v3.26.1
Segmented Information - Operating Segments Earnings (Details) - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segmented product sales      
Product sales $ 44,167 $ 41,509 $ 40,835
Less: royalties (5,405) (5,853) (4,867)
Revenue 38,762 35,656 35,968
Expenses      
Production 9,155 8,093 8,480
Blending and feedstock [1] 8,071 7,931 7,732
Depletion, depreciation and amortization [2] 9,384 6,681 6,413
Asset retirement obligation accretion 380 389 366
Risk management loss (commodity derivatives) (89) 168 (14)
Gain on acquisitions, disposition, and remeasurement (5,069) 0 0
Total expenses 25,521 27,597 25,803
Earnings before taxes 13,241 8,059 10,165
Administration 615 503 452
Share-based compensation 180 279 491
Interest and other financing expense 834 592 636
Net unrealized risk management loss (gain) 71 9 12
Foreign exchange (gain) loss (762) 955 (279)
Gain from investment 0 (56) (56)
Current income tax expense 1,911 1,531 1,879
Deferred corporate income tax 510 422 53
Net earnings 10,820 6,106 8,233
Exploration and evaluation assets derecognized through depletion, depreciation and amortization expense 46 62  
Total Segments      
Segmented product sales      
Less: royalties (5,405) (5,853) (4,867)
Revenue 38,762 35,656 35,968
Expenses      
Production 9,155 8,093 8,480
Blending and feedstock 8,071 7,931 7,732
Transportation 2,751 2,053 1,570
Depletion, depreciation and amortization 9,384 6,681 6,413
Asset retirement obligation accretion 380 389 366
Risk management loss (commodity derivatives) 66 7 24
Gain on acquisitions, disposition, and remeasurement (5,069) 0 0
Total expenses 24,738 25,154 24,585
Earnings before taxes 14,024 10,502 11,383
Total Segments | Other income and revenue      
Segmented product sales      
Revenue 977 857 960
Total Segments | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 44,167 41,509 40,835
North Sea      
Expenses      
Recoverability charge 1,462 160 436
Offshore Africa      
Expenses      
Recoverability charge 269    
Exploration and evaluation assets derecognized through depletion, depreciation and amortization expense 46    
Operating segments | North America      
Segmented product sales      
Less: royalties (2,529) (2,876) (2,443)
Revenue 18,952 17,285 17,317
Expenses      
Production 3,567 3,249 3,617
Blending and feedstock 4,344 4,643 4,568
Transportation 2,032 1,541 1,240
Depletion, depreciation and amortization 4,582 3,831 3,679
Asset retirement obligation accretion 221 231 234
Risk management loss (commodity derivatives) 66 7 24
Gain on acquisitions, disposition, and remeasurement (80) 0 0
Total expenses 14,732 13,502 13,362
Earnings before taxes 4,220 3,783 3,955
Operating segments | North America | Other income and revenue      
Segmented product sales      
Revenue 92 6 10
Operating segments | North America | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 21,481 20,161 19,760
Operating segments | North Sea      
Segmented product sales      
Less: royalties (1) (1) (1)
Revenue 337 477 441
Expenses      
Production 469 440 342
Blending and feedstock 0 0 0
Transportation 10 10 7
Depletion, depreciation and amortization 1,573 279 494
Asset retirement obligation accretion 64 65 46
Risk management loss (commodity derivatives) 0 0 0
Gain on acquisitions, disposition, and remeasurement 0 0 0
Total expenses 2,116 794 889
Earnings before taxes (1,779) (317) (448)
Operating segments | North Sea | Other income and revenue      
Segmented product sales      
Revenue 0 4 0
Operating segments | North Sea | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 338 478 442
Operating segments | Offshore Africa      
Segmented product sales      
Less: royalties (8) (24) (57)
Revenue 187 456 580
Expenses      
Production 79 109 141
Blending and feedstock 0 0 0
Transportation 0 1 1
Depletion, depreciation and amortization 432 297 213
Asset retirement obligation accretion 9 9 8
Risk management loss (commodity derivatives) 0 0 0
Gain on acquisitions, disposition, and remeasurement 0 0 0
Total expenses 520 416 363
Earnings before taxes (333) 40 217
Operating segments | Offshore Africa | Other income and revenue      
Segmented product sales      
Revenue 1 4 9
Operating segments | Offshore Africa | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 195 480 637
Operating segments | Oil Sands Mining and Upgrading      
Segmented product sales      
Less: royalties (2,867) (2,952) (2,366)
Revenue 17,449 16,327 16,300
Expenses      
Production 4,693 3,921 3,989
Blending and feedstock 2,218 2,462 2,253
Transportation 684 497 310
Depletion, depreciation and amortization 2,780 2,258 2,011
Asset retirement obligation accretion 86 84 78
Risk management loss (commodity derivatives) 0 0 0
Gain on acquisitions, disposition, and remeasurement (4,989) 0 0
Total expenses 5,472 9,222 8,641
Earnings before taxes 11,977 7,105 7,659
Operating segments | Oil Sands Mining and Upgrading | Other income and revenue      
Segmented product sales      
Revenue 204 16 5
Operating segments | Oil Sands Mining and Upgrading | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 20,316 19,279 18,666
Operating segments | Midstream and Refining      
Segmented product sales      
Less: royalties 0 0 0
Revenue 761 895 1,002
Expenses      
Production 284 315 332
Blending and feedstock 503 669 646
Transportation 42 16 18
Depletion, depreciation and amortization 17 16 16
Asset retirement obligation accretion 0 0 0
Risk management loss (commodity derivatives) 0 0 0
Gain on acquisitions, disposition, and remeasurement 0 0 0
Total expenses 846 1,016 1,012
Earnings before taxes (85) (121) (10)
Operating segments | Midstream and Refining | Other income and revenue      
Segmented product sales      
Revenue 670 813 926
Operating segments | Midstream and Refining | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 761 895 1,002
Non-segmented      
Expenses      
Total expenses 783 2,443 1,218
Administration 615 503 452
Share-based compensation 180 279 491
Interest and other financing expense 834 592 636
Net unrealized risk management loss (gain) (84) 170 (26)
Foreign exchange (gain) loss (762) 955 (279)
Gain from investment 0 (56) (56)
 Inter-segment Elimination and Other      
Segmented product sales      
Less: royalties 0 0 0
Revenue 1,076 216 328
Expenses      
Production 63 59 59
Blending and feedstock 1,006 157 265
Transportation (17) (12) (6)
Depletion, depreciation and amortization 0 0 0
Asset retirement obligation accretion 0 0 0
Risk management loss (commodity derivatives) 0 0 0
Gain on acquisitions, disposition, and remeasurement 0 0 0
Total expenses 1,052 204 318
Earnings before taxes 24 12 10
 Inter-segment Elimination and Other | Other income and revenue      
Segmented product sales      
Revenue 10 14 10
 Inter-segment Elimination and Other | Crude Oil, Natural Gas Liquids, Natural Gas, Other Income And Revenue      
Segmented product sales      
Revenue 1,076 216 328
Crude Oil and NGLs       | Total Segments      
Segmented product sales      
Product sales 40,740 39,084 37,300
Crude Oil and NGLs       | Operating segments | North America      
Segmented product sales      
Product sales 19,102 18,740 17,375
Crude Oil and NGLs       | Operating segments | North Sea      
Segmented product sales      
Product sales 325 467 435
Crude Oil and NGLs       | Operating segments | Offshore Africa      
Segmented product sales      
Product sales 164 434 577
Crude Oil and NGLs       | Operating segments | Oil Sands Mining and Upgrading      
Segmented product sales      
Product sales 20,112 19,263 18,661
Crude Oil and NGLs       | Operating segments | Midstream and Refining      
Segmented product sales      
Product sales 91 82 76
Crude Oil and NGLs       |  Inter-segment Elimination and Other      
Segmented product sales      
Product sales 946 98 176
Natural Gas | Total Segments      
Segmented product sales      
Product sales 2,450 1,568 2,575
Natural Gas | Operating segments | North America      
Segmented product sales      
Product sales 2,287 1,415 2,375
Natural Gas | Operating segments | North Sea      
Segmented product sales      
Product sales 13 7 7
Natural Gas | Operating segments | Offshore Africa      
Segmented product sales      
Product sales 30 42 51
Natural Gas | Operating segments | Oil Sands Mining and Upgrading      
Segmented product sales      
Product sales 0 0 0
Natural Gas | Operating segments | Midstream and Refining      
Segmented product sales      
Product sales 0 0 0
Natural Gas |  Inter-segment Elimination and Other      
Segmented product sales      
Product sales $ 120 $ 104 $ 142
[1] During 2025, the Company revised its presentation of transportation, blending and feedstock costs, showing the expenses on a disaggregated basis. The comparative periods presented have been updated to reflect the revision (note 1).
[2] Depletion, depreciation and amortization expense for the year ended December 31, 2025 includes a $1,462 million (2024 – $160 million; 2023 – $436 million) non-cash recoverability charge for revisions to abandonment and decommissioning costs in the North Sea, a $269 million non-cash recoverability charge related to the decision to not pursue an extension of the Company's Production Sharing Contract ("PSC") for the Espoir field in Offshore Africa, and a $46 million non-cash derecognition of exploration and evaluation assets related to the decision to not pursue development of Kossipo in Offshore Africa (notes 5 and 6).