Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 535,836,803 |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Entity Central Index Key | 0000049938 |
Current Fiscal Year End Date | --12-31 |
Consolidated statement of incom
Consolidated statement of income (U.S. GAAP, unaudited) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenues and other income | |||
Revenues | [1] | $ 12,249 | $ 12,057 |
Investment and other income (note 3) | 34 | 64 | |
Total revenues and other income | 12,283 | 12,121 | |
Expenses | |||
Exploration | 1 | 1 | |
Purchases of crude oil and products | [2] | 7,706 | 7,478 |
Production and manufacturing | [3] | 1,664 | 1,756 |
Selling and general | [3] | 246 | 186 |
Federal excise tax and fuel charge | 591 | 529 | |
Depreciation and depletion | 490 | 490 | |
Non-service pension and postretirement benefit | 1 | 20 | |
Financing | [4] | 12 | 16 |
Total expenses | 10,711 | 10,476 | |
Income (loss) before income taxes | 1,572 | 1,645 | |
Income taxes | 377 | 397 | |
Net income (loss) | $ 1,195 | $ 1,248 | |
Per share information (Canadian dollars) | |||
Net income (loss) per common share - basic (note 9) (in CAD per share) | $ 2.23 | $ 2.14 | |
Net income (loss) per common share - diluted (note 9) (in CAD per share) | $ 2.23 | $ 2.13 | |
[1] (a) Amounts from related parties included in revenues. 2,729 3,136 (b) Amounts to related parties included in purchases of crude oil and products. 985 1,078 (c) Amounts to related parties included in production and manufacturing, and selling and general expenses. 150 135 (d) Amounts to related parties included in financing. 44 39 |
Consolidated statement of inc_2
Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Amounts from related parties included in revenues | [1] | $ 12,249 | $ 12,057 |
Amounts to related parties included in purchases of crude oil and products | [2] | 7,706 | 7,478 |
Amounts to related parties included in financing | [3] | 12 | 16 |
Related Party | |||
Amounts from related parties included in revenues | 2,729 | 3,136 | |
Amounts to related parties included in purchases of crude oil and products | 985 | 1,078 | |
Amounts to related parties included in production and manufacturing, and selling and general expenses | 150 | 135 | |
Amounts to related parties included in financing | $ 44 | $ 39 | |
[1] (a) Amounts from related parties included in revenues. 2,729 3,136 (b) Amounts to related parties included in purchases of crude oil and products. 985 1,078 (d) Amounts to related parties included in financing. 44 39 |
Consolidated statement of compr
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 1,195 | $ 1,248 |
Other comprehensive income (loss), net of income taxes | ||
Postretirement benefits liability adjustment (excluding amortization) | 4 | 21 |
Amortization of postretirement benefits liability adjustment included in net benefit costs | 12 | 10 |
Total other comprehensive income (loss) | 16 | 31 |
Comprehensive income (loss) | $ 1,211 | $ 1,279 |
Consolidated balance sheet (U.S
Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Current assets | |||
Cash and cash equivalents | $ 1,176 | $ 864 | |
Accounts receivable - net | [1] | 5,204 | 4,482 |
Inventories of crude oil and products | 2,106 | 1,944 | |
Materials, supplies and prepaid expenses | 1,043 | 1,008 | |
Total current assets | 9,529 | 8,298 | |
Investments and long-term receivables | [2] | 1,082 | 1,062 |
Property, plant and equipment, | 56,680 | 56,200 | |
less accumulated depreciation and depletion | (25,841) | (25,365) | |
Property, plant and equipment, net | 30,839 | 30,835 | |
Goodwill | 166 | 166 | |
Other assets, including intangibles - net | 897 | 838 | |
Total assets | 42,513 | 41,199 | |
Current liabilities | |||
Notes and loans payable | 121 | 121 | |
Accounts payable and accrued liabilities (note 7) | [1] | 6,968 | 6,231 |
Income taxes payable | 17 | 251 | |
Total current liabilities | 7,106 | 6,603 | |
Long-term debt (note 6) | [3] | 4,006 | 4,011 |
Other long-term obligations (note 7) | 3,860 | 3,851 | |
Deferred income tax liabilities | 4,429 | 4,512 | |
Total liabilities | 19,401 | 18,977 | |
Shareholders’ equity | |||
Common shares at stated value (note 9) | [4] | 992 | 992 |
Earnings reinvested | 22,781 | 21,907 | |
Accumulated other comprehensive income (loss) (note 10) | (661) | (677) | |
Total shareholders’ equity | 23,112 | 22,222 | |
Total liabilities and shareholders’ equity | $ 42,513 | $ 41,199 | |
[1] (a) Accounts receivable - net included net amounts receivable from related parties. 696 1,048 (b) Investments and long-term receivables included amounts from related parties. 271 283 (c) Long-term debt included amounts to related parties. 3,447 3,447 (d) Number of common shares authorized (millions). 1,100 1,100 Number of common shares outstanding (millions). 536 536 |
Consolidated balance sheet (U_2
Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) shares in Thousands, $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Investments and long-term receivables, related party amount | [1] | $ 1,082 | $ 1,062 |
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 | 536,000 | |
Related Party | |||
Accounts receivable, net, related party amount | $ 696 | $ 1,048 | |
Investments and long-term receivables, related party amount | 271 | 283 | |
Long-term debt, related party amount | $ 3,447 | $ 3,447 | |
[1] (b) Investments and long-term receivables included amounts from related parties. 271 283 |
Consolidated statement of share
Consolidated statement of shareholders' equity (U.S GAAP, unaudited) - CAD ($) $ in Millions | Total | Common shares at stated value (note 9) | Earnings reinvested | Accumulated other comprehensive income (loss) (note 10) |
At beginning of period at Dec. 31, 2022 | $ 1,079 | $ 21,846 | $ (512) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | 0 | |||
Net income (loss) for the period | $ 1,248 | 1,248 | ||
Share purchases in excess of stated value | 0 | |||
Dividends declared | (257) | |||
Other comprehensive income (loss) | 31 | 31 | ||
At end of period at Mar. 31, 2023 | 23,435 | 1,079 | 22,837 | (481) |
At beginning of period at Dec. 31, 2022 | 1,079 | 21,846 | (512) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | (87) | |||
At end of period at Dec. 31, 2023 | 22,222 | 992 | 21,907 | (677) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Share purchases at stated value | 0 | |||
Net income (loss) for the period | 1,195 | 1,195 | ||
Share purchases in excess of stated value | 0 | |||
Dividends declared | (321) | |||
Other comprehensive income (loss) | 16 | 16 | ||
At end of period at Mar. 31, 2024 | $ 23,112 | $ 992 | $ 22,781 | $ (661) |
Consolidated statement of cash
Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Operating activities | |||
Net income (loss) | $ 1,195 | $ 1,248 | |
Adjustments for non-cash items: | |||
Depreciation and depletion | 490 | 490 | |
(Gain) loss on asset sales (note 3) | (2) | (9) | |
Deferred income taxes and other | (164) | (56) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (722) | 436 | |
Inventories, materials, supplies and prepaid expenses | (196) | (479) | |
Income taxes payable | (234) | (2,077) | |
Accounts payable and accrued liabilities | 707 | (255) | |
All other items - net | [1] | 2 | (119) |
Cash flows from (used in) operating activities | 1,076 | (821) | |
Investing activities | |||
Additions to property, plant and equipment | (497) | (429) | |
Proceeds from asset sales (note 3) | 4 | 14 | |
Loans to equity companies - net | 12 | 1 | |
Cash flows from (used in) investing activities | (481) | (414) | |
Financing activities | |||
Finance lease obligations - reduction (note 6) | (5) | (5) | |
Dividends paid | (278) | (266) | |
Common shares purchased (note 9) | 0 | 0 | |
Cash flows from (used in) financing activities | (283) | (271) | |
Increase (decrease) in cash and cash equivalents | 312 | (1,506) | |
Cash and cash equivalents at beginning of period | 864 | 3,749 | |
Cash and cash equivalents at end of period | [2] | $ 1,176 | $ 2,243 |
[1] (b) Included contributions to registered pension plans. (37) (42) (a) 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, unaudited) (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Included contributions to registered pension plans | $ (37) | $ (42) |
Income taxes (paid) refunded. | (700) | (2,632) |
Interest (paid), net of capitalization. | $ (11) | $ (21) |
Basis of financial statement pr
Basis of financial statement preparation | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of financial statement preparation | Basis of financial statement preparation These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2023 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the three months ended March 31, 2024, are not necessarily indicative of the operations to be expected for the full year. |
Business segments
Business segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business segments | Business segments Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 42 76 11,879 11,639 328 342 Intersegment sales 4,122 3,622 1,748 1,823 90 91 Investment and other income (note 3) 4 2 12 20 1 — 4,168 3,700 13,639 13,482 419 433 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,813 1,543 11,591 11,196 260 274 Production and manufacturing 1,188 1,287 421 411 53 58 Selling and general — — 162 157 26 26 Federal excise tax and fuel charge — — 590 528 1 1 Depreciation and depletion 432 434 45 45 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 1 — — — — — Total expenses 3,435 3,265 12,809 12,337 344 363 Income (loss) before income taxes 733 435 830 1,145 75 70 Income tax expense (benefit) 175 105 199 275 18 17 Net income (loss) 558 330 631 870 57 53 Cash flows from (used in) operating activities 891 (398) 7 (419) (3) (32) Capital and exploration expenditures (c) 290 321 153 74 5 4 Total assets as at March 31 28,661 29,059 11,126 9,535 517 477 Three Months to March 31 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 12,249 12,057 Intersegment sales — — (5,960) (5,536) — — Investment and other income (note 3) 17 42 — — 34 64 17 42 (5,960) (5,536) 12,283 12,121 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (5,958) (5,535) 7,706 7,478 Production and manufacturing 2 — — — 1,664 1,756 Selling and general 60 4 (2) (1) 246 186 Federal excise tax and fuel charge — — — — 591 529 Depreciation and depletion 9 7 — — 490 490 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 11 16 — — 12 16 Total expenses 83 47 (5,960) (5,536) 10,711 10,476 Income (loss) before income taxes (66) (5) — — 1,572 1,645 Income tax expense (benefit) (15) — — — 377 397 Net income (loss) (51) (5) — — 1,195 1,248 Cash flows from (used in) operating activities 181 28 — — 1,076 (821) Capital and exploration expenditures (c) 48 30 — — 496 429 Total assets as at March 31 2,699 3,815 (490) (771) 42,513 42,115 Includes export sales to the United States of $2,378 million (2023 - $2,375 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 Three Months to March 31 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 9,729 10,520 Revenue outside the scope of ASC 606 2,520 1,537 Total 12,249 12,057 (c) 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. |
Investment and other income
Investment and other income | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Investment and other income | Investment and other income Investment and other income included gains and losses on asset sales as follows: Three Months to March 31 millions of Canadian dollars 2024 2023 Proceeds from asset sales 4 14 Book value of asset sales 2 5 Gain (loss) on asset sales, before tax 2 9 Gain (loss) on asset sales, after tax 2 8 |
Employee retirement benefits
Employee retirement benefits | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee retirement benefits | Employee retirement benefits The components of net benefit cost were as follows: Three Months to March 31 millions of Canadian dollars 2024 2023 Pension benefits: Service cost 46 41 Interest cost 91 93 Expected return on plan assets (113) (93) Amortization of prior service cost 7 4 Amortization of actuarial loss (gain) 12 11 Net benefit cost 43 56 Other postretirement benefits: Service cost 4 3 Interest cost 6 7 Amortization of actuarial loss (gain) (2) (2) Net benefit cost 8 8 |
Financing costs
Financing costs | 3 Months Ended |
Mar. 31, 2024 | |
Financing costs and additional notes and loans payable information [Abstract] | |
Financing costs | Financing costs Three Months to March 31 millions of Canadian dollars 2024 2023 Debt-related interest 52 46 Capitalized interest (41) (30) Net interest expense 11 16 Other interest 1 — Total financing 12 16 |
Long-term debt
Long-term debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt As at Mar 31 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 559 564 Total long-term debt 4,006 4,011 |
Other long-term obligations
Other long-term obligations | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | Other long-term obligations As at Mar 31 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 932 954 Asset retirement obligations and other environmental liabilities (b) 2,575 2,564 Share-based incentive compensation liabilities 128 90 Operating lease liability (c) 107 111 Other obligations 118 132 Total other long-term obligations 3,860 3,851 (a) Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million). (b) Total asset retirement obligations and other environmental liabilities also included $235 million in current liabilities (2023 - $235 million). (c) Total operating lease liability also included $77 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $56 million (2023 - $54 million). |
Financial and derivative instru
Financial and derivative instruments | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 and December 31, 2023, 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. The net notional long/(short) position of derivative instruments was: As at Mar 31 As at Dec 31 thousands of barrels 2024 2023 Crude (3,950) (4,450) Products (2,060) (490) Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Three Months to March 31 millions of Canadian dollars 2024 2023 Revenues (24) (23) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At March 31, 2024 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 50 27 — 77 (50) — 27 Liabilities Derivative liabilities (b) 54 60 — 114 (50) (4) 60 (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, 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 Liabilities 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 March 31, 2024 and December 31, 2023, the company had $33 million and $24 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements. |
Common shares
Common shares | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Common shares | Common shares As at Mar 31 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 535,837 535,837 The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2022 584,153 1,079 Purchases at stated value (48,316) (87) Balance as at December 31, 2023 535,837 992 Purchases at stated value — — Balance as at March 31, 2024 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: Three Months to March 31 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,195 1,248 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 Net income (loss) per common share (dollars) 2.23 2.14 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,195 1,248 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 Effect of employee share-based awards (millions of shares) 1.1 1.2 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 536.9 585.4 Net income (loss) per common share (dollars) 2.23 2.13 Dividends per common share – declared (dollars) 0.60 0.44 |
Other comprehensive income (los
Other comprehensive income (loss) information | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Other comprehensive income (loss) information | Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2024 2023 Balance at January 1 (677) (512) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 4 21 Amounts reclassified from accumulated other comprehensive income 12 10 Balance at March 31 (661) (481) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Three Months to March 31 millions of Canadian dollars 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (17) (13) (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). Income tax expense (credit) for components of other comprehensive income (loss): Three Months to March 31 millions of Canadian dollars 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 1 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 5 3 Total 6 10 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income (loss) | $ 1,195 | $ 1,248 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Business segments (Tables)
Business segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business segments | Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 42 76 11,879 11,639 328 342 Intersegment sales 4,122 3,622 1,748 1,823 90 91 Investment and other income (note 3) 4 2 12 20 1 — 4,168 3,700 13,639 13,482 419 433 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,813 1,543 11,591 11,196 260 274 Production and manufacturing 1,188 1,287 421 411 53 58 Selling and general — — 162 157 26 26 Federal excise tax and fuel charge — — 590 528 1 1 Depreciation and depletion 432 434 45 45 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 1 — — — — — Total expenses 3,435 3,265 12,809 12,337 344 363 Income (loss) before income taxes 733 435 830 1,145 75 70 Income tax expense (benefit) 175 105 199 275 18 17 Net income (loss) 558 330 631 870 57 53 Cash flows from (used in) operating activities 891 (398) 7 (419) (3) (32) Capital and exploration expenditures (c) 290 321 153 74 5 4 Total assets as at March 31 28,661 29,059 11,126 9,535 517 477 Three Months to March 31 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 12,249 12,057 Intersegment sales — — (5,960) (5,536) — — Investment and other income (note 3) 17 42 — — 34 64 17 42 (5,960) (5,536) 12,283 12,121 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (5,958) (5,535) 7,706 7,478 Production and manufacturing 2 — — — 1,664 1,756 Selling and general 60 4 (2) (1) 246 186 Federal excise tax and fuel charge — — — — 591 529 Depreciation and depletion 9 7 — — 490 490 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 11 16 — — 12 16 Total expenses 83 47 (5,960) (5,536) 10,711 10,476 Income (loss) before income taxes (66) (5) — — 1,572 1,645 Income tax expense (benefit) (15) — — — 377 397 Net income (loss) (51) (5) — — 1,195 1,248 Cash flows from (used in) operating activities 181 28 — — 1,076 (821) Capital and exploration expenditures (c) 48 30 — — 496 429 Total assets as at March 31 2,699 3,815 (490) (771) 42,513 42,115 Includes export sales to the United States of $2,378 million (2023 - $2,375 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 Three Months to March 31 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 9,729 10,520 Revenue outside the scope of ASC 606 2,520 1,537 Total 12,249 12,057 (c) 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. |
Disaggregation of Revenue | Revenues Three Months to March 31 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 9,729 10,520 Revenue outside the scope of ASC 606 2,520 1,537 Total 12,249 12,057 |
Investment and other income (Ta
Investment and other income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Investment and other income | Investment and other income included gains and losses on asset sales as follows: Three Months to March 31 millions of Canadian dollars 2024 2023 Proceeds from asset sales 4 14 Book value of asset sales 2 5 Gain (loss) on asset sales, before tax 2 9 Gain (loss) on asset sales, after tax 2 8 |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of net benefit costs | The components of net benefit cost were as follows: Three Months to March 31 millions of Canadian dollars 2024 2023 Pension benefits: Service cost 46 41 Interest cost 91 93 Expected return on plan assets (113) (93) Amortization of prior service cost 7 4 Amortization of actuarial loss (gain) 12 11 Net benefit cost 43 56 Other postretirement benefits: Service cost 4 3 Interest cost 6 7 Amortization of actuarial loss (gain) (2) (2) Net benefit cost 8 8 |
Financing costs (Tables)
Financing costs (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financing costs and additional notes and loans payable information [Abstract] | |
Financing costs | Three Months to March 31 millions of Canadian dollars 2024 2023 Debt-related interest 52 46 Capitalized interest (41) (30) Net interest expense 11 16 Other interest 1 — Total financing 12 16 |
Long-term debt (Tables)
Long-term debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-term debt | As at Mar 31 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 559 564 Total long-term debt 4,006 4,011 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Other long-term obligations | As at Mar 31 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 932 954 Asset retirement obligations and other environmental liabilities (b) 2,575 2,564 Share-based incentive compensation liabilities 128 90 Operating lease liability (c) 107 111 Other obligations 118 132 Total other long-term obligations 3,860 3,851 (a) Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million). (b) Total asset retirement obligations and other environmental liabilities also included $235 million in current liabilities (2023 - $235 million). (c) Total operating lease liability also included $77 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $56 million (2023 - $54 million). |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The net notional long/(short) position of derivative instruments was: As at Mar 31 As at Dec 31 thousands of barrels 2024 2023 Crude (3,950) (4,450) Products (2,060) (490) |
Derivative Instruments, Gain (Loss) | Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Three Months to March 31 millions of Canadian dollars 2024 2023 Revenues (24) (23) |
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 March 31, 2024 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 50 27 — 77 (50) — 27 Liabilities Derivative liabilities (b) 54 60 — 114 (50) (4) 60 (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, 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 Liabilities 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”. |
Common shares (Tables)
Common shares (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of common shares | As at Mar 31 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 535,837 535,837 |
Common share activities | The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2022 584,153 1,079 Purchases at stated value (48,316) (87) Balance as at December 31, 2023 535,837 992 Purchases at stated value — — Balance as at March 31, 2024 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: Three Months to March 31 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,195 1,248 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 Net income (loss) per common share (dollars) 2.23 2.14 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,195 1,248 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 Effect of employee share-based awards (millions of shares) 1.1 1.2 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 536.9 585.4 Net income (loss) per common share (dollars) 2.23 2.13 Dividends per common share – declared (dollars) 0.60 0.44 |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Changes in accumulated other comprehensive income (loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2024 2023 Balance at January 1 (677) (512) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 4 21 Amounts reclassified from accumulated other comprehensive income 12 10 Balance at March 31 (661) (481) |
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): Three Months to March 31 millions of Canadian dollars 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (17) (13) (a) This accumulated other comprehensive income component is included in the computation of net 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): Three Months to March 31 millions of Canadian dollars 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 1 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 5 3 Total 6 10 |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Revenues and other income | ||||
Revenues | [1] | $ 12,249 | $ 12,057 | |
Investment and other income (note 3) | 34 | 64 | ||
Total revenues and other income | 12,283 | 12,121 | ||
Expenses | ||||
Exploration | 1 | 1 | ||
Purchases of crude oil and products | [2] | 7,706 | 7,478 | |
Production and manufacturing | [3] | 1,664 | 1,756 | |
Selling and general | [3] | 246 | 186 | |
Federal excise tax and fuel charge | 591 | 529 | ||
Depreciation and depletion | 490 | 490 | ||
Non-service pension and postretirement benefit | 1 | 20 | ||
Financing (note 5) | [4] | 12 | 16 | |
Total expenses | 10,711 | 10,476 | ||
Income (loss) before income taxes | 1,572 | 1,645 | ||
Income taxes | 377 | 397 | ||
Net income (loss) | 1,195 | 1,248 | ||
Cash flows from (used in) operating activities | 1,076 | (821) | ||
Capital and exploration expenditures | 496 | 429 | ||
Total assets as at March 31 | 42,513 | 42,115 | $ 41,199 | |
Corporate and other | ||||
Revenues and other income | ||||
Revenues | 0 | 0 | ||
Investment and other income (note 3) | 17 | 42 | ||
Total revenues and other income | 17 | 42 | ||
Expenses | ||||
Exploration | 0 | 0 | ||
Purchases of crude oil and products | 0 | 0 | ||
Production and manufacturing | 2 | 0 | ||
Selling and general | 60 | 4 | ||
Federal excise tax and fuel charge | 0 | 0 | ||
Depreciation and depletion | 9 | 7 | ||
Non-service pension and postretirement benefit | 1 | 20 | ||
Financing (note 5) | 11 | 16 | ||
Total expenses | 83 | 47 | ||
Income (loss) before income taxes | (66) | (5) | ||
Income taxes | (15) | 0 | ||
Net income (loss) | (51) | (5) | ||
Cash flows from (used in) operating activities | 181 | 28 | ||
Capital and exploration expenditures | 48 | 30 | ||
Total assets as at March 31 | 2,699 | 3,815 | ||
Eliminations | ||||
Revenues and other income | ||||
Revenues | (5,960) | (5,536) | ||
Total revenues and other income | (5,960) | (5,536) | ||
Expenses | ||||
Exploration | 0 | 0 | ||
Purchases of crude oil and products | (5,958) | (5,535) | ||
Production and manufacturing | 0 | 0 | ||
Selling and general | (2) | (1) | ||
Federal excise tax and fuel charge | 0 | 0 | ||
Depreciation and depletion | 0 | 0 | ||
Non-service pension and postretirement benefit | 0 | 0 | ||
Financing (note 5) | 0 | 0 | ||
Total expenses | (5,960) | (5,536) | ||
Income (loss) before income taxes | 0 | 0 | ||
Income taxes | 0 | 0 | ||
Net income (loss) | 0 | 0 | ||
Cash flows from (used in) operating activities | 0 | 0 | ||
Capital and exploration expenditures | 0 | 0 | ||
Total assets as at March 31 | (490) | (771) | ||
Upstream | Intersegment Eliminations | ||||
Revenues and other income | ||||
Revenues | 4,122 | 3,622 | ||
Upstream | Operating Segments | ||||
Revenues and other income | ||||
Revenues | 42 | 76 | ||
Investment and other income (note 3) | 4 | 2 | ||
Total revenues and other income | 4,168 | 3,700 | ||
Expenses | ||||
Exploration | 1 | 1 | ||
Purchases of crude oil and products | 1,813 | 1,543 | ||
Production and manufacturing | 1,188 | 1,287 | ||
Selling and general | 0 | 0 | ||
Federal excise tax and fuel charge | 0 | 0 | ||
Depreciation and depletion | 432 | 434 | ||
Non-service pension and postretirement benefit | 0 | 0 | ||
Financing (note 5) | 1 | 0 | ||
Total expenses | 3,435 | 3,265 | ||
Income (loss) before income taxes | 733 | 435 | ||
Income taxes | 175 | 105 | ||
Net income (loss) | 558 | 330 | ||
Cash flows from (used in) operating activities | 891 | (398) | ||
Capital and exploration expenditures | 290 | 321 | ||
Total assets as at March 31 | 28,661 | 29,059 | ||
Downstream | Intersegment Eliminations | ||||
Revenues and other income | ||||
Revenues | 1,748 | 1,823 | ||
Downstream | Operating Segments | ||||
Revenues and other income | ||||
Revenues | 11,879 | 11,639 | ||
Investment and other income (note 3) | 12 | 20 | ||
Total revenues and other income | 13,639 | 13,482 | ||
Expenses | ||||
Exploration | 0 | 0 | ||
Purchases of crude oil and products | 11,591 | 11,196 | ||
Production and manufacturing | 421 | 411 | ||
Selling and general | 162 | 157 | ||
Federal excise tax and fuel charge | 590 | 528 | ||
Depreciation and depletion | 45 | 45 | ||
Non-service pension and postretirement benefit | 0 | 0 | ||
Financing (note 5) | 0 | 0 | ||
Total expenses | 12,809 | 12,337 | ||
Income (loss) before income taxes | 830 | 1,145 | ||
Income taxes | 199 | 275 | ||
Net income (loss) | 631 | 870 | ||
Cash flows from (used in) operating activities | 7 | (419) | ||
Capital and exploration expenditures | 153 | 74 | ||
Total assets as at March 31 | 11,126 | 9,535 | ||
Chemical | Intersegment Eliminations | ||||
Revenues and other income | ||||
Revenues | 90 | 91 | ||
Chemical | Operating Segments | ||||
Revenues and other income | ||||
Revenues | 328 | 342 | ||
Investment and other income (note 3) | 1 | 0 | ||
Total revenues and other income | 419 | 433 | ||
Expenses | ||||
Exploration | 0 | 0 | ||
Purchases of crude oil and products | 260 | 274 | ||
Production and manufacturing | 53 | 58 | ||
Selling and general | 26 | 26 | ||
Federal excise tax and fuel charge | 1 | 1 | ||
Depreciation and depletion | 4 | 4 | ||
Non-service pension and postretirement benefit | 0 | 0 | ||
Financing (note 5) | 0 | 0 | ||
Total expenses | 344 | 363 | ||
Income (loss) before income taxes | 75 | 70 | ||
Income taxes | 18 | 17 | ||
Net income (loss) | 57 | 53 | ||
Cash flows from (used in) operating activities | (3) | (32) | ||
Capital and exploration expenditures | 5 | 4 | ||
Total assets as at March 31 | $ 517 | $ 477 | ||
[1] (a) Amounts from related parties included in revenues. 2,729 3,136 (b) Amounts to related parties included in purchases of crude oil and products. 985 1,078 (c) Amounts to related parties included in production and manufacturing, and selling and general expenses. 150 135 (d) Amounts to related parties included in financing. 44 39 |
Business Segments - Table Narra
Business Segments - Table Narrative (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Segment Reporting Information [Line Items] | |||
Revenue from contracts with customers | $ 9,729 | $ 10,520 | |
Revenue outside the scope of ASC 606 | 2,520 | 1,537 | |
Total | [1] | 12,249 | 12,057 |
United States Exports | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 2,378 | $ 2,375 | |
[1] (a) Amounts from related parties included in revenues. 2,729 3,136 |
Investment and other income - G
Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Investments [Abstract] | ||
Proceeds from asset sales | $ 4 | $ 14 |
Book value of asset sales | 2 | 5 |
Gain (loss) on asset sales, before tax | 2 | 9 |
Gain (loss) on asset sales, after tax | $ 2 | $ 8 |
Employee retirement benefits -
Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension benefits: | ||
Service cost | $ 46 | $ 41 |
Interest cost | 91 | 93 |
Expected return on plan assets | (113) | (93) |
Amortization of prior service cost | 7 | 4 |
Amortization of actuarial loss (gain) | 12 | 11 |
Net benefit cost | 43 | 56 |
Other postretirement benefits: | ||
Service cost | 4 | 3 |
Interest cost | 6 | 7 |
Amortization of actuarial loss (gain) | (2) | (2) |
Net benefit cost | $ 8 | $ 8 |
Financing costs (Detail)
Financing costs (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Financing costs and additional notes and loans payable information [Abstract] | |||
Debt-related interest | $ 52 | $ 46 | |
Capitalized interest | (41) | (30) | |
Net interest expense | 11 | 16 | |
Other interest | 1 | 0 | |
Total financing | [1] | $ 12 | $ 16 |
[1] (d) Amounts to related parties included in financing. 44 39 |
Long-term debt (Detail)
Long-term debt (Detail) - CAD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |||
Long-term debt | $ 3,447 | $ 3,447 | |
Finance leases | 559 | 564 | |
Total long-term debt | [1] | $ 4,006 | $ 4,011 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total long-term debt | Total long-term debt | |
[1] (c) Long-term debt included amounts to related parties. 3,447 3,447 |
Other long-term obligations - S
Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Employee retirement benefits | $ 932 | $ 954 |
Asset retirement obligations and other environmental liabilities | 2,575 | 2,564 |
Share-based incentive compensation liabilities | 128 | 90 |
Operating lease liability | 107 | 111 |
Other obligations | 118 | 132 |
Total other long-term obligations | $ 3,860 | $ 3,851 |
Other long-term obligations - T
Other long-term obligations - Table Narrative (Detail) - CAD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Other Liabilities Disclosure [Abstract] | ||
Employee retirement benefit obligations in current liabilities | $ 62 | $ 62 |
Asset retirement obligations and other environmental liabilities in current liabilities | 235 | 235 |
Lease liability due within one year, Operating leases | 77 | 87 |
Undiscounted commitments | $ 56 | $ 54 |
Financial and derivative inst_3
Financial and derivative instruments - Narrative (Detail) - CAD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Instruments And Derivatives [Line Items] | ||
Long-term debt, fair value | $ 3,447 | $ 3,447 |
Master netting arrangements | ||
Financial Instruments And Derivatives [Line Items] | ||
Derivative collateral receivable | $ 33 | $ 24 |
Financial and derivative inst_4
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - Short - bbl bbl in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Crude Oil | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (3,950) | (4,450) |
Products | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (2,060) | (490) |
Financial and derivative inst_5
Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Revenues | $ (24) | $ (23) |
Financial and derivative inst_6
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Derivative Asset | $ 77 | $ 46 |
Liabilities | ||
Derivative liabilities | 114 | 47 |
Effect of counterparty netting | ||
Assets | ||
Derivative Asset | (50) | (16) |
Liabilities | ||
Derivative liabilities | (50) | (16) |
Effect of collateral netting | ||
Assets | ||
Derivative Asset | 0 | (12) |
Liabilities | ||
Derivative liabilities | (4) | 0 |
Net carrying value | ||
Assets | ||
Derivative Asset | 27 | 18 |
Liabilities | ||
Derivative liabilities | 60 | 31 |
Level 1 | ||
Assets | ||
Derivative Asset | 50 | 28 |
Liabilities | ||
Derivative liabilities | 54 | 16 |
Level 2 | ||
Assets | ||
Derivative Asset | 27 | 18 |
Liabilities | ||
Derivative liabilities | 60 | 31 |
Level 3 | ||
Assets | ||
Derivative Asset | 0 | 0 |
Liabilities | ||
Derivative liabilities | $ 0 | $ 0 |
Common shares - Summary of Comm
Common shares - Summary of Common Shares (Detail) - shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Equity [Abstract] | ||
Authorized (in shares) | 1,100,000 | 1,100,000 |
Common shares outstanding (in shares) | 535,837 | 535,837 |
Common shares - Common Share Ac
Common shares - Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock beginning balance, (in shares) | 535,837 | |||
Common stock, ending balance, (in shares) | 535,837 | 535,837 | ||
Common stock beginning balance | [1] | $ 992 | ||
Common stock, ending balance | [1] | $ 992 | $ 992 | |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock beginning balance, (in shares) | 535,837 | 584,153 | 584,153 | |
Purchases at stated value, (in shares) | 0 | (48,316) | ||
Common stock, ending balance, (in shares) | 535,837 | 535,837 | ||
Common stock beginning balance | $ 992 | $ 1,079 | $ 1,079 | |
Purchases at stated value | 0 | $ 0 | (87) | |
Common stock, ending balance | $ 992 | $ 992 | ||
[1] (d) Number of common shares authorized (millions). 1,100 1,100 Number of common shares outstanding (millions). 536 536 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income (loss) per common share – basic | ||
Net income (loss) | $ 1,195 | $ 1,248 |
Weighted-average number of common shares outstanding (millions of shares) | 535.8 | 584.2 |
Net income (loss) per common share (dollars) | $ 2.23 | $ 2.14 |
Net income (loss) per common share – diluted | ||
Net income (loss) | $ 1,195 | $ 1,248 |
Weighted-average number of common shares outstanding (millions of shares) | 535.8 | 584.2 |
Effect of employee share-based awards (millions of shares) | 1.1 | 1.2 |
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 536.9 | 585.4 |
Net income (loss) per common share (dollars) | $ 2.23 | $ 2.13 |
Dividends per common share – declared (dollars) | $ 0.60 | $ 0.44 |
Other comprehensive income (l_3
Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at January 1 | $ (677) | |
Balance at March 31 | (661) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at January 1 | (677) | $ (512) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | 4 | 21 |
Amounts reclassified from accumulated other comprehensive income | 12 | 10 |
Balance at March 31 | $ (661) | $ (481) |
Other comprehensive income (l_4
Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 | $ (17) | $ (13) |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Postretirement benefits liability adjustment (excluding amortization) | $ 1 | $ 7 |
Amortization of postretirement benefits liability adjustment included in net benefit cost | 5 | 3 |
Total | $ 6 | $ 10 |