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Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income/(loss) $ (259,720) $ 378,279 $ 236,998
Non-cash items add/(deduct):      
Depletion, depreciation and accretion 356,830 304,274 250,774
Goodwill impairment 451,121    
Changes in fair value of derivative instruments 81,733 (124,266) (6,184)
Deferred income tax expense/(recovery) 81,275 130,304 129,945
Foreign exchange (gain)/loss on debt and working capital (34,085) 58,628 (42,623)
Share-based compensation and general and administrative 23,044 25,917 22,576
Translation of U.S. dollar cash held in Canada (gain)/loss 8,794 (19,630) 10,978
Gain on the divestment of assets     (78,400)
Asset retirement obligation expenditures (16,715) (11,263) (12,907)
Changes in non-cash operating working capital 1,963 (3,459) (35,032)
Cash flow from operating activities 694,240 738,784 476,125
Financing Activities      
Proceeds from the issuance of shares (net of issue costs)   9,138  
Dividends (27,866) (29,282) (29,017)
Bank credit facility     (23,272)
Senior notes (59,429) (29,044) (29,084)
Purchase of common shares under Normal Course Issuer Bid (178,793) (79,027)  
Share-based compensation - cash settled (tax withholding) (4,952)    
Cash flow from/(used in) financing activities (271,040) (128,215) (81,373)
Investing Activities      
Capital and office expenditures (24,362) (18,009) (13,276)
Property and land acquisitions (606,966) (604,110) (459,152)
Property divestments 9,539 (919) 56,196
Cash flow from/(used in) investing activities (621,789) (623,038) (416,232)
Effect of exchange rate changes on cash and cash equivalents (13,089) 29,248 (25,277)
Change in cash and cash equivalents (211,678) 16,779 (46,757)
Cash and cash equivalents, beginning of year 363,327 346,548 393,305
Cash and cash equivalents, end of year $ 151,649 $ 363,327 $ 346,548