v3.26.1
Segmented Information
 12 Months Ended
Dec. 31, 2025
Operating Segments [Abstract]  
Segmented Information Segmented Information
The Company's exploration and production activities are conducted in three geographic segments: North America, North Sea and Offshore Africa. These activities include the exploration, development, production, and marketing of crude oil, natural gas liquids, and natural gas. The Company's Oil Sands Mining and Upgrading activities are reported in a separate segment from exploration and production activities. Midstream and Refining activities include the Company's pipeline operations, an electricity co-generation system, and NWRP.
Segmented revenue and segmented results include transactions between business segments. Sales between segments are made at prices that approximate market prices, taking into account the volumes involved. These transactions and any unrealized profits and losses are eliminated on consolidation, unless unrealized losses provide evidence of an impairment of the asset transferred. Sales to external customers are based on the location of the seller.
North AmericaNorth SeaOffshore Africa
(millions of Canadian dollars)202520242023202520242023202520242023
Segmented product sales
Crude oil and NGLs (1) (2)
$19,102 $18,740 $17,375 $325 $467 $435 $164 $434 $577 
Natural gas (1)
2,287 1,415 2,375 13 7 7 30 42 51 
Other income and revenue92 6 10 — 4 — 1 4 9 
Total segmented product sales21,481 20,161 19,760 338 478 442 195 480 637 
Less: royalties(2,529)(2,876)(2,443)(1)(1)(1)(8)(24)(57)
Segmented revenue18,952 17,285 17,317 337 477 441 187 456 580 
Segmented expenses
Production3,567 3,249 3,617 469 440 342 79 109 141 
Blending and feedstock (2) (3)
4,344 4,643 4,568 — — — — — — 
Transportation (3)
2,032 1,541 1,240 10 10 7 — 1 1 
Depletion, depreciation and amortization (4)
4,582 3,831 3,679 1,573 279 494 432 297 213 
Asset retirement obligation accretion221 231 234 64 65 46 9 9 8 
Risk management loss (commodity derivatives)66 7 24 — — — — — — 
Gain on acquisitions, disposition, and remeasurement(80)— — — — — — — — 
Total segmented expenses14,732 13,502 13,362 2,116 794 889 520 416 363 
Segmented earnings (loss) $4,220 $3,783 $3,955 $(1,779)$(317)$(448)$(333)$40 $217 
Non-segmented expenses
Administration
Share-based compensation
Interest and other financing expense
Risk management (gain) loss (other)
Foreign exchange (gain) loss
Gain from investment
Total non-segmented expenses
Earnings before taxes
Current income tax
Deferred income tax
Net earnings
(1)Product sales in the North America Exploration and Production and Oil Sands Mining and Upgrading segments originate in Canada.
(2)Includes blending and feedstock costs associated with the processing of third party bitumen and other purchased feedstock in the Oil Sands Mining and Upgrading segment.
(3)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).
(4)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 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).
Inter-segment Elimination and Other includes internal and corporate transportation and electricity charges. Production, processing, and other purchasing and selling activities, that are not included in the preceding segments are also reported in the segmented information as Inter-segment Elimination and Other.
Operating segments have been determined based on the nature of the Company's activities and the geographic locations in which the Company operates, and are consistent with the level of information regularly provided to and reviewed by the Company's chief operating decision makers.
 Oil Sands Mining
and Upgrading
Midstream and Refining
 Inter-segment
Elimination and Other
Total
202520242023202520242023202520242023202520242023
$20,112 $19,263 $18,661 $91 $82 $76 $946 $98 $176 $40,740 $39,084 $37,300 
— — — — — — 120 104 142 2,450 1,568 2,575 
204 16 5 670 813 926 10 14 10 977 857 960 
20,316 19,279 18,666 761 895 1,002 1,076 216 328 44,167 41,509 40,835 
(2,867)(2,952)(2,366)— — — — — — (5,405)(5,853)(4,867)
17,449 16,327 16,300 761 895 1,002 1,076 216 328 38,762 35,656 35,968 
4,693 3,921 3,989 284 315 332 63 59 59 9,155 8,093 8,480 
2,218 2,462 2,253 503 669 646 1,006 157 265 8,071 7,931 7,732 
684 497 310 42 16 18 (17)(12)(6)2,751 2,053 1,570 
2,780 2,258 2,011 17 16 16 — — — 9,384 6,681 6,413 
86 84 78 — — — — — — 380 389 366 
— — — — — — — — — 66 7 24 
(4,989)— — — — — — — — (5,069)— — 
5,472 9,222 8,641 846 1,016 1,012 1,052 204 318 24,738 25,154 24,585 
$11,977 $7,105 $7,659 $(85)$(121)$(10)$24 $12 $10 $14,024 $10,502 $11,383 
615 503 452 
180 279 491 
834 592 636 
(84)170 (26)
(762)955 (279)
— (56)(56)
783 2,443 1,218 
13,241 8,059 10,165 
1,911 1,531 1,879 
510 422 53 
$10,820 $6,106 $8,233 
CAPITAL EXPENDITURES (1)
 
2025
2024
 
Net
expenditures
Non-cash
and fair value
changes (2)
Capitalized
 costs
Net
expenditures
Non-cash
and fair value
changes (2)
Capitalized
 costs
Exploration and evaluation assets
      
Exploration and Production      
North America (3)
$115 $71 $186 $406 $(29)$377 
Offshore Africa— (46)(46)6 (62)(56)
Oil Sands Mining and Upgrading
— (13)(13)— (7)(7)
 
115 12 127 412 (98)314 

Property, plant and equipment
      
Exploration and Production      
North America (3)
4,249 (317)3,932 5,627 (146)5,481 
North Sea16 — 16 39 295 334 
Offshore Africa467 80 547 197 8 205 
 
4,732 (237)4,495 5,863 157 6,020 
Oil Sands Mining and Upgrading (3) (4)
1,844 1,381 3,225 8,104 (134)7,970 
Midstream and Refining
8 — 8 11 — 11 
Head Office
92 — 92 41 — 41 

6,676 1,144 7,820 14,019 23 14,042 
 
$6,791 $1,156 $7,947 $14,431 $(75)$14,356 
(1)This table provides a reconciliation of capitalized costs, reported in note 5 and note 6, to net expenditures reported in the investing activities section of the statements of cash flows. The reconciliation excludes the impact of foreign exchange adjustments.
(2)Derecognitions, asset retirement obligations, transfer of exploration and evaluation assets, and other fair value adjustments.
(3)Includes cash consideration paid of $320 million for exploration and evaluation assets and $2,553 million for property, plant and equipment within the North America Exploration and Production segment, and $6,175 million for property, plant and equipment within the Oil Sands Mining and Upgrading segment acquired from Chevron in 2024 (note 6).
(4)Includes the non-cash gain on remeasurement and gain on disposition related to the AOSP asset swap completed in 2025 (note 6).
SEGMENTED ASSETS
 
20252024
Exploration and Production  
North America$33,462 $32,670 
North Sea789 702 
Offshore Africa1,398 1,412 
Other35 31 
Oil Sands Mining and Upgrading54,699 49,221 
Midstream and Refining1,142 1,099 
Head Office305 224 
 $91,830 $85,359