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Consolidated Statements of Cash Flows - CAD
CAD in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating Activities      
Net income/(loss) CAD (1,523,403) CAD 299,076 CAD 47,976
Non-cash items add/(deduct):      
Depletion, depreciation, and accretion 507,257 566,674 593,203
Asset impairment 1,352,428    
Changes in fair value of derivative instruments 169,336 (242,038) 35,088
Deferred income tax expense/(recovery) (150,588) 132,830 30,753
Foreign exchange on debt and working capital (gain)/loss 160,791 68,202 19,747
Share-based compensation 19,587 13,486 9,213
Amortization of debt issue costs 922 968 793
Asset disposition (gain)/loss   2,798 (367)
Derivative settlement on senior notes (43,229) 17,024 17,827
Asset retirement obligation expenditures (14,935) (19,409) (16,606)
Changes in non-cash operating working capital (12,830) (52,414) 28,851
Cash flow from operating activities 465,336 787,197 766,478
Financing Activities      
Proceeds from the issuance of shares 3,205 31,350 14,838
Cash dividends (131,955) (199,263) (170,653)
Change in bank credit facility 6,626 (136,918) (45,556)
Proceeds/(repayment) of senior notes (103,198) 167,497 (46,814)
Derivative settlement on senior notes 43,229 (17,024) (17,827)
Changes in non-cash financing working capital (12,320) 263 368
Cash flow from financing activities (194,413) (154,095) (265,644)
Investing Activities      
Capital and office expenditures (497,875) (817,968) (687,905)
Property and land acquisitions (9,552) (18,491) (244,837)
Property divestments 286,614 203,576 365,135
Sale of marketable securities   13,300 2,482
Changes in non-cash investing working capital (47,586) (17,449) 60,604
Cash flow from investing activities (268,399) (637,032) (504,521)
Effect of exchange rate changes on cash 2,938 2,976 1,477
Change in cash 5,462 (954) (2,210)
Cash, beginning of year 2,036 2,990 5,200
Cash, end of year CAD 7,498 CAD 2,036 CAD 2,990