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Consolidated Statement Of Income (U.S. GAAP) (CAD)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Revenues and other income      
Operating revenues 32,722 [1],[2],[3] 31,053 [1],[2],[3] 30,474 [1],[2],[3]
Investment and other income (note 8) 207 135 240
Total revenues and other income 32,929 31,188 30,714
Expenses      
Exploration 123 83 92
Purchases of crude oil and products 20,155 [4] 18,476 [4] 18,847 [4]
Production and manufacturing 5,288 [5],[6] 4,457 [5],[6] 4,114 [5],[6]
Selling and general 1,082 1,081 1,168
Federal excise tax 1,423 [1] 1,338 [1] 1,320 [1]
Depreciation and depletion 1,110 [6] 761 [6] 764 [6]
Financing costs (note 12) 11 [7] (1) [7] 3 [7]
Total expenses 29,192 26,195 26,308
Income before income taxes 3,737 4,993 4,406
Income taxes (note 3) 909 [8] 1,227 [8] 1,035 [8]
Net income 2,828 3,766 3,371
Per-share information (Canadian dollars)      
Net income per common share - basic (note 10) 3.34 4.44 3.98
Net income per common share - diluted (note 10) 3.32 4.42 3.95
Dividends 0.49 0.48 0.44
[1] Operating revenues include federal excise tax of $1,423 million (2012 - $1,338 million, 2011 - $1,320 million).
[2] Operating revenues include amounts from related parties of $2,385 million (2012 - $2,907 million, 2011 - $2,818 million), (note 16).
[3] Includes export sales to the United States of $5,217 million (2012 - $4,358 million, 2011 - $4,175 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.
[4] Purchases of crude oil and products include amounts from related parties of $4,104 million (2012 - $3,033 million, 2011 - $3,636 million), (note 16).
[5] Production and manufacturing expenses include amounts to related parties of $319 million (2012 - $241 million, 2011 - $217 million), (note 16).
[6] A 2013 charge in the Downstream segment of $377 million ($280 million, after-tax) associated with the company's decision to convert the Dartmouth refinery to a terminal included the write-down of refinery plant and equipment not included in the terminal conversion of $245 million, reported as part of depreciation and depletion expenses, and decommissioning, environmental and employee-related costs of $132 million, reported as part of production and manufacturing expenses. By the end of 2013, amounts incurred associated with decommissioning, environmental and employee-related costs totalled $40 million.
[7] Cash interest payments in 2013 were $69 million (2012 - $20 million, 2011 - $16 million). The weighted average interest rate on short-term borrowings in 2013 was 1.1 percent (2012 - 1.1 percent).
[8] Cash outflow from income taxes, plus investment credits earned, was $911 million in 2013 (2012 - $871 million, 2011 - $667 million).