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Business segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Business segments
Three Months to March 31
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
42 76 11,879 11,639 328 342 
Intersegment sales
4,122 3,622 1,748 1,823 90 91 
Investment and other income (note 3)
4 2 12 20 1 — 
4,168 3,700 13,639 13,482 419 433 
Expenses
Exploration1 1 — — — — 
Purchases of crude oil and products
1,813 1,543 11,591 11,196 260 274 
Production and manufacturing1,188 1,287 421 411 53 58 
Selling and general— — 162 157 26 26 
Federal excise tax and fuel charge— — 590 528 1 1 
Depreciation and depletion432 434 45 45 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
1 — — — — — 
Total expenses3,435 3,265 12,809 12,337 344 363 
Income (loss) before income taxes733 435 830 1,145 75 70 
Income tax expense (benefit)175 105 199 275 18 17 
Net income (loss)
558 330 631 870 57 53 
Cash flows from (used in) operating activities
891 (398)7 (419)(3)(32)
Capital and exploration expenditures (c)
290 321 153 74 5 4 
Total assets as at March 31
28,661 29,059 11,126 9,535 517 477 
Three Months to March 31
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 12,249 12,057 
Intersegment sales
— — (5,960)(5,536)— — 
Investment and other income (note 3)
17 42 — — 34 64 
17 42 (5,960)(5,536)12,283 12,121 
Expenses
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (5,958)(5,535)7,706 7,478 
Production and manufacturing2 — — — 1,664 1,756 
Selling and general60 4 (2)(1)246 186 
Federal excise tax and fuel charge— — — — 591 529 
Depreciation and depletion9 7 — — 490 490 
Non-service pension and postretirement benefit1 20 — — 1 20 
Financing (note 5)
11 16 — — 12 16 
Total expenses83 47 (5,960)(5,536)10,711 10,476 
Income (loss) before income taxes(66)(5)— — 1,572 1,645 
Income tax expense (benefit)(15)— — — 377 397 
Net income (loss)
(51)(5)— — 1,195 1,248 
Cash flows from (used in) operating activities
181 28 — — 1,076 (821)
Capital and exploration expenditures (c)
48 30 — — 496 429 
Total assets as at March 31
2,699 3,815 (490)(771)42,513 42,115 
Includes export sales to the United States of $2,378 million (2023 - $2,375 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and 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. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
       Three Months
       to March 31
millions of Canadian dollars2024 2023 
Revenue from contracts with customers9,729 10,520 
Revenue outside the scope of ASC 606
2,520 1,537 
Total12,249 12,057 
(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.
Disaggregation of Revenue
Revenues
       Three Months
       to March 31
millions of Canadian dollars2024 2023 
Revenue from contracts with customers9,729 10,520 
Revenue outside the scope of ASC 606
2,520 1,537 
Total12,249 12,057