Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 shares | |
Cover [Abstract] | |
Document Period End Date | Jun. 30, 2022 |
Document Type | 10-Q |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
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 | 636,676,182 |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||||||
Revenues and other income | |||||||||
Revenues | [3] | $ 17,285 | [1],[2] | $ 8,007 | [1],[2] | $ 29,942 | [4],[5] | $ 14,999 | [4],[5] |
Investment and other income (note 3) | 22 | 40 | 51 | 46 | |||||
Total revenues and other income | 17,307 | 8,047 | 29,993 | 15,045 | |||||
Expenses | |||||||||
Exploration | 1 | 2 | 3 | 4 | |||||
Purchases of crude oil and products | [6] | 11,021 | 4,867 | 19,371 | 8,754 | ||||
Production and manufacturing | [7] | 1,908 | 1,569 | 3,567 | 3,054 | ||||
Selling and general | [7] | 191 | 200 | 416 | 389 | ||||
Federal excise tax and fuel charge | 553 | 465 | 1,032 | 869 | |||||
Depreciation and depletion | 451 | 450 | 877 | 944 | |||||
Non-service pension and postretirement benefit | 5 | 10 | 9 | 21 | |||||
Financing (note 5) | [8] | 11 | 13 | 18 | 27 | ||||
Total expenses | 14,141 | 7,576 | 25,293 | 14,062 | |||||
Income (loss) before income taxes | 3,166 | 471 | 4,700 | 983 | |||||
Income taxes | 757 | 105 | 1,118 | 225 | |||||
Net income (loss) | $ 2,409 | $ 366 | $ 3,582 | $ 758 | |||||
Per share information (Canadian dollars) | |||||||||
Net income (loss) per common share - basic (note 9) | $ 3.63 | $ 0.51 | $ 5.37 | $ 1.04 | |||||
Net income (loss) per common share - diluted (note 9) | $ 3.63 | $ 0.5 | $ 5.36 | $ 1.04 | |||||
[1]Included export sales to the United States of $3,871 million (2021 - $1,544 million).[2]Includes approximately 13% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the three months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.[3] Amounts from related parties included in revenues.5,175 1,405 9,134 2,913[4]Included export sales to the United States of $6,375 million (2021 - $3,113 million).[5]Includes approximately 11% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the six months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.[6]Amounts to related parties included in purchases of crude oil and products.1,129 666 1,779 1,181[7]Amounts to related parties included in production and manufacturing, and selling and general expenses.116 106 234 222[8]Amounts to related parties included in financing (note 5).13 10 17 21 |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amounts from related parties included in revenues. | $ 5,175 | $ 1,405 | $ 9,134 | $ 2,913 |
Amounts to related parties included in purchases of crude oil and products. | 1,129 | 666 | 1,779 | 1,181 |
Amounts to related parties included in production and manufacturing, and selling and general expenses. | 116 | 106 | 234 | 222 |
Amounts to related parties included in financing (note 5). | $ 13 | $ 10 | $ 17 | $ 21 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) | $ 2,409 | $ 366 | $ 3,582 | $ 758 |
Other comprehensive income (loss), net of income taxes | ||||
Postretirement benefits liability adjustment (excluding amortization) | 0 | 0 | 24 | 54 |
Amortization of postretirement benefits liability adjustment included in net benefit costs | 21 | 33 | 42 | 66 |
Total other comprehensive income (loss) | 21 | 33 | 66 | 120 |
Comprehensive income (loss) | $ 2,430 | $ 399 | $ 3,648 | $ 878 |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash | $ 2,867 | $ 2,153 | |
Accounts receivable - net | [1] | 6,839 | 3,869 |
Inventories of crude oil and products | 1,394 | 1,102 | |
Materials, supplies and prepaid expenses | 789 | 689 | |
Total current assets | 11,889 | 7,813 | |
Investments and long-term receivables | [2] | 754 | 757 |
Property, plant and equipment, | 57,222 | 56,762 | |
less accumulated depreciation and depletion | (26,256) | (25,522) | |
Property, plant and equipment, net (note 11) | 30,966 | 31,240 | |
Goodwill | 166 | 166 | |
Other assets, including intangibles - net | 1,117 | 806 | |
Total assets | 44,892 | 40,782 | |
Current liabilities | |||
Notes and loans payable | 122 | 122 | |
Accounts payable and accrued liabilities (note 7) | [1] | 7,947 | 5,184 |
Income taxes payable | 2,018 | 248 | |
Total current liabilities | 10,087 | 5,554 | |
Long-term debt (note 6) | [3] | 5,044 | 5,054 |
Other long-term obligations (note 7) | 3,453 | 3,897 | |
Deferred income tax liabilities | 4,329 | 4,542 | |
Total liabilities | 22,913 | 19,047 | |
Shareholders' equity | |||
Common shares at stated value (note 9) | [4] | 1,177 | 1,252 |
Earnings reinvested | 21,913 | 21,660 | |
Accumulated other comprehensive income (loss) (note 10) | (1,111) | (1,177) | |
Total shareholders' equity | 21,979 | 21,735 | |
Total liabilities and shareholders' equity | $ 44,892 | $ 40,782 | |
[1]Accounts receivable - net included net amounts receivable from related parties of $1,888 million (2021 - $1,031 million).[2]Investments and long-term receivables included amounts from related parties of $296 million (2021 - $298 million).[3]Long-term debt included amounts to related parties of $4,447 million (2021 - $4,447 million).[4]Number of common shares authorized and outstanding were 1,100 million and 637 million, respectively (2021 - 1,100 million and 678 million, respectively). |
Consolidated balance sheet (Par
Consolidated balance sheet (Parenthetical) - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Amounts receivable (payable) from (to) related parties | $ 1,888 | $ 1,031 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 637,000,000 | 678,000,000 |
Investments and Long Term Receivables | ||
Due from related parties | $ 296 | $ 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 | $ 758 | 758 | ||
Share purchases at stated value | (55) | |||
Share purchases in excess of stated value | (1,116) | |||
Dividends declared | (356) | |||
Other comprehensive income (loss) | 120 | 120 | ||
At end of period at Jun. 30, 2021 | 20,769 | 1,302 | 21,336 | (1,869) |
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) |
At beginning of period at Mar. 31, 2021 | 1,357 | 22,281 | (1,902) | |
Net income (loss) for the period | 366 | 366 | ||
Share purchases at stated value | (55) | |||
Share purchases in excess of stated value | (1,116) | |||
Dividends declared | (195) | |||
Other comprehensive income (loss) | 33 | 33 | ||
At end of period at Jun. 30, 2021 | 20,769 | 1,302 | 21,336 | (1,869) |
At beginning of period at Dec. 31, 2021 | 21,735 | 1,252 | 21,660 | (1,177) |
Net income (loss) for the period | 3,582 | 3,582 | ||
Share purchases at stated value | (75) | |||
Share purchases in excess of stated value | (2,874) | |||
Dividends declared | (455) | |||
Other comprehensive income (loss) | 66 | 66 | ||
At end of period at Jun. 30, 2022 | 21,979 | 1,177 | 21,913 | (1,111) |
At beginning of period at Mar. 31, 2022 | 1,237 | 22,171 | (1,132) | |
Net income (loss) for the period | 2,409 | 2,409 | ||
Share purchases at stated value | (60) | |||
Share purchases in excess of stated value | (2,440) | |||
Dividends declared | (227) | |||
Other comprehensive income (loss) | 21 | 21 | ||
At end of period at Jun. 30, 2022 | $ 21,979 | $ 1,177 | $ 21,913 | $ (1,111) |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Operating activities | |||||
Net income (loss) | $ 2,409 | $ 366 | $ 3,582 | $ 758 | |
Adjustments for non-cash items: | |||||
Depreciation and depletion | 451 | 450 | 877 | 944 | |
(Gain) loss on asset sales (note 3) | (4) | (24) | (24) | (27) | |
Deferred income taxes and other | (149) | 76 | (480) | 136 | |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (1,426) | (775) | (2,970) | (1,244) | |
Inventories, materials, supplies and prepaid expenses | (27) | 58 | (391) | (101) | |
Income taxes payable | 853 | 21 | 1,312 | 42 | |
Accounts payable and accrued liabilities | 499 | 655 | 2,643 | 1,239 | |
All other items - net | [1] | 76 | 25 | 47 | 150 |
Cash flows from (used in) operating activities | 2,682 | 852 | 4,596 | 1,897 | |
Investing activities | |||||
Additions to property, plant and equipment | (333) | (241) | (637) | (408) | |
Proceeds from asset sales (note 3) | 102 | 35 | 126 | 42 | |
Loans to equity companies - net | 1 | (1) | 2 | 12 | |
Cash flows from (used in) investing activities | (230) | (207) | (509) | (354) | |
Financing activities | |||||
Short-term debt - net | 0 | 0 | 0 | (36) | |
Reduction in finance lease obligations (note 6) | (6) | (4) | (11) | (8) | |
Dividends paid | (228) | (161) | (413) | (323) | |
Common shares purchased (note 9) | (2,500) | (1,171) | (2,949) | (1,171) | |
Cash flows from (used in) financing activities | (2,734) | (1,336) | (3,373) | (1,538) | |
Increase (decrease) in cash | (282) | (691) | 714 | 5 | |
Cash at beginning of period | 3,149 | 1,467 | 2,153 | 771 | |
Cash at end of period | [2] | $ 2,867 | $ 776 | $ 2,867 | $ 776 |
[1]Included contributions to registered pension plans.(46) (42) (96) (70) Income taxes (paid) refunded. (52) 27 (275 ) 28 Interest (paid), net of capitalization.(10) (14) (22) (27)[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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Included contributions to registered pension plans | $ (46) | $ (42) | $ (96) | $ (70) |
Income taxes (paid) refunded | (52) | 27 | (275) | 28 |
Interest (paid), net of capitalization | $ (10) | $ (14) | (22) | $ (27) |
XTO Energy Canada [Member] | ||||
Advances Received For The Sale Of Business | $ 94 |
Basis of financial statement pr
Basis of financial statement preparation | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Business segments | 2. Business segments Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) 119 2,616 16,752 5,015 414 376 Intersegment sales 5,827 1,312 2,024 788 149 79 Investment and other income (note 3) 3 6 9 28 - 1 5,949 3,934 18,785 5,831 563 456 Expenses Exploration 1 2 - - - - Purchases of crude oil and products 2,357 2,044 16,261 4,760 401 240 Production and manufacturing 1,423 1,166 418 357 67 46 Selling and general - - 153 142 22 22 Federal excise tax and fuel charge - - 553 465 - - Depreciation and depletion 395 399 45 39 4 5 Non-service - - - - - - Financing (note 5) 1 - - - - - Total expenses 4,177 3,611 17,430 5,763 494 313 Income (loss) before income taxes 1,772 323 1,355 68 69 143 Income tax expense (benefit) 426 76 322 8 16 34 Net income (loss) 1,346 247 1,033 60 53 109 Cash flows from (used in) operating activities 2,087 595 641 136 64 111 Capital and exploration expenditures (c) 233 130 69 120 2 2 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) - - - - 17,285 8,007 Intersegment sales - - (8,000 ) (2,179 ) - - Investment and other income (note 3) 10 5 - - 22 40 10 5 (8,000 ) (2,179 ) 17,307 8,047 Expenses Exploration - - - - 1 2 Purchases of crude oil and products - - (7,998 ) (2,177 ) 11,021 4,867 Production and manufacturing - - - - 1,908 1,569 Selling and general 18 38 (2 ) (2 ) 191 200 Federal excise tax and fuel charge - - - - 553 465 Depreciation and depletion 7 7 - - 451 450 Non-service pension and postretirement benefit 5 10 - - 5 10 Financing (note 5) 10 13 - - 11 13 Total expenses 40 68 (8,000 ) (2,179 ) 14,141 7,576 Income (loss) before income taxes (30 ) (63 ) - - 3,166 471 Income tax expense (benefit) (7 ) (13 ) - - 757 105 Net income (loss) (23 ) (50 ) - - 2,409 366 Cash flows from (used in) operating activities (110 ) 10 - - 2,682 852 Capital and exploration expenditures (c) 10 7 - - 314 259 (a) Included export sales to the United States of $3,871 million (2021 - $1,544 million). (b) Includes approximately 13% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the three months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives . Credit between and those outside it (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. Six Months to June 30 Upstream Downstream Chemical millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) 218 4,758 28,943 9,542 781 699 Intersegment sales 10,258 2,663 3,857 1,561 253 132 Investment and other income (note 3) 7 6 30 33 - 1 10,483 7,427 32,830 11,136 1,034 832 Expenses Exploration 3 4 - - - - Purchases of crude oil and products 4,247 3,878 28,773 8,780 716 449 Production and manufacturing 2,672 2,275 774 683 121 96 Selling and general - - 300 275 45 47 Federal excise tax and fuel charge - - 1,032 869 - - Depreciation and depletion 768 844 86 78 9 9 Non-service pension and postretirement benefit - - - - - - Financing (note 5) 1 1 - - - - Total expenses 7,691 7,002 30,965 10,685 891 601 Income (loss) before income taxes 2,792 425 1,865 451 143 231 Income tax expense (benefit) 664 99 443 99 34 55 Net income (loss) 2,128 326 1,422 352 109 176 Cash flows from (used in) operating activities 3,534 1,126 1,016 598 131 173 Capital and exploration expenditures (c) 455 215 137 188 3 4 Total assets as at June 30 (note 11) 28,961 31,931 11,649 5,352 505 481 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) - - - - 29,942 14,999 Intersegment sales - - (14,368 ) (4,356 ) - - Investment and other income (note 3) 14 6 - - 51 46 14 6 (14,368 ) (4,356 ) 29,993 15,045 Expenses Exploration - - - - 3 4 Purchases of crude oil and products - - (14,365 ) (4,353 ) 19,371 8,754 Production and manufacturing - - - - 3,567 3,054 Selling and general 74 70 (3 ) (3 ) 416 389 Federal excise tax and fuel charge - - - - 1,032 869 Depreciation and depletion 14 13 - - 877 944 Non-service pension and postretirement benefit 9 21 - - 9 21 Financing (note 5) 17 26 - - 18 27 Total expenses 114 130 (14,368 ) (4,356 ) 25,293 14,062 Income (loss) before income taxes (100 ) (124 ) - - 4,700 983 Income tax expense (benefit) (23 ) (28 ) - - 1,118 225 Net income (loss) (77 ) (96 ) - - 3,582 758 Cash flows from (used in) operating activities (85 ) - - - 4,596 1,897 Capital and exploration expenditures (c) 15 15 - - 610 422 Total assets as at June 30 (note 11) 4,016 1,606 (239 ) (431 ) 44,892 38,939 (a) Included export sales to the United States of $6,375 million (2021 - $3,113 million). (b) Includes approximately 11% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the six months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives . Credit between and those outside it (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. |
Investment and other income
Investment and other income | 6 Months Ended |
Jun. 30, 2022 | |
Investment and other income | 3. Investment and other income Investment and other income included gains and losses on asset sales as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2022 2021 2022 2021 Proceeds from asset sales 8 35 32 42 Book value of asset sales 4 11 8 15 Gain (loss) on asset sales, before tax 4 24 24 27 Gain (loss) on asset sales, after tax 3 22 19 24 |
Employee retirement benefits
Employee retirement benefits | 6 Months Ended |
Jun. 30, 2022 | |
Employee retirement benefits | 4. Employee retirement benefits The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2022 2021 2022 2021 Pension benefits: Service cost 70 81 140 162 Interest cost 74 68 147 136 Expected return on plan assets (103) (107) (206) (214) Amortization of prior service cost 4 4 8 8 Amortization of actuarial loss (gain) 21 36 43 72 Net benefit cost 66 82 132 164 Other postretirement benefits: Service cost 5 7 11 14 Interest cost 6 5 12 11 Amortization of actuarial loss (gain) 3 4 5 8 Net benefit cost 14 16 28 33 |
Financing Costs
Financing Costs | 6 Months Ended |
Jun. 30, 2022 | |
Financing Costs | 5. Financing costs Second Quarter Six Months to June 30 millions of Canadian dollars 2022 2021 2022 2021 Debt-related interest 20 20 32 41 Capitalized interest (10) (7) (15) (15) Net interest expense 10 13 17 26 Other interest 1 - 1 1 Total financing 11 13 18 27 In June 2022, the company reduced its existing $500 million committed long-term line of credit to $250 million and extended the maturity date to June 30, 2023. The company also extended one of its $250 million committed long-term lines of credit to June 30, 2024. The company has not drawn on any of its outstanding $750 million of available credit facilities. |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 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 597 607 Total long-term debt 5,044 5,054 |
Other long-term obligations
Other long-term obligations | 6 Months Ended |
Jun. 30, 2022 | |
Other long-term obligations | 7. Other long-term obligations As at As at millions of Canadian dollars 2022 2021 Employee retirement benefits (a) 1,323 1,362 Asset retirement obligations and other environmental liabilities (b) 1,733 1,713 Share-based incentive compensation liabilities 119 79 Operating lease liability (c) 122 147 Other obligations 156 596 Total other long-term obligations 3,453 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 $86 million in current liabilities (2021 - $102 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $11 million (2021 - $5 million). |
Financial and derivative instru
Financial and derivative instruments | 6 Months Ended |
Jun. 30, 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 June 30, 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 8,680 7,390 Products (930 ) (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 Second Quarter Six Months millions of Canadian dollars 2022 2021 2022 2021 Revenues (51 ) (9 ) (14 ) (9 ) Purchases of crude oil and products - (19 ) - (33 ) Total (51 ) (28 ) (14 ) (42 ) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is as follows: At June 30, 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) 35 25 - 60 (44 ) (3 ) 13 Liabilities Derivative liabilities (b) 32 47 - 79 (44 ) - 35 (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 June 30, 2022 and December 31, 2021, the company had $16 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 | 6 Months Ended |
Jun. 30, 2022 | |
Common shares | 9. Common shares As of As of June 30 Dec 31 thousands of shares 2022 2021 Authorized 1,100,000 1,100,000 Common shares outstanding 636,676 678,080 The 12-month The current 12-month On May 6, 2022, the company commenced a substantial issuer bid pursuant to which it offered to purchase for cancellation up to $2.5 billion of its common shares through a modified Dutch auction and proportionate tender offer. The substantial issuer bid was completed on June 15, 2022, with the company taking up and paying for 32,467,532 common shares at a price of $77.00 per share, for an aggregate purchase of $2.5 billion and 4.9 percent of Imperial’s issued and outstanding shares as the close of business on May 2, 2022. This included 22,597,379 shares purchased from Exxon Mobil Corporation by way of a proportionate tender to maintain its ownership percentage at approximately 69.6 percent. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below: Thousands of Millions of Balance as at 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 (41,404 ) (75 ) Balance as at June 30, 2022 636,676 1,177 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: Six Months Second Quarter to June 30 2022 2021 2022 2021 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 2,409 366 3,582 758 Weighted average number of common shares outstanding (millions of shares) 663.0 724.1 666.7 729.1 Net income (loss) per common share (dollars) 3.63 0.51 5.37 1.04 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 2,409 366 3,582 758 Weighted average number of common shares outstanding (millions of shares) 663.0 724.1 666.7 729.1 Effect of employee share-based awards (millions of shares) 1.4 1.7 1.4 1.7 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 664.4 725.8 668.1 730.8 Net income (loss) per common share (dollars) 3.63 0.50 5.36 1.04 Dividends per common share - declared (dollars) 0.34 0.27 0.68 0.49 |
Other comprehensive income (los
Other comprehensive income (loss) information | 6 Months Ended |
Jun. 30, 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 42 66 Balance at June 30 (1,111 ) (1,869 ) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Six Months Second Quarter to June 30 millions of Canadian dollars 2022 2021 2022 2021 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (27 ) (44) (55) (88) (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): Six Months Second Quarter to June 30 millions of Canadian dollars 2022 2021 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 6 11 13 22 Total 6 11 21 39 |
Divestment activities
Divestment activities | 6 Months Ended |
Jun. 30, 2022 | |
Divestment activities | 11. Divestment activities Jointly with ExxonMobil Canada, Imperial signed an agreement in the second quarter with Whitecap Resources Inc. for the sale of its interests in XTO Energy Canada which include assets in the Montney and Duvernay areas of central Alberta, for approximately $1.9 billion ($0.9 billion Imperial’s share), subject to working capital and other adjustments. The transaction is expected to close prior to the end of the third quarter of 2022, subject to regulatory approvals. Imperial’s net assets held for sale associated with this transaction include about $0.9 billion of total assets (about $0.8 billion of property, plant and equipment) and about $0.1 billion total liabilities in the Upstream segment. The company estimates that total cash flow from the divestment will be approximately $0.9 billion, and expects to recognize a gain at closing of approximately $0.2 billion. Estimated gain and net cash flow could change due to market factors, working capital adjustments, tax impacts and closing dates. |
Business segments (Tables)
Business segments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Segments | Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) 119 2,616 16,752 5,015 414 376 Intersegment sales 5,827 1,312 2,024 788 149 79 Investment and other income (note 3) 3 6 9 28 - 1 5,949 3,934 18,785 5,831 563 456 Expenses Exploration 1 2 - - - - Purchases of crude oil and products 2,357 2,044 16,261 4,760 401 240 Production and manufacturing 1,423 1,166 418 357 67 46 Selling and general - - 153 142 22 22 Federal excise tax and fuel charge - - 553 465 - - Depreciation and depletion 395 399 45 39 4 5 Non-service - - - - - - Financing (note 5) 1 - - - - - Total expenses 4,177 3,611 17,430 5,763 494 313 Income (loss) before income taxes 1,772 323 1,355 68 69 143 Income tax expense (benefit) 426 76 322 8 16 34 Net income (loss) 1,346 247 1,033 60 53 109 Cash flows from (used in) operating activities 2,087 595 641 136 64 111 Capital and exploration expenditures (c) 233 130 69 120 2 2 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) - - - - 17,285 8,007 Intersegment sales - - (8,000 ) (2,179 ) - - Investment and other income (note 3) 10 5 - - 22 40 10 5 (8,000 ) (2,179 ) 17,307 8,047 Expenses Exploration - - - - 1 2 Purchases of crude oil and products - - (7,998 ) (2,177 ) 11,021 4,867 Production and manufacturing - - - - 1,908 1,569 Selling and general 18 38 (2 ) (2 ) 191 200 Federal excise tax and fuel charge - - - - 553 465 Depreciation and depletion 7 7 - - 451 450 Non-service pension and postretirement benefit 5 10 - - 5 10 Financing (note 5) 10 13 - - 11 13 Total expenses 40 68 (8,000 ) (2,179 ) 14,141 7,576 Income (loss) before income taxes (30 ) (63 ) - - 3,166 471 Income tax expense (benefit) (7 ) (13 ) - - 757 105 Net income (loss) (23 ) (50 ) - - 2,409 366 Cash flows from (used in) operating activities (110 ) 10 - - 2,682 852 Capital and exploration expenditures (c) 10 7 - - 314 259 (a) Included export sales to the United States of $3,871 million (2021 - $1,544 million). (b) Includes approximately 13% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the three months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives . Credit between and those outside it (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. Six Months to June 30 Upstream Downstream Chemical millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) 218 4,758 28,943 9,542 781 699 Intersegment sales 10,258 2,663 3,857 1,561 253 132 Investment and other income (note 3) 7 6 30 33 - 1 10,483 7,427 32,830 11,136 1,034 832 Expenses Exploration 3 4 - - - - Purchases of crude oil and products 4,247 3,878 28,773 8,780 716 449 Production and manufacturing 2,672 2,275 774 683 121 96 Selling and general - - 300 275 45 47 Federal excise tax and fuel charge - - 1,032 869 - - Depreciation and depletion 768 844 86 78 9 9 Non-service pension and postretirement benefit - - - - - - Financing (note 5) 1 1 - - - - Total expenses 7,691 7,002 30,965 10,685 891 601 Income (loss) before income taxes 2,792 425 1,865 451 143 231 Income tax expense (benefit) 664 99 443 99 34 55 Net income (loss) 2,128 326 1,422 352 109 176 Cash flows from (used in) operating activities 3,534 1,126 1,016 598 131 173 Capital and exploration expenditures (c) 455 215 137 188 3 4 Total assets as at June 30 (note 11) 28,961 31,931 11,649 5,352 505 481 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2022 2021 2022 2021 2022 2021 Revenues and other income Revenues (a) (b) - - - - 29,942 14,999 Intersegment sales - - (14,368 ) (4,356 ) - - Investment and other income (note 3) 14 6 - - 51 46 14 6 (14,368 ) (4,356 ) 29,993 15,045 Expenses Exploration - - - - 3 4 Purchases of crude oil and products - - (14,365 ) (4,353 ) 19,371 8,754 Production and manufacturing - - - - 3,567 3,054 Selling and general 74 70 (3 ) (3 ) 416 389 Federal excise tax and fuel charge - - - - 1,032 869 Depreciation and depletion 14 13 - - 877 944 Non-service pension and postretirement benefit 9 21 - - 9 21 Financing (note 5) 17 26 - - 18 27 Total expenses 114 130 (14,368 ) (4,356 ) 25,293 14,062 Income (loss) before income taxes (100 ) (124 ) - - 4,700 983 Income tax expense (benefit) (23 ) (28 ) - - 1,118 225 Net income (loss) (77 ) (96 ) - - 3,582 758 Cash flows from (used in) operating activities (85 ) - - - 4,596 1,897 Capital and exploration expenditures (c) 15 15 - - 610 422 Total assets as at June 30 (note 11) 4,016 1,606 (239 ) (431 ) 44,892 38,939 (a) Included export sales to the United States of $6,375 million (2021 - $3,113 million). (b) Includes approximately 11% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the six months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives . Credit between and those outside it (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. |
Investment and other income (Ta
Investment and other income (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investment and other income | Investment and other income included gains and losses on asset sales as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2022 2021 2022 2021 Proceeds from asset sales 8 35 32 42 Book value of asset sales 4 11 8 15 Gain (loss) on asset sales, before tax 4 24 24 27 Gain (loss) on asset sales, after tax 3 22 19 24 |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of Net Benefit Costs | Second Quarter Six Months to June 30 millions of Canadian dollars 2022 2021 2022 2021 Pension benefits: Service cost 70 81 140 162 Interest cost 74 68 147 136 Expected return on plan assets (103) (107) (206) (214) Amortization of prior service cost 4 4 8 8 Amortization of actuarial loss (gain) 21 36 43 72 Net benefit cost 66 82 132 164 Other postretirement benefits: Service cost 5 7 11 14 Interest cost 6 5 12 11 Amortization of actuarial loss (gain) 3 4 5 8 Net benefit cost 14 16 28 33 |
Financing Costs (Tables)
Financing Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Financing costs | Second Quarter Six Months to June 30 millions of Canadian dollars 2022 2021 2022 2021 Debt-related interest 20 20 32 41 Capitalized interest (10) (7) (15) (15) Net interest expense 10 13 17 26 Other interest 1 - 1 1 Total financing 11 13 18 27 |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Long-Term Debt | As at As at millions of Canadian dollars 2022 2021 Long-term debt 4,447 4,447 Finance leases 597 607 Total long-term debt 5,044 5,054 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Long-Term Obligations | As at As at millions of Canadian dollars 2022 2021 Employee retirement benefits (a) 1,323 1,362 Asset retirement obligations and other environmental liabilities (b) 1,733 1,713 Share-based incentive compensation liabilities 119 79 Operating lease liability (c) 122 147 Other obligations 156 596 Total other long-term obligations 3,453 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 $86 million in current liabilities (2021 - $102 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $11 million (2021 - $5 million). |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 6 Months Ended |
Jun. 30, 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 8,680 7,390 Products (930 ) (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 Second Quarter Six Months millions of Canadian dollars 2022 2021 2022 2021 Revenues (51 ) (9 ) (14 ) (9 ) Purchases of crude oil and products - (19 ) - (33 ) Total (51 ) (28 ) (14 ) (42 ) |
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 June 30, 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) 35 25 - 60 (44 ) (3 ) 13 Liabilities Derivative liabilities (b) 32 47 - 79 (44 ) - 35 (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) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Common Shares | As of As of June 30 Dec 31 thousands of shares 2022 2021 Authorized 1,100,000 1,100,000 Common shares outstanding 636,676 678,080 |
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 (41,404 ) (75 ) Balance as at June 30, 2022 636,676 1,177 |
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: Six Months Second Quarter to June 30 2022 2021 2022 2021 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 2,409 366 3,582 758 Weighted average number of common shares outstanding (millions of shares) 663.0 724.1 666.7 729.1 Net income (loss) per common share (dollars) 3.63 0.51 5.37 1.04 Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 2,409 366 3,582 758 Weighted average number of common shares outstanding (millions of shares) 663.0 724.1 666.7 729.1 Effect of employee share-based awards (millions of shares) 1.4 1.7 1.4 1.7 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 664.4 725.8 668.1 730.8 Net income (loss) per common share (dollars) 3.63 0.50 5.36 1.04 Dividends per common share - declared (dollars) 0.34 0.27 0.68 0.49 |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 6 Months Ended |
Jun. 30, 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 42 66 Balance at June 30 (1,111 ) (1,869 ) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before Tax Income (Expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Six Months Second Quarter to June 30 millions of Canadian dollars 2022 2021 2022 2021 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (27 ) (44) (55) (88) (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): Six Months Second Quarter to June 30 millions of Canadian dollars 2022 2021 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 6 11 13 22 Total 6 11 21 39 |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||||||
Revenues and other income | ||||||||||
Revenues | [3] | $ 17,285 | [1],[2] | $ 8,007 | [1],[2] | $ 29,942 | [4],[5] | $ 14,999 | [4],[5] | |
Intersegment sales | ||||||||||
Investment and other income (note 3) | 22 | 40 | 51 | 46 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 17,307 | 8,047 | 29,993 | 15,045 | ||||||
Expenses | ||||||||||
Exploration | 1 | 2 | 3 | 4 | ||||||
Purchases of crude oil and products | [6] | 11,021 | 4,867 | 19,371 | 8,754 | |||||
Production and manufacturing | [7] | 1,908 | 1,569 | 3,567 | 3,054 | |||||
Selling and general | [7] | 191 | 200 | 416 | 389 | |||||
Federal excise tax and fuel charge | 553 | 465 | 1,032 | 869 | ||||||
Depreciation and depletion | 451 | 450 | 877 | 944 | ||||||
Non-service pension and postretirement benefit | 5 | 10 | 9 | 21 | ||||||
Financing (note 5) | [8] | 11 | 13 | 18 | 27 | |||||
Total expenses | 14,141 | 7,576 | 25,293 | 14,062 | ||||||
Income (loss) before income taxes | 3,166 | 471 | 4,700 | 983 | ||||||
Income tax expense (benefit) | 757 | 105 | 1,118 | 225 | ||||||
Net income (loss) | 2,409 | 366 | 3,582 | 758 | ||||||
Cash flows from (used in) operating activities | 2,682 | 852 | 4,596 | 1,897 | ||||||
Capital and exploration expenditures | [9] | 314 | 259 | 610 | 422 | |||||
Total assets as at June 30 | 44,892 | 38,939 | 44,892 | 38,939 | $ 40,782 | |||||
Consolidation, Eliminations | ||||||||||
Revenues and other income | ||||||||||
Revenues | [1],[2] | [1],[2] | [4],[5] | [4],[5] | ||||||
Intersegment sales | (8,000) | (2,179) | (14,368) | (4,356) | ||||||
Investment and other income (note 3) | 0 | |||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (8,000) | (2,179) | (14,368) | (4,356) | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | (7,998) | (2,177) | (14,365) | (4,353) | ||||||
Production and manufacturing | ||||||||||
Selling and general | (2) | (2) | (3) | (3) | ||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion | ||||||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | ||||||||||
Total expenses | (8,000) | (2,179) | (14,368) | (4,356) | ||||||
Income (loss) before income taxes | ||||||||||
Income tax expense (benefit) | ||||||||||
Net income (loss) | ||||||||||
Cash flows from (used in) operating activities | ||||||||||
Capital and exploration expenditures | [9] | |||||||||
Total assets as at June 30 | (239) | (431) | (239) | (431) | ||||||
Upstream | ||||||||||
Revenues and other income | ||||||||||
Revenues | 119 | [1],[2] | 2,616 | [1],[2] | 218 | [4],[5] | 4,758 | [4],[5] | ||
Intersegment sales | 5,827 | 1,312 | 10,258 | 2,663 | ||||||
Investment and other income (note 3) | 3 | 6 | 7 | 6 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 5,949 | 3,934 | 10,483 | 7,427 | ||||||
Expenses | ||||||||||
Exploration | 1 | 2 | 3 | 4 | ||||||
Purchases of crude oil and products | 2,357 | 2,044 | 4,247 | 3,878 | ||||||
Production and manufacturing | 1,423 | 1,166 | 2,672 | 2,275 | ||||||
Selling and general | ||||||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion | 395 | 399 | 768 | 844 | ||||||
Non-service pension and postretirement benefit | 0 | |||||||||
Financing (note 5) | 1 | 1 | 1 | |||||||
Total expenses | 4,177 | 3,611 | 7,691 | 7,002 | ||||||
Income (loss) before income taxes | 1,772 | 323 | 2,792 | 425 | ||||||
Income tax expense (benefit) | 426 | 76 | 664 | 99 | ||||||
Net income (loss) | 1,346 | 247 | 2,128 | 326 | ||||||
Cash flows from (used in) operating activities | 2,087 | 595 | 3,534 | 1,126 | ||||||
Capital and exploration expenditures | [9] | 233 | 130 | 455 | 215 | |||||
Total assets as at June 30 | 28,961 | 31,931 | 28,961 | 31,931 | ||||||
Downstream | ||||||||||
Revenues and other income | ||||||||||
Revenues | 16,752 | [1],[2] | 5,015 | [1],[2] | 28,943 | [4],[5] | 9,542 | [4],[5] | ||
Intersegment sales | 2,024 | 788 | 3,857 | 1,561 | ||||||
Investment and other income (note 3) | 9 | 28 | 30 | 33 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 18,785 | 5,831 | 32,830 | 11,136 | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | 16,261 | 4,760 | 28,773 | 8,780 | ||||||
Production and manufacturing | 418 | 357 | 774 | 683 | ||||||
Selling and general | 153 | 142 | 300 | 275 | ||||||
Federal excise tax and fuel charge | 553 | 465 | 1,032 | 869 | ||||||
Depreciation and depletion | 45 | 39 | 86 | 78 | ||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | ||||||||||
Total expenses | 17,430 | 5,763 | 30,965 | 10,685 | ||||||
Income (loss) before income taxes | 1,355 | 68 | 1,865 | 451 | ||||||
Income tax expense (benefit) | 322 | 8 | 443 | 99 | ||||||
Net income (loss) | 1,033 | 60 | 1,422 | 352 | ||||||
Cash flows from (used in) operating activities | 641 | 136 | 1,016 | 598 | ||||||
Capital and exploration expenditures | [9] | 69 | 120 | 137 | 188 | |||||
Total assets as at June 30 | 11,649 | 5,352 | 11,649 | 5,352 | ||||||
Chemical | ||||||||||
Revenues and other income | ||||||||||
Revenues | 414 | [1],[2] | 376 | [1],[2] | 781 | [4],[5] | 699 | [4],[5] | ||
Intersegment sales | 149 | 79 | 253 | 132 | ||||||
Investment and other income (note 3) | 1 | 1 | ||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 563 | 456 | 1,034 | 832 | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | 401 | 240 | 716 | 449 | ||||||
Production and manufacturing | 67 | 46 | 121 | 96 | ||||||
Selling and general | 22 | 22 | 45 | 47 | ||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion | 4 | 5 | 9 | 9 | ||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | ||||||||||
Total expenses | 494 | 313 | 891 | 601 | ||||||
Income (loss) before income taxes | 69 | 143 | 143 | 231 | ||||||
Income tax expense (benefit) | 16 | 34 | 34 | 55 | ||||||
Net income (loss) | 53 | 109 | 109 | 176 | ||||||
Cash flows from (used in) operating activities | 64 | 111 | 131 | 173 | ||||||
Capital and exploration expenditures | [9] | 2 | 2 | 3 | 4 | |||||
Total assets as at June 30 | 505 | 481 | 505 | 481 | ||||||
Corporate and Other | ||||||||||
Revenues and other income | ||||||||||
Revenues | [1],[2] | [1],[2] | [4],[5] | [4],[5] | ||||||
Intersegment sales | ||||||||||
Investment and other income (note 3) | 10 | 5 | 14 | 6 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 10 | 5 | 14 | 6 | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | ||||||||||
Production and manufacturing | ||||||||||
Selling and general | 18 | 38 | 74 | 70 | ||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion | 7 | 7 | 14 | 13 | ||||||
Non-service pension and postretirement benefit | 5 | 10 | 9 | 21 | ||||||
Financing (note 5) | 10 | 13 | 17 | 26 | ||||||
Total expenses | 40 | 68 | 114 | 130 | ||||||
Income (loss) before income taxes | (30) | (63) | (100) | (124) | ||||||
Income tax expense (benefit) | (7) | (13) | (23) | (28) | ||||||
Net income (loss) | (23) | (50) | (77) | (96) | ||||||
Cash flows from (used in) operating activities | (110) | 10 | (85) | |||||||
Capital and exploration expenditures | [9] | 10 | 7 | 15 | 15 | |||||
Total assets as at June 30 | $ 4,016 | $ 1,606 | $ 4,016 | $ 1,606 | ||||||
[1]Included export sales to the United States of $3,871 million (2021 - $1,544 million).[2]Includes approximately 13% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the three months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.[3] Amounts from related parties included in revenues.5,175 1,405 9,134 2,913[4]Included export sales to the United States of $6,375 million (2021 - $3,113 million).[5]Includes approximately 11% related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the six months ended June 30, 2022. Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.[6]Amounts to related parties included in purchases of crude oil and products.1,129 666 1,779 1,181[7]Amounts to related parties included in production and manufacturing, and selling and general expenses.116 106 234 222[8]Amounts to related parties included in financing (note 5).13 10 17 21[9]Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. |
Business Segments (Parenthetica
Business Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Revenue from contracts outside the scope of the Prescribed standard percentage | 13% | 11% | ||
United States Exports | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 3,871 | $ 1,544 | $ 6,375 | $ 3,113 |
Gains and Losses on Asset Sales
Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investment And Other Income [Line Items] | ||||
Proceeds from asset sales | $ 8 | $ 35 | $ 32 | $ 42 |
Book value of asset sales | 4 | 11 | 8 | 15 |
Gain (loss) on asset sales, before tax | 4 | 24 | 24 | 27 |
Gain (loss) on asset sales, after tax | $ 3 | $ 22 | $ 19 | $ 24 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Pension benefits | ||||
Service cost | $ 70 | $ 81 | $ 140 | $ 162 |
Interest cost | 74 | 68 | 147 | 136 |
Expected return on plan assets | (103) | (107) | (206) | (214) |
Amortization of prior service cost | 4 | 4 | 8 | 8 |
Amortization of actuarial loss (gain) | 21 | 36 | 43 | 72 |
Net benefit cost | 66 | 82 | 132 | 164 |
Other postretirement benefits | ||||
Service cost | 5 | 7 | 11 | 14 |
Interest cost | 6 | 5 | 12 | 11 |
Amortization of actuarial loss (gain) | 3 | 4 | 5 | 8 |
Net benefit cost | $ 14 | $ 16 | $ 28 | $ 33 |
Financing Costs (Detail)
Financing Costs (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Debt-related interest | $ 20 | $ 20 | $ 32 | $ 41 | |
Capitalized interest | (10) | (7) | (15) | (15) | |
Net interest expense | 10 | 13 | 17 | 26 | |
Other interest | 1 | 0 | 1 | 1 | |
Total financing | [1] | $ 11 | $ 13 | $ 18 | $ 27 |
[1]Amounts to related parties included in financing (note 5).13 10 17 21 |
Financing Costs (Parenthetical)
Financing Costs (Parenthetical) (Detail) - Amendment to Long Term Lines of Credit [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2022 CAD ($) | |
Line of credit maximum borrowing capacity | $ 750 |
Line Of Credit Facility Due June Two Thousand And Twenty Three [Member] | |
Line of credit maximum borrowing capacity | 500 |
Line Of Credit Facility Due June Two Thousand And Twenty Three [Member] | Amended Line of Credit Facility for Two Hundred and Fifty Million Dollars One [Member] | |
Line of credit maximum borrowing capacity | $ 250 |
Line of credit facility expiration date | Jun. 30, 2023 |
Line Of Credit Facility Due June Two Thousand And Twenty Four [Member] | Amended Line Of Credit Facility For Two Hundred And Fifty Million Dollars Two [Member] | |
Line of credit maximum borrowing capacity | $ 250 |
Line of credit facility expiration date | Jun. 30, 2024 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,447 | $ 4,447 | |
Finance leases | 597 | 607 | |
Total long-term debt | [1] | $ 5,044 | $ 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 | Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of Other Liabilities [Line Items] | |||
Employee retirement benefits | [1] | $ 1,323 | $ 1,362 |
Asset retirement obligations and other environmental liabilities | [2] | 1,733 | 1,713 |
Share-based incentive compensation liabilities | 119 | 79 | |
Operating lease liability | [3] | 122 | 147 |
Other obligations | 156 | 596 | |
Total other long-term obligations | $ 3,453 | $ 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 $86 million in current liabilities (2021 - $102 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $11 million (2021 - $5 million). |
Other Long-Term Obligations (Pa
Other Long-Term Obligations (Parenthetical) (Detail) - CAD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 11 | 5 |
Accounts Payable and Accrued Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease liability due within one year, Operating leases | $ 86 | $ 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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Crude barrels [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | 8,680 | 7,390 |
Products barrels [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (930) | (560) |
Summary of Realized and Unreali
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financial Instruments And Derivatives [Line Items] | ||||
Revenues | $ (51) | $ (9) | $ (14) | $ (9) |
Purchases of crude oil and products | 0 | (19) | 0 | (33) |
Total | $ (51) | $ (28) | $ (14) | $ (42) |
Financial and derivative inst_4
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Asset [Abstract] | |||
Derivative assets | [1] | $ 60 | $ 41 |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | 79 | 43 |
Effect of counterparty netting [Member] | |||
Derivative Asset [Abstract] | |||
Derivative assets | [1] | (44) | (31) |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | (44) | (31) |
Derivative fair value of derivative amount effect of collateral netting [Member] | |||
Derivative Asset [Abstract] | |||
Derivative assets | [1] | (3) | 0 |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | 0 | (7) |
Net Carrying Value [Member] | |||
Derivative Asset [Abstract] | |||
Derivative assets | [1] | 13 | 10 |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | 35 | 5 |
Fair Value, Inputs, Level 1 [Member] | |||
Derivative Asset [Abstract] | |||
Derivative assets | [1] | 35 | 24 |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | 32 | 31 |
Fair Value, Inputs, Level 2 [Member] | |||
Derivative Asset [Abstract] | |||
Derivative assets | [1] | 25 | 17 |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | 47 | 12 |
Fair Value, Inputs, Level 3 [Member] | |||
Derivative Asset [Abstract] | |||
Derivative assets | [1] | 0 | 0 |
Derivative Liability [Abstract] | |||
Derivative liabilities | [2] | $ 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: “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 | Jun. 30, 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 | $ 16 | $ 6 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 29, 2022 | Jun. 15, 2022 | May 06, 2022 | Jun. 29, 2021 | Jun. 15, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | May 02, 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% | |||||||||
Payments for Repurchase of Common Stock | $ 2,500 | $ 1,171 | $ 2,949 | $ 1,171 | ||||||
Stock Repurchased During Period, Value | $ 2,500 | |||||||||
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Two [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Normal course issuer bid share repurchase shares authorized | 31,833,809 | |||||||||
Normal course issuer bid share repurchase term, months | 12 months | |||||||||
Stock Repurchased During Period, Shares | 32,467,532 | |||||||||
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Two [Member] | Exonn Mobile Corporation [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | 69.60% | ||||||||
Percent of total shares | 5% | |||||||||
Stock Repurchased During Period, Shares | 22,597,379 | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 77 | |||||||||
Payments for Repurchase of Common Stock | $ 2,500 | |||||||||
Percentage Of Outstanding Stock Repurchased | 4.90% |
Summary of Common Shares (Detai
Summary of Common Shares (Detail) - shares | Jun. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 636,676,000 | 678,080,000 |
Common Share Activities (Detail
Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Class of Stock [Line Items] | ||||||
Common stock beginning balance, shares | 678,080 | |||||
Common stock, ending balance, shares | 636,676 | 636,676 | 678,080 | |||
Common stock beginning balance, value | [1] | $ 1,252 | ||||
Common stock, ending balance, value | [1] | $ 1,177 | $ 1,177 | $ 1,252 | ||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock beginning balance, shares | 678,080 | 734,077 | 734,077 | |||
Issued under employee share-based awards, shares | 0 | 7 | ||||
Purchases at stated value, shares | (41,404) | (56,004) | ||||
Common stock, ending balance, shares | 636,676 | 636,676 | 678,080 | |||
Common stock beginning balance, value | $ 1,252 | $ 1,357 | $ 1,357 | |||
Issued under employee share-based awards, value | 0 | 0 | ||||
Purchases at stated value, value | $ (60) | $ (55) | (75) | $ (55) | (105) | |
Common stock, ending balance, value | $ 1,177 | $ 1,177 | $ 1,252 | |||
[1]Number of common shares authorized and outstanding were 1,100 million and 637 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Net income (loss) per common share - basic | ||||
Net income (loss) (millions of Canadian dollars) | $ 2,409 | $ 366 | $ 3,582 | $ 758 |
Weighted average number of common shares outstanding (millions of shares) | 663 | 724.1 | 666.7 | 729.1 |
Net income (loss) per common share (dollars) | $ 3.63 | $ 0.51 | $ 5.37 | $ 1.04 |
Net income (loss) per common share - diluted | ||||
Net income (loss) (millions of Canadian dollars) | $ 2,409 | $ 366 | $ 3,582 | $ 758 |
Weighted average number of common shares outstanding (millions of shares) | 663 | 724.1 | 666.7 | 729.1 |
Effect of employee share-based awards (millions of shares) | 1.4 | 1.7 | 1.4 | 1.7 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 664.4 | 725.8 | 668.1 | 730.8 |
Net income (loss) per common share (dollars) | $ 3.63 | $ 0.5 | $ 5.36 | $ 1.04 |
Dividends per common share - declared (dollars) | $ 0.34 | $ 0.27 | $ 0.68 | $ 0.49 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 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 | $ 0 | $ 0 | 24 | 54 |
Amounts reclassified from accumulated other comprehensive income | 21 | 33 | 42 | 66 |
Balance at June 30 | $ (1,111) | $ (1,869) | $ (1,111) | $ (1,869) |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 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 | [1] | $ (27) | $ (44) | $ (55) | $ (88) |
[1]This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). |
Income Tax Expense (Credit) for
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement benefits liability adjustment (excluding amortization) | $ 0 | $ 0 | $ 8 | $ 17 |
Amortization of postretirement benefits liability adjustment included in net benefit cost | 6 | 11 | 13 | 22 |
Total | $ 6 | $ 11 | $ 21 | $ 39 |
Divestment activities - Additio
Divestment activities - Additional information (Detail) - XTO Energy Canada [Member] $ in Billions, $ in Billions | 3 Months Ended | ||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | |
Exxon Mobil Canada [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Assets | $ 0.9 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 0.8 | ||
Disposal Group, Including Discontinued Operation, Liabilities | $ 0.1 | ||
White Cap Inc [Member] | Companies Share [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal group including discontinued operation consideration receivable | $ 0.9 | ||
White Cap Inc [Member] | Exxon Mobil Canada [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal group including discontinued operation consideration receivable | $ 1.9 | ||
Scenario Forecast [Member] | White Cap Inc [Member] | Companies Share [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the disposal business | $ 0.9 | ||
Disposal group including discontinued operation gain loss on disposal of business | $ 0.2 |