Cover Page
Cover Page - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 0-12014 | ||
Entity Registrant Name | IMPERIAL OIL LIMITED | ||
Entity Incorporation, State or Country Code | Z4 | ||
Entity Tax Identification Number | 98-0017682 | ||
Entity Address, Address Line One | 505 Quarry Park Boulevard S.E. | ||
Entity Address, City or Town | Calgary | ||
Entity Address, State or Province | AB | ||
Entity Address, Country | CA | ||
Entity Address, Postal Zip Code | T2C 5N1 | ||
City Area Code | 800 | ||
Local Phone Number | 567-3776 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 12,036,565,437 | ||
Entity Common Stock, Shares Outstanding | 535,836,803 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000049938 | ||
Document Fiscal Year Focus | 2023 | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Calgary, Canada |
Auditor Firm ID | 271 |
Consolidated statement of incom
Consolidated statement of income (U.S. GAAP) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues and other income | ||||
Revenues | [1] | $ 50,702 | $ 59,413 | $ 37,508 |
Investment and other income (note 8, 18) | 267 | 257 | 82 | |
Total revenues and other income | 50,969 | 59,670 | 37,590 | |
Expenses | ||||
Exploration (note 15) | 5 | 5 | 32 | |
Purchase of crude oil and products | [2] | 32,399 | 37,742 | 23,174 |
Production and manufacturing | [3] | 6,879 | 7,404 | 6,316 |
Selling and general | [3] | 857 | 882 | 784 |
Federal excise tax and fuel charge | 2,402 | 2,179 | 1,928 | |
Depreciation and depletion | 1,907 | 1,897 | 1,977 | |
Non-service pension and postretirement benefit | 82 | 17 | 42 | |
Financing | [4] | 69 | 60 | 54 |
Total expenses | 44,600 | 50,186 | 34,307 | |
Income (loss) before income taxes | 6,369 | 9,484 | 3,283 | |
Income taxes (note 3) | 1,480 | 2,144 | 804 | |
Net income (loss) | $ 4,889 | $ 7,340 | $ 2,479 | |
Per share information (Canadian dollars) | ||||
Net income (loss) per common share - basic (note 10) (in CAD per share) | $ 8.51 | $ 11.47 | $ 3.48 | |
Net income (loss) per common share - diluted (note 10) (in CAD per share) | $ 8.49 | $ 11.44 | $ 3.48 | |
[1] (a) Amounts from related parties included in revenues (note 16). 13,544 17,042 8,777 (b) Amounts to related parties included in purchases of crude oil and products (note 16). 4,125 3,795 2,737 (c) Amounts to related parties included in production and manufacturing, 473 460 420 (d) Amounts to related parties included in financing (note 16). 169 78 28 |
Consolidated statement of inc_2
Consolidated statement of income (U.S. GAAP) (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues | [1] | $ 50,702 | $ 59,413 | $ 37,508 |
Amounts to related parties included in purchases of crude oil and products | [2] | 32,399 | 37,742 | 23,174 |
Amounts to related parties included in financing | [3] | 69 | 60 | 54 |
Related Party | ||||
Revenues | 13,544 | 17,042 | 8,777 | |
Amounts to related parties included in purchases of crude oil and products | 4,125 | 3,795 | 2,737 | |
Amounts to related parties included in production and manufacturing, and selling and general expenses | 473 | 460 | 420 | |
Amounts to related parties included in financing | $ 169 | $ 78 | $ 28 | |
[1] (a) Amounts from related parties included in revenues (note 16). 13,544 17,042 8,777 (b) Amounts to related parties included in purchases of crude oil and products (note 16). 4,125 3,795 2,737 (d) Amounts to related parties included in financing (note 16). 169 78 28 |
Consolidated statement of compr
Consolidated statement of comprehensive income (U.S. GAAP) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 4,889 | $ 7,340 | $ 2,479 |
Other comprehensive income (loss), net of income taxes | |||
Postretirement benefits liability adjustment (excluding amortization) | (206) | 582 | 679 |
Amortization of postretirement benefits liability adjustment included in net benefit costs | 41 | 83 | 133 |
Total other comprehensive income (loss) | (165) | 665 | 812 |
Comprehensive income (loss) | $ 4,724 | $ 8,005 | $ 3,291 |
Consolidated balance sheet (U.S
Consolidated balance sheet (U.S. GAAP) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 864 | $ 3,749 | |
Accounts receivable - net | [1] | 4,482 | 4,719 |
Inventories of crude oil and products (note 11) | 1,944 | 1,514 | |
Materials, supplies and prepaid expenses | 1,008 | 754 | |
Total current assets | 8,298 | 10,736 | |
Investments and long-term receivables | [2] | 1,062 | 893 |
Property, plant and equipment, less accumulated depreciation and depletion (note 2, 18) | 30,835 | 30,506 | |
Goodwill | 166 | 166 | |
Other assets, including intangibles - net | 838 | 1,223 | |
Total assets | 41,199 | 43,524 | |
Current liabilities | |||
Notes and loans payable (note 12) | 121 | 122 | |
Accounts payable and accrued liabilities (note 11) | [1] | 6,231 | 6,194 |
Income taxes payable | 251 | 2,582 | |
Total current liabilities | 6,603 | 8,898 | |
Long-term debt | [3] | 4,011 | 4,033 |
Other long-term obligations (note 5) | 3,851 | 3,467 | |
Deferred income tax liabilities (note 3) | 4,512 | 4,713 | |
Total liabilities | 18,977 | 21,111 | |
Commitments and contingent liabilities (note 9) | |||
Shareholders’ equity | |||
Common shares at stated value (note 10) | [4] | 992 | 1,079 |
Earnings reinvested | 21,907 | 21,846 | |
Accumulated other comprehensive income (loss) (note 17) | (677) | (512) | |
Total shareholders’ equity | 22,222 | 22,413 | |
Total liabilities and shareholders’ equity | $ 41,199 | $ 43,524 | |
[1] (a) Accounts receivable - net included net amounts receivable from related parties (note 16). 1,048 1,108 (b) Investments and long-term receivables included amounts from related parties (note 16). 283 288 (c) Long-term debt included amounts to related parties (note 16). 3,447 3,447 (d) Number of common shares authorized (millions) (note 10). 1,100 1,100 Number of common shares outstanding (millions) (note 10). 536 584 |
Consolidated balance sheet (U_2
Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) shares in Thousands, $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Investments and long-term receivables, related party amount | [1] | $ 1,062 | $ 893 |
Long-term debt, related party amount | $ 3,447 | $ 3,447 | |
Common shares authorized (in shares) | 1,100,000 | 1,100,000 | |
Common shares outstanding (in shares) | 536,000 | 584,000 | |
Related Party | |||
Accounts receivable, net, related party amount | $ 1,048 | $ 1,108 | |
Investments and long-term receivables, related party amount | 283 | 288 | |
Long-term debt, related party amount | $ 3,447 | $ 3,447 | |
[1] (b) Investments and long-term receivables included amounts from related parties (note 16). 283 288 |
Consolidated statement of share
Consolidated statement of shareholders' equity (U.S. GAAP) - CAD ($) $ in Millions | Total | Common shares at stated value (note 10) | Earnings reinvested | Accumulated other comprehensive income (loss) (note 17) |
At beginning of period at Dec. 31, 2020 | $ 1,357 | $ 22,050 | $ (1,989) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (105) | |||
Net income (loss) for the year | $ 2,479 | 2,479 | ||
Share purchases in excess of stated value | (2,140) | |||
Dividends declared | (729) | |||
Other comprehensive income (loss) | 812 | 812 | ||
At end of period at Dec. 31, 2021 | 21,735 | 1,252 | 21,660 | (1,177) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (173) | |||
Net income (loss) for the year | 7,340 | 7,340 | ||
Share purchases in excess of stated value | (6,222) | |||
Dividends declared | (932) | |||
Other comprehensive income (loss) | 665 | 665 | ||
At end of period at Dec. 31, 2022 | 22,413 | 1,079 | 21,846 | (512) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (87) | |||
Net income (loss) for the year | 4,889 | 4,889 | ||
Share purchases in excess of stated value | (3,713) | |||
Dividends declared | (1,115) | |||
Other comprehensive income (loss) | (165) | (165) | ||
At end of period at Dec. 31, 2023 | $ 22,222 | $ 992 | $ 21,907 | $ (677) |
Consolidated statement of cash
Consolidated statement of cash flows (U.S. GAAP) - CAD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Operating activities | ||||||
Net income (loss) | $ 4,889 | $ 7,340 | $ 2,479 | |||
Adjustments for non-cash items: | ||||||
Depreciation and depletion | 1,907 | 1,897 | 1,977 | |||
(Gain) loss on asset sales (note 8, 18) | (73) | (158) | (49) | |||
Deferred income taxes and other | (85) | (77) | 91 | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 237 | (862) | (1,950) | |||
Inventories, materials, supplies and prepaid expenses | (688) | (477) | 45 | |||
Income taxes payable | (2,331) | 1,876 | 248 | |||
Accounts payable and accrued liabilities | 81 | 948 | 2,020 | |||
All other items - net | [1] | (203) | (5) | 615 | ||
Cash flows from (used in) operating activities | 3,734 | 10,482 | 5,476 | |||
Investing activities | ||||||
Additions to property, plant and equipment | (1,785) | (1,526) | (1,108) | |||
Proceeds from asset sales (note 8, 18) | 86 | 904 | 81 | |||
Additional investments | 0 | (6) | 0 | |||
Loans to equity companies - net | 5 | 10 | 15 | |||
Cash flows from (used in) investing activities | (1,694) | (618) | (1,012) | |||
Financing activities | ||||||
Short-term debt - net (note 12) | 0 | 0 | (111) | |||
Long-term debt - reduction (note 14) | 0 | (1,000) | 0 | |||
Finance lease obligations - reduction (note 14) | (22) | (22) | (20) | |||
Dividends paid | (1,103) | (851) | (706) | |||
Common shares purchased (note 10) | (3,800) | (6,395) | (2,245) | |||
Cash flows from (used in) financing activities | (4,925) | (8,268) | (3,082) | |||
Increase (decrease) in cash and cash equivalents | (2,885) | 1,596 | 1,382 | |||
Cash and cash equivalents at beginning of year | 3,749 | [2] | 2,153 | [2] | 771 | |
Cash and cash equivalents at end of year | [2] | $ 864 | $ 3,749 | $ 2,153 | ||
[1] (b) Included contributions to registered pension plans. (148) (174) (164) (a) Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less. |
Consolidated statement of cas_2
Consolidated statement of cash flows (U.S. GAAP) (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Included contributions to registered pension plans | $ (148) | $ (174) | $ (164) |
Income taxes (paid) refunded. | (4,153) | (374) | 58 |
Interest (paid), net of capitalization. | $ (69) | $ (60) | $ (43) |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Principles of consolidation The consolidated financial statements include the accounts of subsidiaries the company controls. Intercompany accounts and transactions are eliminated. Subsidiaries include those companies in which Imperial has both an equity interest and the continuing ability to unilaterally determine strategic, operating, investing and financing policies. Imperial Oil Resources Limited and Canada Imperial Oil Limited are significant subsidiaries included in the consolidated financial statements and are wholly owned by Imperial Oil Limited. The consolidated financial statements also include the company’s share of the undivided interest in certain upstream assets, liabilities, revenues and expenses, including its 70.96 percent interest in the Kearl joint venture and its 25 percent interest in the Syncrude joint venture. Revenues The company generally sells crude oil, natural gas and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases, products may be sold under long-term agreements, with periodic price adjustments to reflect market conditions. Revenue is recognized at the amount the company expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. The prices of certain sales are based on price indices that are sometimes not available until the next period. In such cases, estimated realizations are accrued when the sale is recognized, and are finalized when final information is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant. Payment for revenue transactions is typically due within 30 days. Revenues include amounts billed to customers for shipping and handling. Shipping and handling costs incurred up to the point of final storage prior to delivery to a customer are included in “Purchases of crude oil and products” in the Consolidated statement of income. Delivery costs from final storage to customer are recorded as a marketing expense in “Selling and general” expenses. The company does not enter into ongoing arrangements whereby it is required to repurchase its products, nor does the company provide the customer with a right of return. Future volume delivery obligations that are unsatisfied at the end of the period are expected to be fulfilled through ordinary production or purchases. These performance obligations are based on market prices at the time of the transaction and are fully constrained due to market price volatility. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold. "Revenues" and "Accounts receivable - net" include revenue and receivables both within the scope of ASC 606 Revenue from Contracts with Customers , and those outside the scope of ASC 606 . Long-term receivables are primarily from receivables outside the scope of ASC 606 . Contract assets are mainly from marketing assistance programs and are not significant. Contract liabilities are mainly customer prepayments and accruals of expected volume discounts, and are not significant. Consumer taxes Taxes levied on the consumer and collected by the company are excluded from the Consolidated statement of income. These are primarily provincial taxes on motor fuels, the federal goods and services tax and the federal / provincial harmonized sales tax. Derivative instruments The company may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, currency exchange rates and interest rates that arise from existing assets, liabilities, firm commitments and forecasted transactions. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value. Derivative assets and liabilities with the same counterparty are netted if the right of offset exists and certain other criteria are met. Collateral payables or receivables are netted against derivative assets and derivative liabilities, respectively. Recognition and classification of the gain or loss that results from adjusting a derivative to fair value depends on the purpose for the derivative. The gains and losses resulting from changes in the fair value of derivatives are recorded under "Revenues" or "Purchases of crude oil and products" in the Consolidated statement of income. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy levels 1, 2 and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy level 2 inputs are inputs other than quoted prices included within level 1 that are directly or indirectly observable for the asset or liability. Hierarchy level 3 inputs are inputs that are not observable in the market. Inventories Inventories are recorded at the lower of current market value or cost. The cost of crude oil and products is determined primarily using the last-in, first-out (LIFO) method. LIFO was selected over the alternative first-in, first-out and average cost methods because it provides a better matching of current costs with the revenues generated in the period. Inventory costs include expenditures and other charges (including depreciation), directly and indirectly incurred in bringing the inventory to its existing condition and location. Selling and general expenses are reported as period costs and excluded from inventory costs. Inventories of materials and supplies are valued at cost or less. Investments The company’s interests in the underlying net assets of affiliates it does not control, but over which it exercises significant influence, are accounted for using the equity method. They are recorded at the original cost of the investment plus the company’s share of earnings since the investment was made, less dividends received. The company’s share of the after-tax earnings of these investments is included in “Investment and other income” in the Consolidated statement of income. Investments in equity securities, other than consolidated subsidiaries and equity method investments, are measured at fair value, with changes in the fair value recognized in net income. The company uses a modified approach for equity securities that do not have a readily determinable fair value. This modified approach measures investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions in similar investments of the same issuer. Dividends from these investments are included in “Investment and other income”. These investments represent interests in non-publicly traded pipeline companies and a rail loading joint venture that facilitate the sale and purchase of liquids in the conduct of company operations. Other parties who also have an equity interest in these investments share in the risks and rewards according to their percentage of ownership. The company does not invest in these investments in order to remove liabilities from its balance sheet. Property, plant and equipment Cost basis The company uses the "successful efforts" method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. Exploratory well costs are carried as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Development costs, including costs of productive wells and development dry holes, are capitalized. Interest costs incurred to finance expenditures during the construction phase of projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets. Maintenance and repair costs, including planned major maintenance, are expensed as incurred. Improvements that increase or prolong the service life or capacity of an asset are capitalized. Depreciation, depletion and amortization Depreciation, depletion and amortization are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration. Depreciation and depletion for assets associated with producing properties begin at the time when production commences on a regular basis. Depreciation for other assets begins when the asset is in place and ready for its intended use. Assets under construction are not depreciated or depleted. Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and natural gas reserve volumes. Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using the unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods. Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank. In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the company uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life. Investments in mining heavy equipment and certain ore processing plant assets at oil sands mining properties are depreciated on a straight-line basis over a maximum of 15 years and 50 years respectively. Depreciation of other plant and equipment is calculated using the straight-line method, based on the estimated service life of the asset. To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes. Investments in refinery and chemical process manufacturing equipment are generally depreciated on a straight-line basis over a 25-year life. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized and the assets replaced are retired. Impairment assessment The company tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Among the events or changes in circumstances which could indicate that the carrying value of an asset or asset group may not be recoverable are the following: • a significant decrease in the market price of a long-lived asset; • a significant adverse change in the extent or manner in which an asset is being used or in its physical condition including a significant decrease in current and projected reserve volumes; • a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator; • an accumulation of project costs significantly in excess of the amount originally expected; • a current-period operating loss combined with a history and forecast of operating or cash flow losses; and • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The company has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932 and relies, in part, on the company’s planning and budgeting cycle. Asset valuation analysis, profitability reviews and other periodic control processes assist the company in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable. Because the lifespans of the vast majority of the company’s major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices, industry margins, and development and production costs. Significant reductions in the company’s view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances, including indicators outlined in ASC 360 can be indicators of potential impairment as well. In general, the company does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC+ investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources and levels of prosperity. During the lifespan of its major assets, the company expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the company considers recent periods of operating losses in the context of its longer-term view of prices and margins. In the Upstream, the standardized measure of discounted cash flows included in the “Supplemental information on oil and gas exploration and production activities” is required to use prices based on the average of first-day-of-month prices in the year. These prices represent discrete points in time and could be higher or lower than the company’s price assumptions which are used for impairment assessments. The company believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves and therefore does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment. Global Outlook and cash flow assessment The annual planning and budgeting process, known as the company plan, is the mechanism by which resources (capital, operating expenses and people) are allocated across the company. The foundation for the energy supply and demand assumptions supporting the company plan begins with Exxon Mobil Corporation’s Global Outlook (the Outlook), which contains demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world or the company, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and consequently, the company’s business plans will be updated accordingly. If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the company estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the company plan, which is reviewed and approved by the board of directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the company’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs, including greenhouse gas emissions prices, and foreign currency exchange rates. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. The greenhouse gas emission prices reflect existing or anticipated policy actions of applicable provincial and federal governments. Fair value of impaired assets An asset group is impaired if its estimated future undiscounted cash flows are less than the asset group’s carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based on the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group. Other impairment estimates Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the company’s future development plans, the estimated economic chance of success and the length of time that the company expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the company. Asset retirement obligations and other environmental liabilities The company incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the company uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates and inflation rates. Asset retirement obligations incurred in the current period were Level 3 fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value. Asset retirement obligations for downstream and chemical facilities generally become firm at the time the facilities are permanently shut down and dismantled. These obligations may include the costs of asset disposal and additional soil remediation. However, these sites generally have indeterminate lives based on plans for continued operations, and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations. Note 5 to the consolidated financial statements provides a three-year continuity table detailing the changes in asset retirement obligations. The company accrues environmental liabilities when it is probable that obligations have been incurred and the amount can be reasonably estimated. Provisions for environmental liabilities are determined based on engineering estimated costs, taking into account the anticipated method and extent of remediation consistent with legal requirements, current technology and the possible use of the location. These provisions are not reduced by possible recoveries from third parties and projected cash expenditures are not discounted. Foreign-currency translation |
Business segments
Business segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business segments | Business segments The company operates its business in Canada, and its reportable segments are Upstream, Downstream and Chemical. The factors used to identify these reportable segments are based on the nature of the operations that are undertaken by each segment and the structure of the company’s internal organization. The Upstream segment is organized and operates to explore for and ultimately produce crude oil and its equivalent, and natural gas. The Downstream segment is organized and operates to refine crude oil into petroleum products and to distribute and market these products. The Chemical segment is organized and operates to manufacture and market hydrocarbon-based chemicals and chemical products. The above segmentation has been the long-standing practice of the company and is broadly understood across the petroleum and petrochemical industries. Corporate and other includes assets and liabilities that do not specifically relate to business segments – primarily cash, capitalized interest costs, short-term borrowings, long-term debt and liabilities associated with incentive compensation, pension and other postretirement benefit liabilities. Net earnings effects under Corporate and other activities primarily include debt-related financing, corporate governance costs, non-service pension and postretirement benefit costs, share-based incentive compensation expenses and interest income. Segment accounting policies are the same as those described in note 1, "Summary of significant accounting policies". Upstream, Downstream and Chemical expenses include amounts allocated from Corporate and other activities. The allocation is based on proportional segment expenses. Transfers of assets between segments are recorded at book amounts. Intersegment sales are made essentially at prevailing market prices. Assets and liabilities that are not identifiable by segment are allocated. Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2021 2023 2022 2021 2023 2022 2021 Revenues and other income Revenues (a) (b) 222 494 5,863 49,241 57,466 30,207 1,239 1,453 1,438 Intersegment sales (c) 16,274 19,135 9,956 6,509 7,476 4,520 342 523 319 Investment and other income (note 8, 18) 16 135 12 108 43 59 — — 1 16,512 19,764 15,831 55,858 64,985 34,786 1,581 1,976 1,758 Expenses Exploration (note 15) 5 5 32 — — — — — — Purchases of crude oil and products (c) (note 11) 6,636 7,971 7,492 47,886 55,569 29,505 997 1,330 966 Production and manufacturing 4,917 5,491 4,661 1,702 1,640 1,445 260 273 210 Selling and general — — — 693 653 572 89 85 90 Federal excise tax and fuel charge — — — 2,399 2,177 1,928 3 2 — Depreciation and depletion 1,680 1,673 1,775 183 179 158 15 18 18 Non-service pension and postretirement benefit — — — — — — — — — Financing (note 12) 7 5 15 — 1 — — — — Total expenses 13,245 15,145 13,975 52,863 60,219 33,608 1,364 1,708 1,284 Income (loss) before income taxes (note 11) 3,267 4,619 1,856 2,995 4,766 1,178 217 268 474 Income tax expense (benefit) (note 3 ) 755 974 461 694 1,144 283 53 64 113 Net income (loss) (c) (note 11) 2,512 3,645 1,395 2,301 3,622 895 164 204 361 Cash flows from (used in) operating activities (c) 3,100 5,834 4,913 608 4,415 179 53 276 421 Capital and exploration expenditures (d) 1,108 1,128 632 472 295 476 23 10 8 Property, plant and equipment Cost 46,776 45,784 48,200 7,368 6,926 6,772 1,018 995 984 Accumulated depreciation and depletion (19,936) (18,835) (20,389) (4,301) (4,143) (4,096) (757) (741) (721) Net property, plant and equipment (e) 26,840 26,949 27,811 3,067 2,783 2,676 261 254 263 Total assets (c) 28,718 28,830 29,416 10,114 9,277 7,945 475 491 474 Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2021 2023 2022 2021 2023 2022 2021 Revenues and other income Revenues (a) (b) — — — — — — 50,702 59,413 37,508 Intersegment sales (c) — — — (23,125) (27,134) (14,795) — — — Investment and other income (note 8, 18) 143 79 10 — — — 267 257 82 143 79 10 (23,125) (27,134) (14,795) 50,969 59,670 37,590 Expenses Exploration (note 15) — — — — — — 5 5 32 Purchases of crude oil and products (c) (note 11) — — — (23,120) (27,128) (14,789) 32,399 37,742 23,174 Production and manufacturing — — — — — — 6,879 7,404 6,316 Selling and general 80 150 128 (5) (6) (6) 857 882 784 Federal excise tax and fuel charge — — — — — — 2,402 2,179 1,928 Depreciation and depletion 29 27 26 — — — 1,907 1,897 1,977 Non-service pension and postretirement benefit 82 17 42 — — — 82 17 42 Financing (note 12) 62 54 39 — — — 69 60 54 Total expenses 253 248 235 (23,125) (27,134) (14,795) 44,600 50,186 34,307 Income (loss) before income taxes (note 11) (110) (169) (225) — — — 6,369 9,484 3,283 Income tax expense (benefit) (note 3) (22) (38) (53) — — — 1,480 2,144 804 Net income (loss) (c) (note 11) (88) (131) (172) — — — 4,889 7,340 2,479 Cash flows from (used in) operating activities (c) (37) (59) (47) 10 16 10 3,734 10,482 5,476 Capital and exploration expenditures (d) 175 57 24 — — — 1,778 1,490 1,140 Property, plant and equipment Cost 1,038 863 806 — — — 56,200 54,568 56,762 Accumulated depreciation and depletion (371) (343) (316) — — — (25,365) (24,062) (25,522) Net property, plant and equipment (e) 667 520 490 — — — 30,835 30,506 31,240 Total assets (c) 2,366 5,312 3,196 (474) (386) (249) 41,199 43,524 40,782 Includes export sales to the United States of $8,982 million (2022 - $12,394 million, 2021 - $7,228 million). (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it. Revenues millions of Canadian dollars 2023 2022 2021 Revenue from contracts with customers 44,465 52,265 34,275 Revenue outside the scope of ASC 606 6,237 7,148 3,233 Total 50,702 59,413 37,508 (c) In 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes. (d) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. (e) |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes millions of Canadian dollars 2023 2022 2021 Current income tax expense (benefit) 1,556 2,228 711 Deferred income tax expense (benefit) (76) (84) 93 Total income tax expense (benefit) 1,480 2,144 804 Statutory corporate tax rate (percent) 24.1 24.1 24.0 Increase (decrease) resulting from: Other (a) (0.9) (1.5) 0.5 Effective income tax rate (percent) 23.2 22.6 24.5 (a) Other primarily relates to prior year adjustments, disposals, investment tax credits and re-assessments. In 2022, the company's sale of its interests in XTO Energy Canada decreased the effective income tax rate by 1.3 percent. Deferred income taxes are based on differences between the accounting and tax values of assets and liabilities. These differences in value are re-measured at each year-end using the tax rates and tax laws expected to apply when those differences are realized or settled in the future. Components of deferred income tax liabilities and assets as at December 31 were: millions of Canadian dollars 2023 2022 2021 Depreciation and amortization 5,366 5,388 5,284 Successful drilling and land acquisitions 237 236 331 Pension and benefits (168) (105) (303) Asset retirement obligation (655) (529) (418) Capitalized interest 155 127 120 LIFO inventory valuation (406) (454) (413) Tax loss carryforwards (69) (84) (42) Valuation allowance 69 73 — Other (60) (53) (101) Net deferred income tax liabilities 4,469 4,599 4,458 Unrecognized tax benefits Unrecognized tax benefits reflect the difference between positions taken or expected to be taken on income tax returns and the amounts recognized in the financial statements. The following table summarizes the movement in unrecognized tax benefits: millions of Canadian dollars 2023 2022 2021 Balance as of January 1 60 47 36 Additions based on current year’s tax position 7 12 16 Additions for prior years’ tax positions — 10 — Settlements with tax authorities (20) (9) (5) Balance as of December 31 47 60 47 The unrecognized tax benefit balances shown above are predominantly related to tax positions that would reduce the company’s effective tax rate if the positions are favourably resolved. Unfavourable resolution of these tax positions generally would not increase the effective tax rate. The 2023, 2022 and 2021 changes in unrecognized tax benefits did not have a material effect on the company’s net income or cash flow. The company’s tax filings from 2018 to 2023 are subject to examination by the tax authorities. Tax filings from 2009 to 2017 have open objections and therefore are also subject to examination by the tax authorities. The Canada Revenue Agency has made certain adjustments to the company’s filings. Management has evaluated these adjustments and is formally disputing those matters to which the company disagrees. Many of these outstanding matters will not be resolved until after 2024. The impact on unrecognized tax benefits and the company’s effective income tax rate from these matters is not expected to be material. Resolution of the related tax positions could take many years to complete. It is difficult to predict the timing of resolution for tax positions since such timing is not entirely within the control of the company. The company classifies interest on income tax related balances as interest expense or interest income and classifies tax related penalties as operating expense. |
Employee retirement benefits
Employee retirement benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee retirement benefits | Employee retirement benefits Retirement benefits, which cover almost all retired employees and their surviving spouses, include pension income and certain health care and life insurance benefits. They are met through funded registered retirement plans and through unfunded supplementary benefits that are paid directly to recipients. Pension income benefits consist mainly of company-paid defined benefit plans that are based on years of service and final average earnings. The company shares in the cost of health care and life insurance benefits. The company’s benefit obligations are based on the projected benefit method of valuation that includes employee service to date and present compensation levels, as well as a projection of salaries to retirement. The expense and obligations for both funded and unfunded benefits are determined in accordance with accepted actuarial practices and U.S. GAAP. The process for determining retirement-income expense and related obligations includes making certain long-term assumptions regarding the discount rate, rate of return on plan assets and rate of compensation increases. The obligation and pension expense can vary significantly with changes in the assumptions used to estimate the obligation and the expected return on plan assets. The benefit obligations and plan assets associated with the company’s defined benefit plans are measured on December 31. Pension benefits Other postretirement 2023 2022 2023 2022 Assumptions used to determine benefit obligations at December 31 (percent) Discount rate 4.60 5.10 4.60 5.10 Long-term rate of compensation increase 4.00 4.00 4.00 4.00 millions of Canadian dollars Change in benefit obligation Benefit obligation at January 1 7,374 9,850 589 818 Service cost 162 280 12 23 Interest cost 373 295 28 24 Actuarial loss (gain) (a) 514 (2,528) (14) (248) Amendments 184 — — — Benefits paid (b) (453) (523) (34) (28) Benefit obligation at December 31 8,154 7,374 581 589 Accumulated benefit obligation at December 31 7,449 6,820 (a) Actuarial loss (gain) primarily driven by changes in the year-end discount rate and salary experience. (b) Benefit payments for funded and unfunded plans. The discount rate for the purpose of calculating year-end postretirement benefits plan obligation is determined by using the Canadian Institute of Actuaries recommended spot yield curve for high-quality, long-term Canadian corporate bonds with an average maturity (or duration) approximating that of the liabilities. For the measurement of the accumulated postretirement benefit obligation, the assumed health care cost trend rates start with 5.80 percent in 2024 and gradually decline to 3.57 percent by 2043 and beyond. Pension benefits Other postretirement millions of Canadian dollars 2023 2022 2023 2022 Change in plan assets Fair value at January 1 7,541 9,440 Actual return (loss) gain 785 (1,594) Company contributions 148 174 Benefits paid (a) (420) (479) Fair value at December 31 8,054 7,541 Plan assets in excess of (less than) projected benefit obligation at December 31 Funded plans 335 543 Unfunded plans (435) (376) (581) (589) Total (b) (100) 167 (581) (589) (a) Benefit payments for funded plans only. (b) Fair value of assets less projected benefit obligation shown above. Funding of registered retirement plans complies with federal and provincial pension regulations, and the company makes contributions to the plans based on an independent actuarial valuation. In accordance with authoritative guidance relating to the accounting for defined pension and other postretirement benefits plans, the overfunded or underfunded status of the company’s defined benefit postretirement plans was recorded as an asset or liability in the Consolidated balance sheet, and the changes in that funded status in the year in which the changes occurred was recognized through other comprehensive income. Pension benefits Other postretirement millions of Canadian dollars 2023 2022 2023 2022 Amounts recorded in the Consolidated balance sheet consist of: Other assets, including intangibles - net 335 543 — — Current liabilities (34) (35) (28) (28) Other long-term obligations (401) (341) (553) (561) Total recorded (100) 167 (581) (589) Amounts recorded in accumulated other comprehensive income consist of: Net actuarial loss (gain) 724 666 (89) (84) Prior service cost 400 235 — — Total recorded in accumulated other 1,124 901 (89) (84) The company establishes the long-term expected rate of return on plan assets by developing a forward-looking long-term return assumption for each asset class, taking into account factors such as the expected real return for the specific asset class and inflation. A single, long-term rate of return is then calculated as the weighted average of the target asset allocation percentages and the long-term return assumption for each asset class. The 2023 long-term expected return of 4.8 percent used in the calculations of pension expense compares to an actual rate of return of 5.7 percent and 6.1 percent over the last 10- and 20-year periods respectively, ending December 31, 2023. Pension benefits Other postretirement benefits 2023 2022 2021 2023 2022 2021 Assumptions used to determine net periodic benefit cost for years ended December 31 (percent) Discount rate 5.10 3.00 2.50 5.10 3.00 2.50 Long-term rate of return on funded assets 4.80 4.30 4.50 — — — Long-term rate of compensation increase 4.00 4.00 4.00 4.00 4.00 4.00 millions of Canadian dollars Components of net periodic benefit cost Service cost 162 280 324 12 23 28 Interest cost 373 295 271 28 24 22 Expected return on plan assets (373) (412) (427) — — — Amortization of prior service cost 19 17 17 — — — Amortization of actuarial loss (gain) 44 84 143 (9) 9 16 Net periodic benefit cost 225 264 328 31 56 66 Changes in amounts recorded in accumulated other comprehensive income Net actuarial loss (gain) 102 (522) (817) (14) (248) (83) Amortization of net actuarial (loss) gain included in (44) (84) (143) 9 (9) (16) Prior service cost 184 — — — — — Amortization of prior service cost included in net (19) (17) (17) — — — Total recorded in other comprehensive income 223 (623) (977) (5) (257) (99) Total recorded in net periodic benefit cost and 448 (359) (649) 26 (201) (33) Costs for defined contribution plans, primarily the employee savings plan, were $44 million in 2023 (2022 - $43 million, 2021 - $47 million). A summary of the change in accumulated other comprehensive income is shown in the table below: Total pension and other millions of Canadian dollars 2023 2022 2021 (Charge) credit to other comprehensive income, before-tax (218) 880 1,076 Deferred income tax (charge) credit (note 17) 53 (215) (264) (Charge) credit to other comprehensive income, after-tax (165) 665 812 The company’s investment strategy for pension plan assets reflects a long-term view, a careful assessment of the risks inherent in plan assets and liabilities and broad diversification to reduce the risk of the portfolio. The pension plan assets are primarily invested in passive global equity and domestic fixed income index funds to diversify risk while minimizing costs. The fixed income funds are largely invested in investment grade corporate and government debt securities with interest rate sensitivity designed to approximate the interest rate sensitivity of plan liabilities. The target asset allocation for the pension plan is reviewed periodically and set based on considerations such as risk, diversification and liquidity. The target asset allocation for equity securities is 30 percent with the remainder in fixed-income securities. The fair value measurement levels are accounting terms that refer to different methods of valuing assets. The terms do not represent the relative risk or credit quality of an investment. The 2023 fair value of the pension plan assets, including the level within the fair value hierarchy, is shown in the table below: Fair value measurements at December 31, 2023, using: millions of Canadian dollars Total Level 1 Level 2 Level 3 Net Asset Asset class Equity securities Canadian — — Non-Canadian 2,347 2,347 Debt securities - Canadian Corporate 1,193 1,193 Government 4,251 4,251 Asset backed — — Other 5 5 Equities – Venture capital 124 124 Real Estate 93 93 Cash 41 7 34 Total plan assets at fair value 8,054 7 8,047 The 2022 fair value of the pension plan assets, including the level within the fair value hierarchy, is shown in the table below: Fair value measurements at December 31, 2022, using: millions of Canadian dollars Total Level 1 Level 2 Level 3 Net Asset Asset class Equity securities Canadian 96 96 Non-Canadian 2,215 2,215 Debt securities - Canadian Corporate 1,156 1,156 Government 3,842 3,842 Asset backed 2 2 Equities – Venture capital 199 199 Cash 31 10 21 Total plan assets at fair value 7,541 10 7,531 A summary of pension plans with accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below: Pension benefits millions of Canadian dollars 2023 2022 For funded pension plans with projected benefit (a) Projected benefit obligation — — Fair value of plan assets — — Projected benefit obligation less fair value of plan assets — — For unfunded pension plans covered by book reserves: Projected benefit obligation 435 376 Accumulated benefit obligation 395 353 (a) In 2023 and 2022, the fair value of plan assets exceeded the projected benefit obligation for both the company sponsored plan and its proportionate share of a joint venture sponsored plan. Cash flows Benefit payments expected in: millions of Canadian dollars Pension benefits Other postretirement 2024 490 29 2025 490 29 2026 490 29 2027 490 29 2028 490 30 2029 - 2033 2,450 154 |
Other long-term obligations
Other long-term obligations | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | Other long-term obligations millions of Canadian dollars 2023 2022 Employee retirement benefits (a) (note 4) 954 902 Asset retirement obligations and other environmental liabilities (b) (c) 2,564 2,150 Share-based incentive compensation liabilities (note 7) 90 101 Operating lease liability (note 13) 111 151 Other obligations 132 163 Total other long-term obligations 3,851 3,467 (a) Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2022 – $63 million). (b) Total asset retirement obligations and other environmental liabilities also included $235 million in current liabilities (2022 – $116 million). (c) For 2023, the asset retirement obligations were discounted at 6 percent (2022 - 6 percent). Asset retirement obligations incurred in the current period were level 3 fair value measurements. The following table summarizes the activity in the liability for asset retirement obligations: millions of Canadian dollars 2023 2022 2021 Balance as at January 1 2,178 1,721 1,674 Additions (deductions) 471 415 6 Accretion 132 101 99 Settlement (78) (59) (58) Balance as at December 31 2,703 2,178 1,721 |
Financial and derivative instru
Financial and derivative instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and derivative instruments | Financial and derivative instruments Financial instruments The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At December 31, 2023 and December 31, 2022, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement. Derivative instruments The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line "Revenues" and in the Consolidated statement of cash flows in "Cash flows from (used in) operating activities". The company’s commodity derivatives are not accounted for under hedge accounting. Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity. At December 31, the net notional long / (short) position of derivative instruments was: thousands of barrels 2023 2022 Crude (4,450) 1,800 Products (490) (350) Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: millions of Canadian dollars 2023 2022 2021 Revenues (5) 148 (46) Purchases of crude oil and products — — (33) Total (5) 148 (79) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At December 31, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 28 18 — 46 (16) (12) 18 L iabilities Derivative liabilities (b) 16 31 — 47 (16) — 31 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. At December 31, 2022 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 17 32 — 49 (27) — 22 L iabilities Derivative liabilities (b) 21 20 — 41 (27) (4) 10 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
Share-based incentive compensat
Share-based incentive compensation programs | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based incentive compensation programs | Share-based incentive compensation programs Share-based incentive compensation programs are designed to retain selected employees, reward them for high performance and promote individual contribution to sustained improvement in the company’s future business performance and shareholder value over the long-term. The nonemployee directors also participate in share-based incentive compensation programs. Restricted stock units and deferred share units Under the restricted stock unit plan, each unit entitles the recipient to the conditional right to receive from the company, upon vesting, an amount equal to the value of one common share of the company, based on the five-day average of the closing price of the company’s common shares on the Toronto Stock Exchange on and immediately prior to the vesting dates. For the majority of the units, 50 percent of the units vest on the third anniversary of the grant date, and the remainder vest on the seventh anniversary of the grant date. Some management, professional, and technical participants will receive awards granted that vest 100 percent after three years. The company may also issue units to the chairman, president and chief executive officer where 50 percent of the units vest on the fifth anniversary of the grant date and the remainder vest on the tenth anniversary of the grant date, except that for awards granted prior to 2020, the vesting of the tenth anniversary portion is delayed until retirement if later than 10 years. The deferred share unit plan is made available to nonemployee directors. The nonemployee directors can elect to receive all or part of their eligible directors’ fees in units. The number of units granted is determined at the end of each calendar quarter by dividing the dollar amount of the nonemployee director’s fees for that calendar quarter elected to be received as deferred share units by the average closing price of the company’s shares for the five consecutive trading days ("average closing price") immediately prior to the last day of the calendar quarter. Additional units are granted to represent dividends on unexercised units, and are calculated by dividing the cash dividend payable on the company’s shares by the average closing price immediately prior to the payment date for that dividend and multiplying the resulting number by the number of deferred share units held by the recipient, as adjusted for any share splits. Deferred share units cannot be exercised until after termination of service as a director, including termination due to death, and must be exercised in their entirety in one election no later than December 31 of the year following the year of termination of service. On the exercise date, the cash value to be received for the units is determined based on the company’s average closing price immediately prior to the date of exercise, as adjusted for any share splits. All units require settlement by cash payments with the following exceptions. The restricted stock unit program provides that, for units granted to Canadian residents, the recipient may receive one common share of the company per unit or elect to receive the cash payment for the units that vest on the seventh year anniversary of the grant date. For units where 50 percent vest on the fifth anniversary of the grant date and the remainder vest on the tenth anniversary of grant, the recipient may receive one common share of the company per unit or elect to receive cash payment for all that vest. The company accounts for all units by using the fair-value-based method. The fair value of awards in the form of restricted stock and deferred share units is the market price of the company’s stock. Under this method, compensation expense related to the units of these programs is measured each reporting period based on the company’s current stock price and is recorded in the Consolidated statement of income over the requisite service period of each award. The following table summarizes information about these units for the year ended December 31, 2023: Restricted Deferred Outstanding at January 1, 2023 4,036,355 179,884 Granted 949,520 12,219 Vested / Exercised (651,175) (154,781) Forfeited and cancelled (421,390) — Outstanding at December 31, 2023 3,913,310 37,322 In 2023, the before-tax compensation expense charged against income for the restricted stock units and deferred share units was $52 million (2022 - $103 million, 2021 - $89 million). Income tax benefit recognized in income related to this compensation expense for the year was $13 million (2022 - $25 million, 2021 - $22 million). Cash payments of $68 million were made related to this compensation expense in 2023 (2022 - $65 million, 2021 - $48 million). |
Investment and other income
Investment and other income | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Investment and other income | Investment and other income Investment and other income includes gains and losses on asset sales as follows: millions of Canadian dollars 2023 2022 2021 Proceeds from asset sales 86 904 81 Book value of asset sales 13 746 32 Gain (loss) on asset sales, before tax (a) 73 158 49 Gain (loss) on asset sales, after tax (a) 63 241 43 (a) 2022 included a gain of $116 million ($208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability. |
Litigation and other contingenc
Litigation and other contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and other contingencies | Litigation and other contingencies A variety of claims have been made against the company and its subsidiaries in a number of lawsuits. Management has regular litigation reviews, including updates from corporate and outside counsel to assess the need for accounting recognition or disclosure of these contingencies. The company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavourable outcome is reasonably possible and which are significant, the company discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of the company’s contingency disclosures, "significant" includes material matters, as well as other matters which management believes should be disclosed. Based on a consideration of all relevant facts and circumstances, the company does not believe the ultimate outcome of any currently pending lawsuits against the company will have a material adverse effect on the company’s operations, financial condition, or financial statements taken as a whole. Additionally, the company has other commitments arising in the normal course of business for operating and capital needs, all of which are expected to be fulfilled with no adverse consequences material to the company’s operations or financial condition. Unconditional purchase obligations, as defined by accounting standards, are those long-term commitments that are non-cancellable or cancellable only under certain conditions and that third parties have used to secure financing for the facilities that will provide the contracted goods and services. The company has not entered into any unconditional purchase obligations. |
Common shares
Common shares | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common shares | Common shares At December 31 thousands of shares 2023 2022 Authorized 1,100,000 1,100,000 Outstanding 535,837 584,153 The most recent 12-month normal course issuer bid program came into effect June 29, 2023, under which Imperial continued its existing share purchase program. The program enabled the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) which included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. As in the past, Exxon Mobil Corporation advised the company that it intended to participate to maintain its ownership percentage at approximately 69.6 percent. The program completed on October 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program. On November 3, 2023, the company commenced a substantial issuer bid pursuant to which it offered to purchase for cancellation up to $1.5 billion of its common shares through a modified Dutch auction and proportionate tender offer. The substantial issuer bid was completed on December 13, 2023, with the company taking up and paying for 19,108,280 common shares at a price of $78.50 per share, for an aggregate purchase of $1.5 billion and 3.4 percent of Imperial’s issued and outstanding shares at the close of business on October 30, 2023. This included 13,299,349 shares purchased from Exxon Mobil Corporation by way of a proportionate tender to maintain its ownership percentage at approximately 69.6 percent. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below: Thousands of Millions of Balance as at January 1, 2021 734,077 1,357 Issued under employee share-based awards 7 — Purchases at stated value (56,004) (105) Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards — — Purchases at stated value (93,927) (173) Balance as at December 31, 2022 584,153 1,079 Issued under employee share-based awards — — Purchases at stated value (48,316) (87) Balance as at December 31, 2023 535,837 992 The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares: 2023 2022 2021 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 4,889 7,340 2,479 Weighted-average number of common shares outstanding (millions of shares) 574.8 640.2 711.6 Net income (loss) per common share (dollars) 8.51 11.47 3.48 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 4,889 7,340 2,479 Weighted-average number of common shares outstanding (millions of shares) 574.8 640.2 711.6 Effect of employee share-based awards (millions of shares) 1.1 1.3 1.6 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 575.9 641.5 713.2 Net income (loss) per common share (dollars) 8.49 11.44 3.48 Dividends per common share – declared (dollars) 1.94 1.46 1.03 |
Miscellaneous financial informa
Miscellaneous financial information | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Miscellaneous financial information | Miscellaneous financial information LIFO inventory In 2023, net income included an after-tax gain of $5 million (2022 – $62 million gain, 2021 – $13 million loss) attributable to the effect of changes in last-in, first-out (LIFO) inventories. The replacement cost of inventories was estimated to exceed their LIFO carrying values at December 31, 2023 by about $2.2 billion (2022 – $2.0 billion). Inventories of crude oil and products at year-end consisted of the following: millions of Canadian dollars 2023 2022 Crude oil 979 809 Petroleum products 579 471 Chemical products 66 76 Other 320 158 Total 1,944 1,514 In 2021, the company recorded an unfavourable $74 million ($82 million, before tax) inventory adjustment (including the proportionate share of LIFO changes) related to reconciliations of additives and products inventory at equity and third-party terminals. The out-of-period impact of $57 million ($63 million, before tax) occurred over a number of years, and has been resolved. The company determined that the adjustment was not material to the consolidated financial statements for the year ended December 31, 2021, or any of the prior periods related to the adjustment. Accordingly, comparative periods presented in the consolidated financial statements have not been restated. Research and development The company has scientific research agreements with affiliates of ExxonMobil, which provide for technical and engineering work to be performed by all parties, the exchange of technical information and the assignment and licensing of patents, and patent rights. These agreements provide mutual access to scientific and operating data related to nearly every phase of the petroleum and petrochemical operations of the parties. Net research and development costs charged to expenses in 2023 were $84 million (2022 – $74 million, 2021 – $89 million). These costs are included in expenses due to the uncertainty of future benefits. Accounts payable and accrued liabilities Government assistance Government Assistance (Topic 832) . The standard requires the annual disclosure of certain types of government assistance not otherwise covered by authoritative accounting guidance. The company receives allowances from governments in the form of emission credits as a result of performing better than facility level expectations for emission targets and records these at a nominal amount in the Consolidated balance sheet. During 2022 and 2023, government assistance was immaterial to the company’s financial results. |
Financing and additional notes
Financing and additional notes and loans payable information | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Financing and additional notes and loans payable information | Financing and additional notes and loans payable information millions of Canadian dollars 2023 2022 2021 Debt-related interest (a) 203 111 63 Capitalized interest (141) (57) (24) Net interest expense 62 54 39 Other interest 7 6 15 Total financing (b) 69 60 54 (a) Includes related party interest with ExxonMobil. (b) The weighted-average interest rate on short-term borrowings in 2023 was 4.9 percent (2022 – 2.0 percent, 2021 – 0.2 percent) and on long-term borrowings, with ExxonMobil, in 2023 was 4.9 percent (2022 – 1.9 percent, 2021 – 0.6 percent). During the fourth quarter of 2023, the company extended the maturity dates of its two existing $250 million committed lines of credit to November 2024 and November 2025 respectively. The company has not drawn on any of its outstanding $500 million of available credit facilities. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The company generally purchases the property, plant and equipment used in operations, but there are situations where assets are leased, primarily storage tanks, rail cars, marine vessels and transportation facilities. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year, by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for tankers and finance leases is excluded from the calculation of right of use assets and lease liabilities. Usually, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations, assets are leased for nearly all of their useful lives and are accounted for as finance leases. In general, leases are capitalized using the company’s incremental borrowing rate. Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. The company’s activities as a lessor are not material. The table below summarizes the total lease cost incurred: 2023 2022 2021 millions of Canadian dollars Operating leases Finance Operating leases Finance Operating leases Finance Operating lease cost 114 119 123 Short-term and other (net of sublease rental income) 30 40 19 Amortization of right of use assets 19 19 17 Interest on lease liabilities 29 30 33 Total lease cost 144 48 159 49 142 50 The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet, weighted-average remaining lease term and weighted-average discount rates applied at December 31: 2023 2022 millions of Canadian dollars Operating Finance Operating Finance Right of use assets Included in Other assets, including intangibles - net 196 245 Included in Property, plant and equipment, less 599 618 accumulated depreciation and depletion Total right of use assets 196 599 245 618 Lease liability due within one year Included in Accounts payable and accrued liabilities 87 — 100 — Included in Notes and loans payable 21 22 L ong-term lease liability Included in Other long-term obligations 111 — 151 — Included in Long-term debt 564 586 Total lease liability 198 585 251 608 Weighted-average remaining lease term (years) 6 36 5 37 Weighted-average discount rate (percent) 1.9 4.7 1.1 4.7 The maturity analysis of the company’s lease liabilities as at December 31 are summarized below: 2023 millions of Canadian dollars Operating Finance Maturity analysis of lease liabilities 2024 90 49 2025 38 46 2026 16 44 2027 10 43 2028 9 42 2029 and beyond 46 858 Total lease payments 209 1,082 Discount to present value (11) (497) Total lease liability 198 585 In addition to the operating lease liabilities in the table immediately above, at December 31, 2023, additional undiscounted commitments for leases not yet commenced totalled $54 million (2022 - $14 million). Estimated cash payments for operating and finance leases not yet commenced are $1 million in 2024 and $48 million in 2025. The table below summarizes the cash paid for amounts included in the measurement of lease liabilities and the right of use assets obtained in exchange for new lease liabilities: 2023 2022 2021 millions of Canadian dollars Operating Finance Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 56 — 121 — 122 — Cash flows from financing activities 22 22 20 Non-cash right of use assets recorded for lease liabilities In exchange for lease liabilities during the year 61 — 117 — 176 123 |
Leases | Leases The company generally purchases the property, plant and equipment used in operations, but there are situations where assets are leased, primarily storage tanks, rail cars, marine vessels and transportation facilities. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year, by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for tankers and finance leases is excluded from the calculation of right of use assets and lease liabilities. Usually, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations, assets are leased for nearly all of their useful lives and are accounted for as finance leases. In general, leases are capitalized using the company’s incremental borrowing rate. Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. The company’s activities as a lessor are not material. The table below summarizes the total lease cost incurred: 2023 2022 2021 millions of Canadian dollars Operating leases Finance Operating leases Finance Operating leases Finance Operating lease cost 114 119 123 Short-term and other (net of sublease rental income) 30 40 19 Amortization of right of use assets 19 19 17 Interest on lease liabilities 29 30 33 Total lease cost 144 48 159 49 142 50 The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet, weighted-average remaining lease term and weighted-average discount rates applied at December 31: 2023 2022 millions of Canadian dollars Operating Finance Operating Finance Right of use assets Included in Other assets, including intangibles - net 196 245 Included in Property, plant and equipment, less 599 618 accumulated depreciation and depletion Total right of use assets 196 599 245 618 Lease liability due within one year Included in Accounts payable and accrued liabilities 87 — 100 — Included in Notes and loans payable 21 22 L ong-term lease liability Included in Other long-term obligations 111 — 151 — Included in Long-term debt 564 586 Total lease liability 198 585 251 608 Weighted-average remaining lease term (years) 6 36 5 37 Weighted-average discount rate (percent) 1.9 4.7 1.1 4.7 The maturity analysis of the company’s lease liabilities as at December 31 are summarized below: 2023 millions of Canadian dollars Operating Finance Maturity analysis of lease liabilities 2024 90 49 2025 38 46 2026 16 44 2027 10 43 2028 9 42 2029 and beyond 46 858 Total lease payments 209 1,082 Discount to present value (11) (497) Total lease liability 198 585 In addition to the operating lease liabilities in the table immediately above, at December 31, 2023, additional undiscounted commitments for leases not yet commenced totalled $54 million (2022 - $14 million). Estimated cash payments for operating and finance leases not yet commenced are $1 million in 2024 and $48 million in 2025. The table below summarizes the cash paid for amounts included in the measurement of lease liabilities and the right of use assets obtained in exchange for new lease liabilities: 2023 2022 2021 millions of Canadian dollars Operating Finance Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 56 — 121 — 122 — Cash flows from financing activities 22 22 20 Non-cash right of use assets recorded for lease liabilities In exchange for lease liabilities during the year 61 — 117 — 176 123 |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt At December 31 millions of Canadian dollars 2023 2022 Long-term debt (a) (b) 3,447 3,447 Finance leases (c) 564 586 Total long-term debt 4,011 4,033 (a) Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate, Canadian dollar loan from ExxonMobil to the company of up to $7.75 billion at interest equivalent to Canadian market rates. The agreement is effective until June 30, 2025, cancellable if ExxonMobil provides at least 370 days advance written notice. (b) During the third quarter of 2022, the company decreased its long-term debt by $1 billion, partially repaying an existing facility with an affiliated company of ExxonMobil. (c) Finance leases are primarily associated with transportation facilities and services agreements. The average imputed interest rate was 4.7 percent in 2023 (2022 – 4.7 percent). Total finance lease obligations also include $21 million in current liabilities (2022 - $22 million). Principal payments on finance leases of approximately $18 million on average per year are due in each of the next four years after December 31, 2024. |
Accounting for suspended explor
Accounting for suspended exploratory well costs | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Accounting for suspended exploratory well costs | Accounting for suspended exploratory well costs The company continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. The company had no capitalized suspended exploratory well costs as at December 31, 2023, 2022 and 2021. Exploration activity involves drilling multiple wells, over a number of years, to fully evaluate a project. The company had no projects with exploratory wells costs capitalized as at December 31, 2023, 2022 and 2021. |
Transactions with related parti
Transactions with related parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with related parties | Transactions with related parties Revenues and expenses of the company also include the results of transactions with affiliated companies of ExxonMobil in the normal course of operations. These were conducted on terms comparable to those which would have been conducted with unrelated parties and primarily consisted of the purchase and sale of crude oil, natural gas, petroleum and chemical products, as well as technical, engineering and research and development costs. Transactions with ExxonMobil also included amounts paid and received in connection with the company’s participation in a number of upstream activities conducted jointly in Canada. In addition, the company has existing agreements with ExxonMobil: a) To provide computer and customer support services to the company and to share common business and operational support services that allow the companies to consolidate duplicate work and systems; b) To operate certain western Canada production properties owned by ExxonMobil, as well as provide for the delivery of management, business and technical services to ExxonMobil in Canada. These agreements are designed to provide organizational efficiencies and to reduce costs. No separate legal entities were created from these arrangements. Separate books of account continue to be maintained for the company and ExxonMobil. The company and ExxonMobil retain ownership of their respective assets, and there is no impact on operations or reserves; c) To provide for the option of equal participation in new upstream opportunities; and d) To enter into derivative agreements on each other’s behalf. The company had an existing agreement with ExxonMobil to provide for the delivery of management, business and technical services to Syncrude Canada Ltd. by ExxonMobil, which was terminated in connection with the transfer of operatorship of Syncrude on September 30, 2021. Certain charges from ExxonMobil have been capitalized; they are not material in the aggregate. The amounts of purchases and revenues by Imperial in 2023, with ExxonMobil, were $4,026 million and $13,544 million respectively (2022 - $3,719 million and $17,042 million respectively). As at December 31, 2023, the company had an outstanding long-term loan of $3,447 million (2022 – $3,447 million) from ExxonMobil (see note 14, "Long-term debt", and note 12, "Financing and additional notes and loans payable information" for further details). The amount of financing costs with ExxonMobil were $169 million (2022 - $78 million). Imperial has other related party transactions not detailed above in note 16, as they are not significant. |
Other comprehensive income (los
Other comprehensive income (loss) information | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Other comprehensive income (loss) information | Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2023 2022 2021 Balance at January 1 (512) (1,177) (1,989) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified (206) 582 679 Amounts reclassified from accumulated other comprehensive income 41 83 133 Balance at December 31 (677) (512) (1,177) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): millions of Canadian dollars 2023 2022 2021 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (54) (110) (176) (a) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4). Income tax expense (credit) for components of other comprehensive income (loss): millions of Canadian dollars 2023 2022 2021 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) (66) 188 221 Amortization of postretirement benefits liability adjustment included in net benefit cost 13 27 43 Total (53) 215 264 |
Divestment activities
Divestment activities | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestment activities | Divestment activities Jointly with ExxonMobil Canada, Imperial signed an agreement in the second quarter of 2022 with Whitecap Resources Inc. for the sale of its interests in XTO Energy Canada which included assets in the Montney and Duvernay areas of central Alberta, |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) | $ 4,889 | $ 7,340 | $ 2,479 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation |
Revenues | Revenues The company generally sells crude oil, natural gas and petroleum and chemical products under short-term agreements at prevailing market prices. In some cases, products may be sold under long-term agreements, with periodic price adjustments to reflect market conditions. Revenue is recognized at the amount the company expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risks and rewards of ownership. The prices of certain sales are based on price indices that are sometimes not available until the next period. In such cases, estimated realizations are accrued when the sale is recognized, and are finalized when final information is available. Such adjustments to revenue from performance obligations satisfied in previous periods are not significant. Payment for revenue transactions is typically due within 30 days. Revenues include amounts billed to customers for shipping and handling. Shipping and handling costs incurred up to the point of final storage prior to delivery to a customer are included in “Purchases of crude oil and products” in the Consolidated statement of income. Delivery costs from final storage to customer are recorded as a marketing expense in “Selling and general” expenses. The company does not enter into ongoing arrangements whereby it is required to repurchase its products, nor does the company provide the customer with a right of return. Future volume delivery obligations that are unsatisfied at the end of the period are expected to be fulfilled through ordinary production or purchases. These performance obligations are based on market prices at the time of the transaction and are fully constrained due to market price volatility. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are combined and recorded as exchanges measured at the book value of the item sold. "Revenues" and "Accounts receivable - net" include revenue and receivables both within the scope of ASC 606 Revenue from Contracts with Customers , and those outside the scope of ASC 606 . Long-term receivables are primarily from receivables outside the scope of ASC 606 . Contract assets are mainly from marketing assistance programs and are not significant. Contract liabilities are mainly customer prepayments and accruals of expected volume discounts, and are not significant. |
Consumer taxes | Consumer taxes Taxes levied on the consumer and collected by the company are excluded from the Consolidated statement of income. These are primarily provincial taxes on motor fuels, the federal goods and services tax and the federal / provincial harmonized sales tax. |
Derivative instruments | Derivative instruments The company may use derivative instruments for trading purposes and to offset exposures associated with commodity prices, currency exchange rates and interest rates that arise from existing assets, liabilities, firm commitments and forecasted transactions. All derivative instruments, except those designated as normal purchase and normal sale, are recorded at fair value. Derivative assets and liabilities with the same counterparty are netted if the right of offset exists and certain other criteria are met. Collateral payables or receivables are netted against derivative assets and derivative liabilities, respectively. |
Fair value | Fair value |
Inventories | Inventories Inventories are recorded at the lower of current market value or cost. The cost of crude oil and products is determined primarily using the last-in, first-out (LIFO) method. LIFO was selected over the alternative first-in, first-out and average cost methods because it provides a better matching of current costs with the revenues generated in the period. |
Investments | Investments The company’s interests in the underlying net assets of affiliates it does not control, but over which it exercises significant influence, are accounted for using the equity method. They are recorded at the original cost of the investment plus the company’s share of earnings since the investment was made, less dividends received. The company’s share of the after-tax earnings of these investments is included in “Investment and other income” in the Consolidated statement of income. Investments in equity securities, other than consolidated subsidiaries and equity method investments, are measured at fair value, with changes in the fair value recognized in net income. The company uses a modified approach for equity securities that do not have a readily determinable fair value. This modified approach measures investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions in similar investments of the same issuer. Dividends from these investments are included in “Investment and other income”. |
Property, plant and equipment | Property, plant and equipment Cost basis The company uses the "successful efforts" method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis. Costs incurred to purchase, lease, or otherwise acquire a property (whether unproved or proved) are capitalized when incurred. Exploratory well costs are carried as an asset when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the company is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Development costs, including costs of productive wells and development dry holes, are capitalized. Interest costs incurred to finance expenditures during the construction phase of projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets. Maintenance and repair costs, including planned major maintenance, are expensed as incurred. Improvements that increase or prolong the service life or capacity of an asset are capitalized. Depreciation, depletion and amortization Depreciation, depletion and amortization are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration. Depreciation and depletion for assets associated with producing properties begin at the time when production commences on a regular basis. Depreciation for other assets begins when the asset is in place and ready for its intended use. Assets under construction are not depreciated or depleted. Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and natural gas reserve volumes. Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using the unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods. Under the unit-of-production method, oil and natural gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank. In the event that the unit-of-production method does not result in an equitable allocation of cost over the economic life of an upstream asset, an alternative method is used. The straight-line method is used in limited situations where the expected life of the asset does not reasonably correlate with that of the underlying reserves. For example, certain assets used in the production of oil and natural gas have a shorter life than the reserves, and as such, the company uses straight-line depreciation to ensure the asset is fully depreciated by the end of its useful life. Investments in mining heavy equipment and certain ore processing plant assets at oil sands mining properties are depreciated on a straight-line basis over a maximum of 15 years and 50 years respectively. Depreciation of other plant and equipment is calculated using the straight-line method, based on the estimated service life of the asset. To the extent that proved reserves for a property are substantially de-booked and that property continues to produce such that the resulting depreciation charge does not result in an equitable allocation of cost over the expected life, assets will be depreciated using a unit-of-production method based on reserves determined at the most recent SEC price which results in a more meaningful quantity of proved reserves, appropriately adjusted for production and technical changes. Investments in refinery and chemical process manufacturing equipment are generally depreciated on a straight-line basis over a 25-year life. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized and the assets replaced are retired. Impairment assessment The company tests assets or groups of assets for recoverability on an ongoing basis whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Among the events or changes in circumstances which could indicate that the carrying value of an asset or asset group may not be recoverable are the following: • a significant decrease in the market price of a long-lived asset; • a significant adverse change in the extent or manner in which an asset is being used or in its physical condition including a significant decrease in current and projected reserve volumes; • a significant adverse change in legal factors or in the business climate that could affect the value, including an adverse action or assessment by a regulator; • an accumulation of project costs significantly in excess of the amount originally expected; • a current-period operating loss combined with a history and forecast of operating or cash flow losses; and • a current expectation that, more likely than not, a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. The company has a robust process to monitor for indicators of potential impairment across its asset groups throughout the year. This process is aligned with the requirements of ASC 360 and ASC 932 and relies, in part, on the company’s planning and budgeting cycle. Asset valuation analysis, profitability reviews and other periodic control processes assist the company in assessing whether events or changes in circumstances indicate the carrying amounts of any of its assets may not be recoverable. Because the lifespans of the vast majority of the company’s major assets are measured in decades, the future cash flows of these assets are predominantly based on long-term oil and natural gas commodity prices, industry margins, and development and production costs. Significant reductions in the company’s view of oil or natural gas commodity prices or margin ranges, especially the longer-term prices and margins, and changes in the development plans, including decisions to defer, reduce or eliminate planned capital spending, can be an indicator of potential impairment. Other events or changes in circumstances, including indicators outlined in ASC 360 can be indicators of potential impairment as well. In general, the company does not view temporarily low prices or margins as an indication of impairment. Management believes that prices over the long term must be sufficient to generate investments in energy supply to meet global demand. Although prices will occasionally drop significantly, industry prices over the long term will continue to be driven by market supply and demand fundamentals. On the supply side, industry production from mature fields is declining. This is being offset by investments to generate production from new discoveries, field developments, and technology and efficiency advancements. OPEC+ investment activities and production policies also have an impact on world oil supplies. The demand side is largely a function of general economic activities, alternative energy sources and levels of prosperity. During the lifespan of its major assets, the company expects that oil and gas prices and industry margins will experience significant volatility. Consequently, these assets will experience periods of higher earnings and periods of lower earnings, or even losses. In assessing whether events or changes in circumstances indicate the carrying value of an asset may not be recoverable, the company considers recent periods of operating losses in the context of its longer-term view of prices and margins. In the Upstream, the standardized measure of discounted cash flows included in the “Supplemental information on oil and gas exploration and production activities” is required to use prices based on the average of first-day-of-month prices in the year. These prices represent discrete points in time and could be higher or lower than the company’s price assumptions which are used for impairment assessments. The company believes the standardized measure does not provide a reliable estimate of the expected future cash flows to be obtained from the development and production of its oil and gas properties or of the value of its oil and gas reserves and therefore does not consider it relevant in determining whether events or changes in circumstances indicate the need for an impairment assessment. Global Outlook and cash flow assessment The annual planning and budgeting process, known as the company plan, is the mechanism by which resources (capital, operating expenses and people) are allocated across the company. The foundation for the energy supply and demand assumptions supporting the company plan begins with Exxon Mobil Corporation’s Global Outlook (the Outlook), which contains demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, economic development, and other factors. Reflective of the existing global policy environment, the Outlook does not attempt to project the degree of required future policy and technology advancement and deployment for the world or the company, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and consequently, the company’s business plans will be updated accordingly. If events or changes in circumstances indicate that the carrying value of an asset may not be recoverable, the company estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. In performing this assessment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. Cash flows used in recoverability assessments are based on the assumptions developed in the company plan, which is reviewed and approved by the board of directors, and are consistent with the criteria management uses to evaluate investment opportunities. These evaluations make use of the company’s assumptions of future capital allocations, crude oil and natural gas commodity prices including price differentials, refining and chemical margins, volumes, development and operating costs, including greenhouse gas emissions prices, and foreign currency exchange rates. Volumes are based on projected field and facility production profiles, throughput, or sales. Management’s estimate of upstream production volumes used for projected cash flows makes use of proved reserve quantities and may include risk-adjusted unproved reserve quantities. The greenhouse gas emission prices reflect existing or anticipated policy actions of applicable provincial and federal governments. Fair value of impaired assets An asset group is impaired if its estimated future undiscounted cash flows are less than the asset group’s carrying value. Impairments are measured by the excess of the carrying value over fair value. The assessment of fair value is based on the views of a likely market participant. The principal parameters used to establish fair value include estimates of acreage values and flowing production metrics from comparable market transactions, market-based estimates of historical cash flow multiples, and discounted cash flows. Inputs and assumptions used in discounted cash flow models include estimates of future production volumes, throughput and product sales volumes, commodity prices (which are consistent with the average of third-party industry experts and government agencies), refining and chemical margins, drilling and development costs, operating costs, and discount rates which are reflective of the characteristics of the asset group. Other impairment estimates Unproved properties are assessed periodically to determine whether they have been impaired. Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the company’s future development plans, the estimated economic chance of success and the length of time that the company expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. Long-lived assets that are held for sale are evaluated for possible impairment by comparing the carrying value of the asset with its fair value less the cost to sell. If the net book value exceeds the fair value less cost to sell, the assets are considered impaired and adjusted to the lower value. Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the company. |
Asset retirement obligations and other environmental liabilities | Asset retirement obligations and other environmental liabilities The company incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. In the estimation of fair value, the company uses assumptions and judgments regarding such factors as the existence of a legal obligation for an asset retirement obligation, technical assessments of the assets, estimated amounts and timing of settlements, discount rates and inflation rates. Asset retirement obligations incurred in the current period were Level 3 fair value measurements. The costs associated with these liabilities are capitalized as part of the related assets and depreciated as the reserves are produced. Over time, the liabilities are accreted for the change in their present value. Asset retirement obligations for downstream and chemical facilities generally become firm at the time the facilities are permanently shut down and dismantled. These obligations may include the costs of asset disposal and additional soil remediation. However, these sites generally have indeterminate lives based on plans for continued operations, and as such, the fair value of the conditional legal obligations cannot be measured, since it is impossible to estimate the future settlement dates of such obligations. Note 5 to the consolidated financial statements provides a three-year continuity table detailing the changes in asset retirement obligations. |
Foreign-currency translation | Foreign-currency translation |
Business segments (Tables)
Business segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2021 2023 2022 2021 2023 2022 2021 Revenues and other income Revenues (a) (b) 222 494 5,863 49,241 57,466 30,207 1,239 1,453 1,438 Intersegment sales (c) 16,274 19,135 9,956 6,509 7,476 4,520 342 523 319 Investment and other income (note 8, 18) 16 135 12 108 43 59 — — 1 16,512 19,764 15,831 55,858 64,985 34,786 1,581 1,976 1,758 Expenses Exploration (note 15) 5 5 32 — — — — — — Purchases of crude oil and products (c) (note 11) 6,636 7,971 7,492 47,886 55,569 29,505 997 1,330 966 Production and manufacturing 4,917 5,491 4,661 1,702 1,640 1,445 260 273 210 Selling and general — — — 693 653 572 89 85 90 Federal excise tax and fuel charge — — — 2,399 2,177 1,928 3 2 — Depreciation and depletion 1,680 1,673 1,775 183 179 158 15 18 18 Non-service pension and postretirement benefit — — — — — — — — — Financing (note 12) 7 5 15 — 1 — — — — Total expenses 13,245 15,145 13,975 52,863 60,219 33,608 1,364 1,708 1,284 Income (loss) before income taxes (note 11) 3,267 4,619 1,856 2,995 4,766 1,178 217 268 474 Income tax expense (benefit) (note 3 ) 755 974 461 694 1,144 283 53 64 113 Net income (loss) (c) (note 11) 2,512 3,645 1,395 2,301 3,622 895 164 204 361 Cash flows from (used in) operating activities (c) 3,100 5,834 4,913 608 4,415 179 53 276 421 Capital and exploration expenditures (d) 1,108 1,128 632 472 295 476 23 10 8 Property, plant and equipment Cost 46,776 45,784 48,200 7,368 6,926 6,772 1,018 995 984 Accumulated depreciation and depletion (19,936) (18,835) (20,389) (4,301) (4,143) (4,096) (757) (741) (721) Net property, plant and equipment (e) 26,840 26,949 27,811 3,067 2,783 2,676 261 254 263 Total assets (c) 28,718 28,830 29,416 10,114 9,277 7,945 475 491 474 Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2021 2023 2022 2021 2023 2022 2021 Revenues and other income Revenues (a) (b) — — — — — — 50,702 59,413 37,508 Intersegment sales (c) — — — (23,125) (27,134) (14,795) — — — Investment and other income (note 8, 18) 143 79 10 — — — 267 257 82 143 79 10 (23,125) (27,134) (14,795) 50,969 59,670 37,590 Expenses Exploration (note 15) — — — — — — 5 5 32 Purchases of crude oil and products (c) (note 11) — — — (23,120) (27,128) (14,789) 32,399 37,742 23,174 Production and manufacturing — — — — — — 6,879 7,404 6,316 Selling and general 80 150 128 (5) (6) (6) 857 882 784 Federal excise tax and fuel charge — — — — — — 2,402 2,179 1,928 Depreciation and depletion 29 27 26 — — — 1,907 1,897 1,977 Non-service pension and postretirement benefit 82 17 42 — — — 82 17 42 Financing (note 12) 62 54 39 — — — 69 60 54 Total expenses 253 248 235 (23,125) (27,134) (14,795) 44,600 50,186 34,307 Income (loss) before income taxes (note 11) (110) (169) (225) — — — 6,369 9,484 3,283 Income tax expense (benefit) (note 3) (22) (38) (53) — — — 1,480 2,144 804 Net income (loss) (c) (note 11) (88) (131) (172) — — — 4,889 7,340 2,479 Cash flows from (used in) operating activities (c) (37) (59) (47) 10 16 10 3,734 10,482 5,476 Capital and exploration expenditures (d) 175 57 24 — — — 1,778 1,490 1,140 Property, plant and equipment Cost 1,038 863 806 — — — 56,200 54,568 56,762 Accumulated depreciation and depletion (371) (343) (316) — — — (25,365) (24,062) (25,522) Net property, plant and equipment (e) 667 520 490 — — — 30,835 30,506 31,240 Total assets (c) 2,366 5,312 3,196 (474) (386) (249) 41,199 43,524 40,782 Includes export sales to the United States of $8,982 million (2022 - $12,394 million, 2021 - $7,228 million). (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it. Revenues millions of Canadian dollars 2023 2022 2021 Revenue from contracts with customers 44,465 52,265 34,275 Revenue outside the scope of ASC 606 6,237 7,148 3,233 Total 50,702 59,413 37,508 (c) In 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes. (d) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. (e) |
Disaggregation of Revenue | Revenues millions of Canadian dollars 2023 2022 2021 Revenue from contracts with customers 44,465 52,265 34,275 Revenue outside the scope of ASC 606 6,237 7,148 3,233 Total 50,702 59,413 37,508 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | millions of Canadian dollars 2023 2022 2021 Current income tax expense (benefit) 1,556 2,228 711 Deferred income tax expense (benefit) (76) (84) 93 Total income tax expense (benefit) 1,480 2,144 804 Statutory corporate tax rate (percent) 24.1 24.1 24.0 Increase (decrease) resulting from: Other (a) (0.9) (1.5) 0.5 Effective income tax rate (percent) 23.2 22.6 24.5 (a) Other primarily relates to prior year adjustments, disposals, investment tax credits and re-assessments. In 2022, the company's sale of its interests in XTO Energy Canada decreased the effective income tax rate by 1.3 percent. |
Components of Deferred Income Tax Liabilities and Assets | Components of deferred income tax liabilities and assets as at December 31 were: millions of Canadian dollars 2023 2022 2021 Depreciation and amortization 5,366 5,388 5,284 Successful drilling and land acquisitions 237 236 331 Pension and benefits (168) (105) (303) Asset retirement obligation (655) (529) (418) Capitalized interest 155 127 120 LIFO inventory valuation (406) (454) (413) Tax loss carryforwards (69) (84) (42) Valuation allowance 69 73 — Other (60) (53) (101) Net deferred income tax liabilities 4,469 4,599 4,458 |
Unrecognized Tax Benefits | The following table summarizes the movement in unrecognized tax benefits: millions of Canadian dollars 2023 2022 2021 Balance as of January 1 60 47 36 Additions based on current year’s tax position 7 12 16 Additions for prior years’ tax positions — 10 — Settlements with tax authorities (20) (9) (5) Balance as of December 31 47 60 47 |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Assumptions Used to Determine Benefit Obligations | The benefit obligations and plan assets associated with the company’s defined benefit plans are measured on December 31. Pension benefits Other postretirement 2023 2022 2023 2022 Assumptions used to determine benefit obligations at December 31 (percent) Discount rate 4.60 5.10 4.60 5.10 Long-term rate of compensation increase 4.00 4.00 4.00 4.00 millions of Canadian dollars Change in benefit obligation Benefit obligation at January 1 7,374 9,850 589 818 Service cost 162 280 12 23 Interest cost 373 295 28 24 Actuarial loss (gain) (a) 514 (2,528) (14) (248) Amendments 184 — — — Benefits paid (b) (453) (523) (34) (28) Benefit obligation at December 31 8,154 7,374 581 589 Accumulated benefit obligation at December 31 7,449 6,820 (a) Actuarial loss (gain) primarily driven by changes in the year-end discount rate and salary experience. (b) Benefit payments for funded and unfunded plans. |
Change in Plan Assets of Pension and Other Postretirement Benefits | Pension benefits Other postretirement millions of Canadian dollars 2023 2022 2023 2022 Change in plan assets Fair value at January 1 7,541 9,440 Actual return (loss) gain 785 (1,594) Company contributions 148 174 Benefits paid (a) (420) (479) Fair value at December 31 8,054 7,541 Plan assets in excess of (less than) projected benefit obligation at December 31 Funded plans 335 543 Unfunded plans (435) (376) (581) (589) Total (b) (100) 167 (581) (589) (a) Benefit payments for funded plans only. (b) Fair value of assets less projected benefit obligation shown above. |
Amounts Recorded in Consolidated Balance Sheet and Accumulated Other Comprehensive Income | Pension benefits Other postretirement millions of Canadian dollars 2023 2022 2023 2022 Amounts recorded in the Consolidated balance sheet consist of: Other assets, including intangibles - net 335 543 — — Current liabilities (34) (35) (28) (28) Other long-term obligations (401) (341) (553) (561) Total recorded (100) 167 (581) (589) Amounts recorded in accumulated other comprehensive income consist of: Net actuarial loss (gain) 724 666 (89) (84) Prior service cost 400 235 — — Total recorded in accumulated other 1,124 901 (89) (84) |
Assumptions Used to Determine Periodic Benefit Cost | Pension benefits Other postretirement benefits 2023 2022 2021 2023 2022 2021 Assumptions used to determine net periodic benefit cost for years ended December 31 (percent) Discount rate 5.10 3.00 2.50 5.10 3.00 2.50 Long-term rate of return on funded assets 4.80 4.30 4.50 — — — Long-term rate of compensation increase 4.00 4.00 4.00 4.00 4.00 4.00 millions of Canadian dollars Components of net periodic benefit cost Service cost 162 280 324 12 23 28 Interest cost 373 295 271 28 24 22 Expected return on plan assets (373) (412) (427) — — — Amortization of prior service cost 19 17 17 — — — Amortization of actuarial loss (gain) 44 84 143 (9) 9 16 Net periodic benefit cost 225 264 328 31 56 66 Changes in amounts recorded in accumulated other comprehensive income Net actuarial loss (gain) 102 (522) (817) (14) (248) (83) Amortization of net actuarial (loss) gain included in (44) (84) (143) 9 (9) (16) Prior service cost 184 — — — — — Amortization of prior service cost included in net (19) (17) (17) — — — Total recorded in other comprehensive income 223 (623) (977) (5) (257) (99) Total recorded in net periodic benefit cost and 448 (359) (649) 26 (201) (33) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | A summary of the change in accumulated other comprehensive income is shown in the table below: Total pension and other millions of Canadian dollars 2023 2022 2021 (Charge) credit to other comprehensive income, before-tax (218) 880 1,076 Deferred income tax (charge) credit (note 17) 53 (215) (264) (Charge) credit to other comprehensive income, after-tax (165) 665 812 |
Fair Value of Pension Plan Assets Including Level within Fair Value Hierarchy | The 2023 fair value of the pension plan assets, including the level within the fair value hierarchy, is shown in the table below: Fair value measurements at December 31, 2023, using: millions of Canadian dollars Total Level 1 Level 2 Level 3 Net Asset Asset class Equity securities Canadian — — Non-Canadian 2,347 2,347 Debt securities - Canadian Corporate 1,193 1,193 Government 4,251 4,251 Asset backed — — Other 5 5 Equities – Venture capital 124 124 Real Estate 93 93 Cash 41 7 34 Total plan assets at fair value 8,054 7 8,047 The 2022 fair value of the pension plan assets, including the level within the fair value hierarchy, is shown in the table below: Fair value measurements at December 31, 2022, using: millions of Canadian dollars Total Level 1 Level 2 Level 3 Net Asset Asset class Equity securities Canadian 96 96 Non-Canadian 2,215 2,215 Debt securities - Canadian Corporate 1,156 1,156 Government 3,842 3,842 Asset backed 2 2 Equities – Venture capital 199 199 Cash 31 10 21 Total plan assets at fair value 7,541 10 7,531 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | A summary of pension plans with accumulated benefit obligation and projected benefit obligation in excess of plan assets is shown in the table below: Pension benefits millions of Canadian dollars 2023 2022 For funded pension plans with projected benefit (a) Projected benefit obligation — — Fair value of plan assets — — Projected benefit obligation less fair value of plan assets — — For unfunded pension plans covered by book reserves: Projected benefit obligation 435 376 Accumulated benefit obligation 395 353 (a) In 2023 and 2022, the fair value of plan assets exceeded the projected benefit obligation for both the company sponsored plan and its proportionate share of a joint venture sponsored plan. |
Benefit Payments Expected | Benefit payments expected in: millions of Canadian dollars Pension benefits Other postretirement 2024 490 29 2025 490 29 2026 490 29 2027 490 29 2028 490 30 2029 - 2033 2,450 154 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Obligations | millions of Canadian dollars 2023 2022 Employee retirement benefits (a) (note 4) 954 902 Asset retirement obligations and other environmental liabilities (b) (c) 2,564 2,150 Share-based incentive compensation liabilities (note 7) 90 101 Operating lease liability (note 13) 111 151 Other obligations 132 163 Total other long-term obligations 3,851 3,467 (a) Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2022 – $63 million). (b) Total asset retirement obligations and other environmental liabilities also included $235 million in current liabilities (2022 – $116 million). (c) For 2023, the asset retirement obligations were discounted at 6 percent (2022 - 6 percent). Asset retirement obligations incurred in the current period were level 3 fair value measurements. |
Schedule of Asset Retirement Obligations | The following table summarizes the activity in the liability for asset retirement obligations: millions of Canadian dollars 2023 2022 2021 Balance as at January 1 2,178 1,721 1,674 Additions (deductions) 471 415 6 Accretion 132 101 99 Settlement (78) (59) (58) Balance as at December 31 2,703 2,178 1,721 |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | At December 31, the net notional long / (short) position of derivative instruments was: thousands of barrels 2023 2022 Crude (4,450) 1,800 Products (490) (350) |
Derivative Instruments, Gain (Loss) | Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: millions of Canadian dollars 2023 2022 2021 Revenues (5) 148 (46) Purchases of crude oil and products — — (33) Total (5) 148 (79) |
Summary of Estimated Fair Value of Financial Instruments | The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At December 31, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 28 18 — 46 (16) (12) 18 L iabilities Derivative liabilities (b) 16 31 — 47 (16) — 31 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. At December 31, 2022 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 17 32 — 49 (27) — 22 L iabilities Derivative liabilities (b) 21 20 — 41 (27) (4) 10 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
Share-based incentive compens_2
Share-based incentive compensation programs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summarized Information about Incentive Share, Deferred Share and Restricted Stock Units | The following table summarizes information about these units for the year ended December 31, 2023: Restricted Deferred Outstanding at January 1, 2023 4,036,355 179,884 Granted 949,520 12,219 Vested / Exercised (651,175) (154,781) Forfeited and cancelled (421,390) — Outstanding at December 31, 2023 3,913,310 37,322 |
Investment and other income (Ta
Investment and other income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Gains and Losses on Asset Sales | Investment and other income includes gains and losses on asset sales as follows: millions of Canadian dollars 2023 2022 2021 Proceeds from asset sales 86 904 81 Book value of asset sales 13 746 32 Gain (loss) on asset sales, before tax (a) 73 158 49 Gain (loss) on asset sales, after tax (a) 63 241 43 (a) 2022 included a gain of $116 million ($208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability. |
Common shares (Tables)
Common shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Common Shares | At December 31 thousands of shares 2023 2022 Authorized 1,100,000 1,100,000 Outstanding 535,837 584,153 |
Common Share Activities | The company’s common share activities are summarized below: Thousands of Millions of Balance as at January 1, 2021 734,077 1,357 Issued under employee share-based awards 7 — Purchases at stated value (56,004) (105) Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards — — Purchases at stated value (93,927) (173) Balance as at December 31, 2022 584,153 1,079 Issued under employee share-based awards — — Purchases at stated value (48,316) (87) Balance as at December 31, 2023 535,837 992 |
Calculation of Basic and Diluted Earnings Per Share | The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares: 2023 2022 2021 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 4,889 7,340 2,479 Weighted-average number of common shares outstanding (millions of shares) 574.8 640.2 711.6 Net income (loss) per common share (dollars) 8.51 11.47 3.48 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 4,889 7,340 2,479 Weighted-average number of common shares outstanding (millions of shares) 574.8 640.2 711.6 Effect of employee share-based awards (millions of shares) 1.1 1.3 1.6 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 575.9 641.5 713.2 Net income (loss) per common share (dollars) 8.49 11.44 3.48 Dividends per common share – declared (dollars) 1.94 1.46 1.03 |
Miscellaneous financial infor_2
Miscellaneous financial information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Inventories of Crude Oil and Products | Inventories of crude oil and products at year-end consisted of the following: millions of Canadian dollars 2023 2022 Crude oil 979 809 Petroleum products 579 471 Chemical products 66 76 Other 320 158 Total 1,944 1,514 |
Financing and additional note_2
Financing and additional notes and loans payable information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Financing and Additional Notes and Loans Payable Information | millions of Canadian dollars 2023 2022 2021 Debt-related interest (a) 203 111 63 Capitalized interest (141) (57) (24) Net interest expense 62 54 39 Other interest 7 6 15 Total financing (b) 69 60 54 (a) Includes related party interest with ExxonMobil. (b) The weighted-average interest rate on short-term borrowings in 2023 was 4.9 percent (2022 – 2.0 percent, 2021 – 0.2 percent) and on long-term borrowings, with ExxonMobil, in 2023 was 4.9 percent (2022 – 1.9 percent, 2021 – 0.6 percent). |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule Of Lease Cost | The table below summarizes the total lease cost incurred: 2023 2022 2021 millions of Canadian dollars Operating leases Finance Operating leases Finance Operating leases Finance Operating lease cost 114 119 123 Short-term and other (net of sublease rental income) 30 40 19 Amortization of right of use assets 19 19 17 Interest on lease liabilities 29 30 33 Total lease cost 144 48 159 49 142 50 |
Schedule Of Operating Leases and Finance Leases Recorded In Balance Sheet | The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet, weighted-average remaining lease term and weighted-average discount rates applied at December 31: 2023 2022 millions of Canadian dollars Operating Finance Operating Finance Right of use assets Included in Other assets, including intangibles - net 196 245 Included in Property, plant and equipment, less 599 618 accumulated depreciation and depletion Total right of use assets 196 599 245 618 Lease liability due within one year Included in Accounts payable and accrued liabilities 87 — 100 — Included in Notes and loans payable 21 22 L ong-term lease liability Included in Other long-term obligations 111 — 151 — Included in Long-term debt 564 586 Total lease liability 198 585 251 608 Weighted-average remaining lease term (years) 6 36 5 37 Weighted-average discount rate (percent) 1.9 4.7 1.1 4.7 |
Maturity Of Lease Liabilities | The maturity analysis of the company’s lease liabilities as at December 31 are summarized below: 2023 millions of Canadian dollars Operating Finance Maturity analysis of lease liabilities 2024 90 49 2025 38 46 2026 16 44 2027 10 43 2028 9 42 2029 and beyond 46 858 Total lease payments 209 1,082 Discount to present value (11) (497) Total lease liability 198 585 |
Schedule Of Measurement Of Lease Liabilities and Right Of Use Assets | The table below summarizes the cash paid for amounts included in the measurement of lease liabilities and the right of use assets obtained in exchange for new lease liabilities: 2023 2022 2021 millions of Canadian dollars Operating Finance Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities Cash flows from operating activities 56 — 121 — 122 — Cash flows from financing activities 22 22 20 Non-cash right of use assets recorded for lease liabilities In exchange for lease liabilities during the year 61 — 117 — 176 123 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | At December 31 millions of Canadian dollars 2023 2022 Long-term debt (a) (b) 3,447 3,447 Finance leases (c) 564 586 Total long-term debt 4,011 4,033 (a) Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate, Canadian dollar loan from ExxonMobil to the company of up to $7.75 billion at interest equivalent to Canadian market rates. The agreement is effective until June 30, 2025, cancellable if ExxonMobil provides at least 370 days advance written notice. (b) During the third quarter of 2022, the company decreased its long-term debt by $1 billion, partially repaying an existing facility with an affiliated company of ExxonMobil. (c) Finance leases are primarily associated with transportation facilities and services agreements. The average imputed interest rate was 4.7 percent in 2023 (2022 – 4.7 percent). Total finance lease obligations also include $21 million in current liabilities (2022 - $22 million). Principal payments on finance leases of approximately $18 million on average per year are due in each of the next four years after December 31, 2024. |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | 17. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2023 2022 2021 Balance at January 1 (512) (1,177) (1,989) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified (206) 582 679 Amounts reclassified from accumulated other comprehensive income 41 83 133 Balance at December 31 (677) (512) (1,177) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before-Tax Income (Expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): millions of Canadian dollars 2023 2022 2021 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (54) (110) (176) (a) This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4). |
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) | Income tax expense (credit) for components of other comprehensive income (loss): millions of Canadian dollars 2023 2022 2021 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) (66) 188 221 Amortization of postretirement benefits liability adjustment included in net benefit cost 13 27 43 Total (53) 215 264 |
Summary of significant accoun_3
Summary of significant accounting policies - Narrative (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Kearl Joint Venture | |
Significant Accounting Policies [Line Items] | |
Undivided interest in oil and gas activities | 70.96% |
Syncrude Joint Venture | |
Significant Accounting Policies [Line Items] | |
Undivided interest in oil and gas activities | 25% |
Refinery And Chemical Process | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, useful life | 25 years |
Maximum | Mining Heavy Equipment | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, useful life | 15 years |
Maximum | Ore Processing Plant Assets | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, useful life | 50 years |
Business segments (Detail)
Business segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenues and other income | ||||
Revenues | [1] | $ 50,702 | $ 59,413 | $ 37,508 |
Investment and other income (note 8, 18) | 267 | 257 | 82 | |
Total revenues and other income | 50,969 | 59,670 | 37,590 | |
Expenses | ||||
Exploration (note 15) | 5 | 5 | 32 | |
Purchases of crude oil and products (note 11) | [2] | 32,399 | 37,742 | 23,174 |
Production and manufacturing | [3] | 6,879 | 7,404 | 6,316 |
Selling and general | [3] | 857 | 882 | 784 |
Federal excise tax and fuel charge | 2,402 | 2,179 | 1,928 | |
Depreciation and depletion | 1,907 | 1,897 | 1,977 | |
Non-service pension and postretirement benefit | 82 | 17 | 42 | |
Financing (note 12) | [4] | 69 | 60 | 54 |
Total expenses | 44,600 | 50,186 | 34,307 | |
Income (loss) before income taxes | 6,369 | 9,484 | 3,283 | |
Income taxes (note 3) | 1,480 | 2,144 | 804 | |
Net income (loss) | 4,889 | 7,340 | 2,479 | |
Cash flows from (used in) operating activities | 3,734 | 10,482 | 5,476 | |
Capital and exploration expenditures | 1,778 | 1,490 | 1,140 | |
Property, plant and equipment | ||||
Cost | 56,200 | 54,568 | 56,762 | |
Accumulated depreciation and depletion | (25,365) | (24,062) | (25,522) | |
Net property, plant and equipment | 30,835 | 30,506 | 31,240 | |
Total assets | 41,199 | 43,524 | 40,782 | |
Corporate and other | ||||
Revenues and other income | ||||
Revenues | 0 | 0 | 0 | |
Investment and other income (note 8, 18) | 143 | 79 | 10 | |
Total revenues and other income | 143 | 79 | 10 | |
Expenses | ||||
Exploration (note 15) | 0 | 0 | 0 | |
Purchases of crude oil and products (note 11) | 0 | 0 | 0 | |
Production and manufacturing | 0 | 0 | 0 | |
Selling and general | 80 | 150 | 128 | |
Federal excise tax and fuel charge | 0 | 0 | 0 | |
Depreciation and depletion | 29 | 27 | 26 | |
Non-service pension and postretirement benefit | 82 | 17 | 42 | |
Financing (note 12) | 62 | 54 | 39 | |
Total expenses | 253 | 248 | 235 | |
Income (loss) before income taxes | (110) | (169) | (225) | |
Income taxes (note 3) | (22) | (38) | (53) | |
Net income (loss) | (88) | (131) | (172) | |
Cash flows from (used in) operating activities | (37) | (59) | (47) | |
Capital and exploration expenditures | 175 | 57 | 24 | |
Property, plant and equipment | ||||
Cost | 1,038 | 863 | 806 | |
Accumulated depreciation and depletion | (371) | (343) | (316) | |
Net property, plant and equipment | 667 | 520 | 490 | |
Total assets | 2,366 | 5,312 | 3,196 | |
Eliminations | ||||
Revenues and other income | ||||
Revenues | (23,125) | (27,134) | (14,795) | |
Total revenues and other income | (23,125) | (27,134) | (14,795) | |
Expenses | ||||
Exploration (note 15) | 0 | 0 | 0 | |
Purchases of crude oil and products (note 11) | (23,120) | (27,128) | (14,789) | |
Production and manufacturing | 0 | 0 | 0 | |
Selling and general | (5) | (6) | (6) | |
Federal excise tax and fuel charge | 0 | 0 | 0 | |
Depreciation and depletion | 0 | 0 | 0 | |
Non-service pension and postretirement benefit | 0 | 0 | 0 | |
Financing (note 12) | 0 | 0 | 0 | |
Total expenses | (23,125) | (27,134) | (14,795) | |
Income (loss) before income taxes | 0 | 0 | 0 | |
Income taxes (note 3) | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | 0 | |
Cash flows from (used in) operating activities | 10 | 16 | 10 | |
Capital and exploration expenditures | 0 | 0 | 0 | |
Property, plant and equipment | ||||
Cost | 0 | 0 | 0 | |
Accumulated depreciation and depletion | 0 | 0 | 0 | |
Net property, plant and equipment | 0 | 0 | 0 | |
Total assets | (474) | (386) | (249) | |
Upstream | Intersegment Eliminations | ||||
Revenues and other income | ||||
Revenues | 16,274 | 19,135 | 9,956 | |
Upstream | Operating Segments | ||||
Revenues and other income | ||||
Revenues | 222 | 494 | 5,863 | |
Investment and other income (note 8, 18) | 16 | 135 | 12 | |
Total revenues and other income | 16,512 | 19,764 | 15,831 | |
Expenses | ||||
Exploration (note 15) | 5 | 5 | 32 | |
Purchases of crude oil and products (note 11) | 6,636 | 7,971 | 7,492 | |
Production and manufacturing | 4,917 | 5,491 | 4,661 | |
Selling and general | 0 | 0 | 0 | |
Federal excise tax and fuel charge | 0 | 0 | 0 | |
Depreciation and depletion | 1,680 | 1,673 | 1,775 | |
Non-service pension and postretirement benefit | 0 | 0 | 0 | |
Financing (note 12) | 7 | 5 | 15 | |
Total expenses | 13,245 | 15,145 | 13,975 | |
Income (loss) before income taxes | 3,267 | 4,619 | 1,856 | |
Income taxes (note 3) | 755 | 974 | 461 | |
Net income (loss) | 2,512 | 3,645 | 1,395 | |
Cash flows from (used in) operating activities | 3,100 | 5,834 | 4,913 | |
Capital and exploration expenditures | 1,108 | 1,128 | 632 | |
Property, plant and equipment | ||||
Cost | 46,776 | 45,784 | 48,200 | |
Accumulated depreciation and depletion | (19,936) | (18,835) | (20,389) | |
Net property, plant and equipment | 26,840 | 26,949 | 27,811 | |
Total assets | 28,718 | 28,830 | 29,416 | |
Downstream | Intersegment Eliminations | ||||
Revenues and other income | ||||
Revenues | 6,509 | 7,476 | 4,520 | |
Downstream | Operating Segments | ||||
Revenues and other income | ||||
Revenues | 49,241 | 57,466 | 30,207 | |
Investment and other income (note 8, 18) | 108 | 43 | 59 | |
Total revenues and other income | 55,858 | 64,985 | 34,786 | |
Expenses | ||||
Exploration (note 15) | 0 | 0 | 0 | |
Purchases of crude oil and products (note 11) | 47,886 | 55,569 | 29,505 | |
Production and manufacturing | 1,702 | 1,640 | 1,445 | |
Selling and general | 693 | 653 | 572 | |
Federal excise tax and fuel charge | 2,399 | 2,177 | 1,928 | |
Depreciation and depletion | 183 | 179 | 158 | |
Non-service pension and postretirement benefit | 0 | 0 | 0 | |
Financing (note 12) | 0 | 1 | 0 | |
Total expenses | 52,863 | 60,219 | 33,608 | |
Income (loss) before income taxes | 2,995 | 4,766 | 1,178 | |
Income taxes (note 3) | 694 | 1,144 | 283 | |
Net income (loss) | 2,301 | 3,622 | 895 | |
Cash flows from (used in) operating activities | 608 | 4,415 | 179 | |
Capital and exploration expenditures | 472 | 295 | 476 | |
Property, plant and equipment | ||||
Cost | 7,368 | 6,926 | 6,772 | |
Accumulated depreciation and depletion | (4,301) | (4,143) | (4,096) | |
Net property, plant and equipment | 3,067 | 2,783 | 2,676 | |
Total assets | 10,114 | 9,277 | 7,945 | |
Chemical | Intersegment Eliminations | ||||
Revenues and other income | ||||
Revenues | 342 | 523 | 319 | |
Chemical | Operating Segments | ||||
Revenues and other income | ||||
Revenues | 1,239 | 1,453 | 1,438 | |
Investment and other income (note 8, 18) | 0 | 0 | 1 | |
Total revenues and other income | 1,581 | 1,976 | 1,758 | |
Expenses | ||||
Exploration (note 15) | 0 | 0 | 0 | |
Purchases of crude oil and products (note 11) | 997 | 1,330 | 966 | |
Production and manufacturing | 260 | 273 | 210 | |
Selling and general | 89 | 85 | 90 | |
Federal excise tax and fuel charge | 3 | 2 | 0 | |
Depreciation and depletion | 15 | 18 | 18 | |
Non-service pension and postretirement benefit | 0 | 0 | 0 | |
Financing (note 12) | 0 | 0 | 0 | |
Total expenses | 1,364 | 1,708 | 1,284 | |
Income (loss) before income taxes | 217 | 268 | 474 | |
Income taxes (note 3) | 53 | 64 | 113 | |
Net income (loss) | 164 | 204 | 361 | |
Cash flows from (used in) operating activities | 53 | 276 | 421 | |
Capital and exploration expenditures | 23 | 10 | 8 | |
Property, plant and equipment | ||||
Cost | 1,018 | 995 | 984 | |
Accumulated depreciation and depletion | (757) | (741) | (721) | |
Net property, plant and equipment | 261 | 254 | 263 | |
Total assets | $ 475 | $ 491 | $ 474 | |
[1] (a) Amounts from related parties included in revenues (note 16). 13,544 17,042 8,777 (b) Amounts to related parties included in purchases of crude oil and products (note 16). 4,125 3,795 2,737 (c) Amounts to related parties included in production and manufacturing, 473 460 420 (d) Amounts to related parties included in financing (note 16). 169 78 28 |
Business segments - Table Narra
Business segments - Table Narrative (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | ||||
Revenue from contracts with customers | $ 44,465 | $ 52,265 | $ 34,275 | |
Revenue outside the scope of ASC 606 | 6,237 | 7,148 | 3,233 | |
Revenues | [1] | 50,702 | 59,413 | 37,508 |
Plant and equipment under construction | 3,251 | 2,676 | 2,348 | |
Downstream | ||||
Segment Reporting Information [Line Items] | ||||
Inventory transfer | 444 | |||
United States Exports | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 8,982 | $ 12,394 | $ 7,228 | |
[1] (a) Amounts from related parties included in revenues (note 16). 13,544 17,042 8,777 |
Income taxes - Summary of Incom
Income taxes - Summary of Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current income tax expense (benefit) | $ 1,556 | $ 2,228 | $ 711 |
Deferred income tax expense (benefit) | (76) | (84) | 93 |
Total income tax expense (benefit) | $ 1,480 | $ 2,144 | $ 804 |
Statutory corporate tax rate (percent) | 24.10% | 24.10% | 24% |
Increase (decrease) resulting from: | |||
Other | (0.90%) | (1.50%) | 0.50% |
Effective income tax rate (percent) | 23.20% | 22.60% | 24.50% |
Income taxes - Table Narrative
Income taxes - Table Narrative (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Effective income tax rate reconciliation disposition of business, percent | 1.30% |
Income taxes - Components of De
Income taxes - Components of Deferred Income Tax Liabilities and Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | |||
Depreciation and amortization | $ 5,366 | $ 5,388 | $ 5,284 |
Successful drilling and land acquisitions | 237 | 236 | 331 |
Pension and benefits | (168) | (105) | (303) |
Asset retirement obligation | (655) | (529) | (418) |
Capitalized interest | 155 | 127 | 120 |
LIFO inventory valuation | (406) | (454) | (413) |
Tax loss carryforwards | (69) | (84) | (42) |
Valuation allowance | 69 | 73 | 0 |
Other | (60) | (53) | (101) |
Net deferred income tax liabilities | $ 4,469 | $ 4,599 | $ 4,458 |
Income taxes - Unrecognized Tax
Income taxes - Unrecognized Tax Benefits (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of January 1 | $ 60 | $ 47 | $ 36 |
Additions based on current year’s tax position | 7 | 12 | 16 |
Additions for prior years’ tax positions | 0 | 10 | 0 |
Settlements with tax authorities | (20) | (9) | (5) |
Balance as of December 31 | $ 47 | $ 60 | $ 47 |
Employee retirement benefits -
Employee retirement benefits - Assumptions (Detail) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.60% | 5.10% |
Long-term rate of compensation increase | 4% | 4% |
Other postretirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.60% | 5.10% |
Long-term rate of compensation increase | 4% | 4% |
Employee retirement benefits _2
Employee retirement benefits - Benefit Obligations (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension benefits | |||
Change in benefit obligation | |||
Benefit obligation at January 1 | $ 7,374 | $ 9,850 | |
Service cost | 162 | 280 | $ 324 |
Interest cost | 373 | 295 | 271 |
Actuarial loss (gain) | 514 | (2,528) | |
Amendments | 184 | 0 | |
Benefits paid | (453) | (523) | |
Benefit obligation at December 31 | 8,154 | 7,374 | 9,850 |
Accumulated benefit obligation at December 31 | 7,449 | 6,820 | |
Other postretirement benefits | |||
Change in benefit obligation | |||
Benefit obligation at January 1 | 589 | 818 | |
Service cost | 12 | 23 | 28 |
Interest cost | 28 | 24 | 22 |
Actuarial loss (gain) | (14) | (248) | |
Amendments | 0 | 0 | |
Benefits paid | (34) | (28) | |
Benefit obligation at December 31 | $ 581 | $ 589 | $ 818 |
Employee retirement benefits _3
Employee retirement benefits - Narrative (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for 2024 | 5.80% | ||
Health care cost trend rate assumed for 2040 | 3.57% | ||
Long-term expected return | 4.80% | ||
Actual rate of return over the last 10 years | 5.70% | ||
Actual rate of return over the last 20 years | 6.10% | ||
Cost for defined contributions plans | $ 44 | $ 43 | $ 47 |
Cash contributions to pension plans in 2024 | $ 150 | ||
Defined Benefit Plan, Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target allocation securities | 30% |
Employee retirement benefits _4
Employee retirement benefits - Plan Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Change in plan assets | ||
Fair value at January 1 | $ 7,541 | |
Fair value at December 31 | 8,054 | $ 7,541 |
Funded plans | ||
Change in plan assets | ||
Fair value at January 1 | 0 | |
Fair value at December 31 | 0 | 0 |
Pension benefits | ||
Change in plan assets | ||
Fair value at January 1 | 7,541 | 9,440 |
Actual return (loss) gain | 785 | (1,594) |
Company contributions | 148 | 174 |
Benefits paid | (420) | (479) |
Fair value at December 31 | 8,054 | 7,541 |
Total | (100) | 167 |
Pension benefits | Funded plans | ||
Change in plan assets | ||
Total | 335 | 543 |
Pension benefits | Unfunded plans | ||
Change in plan assets | ||
Total | (435) | (376) |
Other postretirement benefits | ||
Change in plan assets | ||
Total | (581) | (589) |
Other postretirement benefits | Unfunded plans | ||
Change in plan assets | ||
Total | $ (581) | $ (589) |
Employee retirement benefits _5
Employee retirement benefits - Amounts Recorded in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Defined Benefit Plans Disclosures [Line Items] | ||
Current liabilities | $ (62) | $ (63) |
Other long-term obligations | (954) | (902) |
Pension benefits | ||
Schedule Of Defined Benefit Plans Disclosures [Line Items] | ||
Other assets, including intangibles - net | 335 | 543 |
Current liabilities | (34) | (35) |
Other long-term obligations | (401) | (341) |
Total recorded | (100) | 167 |
Net actuarial loss (gain) | 724 | 666 |
Prior service cost | 400 | 235 |
Total recorded in accumulated other comprehensive income, before-tax | 1,124 | 901 |
Other postretirement benefits | ||
Schedule Of Defined Benefit Plans Disclosures [Line Items] | ||
Other assets, including intangibles - net | 0 | 0 |
Current liabilities | (28) | (28) |
Other long-term obligations | (553) | (561) |
Total recorded | (581) | (589) |
Net actuarial loss (gain) | (89) | (84) |
Prior service cost | 0 | 0 |
Total recorded in accumulated other comprehensive income, before-tax | $ (89) | $ (84) |
Employee retirement benefits _6
Employee retirement benefits - Assumptions Used to Determine Net Periodic Benefit (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Defined Benefit Plans Disclosures [Line Items] | |||
Long-term rate of return on funded assets | 4.80% | ||
Pension benefits | |||
Schedule Of Defined Benefit Plans Disclosures [Line Items] | |||
Discount rate | 5.10% | 3% | 2.50% |
Long-term rate of return on funded assets | 4.80% | 4.30% | 4.50% |
Long-term rate of compensation increase | 4% | 4% | 4% |
Other postretirement benefits | |||
Schedule Of Defined Benefit Plans Disclosures [Line Items] | |||
Discount rate | 5.10% | 3% | 2.50% |
Long-term rate of return on funded assets | 0% | 0% | 0% |
Long-term rate of compensation increase | 4% | 4% | 4% |
Employee retirement benefits _7
Employee retirement benefits - Components of Net Periodic Benefit Cost and Changes in Amounts Recorded in Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in amounts recorded in accumulated other comprehensive income | |||
Total recorded in other comprehensive income | $ 218 | $ (880) | $ (1,076) |
Pension benefits | |||
Components of net periodic benefit cost | |||
Service cost | 162 | 280 | 324 |
Interest cost | 373 | 295 | 271 |
Expected return on plan assets | (373) | (412) | (427) |
Amortization of prior service cost | 19 | 17 | 17 |
Amortization of actuarial loss (gain) | 44 | 84 | 143 |
Net periodic benefit cost | 225 | 264 | 328 |
Changes in amounts recorded in accumulated other comprehensive income | |||
Net actuarial loss (gain) | 102 | (522) | (817) |
Amortization of net actuarial (loss) gain included in net periodic benefit cost | (44) | (84) | (143) |
Prior service cost | 184 | 0 | 0 |
Amortization of prior service cost included in net periodic benefit cost | (19) | (17) | (17) |
Total recorded in other comprehensive income | 223 | (623) | (977) |
Total recorded in net periodic benefit cost and other comprehensive income, before-tax | 448 | (359) | (649) |
Other postretirement benefits | |||
Components of net periodic benefit cost | |||
Service cost | 12 | 23 | 28 |
Interest cost | 28 | 24 | 22 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (9) | 9 | 16 |
Net periodic benefit cost | 31 | 56 | 66 |
Changes in amounts recorded in accumulated other comprehensive income | |||
Net actuarial loss (gain) | (14) | (248) | (83) |
Amortization of net actuarial (loss) gain included in net periodic benefit cost | 9 | (9) | (16) |
Prior service cost | 0 | 0 | 0 |
Amortization of prior service cost included in net periodic benefit cost | 0 | 0 | 0 |
Total recorded in other comprehensive income | (5) | (257) | (99) |
Total recorded in net periodic benefit cost and other comprehensive income, before-tax | $ 26 | $ (201) | $ (33) |
Employee retirement benefits _8
Employee retirement benefits - Summary of Change in Accumulated Other Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
(Charge) credit to other comprehensive income, before-tax | $ (218) | $ 880 | $ 1,076 |
Deferred income tax (charge) credit (note 17) | 53 | (215) | (264) |
(Charge) credit to other comprehensive income, after-tax | $ (165) | $ 665 | $ 812 |
Employee retirement benefits _9
Employee retirement benefits - Fair Value of Pension Plan Assets Including Level Within Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | $ 8,054 | $ 7,541 |
Equity securities, Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 96 |
Equity Securities, Non-Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 2,347 | 2,215 |
Debt Securities - Canadian, Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 1,193 | 1,156 |
Debt Securities - Canadian, Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 4,251 | 3,842 |
Debt Securities - Canadian, Asset Backed | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 2 |
Debt Securities - Canadian, Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 5 | |
Equities – Venture capital | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 124 | 199 |
Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 93 | |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 41 | 31 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 7 | 10 |
Level 1 | Equity securities, Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Equity Securities, Non-Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Debt Securities - Canadian, Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Debt Securities - Canadian, Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Debt Securities - Canadian, Asset Backed | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Debt Securities - Canadian, Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Equities – Venture capital | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 1 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 7 | 10 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Equity securities, Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Equity Securities, Non-Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Debt Securities - Canadian, Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Debt Securities - Canadian, Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Debt Securities - Canadian, Asset Backed | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Debt Securities - Canadian, Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Equities – Venture capital | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 2 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Equity securities, Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Equity Securities, Non-Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Debt Securities - Canadian, Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Debt Securities - Canadian, Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Debt Securities - Canadian, Asset Backed | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Debt Securities - Canadian, Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Equities – Venture capital | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Level 3 | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | ||
Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 8,047 | 7,531 |
Net Asset Value | Equity securities, Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 96 |
Net Asset Value | Equity Securities, Non-Canadian | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 2,347 | 2,215 |
Net Asset Value | Debt Securities - Canadian, Corporate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 1,193 | 1,156 |
Net Asset Value | Debt Securities - Canadian, Government | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 4,251 | 3,842 |
Net Asset Value | Debt Securities - Canadian, Asset Backed | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 2 |
Net Asset Value | Debt Securities - Canadian, Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 5 | |
Net Asset Value | Equities – Venture capital | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 124 | 199 |
Net Asset Value | Real Estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 93 | |
Net Asset Value | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | $ 34 | $ 21 |
Employee retirement benefits, P
Employee retirement benefits, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 8,054 | $ 7,541 |
Funded plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 0 | 0 |
Fair value of plan assets | 0 | 0 |
Projected benefit obligation less fair value of plan assets | 0 | 0 |
Unfunded plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 435 | 376 |
Accumulated benefit obligation | $ 395 | $ 353 |
Employee retirement benefits_10
Employee retirement benefits - Expected Benefit Payments (Detail) $ in Millions | Dec. 31, 2023 CAD ($) |
Pension benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 490 |
2025 | 490 |
2026 | 490 |
2027 | 490 |
2028 | 490 |
2029 - 2033 | 2,450 |
Other postretirement benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 29 |
2025 | 29 |
2026 | 29 |
2027 | 29 |
2028 | 30 |
2029 - 2033 | $ 154 |
Other long-term obligations - S
Other long-term obligations - Summary of Obligations (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Employee retirement benefits | $ 954 | $ 902 |
Asset retirement obligations and other environmental liabilities | 2,564 | 2,150 |
Share-based incentive compensation liabilities (note 7) | 90 | 101 |
Operating lease liability (note 13) | 111 | 151 |
Other obligations | 132 | 163 |
Total other long-term obligations | $ 3,851 | $ 3,467 |
Other long-term obligations - T
Other long-term obligations - Table Narrative (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | ||
Employee retirement benefit obligations in current liabilities | $ 62 | $ 63 |
Asset retirement obligations and other environmental liabilities in current liabilities | $ 235 | $ 116 |
Asset retirement obligations discount rate | 6% | 6% |
Other long-term obligations -_2
Other long-term obligations - Summary of Liability for Asset Retirement Obligations (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Balance as at January 1 | $ 2,178 | $ 1,721 | $ 1,674 |
Additions (deductions) | 471 | 415 | 6 |
Accretion | 132 | 101 | 99 |
Settlement | (78) | (59) | (58) |
Balance as at December 31 | $ 2,703 | $ 2,178 | $ 1,721 |
Other long-term obligations - N
Other long-term obligations - Narrative (Details) $ in Millions | Dec. 31, 2023 CAD ($) |
Other Liabilities Disclosure [Abstract] | |
Estimated cash payments for asset retirement obligations in 2024 | $ 169 |
Estimated cash payments for asset retirement obligations in 2025 | $ 162 |
Financial and derivative inst_3
Financial and derivative instruments - Narrative (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Instruments And Derivatives [Line Items] | ||
Long term debt | $ 3,447 | $ 3,447 |
Master netting arrangements | ||
Financial Instruments And Derivatives [Line Items] | ||
Derivative collateral receivable | $ 24 | $ 14 |
Financial and derivative inst_4
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl bbl in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Crude | Short | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, volume | (4,450) | |
Crude | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, volume | (1,800) | |
Products | Short | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, volume | (490) | (350) |
Financial and derivative inst_5
Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Revenues | $ (5) | $ 148 | $ (46) |
Purchases of crude oil and products | 0 | 0 | (33) |
Total | $ (5) | $ 148 | $ (79) |
Financial and derivative inst_6
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Asset [Abstract] | ||
Derivative assets | $ 46 | $ 49 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, including intangibles - net, Accounts receivable - net, Materials, supplies and prepaid expenses | Other assets, including intangibles - net, Accounts receivable - net, Materials, supplies and prepaid expenses |
Derivative Liability [Abstract] | ||
Derivative liabilities | $ 47 | $ 41 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current, Other long-term obligations (note 5) | Accounts Payable and Accrued Liabilities, Current, Other long-term obligations (note 5) |
Effect of counterparty netting | ||
Derivative Asset [Abstract] | ||
Derivative assets | $ (16) | $ (27) |
Derivative Liability [Abstract] | ||
Derivative liabilities | (16) | (27) |
Effect of collateral netting | ||
Derivative Asset [Abstract] | ||
Derivative assets | (12) | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities | 0 | (4) |
Net carrying value | ||
Derivative Asset [Abstract] | ||
Derivative assets | 18 | 22 |
Derivative Liability [Abstract] | ||
Derivative liabilities | 31 | 10 |
Level 1 | ||
Derivative Asset [Abstract] | ||
Derivative assets | 28 | 17 |
Derivative Liability [Abstract] | ||
Derivative liabilities | 16 | 21 |
Level 2 | ||
Derivative Asset [Abstract] | ||
Derivative assets | 18 | 32 |
Derivative Liability [Abstract] | ||
Derivative liabilities | 31 | 20 |
Level 3 | ||
Derivative Asset [Abstract] | ||
Derivative assets | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities | $ 0 | $ 0 |
Share-based incentive compens_3
Share-based incentive compensation programs - Narrative (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense charged against income | $ 52 | $ 103 | $ 89 |
Income tax benefit recognized in income related to compensation expense | 13 | 25 | 22 |
Cash payment for compensation expense | $ 68 | $ 65 | $ 48 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of shares that become exercisable in third year | 0.50 | ||
Percentage of shares that become exercisable in seventh year | 0.50 | ||
Vesting percentage | 100% | ||
Award vesting period | 3 years | ||
Percentage restricted stock units vested on fifth anniversary of the grant date | 50% | ||
Percentage restricted stock units vested on tenth anniversary of the grant date or retirement | 50% | ||
Percentage restricted stock units vested on fifth anniversary of the grant date | 50% | ||
Percentage restricted stock units vested on tenth anniversary of the grant date | 50% | ||
Before-tax unrecognized compensation expense related to non-vested restricted stock | $ 169 | ||
Weighted average vesting period of nonvested restricted stock | 4 years 1 month 6 days |
Share-based incentive compens_4
Share-based incentive compensation programs - Summarized Information About Incentive Share, Deferred Share and Restricted Stock Units (Detail) | 12 Months Ended |
Dec. 31, 2023 shares | |
Restricted Stock Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at January 1, 2023 | 4,036,355 |
Granted | 949,520 |
Vested / Exercised | (651,175) |
Forfeited and cancelled | (421,390) |
Outstanding as December 31, 2023 | 3,913,310 |
Deferred Share Units | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at January 1, 2023 | 179,884 |
Granted | 12,219 |
Vested / Exercised | (154,781) |
Forfeited and cancelled | 0 |
Outstanding as December 31, 2023 | 37,322 |
Investment and other income - G
Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | |||
Proceeds from asset sales | $ 86 | $ 904 | $ 81 |
Book value of asset sales | 13 | 746 | 32 |
Gain (loss) on asset sales, before-tax | 73 | 158 | 49 |
Gain (loss) on asset sales, after-tax | $ 63 | 241 | $ 43 |
XTO Energy Canada | |||
Net Investment Income [Line Items] | |||
Gain (loss) on asset sales, before-tax | 116 | ||
Gain (loss) on asset sales, after-tax | $ 208 |
Litigation and other continge_2
Litigation and other contingencies - Narrative (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total payment on unconditional purchase obligation | $ 0 | |
Total other third party obligations payable | $ 13,000,000 | $ 17,000,000 |
Common shares - Summary of Comm
Common shares - Summary of Common Shares (Detail) - shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Equity [Abstract] | ||
Authorized (in shares) | 1,100,000 | 1,100,000 |
Common shares outstanding (in shares) | 535,837 | 584,153 |
Common shares - Narrative (Deta
Common shares - Narrative (Detail) - CAD ($) | 12 Months Ended | |||||||
Dec. 13, 2023 | Jun. 29, 2023 | Jun. 15, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 03, 2023 | Oct. 30, 2023 | |
Class of Stock [Line Items] | ||||||||
Normal course issuer bid share repurchase term, months | 12 months | |||||||
Payments for repurchase of common stock | $ 3,800,000,000 | $ 6,395,000,000 | $ 2,245,000,000 | |||||
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | ||||||||
Class of Stock [Line Items] | ||||||||
Normal course issuer bid share repurchase shares authorized | 29,207,635 | |||||||
Percent of total shares | 5% | |||||||
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | Exxon Mobil | ||||||||
Class of Stock [Line Items] | ||||||||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |||||||
Substantial Issuer Bid Effective From November Third Two Thousand And Twenty Three | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 1,500,000,000 | |||||||
Stock repurchased and retired during period (in shares) | 19,108,280 | |||||||
Treasury stock acquired, average cost per share | $ 78.50 | |||||||
Payments for repurchase of common stock | $ 1,500,000,000 | |||||||
Percentage of outstanding stock repurchased | 3.40% | |||||||
Substantial Issuer Bid Effective From November Third Two Thousand And Twenty Three | Exxon Mobil | ||||||||
Class of Stock [Line Items] | ||||||||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |||||||
Stock repurchased and retired during period (in shares) | 13,299,349 |
Common shares - Common Share Ac
Common shares - Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock beginning balance, (in shares) | 584,153 | |||
Common stock, ending balance, (in shares) | 535,837 | 584,153 | ||
Common stock, beginning balance | [1] | $ 1,079 | ||
Common stock, ending balance | [1] | $ 992 | $ 1,079 | |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock beginning balance, (in shares) | 584,153 | 678,080 | 734,077 | |
Issued under employee share-based awards, (in shares) | 0 | 0 | 7 | |
Purchases at stated value, (in shares) | (48,316) | (93,927) | (56,004) | |
Common stock, ending balance, (in shares) | 535,837 | 584,153 | 678,080 | |
Common stock, beginning balance | $ 1,079 | $ 1,252 | $ 1,357 | |
Issued under employee share-based awards | 0 | 0 | 0 | |
Purchases at stated value | (87) | (173) | (105) | |
Common stock, ending balance | $ 992 | $ 1,079 | $ 1,252 | |
[1] (d) Number of common shares authorized (millions) (note 10). 1,100 1,100 Number of common shares outstanding (millions) (note 10). 536 584 |
Common shares - Calculation of
Common shares - Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) per common share – basic | |||
Net income (loss) | $ 4,889 | $ 7,340 | $ 2,479 |
Weighted-average number of common shares outstanding (millions of shares) | 574.8 | 640.2 | 711.6 |
Net income (loss) per common share (dollars) | $ 8.51 | $ 11.47 | $ 3.48 |
Net income (loss) per common share – diluted | |||
Net income (loss) | $ 4,889 | $ 7,340 | $ 2,479 |
Weighted-average number of common shares outstanding (millions of shares) | 574.8 | 640.2 | 711.6 |
Effect of employee share-based awards (millions of shares) | 1.1 | 1.3 | 1.6 |
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 575.9 | 641.5 | 713.2 |
Net income (loss) per common share (dollars) | $ 8.49 | $ 11.44 | $ 3.48 |
Dividends per common share – declared (dollars) | $ 1.94 | $ 1.46 | $ 1.03 |
Miscellaneous financial infor_3
Miscellaneous financial information - Narrative (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Effect of LIFO inventory liquidation on income (loss) | $ 5 | $ 62 | $ (13) |
Difference between LIFO carrying values and replacement cost of inventories | 2,200 | 2,000 | |
Inventory write-down | 74 | ||
Inventory adjustments, before tax | 82 | ||
Out of period impact of the inventory write down | 57 | ||
Out of period impact of the inventory write down, Adjustment before tax | 63 | ||
Research and development costs charged to expenses | 84 | 74 | $ 89 |
Accounts payable and accrued liabilities included accrued taxes other than income taxes | 455 | $ 458 | |
Miscellaneous current liabilities | $ 726 |
Miscellaneous financial infor_4
Miscellaneous financial information - Inventories of Crude Oil and Products (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Crude oil | $ 979 | $ 809 |
Petroleum products | 579 | 471 |
Chemical products | 66 | 76 |
Other | 320 | 158 |
Total | $ 1,944 | $ 1,514 |
Financing and additional note_3
Financing and additional notes and loans payable information - Summary (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Other Income and Expenses [Abstract] | ||||
Debt-related interest | $ 203 | $ 111 | $ 63 | |
Capitalized interest | (141) | (57) | (24) | |
Net interest expense | 62 | 54 | 39 | |
Other interest | 7 | 6 | 15 | |
Total financing | [1] | $ 69 | $ 60 | $ 54 |
[1] (d) Amounts to related parties included in financing (note 16). 169 78 28 |
Financing and additional note_4
Financing and additional notes and loans payable information - Table Narrative (Detail) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other Income and Expenses [Abstract] | |||
Weighted average interest rate on short-term borrowings | 4.90% | 2% | 0.20% |
Average effective rate for affiliate long-term borrowing | 4.90% | 1.90% | 0.60% |
Financing and additional note_5
Financing and additional notes and loans payable information - Narrative (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | |
Financing Activities [Line Items] | ||
Line of credit facility, remaining borrowing capacity | $ 500,000,000 | |
Non-interest bearing, revolving demand loan, outstanding amount | $ 111,000,000 | |
Long Term Line Of Credit Due November Two Thousand And Twenty Four | ||
Financing Activities [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 250,000,000 | |
Long-Term Line Of Credit Due November Two Thousand And Twenty Five | ||
Financing Activities [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 |
Leases - Schedule Of Lease Cost
Leases - Schedule Of Lease Cost (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 114 | $ 119 | $ 123 |
Short-term and other (net of sublease rental income) | 30 | 40 | 19 |
Amortization of right of use assets | 19 | 19 | 17 |
Interest on lease liabilities | 29 | 30 | 33 |
Operating Lease And Short-Term Lease, Cost | 144 | 159 | 142 |
Finance Lease, Total Lease Cost | $ 48 | $ 49 | $ 50 |
Leases - Schedule Of Operating
Leases - Schedule Of Operating Leases and Finance Leases Recorded In Balance Sheet (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Right of use assets | ||
Operating leases | $ 196 | $ 245 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, including intangibles - net | Other assets, including intangibles - net |
Finance leases | $ 599 | $ 618 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, less accumulated depreciation and depletion (note 2, 18) | Property, plant and equipment, less accumulated depreciation and depletion (note 2, 18) |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities, Current | Accounts Payable and Accrued Liabilities, Current |
Lease liability due within one year | ||
Operating leases | $ 87 | $ 100 |
Finance leases | 21 | 22 |
Long-term lease liability | ||
Operating leases | 111 | 151 |
Finance leases | $ 564 | $ 586 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Long-term debt, Other long-term obligations (note 5) | Long-term debt, Other long-term obligations (note 5) |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term obligations (note 5) | Other long-term obligations (note 5) |
Total lease liability, Operating leases | $ 198 | $ 251 |
Total lease liability, Finance leases | $ 585 | $ 608 |
Weighted average remaining lease term (years), Operating leases | 6 years | 5 years |
Weighted average remaining lease term (years), Finance leases | 36 years | 37 years |
Weighted average discount rate (percent), Operating leases | 1.90% | 1.10% |
Weighted average discount rate (percent), Finance leases | 4.70% | 4.70% |
Included in Accounts payable and accrued liabilities | ||
Lease liability due within one year | ||
Finance leases | $ 0 | $ 0 |
Included in Notes and loans payable | ||
Lease liability due within one year | ||
Finance leases | 21 | 22 |
Included in Other long-term obligations | ||
Long-term lease liability | ||
Finance leases | 0 | 0 |
Included in Long-term debt | ||
Long-term lease liability | ||
Finance leases | $ 564 | $ 586 |
Leases - Maturity Of Lease Liab
Leases - Maturity Of Lease Liabilities (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating leases | ||
2024 | $ 90 | |
2025 | 38 | |
2026 | 16 | |
2027 | 10 | |
2028 | 9 | |
2029 and beyond | 46 | |
Total lease payments | 209 | |
Discount to present value | (11) | |
Total lease liability | 198 | $ 251 |
Finance leases | ||
2024 | 49 | |
2025 | 46 | |
2026 | 44 | |
2027 | 43 | |
2028 | 42 | |
2029 and beyond | 858 | |
Total lease payments | 1,082 | |
Discount to present value | (497) | |
Total lease liability | $ 585 | $ 608 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Undiscounted Commitments | $ 54 | $ 14 |
Operating and finance leases not yet commenced payments due year one | 1 | |
Operating and finance leases not yet commenced payments due year two | $ 48 |
Leases - Schedule Of Measuremen
Leases - Schedule Of Measurement Of Lease Liabilities and Right Of Use Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash flows from operating activities, Operating leases | $ 56 | $ 121 | $ 122 |
Cash flows from operating activities, Finance leases | 0 | 0 | 0 |
Cash flows from financing activities, Finance leases | 22 | 22 | 20 |
Non-cash right of use assets recorded for lease liabilities | |||
In exchange for lease liabilities during the year, Operating leases | 61 | 117 | 176 |
In exchange for lease liabilities during the year, Finance leases | $ 0 | $ 0 | $ 123 |
Long-term debt - Summary of Lon
Long-term debt - Summary of Long-Term Debt (Detail) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |||
Long-term debt, related party amount | $ 3,447 | $ 3,447 | |
Finance leases | 564 | 586 | |
Total long-term debt | [1] | $ 4,011 | $ 4,033 |
[1] (c) Long-term debt included amounts to related parties (note 16). 3,447 3,447 |
Long-term debt - Table Narrativ
Long-term debt - Table Narrative (Detail) - CAD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||||
Maximum long-term borrowing from affiliate | $ 7,750,000,000 | |||
Cancellation period long-term borrowing from affiliate, days | 370 days | |||
Repayments of long-term debt | $ 1,000,000,000 | $ 0 | $ 1,000,000,000 | $ 0 |
Finance lease obligations for marine services, average imputed rate | 4.70% | 4.70% | ||
Finance lease, liability current | $ 21,000,000 | $ 22,000,000 | ||
Principal payments on finance lease, year two | 18,000,000 | |||
Principal payments on finance lease, year three | 18,000,000 | |||
Principal payments on finance lease, year four | 18,000,000 | |||
Principal payments on finance lease, year five | $ 18,000,000 |
Accounting for suspended expl_2
Accounting for suspended exploratory well costs - Narrative (Detail) | Dec. 31, 2023 CAD ($) Project | Dec. 31, 2022 CAD ($) Project | Dec. 31, 2021 CAD ($) Project |
Debt Disclosure [Abstract] | |||
Capitalized exploratory well costs | $ | $ 0 | $ 0 | $ 0 |
Projects that have exploratory well costs that have been capitalized | Project | 0 | 0 | 0 |
Transactions with related par_2
Transactions with related parties - Narrative (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | ||||
Revenues | [1] | $ 50,702 | $ 59,413 | $ 37,508 |
Long-term debt, related party amount | 3,447 | 3,447 | ||
Debt-related interest | 203 | 111 | $ 63 | |
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Amounts of purchases by Imperial | 4,026 | 3,719 | ||
Revenues | 13,544 | 17,042 | ||
Long-term debt, related party amount | 3,447 | 3,447 | ||
Debt-related interest | $ 169 | $ 78 | ||
[1] (a) Amounts from related parties included in revenues (note 16). 13,544 17,042 8,777 |
Other comprehensive income (l_3
Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at January 1 | $ (512) | ||
Balance at December 31 | (677) | $ (512) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at January 1 | (512) | (1,177) | $ (1,989) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | (206) | 582 | 679 |
Amounts reclassified from accumulated other comprehensive income | 41 | 83 | 133 |
Balance at December 31 | $ (677) | $ (512) | $ (1,177) |
Other comprehensive income (l_4
Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of postretirement benefits liability adjustment included in net benefit cost | $ (54) | $ (110) | $ (176) |
Other comprehensive income (l_5
Other comprehensive income (loss) information - Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Uncategorized [Abstract] | |||
Postretirement benefits liability adjustment (excluding amortization) | $ (66) | $ 188 | $ 221 |
Amortization of postretirement benefits liability adjustment included in net benefit cost | 13 | 27 | 43 |
Total | $ (53) | $ 215 | $ 264 |
Divestment activities - Narrati
Divestment activities - Narrative (Detail) $ in Billions | Aug. 31, 2022 CAD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
DiscontinuedOperationGainLossOnDisposalStatementOfIncomeOrComprehensiveIncomeExtensibleEnumerationNotDisclosedFlag | 0.2 billion |
XTO Energy Canada | Exxon Mobil Canada | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group including discontinued operation assets | $ 0.9 |
Disposal group including discontinued operation property, plant and equipment | 0.8 |
Disposal group including discontinued operation liabilities | 0.2 |
White Cap Inc | XTO Energy Canada | Companies Share | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group including discontinued operation consideration receivable | 0.9 |
Disposal group including discontinued operation gain loss on disposal of business | 0.2 |
White Cap Inc | XTO Energy Canada | Exxon Mobil Canada | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group including discontinued operation consideration receivable | $ 1.9 |