FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of: February, 2022 | Commission File Number: 1-12384 |
SUNCOR ENERGY INC.
(Name of registrant)
150 – 6th Avenue S.W.
P.O. Box 2844
Calgary, Alberta
Canada, T2P 3E3
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F | ¨ | Form 40-F | x |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SUNCOR ENERGY INC. | |||
Date: | By: | ||
February 2, 2022 | “Shawn Poirier” | ||
Shawn Poirier Assistant Corporate Secretary |
EXHIBIT INDEX
Exhibit | Description of Exhibit | |
99.1 | Report to Shareholders for the fourth quarter ended December 31, 2021 |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Net earnings (loss) | | | |
|
1 553
|
| | | | | (168) | | | | |
|
4 119
|
| | | | | (4 319) | | |
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
(21)
|
| | | | | (539) | | | | |
|
(101)
|
| | | | | (286) | | |
|
Unrealized (gain) loss on risk management activities(2)
|
| | |
|
(11)
|
| | | | | 33 | | | | |
|
(4)
|
| | | | | 29 | | |
|
Restructuring charge(3)
|
| | |
|
—
|
| | | | | — | | | | |
|
126
|
| | | | | — | | |
|
Asset impairment (reversal)(4)
|
| | |
|
—
|
| | | | | 423 | | | | |
|
(168)
|
| | | | | 2 221 | | |
|
Loss on early repayment of long-term debt(5)
|
| | |
|
—
|
| | | | | — | | | | |
|
60
|
| | | | | — | | |
|
Gain on significant disposal(6)
|
| | |
|
(227)
|
| | | | | — | | | | |
|
(227)
|
| | | | | — | | |
|
Provision for pipeline project(7)
|
| | |
|
—
|
| | | | | 142 | | | | |
|
—
|
| | | | | 142 | | |
| Adjusted operating earnings (loss)(1)(2) | | | |
|
1 294
|
| | | | | (109) | | | | |
|
3 805
|
| | | | | (2 213) | | |
| | | | | 9 | | | |
| | | | | 10 | | | |
| | | | | 12 | | | |
| | | | | 18 | | | |
| | | | | 28 | | | |
| | | | | 30 | | | |
| | | | | 33 | | | |
| | | | | 35 | | | |
| | | | | 36 | | | |
| | | | | 44 | | | |
| | | | | 45 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Net earnings (loss) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands
|
| | |
|
896
|
| | | | | (293) | | | | |
|
2 147
|
| | | | | (3 796) | | |
|
Exploration and Production
|
| | |
|
465
|
| | | | | (379) | | | | |
|
1 285
|
| | | | | (832) | | |
|
Refining and Marketing
|
| | |
|
450
|
| | | | | 268 | | | | |
|
2 178
|
| | | | | 866 | | |
|
Corporate and Eliminations
|
| | |
|
(258)
|
| | | | | 236 | | | | |
|
(1 491)
|
| | | | | (557) | | |
| Total | | | |
|
1 553
|
| | | | | (168) | | | | |
|
4 119
|
| | | | | (4 319) | | |
| Adjusted operating earnings (loss)(1)(2) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands
|
| | |
|
898
|
| | | | | (130) | | | | |
|
2 151
|
| | | | | (2 265) | | |
|
Exploration and Production
|
| | |
|
238
|
| | | | | 44 | | | | |
|
890
|
| | | | | 13 | | |
|
Refining and Marketing
|
| | |
|
437
|
| | | | | 280 | | | | |
|
2 170
|
| | | | | 882 | | |
|
Corporate and Eliminations
|
| | |
|
(279)
|
| | | | | (303) | | | | |
|
(1 406)
|
| | | | | (843) | | |
| Total | | | |
|
1 294
|
| | | | | (109) | | | | |
|
3 805
|
| | | | | (2 213) | | |
| Adjusted funds from (used in) operations(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands
|
| | |
|
2 175
|
| | | | | 729 | | | | |
|
6 846
|
| | | | | 1 986 | | |
|
Exploration and Production
|
| | |
|
425
|
| | | | | 312 | | | | |
|
1 478
|
| | | | | 1 054 | | |
|
Refining and Marketing
|
| | |
|
765
|
| | | | | 415 | | | | |
|
3 255
|
| | | | | 1 708 | | |
|
Corporate and Eliminations
|
| | |
|
(221)
|
| | | | | (235) | | | | |
|
(1 322)
|
| | | | | (872) | | |
| Total | | | |
|
3 144
|
| | | | | 1 221 | | | | |
|
10 257
|
| | | | | 3 876 | | |
|
Change in non-cash working capital
|
| | |
|
(529)
|
| | | | | (407) | | | | |
|
1 507
|
| | | | | (1 201) | | |
| Cash flow provided by operating activities | | | |
|
2 615
|
| | | | | 814 | | | | |
|
11 764
|
| | | | | 2 675 | | |
| Capital and exploration expenditures(3) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Asset sustainment and maintenance
|
| | |
|
748
|
| | | | | 586 | | | | |
|
3 057
|
| | | | | 2 388 | | |
|
Economic investment
|
| | |
|
398
|
| | | | | 355 | | | | |
|
1 354
|
| | | | | 1 418 | | |
| Total | | | |
|
1 146
|
| | | | | 941 | | | | |
|
4 411
|
| | | | | 3 806 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Discretionary free funds flow (deficit)(1) | | | |
|
1 776
|
| | | | | 310 | | | | |
|
5 590
|
| | | | | (228) | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Production volumes by segment | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands – SCO (mbbls/d)
|
| | |
|
515.0
|
| | | | | 514.3 | | | | |
|
468.6
|
| | | | | 466.2 | | |
|
Oil Sands – Non-upgraded bitumen (mbbls/d)
|
| | |
|
150.9
|
| | | | | 157.2 | | | | |
|
175.6
|
| | | | | 127.2 | | |
|
Exploration and Production (mboe/d)
|
| | |
|
77.4
|
| | | | | 97.7 | | | | |
|
87.5
|
| | | | | 101.7 | | |
| Total (mboe/d) | | | |
|
743.3
|
| | | | | 769.2 | | | | |
|
731.7
|
| | | | | 695.1 | | |
| Refinery utilization (%) | | | |
|
96
|
| | | | | 95 | | | | |
|
89
|
| | | | | 88 | | |
| Refinery crude oil processed (mbbls/d) | | | |
|
447.0
|
| | | | | 438.0 | | | | |
|
415.5
|
| | | | | 407.0 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Net earnings (loss) | | | |
|
1 553
|
| | | | | (168) | | | | |
|
4 119
|
| | | | | (4 319) | | |
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
(21)
|
| | | | | (539) | | | | |
|
(101)
|
| | | | | (286) | | |
|
Unrealized (gain) loss on risk management activities(2)
|
| | |
|
(11)
|
| | | | | 33 | | | | |
|
(4)
|
| | | | | 29 | | |
|
Restructuring charge(3)
|
| | |
|
—
|
| | | | | — | | | | |
|
126
|
| | | | | — | | |
|
Asset impairment (reversal)(4)
|
| | |
|
—
|
| | | | | 423 | | | | |
|
(168)
|
| | | | | 2 221 | | |
|
Loss on early repayment of long-term debt(5)
|
| | |
|
—
|
| | | | | — | | | | |
|
60
|
| | | | | — | | |
|
Gain on significant disposal(6)
|
| | |
|
(227)
|
| | | | | — | | | | |
|
(227)
|
| | | | | — | | |
|
Provision for pipeline project(7)
|
| | |
|
—
|
| | | | | 142 | | | | |
|
—
|
| | | | | 142 | | |
| Adjusted operating earnings (loss)(1)(2) | | | |
|
1 294
|
| | | | | (109) | | | | |
|
3 805
|
| | | | | (2 213) | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Oil Sands | | | |
|
28
|
| | | | | 19 | | | | |
|
72
|
| | | | | 6 | | |
| Exploration and Production | | | |
|
2
|
| | | | | 2 | | | | |
|
7
|
| | | | | — | | |
| Refining and Marketing | | | |
|
16
|
| | | | | 11 | | | | |
|
42
|
| | | | | 3 | | |
| Corporate and Eliminations | | | |
|
50
|
| | | | | 42 | | | | |
|
128
|
| | | | | 2 | | |
| Total share-based compensation expense | | | |
|
96
|
| | | | | 74 | | | | |
|
249
|
| | | | | 11 | | |
| | | | | | |
Average for the
three months ended December 31 |
| |
Average for the
twelve months ended December 31 |
| ||||||||||||||||||
| | | | | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| WTI crude oil at Cushing | | |
US$/bbl
|
| | |
|
77.15
|
| | | | | 42.65 | | | | |
|
67.95
|
| | | | | 39.40 | | |
| Dated Brent crude | | |
US$/bbl
|
| | |
|
79.70
|
| | | | | 44.20 | | | | |
|
70.75
|
| | | | | 41.65 | | |
|
Dated Brent/Maya crude oil FOB price differential
|
| |
US$/bbl
|
| | |
|
8.60
|
| | | | | 3.30 | | | | |
|
6.85
|
| | | | | 6.35 | | |
| MSW at Edmonton | | |
Cdn$/bbl
|
| | |
|
93.25
|
| | | | | 50.25 | | | | |
|
80.30
|
| | | | | 45.60 | | |
| WCS at Hardisty | | |
US$/bbl
|
| | |
|
62.50
|
| | | | | 33.35 | | | | |
|
54.90
|
| | | | | 26.85 | | |
|
Light/heavy differential for WTI at Cushing less WCS at Hardisty
|
| |
US$/bbl
|
| | |
|
(14.65)
|
| | | | | (9.30) | | | | |
|
(13.05)
|
| | | | | (12.55) | | |
| SYN-WTI differential | | |
US$/bbl
|
| | |
|
(1.80)
|
| | | | | (3.05) | | | | |
|
(1.65)
|
| | | | | (3.15) | | |
| Condensate at Edmonton | | |
US$/bbl
|
| | |
|
79.10
|
| | | | | 42.55 | | | | |
|
68.25
|
| | | | | 37.15 | | |
| Natural gas (Alberta spot) at AECO | | |
Cdn$/mcf
|
| | |
|
4.70
|
| | | | | 2.65 | | | | |
|
3.65
|
| | | | | 2.25 | | |
| Alberta Power Pool Price | | |
Cdn$/MWh
|
| | |
|
107.30
|
| | | | | 46.15 | | | | |
|
101.95
|
| | | | | 46.70 | | |
| New York Harbor 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
20.65
|
| | | | | 9.85 | | | | |
|
19.40
|
| | | | | 11.75 | | |
| Chicago 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
16.90
|
| | | | | 7.95 | | | | |
|
17.75
|
| | | | | 8.05 | | |
| Portland 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
25.35
|
| | | | | 13.15 | | | | |
|
23.15
|
| | | | | 14.05 | | |
| Gulf Coast 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
19.65
|
| | | | | 9.00 | | | | |
|
18.00
|
| | | | | 9.90 | | |
| Exchange rate | | |
US$/Cdn$
|
| | |
|
0.79
|
| | | | | 0.77 | | | | |
|
0.80
|
| | | | | 0.75 | | |
| Exchange rate (end of period) | | |
US$/Cdn$
|
| | |
|
0.79
|
| | | | | 0.78 | | | | |
|
0.79
|
| | | | | 0.78 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Gross revenues | | | |
|
5 956
|
| | | | | 3 081 | | | | |
|
19 920
|
| | | | | 10 617 | | |
| Less: Royalties | | | |
|
(641)
|
| | | | | (18) | | | | |
|
(1 523)
|
| | | | | (95) | | |
| Operating revenues, net of royalties | | | |
|
5 315
|
| | | | | 3 063 | | | | |
|
18 397
|
| | | | | 10 522 | | |
| Net earnings (loss) | | | |
|
896
|
| | | | | (293) | | | | |
|
2 147
|
| | | | | (3 796) | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unrealized loss on risk management activities(1)
|
| | |
|
2
|
| | | | | 21 | | | | |
|
4
|
| | | | | 13 | | |
|
Impairment(2)
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 1 376 | | |
|
Provision for pipeline project(3)
|
| | |
|
—
|
| | | | | 142 | | | | |
|
—
|
| | | | | 142 | | |
| Adjusted operating earnings (loss)(4) | | | |
|
898
|
| | | | | (130) | | | | |
|
2 151
|
| | | | | (2 265) | | |
| Adjusted funds from operations(4) | | | |
|
2 175
|
| | | | | 729 | | | | |
|
6 846
|
| | | | | 1 986 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
(mbbls/d)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
|
SCO and diesel production(2)
|
| | |
|
532.4
|
| | | | | 526.5 | | | | |
|
483.5
|
| | | | | 477.5 | | |
|
Internally consumed diesel and internal transfers(3)(4)
|
| | |
|
(17.4)
|
| | | | | (12.2) | | | | |
|
(14.9)
|
| | | | | (11.3) | | |
| Upgraded production | | | |
|
515.0
|
| | | | | 514.3 | | | | |
|
468.6
|
| | | | | 466.2 | | |
|
Bitumen production
|
| | |
|
157.3
|
| | | | | 157.2 | | | | |
|
178.8
|
| | | | | 127.2 | | |
|
Internal bitumen transfers(4)
|
| | |
|
(6.4)
|
| | | | | — | | | | |
|
(3.2)
|
| | | | | — | | |
| Non-upgraded bitumen production | | | |
|
150.9
|
| | | | | 157.2 | | | | |
|
175.6
|
| | | | | 127.2 | | |
| Total Oil Sands production | | | |
|
665.9
|
| | | | | 671.5 | | | | |
|
644.2
|
| | | | | 593.4 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
(mbbls/d)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| SCO and diesel | | | |
|
496.1
|
| | | | | 495.6 | | | | |
|
465.7
|
| | | | | 467.9 | | |
| Non-upgraded bitumen | | | |
|
176.7
|
| | | | | 139.6 | | | | |
|
183.8
|
| | | | | 125.6 | | |
| Total | | | |
|
672.8
|
| | | | | 635.2 | | | | |
|
649.5
|
| | | | | 593.5 | | |
|
Net of transportation costs, but before royalties
|
| |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($/bbl)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| SCO and diesel | | | |
|
89.38
|
| | | | | 47.59 | | | | |
|
77.73
|
| | | | | 43.83 | | |
| Non-upgraded bitumen | | | |
|
62.05
|
| | | | | 28.90 | | | | |
|
53.80
|
| | | | | 22.37 | | |
| Crude sales basket (all products) | | | |
|
82.20
|
| | | | | 43.48 | | | | |
|
70.96
|
| | | | | 39.29 | | |
| Crude sales basket, relative to WTI | | | |
|
(15.00)
|
| | | | | (12.09) | | | | |
|
(14.20)
|
| | | | | (13.51) | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions, except as noted)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Oil Sands operating, selling and general expense (OS&G) | | | |
|
2 134
|
| | | | | 1 739 | | | | |
|
8 056
|
| | | | | 7 169 | | |
| Oil Sands operations cash operating costs(1) reconciliation | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands operations OS&G
|
| | |
|
1 232
|
| | | | | 1 014 | | | | |
|
4 710
|
| | | | | 4 292 | | |
|
Non-production costs(2)
|
| | |
|
(41)
|
| | | | | (17) | | | | |
|
(199)
|
| | | | | (107) | | |
|
Excess power capacity and other(3)
|
| | |
|
(101)
|
| | | | | (55) | | | | |
|
(375)
|
| | | | | (248) | | |
|
Inventory changes
|
| | |
|
55
|
| | | | | 72 | | | | |
|
21
|
| | | | | (3) | | |
|
Oil Sands operations cash operating costs(1)
|
| | |
|
1 145
|
| | | | | 1 014 | | | | |
|
4 157
|
| | | | | 3 934 | | |
|
Oil Sands operations production volumes (mbbls/d)
|
| | |
|
442.6
|
| | | | | 413.9 | | | | |
|
439.2
|
| | | | | 380.9 | | |
|
Oil Sands operations cash operating costs(1) ($/bbl)
|
| | |
|
28.10
|
| | | | | 26.50 | | | | |
|
25.90
|
| | | | | 28.20 | | |
| Fort Hills cash operating costs(1) reconciliation | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Fort Hills OS&G
|
| | |
|
273
|
| | | | | 163 | | | | |
|
897
|
| | | | | 761 | | |
|
Non-production costs(2)
|
| | |
|
(35)
|
| | | | | (7) | | | | |
|
(118)
|
| | | | | (52) | | |
|
Inventory changes
|
| | |
|
(5)
|
| | | | | 26 | | | | |
|
(15)
|
| | | | | (11) | | |
|
Fort Hills cash operating costs(1)
|
| | |
|
233
|
| | | | | 182 | | | | |
|
764
|
| | | | | 698 | | |
|
Fort Hills production volumes (mbbls/d)
|
| | |
|
55.5
|
| | | | | 62.4 | | | | |
|
50.7
|
| | | | | 58.1 | | |
|
Fort Hills cash operating costs(1) ($/bbl)
|
| | |
|
45.55
|
| | | | | 31.55 | | | | |
|
41.35
|
| | | | | 32.80 | | |
| Syncrude cash operating costs(1) reconciliation | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Syncrude OS&G
|
| | |
|
629
|
| | | | | 562 | | | | |
|
2 449
|
| | | | | 2 116 | | |
|
Non-production costs(2)
|
| | |
|
(38)
|
| | | | | (19) | | | | |
|
(234)
|
| | | | | (66) | | |
|
Syncrude cash operating costs(1)
|
| | |
|
591
|
| | | | | 543 | | | | |
|
2 215
|
| | | | | 2 050 | | |
|
Syncrude production volumes (mbbls/d)
|
| | |
|
191.6
|
| | | | | 207.4 | | | | |
|
172.4
|
| | | | | 165.7 | | |
|
Syncrude cash operating costs(1) ($/bbl)
|
| | |
|
33.50
|
| | | | | 28.45 | | | | |
|
35.20
|
| | | | | 33.80 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Gross revenues(1) | | | |
|
684
|
| | | | | 507 | | | | |
|
2 736
|
| | | | | 1 851 | | |
| Less: Royalties(1) | | | |
|
(53)
|
| | | | | (37) | | | | |
|
(236)
|
| | | | | (95) | | |
| Operating revenues, net of royalties | | | |
|
631
|
| | | | | 470 | | | | |
|
2 500
|
| | | | | 1 756 | | |
| Net earnings (loss) | | | |
|
465
|
| | | | | (379) | | | | |
|
1 285
|
| | | | | (832) | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Asset impairment (reversal)(2)
|
| | |
|
—
|
| | | | | 423 | | | | |
|
(168)
|
| | | | | 845 | | |
|
Gain on significant disposal(3)
|
| | |
|
(227)
|
| | | | | — | | | | |
|
(227)
|
| | | | | — | | |
| Adjusted operating earnings(4) | | | |
|
238
|
| | | | | 44 | | | | |
|
890
|
| | | | | 13 | | |
| Adjusted funds from operations(4) | | | |
|
425
|
| | | | | 312 | | | | |
|
1 478
|
| | | | | 1 054 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| E&P Canada (mbbls/d) | | | |
|
47.6
|
| | | | | 56.8 | | | | |
|
54.4
|
| | | | | 59.7 | | |
| E&P International (mboe/d) | | | |
|
29.8
|
| | | | | 40.9 | | | | |
|
33.1
|
| | | | | 42.0 | | |
| Total production (mboe/d) | | | |
|
77.4
|
| | | | | 97.7 | | | | |
|
87.5
|
| | | | | 101.7 | | |
| Total sales volumes (mboe/d) | | | |
|
67.2
|
| | | | | 98.8 | | | | |
|
82.8
|
| | | | | 102.6 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
Net of transportation costs, but before royalties
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| E&P Canada – Crude oil and natural gas liquids ($/bbl) | | | |
|
98.42
|
| | | | | 54.25 | | | | |
|
84.70
|
| | | | | 49.69 | | |
| E&P International(2) ($/boe) | | | |
|
100.14
|
| | | | | 52.83 | | | | |
|
82.16
|
| | | | | 50.28 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Operating revenues | | | |
|
6 623
|
| | | | | 3 876 | | | | |
|
22 915
|
| | | | | 15 272 | | |
| Net earnings | | | |
|
450
|
| | | | | 268 | | | | |
|
2 178
|
| | | | | 866 | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unrealized (gain) loss on risk management activities(1)
|
| | |
|
(13)
|
| | | | | 12 | | | | |
|
(8)
|
| | | | | 16 | | |
| Adjusted operating earnings(2) | | | |
|
437
|
| | | | | 280 | | | | |
|
2 170
|
| | | | | 882 | | |
| Adjusted funds from operations(2) | | | |
|
765
|
| | | | | 415 | | | | |
|
3 255
|
| | | | | 1 708 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
| | | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Crude oil processed (mbbls/d) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eastern North America
|
| | |
|
214.3
|
| | | | | 212.6 | | | | |
|
202.8
|
| | | | | 201.0 | | |
|
Western North America
|
| | |
|
232.7
|
| | | | | 225.4 | | | | |
|
212.7
|
| | | | | 206.0 | | |
| Total | | | |
|
447.0
|
| | | | | 438.0 | | | | |
|
415.5
|
| | | | | 407.0 | | |
| Refinery utilization(1)(2) (%) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Eastern North America
|
| | |
|
97
|
| | | | | 96 | | | | |
|
91
|
| | | | | 91 | | |
|
Western North America
|
| | |
|
95
|
| | | | | 94 | | | | |
|
87
|
| | | | | 86 | | |
| Total | | | |
|
96
|
| | | | | 95 | | | | |
|
89
|
| | | | | 88 | | |
| Refined product sales (mbbls/d) | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Gasoline
|
| | |
|
232.7
|
| | | | | 212.9 | | | | |
|
225.8
|
| | | | | 214.1 | | |
|
Distillate
|
| | |
|
237.9
|
| | | | | 222.9 | | | | |
|
228.5
|
| | | | | 215.7 | | |
|
Other
|
| | |
|
79.5
|
| | | | | 73.0 | | | | |
|
74.1
|
| | | | | 73.6 | | |
| Total | | | |
|
550.1
|
| | | | | 508.8 | | | | |
|
528.4
|
| | | | | 503.4 | | |
|
Refining and marketing gross margin – FIFO(3) ($/bbl)
|
| | |
|
33.60
|
| | | | | 25.75 | | | | |
|
36.85
|
| | | | | 25.30 | | |
|
Refining and marketing gross margin – LIFO(3) ($/bbl)
|
| | |
|
30.00
|
| | | | | 25.05 | | | | |
|
30.90
|
| | | | | 28.65 | | |
|
Refining operating expense(3) ($/bbl)
|
| | |
|
6.10
|
| | | | | 5.20 | | | | |
|
5.95
|
| | | | | 5.50 | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Net (loss) earnings | | | |
|
(258)
|
| | | | | 236 | | | | |
|
(1 491)
|
| | | | | (557) | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
(21)
|
| | | | | (539) | | | | |
|
(101)
|
| | | | | (286) | | |
|
Restructuring charge(1)
|
| | |
|
—
|
| | | | | — | | | | |
|
126
|
| | | | | — | | |
|
Loss on early repayment of long-term debt(2)
|
| | |
|
—
|
| | | | | — | | | | |
|
60
|
| | | | | — | | |
| Adjusted operating loss(3) | | | |
|
(279)
|
| | | | | (303) | | | | |
|
(1 406)
|
| | | | | (843) | | |
|
Corporate
|
| | |
|
(304)
|
| | | |
|
(282)
|
| | | |
|
(1 262)
|
| | | |
|
(936)
|
| |
|
Eliminations
|
| | |
|
25
|
| | | |
|
(21)
|
| | | |
|
(144)
|
| | | |
|
93
|
| |
| Adjusted funds used in operations(3) | | | |
|
(221)
|
| | | | | (235) | | | | |
|
(1 322)
|
| | | | | (872) | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Oil Sands | | | |
|
860
|
| | | | | 628 | | | | |
|
3 168
|
| | | | | 2 736 | | |
| Exploration and Production | | | |
|
73
|
| | | | | 80 | | | | |
|
270
|
| | | | | 489 | | |
| Refining and Marketing | | | |
|
188
|
| | | | | 181 | | | | |
|
825
|
| | | | | 515 | | |
| Corporate and Eliminations | | | |
|
63
|
| | | | | 78 | | | | |
|
292
|
| | | | | 186 | | |
| Total capital and exploration expenditures | | | |
|
1 184
|
| | | | | 967 | | | | |
|
4 555
|
| | | | | 3 926 | | |
| Less: capitalized interest on debt | | | |
|
(38)
|
| | | | | (26) | | | | |
|
(144)
|
| | | | | (120) | | |
| | | | |
|
1 146
|
| | | | | 941 | | | | |
|
4 411
|
| | | | | 3 806 | | |
| | | |
Three months ended
December 31, 2021 |
| |
Twelve months ended
December 31, 2021 |
| ||||||||||||||||||||||||||||||
|
($ millions)
|
| |
Asset Sustainment and
Maintenance(1) |
| |
Economic
Investment(2) |
| |
Total
|
| |
Asset Sustainment and
Maintenance(1) |
| |
Economic
Investment(2) |
| |
Total
|
| ||||||||||||||||||
| Oil Sands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands Base
|
| | |
|
310
|
| | | |
|
125
|
| | | |
|
435
|
| | | |
|
1 216
|
| | | |
|
420
|
| | | |
|
1 636
|
| |
|
In Situ
|
| | |
|
38
|
| | | |
|
90
|
| | | |
|
128
|
| | | |
|
132
|
| | | |
|
298
|
| | | |
|
430
|
| |
|
Fort Hills
|
| | |
|
73
|
| | | |
|
—
|
| | | |
|
73
|
| | | |
|
253
|
| | | |
|
—
|
| | | |
|
253
|
| |
|
Syncrude
|
| | |
|
160
|
| | | |
|
38
|
| | | |
|
198
|
| | | |
|
652
|
| | | |
|
97
|
| | | |
|
749
|
| |
| Exploration and Production | | | | | — | | | | | | 66 | | | | |
|
66
|
| | | | | — | | | | | | 242 | | | | |
|
242
|
| |
| Refining and Marketing | | | | | 153 | | | | | | 35 | | | | |
|
188
|
| | | | | 751 | | | | | | 73 | | | | |
|
824
|
| |
| Corporate and Eliminations | | | | | 14 | | | | | | 44 | | | | |
|
58
|
| | | | | 53 | | | | | | 224 | | | | |
|
277
|
| |
| | | | | | 748 | | | | | | 398 | | | | |
|
1 146
|
| | | | | 3 057 | | | | | | 1 354 | | | | |
|
4 411
|
| |
| | | |
Twelve months ended
December 31 |
| |||||||||
| | | |
2021
|
| |
2020
|
| ||||||
| Return on capital employed(1)(2) (%) | | | |
|
8.6
|
| | | | | (6.9) | | |
| Net debt to adjusted funds from operations(1) (times) | | | |
|
1.6
|
| | | | | 5.1 | | |
| Total debt to total debt plus shareholders’ equity(1) (%) | | | |
|
33.4
|
| | | | | 37.8 | | |
| Net debt to net debt plus shareholders’ equity(1)(3) (%) | | | |
|
30.6
|
| | | | | 35.7 | | |
| Net debt to net debt plus shareholders’ equity – excluding leases(1)(3) (%) | | | |
|
26.6
|
| | | | | 32.1 | | |
| | | |
Three months ended
|
| |
Twelve months ended
|
| ||||||
|
($ millions)
|
| |
December 31, 2021
|
| |
December 31, 2021
|
| ||||||
| Total debt(1) – beginning of period | | | |
|
18 980
|
| | | |
|
21 699
|
| |
| Decrease in long-term debt | | | |
|
(371)
|
| | | |
|
(1 028)
|
| |
| Decrease in short-term debt | | | |
|
(195)
|
| | | |
|
(2 256)
|
| |
| Increase in lease liability | | | |
|
56
|
| | | |
|
308
|
| |
| Lease payments | | | |
|
(88)
|
| | | |
|
(325)
|
| |
| Foreign exchange on debt, and other | | | |
|
(28)
|
| | | |
|
(44)
|
| |
| Total debt(1) – December 31, 2021 | | | |
|
18 354
|
| | | |
|
18 354
|
| |
| Less: Cash and cash equivalents – December 31, 2021 | | | |
|
2 205
|
| | | |
|
2 205
|
| |
| Net debt(1) – December 31, 2021 | | | |
|
16 149
|
| | | |
|
16 149
|
| |
| | | |
December 31,
|
| |||
|
(thousands)
|
| |
2021
|
| |||
|
Common shares
|
| | | | 1 441 251 | | |
|
Common share options – exercisable
|
| | | | 28 421 | | |
| Common share options – non-exercisable | | | |
|
8 669
|
| |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions, except as noted)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Share repurchase activities (thousands of common shares) | | | |
|
20 858
|
| | | | | — | | | | |
|
83 959
|
| | | | | 7 527 | | |
| Weighted average repurchase price per share (dollars per share) | | | |
|
30.65
|
| | | | | — | | | | |
|
27.45
|
| | | | | 40.83 | | |
| Share repurchase cost | | | |
|
639
|
| | | | | — | | | | |
|
2 304
|
| | | | | 307 | | |
| Three months ended ($ millions, unless otherwise noted) |
| |
Dec 31
2021 |
| |
Sep 30
2021 |
| |
Jun 30
2021 |
| |
Mar 31
2021 |
| |
Dec 31
2020 |
| |
Sep 30
2020 |
| |
Jun 30
2020 |
| |
Mar 31
2020 |
| ||||||||||||||||||||||||
| Total production (mboe/d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Oil Sands
|
| | |
|
665.9
|
| | | | | 605.1 | | | | | | 615.7 | | | | | | 690.6 | | | | | | 671.5 | | | | | | 519.0 | | | | | | 553.7 | | | | | | 630.1 | | |
|
Exploration and Production
|
| | |
|
77.4
|
| | | | | 93.5 | | | | | | 84.0 | | | | | | 95.3 | | | | | | 97.7 | | | | | | 97.2 | | | | | | 101.8 | | | | | | 109.7 | | |
| | | | |
|
743.3
|
| | | | | 698.6 | | | | | | 699.7 | | | | | | 785.9 | | | | | | 769.2 | | | | | | 616.2 | | | | | | 655.5 | | | | | | 739.8 | | |
| Revenues and other income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating revenues, net of royalties
|
| | |
|
11 149
|
| | | | | 10 145 | | | | | | 9 159 | | | | | | 8 679 | | | | | | 6 615 | | | | | | 6 427 | | | | | | 4 229 | | | | | | 7 391 | | |
|
Other income (loss)
|
| | |
|
10
|
| | | | | 68 | | | | | | (66) | | | | | | (43) | | | | | | (21) | | | | | | 30 | | | | | | 16 | | | | | | 365 | | |
| | | | |
|
11 159
|
| | | | | 10 213 | | | | | | 9 093 | | | | | | 8 636 | | | | | | 6 594 | | | | | | 6 457 | | | | | | 4 245 | | | | | | 7 756 | | |
| Net earnings (loss) | | | |
|
1 553
|
| | | | | 877 | | | | | | 868 | | | | | | 821 | | | | | | (168) | | | | | | (12) | | | | | | (614) | | | | | | (3 525) | | |
|
per common share – basic (dollars)
|
| | |
|
1.07
|
| | | | | 0.59 | | | | | | 0.58 | | | | | | 0.54 | | | | | | (0.11) | | | | | | (0.01) | | | | | | (0.40) | | | | | | (2.31) | | |
|
per common share – diluted (dollars)
|
| | |
|
1.07
|
| | | | | 0.59 | | | | | | 0.58 | | | | | | 0.54 | | | | | | (0.11) | | | | | | (0.01) | | | | | | (0.40) | | | | | | (2.31) | | |
| Adjusted operating earnings (loss)(1)(2) | | | |
|
1 294
|
| | | | | 1 043 | | | | | | 722 | | | | | | 746 | | | | | | (109) | | | | | | (338) | | | | | | (1 345) | | | | | | (421) | | |
|
per common share – basic(2)(3) (dollars)
|
| | |
|
0.89
|
| | | | | 0.71 | | | | | | 0.48 | | | | | | 0.49 | | | | | | (0.07) | | | | | | (0.22) | | | | | | (0.88) | | | | | | (0.28) | | |
| Adjusted funds from operations(1) | | | |
|
3 144
|
| | | | | 2 641 | | | | | | 2 362 | | | | | | 2 110 | | | | | | 1 221 | | | | | | 1 166 | | | | | | 488 | | | | | | 1 001 | | |
|
per common share – basic(3) (dollars)
|
| | |
|
2.17
|
| | | | | 1.79 | | | | | | 1.57 | | | | | | 1.39 | | | | | | 0.80 | | | | | | 0.76 | | | | | | 0.32 | | | | | | 0.66 | | |
| Cash flow provided by (used in) operating activities | | | |
|
2 615
|
| | | | | 4 718 | | | | | | 2 086 | | | | | | 2 345 | | | | | | 814 | | | | | | 1 245 | | | | | | (768) | | | | | | 1 384 | | |
|
per common share – basic (dollars)
|
| | |
|
1.80
|
| | | | | 3.19 | | | | | | 1.39 | | | | | | 1.54 | | | | | | 0.53 | | | | | | 0.82 | | | | | | (0.50) | | | | | | 0.91 | | |
| ROCE(3) (%) for the twelve months ended | | | |
|
8.6
|
| | | | | 4.5 | | | | | | 1.9 | | | | | | (1.4) | | | | | | (6.9) | | | | | | (10.2) | | | | | | (7.5) | | | | | | (1.3) | | |
|
ROCE excluding impairments(3)(4) (%) for the twelve months ended
|
| | |
|
8.2
|
| | | | | 4.9 | | | | | | 2.6 | | | | | | (0.6) | | | | | | (2.9) | | | | | | (1.3) | | | | | | 1.0 | | | | | | 7.0 | | |
| After-tax unrealized foreign exchange gain (loss) on U.S. dollar denominated debt | | | |
|
21
|
| | | | | (257) | | | | | | 156 | | | | | | 181 | | | | | | 539 | | | | | | 290 | | | | | | 478 | | | | | | (1 021) | | |
| Common share information (dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Dividend per common share
|
| | |
|
0.42
|
| | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.47 | | |
|
Share price at the end of trading
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Toronto Stock Exchange (Cdn$)
|
| | |
|
31.65
|
| | | | | 26.26 | | | | | | 29.69 | | | | | | 26.27 | | | | | | 21.35 | | | | | | 16.26 | | | | | | 22.89 | | | | | | 22.46 | | |
|
New York Stock Exchange (US$)
|
| | |
|
25.03
|
| | | | | 20.74 | | | | | | 23.97 | | | | | | 20.90 | | | | | | 16.78 | | | | | | 12.23 | | | | | | 16.86 | | | | | | 15.80 | | |
|
(average for the three months ended)
|
| | | | |
Dec 31
2021 |
| |
Sep 30
2021 |
| |
Jun 30
2021 |
| |
Mar 31
2021 |
| |
Dec 31
2020 |
| |
Sep 30
2020 |
| |
Jun 30
2020 |
| |
Mar 31
2020 |
| ||||||||||||||||||||||||
| WTI crude oil at Cushing | | | US$/bbl | | | |
|
77.15
|
| | | | | 70.55 | | | | | | 66.05 | | | | | | 57.80 | | | | | | 42.65 | | | | | | 40.95 | | | | | | 27.85 | | | | | | 46.10 | | |
| Dated Brent crude | | | US$/bbl | | | |
|
79.70
|
| | | | | 73.45 | | | | | | 68.85 | | | | | | 60.85 | | | | | | 44.20 | | | | | | 43.00 | | | | | | 29.20 | | | | | | 50.15 | | |
|
Dated Brent/Maya FOB price differential
|
| | US$/bbl | | | |
|
8.60
|
| | | | | 7.80 | | | | | | 6.20 | | | | | | 4.70 | | | | | | 3.30 | | | | | | 3.50 | | | | | | 2.70 | | | | | | 15.95 | | |
| MSW at Edmonton | | | Cdn$/bbl | | | |
|
93.25
|
| | | | | 83.75 | | | | | | 77.25 | | | | | | 66.55 | | | | | | 50.25 | | | | | | 51.30 | | | | | | 30.20 | | | | | | 52.00 | | |
| WCS at Hardisty | | | US$/bbl | | | |
|
62.50
|
| | | | | 56.95 | | | | | | 54.60 | | | | | | 45.40 | | | | | | 33.35 | | | | | | 31.90 | | | | | | 16.35 | | | | | | 25.60 | | |
|
Light/heavy crude oil differential for WTI at Cushing less WCS at Hardisty
|
| | US$/bbl | | | |
|
(14.65)
|
| | | | | (13.60) | | | | | | (11.45) | | | | | | (12.40) | | | | | | (9.30) | | | | | | (9.05) | | | | | | (11.50) | | | | | | (20.50) | | |
| SYN-WTI (differential) premium | | | US$/bbl | | | |
|
(1.80)
|
| | | | | (1.60) | | | | | | 0.35 | | | | | | (3.50) | | | | | | (3.05) | | | | | | (2.45) | | | | | | (4.55) | | | | | | (2.70) | | |
| Condensate at Edmonton | | | US$/bbl | | | |
|
79.10
|
| | | | | 69.20 | | | | | | 66.40 | | | | | | 58.00 | | | | | | 42.55 | | | | | | 37.55 | | | | | | 22.20 | | | | | | 46.20 | | |
| Natural gas (Alberta spot) at AECO | | | Cdn$/mcf | | | |
|
4.70
|
| | | | | 3.60 | | | | | | 3.10 | | | | | | 3.15 | | | | | | 2.65 | | | | | | 2.25 | | | | | | 2.00 | | | | | | 2.05 | | |
| Alberta Power Pool Price | | | Cdn$/MWh | | | |
|
107.30
|
| | | | | 100.35 | | | | | | 104.50 | | | | | | 95.45 | | | | | | 46.15 | | | | | | 43.85 | | | | | | 29.90 | | | | | | 67.05 | | |
| New York Harbor 2-1-1 crack(1) | | | US$/bbl | | | |
|
20.65
|
| | | | | 20.90 | | | | | | 20.35 | | | | | | 15.60 | | | | | | 9.85 | | | | | | 10.20 | | | | | | 12.20 | | | | | | 14.75 | | |
| Chicago 2-1-1 crack(1) | | | US$/bbl | | | |
|
16.90
|
| | | | | 20.45 | | | | | | 20.25 | | | | | | 13.40 | | | | | | 7.95 | | | | | | 7.75 | | | | | | 6.75 | | | | | | 9.75 | | |
| Portland 2-1-1 crack(1) | | | US$/bbl | | | |
|
25.35
|
| | | | | 26.70 | | | | | | 24.55 | | | | | | 15.80 | | | | | | 13.15 | | | | | | 12.55 | | | | | | 12.20 | | | | | | 18.30 | | |
| Gulf Coast 2-1-1 crack(1) | | | US$/bbl | | | |
|
19.65
|
| | | | | 19.55 | | | | | | 18.25 | | | | | | 14.45 | | | | | | 9.00 | | | | | | 8.55 | | | | | | 9.00 | | | | | | 13.00 | | |
| Exchange rate | | | US$/Cdn$ | | | |
|
0.79
|
| | | | | 0.79 | | | | | | 0.81 | | | | | | 0.79 | | | | | | 0.77 | | | | | | 0.75 | | | | | | 0.72 | | | | | | 0.74 | | |
| Exchange rate (end of period) | | | US$/Cdn$ | | | |
|
0.79
|
| | | | | 0.78 | | | | | | 0.81 | | | | | | 0.80 | | | | | | 0.78 | | | | | | 0.75 | | | | | | 0.73 | | | | | | 0.71 | | |
|
For the twelve months ended December 31
|
| | | | | | | | | | | | | | | | | | |
|
($ millions, except as noted)
|
| | | | | | | |
2021
|
| |
2020
|
| ||||||
| Adjustments to net earnings (loss) | | | | | | | | | | | | | | | | | | | |
|
Net earnings (loss)
|
| | | | | | | | |
|
4 119
|
| | | | | (4 319) | | |
|
(Deduct) add after-tax amounts for:
|
| | | | | | | | | | | | | | | | | | |
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | | | | | | | |
|
(101)
|
| | | | | (286) | | |
|
Net interest expense
|
| | | | | | | | |
|
645
|
| | | | | 698 | | |
| Adjusted net earnings (loss)(1) | | | | | A | | | | |
|
4 663
|
| | | | | (3 907) | | |
| Capital employed – beginning of twelve-month period | | | | | | | | | | | | | | | | | | | |
|
Net debt(2)
|
| | | | | | | | |
|
19 814
|
| | | | | 16 010 | | |
|
Shareholders’ equity
|
| | | | | | | | |
|
35 757
|
| | | | | 42 042 | | |
| | | | | | | | | | | | 55 571 | | | | |
|
58 052
|
| |
| Capital employed – end of twelve-month period | | | | | | | | | | | | | | | | | | | |
|
Net debt(2)
|
| | | | | | | | |
|
16 149
|
| | | | | 19 814 | | |
|
Shareholders’ equity
|
| | | | | | | | |
|
36 614
|
| | | | | 35 757 | | |
| | | | | | | | | | | | 52 763 | | | | |
|
55 571
|
| |
| Average capital employed | | | | | B | | | | |
|
54 069
|
| | | | | 56 270 | | |
| ROCE (%)(3) | | | | | A/B | | | | |
|
8.6
|
| | | | | (6.9) | | |
|
Three months ended December 31
|
| |
Oil Sands
|
| |
Exploration and
Production |
| |
Refining and
Marketing |
| |
Corporate and
Eliminations |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
| Net earnings (loss) | | | |
|
896
|
| | | | | (293) | | | | |
|
465
|
| | | | | (379) | | | | |
|
450
|
| | | | | 268 | | | | |
|
(258)
|
| | | | | 236 | | | | |
|
1 553
|
| | | | | (168) | | |
| Adjustments for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Depreciation, depletion, amortization
and impairment |
| | |
|
1 237
|
| | | | | 1 058 | | | | |
|
129
|
| | | | | 835 | | | | |
|
243
|
| | | | | 207 | | | | |
|
21
|
| | | | | 20 | | | | |
|
1 630
|
| | | | | 2 120 | | |
|
Deferred income taxes
|
| | |
|
(11)
|
| | | | | (154) | | | | |
|
(2)
|
| | | | | (160) | | | | |
|
45
|
| | | | | (53) | | | | |
|
(28)
|
| | | | | 43 | | | | |
|
4
|
| | | | | (324) | | |
|
Accretion
|
| | |
|
61
|
| | | | | 55 | | | | |
|
15
|
| | | | | 13 | | | | |
|
1
|
| | | | | 1 | | | | |
|
—
|
| | | | | — | | | | |
|
77
|
| | | | | 69 | | |
|
Unrealized foreign exchange gain on
U.S. dollar denominated debt |
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
(25)
|
| | | | | (602) | | | | |
|
(25)
|
| | | | | (602) | | |
|
Change in fair value of financial instruments and trading inventory
|
| | |
|
8
|
| | | | | 49 | | | | |
|
42
|
| | | | | 5 | | | | |
|
—
|
| | | | | (9) | | | | |
|
—
|
| | | | | — | | | | |
|
50
|
| | | | | 45 | | |
|
(Gain) loss on disposal of assets
|
| | |
|
(4)
|
| | | | | 1 | | | | |
|
(227)
|
| | | | | — | | | | |
|
(1)
|
| | | | | (18) | | | | |
|
—
|
| | | | | 9 | | | | |
|
(232)
|
| | | | | (8) | | |
|
Loss on extinguishment of long-term
debt |
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | |
|
Share-based compensation
|
| | |
|
36
|
| | | | | 25 | | | | |
|
4
|
| | | | | 3 | | | | |
|
21
|
| | | | | 15 | | | | |
|
64
|
| | | | | 52 | | | | |
|
125
|
| | | | | 95 | | |
|
Exploration
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | |
|
Settlement of decommissioning and restoration liabilities
|
| | |
|
(71)
|
| | | | | (41) | | | | |
|
1
|
| | | | | — | | | | |
|
(6)
|
| | | | | (7) | | | | |
|
—
|
| | | | | — | | | | |
|
(76)
|
| | | | | (48) | | |
|
Other
|
| | |
|
23
|
| | | | | 29 | | | | |
|
(2)
|
| | | | | (5) | | | | |
|
12
|
| | | | | 11 | | | | |
|
5
|
| | | | | 7 | | | | |
|
38
|
| | | | | 42 | | |
| Adjusted funds from (used in) operations | | | |
|
2 175
|
| | | | | 729 | | | | |
|
425
|
| | | | | 312 | | | | |
|
765
|
| | | | | 415 | | | | |
|
(221)
|
| | | | | (235) | | | | |
|
3 144
|
| | | | | 1 221 | | |
| Change in non-cash working capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(529)
|
| | | | | (407) | | |
|
Cash flow provided by operating activities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
2 615
|
| | | | | 814 | | |
|
Twelve months ended December 31
|
| |
Oil Sands
|
| |
Exploration and
Production |
| |
Refining and
Marketing |
| |
Corporate and
Eliminations |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
| Net earnings (loss) | | | |
|
2 147
|
| | | | | (3 796) | | | | |
|
1 285
|
| | | | | (832) | | | | |
|
2 178
|
| | | | | 866 | | | | |
|
(1 491)
|
| | | | | (557) | | | | |
|
4 119
|
| | | | | (4 319) | | |
| Adjustments for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Depreciation, depletion, amortization and impairment
|
| | |
|
4 585
|
| | | | | 6 430 | | | | |
|
324
|
| | | | | 2 147 | | | | |
|
853
|
| | | | | 867 | | | | |
|
88
|
| | | | | 82 | | | | |
|
5 850
|
| | | | | 9 526 | | |
|
Deferred income taxes
|
| | |
|
(51)
|
| | | | | (797) | | | | |
|
33
|
| | | | | (321) | | | | |
|
113
|
| | | | | (24) | | | | |
|
(39)
|
| | | | | 23 | | | | |
|
56
|
| | | | | (1 119) | | |
|
Accretion
|
| | |
|
240
|
| | | | | 224 | | | | |
|
58
|
| | | | | 48 | | | | |
|
6
|
| | | | | 6 | | | | |
|
—
|
| | | | | — | | | | |
|
304
|
| | | | | 278 | | |
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
(113)
|
| | | | | (312) | | | | |
|
(113)
|
| | | | | (312) | | |
|
Change in fair value of financial
instruments and trading inventory |
| | |
|
(66)
|
| | | | | 81 | | | | |
|
3
|
| | | | | (17) | | | | |
|
50
|
| | | | | 44 | | | | |
|
—
|
| | | | | — | | | | |
|
(13)
|
| | | | | 108 | | |
|
(Gain) loss on disposal of assets
|
| | |
|
(4)
|
| | | | | (1) | | | | |
|
(227)
|
| | | | | — | | | | |
|
(19)
|
| | | | | (24) | | | | |
|
(7)
|
| | | | | 9 | | | | |
|
(257)
|
| | | | | (16) | | |
|
Loss on extinguishment of long-term debt
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
80
|
| | | | | — | | | | |
|
80
|
| | | | | — | | |
|
Share-based compensation
|
| | |
|
61
|
| | | | | (59) | | | | |
|
5
|
| | | | | (9) | | | | |
|
34
|
| | | | | (36) | | | | |
|
105
|
| | | | | (134) | | | | |
|
205
|
| | | | | (238) | | |
|
Exploration
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 80 | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 80 | | |
|
Settlement of decommissioning and restoration liabilities
|
| | |
|
(245)
|
| | | | | (212) | | | | |
|
(1)
|
| | | | | (7) | | | | |
|
(17)
|
| | | | | (12) | | | | |
|
—
|
| | | | | — | | | | |
|
(263)
|
| | | | | (231) | | |
|
Other
|
| | |
|
179
|
| | | | | 116 | | | | |
|
(2)
|
| | | | | (35) | | | | |
|
57
|
| | | | | 21 | | | | |
|
55
|
| | | | | 17 | | | | |
|
289
|
| | | | | 119 | | |
|
Adjusted funds from (used in) operations
|
| | |
|
6 846
|
| | | | | 1 986 | | | | |
|
1 478
|
| | | | | 1 054 | | | | |
|
3 255
|
| | | | | 1 708 | | | | |
|
(1 322)
|
| | | | | (872) | | | | |
|
10 257
|
| | | | | 3 876 | | |
| Change in non-cash working capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1 507
|
| | | | | (1 201) | | |
| Cash flow provided by operating activities |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
11 764
|
| | | | | 2 675 | | |
| | | |
Three months ended
Dec 31 |
| |
Twelve months ended
Dec 31 |
| ||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Cash flow provided by operating activities | | | |
|
2 615
|
| | | | | 814 | | | | |
|
11 764
|
| | | | | 2 675 | | |
| (Add) deduct change in non-cash working capital | | | |
|
(529)
|
| | | | | (407) | | | | |
|
1 507
|
| | | | | (1 201) | | |
| Adjusted funds from operations | | | |
|
3 144
|
| | | | | 1 221 | | | | |
|
10 257
|
| | | | | 3 876 | | |
|
Asset sustaining and maintenance capital and dividends(1)
|
| | |
|
(1 368)
|
| | | | | (911) | | | | |
|
(4 667)
|
| | | | | (4 104) | | |
| Discretionary free funds flow (deficit) | | | |
|
1 776
|
| | | | | 310 | | | | |
|
5 590
|
| | | | | (228) | | |
| | | |
Three months ended
December 31 |
| |
Twelve months ended
December 31 |
| ||||||||||||||||||
|
($ millions, except as noted)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
| Refining and marketing gross margin reconciliation | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating revenues
|
| | |
|
6 623
|
| | | | | 3 876 | | | | |
|
22 915
|
| | | | | 15 272 | | |
|
Purchases of crude oil and products
|
| | |
|
(5 110)
|
| | | | | (2 744) | | | | |
|
(16 807)
|
| | | | | (11 243) | | |
| | | | |
|
1 513
|
| | | | | 1 132 | | | | |
|
6 108
|
| | | | | 4 029 | | |
|
Other (loss) income
|
| | |
|
(2)
|
| | | | | (10) | | | | |
|
(50)
|
| | | | | 48 | | |
|
Non-refining and marketing margin
|
| | |
|
(14)
|
| | | | | (14) | | | | |
|
(54)
|
| | | | | (57) | | |
|
Refining and marketing gross margin – FIFO
|
| | |
|
1 497
|
| | | | | 1 108 | | | | |
|
6 004
|
| | | | | 4 020 | | |
|
Refinery production(1) (mbbls)
|
| | |
|
44 575
|
| | | | | 43 036 | | | | |
|
162 862
|
| | | | | 158 991 | | |
|
Refining and marketing gross margin – FIFO ($/bbl)
|
| | |
|
33.60
|
| | | | | 25.75 | | | | |
|
36.85
|
| | | | | 25.30 | | |
|
FIFO and short-term risk management activities adjustment
|
| | |
|
(161)
|
| | | | | (30) | | | | |
|
(972)
|
| | | | | 532 | | |
|
Refining and marketing gross margin – LIFO
|
| | |
|
1 336
|
| | | | | 1 078 | | | | |
|
5 032
|
| | | | | 4 552 | | |
|
Refining and marketing gross margin – LIFO ($/bbl)
|
| | |
|
30.00
|
| | | | | 25.05 | | | | |
|
30.90
|
| | | | | 28.65 | | |
| Refining operating expense reconciliation | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Operating, selling and general expense(2)
|
| | |
|
566
|
| | | | | 472 | | | | |
|
2 019
|
| | | | | 1 759 | | |
|
Non-refining costs(2)
|
| | |
|
(294)
|
| | | | | (248) | | | | |
|
(1 051)
|
| | | | | (885) | | |
|
Refining operating expense
|
| | |
|
272
|
| | | | | 224 | | | | |
|
968
|
| | | | | 874 | | |
|
Refinery production(1) (mbbls)
|
| | |
|
44 575
|
| | | | | 43 036 | | | | |
|
162 862
|
| | | | | 158 991 | | |
|
Refining operating expense ($/bbl)
|
| | |
|
6.10
|
| | | | | 5.20 | | | | |
|
5.95
|
| | | | | 5.50 | | |
| | | |
December 31
|
| |
December 31
|
| ||||||
|
($ millions, except as noted)
|
| |
2021
|
| |
2020
|
| ||||||
|
Short-term debt
|
| | |
|
1 284
|
| | | | | 3 566 | | |
|
Current portion of long-term debt
|
| | |
|
231
|
| | | | | 1 413 | | |
|
Current portion of long-term lease liabilities
|
| | |
|
310
|
| | | | | 272 | | |
|
Long-term debt
|
| | |
|
13 989
|
| | | | | 13 812 | | |
|
Long-term lease liabilities
|
| | |
|
2 540
|
| | | | | 2 636 | | |
| Total debt | | | |
|
18 354
|
| | | | | 21 699 | | |
|
Less: Cash and cash equivalents
|
| | |
|
2 205
|
| | | | | 1 885 | | |
| Net debt | | | |
|
16 149
|
| | | | | 19 814 | | |
| Shareholders’ equity | | | |
|
36 614
|
| | | | | 35 757 | | |
| Total debt plus shareholders’ equity | | | |
|
54 968
|
| | | | | 57 456 | | |
| Total debt to total debt plus shareholders’ equity (%) | | | |
|
33.4
|
| | | | | 37.8 | | |
| Net debt to net debt plus shareholders’ equity (%) | | | |
|
30.6
|
| | | | | 35.7 | | |
| Net debt to net debt plus shareholders’ equity – excluding leases (%) | | | |
|
26.6
|
| | | | | 32.1 | | |
|
For the three months ended
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
|
($ millions, except as noted)
|
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude
Sales Basket |
| |
Oil
Sands Segment |
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude
Sales Basket |
| |
Oil
Sands Segment |
| ||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
1 344
|
| | | |
|
3 971
|
| | | |
|
5 315
|
| | | |
|
5 315
|
| | | | | 634 | | | | | | 2 429 | | | | | | 3 063 | | | | | | 3 063 | | |
|
Add: Royalties
|
| | |
|
155
|
| | | |
|
486
|
| | | |
|
641
|
| | | |
|
641
|
| | | | | 4 | | | | | | 14 | | | | | | 18 | | | | | | 18 | | |
|
Operating revenues
|
| | |
|
1 499
|
| | | |
|
4 457
|
| | | |
|
5 956
|
| | | |
|
5 956
|
| | | | | 638 | | | | | | 2 443 | | | | | | 3 081 | | | | | | 3 081 | | |
|
Other (loss) income
|
| | |
|
7
|
| | | |
|
4
|
| | | |
|
11
|
| | | |
|
11
|
| | | | | (9) | | | | | | (4) | | | | | | (13) | | | | | | (13) | | |
|
Purchases of crude oil and products
|
| | |
|
(320)
|
| | | |
|
(87)
|
| | | |
|
(407)
|
| | | |
|
(407)
|
| | | | | (128) | | | | | | (47) | | | | | | (175) | | | | | | (175) | | |
|
Gross realization adjustment(1)
|
| | |
|
(88)
|
| | | |
|
(92)
|
| | | |
|
(180)
|
| | | | | | | | | | | (63) | | | | | | (51) | | | | | | (114) | | | | | | | | |
| Gross realizations | | | |
|
1 098
|
| | | |
|
4 282
|
| | | |
|
5 380
|
| | | | | | | | | | | 438 | | | | | | 2 341 | | | | | | 2 779 | | | | | | | | |
|
Transportation and distribution
|
| | |
|
(88)
|
| | | |
|
(205)
|
| | | |
|
(293)
|
| | | |
|
(293)
|
| | | | | (256) | | | | | | (170) | | | | | | (426) | | | | | | (426) | | |
|
Transportation and distribution adjustment(2)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | | | | | | | 189 | | | | | | — | | | | | | 189 | | | | | | | | |
| Net transportation and distribution | | | |
|
(88)
|
| | | |
|
(205)
|
| | | |
|
(293)
|
| | | | | | | | | | | (67) | | | | | | (170) | | | | | | (237) | | | | | | | | |
| Price realization | | | |
|
1 010
|
| | | |
|
4 077
|
| | | |
|
5 087
|
| | | | | | | | | | | 371 | | | | | | 2 171 | | | | | | 2 542 | | | | | | | | |
| Sales volumes (mbbls) | | | |
|
16 260
|
| | | |
|
45 644
|
| | | |
|
61 904
|
| | | | | | | | | | | 12 837 | | | | | | 45 601 | | | | | | 58 438 | | | | | | | | |
| Price realization per barrel | | | |
|
62.05
|
| | | |
|
89.38
|
| | | |
|
82.20
|
| | | | | | | | | | | 28.90 | | | | | | 47.59 | | | | | | 43.48 | | | | | | | | |
|
For the twelve months ended
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
|
($ millions, except as noted)
|
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude
Sales Basket |
| |
Oil
Sands Segment |
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude
Sales Basket |
| |
Oil
Sands Segment |
| ||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
5 092
|
| | | |
|
13 305
|
| | | |
|
18 397
|
| | | |
|
18 397
|
| | | | | 2 024 | | | | | | 8 498 | | | | | | 10 522 | | | | | | 10 522 | | |
|
Add: Royalties
|
| | |
|
376
|
| | | |
|
1 147
|
| | | |
|
1 523
|
| | | |
|
1 523
|
| | | | | 19 | | | | | | 76 | | | | | | 95 | | | | | | 95 | | |
|
Operating revenues
|
| | |
|
5 468
|
| | | |
|
14 452
|
| | | |
|
19 920
|
| | | |
|
19 920
|
| | | | | 2 043 | | | | | | 8 574 | | | | | | 10 617 | | | | | | 10 617 | | |
|
Other (loss) income
|
| | |
|
(56)
|
| | | |
|
62
|
| | | |
|
6
|
| | | |
|
6
|
| | | | | 21 | | | | | | 277 | | | | | | 298 | | | | | | 298 | | |
|
Purchases of crude oil and products
|
| | |
|
(1 231)
|
| | | |
|
(213)
|
| | | |
|
(1 444)
|
| | | |
|
(1 444)
|
| | | | | (702) | | | | | | (142) | | | | | | (844) | | | | | | (844) | | |
|
Gross realization adjustment(1)
|
| | |
|
(210)
|
| | | |
|
(325)
|
| | | |
|
(535)
|
| | | | | | | | | | | (54) | | | | | | (458) | | | | | | (512) | | | | | | | | |
| Gross realizations | | | |
|
3 971
|
| | | |
|
13 976
|
| | | |
|
17 947
|
| | | | | | | | | | | 1 308 | | | | | | 8 251 | | | | | | 9 559 | | | | | | | | |
| Transportation and distribution | | | |
|
(359)
|
| | | |
|
(767)
|
| | | |
|
(1 126)
|
| | | |
|
(1 126)
|
| | | | | (476) | | | | | | (747) | | | | | | (1 223) | | | | | | (1 223) | | |
|
Transportation and distribution adjustment(2)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | | | | | | | 197 | | | | | | — | | | | | | 197 | | | | | | | | |
| Net transportation and distribution | | | |
|
(359)
|
| | | |
|
(767)
|
| | | |
|
(1 126)
|
| | | | | | | | | | | (279) | | | | | | (747) | | | | | | (1 026) | | | | | | | | |
| Price realization | | | |
|
3 612
|
| | | |
|
13 209
|
| | | |
|
16 821
|
| | | | | | | | | | | 1 029 | | | | | | 7 504 | | | | | | 8 533 | | | | | | | | |
| Sales volumes (mbbls) | | | |
|
67 094
|
| | | |
|
169 983
|
| | | |
|
237 077
|
| | | | | | | | | | | 45 980 | | | | | | 171 211 | | | | | | 217 191 | | | | | | | | |
| Price realization per barrel | | | |
|
53.80
|
| | | |
|
77.73
|
| | | |
|
70.96
|
| | | | | | | | | | | 22.37 | | | | | | 43.83 | | | | | | 39.29 | | | | | | | | |
|
For the three months ended
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
|
($ millions, except as noted)
|
| |
International
|
| |
East
Coast Canada |
| |
Other(1)
|
| |
E&P
Segment |
| |
International
|
| |
East
Coast Canada |
| |
Other(1)
|
| |
E&P
Segment |
| ||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
215
|
| | | |
|
324
|
| | | |
|
92
|
| | | |
|
631
|
| | | | | 193 | | | | | | 263 | | | | | | 14 | | | | | | 470 | | |
|
Add: Royalties
|
| | |
|
—
|
| | | |
|
54
|
| | | |
|
53
|
| | | |
|
107
|
| | | | | — | | | | | | 36 | | | | | | 49 | | | | | | 85 | | |
| Operating revenues | | | |
|
215
|
| | | |
|
378
|
| | | |
|
145
|
| | | |
|
738
|
| | | | | 193 | | | | | | 299 | | | | | | 63 | | | | | | 555 | | |
| Transportation and distribution | | | |
|
(6)
|
| | | |
|
(11)
|
| | | |
|
—
|
| | | |
|
(17)
|
| | | | | (7) | | | | | | (12) | | | | | | (1) | | | | | | (20) | | |
| Price realization | | | |
|
209
|
| | | |
|
367
|
| | | |
|
145
|
| | | | | | | | | | | 186 | | | | | | 287 | | | | | | 62 | | | | | | | | |
| Sales volumes (mbbls) | | | |
|
2 111
|
| | | |
|
3 724
|
| | | | | | | | | | | | | | | | | 3 511 | | | | | | 5 294 | | | | | | | | | | | | | | |
| Price realization per barrel | | | |
|
100.14
|
| | | |
|
98.42
|
| | | | | | | | | | | | | | | | | 52.83 | | | | | | 54.25 | | | | | | | | | | | | | | |
|
For the twelve months ended
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
|
($ millions, except as noted)
|
| |
International
|
| |
East
Coast Canada |
| |
Other(1)
|
| |
E&P
Segment |
| |
International
|
| |
East
Coast Canada |
| |
Other(1)
|
| |
E&P
Segment |
| ||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
815
|
| | | |
|
1 447
|
| | | |
|
238
|
| | | |
|
2 500
|
| | | | | 809 | | | | | | 1 058 | | | | | | (111) | | | | | | 1 756 | | |
|
Add: Royalties
|
| | |
|
—
|
| | | |
|
237
|
| | | |
|
241
|
| | | |
|
478
|
| | | | | — | | | | | | 94 | | | | | | 49 | | | | | | 143 | | |
| Operating revenues | | | |
|
815
|
| | | |
|
1 684
|
| | | |
|
479
|
| | | |
|
2 978
|
| | | | | 809 | | | | | | 1 152 | | | | | | (62) | | | | | | 1 899 | | |
| Transportation and distribution | | | |
|
(25)
|
| | | |
|
(44)
|
| | | |
|
(43)
|
| | | |
|
(112)
|
| | | | | (34) | | | | | | (65) | | | | | | (1) | | | | | | (100) | | |
| Price realization | | | |
|
790
|
| | | |
|
1 640
|
| | | |
|
436
|
| | | | | | | | | | | 775 | | | | | | 1 087 | | | | | | (63) | | | | | | | | |
| Sales volumes (mbbls) | | | |
|
9 616
|
| | | |
|
19 386
|
| | | | | | | | | | | | | | | | | 15 406 | | | | | | 21 879 | | | | | | | | | | | | | | |
| Price realization per barrel | | | |
|
82.16
|
| | | |
|
84.70
|
| | | | | | | | | | | | | | | | | 50.28 | | | | | | 49.69 | | | | | | | | | | | | | | |
Measurement
|
| |
Places and Currencies
|
| ||||||
bbl | | | barrel | | | U.S. | | | United States | |
bbls/d | | | barrels per day | | | U.K. | | | United Kingdom | |
mbbls/d | | | thousands of barrels per day | | | | | | | |
| | | | | |
$ or Cdn$
|
| | Canadian dollars | |
boe | | | barrels of oil equivalent | | | US$ | | | United States dollars | |
boe/d | | | barrels of oil equivalent per day | | | | | | | |
mboe | | | thousands of barrels of oil equivalent | | | | | | | |
mboe/d | | | thousands of barrels of oil equivalent per day | | |
Financial and Business Environment
|
| |||
| | | | | | Q4 | | | Three months ended December 31 | |
GJ | | | Gigajoule | | | DD&A | | | Depreciation, depletion and amortization | |
| | | | | | WTI | | | West Texas Intermediate | |
mcf | | | thousands of cubic feet of natural gas | | | WCS | | | Western Canadian Select | |
mcfe | | | thousands of cubic feet of natural gas equivalent | | | SCO | | | Synthetic crude oil | |
mmcf | | | millions of cubic feet of natural gas | | | SYN | | | Synthetic crude oil benchmark | |
mmcf/d | | | millions of cubic feet of natural gas per day | | | MSW | | | Mixed Sweet Blend | |
mmcfe | | | millions of cubic feet of natural gas equivalent | | | NYMEX | | | New York Mercantile Exchange | |
mmcfe/d | | | millions of cubic feet of natural gas equivalent | | | YTD | | | Year to date | |
| | | per day | | | | | | | |
MW | | | megawatts | | | | | | | |
MWh | | | megawatts per hour | | | | | | | |
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