Business segments

3 Months Ended

Mar. 31, 2021

Business segments

2.  Business segments

Three Months to March 31	Upstream		Downstream		Chemical
millions of Canadian dollars	2021	2020	2021	2020	2021	2020
Revenues and other income
Revenues (a)	2,142	1,652	4,527	4,796	323	216
Intersegment sales	1,351	722	773	568	53	44
Investment and other income (note 3)	-	-	5	15	-	-
	3,493	2,374	5,305	5,379	376	260
Expenses
Exploration	2	1	-	-	-	-
Purchases of crude oil and products (note 11)	1,834	1,650	4,020	3,769	209	140
Production and manufacturing	1,109	1,108	326	408	50	63
Selling and general	-	-	133	181	25	25
Federal excise tax and fuel charge	-	-	404	451	-	-
Depreciation and depletion (note 11)	445	417	39	46	4	4
Non-service pension and postretirement benefit	-	-	-	-	-	-
Financing (note 5)	1	-	-	-	-	-
Total expenses	3,391	3,176	4,922	4,855	288	232
Income (loss) before income taxes	102	(802)	383	524	88	28
Income tax expense (benefit)	23	(194)	91	122	21	7
Net income (loss)	79	(608)	292	402	67	21
Cash flows from (used in) operating activities	531	464	462	22	62	(3)
Capital and exploration expenditures (b)	85	231	68	76	2	9
Total assets as at March 31 (note 11)	31,754	33,367	4,909	4,580	462	438
Three Months to March 31	Corporate and other		Eliminations		Consolidated
millions of Canadian dollars	2021	2020	2021	2020	2021	2020
Revenues and other income
Revenues (a)	-	-	-	-	6,992	6,664
Intersegment sales	-	-	(2,177)	(1,334)	-	-
Investment and other income (note 3)	1	11	-	-	6	26
	1	11	(2,177)	(1,334)	6,998	6,690
Expenses
Exploration	-	-	-	-	2	1
Purchases of crude oil and products (note 11)	-	-	(2,176)	(1,333)	3,887	4,226
Production and manufacturing	-	-	-	-	1,485	1,579
Selling and general	32	(39)	(1)	(1)	189	166
Federal excise tax and fuel charge	-	-	-	-	404	451
Depreciation and depletion (note 11)	6	6	-	-	494	473
Non-service pension and postretirement benefit	11	30	-	-	11	30
Financing (note 5)	13	19	-	-	14	19
Total expenses	62	16	(2,177)	(1,334)	6,486	6,945
Income (loss) before income taxes	(61)	(5)	-	-	512	(255)
Income tax expense (benefit)	(15)	(2)	-	-	120	(67)
Net income (loss)	(46)	(3)	-	-	392	(188)
Cash flows from (used in) operating activities	(10)	(43)	-	(17)	1,045	423
Capital and exploration expenditures (b)	8	15	-	-	163	331
Total assets as at March 31 (note 11)	2,346	2,242	(464)	(214)	39,007	40,413

(a) Included export sales to the United States of $1,569 million (2020 - $1,373 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.

(b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits.