XML 54 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Lease Liabilities
6 Months Ended
Jun. 30, 2019
Lease Liabilities [Abstract]  
Lease Liabilities

14. LEASE LIABILITIES

 

 

Total

 

As at January 1, 2019 (Note 3)

 

1,494

 

Additions

 

133

 

Interest Expense (Note 4)

 

39

 

Lease Payments

 

(108

)

Foreign Currency Translation and Other

 

(12

)

As at June 30, 2019

 

1,546

 

Less: Current Portion

 

149

 

Long-Term Portion

 

1,397

 

 

The Company has lease liabilities for contracts related to office space, railcars, barges, storage tanks, caverns, drilling rigs, and other refining and field equipment. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Discount rates during the six months ended June 30, 2019 were between 3.2 percent and 5.7 percent, depending on the duration of the lease term.

 

For the periods ended June 30, 2019

Three Months Ended

 

 

Six

Months Ended

 

Variable Lease Payments

 

5

 

 

 

10

 

Short-Term Lease Payments

 

4

 

 

 

7

 

 

The Company has variable lease payments related to property taxes for real estate contracts. Short-term leases are leases with terms of twelve months or less.

The Company has included extension options in the calculation of finance lease liabilities where the Company has the right to extend a lease term at its discretion and is reasonably certain to exercise the extension option. The Company does not have any significant termination options and the residual amounts are not material.

Undiscounted cash outflows relating to the lease liabilities are:

As at June 30, 2019

Total

 

Less than 1 Year

 

223

 

Years 2 and 3

 

375

 

Years 4 and 5

 

291

 

Thereafter

 

1,429

 

Total (1)

 

2,318

 

 

(1)Includes principal and interest.