Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | IMO |
Entity Registrant Name | IMPERIAL OIL LTD |
Entity Central Index Key | 49,938 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 837,581,329 |
Consolidated statement of incom
Consolidated statement of income - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||||||
Revenues and other income | |||||||||
Operating revenues | [1] | CAD 7,134 | [2] | CAD 6,568 | [2] | CAD 21,077 | [3] | CAD 17,967 | [3] |
Investment and other income (note 3) | 24 | 874 | 270 | 945 | |||||
Total revenues and other income | 7,158 | 7,442 | 21,347 | 18,912 | |||||
Expenses | |||||||||
Exploration | 7 | 16 | 29 | 75 | |||||
Purchases of crude oil and products | [4] | 4,251 | 3,857 | 13,226 | 10,884 | ||||
Production and manufacturing | [5] | 1,338 | 1,261 | 4,238 | 3,842 | ||||
Selling and general | [5] | 219 | 275 | 626 | 812 | ||||
Federal excise tax | 438 | 434 | 1,253 | 1,237 | |||||
Depreciation and depletion | 391 | 398 | 1,135 | 1,229 | |||||
Financing costs (note 5) | 18 | 19 | 49 | 52 | |||||
Total expenses | 6,662 | 6,260 | 20,556 | 18,131 | |||||
Income (loss) before income taxes | 496 | 1,182 | 791 | 781 | |||||
Income taxes | 125 | 179 | 164 | 60 | |||||
Net income (loss) | CAD 371 | CAD 1,003 | CAD 627 | CAD 721 | |||||
Per-share information (Canadian dollars) | |||||||||
Net income (loss) per common share - basic (note 8) | CAD 0.44 | CAD 1.18 | CAD 0.74 | CAD 0.85 | |||||
Net income (loss) per common share - diluted (note 8) | 0.44 | 1.18 | 0.74 | 0.85 | |||||
Dividends per common share | CAD 0.16 | CAD 0.15 | CAD 0.47 | CAD 0.44 | |||||
[1] | Amounts from related parties included in operating revenues. 756 448 2,801 1,457 | ||||||||
[2] | Included export sales to the United States of $1,080 million (2016 - $941 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[3] | Included export sales to the United States of $3,024 million (2016 - $2,704 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[4] | Amounts to related parties included in purchases of crude oil and products. 604 623 1,919 1,540 | ||||||||
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 127 133 415 394 |
Consolidated statement of inco3
Consolidated statement of income (Parenthetical) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Amounts from related parties included in operating revenues | CAD 756 | CAD 448 | CAD 2,801 | CAD 1,457 |
Amounts to related parties included in purchases of crude oil and products | 604 | 623 | 1,919 | 1,540 |
Amounts to related parties included in production and manufacturing, and selling and general expenses | CAD 127 | CAD 133 | CAD 415 | CAD 394 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) | CAD 371 | CAD 1,003 | CAD 627 | CAD 721 |
Other comprehensive income (loss), net of income taxes | ||||
Post-retirement benefits liability adjustment (excluding amortization) | 41 | 100 | ||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit costs | 34 | 34 | 106 | 108 |
Total other comprehensive income (loss) | 34 | 34 | 147 | 208 |
Comprehensive income (loss) | CAD 405 | CAD 1,037 | CAD 774 | CAD 929 |
Consolidated balance sheet
Consolidated balance sheet - CAD CAD in Millions | Sep. 30, 2017 | Dec. 31, 2016 | ||
Current assets | ||||
Cash | CAD 833 | [1] | CAD 391 | |
Accounts receivable, less estimated doubtful accounts | [2] | 1,896 | 2,023 | |
Inventories of crude oil and products | 989 | 949 | ||
Materials, supplies and prepaid expenses | 441 | 468 | ||
Total current assets | 4,159 | 3,831 | ||
Investments and long-term receivables | 931 | 1,030 | ||
Property, plant and equipment, | 53,844 | 53,515 | ||
less accumulated depreciation and depletion | (18,248) | (17,182) | ||
Property, plant and equipment, net | 35,596 | 36,333 | ||
Goodwill | 186 | 186 | ||
Other assets, including intangibles, net | 498 | 274 | ||
Total assets | 41,370 | 41,654 | ||
Current liabilities | ||||
Notes and loans payable | [3] | 202 | 202 | |
Accounts payable and accrued liabilities (note 7) | [2] | 3,041 | 3,193 | |
Income taxes payable | 59 | 488 | ||
Total current liabilities | 3,302 | 3,883 | ||
Long-term debt (note 6) | [4] | 5,013 | 5,032 | |
Other long-term obligations (note 7) | [5] | 3,698 | 3,656 | |
Deferred income tax liabilities | 4,336 | 4,062 | ||
Total liabilities | 16,349 | 16,633 | ||
Shareholders' equity | ||||
Common shares at stated value (note 8) | [6] | 1,547 | 1,566 | |
Earnings reinvested (note 9) | 25,224 | 25,352 | ||
Accumulated other comprehensive income (loss) (note 10) | (1,750) | (1,897) | ||
Total shareholders' equity | 25,021 | 25,021 | ||
Total liabilities and shareholders' equity | CAD 41,370 | CAD 41,654 | ||
[1] | 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 when purchased. | |||
[2] | Accounts receivable, less estimated doubtful accounts included net amounts receivable from related parties of $87 million (2016 - $172 million). | |||
[3] | Notes and loans payable included amounts to related parties of $75 million (2016 - $75 million). | |||
[4] | Long-term debt included amounts to related parties of $4,447 million (2016 - $4,447 million). | |||
[5] | Other long-term obligations included amounts to related parties of $71 million (2016 - $104 million). | |||
[6] | Number of common shares authorized and outstanding were 1,100 million and 838 million, respectively (2016 - 1,100 million and 848 million, respectively). |
Consolidated balance sheet (Par
Consolidated balance sheet (Parenthetical) - CAD CAD in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Amounts receivable (payable) from (to) related parties | CAD 87 | CAD 172 |
Due to related parties, current | CAD 75 | CAD 75 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 837,581,000 | 847,599,000 |
Long-term debt | ||
Due to related parties | CAD 4,447 | CAD 4,447 |
Other long-term obligations | ||
Due to related parties | CAD 71 | CAD 104 |
Consolidated statement of cash
Consolidated statement of cash flows - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating activities | |||||
Net income (loss) | CAD 371 | CAD 1,003 | CAD 627 | CAD 721 | |
Adjustments for non-cash items: | |||||
Depreciation and depletion | 391 | 398 | 1,135 | 1,229 | |
(Gain) loss on asset sales (note 3) | [1],[2] | (6) | (909) | (219) | (952) |
Deferred income taxes and other | 131 | 215 | 294 | 35 | |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (297) | 275 | 127 | (121) | |
Inventories, materials, supplies and prepaid expenses | 104 | (7) | (13) | 112 | |
Income taxes payable | 19 | (13) | (429) | ||
Accounts payable and accrued liabilities | 81 | (241) | (159) | (59) | |
All other items - net | [3] | 43 | 51 | 320 | 299 |
Cash flows from (used in) operating activities | 837 | 772 | 1,683 | 1,264 | |
Investing activities | |||||
Additions to property, plant and equipment | (241) | (189) | (683) | (893) | |
Proceeds from asset sales (note 3) | 8 | 1,194 | 230 | 1,244 | |
Additional investments | (1) | (1) | (1) | ||
Cash flows from (used in) investing activities | (234) | 1,005 | (454) | 350 | |
Financing activities | |||||
Short-term debt - net | (1,591) | (1,679) | |||
Long-term debt - additions (note 6) | 495 | ||||
Reduction in capitalized lease obligations (note 6) | (7) | (6) | (20) | (21) | |
Dividends paid | (136) | (127) | (390) | (364) | |
Common shares purchased (note 8) | (250) | (377) | |||
Cash flows from (used in) financing activities | (393) | (1,724) | (787) | (1,569) | |
Increase (decrease) in cash | 210 | 53 | 442 | 45 | |
Cash at beginning of period | 623 | 195 | 391 | 203 | |
Cash at end of period | [4] | CAD 833 | CAD 248 | CAD 833 | CAD 248 |
[1] | The nine months ended September 30, 2017 included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario. | ||||
[2] | Third quarter and nine months ended September 30, 2016, included gains of $0.8 billion ($0.7 billion, after tax) from the sale of company-owned Esso retail sites in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland. | ||||
[3] | Included contribution to registered pension plans. (78 ) (44 ) (176 ) (120 ) | ||||
[4] | 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 when purchased. |
Consolidated statement of cash8
Consolidated statement of cash flows (Parenthetical) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Included contribution to registered pension plans | CAD (78) | CAD (44) | CAD (176) | CAD (120) |
Basis of financial statement pr
Basis of financial statement preparation | 9 Months Ended |
Sep. 30, 2017 | |
Basis of financial statement preparation | 1. Basis of financial statement preparation These unaudited consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles of the United States of America (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 2016 annual report on Form 10-K. The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the nine months ended September 30, 2017, are not necessarily indicative of the operations to be expected for the full year. All amounts are in Canadian dollars unless otherwise indicated. |
Business segments
Business segments | 9 Months Ended |
Sep. 30, 2017 | |
Business segments | 2. Business segments Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) 1,668 1,316 5,204 4,971 262 281 Intersegment sales 587 709 241 253 62 58 Investment and other income (note 3) 7 1 15 870 - 1 2,262 2,026 5,460 6,094 324 340 Expenses Exploration 7 16 - - - - Purchases of crude oil and products 947 861 4,014 3,827 179 188 Production and manufacturing 893 887 394 323 51 51 Selling and general 5 (1 ) 167 238 19 22 Federal excise tax - - 438 434 - - Depreciation and depletion 330 346 53 46 3 2 Financing costs (note 5) 1 (2 ) - - - - Total expenses 2,183 2,107 5,066 4,868 252 263 Income (loss) before income taxes 79 (81 ) 394 1,226 72 77 Income taxes 17 (55 ) 102 224 20 21 Net income (loss) 62 (26 ) 292 1,002 52 56 Cash flows from (used in) operating activities 479 432 268 264 99 73 Capital and exploration expenditures (b 92 149 55 38 5 7 Third Quarter Corporate and Other Eliminations Consolidated millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) - - - - 7,134 6,568 Intersegment sales - - (890 ) (1,020 ) - - Investment and other income (note 3) 2 2 - - 24 874 2 2 (890 ) (1,020 ) 7,158 7,442 Expenses Exploration - - - - 7 16 Purchases of crude oil and products - - (889 ) (1,019 ) 4,251 3,857 Production and manufacturing - - - - 1,338 1,261 Selling and general 29 17 (1 ) (1 ) 219 275 Federal excise tax - - - - 438 434 Depreciation and depletion 5 4 - - 391 398 Financing costs (note 5) 17 21 - - 18 19 Total expenses 51 42 (890 ) (1,020 ) 6,662 6,260 Income (loss) before income taxes (49 ) (40 ) - - 496 1,182 Income taxes (14 ) (11 ) - - 125 179 Net income (loss) (35 ) (29 ) - - 371 1,003 Cash flows from (used in) operating activities (9 ) 3 - - 837 772 Capital and exploration expenditures (b) 7 11 - - 159 205 (a) Included export sales to the United States of $1,080 million (2016 - $941 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) 5,166 3,699 15,087 13,470 824 798 Intersegment sales 1,494 1,516 792 689 191 156 Investment and other income (note 3) 17 22 248 919 (1 ) 1 6,677 5,237 16,127 15,078 1,014 955 Expenses Exploration 29 75 - - - - Purchases of crude oil and products 3,089 2,584 12,037 10,139 573 518 Production and manufacturing 2,917 2,634 1,169 1,059 152 149 Selling and general 1 (3 ) 540 729 60 63 Federal excise tax - - 1,253 1,237 - - Depreciation and depletion 964 1,053 148 158 9 6 Financing costs (note 5) 5 (6 ) - - - - Total expenses 7,005 6,337 15,147 13,322 794 736 Income (loss) before income taxes (328 ) (1,100 ) 980 1,756 220 219 Income taxes (103 ) (336 ) 230 363 59 59 Net income (loss) (225 ) (764 ) 750 1,393 161 160 Cash flows from (used in) operating activities 904 32 626 1,028 176 205 Capital and exploration expenditures (b) 286 745 128 145 12 21 Total assets as at September 30 35,387 36,975 4,671 4,403 365 379 Nine Months to September 30 Corporate and Other Eliminations Consolidated millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) - - - - 21,077 17,967 Intersegment sales - - (2,477 ) (2,361 ) - - Investment and other income (note 3) 6 3 - - 270 945 6 3 (2,477 ) (2,361 ) 21,347 18,912 Expenses Exploration - - - - 29 75 Purchases of crude oil and products - - (2,473 ) (2,357 ) 13,226 10,884 Production and manufacturing - - - - 4,238 3,842 Selling and general 29 27 (4 ) (4 ) 626 812 Federal excise tax - - - - 1,253 1,237 Depreciation and depletion 14 12 - - 1,135 1,229 Financing costs (note 5) 44 58 - - 49 52 Total expenses 87 97 (2,477 ) (2,361 ) 20,556 18,131 Income (loss) before income taxes (81 ) (94 ) - - 791 781 Income taxes (22 ) (26 ) - - 164 60 Net income (loss) (59 ) (68 ) - - 627 721 Cash flows from (used in) operating activities (23 ) (1 ) - - 1,683 1,264 Capital and exploration expenditures (b) 29 37 - - 455 948 Total assets as at September 30 1,283 674 (336 ) (337 ) 41,370 42,094 (a) Included export sales to the United States of $3,024 million (2016 - $2,704 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions. |
Investment and other income
Investment and other income | 9 Months Ended |
Sep. 30, 2017 | |
Investment and other income | 3. Investment and other income Investment and other income included gains and losses on asset sales as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2017 2016 2017 2016 Proceeds from asset sales 8 1,194 230 1,244 Book value of asset sales 2 285 12 292 Gain (loss) on asset sales, before tax (a) (b) 6 909 219 952 Gain (loss) on asset sales, after tax (a) (b) 5 774 191 808 (a) The nine months ended September 30, 2017 included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario. (b) Third quarter and nine months ended September 30, 2016, included gains of $0.8 billion ($0.7 billion, after tax) from the sale of company-owned Esso retail sites in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland. |
Employee retirement benefits
Employee retirement benefits | 9 Months Ended |
Sep. 30, 2017 | |
Employee retirement benefits | 4. Employee retirement benefits The components of net benefit cost were as follows: Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Pension benefits: Current service cost 54 50 163 152 Interest cost 77 82 235 240 Expected return on plan assets (104 ) (101 ) (306 ) (300 ) Amortization of prior service cost 2 2 7 7 Amortization of actuarial loss (gain) 43 39 132 121 Net periodic benefit cost 72 72 231 220 Other post-retirement benefits: Current service cost 4 4 12 12 Interest cost 6 7 18 20 Amortization of actuarial loss (gain) 2 3 6 10 Net periodic benefit cost 12 14 36 42 |
Financing costs and additional
Financing costs and additional notes and loans payable information | 9 Months Ended |
Sep. 30, 2017 | |
Financing costs and additional notes and loans payable information | 5. Financing costs and additional notes and loans payable information Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Debt-related interest 24 32 73 95 Capitalized interest (7) (11) (29) (37) Net interest expense 17 21 44 58 Other interest 1 (2) 5 (6) Total financing costs 18 19 49 52 |
Long-term debt
Long-term debt | 9 Months Ended |
Sep. 30, 2017 | |
Long-term debt | 6. Long-term debt As at As at millions of Canadian dollars 2017 2016 Long-term debt 4,447 4,447 Capital leases 566 585 Total long-term debt 5,013 5,032 |
Other long-term obligations
Other long-term obligations | 9 Months Ended |
Sep. 30, 2017 | |
Other long-term obligations | 7. Other long-term obligations As at As at millions of Canadian dollars 2017 2016 Employee retirement benefits (a) 1,410 1,645 Asset retirement obligations and other environmental liabilities (b) 1,577 1,544 Share-based incentive compensation liabilities 138 139 Other obligations 573 328 Total other long-term obligations 3,698 3,656 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2016 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $108 million in current liabilities (2016 - $108 million). |
Common shares
Common shares | 9 Months Ended |
Sep. 30, 2017 | |
Common shares | 8. Common shares As of As of thousands of shares 2017 2016 Authorized 1,100,000 1,100,000 Common shares outstanding 837,581 847,599 From 1995 through September 2017, the company had a series of 12-month The current 12-month year Purchased shares Millions of 1995 - 2015 906,544 15,708 2016 - Third quarter - - - Full year 1 - 2017 - Third quarter 6,732 250 - Year-to-date 10,018 377 Cumulative purchase to date 916,563 16,085 The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The following table provides the calculation of net income per common share: Nine Months Third Quarter to September 30 2017 2016 2017 2016 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 371 1,003 627 721 Weighted average number of common shares outstanding (millions of shares) 841.8 847.6 845.5 847.6 Net income (loss) per common share (dollars) 0.44 1.18 0.74 0.85 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 371 1,003 627 721 Weighted average number of common shares outstanding (millions of shares) 841.8 847.6 845.5 847.6 Effect of employee share-based awards (millions of shares) 3.1 3.2 2.9 3.0 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 844.9 850.8 848.4 850.6 Net income (loss) per common share (dollars) 0.44 1.18 0.74 0.85 |
Earnings reinvested
Earnings reinvested | 9 Months Ended |
Sep. 30, 2017 | |
Earnings reinvested | 9. Earnings reinvested Nine Months Third Quarter to September 30 millions of Canadian dollars 2017 2016 2017 2016 Earnings reinvested at beginning of period 25,224 23,160 25,352 23,687 Net income (loss) for the period 371 1,003 627 721 Share purchases in excess of stated value (237 ) - (358 ) - Dividends declared (134 ) (127 ) (397 ) (373 ) Earnings reinvested at end of period 25,224 24,036 25,224 24,036 |
Other comprehensive income (los
Other comprehensive income (loss) information | 9 Months Ended |
Sep. 30, 2017 | |
Other comprehensive income (loss) information | 10. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2017 2016 Balance at January 1 (1,897 ) (1,828 ) Post-retirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive 41 100 Amounts reclassified from accumulated other comprehensive income 106 108 Balance at September 30 (1,750 ) (1,620 ) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Amortization of post-retirement benefits liability adjustment (47 ) (44 ) (145 ) (138 ) (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): Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Post-retirement benefits liability adjustments: Post-retirement benefits liability adjustment (excluding amortization) - - 16 37 Amortization of post-retirement benefits liability adjustment included in 13 10 39 30 Total 13 10 55 67 |
Recently issued accounting stan
Recently issued accounting standards | 9 Months Ended |
Sep. 30, 2017 | |
Recently issued accounting standards | 11. Recently issued accounting standards In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard, Revenue from Contracts with Customers In February 2016, the FASB issued a new standard , Leases In March 2017, the FASB issued an Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Non-service |
Business segments (Tables)
Business segments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Segments | Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) 1,668 1,316 5,204 4,971 262 281 Intersegment sales 587 709 241 253 62 58 Investment and other income (note 3) 7 1 15 870 - 1 2,262 2,026 5,460 6,094 324 340 Expenses Exploration 7 16 - - - - Purchases of crude oil and products 947 861 4,014 3,827 179 188 Production and manufacturing 893 887 394 323 51 51 Selling and general 5 (1 ) 167 238 19 22 Federal excise tax - - 438 434 - - Depreciation and depletion 330 346 53 46 3 2 Financing costs (note 5) 1 (2 ) - - - - Total expenses 2,183 2,107 5,066 4,868 252 263 Income (loss) before income taxes 79 (81 ) 394 1,226 72 77 Income taxes 17 (55 ) 102 224 20 21 Net income (loss) 62 (26 ) 292 1,002 52 56 Cash flows from (used in) operating activities 479 432 268 264 99 73 Capital and exploration expenditures (b 92 149 55 38 5 7 Third Quarter Corporate and Other Eliminations Consolidated millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) - - - - 7,134 6,568 Intersegment sales - - (890 ) (1,020 ) - - Investment and other income (note 3) 2 2 - - 24 874 2 2 (890 ) (1,020 ) 7,158 7,442 Expenses Exploration - - - - 7 16 Purchases of crude oil and products - - (889 ) (1,019 ) 4,251 3,857 Production and manufacturing - - - - 1,338 1,261 Selling and general 29 17 (1 ) (1 ) 219 275 Federal excise tax - - - - 438 434 Depreciation and depletion 5 4 - - 391 398 Financing costs (note 5) 17 21 - - 18 19 Total expenses 51 42 (890 ) (1,020 ) 6,662 6,260 Income (loss) before income taxes (49 ) (40 ) - - 496 1,182 Income taxes (14 ) (11 ) - - 125 179 Net income (loss) (35 ) (29 ) - - 371 1,003 Cash flows from (used in) operating activities (9 ) 3 - - 837 772 Capital and exploration expenditures (b) 7 11 - - 159 205 (a) Included export sales to the United States of $1,080 million (2016 - $941 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) 5,166 3,699 15,087 13,470 824 798 Intersegment sales 1,494 1,516 792 689 191 156 Investment and other income (note 3) 17 22 248 919 (1 ) 1 6,677 5,237 16,127 15,078 1,014 955 Expenses Exploration 29 75 - - - - Purchases of crude oil and products 3,089 2,584 12,037 10,139 573 518 Production and manufacturing 2,917 2,634 1,169 1,059 152 149 Selling and general 1 (3 ) 540 729 60 63 Federal excise tax - - 1,253 1,237 - - Depreciation and depletion 964 1,053 148 158 9 6 Financing costs (note 5) 5 (6 ) - - - - Total expenses 7,005 6,337 15,147 13,322 794 736 Income (loss) before income taxes (328 ) (1,100 ) 980 1,756 220 219 Income taxes (103 ) (336 ) 230 363 59 59 Net income (loss) (225 ) (764 ) 750 1,393 161 160 Cash flows from (used in) operating activities 904 32 626 1,028 176 205 Capital and exploration expenditures (b) 286 745 128 145 12 21 Total assets as at September 30 35,387 36,975 4,671 4,403 365 379 Nine Months to September 30 Corporate and Other Eliminations Consolidated millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) - - - - 21,077 17,967 Intersegment sales - - (2,477 ) (2,361 ) - - Investment and other income (note 3) 6 3 - - 270 945 6 3 (2,477 ) (2,361 ) 21,347 18,912 Expenses Exploration - - - - 29 75 Purchases of crude oil and products - - (2,473 ) (2,357 ) 13,226 10,884 Production and manufacturing - - - - 4,238 3,842 Selling and general 29 27 (4 ) (4 ) 626 812 Federal excise tax - - - - 1,253 1,237 Depreciation and depletion 14 12 - - 1,135 1,229 Financing costs (note 5) 44 58 - - 49 52 Total expenses 87 97 (2,477 ) (2,361 ) 20,556 18,131 Income (loss) before income taxes (81 ) (94 ) - - 791 781 Income taxes (22 ) (26 ) - - 164 60 Net income (loss) (59 ) (68 ) - - 627 721 Cash flows from (used in) operating activities (23 ) (1 ) - - 1,683 1,264 Capital and exploration expenditures (b) 29 37 - - 455 948 Total assets as at September 30 1,283 674 (336 ) (337 ) 41,370 42,094 (a) Included export sales to the United States of $3,024 million (2016 - $2,704 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions. |
Investment and other income (Ta
Investment and other income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Gains and Losses on Asset Sales | Investment and other income included gains and losses on asset sales as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2017 2016 2017 2016 Proceeds from asset sales 8 1,194 230 1,244 Book value of asset sales 2 285 12 292 Gain (loss) on asset sales, before tax (a) (b) 6 909 219 952 Gain (loss) on asset sales, after tax (a) (b) 5 774 191 808 (a) The nine months ended September 30, 2017 included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario. (b) Third quarter and nine months ended September 30, 2016, included gains of $0.8 billion ($0.7 billion, after tax) from the sale of company-owned Esso retail sites in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland. |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Components of Net Benefit Cost | The components of net benefit cost were as follows: Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Pension benefits: Current service cost 54 50 163 152 Interest cost 77 82 235 240 Expected return on plan assets (104 ) (101 ) (306 ) (300 ) Amortization of prior service cost 2 2 7 7 Amortization of actuarial loss (gain) 43 39 132 121 Net periodic benefit cost 72 72 231 220 Other post-retirement benefits: Current service cost 4 4 12 12 Interest cost 6 7 18 20 Amortization of actuarial loss (gain) 2 3 6 10 Net periodic benefit cost 12 14 36 42 |
Financing costs and additiona23
Financing costs and additional notes and loans payable information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Financing Costs and Additional Notes and Loans Payable Information | Third Quarter NineMonths millions of Canadian dollars 2017 2016 2017 2016 Debt-related interest 24 32 73 95 Capitalized interest (7) (11) (29) (37) Net interest expense 17 21 44 58 Other interest 1 (2) 5 (6) Total financing costs 18 19 49 52 |
Long-term debt (Tables)
Long-term debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Long-Term Debt | As at As at millions of Canadian dollars 2017 2016 Long-term debt 4,447 4,447 Capital leases 566 585 Total long-term debt 5,013 5,032 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Long-Term Obligations | As at As at millions of Canadian dollars 2017 2016 Employee retirement benefits (a) 1,410 1,645 Asset retirement obligations and other environmental liabilities (b) 1,577 1,544 Share-based incentive compensation liabilities 138 139 Other obligations 573 328 Total other long-term obligations 3,698 3,656 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2016 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $108 million in current liabilities (2016 - $108 million). |
Common shares (Tables)
Common shares (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Common Shares | As of As of thousands of shares 2017 2016 Authorized 1,100,000 1,100,000 Common shares outstanding 837,581 847,599 |
Schedule of Stock Repurchased | The results of these activities are as shown below: year Purchased shares Millions of 1995 - 2015 906,544 15,708 2016 - Third quarter - - - Full year 1 - 2017 - Third quarter 6,732 250 - Year-to-date 10,018 377 Cumulative purchase to date 916,563 16,085 |
Calculation of Basic and Diluted Earnings Per Share | The following table provides the calculation of net income per common share: Nine Months Third Quarter to September 30 2017 2016 2017 2016 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 371 1,003 627 721 Weighted average number of common shares outstanding (millions of shares) 841.8 847.6 845.5 847.6 Net income (loss) per common share (dollars) 0.44 1.18 0.74 0.85 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 371 1,003 627 721 Weighted average number of common shares outstanding (millions of shares) 841.8 847.6 845.5 847.6 Effect of employee share-based awards (millions of shares) 3.1 3.2 2.9 3.0 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 844.9 850.8 848.4 850.6 Net income (loss) per common share (dollars) 0.44 1.18 0.74 0.85 |
Earnings reinvested (Tables)
Earnings reinvested (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Earnings Reinvested | Nine Months Third Quarter to September 30 millions of Canadian dollars 2017 2016 2017 2016 Earnings reinvested at beginning of period 25,224 23,160 25,352 23,687 Net income (loss) for the period 371 1,003 627 721 Share purchases in excess of stated value (237 ) - (358 ) - Dividends declared (134 ) (127 ) (397 ) (373 ) Earnings reinvested at end of period 25,224 24,036 25,224 24,036 |
Other comprehensive income (l28
Other comprehensive income (loss) information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2017 2016 Balance at January 1 (1,897 ) (1,828 ) Post-retirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive 41 100 Amounts reclassified from accumulated other comprehensive income 106 108 Balance at September 30 (1,750 ) (1,620 ) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before-Tax Income (Expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Amortization of post-retirement benefits liability adjustment (47 ) (44 ) (145 ) (138 ) (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): Third Quarter Nine Months millions of Canadian dollars 2017 2016 2017 2016 Post-retirement benefits liability adjustments: Post-retirement benefits liability adjustment (excluding amortization) - - 16 37 Amortization of post-retirement benefits liability adjustment included in 13 10 39 30 Total 13 10 55 67 |
Business Segments (Detail)
Business Segments (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | ||||||
Revenues and other income | ||||||||||
Operating revenues | [1] | CAD 7,134 | [2] | CAD 6,568 | [2] | CAD 21,077 | [3] | CAD 17,967 | [3] | |
Investment and other income (note 3) | 24 | 874 | 270 | 945 | ||||||
Total revenues and other income | 7,158 | 7,442 | 21,347 | 18,912 | ||||||
Expenses | ||||||||||
Exploration | 7 | 16 | 29 | 75 | ||||||
Purchases of crude oil and products | [4] | 4,251 | 3,857 | 13,226 | 10,884 | |||||
Production and manufacturing | [5] | 1,338 | 1,261 | 4,238 | 3,842 | |||||
Selling and general | [5] | 219 | 275 | 626 | 812 | |||||
Federal excise tax | 438 | 434 | 1,253 | 1,237 | ||||||
Depreciation and depletion | 391 | 398 | 1,135 | 1,229 | ||||||
Financing costs (note 5) | 18 | 19 | 49 | 52 | ||||||
Total expenses | 6,662 | 6,260 | 20,556 | 18,131 | ||||||
Income (loss) before income taxes | 496 | 1,182 | 791 | 781 | ||||||
Income taxes | 125 | 179 | 164 | 60 | ||||||
Net income (loss) | 371 | 1,003 | 627 | 721 | ||||||
Cash flows from (used in) operating activities | 837 | 772 | 1,683 | 1,264 | ||||||
Capital and exploration expenditures | [6] | 159 | 205 | 455 | 948 | |||||
Total assets | 41,370 | 42,094 | 41,370 | 42,094 | CAD 41,654 | |||||
Consolidation, Eliminations | ||||||||||
Revenues and other income | ||||||||||
Intersegment sales | (890) | (1,020) | (2,477) | (2,361) | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (890) | (1,020) | (2,477) | (2,361) | ||||||
Expenses | ||||||||||
Purchases of crude oil and products | (889) | (1,019) | (2,473) | (2,357) | ||||||
Selling and general | (1) | (1) | (4) | (4) | ||||||
Total expenses | (890) | (1,020) | (2,477) | (2,361) | ||||||
Total assets | (336) | (337) | (336) | (337) | ||||||
Upstream | ||||||||||
Revenues and other income | ||||||||||
Operating revenues | 1,668 | [2] | 1,316 | [2] | 5,166 | [3] | 3,699 | [3] | ||
Intersegment sales | 587 | 709 | 1,494 | 1,516 | ||||||
Investment and other income (note 3) | 7 | 1 | 17 | 22 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 2,262 | 2,026 | 6,677 | 5,237 | ||||||
Expenses | ||||||||||
Exploration | 7 | 16 | 29 | 75 | ||||||
Purchases of crude oil and products | 947 | 861 | 3,089 | 2,584 | ||||||
Production and manufacturing | 893 | 887 | 2,917 | 2,634 | ||||||
Selling and general | 5 | (1) | 1 | (3) | ||||||
Depreciation and depletion | 330 | 346 | 964 | 1,053 | ||||||
Financing costs (note 5) | 1 | (2) | 5 | (6) | ||||||
Total expenses | 2,183 | 2,107 | 7,005 | 6,337 | ||||||
Income (loss) before income taxes | 79 | (81) | (328) | (1,100) | ||||||
Income taxes | 17 | (55) | (103) | (336) | ||||||
Net income (loss) | 62 | (26) | (225) | (764) | ||||||
Cash flows from (used in) operating activities | 479 | 432 | 904 | 32 | ||||||
Capital and exploration expenditures | [6] | 92 | 149 | 286 | 745 | |||||
Total assets | 35,387 | 36,975 | 35,387 | 36,975 | ||||||
Downstream | ||||||||||
Revenues and other income | ||||||||||
Operating revenues | 5,204 | [2] | 4,971 | [2] | 15,087 | [3] | 13,470 | [3] | ||
Intersegment sales | 241 | 253 | 792 | 689 | ||||||
Investment and other income (note 3) | 15 | 870 | 248 | 919 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 5,460 | 6,094 | 16,127 | 15,078 | ||||||
Expenses | ||||||||||
Purchases of crude oil and products | 4,014 | 3,827 | 12,037 | 10,139 | ||||||
Production and manufacturing | 394 | 323 | 1,169 | 1,059 | ||||||
Selling and general | 167 | 238 | 540 | 729 | ||||||
Federal excise tax | 438 | 434 | 1,253 | 1,237 | ||||||
Depreciation and depletion | 53 | 46 | 148 | 158 | ||||||
Total expenses | 5,066 | 4,868 | 15,147 | 13,322 | ||||||
Income (loss) before income taxes | 394 | 1,226 | 980 | 1,756 | ||||||
Income taxes | 102 | 224 | 230 | 363 | ||||||
Net income (loss) | 292 | 1,002 | 750 | 1,393 | ||||||
Cash flows from (used in) operating activities | 268 | 264 | 626 | 1,028 | ||||||
Capital and exploration expenditures | [6] | 55 | 38 | 128 | 145 | |||||
Total assets | 4,671 | 4,403 | 4,671 | 4,403 | ||||||
Chemical | ||||||||||
Revenues and other income | ||||||||||
Operating revenues | 262 | [2] | 281 | [2] | 824 | [3] | 798 | [3] | ||
Intersegment sales | 62 | 58 | 191 | 156 | ||||||
Investment and other income (note 3) | 1 | (1) | 1 | |||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 324 | 340 | 1,014 | 955 | ||||||
Expenses | ||||||||||
Purchases of crude oil and products | 179 | 188 | 573 | 518 | ||||||
Production and manufacturing | 51 | 51 | 152 | 149 | ||||||
Selling and general | 19 | 22 | 60 | 63 | ||||||
Depreciation and depletion | 3 | 2 | 9 | 6 | ||||||
Total expenses | 252 | 263 | 794 | 736 | ||||||
Income (loss) before income taxes | 72 | 77 | 220 | 219 | ||||||
Income taxes | 20 | 21 | 59 | 59 | ||||||
Net income (loss) | 52 | 56 | 161 | 160 | ||||||
Cash flows from (used in) operating activities | 99 | 73 | 176 | 205 | ||||||
Capital and exploration expenditures | [6] | 5 | 7 | 12 | 21 | |||||
Total assets | 365 | 379 | 365 | 379 | ||||||
Corporate and Other | ||||||||||
Revenues and other income | ||||||||||
Investment and other income (note 3) | 2 | 2 | 6 | 3 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 2 | 2 | 6 | 3 | ||||||
Expenses | ||||||||||
Selling and general | 29 | 17 | 29 | 27 | ||||||
Depreciation and depletion | 5 | 4 | 14 | 12 | ||||||
Financing costs (note 5) | 17 | 21 | 44 | 58 | ||||||
Total expenses | 51 | 42 | 87 | 97 | ||||||
Income (loss) before income taxes | (49) | (40) | (81) | (94) | ||||||
Income taxes | (14) | (11) | (22) | (26) | ||||||
Net income (loss) | (35) | (29) | (59) | (68) | ||||||
Cash flows from (used in) operating activities | (9) | 3 | (23) | (1) | ||||||
Capital and exploration expenditures | [6] | 7 | 11 | 29 | 37 | |||||
Total assets | CAD 1,283 | CAD 674 | CAD 1,283 | CAD 674 | ||||||
[1] | Amounts from related parties included in operating revenues. 756 448 2,801 1,457 | |||||||||
[2] | Included export sales to the United States of $1,080 million (2016 - $941 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||||
[3] | Included export sales to the United States of $3,024 million (2016 - $2,704 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||||
[4] | Amounts to related parties included in purchases of crude oil and products. 604 623 1,919 1,540 | |||||||||
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 127 133 415 394 | |||||||||
[6] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions. |
Business Segments (Parenthetica
Business Segments (Parenthetical) (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | [1] | CAD 7,134 | [2] | CAD 6,568 | [2] | CAD 21,077 | [3] | CAD 17,967 | [3] |
United States Exports | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Operating revenues | CAD 1,080 | CAD 941 | CAD 3,024 | CAD 2,704 | |||||
[1] | Amounts from related parties included in operating revenues. 756 448 2,801 1,457 | ||||||||
[2] | Included export sales to the United States of $1,080 million (2016 - $941 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[3] | Included export sales to the United States of $3,024 million (2016 - $2,704 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. |
Gains and Losses on Asset Sales
Gains and Losses on Asset Sales (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Investment And Other Income [Line Items] | |||||
Proceeds from asset sales | CAD 8 | CAD 1,194 | CAD 230 | CAD 1,244 | |
Book value of asset sales | 2 | 285 | 12 | 292 | |
Gain (loss) on asset sales, before tax | [1],[2] | 6 | 909 | 219 | 952 |
Gain (loss) on asset sales, after tax | [1],[2] | CAD 5 | CAD 774 | CAD 191 | CAD 808 |
[1] | The nine months ended September 30, 2017 included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario. | ||||
[2] | Third quarter and nine months ended September 30, 2016, included gains of $0.8 billion ($0.7 billion, after tax) from the sale of company-owned Esso retail sites in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland. |
Gains and Losses on Asset Sal32
Gains and Losses on Asset Sales (Parenthetical) (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Investment And Other Income [Line Items] | |||||
Gain (loss) on asset sales, before tax | [1],[2] | CAD 6 | CAD 909 | CAD 219 | CAD 952 |
Gain (loss) on asset sales, after tax | [1],[2] | CAD 5 | 774 | 191 | 808 |
Surplus Property | |||||
Investment And Other Income [Line Items] | |||||
Gain (loss) on asset sales, before tax | 174 | ||||
Gain (loss) on asset sales, after tax | CAD 151 | ||||
Esso Retail Sites | |||||
Investment And Other Income [Line Items] | |||||
Gain (loss) on asset sales, before tax | 800 | 800 | |||
Gain (loss) on asset sales, after tax | CAD 700 | CAD 700 | |||
[1] | The nine months ended September 30, 2017 included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario. | ||||
[2] | Third quarter and nine months ended September 30, 2016, included gains of $0.8 billion ($0.7 billion, after tax) from the sale of company-owned Esso retail sites in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia and Newfoundland. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current service cost | CAD 54 | CAD 50 | CAD 163 | CAD 152 |
Interest cost | 77 | 82 | 235 | 240 |
Expected return on plan assets | (104) | (101) | (306) | (300) |
Amortization of prior service cost | 2 | 2 | 7 | 7 |
Amortization of actuarial loss (gain) | 43 | 39 | 132 | 121 |
Net periodic benefit cost | 72 | 72 | 231 | 220 |
Other post-retirement benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Current service cost | 4 | 4 | 12 | 12 |
Interest cost | 6 | 7 | 18 | 20 |
Amortization of actuarial loss (gain) | 2 | 3 | 6 | 10 |
Net periodic benefit cost | CAD 12 | CAD 14 | CAD 36 | CAD 42 |
Financing Costs and Additiona34
Financing Costs and Additional Notes and Loans Payable Information (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt-related interest | CAD 24 | CAD 32 | CAD 73 | CAD 95 |
Capitalized interest | (7) | (11) | (29) | (37) |
Net interest expense | 17 | 21 | 44 | 58 |
Other interest | 1 | (2) | 5 | (6) |
Total financing costs | CAD 18 | CAD 19 | CAD 49 | CAD 52 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - CAD CAD in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Long-term debt | CAD 4,447 | CAD 4,447 | |
Capital leases | 566 | 585 | |
Total long-term debt | [1] | CAD 5,013 | CAD 5,032 |
[1] | Long-term debt included amounts to related parties of $4,447 million (2016 - $4,447 million). |
Other Long-Term Obligations (De
Other Long-Term Obligations (Detail) - CAD CAD in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Other Liabilities [Line Items] | |||
Employee retirement benefits | [1] | CAD 1,410 | CAD 1,645 |
Asset retirement obligations and other environmental liabilities | [2] | 1,577 | 1,544 |
Share-based incentive compensation liabilities | 138 | 139 | |
Other obligations | 573 | 328 | |
Total other long-term obligations | [3] | CAD 3,698 | CAD 3,656 |
[1] | Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2016 - $58 million). | ||
[2] | Total asset retirement obligations and other environmental liabilities also included $108 million in current liabilities (2016 - $108 million). | ||
[3] | Other long-term obligations included amounts to related parties of $71 million (2016 - $104 million). |
Other Long-Term Obligations (Pa
Other Long-Term Obligations (Parenthetical) (Detail) - CAD CAD in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | CAD 58 | CAD 58 |
Asset retirement obligations and other environmental liabilities in current liabilities | CAD 108 | CAD 108 |
Summary of Common Shares (Detai
Summary of Common Shares (Detail) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 837,581,000 | 847,599,000 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - shares | 9 Months Ended | |
Sep. 30, 2017 | Jun. 13, 2017 | |
Class of Stock [Line Items] | ||
Normal course issuer bid share repurchase term, months | 12 months | |
Cumulative purchases to date, shares | 916,563,000 | |
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |
Normal course issuer bid share repurchase shares authorized | 25,395,927 | |
Percent of total shares | 3.00% |
Schedule of Stock Repurchased (
Schedule of Stock Repurchased (Detail) - CAD shares in Thousands, CAD in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | 240 Months Ended | 261 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Cumulative purchase to date, shares | 916,563 | ||||
Common Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Cumulative purchase to date, shares | 6,732 | 10,018 | 1 | 906,544 | 916,563 |
Cumulative purchases to date, value | CAD 250 | CAD 377 | CAD 15,708 | CAD 16,085 |
Net Income (Loss) Per Share (De
Net Income (Loss) Per Share (Detail) - CAD CAD / shares in Units, shares in Millions, CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) per common share - basic | ||||
Net income (loss) | CAD 371 | CAD 1,003 | CAD 627 | CAD 721 |
Weighted average number of common shares outstanding (millions of shares) | 841.8 | 847.6 | 845.5 | 847.6 |
Net income (loss) per common share (dollars) | CAD 0.44 | CAD 1.18 | CAD 0.74 | CAD 0.85 |
Net income (loss) per common share - diluted | ||||
Net income (loss) | CAD 371 | CAD 1,003 | CAD 627 | CAD 721 |
Weighted average number of common shares outstanding (millions of shares) | 841.8 | 847.6 | 845.5 | 847.6 |
Effect of employee share-based awards (millions of shares) | 3.1 | 3.2 | 2.9 | 3 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 844.9 | 850.8 | 848.4 | 850.6 |
Net income (loss) per common share (dollars) | CAD 0.44 | CAD 1.18 | CAD 0.74 | CAD 0.85 |
Summary of Earnings Reinvested
Summary of Earnings Reinvested (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Retained Earnings Adjustments [Line Items] | ||||
Earnings reinvested at beginning of period | CAD 25,224 | CAD 23,160 | CAD 25,352 | CAD 23,687 |
Net income (loss) for the period | 371 | 1,003 | 627 | 721 |
Share purchases in excess of stated value | (237) | (358) | ||
Dividends declared | (134) | (127) | (397) | (373) |
Earnings reinvested at end of period | CAD 25,224 | CAD 24,036 | CAD 25,224 | CAD 24,036 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at January 1 | CAD (1,897) | CAD (1,828) | ||
Current period change excluding amounts reclassified from accumulated other comprehensive income | 41 | 100 | ||
Amounts reclassified from accumulated other comprehensive income | CAD 34 | CAD 34 | 106 | 108 |
Balance at September 30 | CAD (1,750) | CAD (1,620) | CAD (1,750) | CAD (1,620) |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | [1] | CAD (47) | CAD (44) | CAD (145) | CAD (138) |
[1] | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4). |
Income Tax Expense (Credit) for
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD CAD in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Post-retirement benefits liability adjustment (excluding amortization) | CAD 16 | CAD 37 | ||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | CAD 13 | CAD 10 | 39 | 30 |
Total | CAD 13 | CAD 10 | CAD 55 | CAD 67 |