| Detailed Information about Property, Plant and Equipment |
| | | | | | | | | | | | | | | | | | | | | | | | | Exploration and Production | Oil Sands Mining and Upgrading | Midstream and Refining | Head Office | Total | | North America | North Sea | Offshore Africa | | | | | Cost | | | | | | | | | At December 31, 2023 | $ | 83,483 | | $ | 8,606 | | $ | 4,409 | | $ | 49,375 | | $ | 484 | | $ | 566 | | $ | 146,923 | | | Additions | 3,440 | | 352 | | 205 | | 2,103 | | 11 | | 41 | | 6,152 | | Acquisition of Chevron's assets | 2,585 | | — | | — | | 6,316 | | — | | — | | 8,901 | | | | | | | | | | Transfers from exploration and evaluation assets | 45 | | — | | — | | 7 | | — | | — | | 52 | | Derecognitions (1) | (589) | | (18) | | — | | (456) | | — | | — | | (1,063) | | | | | | | | | | Foreign exchange adjustments and other | — | | 791 | | 409 | | — | | — | | — | | 1,200 | | | At December 31, 2024 | 88,964 | | 9,731 | | 5,023 | | 57,345 | | 495 | | 607 | | 162,165 | | Additions/Acquisitions, net | 4,447 | | 1,223 | | 547 | | 1,841 | | 8 | | 92 | | 8,158 | | | | | | | | | | Transfers from exploration and evaluation assets | 21 | | — | | — | | 14 | | — | | — | | 35 | | Derecognitions (1) | (536) | | (1,207) | | — | | (814) | | — | | — | | (2,557) | | | | | | | | | | AOSP mines acquisition (100%) (2) | — | | — | | — | | 15,488 | | — | | — | | 15,488 | | AOSP mines disposition (90%) (2) | — | | — | | — | | (12,087) | | — | | — | | (12,087) | | Scotford and Quest disposition (10%) (2) | — | | — | | — | | (1,217) | | — | | — | | (1,217) | | Foreign exchange adjustments and other | — | | (477) | | (254) | | — | | — | | — | | (731) | | | At December 31, 2025 | $ | 92,896 | | $ | 9,270 | | $ | 5,316 | | $ | 60,570 | | $ | 503 | | $ | 699 | | $ | 169,254 | | | | | | | | | | | Accumulated depletion and depreciation | | | | | | | At December 31, 2023 | $ | 58,840 | | $ | 8,382 | | $ | 3,358 | | $ | 11,105 | | $ | 213 | | $ | 444 | | $ | 82,342 | | Expense | 3,741 | | 96 | | 192 | | 2,086 | | 16 | | 26 | | 6,157 | | Derecognitions (1) | (589) | | (18) | | — | | (456) | | — | | — | | (1,063) | | | | | | | | | | Recoverability charge | — | | 160 | | — | | — | | — | | — | | 160 | | Foreign exchange adjustments and other | 18 | | 772 | | 335 | | 30 | | — | | — | | 1,155 | | | At December 31, 2024 | 62,010 | | 9,392 | | 3,885 | | 12,765 | | 229 | | 470 | | 88,751 | | Expense | 4,470 | | 92 | | 97 | | 2,538 | | 17 | | 31 | | 7,245 | | Derecognitions (1) | (536) | | (1,207) | | — | | (814) | | — | | — | | (2,557) | | AOSP mines disposition (90%) (2) | — | | — | | — | | (2,656) | | — | | — | | (2,656) | | Scotford and Quest disposition (10%) (2) | — | | — | | — | | (206) | | — | | — | | (206) | | Recoverability charges | — | | 1,462 | | 269 | | — | | — | | — | | 1,731 | | Foreign exchange adjustments and other | (4) | | (469) | | (216) | | (10) | | — | | — | | (699) | | | At December 31, 2025 | $ | 65,940 | | $ | 9,270 | | $ | 4,035 | | $ | 11,617 | | $ | 246 | | $ | 501 | | $ | 91,609 | | | | | | | | | | Net book value | | | | | | | | | At December 31, 2025 | $ | 26,956 | | $ | — | | $ | 1,281 | | $ | 48,953 | | $ | 257 | | $ | 198 | | $ | 77,645 | | | At December 31, 2024 | $ | 26,954 | | $ | 339 | | $ | 1,138 | | $ | 44,580 | | $ | 266 | | $ | 137 | | $ | 73,414 | |
(1)An asset is derecognized when no future economic benefits are expected to arise from its continued use. (2)Components of the AOSP asset swap are discussed below.
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| Detailed Information about Identifiable Net Assets Acquired, and Fair Value of Consideration Exchanged |
The following provides a summary of 100% of the identifiable net assets acquired, and the fair value of the consideration exchanged: | | | | | | | | | | | | | | | | | | | ($ millions) | Net assets acquired | | Purchase consideration/previously held interests | | Net | | | | | | | Fair value of the Company's interests in the AOSP mines (1) (2) | $ | 15,488 | | | $ | (13,939) | | | $ | 1,549 | | | Asset retirement obligation | (685) | | | 616 | | | (69) | | | Fair value, net of asset retirement obligation | 14,803 | | | (13,323) | | | 1,480 | | | | | | | | Fair value of a 10% interest in Scotford and Quest (2) | — | | | (1,475) | | | (1,475) | | | Cash | 153 | | | 59 | | | 212 | | | Other working capital | 8 | | | 60 | | | 68 | | | Lease assets | 1,510 | | | — | | | 1,510 | | | Lease liabilities | (1,510) | | | — | | | (1,510) | | | Deferred income tax liability | (268) | | | — | | | (268) | | | | | | | | | $ | 14,696 | | | $ | (14,679) | | | $ | 17 | | | | | | | | Non-cash gain on disposition of a 10% interest in Scotford and Quest | | | | 464 | | Non-cash gain on remeasurement of the Company's 90%, pre-existing interest in the AOSP mines | | 4,508 | | | Gain on acquisition, disposition, and remeasurement | | | | | $ | 4,989 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Net assets acquired represent a 100% interest in the AOSP mines, and purchase consideration and previously held interests represent a 90% interest in the AOSP mines. (2)The Company determined the fair value of the AOSP mines, Scotford and Quest, using an estimate of future cash flows discounted at approximately 18%, with reference to comparable market transactions.
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