v3.25.2
Business segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business segments Business segments
Second Quarter
        Upstream
       Downstream (d)
        Chemical (d)
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
87 29 10,862 12,986 259 333 
Intersegment sales
3,701 4,522 1,550 1,639 97 85 
Investment and other income (note 3)
(4)1 15 9 — — 
Total revenues and other income3,784 4,552 12,427 14,634 356 418 
Expenses      
Exploration— 1 — — — — 
Purchases of crude oil and products
1,369 1,900 10,952 12,944 240 256 
Production and manufacturing1,127 1,203 466 435 62 48 
Selling and general— — 175 171 20 23 
Federal excise tax and fuel charge— — 370 655 2 1 
Depreciation and depletion418 396 44 46 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses2,914 3,501 12,007 14,251 328 332 
Income (loss) before income taxes870 1,051 420 383 28 86 
Income tax expense (benefit)206 252 98 89 7 21 
Net income (loss)
664 799 322 294 21 65 
Cash flows from (used in) operating activities
1,021 1,162 641 384 (134)74 
Capital and exploration expenditures (c)
353 267 90 149 1 3 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
— — — — 11,208 13,348 
Intersegment sales
— — (5,348)(6,246)— — 
Investment and other income (note 3)
13 25 — — 24 35 
Total revenues and other income13 25 (5,348)(6,246)11,232 13,383 
Expenses      
Exploration— — — — — 1 
Purchases of crude oil and products
— — (5,346)(6,244)7,215 8,856 
Production and manufacturing9 3 — — 1,664 1,689 
Selling and general58 29 (2)(2)251 221 
Federal excise tax and fuel charge— — — — 372 656 
Depreciation and depletion12 10 — — 478 456 
Non-service pension and postretirement benefit6 1 — — 6 1 
Financing (note 5)
2 13 — — 2 14 
Total expenses87 56 (5,348)(6,246)9,988 11,894 
Income (loss) before income taxes(74)(31)— — 1,244 1,489 
Income tax expense (benefit)(16)(6)— — 295 356 
Net income (loss)
(58)(25)— — 949 1,133 
Cash flows from (used in) operating activities
(63)9 — — 1,465 1,629 
Capital and exploration expenditures (c)
29 43 — — 473 462 
Includes export sales to the United States of $1,915 million (2024 - $2,632 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
        Second Quarter
millions of Canadian dollars2025 2024 
Revenue from contracts with customers9,559 10,782 
Revenue outside the scope of ASC 606
1,649 2,566 
Total11,208 13,348 
(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.
(d)In the second quarter of 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in the second quarter of 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.
Six Months to June 30
        Upstream
       Downstream (d)
        Chemical (d)
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
126 71 23,023 24,865 525 661 
Intersegment sales
8,106 8,644 3,387 3,387 203 175 
Investment and other income (note 3)
10 5 36 21 — 1 
Total revenues and other income8,242 8,720 26,446 28,273 728 837 
Expenses
Exploration2 2 — — — — 
Purchases of crude oil and products
3,231 3,713 22,939 24,535 493 516 
Production and manufacturing2,303 2,391 923 856 113 101 
Selling and general— — 349 333 42 49 
Federal excise tax and fuel charge— — 961 1,245 3 2 
Depreciation and depletion888 828 89 91 8 8 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
(12)2 — — — — 
Total expenses6,412 6,936 25,261 27,060 659 676 
Income (loss) before income taxes1,830 1,784 1,185 1,213 69 161 
Income tax expense (benefit)435 427 279 288 17 39 
Net income (loss)
1,395 1,357 906 925 52 122 
Cash flows from (used in) operating activities
1,222 2,053 1,997 391 (75)71 
Capital and exploration expenditures (c)
619 557 178 302 4 8 
Total assets as at June 30
29,387 28,505 11,784 12,016 519 503 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
— — — — 23,674 25,597 
Intersegment sales
— — (11,696)(12,206)— — 
Investment and other income (note 3)
29 42 — — 75 69 
Total revenues and other income29 42 (11,696)(12,206)23,749 25,666 
Expenses
Exploration— — — — 2 2 
Purchases of crude oil and products
— — (11,692)(12,202)14,971 16,562 
Production and manufacturing11 5 — — 3,350 3,353 
Selling and general123 89 (4)(4)510 467 
Federal excise tax and fuel charge— — — — 964 1,247 
Depreciation and depletion24 19 — — 1,009 946 
Non-service pension and postretirement benefit11 2 — — 11 2 
Financing (note 5)
12 24 — — — 26 
Total expenses181 139 (11,696)(12,206)20,817 22,605 
Income (loss) before income taxes(152)(97)— — 2,932 3,061 
Income tax expense (benefit)(36)(21)— — 695 733 
Net income (loss)
(116)(76)— — 2,237 2,328 
Cash flows from (used in) operating activities
(137)190 (15)— 2,992 2,705 
Capital and exploration expenditures (c)
70 91 — — 871 958 
Total assets as at June 30
4,510 3,528 (2,022)(417)44,178 44,135 
Includes export sales to the United States of $4,706 million (2024 - $5,010 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
       Six Months
       to June 30
millions of Canadian dollars2025 2024 
Revenue from contracts with customers19,694 20,511 
Revenue outside the scope of ASC 606
3,980 5,086 
Total23,674 25,597 
(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.
(d)In 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2024, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.