Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Document Transition Report | false |
Entity Central Index Key | 0000049938 |
Current Fiscal Year End Date | --12-31 |
Document Quarterly Report | true |
Entity Registrant Name | IMPERIAL OIL LIMITED |
Amendment Flag | false |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity File Number | 0-12014 |
Entity Small Business | false |
Entity Incorporation, State or Country Code | CA |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 505 Quarry Park Boulevard S.E. |
Entity Tax Identification Number | 98-0017682 |
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 Common Stock, Shares Outstanding | 669,143,714 |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Revenues and other income | |||
Revenues | [1] | $ 12,657 | $ 6,992 |
Investment and other income (note 3) | 29 | 6 | |
Total revenues and other income | 12,686 | 6,998 | |
Expenses | |||
Exploration | 2 | 2 | |
Purchases of crude oil and products | 8,350 | 3,887 | |
Production and manufacturing | 1,659 | 1,485 | |
Selling and general | 225 | 189 | |
Federal excise tax and fuel charge | 479 | 404 | |
Depreciation and depletion | 426 | 494 | |
Non-service pension and postretirement benefit | 4 | 11 | |
Financing (note 5) | 7 | 14 | |
Total expenses | 11,152 | 6,486 | |
Income (loss) before income taxes | 1,534 | 512 | |
Income taxes | 361 | 120 | |
Net income (loss) | $ 1,173 | $ 392 | |
Per share information (Canadian dollars) | |||
Net income (loss) per common share - basic (note 9) | $ 1.75 | $ 0.53 | |
Net income (loss) per common share - diluted (note 9) | $ 1.75 | $ 0.53 | |
[1] | Included export sales to the United States of $2,504 million (2021 - $1,569 million). |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amounts from related parties included in revenues. | $ 3,959 | $ 1,508 |
Amounts to related parties included in purchases of crude oil and products. | 650 | 515 |
Amounts to related parties included in production and manufacturing, and selling and general expenses. | 118 | 116 |
Amounts to related parties included in financing, (note 5). | $ 4 | $ 11 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income (loss) | $ 1,173 | $ 392 |
Other comprehensive income (loss), net of income taxes | ||
Postretirement benefits liability adjustment (excluding amortization) | 24 | 54 |
Amortization of postretirement benefits liability adjustment included in net benefit costs | 21 | 33 |
Total other comprehensive income (loss) | 45 | 87 |
Comprehensive income (loss) | $ 1,218 | $ 479 |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | ||
Current assets | ||||
Cash | $ 3,149 | [1] | $ 2,153 | |
Accounts receivable - net | [2] | 5,413 | 3,869 | |
Inventories of crude oil and products | 1,374 | 1,102 | ||
Materials, supplies and prepaid expenses | 782 | 689 | ||
Total current assets | 10,718 | 7,813 | ||
Investments and long-term receivables | [3] | 754 | 757 | |
Property, plant and equipment, | 56,925 | 56,762 | ||
less accumulated depreciation and depletion | (25,818) | (25,522) | ||
Property, plant and equipment, net | 31,107 | 31,240 | ||
Goodwill | 166 | 166 | ||
Other assets, including intangibles - net | 1,065 | 806 | ||
Total assets | 43,810 | 40,782 | ||
Current liabilities | ||||
Notes and loans payable | 122 | 122 | ||
Accounts payable and accrued liabilities (note 7) | [2] | 7,364 | 5,184 | |
Income taxes payable | 1,165 | 248 | ||
Total current liabilities | 8,651 | 5,554 | ||
Long-term debt (note 6) | [4] | 5,049 | 5,054 | |
Other long-term obligations (note 7) | 3,426 | 3,897 | ||
Deferred income tax liabilities | 4,408 | 4,542 | ||
Total liabilities | 21,534 | 19,047 | ||
Shareholders' equity | ||||
Common shares at stated value (note 9) | [5] | 1,237 | 1,252 | |
Earnings reinvested | 22,171 | 21,660 | ||
Accumulated other comprehensive income (loss) (note 10) | (1,132) | (1,177) | ||
Total shareholders' equity | 22,276 | 21,735 | ||
Total liabilities and shareholders' equity | $ 43,810 | $ 40,782 | ||
[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 - net included net amounts receivable from related parties of $1,632 million (2021 - $1,031 million). | |||
[3] | Investments and long-term receivables included amounts from related parties of $297 million (2021 - $298 million). | |||
[4] | Long-term debt included amounts to related parties of $4,447 million (2021 - $4,447 million). | |||
[5] | Number of common shares authorized and outstanding were 1,100 million and 669 million, respectively (2021 - 1,100 million and 678 million, respectively). |
Consolidated balance sheet (Par
Consolidated balance sheet (Parenthetical) - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amounts receivable (payable) from (to) related parties | $ 1,632 | $ 1,031 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 669,000,000 | 678,000,000 |
Investments and Long Term Receivables | ||
Due from related parties | $ 297 | $ 298 |
Long-term debt | ||
Due to related parties | $ 4,447 | $ 4,447 |
Consolidated statement of share
Consolidated statement of shareholders' equity - 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, 2020 | $ 1,357 | $ 22,050 | $ (1,989) | |
Net income (loss) for the period | $ 392 | 392 | ||
Dividends declared | (161) | |||
Other comprehensive income (loss) | 87 | 87 | ||
At end of period at Mar. 31, 2021 | 21,736 | 1,357 | 22,281 | (1,902) |
At beginning of period at Dec. 31, 2020 | 1,357 | 22,050 | (1,989) | |
Share purchases at stated value | (105) | |||
At end of period at Dec. 31, 2021 | 21,735 | 1,252 | 21,660 | (1,177) |
Net income (loss) for the period | 1,173 | 1,173 | ||
Share purchases at stated value | (15) | |||
Share purchases in excess of stated value | (434) | |||
Dividends declared | (228) | |||
Other comprehensive income (loss) | 45 | 45 | ||
At end of period at Mar. 31, 2022 | $ 22,276 | $ 1,237 | $ 22,171 | $ (1,132) |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Operating activities | |||
Net income (loss) | $ 1,173 | $ 392 | |
Adjustments for non-cash items: | |||
Depreciation and depletion | 426 | 494 | |
(Gain) loss on asset sales (note 3) | (20) | (3) | |
Deferred income taxes and other | (331) | 60 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (1,544) | (469) | |
Inventories, materials, supplies and prepaid expenses | (364) | (159) | |
Income taxes payable | 459 | 21 | |
Accounts payable and accrued liabilities | 2,144 | 584 | |
All other items - net | [1] | (29) | 125 |
Cash flows from (used in) operating activities | 1,914 | 1,045 | |
Investing activities | |||
Additions to property, plant and equipment | (304) | (167) | |
Proceeds from asset sales (note 3) | 24 | 7 | |
Loans to equity companies - net | 1 | 13 | |
Cash flows from (used in) investing activities | (279) | (147) | |
Financing activities | |||
Short-term debt - net | 0 | (36) | |
Reduction in finance lease obligations (note 6) | (5) | (4) | |
Dividends paid | (185) | (162) | |
Common shares purchased (note 9) | (449) | 0 | |
Cash flows from (used in) financing activities | (639) | (202) | |
Increase (decrease) in cash | 996 | 696 | |
Cash at beginning of period | 2,153 | 771 | |
Cash at end of period | [2] | $ 3,149 | $ 1,467 |
[1] | Included contributions to registered pension plans. | ||
[2] | 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 cas_2
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Included contributions to registered pension plans | $ (50) | $ (28) |
Income taxes (paid) refunded | (223) | 1 |
Interest (paid), net of capitalization | $ (12) | $ (13) |
Basis of financial statement pr
Basis of financial statement preparation | 3 Months Ended |
Mar. 31, 2022 | |
Basis of financial statement preparation | 1. 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 2021 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 three months ended March 31, 2022, 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 | 3 Months Ended |
Mar. 31, 2022 | |
Business segments | 2. Business segments Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) 99 2,142 12,191 4,527 367 323 Intersegment sales 4,431 1,351 1,833 773 104 53 Investment and other income (note 3) 4 - 21 5 - - 4,534 3,493 14,045 5,305 471 376 Expenses Exploration 2 2 - - - - Purchases of crude oil and products 1,890 1,834 12,512 4,020 315 209 Production and manufacturing 1,249 1,109 356 326 54 50 Selling and general - - 147 133 23 25 Federal excise tax and fuel charge - - 479 404 - - Depreciation and depletion 373 445 41 39 5 4 Non-service - - - - - - Financing (note 5) - 1 - - - - Total expenses 3,514 3,391 13,535 4,922 397 288 Income (loss) before income taxes 1,020 102 510 383 74 88 Income tax expense (benefit) 238 23 121 91 18 21 Net income (loss) 782 79 389 292 56 67 Cash flows from (used in) operating activities 1,447 531 375 462 67 62 Capital and exploration expenditures (b) 222 85 68 68 1 2 Total assets as at March 31 29,182 31,754 10,179 4,909 501 462 Three Months to March 31 Corporate and other Eliminations Consolidated millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) - - - - 12,657 6,992 Intersegment sales - - (6,368 ) (2,177 ) - - Investment and other income (note 3) 4 1 - - 29 6 4 1 (6,368 ) (2,177 ) 12,686 6,998 Expenses Exploration - - - - 2 2 Purchases of crude oil and products - - (6,367 ) (2,176 ) 8,350 3,887 Production and manufacturing - - - - 1,659 1,485 Selling and general 56 32 (1 ) (1 ) 225 189 Federal excise tax and fuel charge - - - - 479 404 Depreciation and depletion 7 6 - - 426 494 Non-service 4 11 - - 4 11 Financing (note 5) 7 13 - - 7 14 Total expenses 74 62 (6,368 ) (2,177 ) 11,152 6,486 Income (loss) before income taxes (70 ) (61 ) - - 1,534 512 Income tax expense (benefit) (16 ) (15 ) - - 361 120 Net income (loss) (54 ) (46 ) - - 1,173 392 Cash flows from (used in) operating activities 25 (10 ) - - 1,914 1,045 Capital and exploration expenditures (b) 5 8 - - 296 163 Total assets as at March 31 4,136 2,346 (188 ) (464 ) 43,810 39,007 (a) Included export sales to the United States of $2,504 million (2021 - $1,569 million). (b) 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, 2022 | |
Investment and other income | 3. Investment and other income Investment and other income included gains and losses on asset sales as follows: Three Months millions of Canadian dollars 2022 2021 Proceeds from asset sales 24 7 Book value of asset sales 4 4 Gain (loss) on asset sales, before tax 20 3 Gain (loss) on asset sales, after tax 16 2 |
Employee retirement benefits
Employee retirement benefits | 3 Months Ended |
Mar. 31, 2022 | |
Employee retirement benefits | 4. Employee retirement benefits The components of net benefit cost were as follows: Three Months millions of Canadian dollars 2022 2021 Pension benefits: Service cost 70 81 Interest cost 73 68 Expected return on plan assets (103 ) (107 ) Amortization of prior service cost 4 4 Amortization of actuarial loss (gain) 22 36 Net benefit cost 66 82 Other postretirement benefits: Service cost 6 7 Interest cost 6 6 Amortization of actuarial loss (gain) 2 4 Net benefit cost 14 17 |
Financing Costs
Financing Costs | 3 Months Ended |
Mar. 31, 2022 | |
Financing Costs | 5. Financing costs Three Months millions of Canadian dollars 2022 2021 Debt-related interest 12 21 Capitalized interest (5 ) (8 ) Net interest expense 7 13 Other interest - 1 Total financing 7 14 |
Long-term debt
Long-term debt | 3 Months Ended |
Mar. 31, 2022 | |
Long-term debt | 6. Long-term debt As at As at millions of Canadian dollars 2022 2021 Long-term debt 4,447 4,447 Finance leases 602 607 Total long-term debt 5,049 5,054 |
Other long-term obligations
Other long-term obligations | 3 Months Ended |
Mar. 31, 2022 | |
Other long-term obligations | 7. Other long-term obligations As at As at millions of Canadian dollars 2022 2021 Employee retirement benefits (a) 1,326 1,362 Asset retirement obligations and other environmental liabilities (b) 1,713 1,713 Share-based incentive compensation liabilities 111 79 Operating lease liability (c) 138 147 Other obligations 138 596 Total other long-term obligations 3,426 3,897 (a) Total recorded employee retirement benefits obligations also included $56 million in current liabilities (2021 - $56 million). (b) Total asset retirement obligations and other environmental liabilities also included $102 million in current liabilities (2021 - $102 million). (c) Total operating lease liability also included $95 million in current liabilities (2021 - $102 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $0 million (2021 - $5 million). |
Financial and derivative instru
Financial and derivative instruments | 3 Months Ended |
Mar. 31, 2022 | |
Financial and derivative instruments | 8. 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, 2022 and December 31, 2021, the fair value of long-term debt ($4,447 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 the Upstream, Downstream and Chemical businesses reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivative instruments 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”. The company does not designate derivative instruments as a hedge for hedge accounting purposes. 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 As at thousands of barrels 2022 2021 Crude (620 ) 7,390 Products (70 ) (560 ) Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax Three Months millions of Canadian dollars 2022 2021 Revenues 37 - Purchases of crude oil and products - (14 ) Total 37 (14 ) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is as follows: At March 31, 2022 millions of Canadian dollars Fair value Effect of Effect of Net counterparty collateral carrying Level 1 Level 2 Level 3 Total netting netting value Assets Derivative assets (a) 48 18 - 66 (59 ) - 7 Liabilities Derivative liabilities (b) 53 25 - 78 (59 ) (4 ) 15 (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, 2021 millions of Canadian dollars Fair value Effect of Effect of Net counterparty collateral carrying Level 1 Level 2 Level 3 Total netting netting value Assets Derivative assets (a) 24 17 - 41 (31 ) - 10 Liabilities Derivative liabilities (b) 31 12 - 43 (31 ) (7 ) 5 (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, 2022 and December 31, 2021, the company had $47 million and $6 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, 2022 | |
Common shares | 9. Common shares As of As of Mar 31 Dec 31 thousands of shares 2022 2021 Authorized 1,100,000 1,100,000 Common shares outstanding 669,144 678,080 The most recent 12-month On April 29, 2022 the company announced its intention to launch a substantial issuer bid pursuant to which the company will offer to purchase for cancellation up to $2,500,000,000 of its common shares. The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the offer. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection with the offer in order to maintain its proportionate share ownership at approximately 69.6 percent following completion of the offer. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2020 734,077 1,357 Issued under employee share-based awards 7 - Purchases at stated value (56,004 ) (105 ) Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards - - Purchases at stated value (8,936 ) (15 ) Balance as at March 31, 2022 669,144 1,237 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 2022 2021 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 1,173 392 Weighted average number of common shares outstanding (millions of shares) 670.5 734.1 Net income (loss) per common share (dollars) 1.75 0.53 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 1,173 392 Weighted average number of common shares outstanding (millions of shares) 670.5 734.1 Effect of employee share-based awards (millions of shares) 1.4 1.6 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 671.9 735.7 Net income (loss) per common share (dollars) 1.75 0.53 Dividends per common share - declared (dollars) 0.34 0.22 |
Other comprehensive income (los
Other comprehensive income (loss) information | 3 Months Ended |
Mar. 31, 2022 | |
Other comprehensive income (loss) information | 10. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2022 2021 Balance at January 1 (1,177 ) (1,989 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 24 54 Amounts reclassified from accumulated other comprehensive income 21 33 Balance at March 31 (1,132 ) (1,902 ) Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense): Three Months to March 31 millions of Canadian dollars 2022 2021 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (28 ) (44 ) (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 2022 2021 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 8 17 Amortization of postretirement benefits liability adjustment included in net benefit cost 7 11 Total 15 28 |
Business segments (Tables)
Business segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Segments | Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) 99 2,142 12,191 4,527 367 323 Intersegment sales 4,431 1,351 1,833 773 104 53 Investment and other income (note 3) 4 - 21 5 - - 4,534 3,493 14,045 5,305 471 376 Expenses Exploration 2 2 - - - - Purchases of crude oil and products 1,890 1,834 12,512 4,020 315 209 Production and manufacturing 1,249 1,109 356 326 54 50 Selling and general - - 147 133 23 25 Federal excise tax and fuel charge - - 479 404 - - Depreciation and depletion 373 445 41 39 5 4 Non-service - - - - - - Financing (note 5) - 1 - - - - Total expenses 3,514 3,391 13,535 4,922 397 288 Income (loss) before income taxes 1,020 102 510 383 74 88 Income tax expense (benefit) 238 23 121 91 18 21 Net income (loss) 782 79 389 292 56 67 Cash flows from (used in) operating activities 1,447 531 375 462 67 62 Capital and exploration expenditures (b) 222 85 68 68 1 2 Total assets as at March 31 29,182 31,754 10,179 4,909 501 462 Three Months to March 31 Corporate and other Eliminations Consolidated millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) - - - - 12,657 6,992 Intersegment sales - - (6,368 ) (2,177 ) - - Investment and other income (note 3) 4 1 - - 29 6 4 1 (6,368 ) (2,177 ) 12,686 6,998 Expenses Exploration - - - - 2 2 Purchases of crude oil and products - - (6,367 ) (2,176 ) 8,350 3,887 Production and manufacturing - - - - 1,659 1,485 Selling and general 56 32 (1 ) (1 ) 225 189 Federal excise tax and fuel charge - - - - 479 404 Depreciation and depletion 7 6 - - 426 494 Non-service 4 11 - - 4 11 Financing (note 5) 7 13 - - 7 14 Total expenses 74 62 (6,368 ) (2,177 ) 11,152 6,486 Income (loss) before income taxes (70 ) (61 ) - - 1,534 512 Income tax expense (benefit) (16 ) (15 ) - - 361 120 Net income (loss) (54 ) (46 ) - - 1,173 392 Cash flows from (used in) operating activities 25 (10 ) - - 1,914 1,045 Capital and exploration expenditures (b) 5 8 - - 296 163 Total assets as at March 31 4,136 2,346 (188 ) (464 ) 43,810 39,007 (a) Included export sales to the United States of $2,504 million (2021 - $1,569 million). (b) 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 (Ta
Investment and other income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investment and other income | Investment and other income included gains and losses on asset sales as follows: Three Months millions of Canadian dollars 2022 2021 Proceeds from asset sales 24 7 Book value of asset sales 4 4 Gain (loss) on asset sales, before tax 20 3 Gain (loss) on asset sales, after tax 16 2 |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Net Benefit Costs | The components of net benefit cost were as follows: Three Months millions of Canadian dollars 2022 2021 Pension benefits: Service cost 70 81 Interest cost 73 68 Expected return on plan assets (103 ) (107 ) Amortization of prior service cost 4 4 Amortization of actuarial loss (gain) 22 36 Net benefit cost 66 82 Other postretirement benefits: Service cost 6 7 Interest cost 6 6 Amortization of actuarial loss (gain) 2 4 Net benefit cost 14 17 |
Financing Costs (Tables)
Financing Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Financing costs | Three Months millions of Canadian dollars 2022 2021 Debt-related interest 12 21 Capitalized interest (5 ) (8 ) Net interest expense 7 13 Other interest - 1 Total financing 7 14 |
Long-term debt (Tables)
Long-term debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Long-Term Debt | As at As at millions of Canadian dollars 2022 2021 Long-term debt 4,447 4,447 Finance leases 602 607 Total long-term debt 5,049 5,054 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Long-Term Obligations | As at As at millions of Canadian dollars 2022 2021 Employee retirement benefits (a) 1,326 1,362 Asset retirement obligations and other environmental liabilities (b) 1,713 1,713 Share-based incentive compensation liabilities 111 79 Operating lease liability (c) 138 147 Other obligations 138 596 Total other long-term obligations 3,426 3,897 (a) Total recorded employee retirement benefits obligations also included $56 million in current liabilities (2021 - $56 million). (b) Total asset retirement obligations and other environmental liabilities also included $102 million in current liabilities (2021 - $102 million). (c) Total operating lease liability also included $95 million in current liabilities (2021 - $102 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $0 million (2021 - $5 million). |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Net Long Short Position Of Derivative Instruments | The net notional long/(short) position of derivative instruments was: As at As at thousands of barrels 2022 2021 Crude (620 ) 7,390 Products (70 ) (560 ) |
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments | Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax Three Months millions of Canadian dollars 2022 2021 Revenues 37 - Purchases of crude oil and products - (14 ) Total 37 (14 ) |
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 is as follows: At March 31, 2022 millions of Canadian dollars Fair value Effect of Effect of Net counterparty collateral carrying Level 1 Level 2 Level 3 Total netting netting value Assets Derivative assets (a) 48 18 - 66 (59 ) - 7 Liabilities Derivative liabilities (b) 53 25 - 78 (59 ) (4 ) 15 (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, 2021 millions of Canadian dollars Fair value Effect of Effect of Net counterparty collateral carrying Level 1 Level 2 Level 3 Total netting netting value Assets Derivative assets (a) 24 17 - 41 (31 ) - 10 Liabilities Derivative liabilities (b) 31 12 - 43 (31 ) (7 ) 5 (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, 2022 | |
Summary of Common Shares | As of As of Mar 31 Dec 31 thousands of shares 2022 2021 Authorized 1,100,000 1,100,000 Common shares outstanding 669,144 678,080 |
Common Share Activities | The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2020 734,077 1,357 Issued under employee share-based awards 7 - Purchases at stated value (56,004 ) (105 ) Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards - - Purchases at stated value (8,936 ) (15 ) Balance as at March 31, 2022 669,144 1,237 |
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 2022 2021 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 1,173 392 Weighted average number of common shares outstanding (millions of shares) 670.5 734.1 Net income (loss) per common share (dollars) 1.75 0.53 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 1,173 392 Weighted average number of common shares outstanding (millions of shares) 670.5 734.1 Effect of employee share-based awards (millions of shares) 1.4 1.6 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 671.9 735.7 Net income (loss) per common share (dollars) 1.75 0.53 Dividends per common share - declared (dollars) 0.34 0.22 |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2022 2021 Balance at January 1 (1,177 ) (1,989 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 24 54 Amounts reclassified from accumulated other comprehensive income 21 33 Balance at March 31 (1,132 ) (1,902 ) |
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 2022 2021 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (28 ) (44 ) (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 2022 2021 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 8 17 Amortization of postretirement benefits liability adjustment included in net benefit cost 7 11 Total 15 28 |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Revenues and other income | ||||
Revenues | [1] | $ 12,657 | $ 6,992 | |
Intersegment sales | ||||
Investment and other income (note 3) | 29 | 6 | ||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 12,686 | 6,998 | ||
Expenses | ||||
Exploration | 2 | 2 | ||
Purchases of crude oil and products | 8,350 | 3,887 | ||
Production and manufacturing | 1,659 | 1,485 | ||
Selling and general | 225 | 189 | ||
Federal excise tax and fuel charge | 479 | 404 | ||
Depreciation and depletion | 426 | 494 | ||
Non-service pension and postretirement benefit | 4 | 11 | ||
Financing (note 5) | 7 | 14 | ||
Total expenses | 11,152 | 6,486 | ||
Income (loss) before income taxes | 1,534 | 512 | ||
Income tax expense (benefit) | 361 | 120 | ||
Net income (loss) | 1,173 | 392 | ||
Cash flows from (used in) operating activities | 1,914 | 1,045 | ||
Capital and exploration expenditures | [2] | 296 | 163 | |
Total assets as at March 31 | 43,810 | 39,007 | $ 40,782 | |
Consolidation, Eliminations | ||||
Revenues and other income | ||||
Revenues | [1] | |||
Intersegment sales | (6,368) | (2,177) | ||
Investment and other income (note 3) | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (6,368) | (2,177) | ||
Expenses | ||||
Exploration | ||||
Purchases of crude oil and products | (6,367) | (2,176) | ||
Production and manufacturing | ||||
Selling and general | (1) | (1) | ||
Federal excise tax and fuel charge | ||||
Depreciation and depletion | ||||
Non-service pension and postretirement benefit | ||||
Financing (note 5) | ||||
Total expenses | (6,368) | (2,177) | ||
Income (loss) before income taxes | ||||
Income tax expense (benefit) | ||||
Net income (loss) | ||||
Cash flows from (used in) operating activities | ||||
Capital and exploration expenditures | [2] | |||
Total assets as at March 31 | (188) | (464) | ||
Upstream | ||||
Revenues and other income | ||||
Revenues | [1] | 99 | 2,142 | |
Intersegment sales | 4,431 | 1,351 | ||
Investment and other income (note 3) | 4 | |||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 4,534 | 3,493 | ||
Expenses | ||||
Exploration | 2 | 2 | ||
Purchases of crude oil and products | 1,890 | 1,834 | ||
Production and manufacturing | 1,249 | 1,109 | ||
Selling and general | ||||
Federal excise tax and fuel charge | ||||
Depreciation and depletion | 373 | 445 | ||
Non-service pension and postretirement benefit | ||||
Financing (note 5) | 1 | |||
Total expenses | 3,514 | 3,391 | ||
Income (loss) before income taxes | 1,020 | 102 | ||
Income tax expense (benefit) | 238 | 23 | ||
Net income (loss) | 782 | 79 | ||
Cash flows from (used in) operating activities | 1,447 | 531 | ||
Capital and exploration expenditures | [2] | 222 | 85 | |
Total assets as at March 31 | 29,182 | 31,754 | ||
Downstream | ||||
Revenues and other income | ||||
Revenues | [1] | 12,191 | 4,527 | |
Intersegment sales | 1,833 | 773 | ||
Investment and other income (note 3) | 21 | 5 | ||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 14,045 | 5,305 | ||
Expenses | ||||
Exploration | ||||
Purchases of crude oil and products | 12,512 | 4,020 | ||
Production and manufacturing | 356 | 326 | ||
Selling and general | 147 | 133 | ||
Federal excise tax and fuel charge | 479 | 404 | ||
Depreciation and depletion | 41 | 39 | ||
Non-service pension and postretirement benefit | ||||
Financing (note 5) | ||||
Total expenses | 13,535 | 4,922 | ||
Income (loss) before income taxes | 510 | 383 | ||
Income tax expense (benefit) | 121 | 91 | ||
Net income (loss) | 389 | 292 | ||
Cash flows from (used in) operating activities | 375 | 462 | ||
Capital and exploration expenditures | [2] | 68 | 68 | |
Total assets as at March 31 | 10,179 | 4,909 | ||
Chemical | ||||
Revenues and other income | ||||
Revenues | [1] | 367 | 323 | |
Intersegment sales | 104 | 53 | ||
Investment and other income (note 3) | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 471 | 376 | ||
Expenses | ||||
Exploration | ||||
Purchases of crude oil and products | 315 | 209 | ||
Production and manufacturing | 54 | 50 | ||
Selling and general | 23 | 25 | ||
Federal excise tax and fuel charge | ||||
Depreciation and depletion | 5 | 4 | ||
Non-service pension and postretirement benefit | ||||
Financing (note 5) | ||||
Total expenses | 397 | 288 | ||
Income (loss) before income taxes | 74 | 88 | ||
Income tax expense (benefit) | 18 | 21 | ||
Net income (loss) | 56 | 67 | ||
Cash flows from (used in) operating activities | 67 | 62 | ||
Capital and exploration expenditures | [2] | 1 | 2 | |
Total assets as at March 31 | 501 | 462 | ||
Corporate and Other | ||||
Revenues and other income | ||||
Revenues | [1] | |||
Intersegment sales | ||||
Investment and other income (note 3) | 4 | 1 | ||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 4 | 1 | ||
Expenses | ||||
Exploration | ||||
Purchases of crude oil and products | ||||
Production and manufacturing | ||||
Selling and general | 56 | 32 | ||
Federal excise tax and fuel charge | ||||
Depreciation and depletion | 7 | 6 | ||
Non-service pension and postretirement benefit | 4 | 11 | ||
Financing (note 5) | 7 | 13 | ||
Total expenses | 74 | 62 | ||
Income (loss) before income taxes | (70) | (61) | ||
Income tax expense (benefit) | (16) | (15) | ||
Net income (loss) | (54) | (46) | ||
Cash flows from (used in) operating activities | 25 | (10) | ||
Capital and exploration expenditures | [2] | 5 | 8 | |
Total assets as at March 31 | $ 4,136 | $ 2,346 | ||
[1] | Included export sales to the United States of $2,504 million (2021 - $1,569 million). | |||
[2] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. |
Business Segments (Parenthetica
Business Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
United States Exports | ||
Segment Reporting Information [Line Items] | ||
Operating revenues | $ 2,504 | $ 1,569 |
Gains and Losses on Asset Sales
Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment And Other Income [Line Items] | ||
Proceeds from asset sales | $ 24 | $ 7 |
Book value of asset sales | 4 | 4 |
Gain (loss) on asset sales, before tax | 20 | 3 |
Gain (loss) on asset sales, after tax | $ 16 | $ 2 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension benefits | ||
Service cost | $ 70 | $ 81 |
Interest cost | 73 | 68 |
Expected return on plan assets | (103) | (107) |
Amortization of prior service cost | 4 | 4 |
Amortization of actuarial loss (gain) | 22 | 36 |
Net benefit cost | 66 | 82 |
Other postretirement benefits | ||
Service cost | 6 | 7 |
Interest cost | 6 | 6 |
Amortization of actuarial loss (gain) | 2 | 4 |
Net benefit cost | $ 14 | $ 17 |
Financing Costs (Detail)
Financing Costs (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt-related interest | $ 12 | $ 21 |
Capitalized interest | (5) | (8) |
Net interest expense | 7 | 13 |
Other interest | 0 | 1 |
Total financing | $ 7 | $ 14 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,447 | $ 4,447 | |
Finance leases | 602 | 607 | |
Total long-term debt | [1] | $ 5,049 | $ 5,054 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total long-term debt | Total long-term debt | |
[1] | Long-term debt included amounts to related parties of $4,447 million (2021 - $4,447 million). |
Other Long-Term Obligations (De
Other Long-Term Obligations (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Liabilities [Line Items] | |||
Employee retirement benefits | [1] | $ 1,326 | $ 1,362 |
Asset retirement obligations and other environmental liabilities | [2] | 1,713 | 1,713 |
Share-based incentive compensation liabilities | 111 | 79 | |
Operating lease liability | [3] | 138 | 147 |
Other obligations | 138 | 596 | |
Total other long-term obligations | $ 3,426 | $ 3,897 | |
[1] | Total recorded employee retirement benefits obligations also included $56 million in current liabilities (2021 - $56 million). | ||
[2] | Total asset retirement obligations and other environmental liabilities also included $102 million in current liabilities (2021 - $102 million). | ||
[3] | Total operating lease liability also included $95 million in current liabilities (2021 - $102 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $0 million (2021 - $5 million). |
Other Long-Term Obligations (Pa
Other Long-Term Obligations (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | $ 56 | $ 56 |
Asset retirement obligations and other environmental liabilities in current liabilities | 102 | 102 |
Undiscounted Commitments | 0 | 5 |
Accounts Payable and Accrued Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease liability due within one year, Operating leases | $ 95 | $ 102 |
Financial and derivative inst_3
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl bbl in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Crude barrels [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (620) | 7,390 |
Products barrels [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (70) | (560) |
Summary of Realized and Unreali
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financial Instruments And Derivatives [Line Items] | ||
Revenues | $ 37 | $ 0 |
Purchases of crude oil and products | 0 | (14) |
Total | $ 37 | $ (14) |
Financial and derivative inst_4
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |||
Derivative Asset [Abstract] | |||||
Derivative Asset | $ 66 | [1] | $ 41 | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | 78 | 43 | ||
Effect of counterparty netting [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | (59) | [1] | (31) | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | (59) | (31) | ||
Derivative fair value of derivative amount effect of collateral netting [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | 0 | [1] | 0 | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | (4) | (7) | ||
Net Carrying Value [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | 7 | [1] | 10 | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | 15 | 5 | ||
Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | 48 | [1] | 24 | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | 53 | 31 | ||
Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | 18 | [1] | 17 | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | 25 | 12 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Asset [Abstract] | |||||
Derivative Asset | 0 | [1] | 0 | [2] | |
Derivative Liability [Abstract] | |||||
Derivative liabilities | [3] | $ 0 | $ 0 | ||
[1] | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable—net” and “Other assets, including intangibles - net”. | ||||
[2] | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. | ||||
[3] | Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
Financial and derivative inst_5
Financial and derivative instruments - Additional Information (Detail) - CAD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Instruments And Derivatives [Line Items] | ||
Long-term Debt, Fair Value | $ 4,447 | $ 4,447 |
Master netting arrangements [Member] | ||
Financial Instruments And Derivatives [Line Items] | ||
Derivative collateral receivable | $ 47 | $ 6 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - CAD ($) $ in Millions | Jun. 29, 2021 | Jun. 15, 2021 | Apr. 29, 2022 |
Class of Stock [Line Items] | |||
Normal course issuer bid share repurchase shares authorized | 35,583,671 | ||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | ||
Normal course issuer bid share repurchase term, months | 12 months | ||
Percent of total shares | (5.00%) | ||
Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Substantial stock repurchase program common stock subject to repurchase and cancellation amount | $ 2,500 | ||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% |
Summary of Common Shares (Detai
Summary of Common Shares (Detail) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 669,144,000 | 678,080,000 |
Common Share Activities (Detail
Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Class of Stock [Line Items] | |||
Common stock beginning balance, shares | 678,080 | ||
Common stock, ending balance, shares | 669,144 | 678,080 | |
Common stock beginning balance, value | [1] | $ 1,252 | |
Common stock, ending balance, value | [1] | $ 1,237 | $ 1,252 |
Common Stock | |||
Class of Stock [Line Items] | |||
Common stock beginning balance, shares | 678,080 | 734,077 | |
Issued under employee share-based awards, shares | 0 | 7 | |
Purchases at stated value, shares | (8,936) | (56,004) | |
Common stock, ending balance, shares | 669,144 | 678,080 | |
Common stock beginning balance, value | $ 1,252 | $ 1,357 | |
Issued under employee share-based awards, value | 0 | 0 | |
Purchases at stated value, value | (15) | (105) | |
Common stock, ending balance, value | $ 1,237 | $ 1,252 | |
[1] | Number of common shares authorized and outstanding were 1,100 million and 669 million, respectively (2021 - 1,100 million and 678 million, respectively). |
Calculation of basic and dilute
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, 2022 | Mar. 31, 2021 | |
Net income (loss) per common share - basic | ||
Net income (loss) (millions of Canadian dollars) | $ 1,173 | $ 392 |
Weighted average number of common shares outstanding (millions of shares) | 670.5 | 734.1 |
Net income (loss) per common share (dollars) | $ 1.75 | $ 0.53 |
Net income (loss) per common share - diluted | ||
Net income (loss) (millions of Canadian dollars) | $ 1,173 | $ 392 |
Weighted average number of common shares outstanding (millions of shares) | 670.5 | 734.1 |
Effect of employee share-based awards (millions of shares) | 1.4 | 1.6 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 671.9 | 735.7 |
Net income (loss) per common share (dollars) | $ 1.75 | $ 0.53 |
Dividends per common share - declared (dollars) | $ 0.34 | $ 0.22 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1 | $ (1,177) | $ (1,989) |
Current period change excluding amounts reclassified from accumulated other comprehensive income | 24 | 54 |
Amounts reclassified from accumulated other comprehensive income | 21 | 33 |
Balance at March 31 | $ (1,132) | $ (1,902) |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of postretirement benefits liability adjustment included in net benefit cost | $ (28) | $ (44) |
Income Tax Expense (Credit) for
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Postretirement benefits liability adjustment (excluding amortization) | $ 8 | $ 17 |
Amortization of postretirement benefits liability adjustment included in net benefit cost | 7 | 11 |
Total | $ 15 | $ 28 |