2017 2016 2015 Oil, NGL and natural gas revenues, net of transportation and processing $ 613 $ 491 $ 1,168 $ 1,714 $ 1,510 $ 1,911 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligations 164 197 199 438 499 661 Depreciation, depletion and amortization 236 260 305 530 523 1,088 Impairments - 493 - - 903 6,473 Operating income (loss) 213 (459) 664 746 (415) (6,311) Income taxes 58 (123) 179 161 (150) (2,285) Results of operations $ 155 $ (336) $ 485 $ 585 $ (265) $ (4,026) Total 2017 2016 2015 Oil, NGL and natural gas revenues, net of transportation and processing $ 2,327 $ 2,001 $ 3,079 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligations 602 696 860 Depreciation, depletion and amortization 766 783 1,393 Impairments - 1,396 6,473 Operating income (loss) 959 (874) (5,647) Income taxes 219 (273) (2,106) Results of operations $ 740 $ (601) $ (3,541) |
Capitalized Costs | Canada United States 2017 2016 2015 2017 2016 2015 Proved oil and gas properties $ 14,555 $ 13,159 $ 14,866 $ 25,610 $ 26,393 $ 25,723 Unproved oil and gas properties 311 285 334 4,169 4,913 5,282 Total capital cost 14,866 13,444 15,200 29,779 31,306 31,005 Accumulated DD&A 14,047 12,896 14,170 23,240 25,300 23,822 Net capitalized costs $ 819 $ 548 $ 1,030 $ 6,539 $ 6,006 $ 7,183 Other Total 2017 2016 2015 2017 2016 2015 Proved oil and gas properties $ 63 $ 58 $ 58 $ 40,228 $ 39,610 $ 40,647 Unproved oil and gas properties - - - 4,480 5,198 5,616 Total capital cost 63 58 58 44,708 44,808 46,263 Accumulated DD&A 63 58 58 37,350 38,254 38,050 Net capitalized costs $ - $ - $ - $ 7,358 $ 6,554 $ 8,213 |
Costs Incurred | Canada United States 2017 2016 2015 2017 2016 2015 Acquisition costs Unproved $ 31 $ - $ 2 $ 21 $ 4 $ 15 Proved - 1 7 2 205 12 Total acquisition costs 31 1 9 23 209 27 Exploration costs 1 1 3 4 13 3 Development costs 425 255 377 1,354 860 1,844 Total costs incurred $ 457 $ 257 $ 389 $ 1,381 $ 1,082 $ 1,874 Total 2017 2016 2015 Acquisition costs Unproved $ 52 $ 4 $ 17 Proved 2 206 19 Total acquisition costs 54 210 36 Exploration costs 5 14 6 Development costs 1,779 1,115 2,221 Total costs incurred $ 1,838 $ 1,339 $ 2,263 |
Cost Not Subject To Depletion Or Amortization | As at December 31 2017 2016 Canada $ 311 $ 285 United States 4,169 4,913 $ 4,480 $ 5,198 The following is a summary of the costs related to Encana’s unproved properties as at December 31, 2017: 2017 2016 2015 Prior to 2015 Total Acquisition Costs $ 245 $ 104 $ 29 $ 3,965 $ 4,343 Exploration Costs 2 5 8 122 137 $ 247 $ 109 $ 37 $ 4,087 $ 4,480 |
Supplemental Quarterly Financ58
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |
Supplemental Quarterly Financial Information | 2017 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 (1) Revenues $ 1,210 $ 861 $ 1,083 $ 1,289 Impairments - - - - Operating Income (Loss) 262 (4) 321 489 Gains (Loss) on Divestitures, net (1) 406 - (1) Net Earnings (Loss) Before Income Tax $ 147 $ 522 $ 327 $ 434 Income Tax Expense (Recovery) 376 228 (4) 3 Net Earnings (Loss) $ (229) $ 294 $ 331 $ 431 Net Earnings (Loss) per Common Share - Basic & Diluted $ (0.24) $ 0.30 $ 0.34 $ 0.44 (1) Corporate interest income of $8 million previously reported in revenues and operating income (loss) in Q1 2017 has been reclassified to other (gains) losses, net. 2016 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 Revenues $ 822 $ 979 $ 364 $ 753 Impairments - - 484 912 Operating Income (Loss) (54) 128 (912) (1,043) Gains (Loss) on Divestitures, net (3) 395 (2) - Net Earnings (Loss) Before Income Tax $ (251) $ 379 $ (1,068) $ (680) Income Tax Expense (Recovery) 30 62 (467) (301) Net Earnings (Loss) $ (281) $ 317 $ (601) $ (379) Net Earnings (Loss) per Common Share - Basic & Diluted $ (0.29) $ 0.37 $ (0.71) $ (0.45) |
Summary of Significant Accoun59
Summary of Significant Accounting Policies (Narative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate [Member] | Maximum [Member] | |
Assets estimated service lives | 25 years |
Corporate [Member] | Minimum [Member] | |
Assets estimated service lives | 3 years |
Bow Office Building [Member] | |
Assets estimated service lives | 60 years |
Segmented Information (Narrativ
Segmented Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 1,210 | $ 861 | $ 1,083 | $ 1,289 | $ 822 | $ 979 | $ 364 | $ 753 | $ 4,443 | $ 2,918 | $ 4,422 |
First Major Customer Accounting For More Than 10 Percent of Revenues [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 709 | 434 | 447 | ||||||||
Second Major Customer Accounting For More Than 10 Percent of Revenues [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 412 | $ 343 | $ 414 | ||||||||
Major Customers Accounting For More Than 10 Percent of Revenues [member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Major Customers | 2 | 2 | 2 | ||||||||
Canada [Member] | Major Customers Accounting For More Than 10 Percent of Revenues [member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 144 | ||||||||||
Canada [Member] | Customers Outside of Canada [member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 64 | $ 50 | $ 153 | ||||||||
United States [Member] | Major Customers Accounting For More Than 10 Percent of Revenues [member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 977 |
Segmented Information (Segment
Segmented Information (Segment And Geographical Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Product revenues | $ 2,999 | $ 2,443 | $ 3,350 | ||||||||
Gains (losses) from risk management, net | 482 | (275) | 592 | ||||||||
Market optimization | 863 | 647 | 368 | ||||||||
Other revenues | 99 | 103 | 112 | ||||||||
Total Revenues | $ 1,210 | $ 861 | $ 1,083 | $ 1,289 | $ 822 | $ 979 | $ 364 | $ 753 | 4,443 | 2,918 | 4,422 |
Production, mineral and other taxes | 112 | 99 | 144 | ||||||||
Transportation and processing | 845 | 901 | 1,252 | ||||||||
Operating | 506 | 598 | 723 | ||||||||
Purchased product | 788 | 586 | 323 | ||||||||
Depreciation, depletion and amortization | 833 | 859 | 1,488 | ||||||||
Asset Impairment Charges | 484 | 912 | 1,396 | 6,473 | |||||||
Accretion of asset retirement obligation | 37 | 51 | 45 | ||||||||
Administrative | 254 | 309 | 275 | ||||||||
Total Operating Expenses | 3,375 | 4,799 | 10,723 | ||||||||
Operating Income (Loss), Total | 262 | (4) | 321 | 489 | (54) | 128 | (912) | (1,043) | 1,068 | (1,881) | (6,301) |
Interest | 363 | 397 | 614 | ||||||||
Foreign exchange (gain) loss, net | (279) | (210) | 1,082 | ||||||||
(Gain) loss on divestitures, net | 1 | (406) | 1 | 3 | (395) | 2 | (404) | (390) | (14) | ||
Other (gains) losses, net | (42) | (58) | 27 | ||||||||
Total Other (Income) Expenses | (362) | (261) | 1,709 | ||||||||
Net Earnings (Loss) Before Income Tax | 147 | 522 | 327 | 434 | (251) | 379 | (1,068) | (680) | 1,430 | (1,620) | (8,010) |
Income tax expense (Recovery) | 376 | 228 | (4) | 3 | 30 | 62 | (467) | (301) | 603 | (676) | (2,845) |
Net Earnings (Loss) | $ (229) | $ 294 | $ 331 | $ 431 | $ (281) | $ 317 | $ (601) | $ (379) | 827 | (944) | (5,165) |
Corporate, Non-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gains (losses) from risk management, net | 442 | (636) | (325) | ||||||||
Other revenues | 69 | 71 | 69 | ||||||||
Total Revenues | 511 | (565) | (256) | ||||||||
Transportation and processing | (22) | 6 | |||||||||
Operating | 18 | 17 | 19 | ||||||||
Depreciation, depletion and amortization | 66 | 76 | 95 | ||||||||
Accretion of asset retirement obligation | 37 | 51 | 45 | ||||||||
Administrative | 254 | 309 | 275 | ||||||||
Total Operating Expenses | 375 | 431 | 440 | ||||||||
Operating Income (Loss), Total | 136 | (996) | (696) | ||||||||
Canadian Operations [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product revenues | 1,150 | 952 | 1,309 | ||||||||
Gains (losses) from risk management, net | 22 | 107 | 495 | ||||||||
Other revenues | 19 | 8 | 18 | ||||||||
Total Revenues | 1,191 | 1,067 | 1,822 | ||||||||
Production, mineral and other taxes | 20 | 23 | 28 | ||||||||
Transportation and processing | 578 | 576 | 654 | ||||||||
Operating | 122 | 152 | 152 | ||||||||
Depreciation, depletion and amortization | 236 | 260 | 305 | ||||||||
Asset Impairment Charges | 493 | ||||||||||
Total Operating Expenses | 956 | 1,504 | 1,139 | ||||||||
Operating Income (Loss), Total | 235 | (437) | 683 | ||||||||
USA Operations [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product revenues | 1,849 | 1,491 | 2,041 | ||||||||
Gains (losses) from risk management, net | 18 | 255 | 425 | ||||||||
Other revenues | 11 | 24 | 25 | ||||||||
Total Revenues | 1,878 | 1,770 | 2,491 | ||||||||
Production, mineral and other taxes | 92 | 76 | 116 | ||||||||
Transportation and processing | 164 | 260 | 580 | ||||||||
Operating | 331 | 394 | 519 | ||||||||
Depreciation, depletion and amortization | 530 | 523 | 1,088 | ||||||||
Asset Impairment Charges | 903 | 6,473 | |||||||||
Total Operating Expenses | 1,117 | 2,156 | 8,776 | ||||||||
Operating Income (Loss), Total | 761 | (386) | (6,285) | ||||||||
Market Optimization [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gains (losses) from risk management, net | (1) | (3) | |||||||||
Market optimization | 863 | 647 | 368 | ||||||||
Total Revenues | 863 | 646 | 365 | ||||||||
Transportation and processing | 103 | 87 | 12 | ||||||||
Operating | 35 | 35 | 33 | ||||||||
Purchased product | 788 | 586 | 323 | ||||||||
Depreciation, depletion and amortization | 1 | ||||||||||
Total Operating Expenses | 927 | 708 | 368 | ||||||||
Operating Income (Loss), Total | $ (64) | $ (62) | $ (3) |
Segmented Information (Schedule
Segmented Information (Schedule Of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Information [Line Items] | |||||||||||
Revenues | $ 1,210 | $ 861 | $ 1,083 | $ 1,289 | $ 822 | $ 979 | $ 364 | $ 753 | $ 4,443 | $ 2,918 | $ 4,422 |
Transportation and processing | 845 | 901 | 1,252 | ||||||||
Operating | 506 | 598 | 723 | ||||||||
Purchased product | 788 | 586 | 323 | ||||||||
Depreciation, depletion and amortization | 833 | 859 | 1,488 | ||||||||
Operating Income (Loss), Total | $ 262 | $ (4) | $ 321 | $ 489 | $ (54) | $ 128 | $ (912) | $ (1,043) | 1,068 | (1,881) | (6,301) |
Market Optimization [Member] | Operating Segments [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 863 | 646 | 365 | ||||||||
Transportation and processing | 103 | 87 | 12 | ||||||||
Operating | 35 | 35 | 33 | ||||||||
Purchased product | 788 | 586 | 323 | ||||||||
Depreciation, depletion and amortization | 1 | ||||||||||
Operating Income (Loss), Total | (64) | (62) | (3) | ||||||||
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 3,939 | 3,304 | 4,309 | ||||||||
Transportation and processing | 291 | 279 | 348 | ||||||||
Operating | 35 | 35 | 33 | ||||||||
Purchased product | 3,676 | 3,052 | 3,931 | ||||||||
Depreciation, depletion and amortization | 1 | ||||||||||
Operating Income (Loss), Total | (64) | (62) | (3) | ||||||||
Market Optimization [Member] | Intersubsegment Eliminations [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | (3,076) | (2,658) | (3,944) | ||||||||
Transportation and processing | (188) | (192) | (336) | ||||||||
Purchased product | $ (2,888) | $ (2,466) | $ (3,608) |
Segmented Information (Capital
Segmented Information (Capital Expenditures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Payments To Aquire Property Plant and Equipment | $ 1,796 | $ 1,132 | $ 2,232 |
Operating Segments [Member] | Canadian Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments To Aquire Property Plant and Equipment | 426 | 256 | 380 |
Operating Segments [Member] | USA Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments To Aquire Property Plant and Equipment | 1,358 | 873 | 1,847 |
Operating Segments [Member] | Market Optimization [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments To Aquire Property Plant and Equipment | 1 | 1 | 1 |
Corporate, Non-segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments To Aquire Property Plant and Equipment | $ 11 | $ 2 | $ 4 |
Segmented Information (Goodwill
Segmented Information (Goodwill, Property, Plant And Equipment And Total Assets By Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | $ 2,609 | $ 2,779 |
Property, Plant and Equipment | 8,954 | 8,139 |
Total Assets | 15,267 | 14,653 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 696 | 650 |
Property, Plant and Equipment | 862 | 602 |
Total Assets | 1,908 | 1,542 |
Operating Segments [Member] | USA Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Goodwill | 1,913 | 2,129 |
Property, Plant and Equipment | 6,555 | 6,050 |
Total Assets | 9,301 | 9,535 |
Operating Segments [Member] | Market Optimization [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property, Plant and Equipment | 2 | 2 |
Total Assets | 152 | 105 |
Corporate, Non-segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property, Plant and Equipment | 1,535 | 1,485 |
Total Assets | $ 3,906 | $ 3,471 |
Segmented Information (Goodwi65
Segmented Information (Goodwill, Property, Plant And Equipment And Total Assets By Geographic Region) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill, Balance End of Period | $ 2,609 | $ 2,779 | |
Property, Plant and Equipment | 8,954 | 8,139 | |
Total Assets | 15,267 | 14,653 | |
Canada [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill, Balance End of Period | 696 | 650 | $ 661 |
Property, Plant and Equipment | 2,319 | 2,000 | |
Total Assets | 5,412 | 4,732 | |
United States [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill, Balance End of Period | 1,913 | 2,129 | $ 2,129 |
Property, Plant and Equipment | 6,635 | 6,139 | |
Total Assets | 9,811 | 9,902 | |
Other Countries [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total Assets | $ 44 | $ 19 |
Acquisitions and Divestitures66
Acquisitions and Divestitures (Narrative) (Details) CAD in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | Dec. 31, 2016USD ($) | Dec. 31, 2015CAD | Dec. 31, 2015USD ($) | |
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | $ 736 | $ 1,262 | $ 1,908 | ||||||||
Gain (Loss) on Disposition of Assets | $ (1) | $ 406 | $ (1) | $ (3) | $ 395 | $ (2) | 404 | 390 | 14 | ||
Montney Area Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Goodwill allocated to divestiture | 32 | ||||||||||
Piceance Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Goodwill allocated to divestiture | 216 | ||||||||||
Corporate, Non-segment [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | 53 | ||||||||||
Corporate, Non-segment [Member] | Encana Place Office Building [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Gain (Loss) on Disposition of Assets | 12 | ||||||||||
Canadian Operations [Member] | Operating Segments [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | 41 | 456 | 959 | ||||||||
Canadian Operations [Member] | Operating Segments [Member] | Wheatland Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | CAD 557 | 467 | |||||||||
Canadian Operations [Member] | Operating Segments [Member] | Montney Area Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | CAD 600 | 455 | CAD 450 | 355 | |||||||
Gain (Loss) on Disposition of Assets | 394 | ||||||||||
Goodwill allocated to divestiture | 32 | ||||||||||
USA Operations [Member] | Operating Segments [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | 695 | 806 | 896 | ||||||||
USA Operations [Member] | Operating Segments [Member] | Haynesville Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | $ 769 | ||||||||||
USA Operations [Member] | Operating Segments [Member] | DJ Basin Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | 633 | ||||||||||
USA Operations [Member] | Operating Segments [Member] | Piceance Assets [Member] | |||||||||||
Acquisitions and Divestitures [Line Items] | |||||||||||
Proceeds from divestitures | 605 | $ 135 | |||||||||
Gain (Loss) on Disposition of Assets | 406 | ||||||||||
Goodwill allocated to divestiture | $ 216 |
Acquisitions and Divestitures67
Acquisitions and Divestitures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | $ 54 | $ 210 | $ 70 |
Divestitures | (736) | (1,262) | (1,908) |
Net Acquisitions and Divestitures | (682) | (1,052) | (1,838) |
Operating Segments [Member] | Canadian Operations [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | 31 | 1 | 9 |
Divestitures | (41) | (456) | (959) |
Operating Segments [Member] | USA Operations [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | 23 | 209 | 27 |
Divestitures | $ (695) | $ (806) | (896) |
Corporate, Non-segment [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | 34 | ||
Divestitures | $ (53) |
Interest (Narrative) (Details)
Interest (Narrative) (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 06, 2015CAD | Apr. 06, 2015USD ($) | |
Interest Expense on Debt | $ 267 | $ 296 | $ 497 | ||
Unsecured Notes, Due December 1, 2017 [Member] | 5.90% Unsecured Notes [Member] | |||||
Unsecured Debt | $ 700 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% | 5.90% | ||
Unsecured Notes, Due January 18, 2018 [Member] | 5.80% Unsecured Notes [Member] | |||||
Unsecured Debt | CAD | CAD 750 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | 5.80% | 5.80% | ||
2015 Early Debt Redemption [Member] | |||||
Interest Expense on Debt | $ 165 |
Interest (Details)
Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest [Abstract] | |||
Interest Expense on Debt | $ 267 | $ 296 | $ 497 |
The Bow Office Building | 63 | 62 | 65 |
Capital Leases | 20 | 24 | 28 |
Other | 13 | 15 | 24 |
Interest | $ 363 | $ 397 | $ 614 |
Foreign Exchange (Gain) Loss,70
Foreign Exchange (Gain) Loss, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||
Foreign exchange (gain) loss, net | $ (279) | $ (210) | $ 1,082 |
Translation Of U.S. Dollar Debt Issued From Canada [Member] | |||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||
Immaterial Error Correction | The unrealized foreign exchange (gain) loss on translation of U.S. dollar financing debt issued from Canada for the year ended December 31, 2017 disclosed in the table above includes an out-of-period adjustment in respect of unrealized losses on a foreign-denominated capital lease obligation since December 2013. The cumulative impact recognized within foreign exchange (gain) loss in the Company's Consolidated Statement of Earnings for the year ended December 31, 2017 was $68 million, before tax ($47 million, after tax). Encana has determined that the adjustment is not material to the Consolidated Financial Statements for the year ended December 31, 2017 or any prior periods. Accordingly, comparative periods presented in the Consolidated Financial Statements have not been restated. | ||
Foreign exchange (gain) loss, net | $ 68 | ||
Quantifying Misstatement in Current Year Financial Statements, Amount, after Tax | $ 47 |
Foreign Exchange (Gain) Loss,71
Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | $ (291) | $ (140) | $ 687 |
Foreign exchange on settlements | 24 | (68) | 358 |
Foreign Exchange (Gain) Loss, Net | (279) | (210) | 1,082 |
Translation Of U.S. Dollar Debt Issued From Canada [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | (243) | (130) | 754 |
Foreign exchange on settlements | 14 | (73) | 269 |
Translation Of U.S. Dollar Risk Management Contracts Issued From Canada [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | (44) | 4 | (67) |
Foreign exchange on settlements | (15) | ||
Translation of Intercompany Notes [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | (4) | (14) | |
Foreign exchange on settlements | 10 | 5 | 89 |
Other Monetary Revaluations [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Foreign exchange on settlements | $ 3 | $ (2) | $ 37 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred income taxes | $ 666 | $ (598) | $ (2,811) |
Effect of legislative changes | 299 | $ (11) | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $ 28 | $ 48 | |
Effective Income Tax Rate, Continuing Operations | 42.20% | 41.70% | 35.50% |
Canadian Statutory rate | 27.00% | 27.00% | 26.40% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 22.90% | ||
Valuation Allowance | $ 187 | $ 133 | |
Undistributed Earnings from Foreign Subsidiaries | 3,200 | ||
Unrecognized Tax Benefit, interest expense | 12 | 1 | $ 2 |
Unrecognized Tax Benefit, Liability for accrued interest | $ 16 | $ 4 | |
United States [Member] | |||
Foreign Federal Corporate Income Tax Rate, Percent | 21.00% | 35.00% | |
Deferred income taxes | $ 611 | $ (435) | $ (2,495) |
Effect of legislative changes | 327 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 28 | ||
United States [Member] | Non-capital Losses Carried Foward [Member] | |||
Valuation Allowance | 28 | 0 | |
United States [Member] | Tax Legislation [Member] | |||
Valuation Allowance, Increase (Decrease), Amount | 26 | ||
United States [Member] | Foreign Tax Credits [Member] | |||
Valuation Allowance | 156 | 129 | |
United States [Member] | Charitable Donations [Member] | |||
Valuation Allowance | $ 3 | $ 4 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Tax | $ (63) | $ (78) | $ (34) | ||||||||
Deferred Tax | 666 | (598) | (2,811) | ||||||||
Income Tax Expense (Recovery), Total | $ 376 | $ 228 | $ (4) | $ 3 | $ 30 | $ 62 | $ (467) | $ (301) | 603 | (676) | (2,845) |
Canada [Member] | |||||||||||
Current Tax | (59) | (82) | (25) | ||||||||
Deferred Tax | 55 | (163) | (316) | ||||||||
United States [Member] | |||||||||||
Current Tax | (9) | (17) | |||||||||
Deferred Tax | 611 | (435) | (2,495) | ||||||||
Other Countries [Member] | |||||||||||
Current Tax | $ 5 | $ 4 | $ 8 |
Income Taxes (Income Taxes Reco
Income Taxes (Income Taxes Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Reconciliation [Line Items] | |||||||||||
Total Net Earnings (Loss) Before Income Tax | $ 147 | $ 522 | $ 327 | $ 434 | $ (251) | $ 379 | $ (1,068) | $ (680) | $ 1,430 | $ (1,620) | $ (8,010) |
Canadian Statutory rate | 27.00% | 27.00% | 26.40% | ||||||||
Expected Income Tax | $ 386 | $ (437) | $ (2,115) | ||||||||
Income tax related to foreign operations | (73) | (266) | (776) | ||||||||
Effect of legislative changes | 299 | (11) | |||||||||
Non-taxable capital (gains) losses | (39) | (29) | 132 | ||||||||
Tax differences on divestitures and transactions | 77 | 9 | (8) | ||||||||
Partnership tax allocation in excess of funding | (54) | (17) | (21) | ||||||||
Adjustment in respect of prior periods | (49) | (11) | (8) | ||||||||
Change in Valuation allowance | 54 | 121 | |||||||||
Other | 2 | (46) | (38) | ||||||||
Income Tax Expense (Recovery), Total | $ 376 | $ 228 | $ (4) | $ 3 | $ 30 | $ 62 | $ (467) | $ (301) | $ 603 | $ (676) | $ (2,845) |
Effective Tax Rate | 42.20% | 41.70% | 35.50% | ||||||||
Canada [Member] | |||||||||||
Income Tax Reconciliation [Line Items] | |||||||||||
Total Net Earnings (Loss) Before Income Tax | $ 512 | $ (627) | $ (2,014) | ||||||||
United States [Member] | |||||||||||
Income Tax Reconciliation [Line Items] | |||||||||||
Total Net Earnings (Loss) Before Income Tax | 476 | (1,522) | (6,963) | ||||||||
Effect of legislative changes | 327 | ||||||||||
Other Countries [Member] | |||||||||||
Income Tax Reconciliation [Line Items] | |||||||||||
Total Net Earnings (Loss) Before Income Tax | $ 442 | $ 529 | $ 967 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Deferred Tax Assets, Property, Plant and Equipment | $ 281 | $ 256 |
Deferred Tax Assets, Risk Management | 34 | 81 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 99 | 100 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 28 | 48 |
Deferred Tax Assets, Unrealized Currency Losses | 20 | |
Deferred Income Tax Assets, Non-capital and net capital losses carried forward | 1,014 | 1,149 |
Deferred Income Tax Assets, Alternative minimum tax and foreign tax credits | 198 | 198 |
Deferred Tax Assets, Other | 53 | 82 |
Valuation Allowance | (187) | (133) |
Deferred Income Tax Liabilities , Property, plant and equipment | (386) | (155) |
Deferred Income Tax Liabilities , Risk management | (97) | |
Deferred Income Tax Liabilities , Unrealized foreign exchange gains | (18) | |
Deferred Income Tax Liabilities , Other | (10) | (19) |
Deferred Tax Assets, Net of Liabilities | $ 1,009 | $ 1,627 |
Income Taxes (Deferred Income76
Income Taxes (Deferred Income Taxes Liability By Jurisdiction Reflected In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Income Taxes Assets | $ 1,043 | $ 1,658 |
Deferred Income Tax Liabilities | (34) | (31) |
Deferred Tax Assets, Net of Liabilities | 1,009 | 1,627 |
Canada [Member] | ||
Deferred Income Taxes Assets | 555 | 568 |
Deferred Income Tax Liabilities | (34) | (31) |
United States [Member] | ||
Deferred Income Taxes Assets | $ 488 | $ 1,090 |
Income Taxes (Tax Pool Amounts)
Income Taxes (Tax Pool Amounts) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Canada [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Pools / Tax Basis | $ 1,520 |
Operating Loss Carryforwards | 982 |
Canada [Member] | Capital Loss Carryforward [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Gross Amount | $ 15 |
Canada [Member] | Charitable Donations [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Expiration Dates | Dec. 31, 2022 |
Other Tax Carryforward, Gross Amount | $ 1 |
United States [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax Pools / Tax Basis | 4,703 |
Operating Loss Carryforwards | 3,407 |
United States [Member] | Charitable Donations [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Gross Amount | 13 |
United States [Member] | Foreign Tax Credits [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Gross Amount | $ 198 |
Maximum [Member] | Canada [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2037 |
Maximum [Member] | United States [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2037 |
Maximum [Member] | United States [Member] | Charitable Donations [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Expiration Dates | Dec. 31, 2023 |
Maximum [Member] | United States [Member] | Foreign Tax Credits [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Expiration Dates | Dec. 31, 2025 |
Minimum [Member] | Canada [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2027 |
Minimum [Member] | United States [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating Loss Carryforwards, Expiration Dates | Dec. 31, 2031 |
Minimum [Member] | United States [Member] | Charitable Donations [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Expiration Dates | Dec. 31, 2019 |
Minimum [Member] | United States [Member] | Foreign Tax Credits [Member] | |
Tax Credit Carryforward [Line Items] | |
Other Tax Carryforward, Expiration Dates | Dec. 31, 2021 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits Excluding Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Unrecognized Tax Benefits, Beginning Balance | $ (286) | $ (317) |
Additions for tax positions of prior years | (1) | (1) |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 1 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | 42 | |
Foreign currency translation | (20) | (10) |
Unrecognized Tax Benefits, Ending Balance | $ (306) | $ (286) |
Income Taxes (Unrecognized Ta79
Income Taxes (Unrecognized Tax Benefit Reflected In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ (306) | $ (286) | $ (317) |
Income Tax Receivable [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | (45) | (21) | |
Other Liabilities and Provisions [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | (202) | (193) | |
Deferred Income Tax Liabilities (Assets) [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ (59) | $ (72) |
Income Taxes (Summary Of Tax Ye
Income Taxes (Summary Of Tax Years By Jurisdiction) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Maximum [Member] | Canada [Member] | Domestic Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,017 |
Maximum [Member] | Canada [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,017 |
Maximum [Member] | United States [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,017 |
Maximum [Member] | United States [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,017 |
Maximum [Member] | Other Countries [Member] | Other Taxing Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,017 |
Minimum [Member] | Canada [Member] | Domestic Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,009 |
Minimum [Member] | Canada [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,009 |
Minimum [Member] | United States [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,014 |
Minimum [Member] | United States [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,013 |
Minimum [Member] | Other Countries [Member] | Other Taxing Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2,016 |
Accounts Receivable And Accru81
Accounts Receivable And Accrued Revenues (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trade Receivable and Accrued Revenues | $ 721 | $ 640 |
Prepaids | 21 | 18 |
Deposits and Other | 37 | 11 |
Accounts Receivable and Accrued Revenues Gross | 779 | 669 |
Allowance for Doubtful Accounts | (5) | (6) |
Accounts Receivable and Accrued Revenues | 774 | 663 |
Oil and natural gas receivable [Member] | ||
Trade Receivable and Accrued Revenues | 425 | 394 |
Midstream and marketing receivable [Member] | ||
Trade Receivable and Accrued Revenues | 284 | 161 |
Derivative financial instruments receivable [Member] | ||
Trade Receivable and Accrued Revenues | 3 | 4 |
Corporate and other receivable [Member] | ||
Trade Receivable and Accrued Revenues | $ 9 | $ 81 |
Property, Plant And Equipment82
Property, Plant And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Internal Costs Capitalized | $ 208 | $ 161 | |
Property, Plant and Equipment, Net | 8,954 | 8,139 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 38,056 | 38,863 | |
Impairments | 0 | 1,396 | $ 6,473 |
Bow Office Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | $ 1,255 | 1,194 | |
Term of Lease Agreement Liability, In Years | 25 years | ||
Property, Plant and Equipment, Useful Life | 60 years | ||
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | $ 46 | 51 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 684 | 648 | |
Corporate, Non-segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fully Amortized Property Costs | 63 | 58 | |
Property, Plant and Equipment, Net | 1,535 | 1,485 | |
Canadian Operations [Member] | Operating Segments [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | 862 | 602 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 14,047 | 12,896 | |
Impairments | 493 | 0 | |
USA Operations [Member] | Operating Segments [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | 6,555 | 6,050 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 23,240 | 25,300 | |
Impairments | $ 903 | $ 6,473 |
Property, Plant And Equipment83
Property, Plant And Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | $ 47,010 | $ 47,002 |
Less: Accumulated depreciation, depletion and amortization | (38,056) | (38,863) |
Property, plant and equipment, net | 8,954 | 8,139 |
Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 14,909 | 13,498 |
Less: Accumulated depreciation, depletion and amortization | (14,047) | (12,896) |
Property, plant and equipment, net | 862 | 602 |
Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 29,795 | 31,350 |
Less: Accumulated depreciation, depletion and amortization | (23,240) | (25,300) |
Property, plant and equipment, net | 6,555 | 6,050 |
Operating Segments [Member] | Market Optimization [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 2 | 2 |
Corporate, Non-segment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 1,535 | 1,485 |
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 14,555 | 13,159 |
Less: Accumulated depreciation, depletion and amortization | (14,047) | (12,896) |
Property, plant and equipment, net | 508 | 263 |
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 25,610 | 26,393 |
Less: Accumulated depreciation, depletion and amortization | (23,240) | (25,300) |
Property, plant and equipment, net | 2,370 | 1,093 |
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 311 | 285 |
Property, plant and equipment, net | 311 | 285 |
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 4,169 | 4,913 |
Property, plant and equipment, net | 4,169 | 4,913 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Canadian Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 43 | 54 |
Property, plant and equipment, net | 43 | 54 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 16 | 44 |
Property, plant and equipment, net | 16 | 44 |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Market Optimization [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 7 | 6 |
Less: Accumulated depreciation, depletion and amortization | (5) | (4) |
Property, plant and equipment, net | 2 | 2 |
Other Capitalized Property Plant and Equipment [Member] | Corporate, Non-segment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 2,299 | 2,148 |
Less: Accumulated depreciation, depletion and amortization | (764) | (663) |
Property, plant and equipment, net | $ 1,535 | $ 1,485 |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other | $ 39 | $ 32 |
Restatement Adjustment [Member] | ||
Other | $ 2 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Long-term Investments | $ 26 | $ 26 |
Long-term Receivables | 72 | 71 |
Deferred Charges and Debt Issuance Costs | 7 | 9 |
Other | 39 | 32 |
Other Assets | $ 144 | $ 138 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill Impairment | $ 0 | |
Historical Cumulative Goodwill Impairments | 0 | |
Montney Area Assets [Member] | ||
Goodwill [Line Items] | ||
Goodwill allocated to divestiture | $ 32 | |
Piceance Assets [Member] | ||
Goodwill [Line Items] | ||
Goodwill allocated to divestiture | $ 216 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 2,779 | |
Goodwill, Ending Balance | 2,609 | $ 2,779 |
United States [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 2,129 | 2,129 |
Divested During the Year | (216) | 0 |
Goodwill, Ending Balance | 1,913 | 2,129 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 650 | 661 |
Divested During the Year | (32) | |
Foreign Currency Translation Adjustment | 46 | 21 |
Goodwill, Ending Balance | $ 696 | $ 650 |
Accounts Payable And Accrued 88
Accounts Payable And Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Trade Payables | $ 258 | $ 240 |
Capital Accruals | 319 | 280 |
Royalty and Production Accruals | 278 | 300 |
Other Accruals | 216 | 234 |
Interest Payable | 69 | 69 |
Current Portion of Long-Term Incentive Costs | 152 | 88 |
Capital Lease Obligations, Current | 79 | 59 |
Asset Retirement Obligation, current | 44 | 33 |
Accounts Payable and Accrued Liabilities | $ 1,415 | $ 1,303 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) CAD in Millions, $ in Millions | Mar. 30, 2016USD ($)$ / loan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Mar. 16, 2016USD ($) | Dec. 31, 2015CAD | Dec. 31, 2015USD ($) | Apr. 06, 2015 |
Debt Instrument [Line Items] | |||||||||
Standby Fees | $ 15 | $ 14 | $ 11 | ||||||
Shelf Prospectus Remaining Borrowing Capacity | 4,800 | $ 4,800 | |||||||
Debt Instrument, Repurchase Amount | $ 400 | ||||||||
Other | 42 | 58 | (27) | ||||||
Discount Capitalized | 0 | ||||||||
Current portion of long-term debt | 0 | 0 | |||||||
Long-term Debt Carrying Value | 4,197 | 4,198 | 4,197 | ||||||
Long-term Debt, Fair Value | $ 5,042 | 4,553 | $ 5,042 | ||||||
Amortization of Debt Remaining Life In Years | 13 years | ||||||||
Interest Expense on Debt | $ 267 | $ 296 | 497 | ||||||
Unsecured Notes, Due August 15, 2037 [Member] | 6.625% Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchased Face Amount | $ 38 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | 6.625% | ||||||
Unsecured Notes, Due February 1, 2038 [Member] | 6.50% Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchased Face Amount | $ 295 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | 6.50% | ||||||
Unsecured Notes, Due November 15, 2041 [Member] | 5.15% Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchased Face Amount | $ 156 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% | 5.15% | ||||||
Unsecured Notes, Due December 1, 2017 [Member] | 5.90% Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchase Amount | $ 700 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | 5.90% | 5.90% | ||||||
Unsecured Notes, Due January 18, 2018 [Member] | 5.80% Unsecured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchase Amount | CAD | CAD 750 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | 5.80% | 5.80% | ||||||
2015 Early Debt Redemption [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest Expense on Debt | $ 165 | ||||||||
2016 Early Partial Debt Retirement Initial Announcement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchase Amount | $ 250 | ||||||||
2016 Early Partial Debt Retirement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Payments of Debt Extinguishment Costs | $ 14 | ||||||||
Debt Instrument, Gain (Loss) on Repurchase | 103 | ||||||||
Other | $ 89 | ||||||||
Early Tender Premium Per One Thousand Principal Amount | $ / loan | 30 | ||||||||
Repayment of long-term debt, including interest payable | $ 406 | ||||||||
2016 Early Partial Debt Retirement [Member] | Interest Payable [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of long-term debt, including interest payable | $ 6 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | $ 4,500 | |||||||
Expiration Date - Line of Credit | Jul. 31, 2020 | ||||||||
Equity Adjustment, Cumulative Historical Ceiling Test Impairment | $ 7,700 | $ 7,700 | |||||||
Maximum Number of Extensions Per Year | 1 | ||||||||
Maximum Period of Years Line of Credit Can Extended | 5 years | ||||||||
Additional Period In Days Added To Extension | 90 days | ||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Financing Debt-to-Adjusted Capitalization, Percentage | 0.60 | 0.60 | |||||||
Revolving Credit Facility [Member] | Parent Company [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | $ 3,000 | |||||||
United States [Member] | Revolving Credit Facility [Member] | Subsidiary Issuer [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | $ 1,500 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 30, 2016 |
Debt Instrument [Line Items] | |||
Total Principal | $ 4,211,000,000 | $ 4,211,000,000 | |
Increase In Value Of Debt Acquired | 26,000,000 | 26,000,000 | |
Debt Discounts | (40,000,000) | (39,000,000) | |
Current Portion of Long-Term Debt | 0 | ||
Long-Term Debt | 4,197,000,000 | 4,198,000,000 | |
6.50% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 500,000,000 | 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 750,000,000 | 750,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||
6.50% Unsecured Notes [Member] | Unsecured Notes, Due February 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 505,000,000 | 505,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |
3.90% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 600,000,000 | 600,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||
8.125% Unsecured Notes [Member] | Unsecured Notes, Due September 15, 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 300,000,000 | 300,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | ||
7.20% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 350,000,000 | 350,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | ||
7.375% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 500,000,000 | 500,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | ||
6.625% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 462,000,000 | 462,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | |
5.15% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 244,000,000 | $ 244,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% |
Long-Term Debt (Schedule Of Man
Long-Term Debt (Schedule Of Mandatory Debt Payments) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Long-Term Debt [Abstract] | ||
Debt Maturity, Mandatory Repayment, In Two Years | $ 500,000,000 | |
Debt Maturity, Mandatory Repayment, In Four Years | 600,000,000 | |
Debt Maturity, Mandatory Repayment, After Five Years | 3,111,000,000 | |
Total Principal | 4,211,000,000 | $ 4,211,000,000 |
Interest Payments on Remaining Long-term Debt, Next Twelve Months | 267,000,000 | |
Interest Payments on Remaining Long-term Debt in Year two | 251,000,000 | |
Interest Payments on Remaining Long-term Debt in Year Three | 234,000,000 | |
Interest Payments on Remaining Long-term Debt in Year Four | 235,000,000 | |
Interest Payments on Remaining Long-term Debt in Year Five | 211,000,000 | |
Interest Payments on Remaining Long-term Debt, After Five Years | 2,546,000,000 | |
Total Interest Payments on Remaining Long-term Debt | $ 3,744,000,000 |
Other Liabilities And Provisi92
Other Liabilities And Provisions (Narrative) (Details) - Bow Office Building [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities And Provisions [Line Items] | |
Term of Lease Agreement Liability, In Years | 25 years |
Percentage of Lease Sublet | 50.00% |
Other Liabilities And Provisi93
Other Liabilities And Provisions (Schedule Of Other Liabilities And Provisions) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities And Provisions [Line Items] | |||
The Bow Office Building | $ 1,344 | $ 1,266 | |
Obligation under Capital Lease | 295 | 304 | |
Unrecognized Tax Benefits | 306 | 286 | $ 317 |
Pensions and Other Post-Employment Benefits | 116 | 124 | |
Long-Term Incentives | 175 | 120 | |
Other Derivative Contracts, Liabilities | 19 | 19 | |
Other | 21 | 26 | |
Other Liabilities and Provisions | 2,167 | 2,047 | |
Other Liabilities and Provisions [Member] | |||
Other Liabilities And Provisions [Line Items] | |||
Unrecognized Tax Benefits | 202 | 193 | |
Other Derivative Contracts, Liabilities | $ 14 | $ 14 |
Other Liabilities And Provisi94
Other Liabilities And Provisions (Schedule Of Expected Future Payments And Sublease Recoveries) (Details) - Bow Office Building [Member] $ in Millions | Dec. 31, 2017USD ($) |
Other Liabilities And Provisions [Line Items] | |
Expected future payments, year one | $ 76 |
Expected future payments, year two | 77 |
Expected future payments, year three | 77 |
Expected future payments, year four | 78 |
Expected future payments, year five | 78 |
Expected future payments, Thereafter | 1,295 |
Expected future payments, Total | 1,681 |
Sublease recoveries, year one | (37) |
Sublease recoveries, year two | (38) |
Sublease recoveries, year three | (38) |
Sublease recoveries, year four | (38) |
Sublease recoveries, year five | (39) |
Sublease recoveries, Thereafter | (636) |
Sublease recoveries, Total | (826) |
Expected Future Payments, Interest Amount [Member] | |
Other Liabilities And Provisions [Line Items] | |
Expected future payments, year one | 65 |
Expected future payments, year two | 65 |
Expected future payments, year three | 63 |
Expected future payments, year four | 63 |
Expected future payments, year five | 62 |
Expected future payments, Thereafter | 802 |
Expected future payments, amount representing interest | 1,120 |
Present Value of Expected Future Payments [Member] | |
Other Liabilities And Provisions [Line Items] | |
Expected future payments, year one | 11 |
Expected future payments, year two | 12 |
Expected future payments, year three | 14 |
Expected future payments, year four | 15 |
Expected future payments, year five | 16 |
Expected future payments, Thereafter | 493 |
Expected future payments, present value, Total | $ 561 |
Other Liabilities and Provisi95
Other Liabilities and Provisions (Schedule of Capital Lease Obligation Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Capital Lease Obligation [Line Items] | |
Minimum lease payments due, next twelve months | $ 99 |
Minimum lease payments due in two years | 99 |
Minimum lease payments due in three years | 99 |
Minimum lease payments due in four years | 87 |
Minimum lease payments due in five years | 8 |
Minimum lease payments due, thereafter | 38 |
Minimum lease payments, total | 430 |
Capital Lease Future Minimum Interest Payments [Member] | |
Capital Lease Obligation [Line Items] | |
Minimum lease payments due, next twelve months | 20 |
Minimum lease payments due in two years | 15 |
Minimum lease payments due in three years | 10 |
Minimum lease payments due in four years | 4 |
Minimum lease payments due in five years | 2 |
Minimum lease payments due, thereafter | 5 |
Minimum lease payment, amount representing interest | 56 |
Capital Lease Present value of Expected Future Payments [Member] | |
Capital Lease Obligation [Line Items] | |
Minimum lease payments due, next twelve months | 79 |
Minimum lease payments due in two years | 84 |
Minimum lease payments due in three years | 89 |
Minimum lease payments due in four years | 83 |
Minimum lease payments due in five years | 6 |
Minimum lease payments due, thereafter | 33 |
Minimum lease payments, present value | $ 374 |
Asset Retirement Obligation (Sc
Asset Retirement Obligation (Schedule of Change In Asset Retirement Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligation [Abstract] | |||
Asset Retirement Obligation, Beginning of Year | $ 687 | $ 814 | |
Liabilities Incurred and Acquired | 11 | 18 | $ 19 |
Liabilities Settled | (333) | (107) | |
Change in Estimated Future Cash Outflows | 88 | (99) | 115 |
Accretion of asset retirement obligation | 37 | 51 | 45 |
Foreign Currency Translation | 24 | 10 | |
Asset Retirement Obligation, End of Period | $ 514 | $ 687 | $ 814 |
Asset Retirement Obligation (97
Asset Retirement Obligation (Schedule Of Asset Retirement Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Asset Retirement Obligation [Abstract] | |||
Current Portion | $ 44 | $ 33 | |
Long-Term Portion | 470 | 654 | |
Asset Retirement Obligation, Total | $ 514 | $ 687 | $ 814 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) CAD / shares in Units, $ / shares in Units, CAD in Millions, $ in Millions | Feb. 15, 2018USD ($)shares | Feb. 14, 2018$ / shares | Dec. 31, 2017$ / sharesshares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016$ / sharesshares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / sharesCAD / sharesshares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015CADCAD / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 123,100,000 | 98,400,000 | 98,400,000 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,129 | $ 1,088 | ||||||||||||||||
Common Shares Issued under Dividend Reinvestment Plan, Shares | 58,480 | 121,249 | 10,246,221 | 10,246,221 | ||||||||||||||
Common Shares Issued under Dividend Reinvestment Plan | $ | $ 0.6 | $ 0.9 | $ 73 | |||||||||||||||
Dividends on Common Shares | $ | $ 58 | $ 52 | $ 225 | |||||||||||||||
Common Stock, Dividends, Per Share, Paid | $ / shares | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.06 | $ 0.06 | $ 0.28 | |||
Dividends, Common Shares Issued In Lieu of Cash, Value | $ | $ 0.6 | $ 0.9 | $ 73 | |||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 33,300,000 | 32,200,000 | 30,300,000 | 33,300,000 | 32,200,000 | 30,300,000 | ||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 400 | |||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 | |||||||||||||||||
Stock Repurchase Program Expiration Date | Feb. 27, 2019 | |||||||||||||||||
Dividends Payable, Date Declared | Feb. 14, 2018 | |||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.015 | |||||||||||||||||
Dividends Payable, Date to be Paid | Mar. 29, 2018 | |||||||||||||||||
Dividends Payable, Date of Record | Mar. 15, 2018 | |||||||||||||||||
Share Offering [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Shares Issued, Price Per Share | (per share) | $ 9.35 | $ 14.60 | $ 9.35 | CAD 14.60 | ||||||||||||||
Stock Issued During Period, Value, New Issues, Gross Proceeds | $ 1,150 | CAD 1,440 | 1,130 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 1,130 | CAD 1,390 | $ 1,090 | |||||||||||||||
Initial Allotment [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 107,000,000 | 85,616,500 | 85,616,500 | |||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 16,050,000 | 12,842,475 | 12,842,475 | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Years After Grant Date Rights Fully Vest | 3 years | |||||||||||||||||
TSARs and SARs [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Years After Grant Date Rights Expire | 5 years | |||||||||||||||||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Vesting Rights Percentage | 30.00% | |||||||||||||||||
Years After Rights Granted First Portion Of Rights Vest | 1 year | |||||||||||||||||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Vesting Rights Percentage | 30.00% | |||||||||||||||||
Years After Grant Date Additional Thirty Percent Granted Vest | 2 years | |||||||||||||||||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Years After Grant Date Rights Fully Vest | 3 years | |||||||||||||||||
TSARs and SARs, Granted 2015 [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Years After Grant Date Rights Expire | 7 years |
Share Capital (Schedule Of Comm
Share Capital (Schedule Of Common Stock Issued And Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Capital [Abstract] | |||
Common Shares Outstanding, Beginning of Year, Shares | 973,000,000 | 849,800,000 | 741,200,000 |
Stock Issued During Period, Shares, New Issues | 123,100,000 | 98,400,000 | |
Common Shares Issued under Dividend Reinvestment Plan, Shares | 58,480 | 121,249 | 10,246,221 |
Common Shares Outstanding, End of Period, Shares | 973,100,000 | 973,000,000 | 849,800,000 |
Common Shares Outstanding, Beginning of Year | $ 4,756 | $ 3,621 | $ 2,450 |
Stock Issued During Period, Value, New Issues | 1,134 | 1,098 | |
Common Shares Issued under Dividend Reinvestment Plan | 0.6 | 0.9 | 73 |
Common Shares Outstanding, End of Period | $ 4,757 | $ 4,756 | $ 3,621 |
Share Capital (Earnings Per Com
Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Capital [Abstract] | |||||||||||
Net earnings (loss) | $ (229) | $ 294 | $ 331 | $ 431 | $ (281) | $ 317 | $ (601) | $ (379) | $ 827 | $ (944) | $ (5,165) |
Weighted Average Common Shares Outstanding - Basic | 973.1 | 882.6 | 822.1 | ||||||||
Weighted Average Common Shares Outstanding - Diluted | 973.1 | 882.6 | 822.1 | ||||||||
Earnings Per Share, Basic and Diluted | $ (0.24) | $ 0.30 | $ 0.34 | $ 0.44 | $ (0.29) | $ 0.37 | $ (0.71) | $ (0.45) | $ 0.85 | $ (1.07) | $ (6.28) |
Accumulated Other Comprehens101
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |||
AOCI - Foreign Currency Translation Adjustment, Beginning of Period | $ 1,200 | $ 1,383 | $ 715 |
Current Period Change in Foreign Currency Translation Adjustment | (171) | (183) | 668 |
AOCI - Foreign Currency Translation Adjustment, End of Period | 1,029 | 1,200 | 1,383 |
AOCI - Pension and OPEB, Beginning Balance | 10 | 7 | (26) |
Net Actuarial Gains and (Losses) and Plan Amendment | 7 | 6 | 46 |
Income Taxes | (2) | (2) | (15) |
Reclassification of Net Actuarial (Gains) and Losses to Net Earnings | (1) | 2 | |
Reclassification of Net Prior Service Costs and (Credits) to Net Earnings | (1) | ||
Curtailment in Net Defined Periodic Benefic Cost | (1) | ||
AOCI - Pension and OPEB, Ending Balance | 13 | 10 | 7 |
Total Accumulated Other Comprehensive Income | $ 1,042 | $ 1,210 | $ 1,390 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) MMcf in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)MMcf | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | ||
Accounts Payable and Accrued Liabilities, Current | $ 1,415 | $ 1,303 |
Production Field Centre [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of Terms | 12 | |
Lease Expiration Date | Dec. 1, 2021 | |
Capital Lease Obligations | $ 314 | $ 299 |
Length of Renewal Term, in Years | 1 year | |
Veresen Midstream Limited Partnership [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Financial Support, Term of Assessment | 8 years | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 2,344 | |
Veresen Midstream Limited Partnership [Member] | Minimum [Member] | ||
Variable Interest Entity [Line Items] | ||
Length of Remaining Terms, In Years | 15 years | |
Veresen Midstream Limited Partnership [Member] | Maximum [Member] | ||
Variable Interest Entity [Line Items] | ||
Length of Remaining Terms, In Years | 28 years | |
Length of Renewal Term, in Years | 10 years | |
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member] | ||
Variable Interest Entity [Line Items] | ||
Contracted Capacity Volumes | MMcf | 630 | |
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member] | ||
Variable Interest Entity [Line Items] | ||
Contracted Capacity Volumes | MMcf | 772 | |
Take or Pay Commitment [Member] | Veresen Midstream Limited Partnership [Member] | ||
Variable Interest Entity [Line Items] | ||
Accounts Payable and Accrued Liabilities, Current | $ 0 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Charges | $ 34 | $ 64 | ||
Restructuring Reserve | 7 | 13 | $ 4 | |
Restructuring, 2013 [Member[ | ||||
Restructuring Charges | 2 | |||
Restructuring, 2015 [Member] | ||||
Restructuring Charges | $ 62 | |||
Restructuring, 2016 [Member] | ||||
Restructuring Charges | 34 | |||
Restructuring and Related Activities, Initiation Date | Feb. 1, 2016 | |||
Restructuring 2016 [Member] | ||||
Restructuring Charges | $ 34 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule of Restructuring Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Charges [Abstract] | ||
Employee Severance and Benefits | $ 33 | $ 58 |
Consultants and Building Sublease Brokerage Fees | 4 | |
Outplacement, Moving and Other Expenses | 1 | 2 |
Restructuring Charges, Total | $ 34 | $ 64 |
Restructuring Charges (Sched105
Restructuring Charges (Schedule of Restructuring Charges Incurred, Paid and Accrued) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding Restructuring Accrual, Beginning Balance | $ 7 | $ 13 | $ 4 |
Current Year Restructuring Expenses Incurred | 34 | 64 | |
Changes Related to Prior Years' Restructuring | 2 | ||
Restructuring Costs Paid | $ (7) | (40) | (55) |
Outstanding Restructuring Accrual, Ending Balance | 7 | 13 | |
Restructuring, 2015 [Member] | |||
Current Year Restructuring Expenses Incurred | $ 62 | ||
Restructuring 2016 [Member] | |||
Current Year Restructuring Expenses Incurred | $ 34 |
Compensation Plans (Narrative)
Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liability For Cash-Settled Share-Based Payment Transactions | $ 327 | $ 208 | $ 51 |
Liability for share-based payment recognized in accounts payable and accrued liabilities | 152 | 88 | |
Liability for share-based payment recognized in other liabilities and provisions | 175 | 120 | |
Additional Paid in Capital | $ 1,358 | 1,358 | |
TSARs and SARs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Years After Grant Date Rights Expire | 5 years | ||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Rights Percentage | 30.00% | ||
Years After Rights Granted First Portion Of Rights Vest | 1 year | ||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Rights Percentage | 30.00% | ||
Years After Grant Date Additional Thirty Percent Granted Vest | 2 years | ||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Years After Grant Date Rights Fully Vest | 3 years | ||
TSARs and SARs, Granted 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Years After Grant Date Rights Expire | 7 years | ||
Tandem Stock Appreciation Rights (TSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 8 | 17 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | ||
Total Compensation Costs | $ 12 | 39 | (12) |
PSUs and RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Years After Grant Date Rights Fully Vest | 3 years | ||
Performance Tandem Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liability For Cash-Settled Share-Based Payment Transactions | $ 0 | ||
Total Compensation Costs | $ (2) | 2 | (1) |
Period over which performance targets are acheived | 4 years | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4 | 7 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||
Total Compensation Costs | $ 6 | 13 | (5) |
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Years After Grant Date Rights Fully Vest | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 53 | 60 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | ||
Total Compensation Costs | $ 48 | 29 | 1 |
Share Based Compensation Arrangement By Share Based Payment Award Performance Measure Period | 3 years | ||
Maximum Multiplication Of Original Performance Stock Units Granted May Be Awarded | 2 | ||
Deferred Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
DSU Expiration Date | December 15 | ||
Total Compensation Costs | $ 3 | 7 | (5) |
Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Years After Grant Date Rights Fully Vest | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 99 | 117 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | ||
Total Compensation Costs | $ 98 | $ 84 | $ (7) |
Maximum [Member] | Deferred Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion Percentage Of High Performance Results Awards Into Deferred Share Units | 50.00% | ||
Minimum [Member] | Deferred Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion Percentage Of High Performance Results Awards Into Deferred Share Units | 25.00% |
Compensation Plans (Schedule of
Compensation Plans (Schedule of FV Assumptions) (Details) | 12 Months Ended | |||||
Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2017CAD / shares | Dec. 31, 2016CAD / shares | Dec. 31, 2015CAD / shares | |
United States Of America Dollars [Member] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.67% | 0.75% | 0.48% | |||
Fair Value Assumption Dividend Yield | 0.45% | 0.51% | 1.18% | |||
Fair Value Assumptions, Expected Volatility Rate | 57.87% | 57.18% | 39.16% | |||
Fair Value Assumptions, Expected Term | 1 year 4 months 24 days | 1 year 10 months 24 days | 1 year 4 months 24 days | |||
Market Share price | $ / shares | $ 13.33 | $ 11.74 | $ 5.09 | |||
Canadian Dollar [Member] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.67% | 0.75% | 0.48% | |||
Fair Value Assumption Dividend Yield | 0.46% | 0.50% | 1.09% | |||
Fair Value Assumptions, Expected Volatility Rate | 54.10% | 53.24% | 36.45% | |||
Fair Value Assumptions, Expected Term | 1 year 6 months | 1 year 10 months 24 days | 1 year 6 months | |||
Market Share price | CAD / shares | CAD 16.77 | CAD 15.76 | CAD 7.03 |
Compensation Plans (Amounts Rec
Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Costs of Transaction Classified as Cash-Settled | $ 165 | $ 174 | $ (29) |
Less: Total Share-Based Compensation Costs Capitalized | (55) | (40) | 10 |
Total Share-Based Compensation Expense | 110 | 134 | (19) |
Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Share-Based Compensation Expense | 76 | 86 | (12) |
Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Share-Based Compensation Expense | $ 34 | $ 48 | $ (7) |
Compensation Plans (Liability F
Compensation Plans (Liability For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation Plans [Abstract] | |||
Liability for Unvested Cash-Settled Share-Based Payment Transactions | $ 274 | $ 171 | $ 47 |
Liability for Vested Cash-Settled Share-Based Payment Transactions | 53 | 37 | 4 |
Liability for Cash-Settled Share-Based Payment Transactions | $ 327 | $ 208 | $ 51 |
Compensation Plans (Schedule110
Compensation Plans (Schedule Of Outstanding Tandem Stock Appreciation Rights) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - CAD / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Number, Beginning of Year | 15,482 | 17,369 |
Granted | 850 | 4,277 |
Exercised - SARs | (316) | |
Forfeited | (218) | (2,108) |
Expired | (528) | (4,056) |
Outstanding, Number, End of Year | 15,270 | 15,482 |
Exercisable, End of Year | 10,736 | 8,523 |
Outstanding, Weighted Average Exercise Price, Beginning of Year | CAD 14.92 | CAD 20.21 |
Grants, Weighted Average Exercise Price | 15.43 | 5.56 |
Exercised - SARs, Weighted Average Exercise Price | 5.56 | |
Forfeited, Weighted Average Exercise Price | 19.55 | 19.62 |
Expired, Weighted Average Exercise Price | 20.99 | 25.26 |
Outstanding, Weighted Average Exercise Price, End of Year | 14.87 | 14.92 |
Exercisable, End of Year, Weighted Average Exercise Price | CAD 17.42 | CAD 18.66 |
Compensation Plans (Range Of Ex
Compensation Plans (Range Of Exercise Price Of Tandem Stock Appreciation Rights) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - CAD / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding Number | 15,270 | 15,482 | 17,369 |
Weighted Average Remaining Contractual Life (years) | 2 years 5 months 23 days | ||
Outstanding, Weighted Average Exercise Price | CAD 14.87 | CAD 14.92 | CAD 20.21 |
Exercisable Number | 10,736 | 8,523 | |
Exercisable, Weighted Average Exercise Price | CAD 17.42 | CAD 18.66 | |
0.00 to 9.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price, Lower Range Limit | 0 | ||
Exercise Price, Upper Range Limit | CAD 9.99 | ||
Outstanding Number | 3,910 | ||
Weighted Average Remaining Contractual Life (years) | 5 years 2 months 1 day | ||
Outstanding, Weighted Average Exercise Price | CAD 5.56 | ||
Exercisable Number | 952 | ||
Exercisable, Weighted Average Exercise Price | CAD 5.56 | ||
10.00 to 19.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price, Lower Range Limit | 10 | ||
Exercise Price, Upper Range Limit | CAD 19.99 | ||
Outstanding Number | 7,816 | ||
Weighted Average Remaining Contractual Life (years) | 1 year 8 months 27 days | ||
Outstanding, Weighted Average Exercise Price | CAD 16.93 | ||
Exercisable Number | 6,241 | ||
Exercisable, Weighted Average Exercise Price | CAD 17.43 | ||
20.00 to 29.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price, Lower Range Limit | 20 | ||
Exercise Price, Upper Range Limit | CAD 29.99 | ||
Outstanding Number | 3,544 | ||
Weighted Average Remaining Contractual Life (years) | 1 year 1 month 24 days | ||
Outstanding, Weighted Average Exercise Price | CAD 20.57 | ||
Exercisable Number | 3,543 | ||
Exercisable, Weighted Average Exercise Price | CAD 20.57 |
Compensation Plans (Schedule112
Compensation Plans (Schedule Of Outstanding Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) [Member] - United States Of America Dollars [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Outstanding, Number, Beginning of Year | 6,721 | 10,137 |
Granted | 349 | 1,453 |
Exercised | (147) | |
Forfeited | (418) | (1,464) |
Expired | (162) | (3,405) |
Outstanding, Number, End of Year | 6,343 | 6,721 |
Exercisable, End of Year | 4,611 | 3,782 |
Outstanding, Weighted Average Exercise Price, Beginning of Year | $ 14.55 | $ 20.26 |
Grants, Weighted Average Exercise Price | 11.75 | 4.06 |
Exercised - options, Weighted Average Exercise Price | 4.69 | |
Forfeited, Weighted Average Exercise Price | 17.94 | 18.65 |
Expired, Weighted Average Exercise Price | 20.57 | 25.32 |
Outstanding, Weighted Average Exercise Price, End of Year | 14.25 | 14.55 |
Exercisable, End of Year, Weighted Average Exercise Price | $ 16.85 | $ 18.02 |
Compensation Plans (Range of113
Compensation Plans (Range of Exercise Price Of Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) [Member] - United States Of America Dollars [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding Number | 6,343 | 6,721 | 10,137 |
Weighted Average Remaining Contractual Life (years) | 2 years 3 months 29 days | ||
Outstanding, Weighted Average Exercise Price | $ 14.25 | $ 14.55 | $ 20.26 |
Exercisable Number | 4,611 | 3,782 | |
Exercisable, Weighted Average Exercise Price | $ 16.85 | $ 18.02 | |
0.00 to 9.99 [Member] | |||
Exercise Price, Lower Range Limit | 0 | ||
Exercise Price, Upper Range Limit | $ 9.99 | ||
Outstanding Number | 1,311 | ||
Weighted Average Remaining Contractual Life (years) | 5 years 2 months 1 day | ||
Outstanding, Weighted Average Exercise Price | $ 4.06 | ||
Exercisable Number | 301 | ||
Exercisable, Weighted Average Exercise Price | $ 4.06 | ||
10.00 to 19.99 [Member] | |||
Exercise Price, Lower Range Limit | 10 | ||
Exercise Price, Upper Range Limit | $ 19.99 | ||
Outstanding Number | 4,707 | ||
Weighted Average Remaining Contractual Life (years) | 1 year 7 months 2 days | ||
Outstanding, Weighted Average Exercise Price | $ 16.52 | ||
Exercisable Number | 3,985 | ||
Exercisable, Weighted Average Exercise Price | $ 17.36 | ||
20.00 to 29.99 [Member] | |||
Exercise Price, Lower Range Limit | 20 | ||
Exercise Price, Upper Range Limit | $ 29.99 | ||
Outstanding Number | 325 | ||
Weighted Average Remaining Contractual Life (years) | 1 year 6 months 29 days | ||
Outstanding, Weighted Average Exercise Price | $ 22.46 | ||
Exercisable Number | 325 | ||
Exercisable, Weighted Average Exercise Price | $ 22.46 |
Compensation Plans (Schedule114
Compensation Plans (Schedule Of Outstanding Performance Share Units) (Details) - Performance Share Units [Member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Canadian Dollar [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested and Outstanding, Beginning of Year | 5,218 | 2,603 |
Granted | 1,234 | 3,559 |
Vested and Released | (433) | |
Units, in Lieu of Dividends | 33 | 38 |
Forfeited | (50) | (982) |
Unvested and Outstanding, End of Year | 6,002 | 5,218 |
United States Of America Dollars [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested and Outstanding, Beginning of Year | 2,907 | 1,025 |
Granted | 704 | 2,245 |
Vested and Released | (123) | |
Units, in Lieu of Dividends | 18 | 21 |
Forfeited | (131) | (384) |
Unvested and Outstanding, End of Year | 3,375 | 2,907 |
Compensation Plans (Schedule115
Compensation Plans (Schedule Of Outstanding Deferred Share Units) (Details) - Canadian Dollar [Member] - Deferred Share Units [Member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Beginning of Year | 920 | 753 |
Granted | 134 | 139 |
Converted from HPR awards | 16 | 43 |
Units, in Lieu of Dividends | 5 | 6 |
Redeemed | (180) | (21) |
Outstanding, End of Year | 895 | 920 |
Compensation Plans (Schedule116
Compensation Plans (Schedule Of Outstanding Restricted Share Units) (Details) - Restricted Share Units [Member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Canadian Dollar [Member] | ||
Unvested and Outstanding, Beginning of Year | 10,998 | 8,114 |
Granted | 2,411 | 7,209 |
Units, in Lieu of Dividends | 60 | 82 |
Vested and Released | (2,088) | (2,840) |
Forfeited | (352) | (1,567) |
Unvested and Outstanding, End of Year | 11,029 | 10,998 |
United States Of America Dollars [Member] | ||
Unvested and Outstanding, Beginning of Year | 10,418 | 5,909 |
Granted | 2,434 | 7,826 |
Units, in Lieu of Dividends | 59 | 80 |
Vested and Released | (1,268) | (1,446) |
Forfeited | (1,109) | (1,951) |
Unvested and Outstanding, End of Year | 10,534 | 10,418 |
Pension and Other Post-Emplo117
Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Average Remaining Life Expectancy of Inactive Employees in Defined Benefit Plan, In Years | 15 years | ||
Accumulated Benefit Obligation | $ 310 | $ 300 | |
Estimated Net Actuarial Loss And Net Prior Service Costs For The Plans That Will Be Amortized From Accumulated Other Comprehensive Income Into Net Benefit Plan Expense | 2 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 2 | ||
Pension Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average Remaining Service Period Of Active Participates In Plan In Years | 7 years | ||
Pension and Other Postretirement Benefit Expense | $ 24 | 24 | $ 34 |
Defined Benefit Plan, Actual Return on Plan Assets | $ 15 | 9 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average Remaining Service Period Of Active Participates In Plan In Years | 13 years | ||
Pension and Other Postretirement Benefit Expense | $ 3 | $ 13 | 14 |
Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 27.00% | 26.00% | |
Foreign Equity[Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 23.00% | 23.00% | |
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 43.00% | 44.00% | |
Real Estate And Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 7.00% | 7.00% | |
Operating Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Expense | $ 25 | $ 28 | 39 |
Administrative Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Expense | 8 | 9 | 9 |
Other Nonoperating Income (Expense) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Expense | $ (6) | $ 0 | $ 0 |
Pension and Other Post-Emplo118
Pension and Other Post-Employment Benefits (Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, Beginning of Year | $ 194 | ||
Fair Value of Plan Assets, End of Year | 210 | $ 194 | |
Non-Current Liabilities | (116) | (124) | |
Pension Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation, Beginning of Year | 211 | 212 | |
Service cost | 1 | 2 | $ 2 |
Interest cost | 7 | 8 | 9 |
Actuarial (gains) losses | 7 | 6 | |
Exchange differences | 15 | 6 | |
Benefits paid (Change in Benefit Obligations) | (15) | (23) | |
Projected Benefit Obligation, End of Year | 226 | 211 | 212 |
Fair Value of Plan Assets, Beginning of Year | 194 | 208 | |
Actual return on plan assets | 15 | 9 | |
Exchange differences | 14 | 7 | |
Employer contributions | 2 | ||
Benefits Paid (Change in Plan Assets) | (15) | (23) | |
Transfers to defined contributions plan | (7) | ||
Fair Value of Plan Assets, End of Year | 210 | 194 | 208 |
Funded Status of Plan Assets, End of Year | (16) | (17) | |
Other Assets | 4 | 1 | |
Non-Current Liabilities | (20) | (18) | |
Total Recognized Amounts in the Consolidated Balance Sheet | (16) | (17) | |
Net actuarial (gain) loss | 28 | 28 | |
Prior service costs | (5) | (5) | |
Total recognized in accumulated other comprehensive income before tax | 23 | 23 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation, Beginning of Year | 92 | 96 | |
Service cost | 8 | 10 | 10 |
Interest cost | 3 | 4 | 4 |
Actuarial (gains) losses | (8) | (14) | |
Exchange differences | 2 | ||
Employee contributions (Change in Benefit Obligations) | 1 | 1 | |
Benefits paid (Change in Benefit Obligations) | (6) | (7) | |
Curtailment | (5) | ||
Projected Benefit Obligation, End of Year | 85 | 92 | $ 96 |
Employee Contributions (Change in Plan Assets) | 1 | 1 | |
Employer contributions | 5 | 6 | |
Benefits Paid (Change in Plan Assets) | (6) | (7) | |
Funded Status of Plan Assets, End of Year | (85) | (92) | |
Current Liabilities | (7) | (7) | |
Non-Current Liabilities | (78) | (85) | |
Total Recognized Amounts in the Consolidated Balance Sheet | (85) | (92) | |
Net actuarial (gain) loss | (35) | (28) | |
Prior service costs | (5) | (7) | |
Total recognized in accumulated other comprehensive income before tax | $ (40) | $ (35) |
Pension and Other Post-Emplo119
Pension and Other Post-Employment Benefits (Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation | $ (77) | $ (211) |
Accumulated Benefit Obligation | (76) | (208) |
Fair Value of Plan Assets | 57 | 194 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation | (85) | (92) |
Accumulated Benefit Obligation | $ (85) | $ (92) |
Pension and Other Post-Emplo120
Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.25% | 3.50% |
Rates of Increase in Compensation Levels | 3.49% | 3.49% |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.44% | 3.80% |
Rates of Increase in Compensation Levels | 5.04% | 5.04% |
Pension and Other Post-Emplo121
Pension and Other Post-Employment Benefits (Total Benefit Plan Expense Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Defined Benefit Plan Expense | $ (1) | $ 1 | |
Defined Contribution Plan Expense | $ 24 | 25 | 33 |
Total Benefit Plans Expense | 24 | 24 | 34 |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Defined Benefit Plan Expense | 3 | 13 | 14 |
Total Benefit Plans Expense | $ 3 | $ 13 | $ 14 |
Pension and Other Post-Emplo122
Pension and Other Post-Employment Benefits (Defined Periodic Pension And OPEB Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current service cost | $ 1 | $ 2 | $ 2 |
Interest cost | 7 | 8 | 9 |
Expected return on plan assets | (9) | (11) | (12) |
Amortization of net actuarial gains and losses | 1 | 2 | |
Total Defined Benefit Plan Expense | (1) | 1 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current service cost | 8 | 10 | 10 |
Interest cost | 3 | 4 | 4 |
Amortization of net actuarial gains and losses | (1) | (1) | |
Amortization of net prior service costs | (1) | ||
Curtailment | (1) | ||
Curtailment | (5) | ||
Total Defined Benefit Plan Expense | $ 3 | $ 13 | $ 14 |
Pension and Other Post-Emplo123
Pension and Other Post-Employment Benefits (Recognized Amounts In Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of net actuarial gains and losses | $ 1 | $ (2) | |
Curtailment | $ 1 | ||
Total amounts recognized in other comprehensive (income) loss, after tax | (3) | (3) | (33) |
Pension Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | 1 | 8 | (22) |
Amortization of net actuarial gains and losses | (1) | (2) | |
Total amounts recognized in other comprehensive (income) loss, before tax | 8 | (24) | |
Total amounts recognized in other comprehensive (income) loss, after tax | 6 | (17) | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | (8) | (14) | (24) |
Amortization of net actuarial gains and losses | 1 | 1 | |
Amortization of net prior service costs | 1 | ||
Curtailment | 1 | ||
Total amounts recognized in other comprehensive (income) loss, before tax | (5) | (13) | (24) |
Total amounts recognized in other comprehensive (income) loss, after tax | $ (3) | $ (9) | $ (16) |
Pension and Other Post-Emplo124
Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post-Retirement Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Long-Term Rate of Return on Plan Assets | 4.25% | ||
Pension Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.50% | 3.75% | 3.75% |
Long-Term Rate of Return on Plan Assets | 5.25% | 6.25% | 6.25% |
Rates of Increase in Compensation Levels | 3.49% | 3.49% | 3.99% |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.76% | 4.05% | 3.66% |
Rates of Increase in Compensation Levels | 6.10% | 6.43% | 6.47% |
Pension and Other Post-Emplo125
Pension and Other Post-Employment Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Plans [Abstract] | |||
Health care cost trend rate for next year | 6.98% | 7.30% | 7.41% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,025 | 2,026 | 2,026 |
Pension and Other Post-Emplo126
Pension and Other Post-Employment Benefits (One Percent Change In Assumed Health Care Cost Trend Rate Over Projected Period) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Compensation Plans [Abstract] | |
Effect on total of service and interest cost components, 1% Increase | $ 1 |
Effect on total of service and interest cost components, 1% Decrease | (1) |
Effect on other post-retirement benefit obligation, 1% Increase | 6 |
Effect on other post-retirement benefit obligation, 1% Decrease | $ (5) |
Pension and Other Post-Emplo127
Pension and Other Post-Employment Benefits (Estimate Of Benefit Payments For The Next 10 Years) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Year one | $ 15 |
Year two | 15 |
Year three | 15 |
Year four | 14 |
Year five | 14 |
Thereafter | 66 |
OPEB [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Year one | 6 |
Year two | 7 |
Year three | 7 |
Year four | 7 |
Year five | 7 |
Thereafter | $ 27 |
Pension and Other Post-Emplo128
Pension and Other Post-Employment Benefits (Plan Assets By Investment Asset Category And Fair Value Input Level) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | $ 210 | $ 194 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 28 | 28 | |
Fixed Income - Canadian Bondfunds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 67 | 61 | |
Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 54 | 50 | |
Foreign Equity[Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 50 | 45 | |
Real Estate And Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 11 | 10 | |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 40 | 39 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 27 | 27 | |
Level 1 [Member] | Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 13 | 12 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 159 | 145 | |
Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 1 | 1 | |
Level 2 [Member] | Fixed Income - Canadian Bondfunds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 67 | 61 | |
Level 2 [Member] | Domestic Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 41 | 38 | |
Level 2 [Member] | Foreign Equity[Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 50 | 45 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | 11 | 10 | |
Level 3 [Member] | Real Estate And Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, End of Year | $ 11 | $ 10 | $ 10 |
Pension and Other Post-Emplo129
Pension and Other Post-Employment Benefits (Real Estate And Other Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | $ 194 | |
Fair Value of Plan Assets, End of Year | 210 | $ 194 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | 10 | |
Fair Value of Plan Assets, End of Year | 11 | 10 |
Real Estate And Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | 10 | |
Fair Value of Plan Assets, End of Year | 11 | 10 |
Real Estate And Other [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | 10 | 10 |
Return On Plan Assets Relating to Assets Still Held at the reporting date | 1 | 0 |
Fair Value of Plan Assets, End of Year | $ 11 | $ 10 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Ten Percent Change in Implied Volatility [member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Increase (Decrease) in Risk Management Assets and Liabilities | $ 2 | $ 3 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | $ 205 | |
Risk Management Assets, Net, Long-term | 246 | $ 16 |
Risk Management Liabilities, Net, Current | 236 | 254 |
Risk Management Liabilities, Net, Long-term | 13 | 35 |
Guarantor Obligations, Current Carrying Value | 19 | 19 |
Accounts Payable and Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Accounts Payable and Accrued Liabilities [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Accounts Payable and Accrued Liabilities [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Other Liabilities and Provisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 14 | 14 |
Other Liabilities and Provisions [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 14 | 14 |
Other Liabilities and Provisions [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 14 | 14 |
Level 2 [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Level 2 [Member] | Other Liabilities and Provisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 14 | 14 |
Commodity Contract [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross Liabilities | (15) | (11) |
Commodity Contract [Member] | Other Current Assets [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 189 | 11 |
Commodity Contract [Member] | Other Current Assets [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | 174 | |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross Liabilities | (2) | (3) |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 248 | 19 |
Commodity Contract [Member] | Other Noncurrent Assets [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Long-term | 246 | 16 |
Commodity Contract [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross Assets | (15) | (11) |
Commodity Contract [Member] | Other Current Liabilities [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 250 | 264 |
Commodity Contract [Member] | Other Current Liabilities [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Net, Current | 235 | 253 |
Commodity Contract [Member] | Other Liabilities and Provisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross Assets | (2) | (3) |
Commodity Contract [Member] | Other Liabilities and Provisions [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 15 | 38 |
Commodity Contract [Member] | Other Liabilities and Provisions [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Net, Long-term | 13 | 35 |
Commodity Contract [Member] | Level 1 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 3 | |
Commodity Contract [Member] | Level 2 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 189 | 11 |
Commodity Contract [Member] | Level 2 [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 248 | 19 |
Commodity Contract [Member] | Level 2 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 196 | 228 |
Commodity Contract [Member] | Level 2 [Member] | Other Liabilities and Provisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 15 | 38 |
Commodity Contract [Member] | Level 3 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 51 | 36 |
Foreign Exchange Contract [Member] | Other Current Assets [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 31 | |
Foreign Exchange Contract [Member] | Other Current Assets [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Net, Current | 31 | |
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | Total Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | 1 | 1 |
Foreign Exchange Contract [Member] | Other Current Liabilities [Member] | Carrying Amount [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Net, Current | 1 | 1 |
Foreign Exchange Contract [Member] | Level 2 [Member] | Other Current Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Assets, Gross assets | 31 | |
Foreign Exchange Contract [Member] | Level 2 [Member] | Other Current Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Risk Management Liabilities, Gross liabilities | $ 1 | $ 1 |
Fair Value Measurement (Summary
Fair Value Measurement (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Balance, Beginning Balance | $ (36) | $ 16 |
Total Gains (Losses) | (21) | (16) |
Settlements | 6 | (26) |
Transfers Out of Level 3 | (10) | |
Balance, Ending Balance | (51) | (36) |
Change in Unrealized Gains (Losses) Related to Assets and Liabilities Held at End of Period | $ (51) | $ (27) |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Unobservable Inputs Used In Level 3) (Details) - WTI Options [Member] - Option Model [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs Commodity Price Volatility | 76.00% | 64.00% |
Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs Commodity Price Volatility | 17.00% | 18.00% |
Financial Instruments And Ri134
Financial Instruments And Risk Management (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)contractitem$ / CAD | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||
Foreign currency swap, contract amount outstanding | $ 650,000,000 | ||
Investment Foreign Currency, Contract, Transaction Type Flag | Buy | ||
Derivative, Average Forward Exchange Rate | $ / CAD | 0.75970 | ||
Maximum Remaining Maturity of Foreign Currency Derivatives | 1 year | ||
Realized Gain (Loss) on Derivatives | $ 51,000,000 | $ 353,000,000 | $ 901,000,000 |
Unrealized Gain (Loss) on Derivatives | 474,000,000 | $ (615,000,000) | (331,000,000) |
Collateral balances | $ 0 | ||
Number of Credit Risk Derivatives Held | contract | 0 | ||
Percent of Accounts Receivable and Financial Derivative credit exposures with investment grade counterparties | 92.00% | 90.00% | |
Number Of Counterparties With More Than Ten Percent Of The Fair Value Of The Outstanding Risk Management Contracts | item | 3 | 1 | |
Guarantor Obligations, Current Carrying Value | $ 19,000,000 | $ 19,000,000 | |
Maximum [Member] | |||
Derivative [Line Items] | |||
Guarantor Obligations, Term | P7Y | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 347,000,000 | ||
Minimum [Member] | |||
Derivative [Line Items] | |||
Guarantor Obligations, Term | P4Y | ||
Revenue [Member] | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | $ 40,000,000 | 361,000,000 | 917,000,000 |
Unrealized Gain (Loss) on Derivatives | 442,000,000 | (636,000,000) | (325,000,000) |
Revenue [Member] | Other Derivative Contracts [Member] | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 7,000,000 | 6,000,000 | 1,000,000 |
Unrealized Gain (Loss) on Derivatives | $ (2,000,000) | $ 5,000,000 | $ 0 |
Counterparty One [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 56.00% | 84.00% | |
Counterparty Two [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 11.00% | ||
Counterparty Three [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 11.00% |
Financial Instruments And Ri135
Financial Instruments And Risk Management (Risk Management Positions) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / Mcf$ / bblMBblsMMcf | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Other Derivative Contracts, Net | $ (19) | $ (19) |
Foreign Currency Swaps, at Fair value, Net | 30 | (1) |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | 183 | (292) |
Oil [Member] | Basis Contracts [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (41) | |
Oil [Member] | WTI Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 71.2 | |
Average Price, Fixed Price Contracts | $ / bbl | 53.28 | |
Price Risk Derivatives, at Fair Value, Net | $ (152) | |
Oil [Member] | WTI Three-Way Options, Maturing In Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 16 | |
Price Risk Derivatives, at Fair Value, Net | $ (35) | |
Oil [Member] | WTI Three-Way Options, Maturing In Next Twelve Months [Member] | Call Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 54.49 | |
Oil [Member] | WTI Three-Way Options, Maturing In Next Twelve Months [Member] | Put Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 36.88 | |
Oil [Member] | WTI Three-Way Options, Maturing In Next Twelve Months [Member] | Put Option [Member] | Bought [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 47.17 | |
Oil [Member] | WTI Costless Collars, Maturing Next Twelve months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | MBbls | 10 | |
Price Risk Derivatives, at Fair Value, Net | $ (16) | |
Oil [Member] | WTI Costless Collars, Maturing Next Twelve months [Member] | Call Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 57.08 | |
Oil [Member] | WTI Costless Collars, Maturing Next Twelve months [Member] | Put Option [Member] | Bought [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 45 | |
Oil and NGLs [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (244) | (98) |
Natural Gas [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 416 | $ (174) |
Natural Gas [Member] | NYMEX Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | MMcf | 673 | |
Average Price, Fixed Price Contracts | $ / Mcf | 3.07 | |
Price Risk Derivatives, at Fair Value, Net | $ 59 | |
Natural Gas [Member] | NYMEX Call Options, Maturing Next Twelve Months [Member] | Call Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | MMcf | 230 | |
Average Price, Options/Collars | $ / Mcf | 3.75 | |
Price Risk Derivatives, at Fair Value, Net | $ (3) | |
Natural Gas [Member] | NYMEX Call Options, Maturing In Two Years [Member] | Call Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | MMcf | 230 | |
Average Price, Options/Collars | $ / Mcf | 3.75 | |
Price Risk Derivatives, at Fair Value, Net | $ (6) | |
Natural Gas [Member] | Basis Contracts, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | 118 | |
Natural Gas [Member] | Basis Contracts, Maturing In Two Years [Member[ | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | 107 | |
Natural Gas [Member] | Basis Contracts, Maturing In Three Years [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | 83 | |
Natural Gas [Member] | Basis Contracts, Maturing After Three Years [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ 58 | |
Minimum [Member] | Oil [Member] | Basis Contracts [Member] | ||
Derivative [Line Items] | ||
Term | Jan. 1, 2018 | |
Minimum [Member] | Natural Gas [Member] | Basis Contracts, Maturing After Three Years [Member] | ||
Derivative [Line Items] | ||
Term | Jan. 1, 2021 | |
Maximum [Member] | Currency Swap [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Oil [Member] | Basis Contracts [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2020 | |
Maximum [Member] | Oil [Member] | WTI Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Oil [Member] | WTI Three-Way Options, Maturing In Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Oil [Member] | WTI Costless Collars, Maturing Next Twelve months [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Natural Gas [Member] | NYMEX Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Natural Gas [Member] | NYMEX Call Options, Maturing Next Twelve Months [Member] | Call Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Natural Gas [Member] | NYMEX Call Options, Maturing In Two Years [Member] | Call Option [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2019 | |
Maximum [Member] | Natural Gas [Member] | Basis Contracts, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2018 | |
Maximum [Member] | Natural Gas [Member] | Basis Contracts, Maturing In Two Years [Member[ | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2019 | |
Maximum [Member] | Natural Gas [Member] | Basis Contracts, Maturing In Three Years [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2020 | |
Maximum [Member] | Natural Gas [Member] | Basis Contracts, Maturing After Three Years [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2023 |
Financial Instruments and Ri136
Financial Instruments and Risk Management (Earnings Impact of Realized and Unrealized Gains (Losses) On Risk Management Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | $ 51 | $ 353 | $ 901 |
Unrealized Gain (Loss) on Derivatives | 474 | (615) | (331) |
Realized and Unrealized Gain (Loss) on Risk Management | 525 | (262) | 570 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | 40 | 361 | 917 |
Unrealized Gain (Loss) on Derivatives | 442 | (636) | (325) |
Realized and Unrealized Gain (Loss) on Risk Management | 482 | (275) | 592 |
Transportation and Processing [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | (4) | (8) | (16) |
Unrealized Gain (Loss) on Derivatives | 22 | (6) | |
Realized and Unrealized Gain (Loss) on Risk Management | (4) | 14 | $ (22) |
Foreign Currency Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | 15 | ||
Unrealized Gain (Loss) on Derivatives | 32 | (1) | |
Realized and Unrealized Gain (Loss) on Risk Management | $ 47 | $ (1) |
Financial Instruments And Ri137
Financial Instruments And Risk Management (Reconciliation Of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Risk Management and Other Derivative Guarantee, at Fair Value, Net, Start of year | $ (292) | ||
Fair Value of Contracts Realized During the Period | (51) | $ (353) | $ (901) |
Risk Management and Other Derivative Guarantee, at Fair Value, Net, End of Period | 183 | (292) | |
Unrealized Gain (Loss) on Derivatives | 474 | (615) | (331) |
Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Increase (Decrease) in Derivative Assets and Liabilities | 525 | $ (262) | $ 570 |
Other Derivative Contracts [Member] | |||
Derivative [Line Items] | |||
Increase (Decrease) in Derivative Assets and Liabilities | 7 | ||
Other Derivative Contracts Entered Current Year [Member] | |||
Derivative [Line Items] | |||
Increase (Decrease) in Derivative Assets and Liabilities | $ (6) |
Financial Instruments And Ri138
Financial Instruments And Risk Management (Unrealized Risk Management Position) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Risk Management, Current asset | $ 205 | |
Risk Management, Long-term asset | 246 | $ 16 |
Risk Management, Total asset | 451 | 16 |
Risk Management, Current liability | 236 | 254 |
Risk Management, Long-term liability | 13 | 35 |
Risk Management, Total liability | 249 | 289 |
Guarantor Obligations, Current Carrying Value | 19 | 19 |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | 183 | (292) |
Accounts Payable and Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Guarantor Obligations, Current Carrying Value | 5 | 5 |
Other Liabilities and Provisions [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Guarantor Obligations, Current Carrying Value | $ 14 | $ 14 |
Financial Instruments And Ri139
Financial Instruments And Risk Management (Summary Of Unrealized Risk Management Position By Product) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Other Derivative Contracts, Liabilities | $ 19 | $ 19 |
Other Derivative Contracts, Net | (19) | (19) |
Foreign Currency Swaps, Assets, at Fair Value | 31 | |
Foreign Currency Swaps, Liabilities, at Fair Value | 1 | 1 |
Foreign Currency Swaps, at Fair value, Net | 30 | (1) |
Risk Management and Other Derivative Guarantee Assets, at Fair Value | 451 | 16 |
Risk Management and Other Derivative Guarantee Liabilities, at Fair Value | 268 | 308 |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | 183 | (292) |
Oil and NGLs [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Assets, at Fair Value | 2 | |
Price Risk Derivative Liabilities, at Fair Value | 244 | 100 |
Price Risk Derivatives, at Fair Value, Net | (244) | (98) |
Natural Gas [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Assets, at Fair Value | 420 | 14 |
Price Risk Derivative Liabilities, at Fair Value | 4 | 188 |
Price Risk Derivatives, at Fair Value, Net | $ 416 | $ (174) |
Supplementary Information (Net
Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplementary Information [Abstract] | |||
Accounts receivable and accrued revenues | $ (21) | $ 86 | $ 314 |
Accounts payable and accrued liabilities | (226) | (233) | (14) |
Income tax payable and receivable | (6) | (40) | (38) |
Net change in non-cash working capital | $ (253) | $ (187) | $ 262 |
Supplementary Information (Non-
Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Asset retirement obligation incurred | $ 11 | $ 18 | $ 19 |
Asset retirement obligation change in estimated future cash outflows | 88 | (99) | 115 |
Property, plant and equipment accruals | 19 | 5 | (346) |
Capitalized long-term incentives | 55 | 40 | (10) |
Property additions/dispositions | 194 | 100 | 12 |
Common Shares Issued under Dividend Reinvestment Plan | $ 0.6 | $ 0.9 | $ 73 |
Supplemental Information (Suppl
Supplemental Information (Supplementary Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplementary Information [Abstract] | |||
Interest Paid | $ 370 | $ 397 | $ 602 |
Income Taxes Paid, net of Amounts Recovered | $ (77) | $ (19) | $ (105) |
Commitments and Contingencie143
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2017USD ($) |
Long-term Commitment [Line Items] | |
Operating Leases, Future Minimum Payments Due, Current Year | $ 18 |
Operating Leases, Future Minimum Payments, Due in Two Years | 16 |
Operating Leases, Future Minimum Payments, Due in Three Years | 16 |
Operating Leases, Future Minimum Payments, Due in Four Years | 15 |
Operating Leases, Future Minimum Payments, Due in Five Years | 15 |
Operating Leases, Future Minimum Payments, Due Thereafter | 46 |
Operating Leases, Future Minimum Payments Due | 126 |
Total Commitment, Due in Next Twelve Months | 820 |
Total Commitment, Due in Second Year | 756 |
Total Commitment, Due in Third Year | 707 |
Total Commitment, Due in Fourth Year | 594 |
Total Commitment, Due in Fifth Year | 544 |
Total Commitment, Due Thereafter | 2,361 |
Total Commitment | 5,782 |
Transportation And Processing Commitments [Member] | |
Long-term Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 604 |
Purchase Obligation, Due in Second Year | 701 |
Purchase Obligation, Due in Third Year | 670 |
Purchase Obligation, Due in Fourth Year | 571 |
Purchase Obligation, Due in Fifth Year | 529 |
Purchase Obligation, Due after Fifth Year | 2,315 |
Purchase Obligation | 5,390 |
Drilling And Field Services Commitments [Member] | |
Long-term Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 198 |
Purchase Obligation, Due in Second Year | 39 |
Purchase Obligation, Due in Third Year | 21 |
Purchase Obligation, Due in Fourth Year | 8 |
Purchase Obligation | $ 266 |
Supplementary Oil And Gas In144
Supplementary Oil And Gas Information (Narrative) (Details) MMcf in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)MMBblsMMcf | Dec. 31, 2016USD ($)MMBblsMMcf | Dec. 31, 2015USD ($)MMBblsMMcf | Dec. 31, 2014USD ($) | |
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (43.6) | (64.7) | (321.1) | |
Extensions and discoveries | 303.1 | 275.7 | 191.7 | |
Purchase of reserves in place | 1.5 | 14.9 | ||
Sale of reserves in place | 141.6 | 106.5 | 200.6 | |
Proved Developed and Undeveloped Reserves, Net, Period Increase (Decrease) | 5.2 | (9.7) | (478) | |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ | $ 4,313 | $ 1,675 | $ 2,048 | $ 11,550 |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ | 4,480 | 5,198 | ||
Restatement Adjustment [Member] | ||||
Reserve Quantities [Line Items] | ||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ | $ (13) | $ (16) | (7) | |
Permian Assets [Member] | ||||
Reserve Quantities [Line Items] | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ | $ 4,000 | |||
Permian Assets [Member] | Minimum [Member] | ||||
Reserve Quantities [Line Items] | ||||
Anticipated Timing of Inclusion of Costs In Amortization base, In Years | 8 years | |||
Permian Assets [Member] | Maximum [Member] | ||||
Reserve Quantities [Line Items] | ||||
Anticipated Timing of Inclusion of Costs In Amortization base, In Years | 12 years | |||
Oil [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (15.8) | (15.9) | (74.6) | |
Extensions and discoveries | 85.1 | 52.2 | 68.4 | |
Purchase of reserves in place | 0.8 | 9.6 | ||
Sale of reserves in place | 5.4 | 27.6 | 2.8 | |
Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (18.1) | (8) | (55.9) | |
Extensions and discoveries | 72.9 | 75.8 | 44.7 | |
Purchase of reserves in place | 0.4 | 2.6 | ||
Sale of reserves in place | 3.8 | 26.8 | 4 | |
Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | MMcf | (58) | (244) | (1,144) | |
Extensions and discoveries | MMcf | 871 | 887 | 472 | |
Purchase of reserves in place | MMcf | 2 | 16 | ||
Sale of reserves in place | MMcf | 795 | 313 | 1,163 | |
Proved Developed [Member] | ||||
Reserve Quantities [Line Items] | ||||
Sale of reserves in place | 141.6 | 65.4 | 137.4 | |
Proved Undeveloped [Member] | ||||
Reserve Quantities [Line Items] | ||||
Sale of reserves in place | 41.2 | 63.2 | ||
Canada [Member] | ||||
Reserve Quantities [Line Items] | ||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ | $ 1,582 | $ 439 | $ 635 | 4,476 |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ | $ 311 | $ 285 | ||
Canada [Member] | Oil [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | 0.2 | (0.3) | (0.9) | |
Extensions and discoveries | 0.2 | |||
Sale of reserves in place | 5.4 | 1.6 | ||
Canada [Member] | Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (14.6) | (6.4) | (14.8) | |
Extensions and discoveries | 46.4 | 58.1 | 19.8 | |
Sale of reserves in place | 0.2 | 11.3 | 0.4 | |
Canada [Member] | Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | MMcf | (31) | (422) | (801) | |
Extensions and discoveries | MMcf | 727 | 796 | 313 | |
Sale of reserves in place | MMcf | 65 | 163 | 434 | |
United States [Member] | ||||
Reserve Quantities [Line Items] | ||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ | $ 2,731 | $ 1,236 | $ 1,413 | $ 7,074 |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ | $ 4,169 | $ 4,913 | ||
United States [Member] | Oil [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (16) | (15.6) | (73.6) | |
Extensions and discoveries | 84.9 | 52.2 | 68.4 | |
Purchase of reserves in place | 0.8 | 9.6 | ||
Sale of reserves in place | 5.4 | 22.2 | 1.2 | |
United States [Member] | Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (3.6) | (1.6) | (41.1) | |
Extensions and discoveries | 26.5 | 17.7 | 24.9 | |
Purchase of reserves in place | 0.4 | 2.6 | ||
Sale of reserves in place | 3.6 | 15.5 | 3.6 | |
United States [Member] | Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | MMcf | (27) | 177 | (342) | |
Extensions and discoveries | MMcf | 144 | 91 | 159 | |
Purchase of reserves in place | MMcf | 2 | 16 | ||
Sale of reserves in place | MMcf | 729 | 150 | 728 | |
Change Due to Change in Prices [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | 32.6 | |||
Change Due to Change in Prices [Member] | Oil [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (6.5) | (59.9) | ||
Change Due to Change in Prices [Member] | Natural Gas Liquids [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (6.6) | (52.6) | ||
Change Due to Change in Prices [Member] | Natural Gas [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | MMcf | (462) | (1,106) | ||
Change Due to Change in Approved Development Plan [Member] | ||||
Reserve Quantities [Line Items] | ||||
Revisions of previous estimates | (83.3) | |||
Change Due to Extension of Proved Acreage [Member] | ||||
Reserve Quantities [Line Items] | ||||
Extensions and discoveries | 303.1 | 275.7 | 191.7 |
Supplementary Oil And Gas In145
Supplementary Oil And Gas Information (Twelve Month Average Trailing Prices) (Details) | 12 Months Ended | ||
Dec. 31, 2017$ / bbl$ / MMBTUCAD / bblCAD / MMBTU | Dec. 31, 2016$ / bbl$ / MMBTUCAD / bblCAD / MMBTU | Dec. 31, 2015$ / bbl$ / MMBTUCAD / bblCAD / MMBTU | |
Oil and NGLs [Member] | WTI [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | $ / bbl | 51.34 | 42.75 | 50.28 |
Oil and NGLs [Member] | Edmonton Condensate [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | CAD / bbl | 67.65 | 55.39 | 61.94 |
Natural Gas [Member] | Henry Hub [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | $ / MMBTU | 2.98 | 2.49 | 2.58 |
Natural Gas [Member] | AECO [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | CAD / MMBTU | 2.32 | 2.17 | 2.69 |
Supplementary Oil And Gas In146
Supplementary Oil And Gas Information (Net Proved Reserves) (Details) MMcf in Thousands | 12 Months Ended | |||||
Dec. 31, 2017MMBblsMMcf | Dec. 31, 2016MMBblsMMcf | Dec. 31, 2015MMBblsMMcf | Dec. 31, 2017MMBblsMMcf | Dec. 31, 2016MMBblsMMcf | Dec. 31, 2015MMBblsMMcf | |
Reserve Quantities [Line Items] | ||||||
Beginning of year | 789.7 | 799.4 | 1,277.4 | |||
Revisions of previous estimates | (43.6) | (64.7) | (321.1) | |||
Extensions and discoveries | 303.1 | 275.7 | 191.7 | |||
Purchase of reserves in place | 1.5 | 14.9 | ||||
Sale of reserves in place | (141.6) | (106.5) | (200.6) | |||
Production | (114.3) | (129.1) | (148) | |||
End of year | 794.9 | 789.7 | 799.4 | |||
Developed | 407.8 | 448.8 | 536.6 | |||
Undeveloped | 387.1 | 341 | 262.8 | |||
Total | 789.7 | 799.4 | 1,277.4 | 794.9 | 789.7 | 799.4 |
Oil [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | 155.6 | 164.3 | 205 | |||
Revisions of previous estimates | (15.8) | (15.9) | (74.6) | |||
Extensions and discoveries | 85.1 | 52.2 | 68.4 | |||
Purchase of reserves in place | 0.8 | 9.6 | ||||
Sale of reserves in place | (5.4) | (27.6) | (2.8) | |||
Production | (27.8) | (27) | (31.8) | |||
End of year | 192.5 | 155.6 | 164.3 | |||
Developed | 104.9 | 82.5 | 96.6 | |||
Undeveloped | 87.7 | 73.1 | 67.7 | |||
Total | 155.6 | 164.3 | 205 | 192.5 | 155.6 | 164.3 |
Natural Gas Liquids [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | 150.4 | 124.5 | 156.7 | |||
Revisions of previous estimates | (18.1) | (8) | (55.9) | |||
Extensions and discoveries | 72.9 | 75.8 | 44.7 | |||
Purchase of reserves in place | 0.4 | 2.6 | ||||
Sale of reserves in place | (3.8) | (26.8) | (4) | |||
Production | (19.3) | (17.7) | (16.9) | |||
End of year | 182.5 | 150.4 | 124.5 | |||
Developed | 82.1 | 57.4 | 69.5 | |||
Undeveloped | 100.3 | 93 | 55 | |||
Total | 150.4 | 124.5 | 156.7 | 182.5 | 150.4 | 124.5 |
Natural Gas [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | MMcf | 2,902 | 3,064 | 5,494 | |||
Revisions of previous estimates | MMcf | (58) | (244) | (1,144) | |||
Extensions and discoveries | MMcf | 871 | 887 | 472 | |||
Purchase of reserves in place | MMcf | 2 | 16 | ||||
Sale of reserves in place | MMcf | (795) | (313) | (1,163) | |||
Production | MMcf | (403) | (506) | (596) | |||
End of year | MMcf | 2,519 | 2,902 | 3,064 | |||
Developed | MMcf | 1,325 | 1,853 | 2,223 | |||
Undeveloped | MMcf | 1,195 | 1,049 | 841 | |||
Total | MMcf | 2,902 | 3,064 | 5,494 | 2,519 | 2,902 | 3,064 |
Proved Developed [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Sale of reserves in place | (141.6) | (65.4) | (137.4) | |||
Proved Undeveloped [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Sale of reserves in place | (41.2) | (63.2) | ||||
Canada [Member] | Oil [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | 6.4 | 10.9 | ||||
Revisions of previous estimates | 0.2 | (0.3) | (0.9) | |||
Extensions and discoveries | 0.2 | |||||
Sale of reserves in place | (5.4) | (1.6) | ||||
Production | (0.2) | (0.7) | (2) | |||
End of year | 0.2 | 6.4 | ||||
Developed | 0.2 | 5 | ||||
Undeveloped | 1.3 | |||||
Total | 0.2 | 6.4 | 10.9 | 0.2 | 6.4 | |
Canada [Member] | Natural Gas Liquids [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | 94 | 62.8 | 66.6 | |||
Revisions of previous estimates | (14.6) | (6.4) | (14.8) | |||
Extensions and discoveries | 46.4 | 58.1 | 19.8 | |||
Sale of reserves in place | (0.2) | (11.3) | (0.4) | |||
Production | (10.6) | (9.2) | (8.3) | |||
End of year | 115 | 94 | 62.8 | |||
Developed | 40.5 | 25.6 | 31.8 | |||
Undeveloped | 74.5 | 68.4 | 31 | |||
Total | 94 | 62.8 | 66.6 | 115 | 94 | 62.8 |
Canada [Member] | Natural Gas [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | MMcf | 1,810 | 1,952 | 3,229 | |||
Revisions of previous estimates | MMcf | (31) | (422) | (801) | |||
Extensions and discoveries | MMcf | 727 | 796 | 313 | |||
Sale of reserves in place | MMcf | (65) | (163) | (434) | |||
Production | MMcf | (306) | (354) | (354) | |||
End of year | MMcf | 2,135 | 1,810 | 1,952 | |||
Developed | MMcf | 1,082 | 903 | 1,295 | |||
Undeveloped | MMcf | 1,053 | 907 | 657 | |||
Total | MMcf | 1,810 | 1,952 | 3,229 | 2,135 | 1,810 | 1,952 |
United States [Member] | Oil [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | 155.6 | 157.9 | 194.1 | |||
Revisions of previous estimates | (16) | (15.6) | (73.6) | |||
Extensions and discoveries | 84.9 | 52.2 | 68.4 | |||
Purchase of reserves in place | 0.8 | 9.6 | ||||
Sale of reserves in place | (5.4) | (22.2) | (1.2) | |||
Production | (27.7) | (26.2) | (29.7) | |||
End of year | 192.3 | 155.6 | 157.9 | |||
Developed | 104.7 | 82.5 | 91.6 | |||
Undeveloped | 87.7 | 73.1 | 66.3 | |||
Total | 155.6 | 157.9 | 194.1 | 192.3 | 155.6 | 157.9 |
United States [Member] | Natural Gas Liquids [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | 56.4 | 61.7 | 90.2 | |||
Revisions of previous estimates | (3.6) | (1.6) | (41.1) | |||
Extensions and discoveries | 26.5 | 17.7 | 24.9 | |||
Purchase of reserves in place | 0.4 | 2.6 | ||||
Sale of reserves in place | (3.6) | (15.5) | (3.6) | |||
Production | (8.7) | (8.5) | (8.6) | |||
End of year | 67.5 | 56.4 | 61.7 | |||
Developed | 41.6 | 31.8 | 37.8 | |||
Undeveloped | 25.8 | 24.6 | 24 | |||
Total | 56.4 | 61.7 | 90.2 | 67.5 | 56.4 | 61.7 |
United States [Member] | Natural Gas [Member] | ||||||
Reserve Quantities [Line Items] | ||||||
Beginning of year | MMcf | 1,093 | 1,112 | 2,265 | |||
Revisions of previous estimates | MMcf | (27) | 177 | (342) | |||
Extensions and discoveries | MMcf | 144 | 91 | 159 | |||
Purchase of reserves in place | MMcf | 2 | 16 | ||||
Sale of reserves in place | MMcf | (729) | (150) | (728) | |||
Production | MMcf | (97) | (153) | (241) | |||
End of year | MMcf | 384 | 1,093 | 1,112 | |||
Developed | MMcf | 243 | 951 | 928 | |||
Undeveloped | MMcf | 141 | 142 | 184 | |||
Total | MMcf | 1,093 | 1,112 | 2,265 | 384 | 1,093 | 1,112 |
Supplementary Oil And Gas In147
Supplementary Oil And Gas Information (Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves-Before Discounting) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | $ 19,309 | $ 13,878 | $ 15,746 | |
Production costs | 7,177 | 6,415 | 7,759 | |
Development costs | 5,100 | 4,754 | 4,872 | |
Income taxes | 76 | |||
Future net cash flows | 6,956 | 2,709 | 3,115 | |
Less 10% annual discount for estimated timing of cash flows | 2,643 | 1,034 | 1,067 | |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total | 4,313 | 1,675 | 2,048 | $ 11,550 |
Canada [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | 7,850 | 5,341 | 6,284 | |
Production costs | 3,516 | 2,876 | 3,800 | |
Development costs | 2,058 | 1,949 | 1,742 | |
Income taxes | 76 | |||
Future net cash flows | 2,200 | 516 | 742 | |
Less 10% annual discount for estimated timing of cash flows | 618 | 77 | 107 | |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total | 1,582 | 439 | 635 | 4,476 |
United States [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future cash inflows | 11,459 | 8,537 | 9,462 | |
Production costs | 3,661 | 3,539 | 3,959 | |
Development costs | 3,042 | 2,805 | 3,130 | |
Future net cash flows | 4,756 | 2,193 | 2,373 | |
Less 10% annual discount for estimated timing of cash flows | 2,025 | 957 | 960 | |
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Total | $ 2,731 | $ 1,236 | $ 1,413 | $ 7,074 |
Supplementary Oil And Gas In148
Supplementary Oil And Gas Information (Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Balance, beginning of year | $ 1,675 | $ 2,048 | $ 11,550 |
Sales of oil and gas produced during the period | (1,762) | (1,356) | (2,264) |
Discoveries and extensions, net of related costs | 1,723 | 478 | 613 |
Purchases of proved reserves in place | 13 | 47 | |
Sales and transfers of proved reserves in place | (425) | (291) | (2,278) |
Net change in prices and production costs | 3,076 | 345 | (6,314) |
Revisions to quantity estimates | (225) | (85) | (3,538) |
Accretion of discount | 168 | 205 | 1,398 |
Development costs incurred during the period | 1,820 | 1,159 | 2,334 |
Changes in Estimated Future Development Costs | (1,712) | (760) | (1,822) |
Other | 15 | (115) | (61) |
Net change in income taxes | (53) | 2,430 | |
Balance, end of year | 4,313 | 1,675 | 2,048 |
Canada [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Balance, beginning of year | 439 | 635 | 4,476 |
Sales of oil and gas produced during the period | (471) | (316) | (988) |
Discoveries and extensions, net of related costs | 582 | 211 | 109 |
Sales and transfers of proved reserves in place | (12) | (71) | (674) |
Net change in prices and production costs | 893 | 20 | (3,075) |
Revisions to quantity estimates | (22) | (124) | (1,355) |
Accretion of discount | 44 | 64 | 565 |
Development costs incurred during the period | 454 | 286 | 460 |
Changes in Estimated Future Development Costs | (279) | (304) | (13) |
Other | 7 | 38 | (45) |
Net change in income taxes | (53) | 1,175 | |
Balance, end of year | 1,582 | 439 | 635 |
United States [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Balance, beginning of year | 1,236 | 1,413 | 7,074 |
Sales of oil and gas produced during the period | (1,291) | (1,040) | (1,276) |
Discoveries and extensions, net of related costs | 1,141 | 267 | 504 |
Purchases of proved reserves in place | 13 | 47 | |
Sales and transfers of proved reserves in place | (413) | (220) | (1,604) |
Net change in prices and production costs | 2,183 | 325 | (3,239) |
Revisions to quantity estimates | (203) | 39 | (2,183) |
Accretion of discount | 124 | 141 | 833 |
Development costs incurred during the period | 1,366 | 873 | 1,874 |
Changes in Estimated Future Development Costs | (1,433) | (456) | (1,809) |
Other | 8 | (153) | (16) |
Net change in income taxes | 1,255 | ||
Balance, end of year | $ 2,731 | $ 1,236 | $ 1,413 |
Supplementary Oil And Gas In149
Supplementary Oil And Gas Information (Results Of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas revenues, net of royalties and transportation | $ 2,327 | $ 2,001 | $ 3,079 |
Operating costs, production and mineral taxes and accretion of asset retirement obligations | 602 | 696 | 860 |
Depreciation, depletion and amortization | 766 | 783 | 1,393 |
Results of Operations, Impairment of Oil and Gas Properties | 0 | 1,396 | 6,473 |
Operating income (loss) | 959 | (874) | (5,647) |
Income taxes | 219 | (273) | (2,106) |
Results of operations | 740 | (601) | (3,541) |
Canada [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas revenues, net of royalties and transportation | 613 | 491 | 1,168 |
Operating costs, production and mineral taxes and accretion of asset retirement obligations | 164 | 197 | 199 |
Depreciation, depletion and amortization | 236 | 260 | 305 |
Results of Operations, Impairment of Oil and Gas Properties | 493 | ||
Operating income (loss) | 213 | (459) | 664 |
Income taxes | 58 | (123) | 179 |
Results of operations | 155 | (336) | 485 |
United States [Member] | |||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Oil and gas revenues, net of royalties and transportation | 1,714 | 1,510 | 1,911 |
Operating costs, production and mineral taxes and accretion of asset retirement obligations | 438 | 499 | 661 |
Depreciation, depletion and amortization | 530 | 523 | 1,088 |
Results of Operations, Impairment of Oil and Gas Properties | 903 | 6,473 | |
Operating income (loss) | 746 | (415) | (6,311) |
Income taxes | 161 | (150) | (2,285) |
Results of operations | $ 585 | $ (265) | $ (4,026) |
Supplementary Oil And Gas In150
Supplementary Oil And Gas Information (Capitalized Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved oil and gas properties | $ 40,228 | $ 39,610 | $ 40,647 |
Unproved oil and gas properties | 4,480 | 5,198 | 5,616 |
Total capital cost | 44,708 | 44,808 | 46,263 |
Accumulated DD&A | 37,350 | 38,254 | 38,050 |
Net capitalized costs | 7,358 | 6,554 | 8,213 |
Canada [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved oil and gas properties | 14,555 | 13,159 | 14,866 |
Unproved oil and gas properties | 311 | 285 | 334 |
Total capital cost | 14,866 | 13,444 | 15,200 |
Accumulated DD&A | 14,047 | 12,896 | 14,170 |
Net capitalized costs | 819 | 548 | 1,030 |
United States [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved oil and gas properties | 25,610 | 26,393 | 25,723 |
Unproved oil and gas properties | 4,169 | 4,913 | 5,282 |
Total capital cost | 29,779 | 31,306 | 31,005 |
Accumulated DD&A | 23,240 | 25,300 | 23,822 |
Net capitalized costs | 6,539 | 6,006 | 7,183 |
Other Countries [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved oil and gas properties | 63 | 58 | 58 |
Total capital cost | 63 | 58 | 58 |
Accumulated DD&A | $ 63 | $ 58 | $ 58 |
Supplementary Oil And Gas In151
Supplementary Oil And Gas Information (Costs Incurred) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Costs Incurred (Line Items) | |||
Unproved oil and gas properties | $ 52 | $ 4 | $ 17 |
Proved | 2 | 206 | 19 |
Total acquisitions | 54 | 210 | 36 |
Exploration costs | 5 | 14 | 6 |
Development costs | 1,779 | 1,115 | 2,221 |
Total costs incurred | 1,838 | 1,339 | 2,263 |
Canada [Member] | |||
Costs Incurred (Line Items) | |||
Unproved oil and gas properties | 31 | 2 | |
Proved | 1 | 7 | |
Total acquisitions | 31 | 1 | 9 |
Exploration costs | 1 | 1 | 3 |
Development costs | 425 | 255 | 377 |
Total costs incurred | 457 | 257 | 389 |
United States [Member] | |||
Costs Incurred (Line Items) | |||
Unproved oil and gas properties | 21 | 4 | 15 |
Proved | 2 | 205 | 12 |
Total acquisitions | 23 | 209 | 27 |
Exploration costs | 4 | 13 | 3 |
Development costs | 1,354 | 860 | 1,844 |
Total costs incurred | $ 1,381 | $ 1,082 | $ 1,874 |
Supplementary Oil And Gas In152
Supplementary Oil And Gas Information (Costs Not Subject to Depletion Or Amortization) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ 4,480 | $ 5,198 |
Canada [Member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | 311 | 285 |
United States [Member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ 4,169 | $ 4,913 |
Supplementary Oil And Gas In153
Supplementary Oil And Gas Information (Costs Related To Unproved Properties) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | $ 4,343 | |
Exploration Costs, Cumulative | 137 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 4,480 | $ 5,198 |
CurrentYear [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 245 | |
Exploration Costs, Cumulative | 2 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 247 | |
PriorYear [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 104 | |
Exploration Costs, Cumulative | 5 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 109 | |
Second Prior Year [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 29 | |
Exploration Costs, Cumulative | 8 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 37 | |
Third Prior Year and Previous [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 3,965 | |
Exploration Costs, Cumulative | 122 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | $ 4,087 |
Supplemental Quarterly Finan154
Supplemental Quarterly Financial Information (Narrative) (Details) - Revenues and Operating Income (Loss) [Member] - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2017 | |
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | $ 8 | |
Immaterial Error Correction | Corporate interest income of $8 million previously reported in revenues and operating income (loss) in Q1 2017 has been reclassified to other (gains) losses, net. |
Supplemental Quarterly Finan155
Supplemental Quarterly Financial Information (Supplementary Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenues | $ 1,210 | $ 861 | $ 1,083 | $ 1,289 | $ 822 | $ 979 | $ 364 | $ 753 | $ 4,443 | $ 2,918 | $ 4,422 |
Impairments | 484 | 912 | 1,396 | 6,473 | |||||||
Operating Income (Loss) | 262 | (4) | 321 | 489 | (54) | 128 | (912) | (1,043) | 1,068 | (1,881) | (6,301) |
(Gain) Loss on Divestitures, net | (1) | 406 | (1) | (3) | 395 | (2) | 404 | 390 | 14 | ||
Net Earnings (Loss) Before Income Tax | 147 | 522 | 327 | 434 | (251) | 379 | (1,068) | (680) | 1,430 | (1,620) | (8,010) |
Income tax expense (Recovery) | 376 | 228 | (4) | 3 | 30 | 62 | (467) | (301) | 603 | (676) | (2,845) |
Net Earnings (Loss) | $ (229) | $ 294 | $ 331 | $ 431 | $ (281) | $ 317 | $ (601) | $ (379) | $ 827 | $ (944) | $ (5,165) |
Net Earnings (Loss) per Common Share - Basic & Diluted | $ (0.24) | $ 0.30 | $ 0.34 | $ 0.44 | $ (0.29) | $ 0.37 | $ (0.71) | $ (0.45) | $ 0.85 | $ (1.07) | $ (6.28) |
Uncategorized Items - eca-20171
Label | Element | Value |
Cash | us-gaap_Cash | $ 58,000,000 |
Cash | us-gaap_Cash | 78,000,000 |
Cash | us-gaap_Cash | 51,000,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | 213,000,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | 756,000,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | $ 668,000,000 |