Supplementary Oil And Gas Information (Unaudited) (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Extractive Industries [Abstract] |
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| Schedule of Twelve Month Average Benchmark Prices |
The Company has used the following 12-month average benchmark prices to determine its 2025 and 2024 reserves for SEC requirements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Crude Oil and NGLs | | Natural Gas | | WTI | WCS | Canadian Light Sweet | Cromer LSB | Brent | Edmonton C5+ | | Henry Hub | AECO | BC Westcoast Station 2 | | (US$/bbl) | (C$/bbl) | (C$/bbl) | (C$/bbl) | (US$/bbl) | (C$/bbl) | | (US$/MMBtu) | (C$/MMBtu) | (C$/MMBtu) | | 2025 | 65.68 | | 76.91 | | 87.03 | | 85.79 | | 68.59 | | 90.25 | | | 3.70 | | 1.75 | | 1.10 | | | 2024 | 74.88 | 80.78 | 96.35 | 93.44 | 78.81 | 98.90 | | 2.37 | 1.28 | 0.91 |
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| Schedule of Crude Oil, NGL's and Natural Gas Net Proved Reserve Quantities |
The following tables summarize the Company's proved and proved developed crude oil and natural gas reserves, net of royalties, as at December 31, 2025, 2024, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | North America | | | | Crude Oil and NGLs (MMbbl) (1) | Synthetic
Crude Oil | Bitumen (2) | Crude Oil | NGLs | | North
America
Total | North
Sea | Offshore
Africa | Total | Net Proved Reserves | | | | | | | | | | Reserves, December 31, 2022 | 5,390 | 2,546 | 321 | 375 | | 8,632 | 11 | 57 | 8,700 | Extensions and discoveries | 162 | 67 | 14 | 37 | | 280 | — | — | 280 | Improved recovery | 28 | 9 | 7 | 30 | | 75 | — | — | 75 | Purchases of reserves in place | — | — | — | — | | — | — | — | — | Sales of reserves in place | — | — | — | (1) | | (1) | — | — | (1) | Production | (141) | (102) | (27) | (20) | | (289) | (5) | (4) | (298) | Economic revisions due to prices (3) | 333 | 123 | 10 | 18 | | 484 | — | 1 | 485 | Revisions of prior estimates | 68 | 26 | (2) | 3 | | 94 | 3 | 1 | 98 | Reserves, December 31, 2023 | 5,840 | 2,669 | 325 | 442 | | 9,276 | 9 | 54 | 9,339 | Extensions and discoveries | — | 62 | 13 | 18 | | 93 | — | — | 93 | Improved recovery | 1 | 7 | 2 | 10 | | 21 | — | — | 21 | Purchases of reserves in place | 701 | 1 | 7 | 131 | | 839 | — | — | 839 | Sales of reserves in place | — | — | (1) | (2) | | (2) | — | — | (2) | Production | (141) | (101) | (26) | (23) | | (291) | (4) | (4) | (299) | Economic revisions due to prices (3) | (106) | (38) | — | (34) | | (180) | — | — | (179) | Revisions of prior estimates | 18 | 77 | 37 | 4 | | 136 | 1 | (2) | 136 | Reserves, December 31, 2024 | 6,313 | 2,676 | 356 | 547 | | 9,892 | 6 | 48 | 9,947 | Extensions and discoveries | — | 58 | 13 | 7 | | 78 | — | — | 78 | Improved recovery | 1 | 21 | 4 | 32 | | 58 | — | — | 58 | Purchases of reserves in place | — | 336 | 57 | 55 | | 448 | — | — | 448 | Sales of reserves in place | — | — | — | — | | — | — | — | — | Production | (167) | (112) | (31) | (35) | | (345) | (3) | (1) | (349) | Economic revisions due to prices (3) | 17 | 155 | 10 | 62 | | 244 | — | 1 | 246 | Revisions of prior estimates | (261) | 309 | 10 | (9) | | 50 | (3) | (9) | 38 | Reserves, December 31, 2025 | 5,903 | 3,443 | 420 | 660 | | 10,425 | — | 40 | 10,465 | Net Proved Developed Reserves | | | | | | | | | | December 31, 2022 | 5,389 | 582 | 238 | 121 | | 6,330 | 5 | 34 | 6,369 | December 31, 2023 | 5,804 | 610 | 225 | 112 | | 6,752 | 6 | 30 | 6,787 | December 31, 2024 | 6,268 | 629 | 232 | 127 | | 7,256 | 6 | 25 | 7,288 | December 31, 2025 | 5,855 | 1,326 | 258 | 183 | | 7,622 | — | 25 | 7,647 |
(1)Information in the reserves data tables may not add due to rounding. (2)Bitumen as defined by the SEC, "is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis." Under this definition, all the Company's thermal bitumen, mining bitumen and primary heavy crude oil reserves have been classified as bitumen. (3)Includes changes due to commodity price and resulting royalty volumes. | | | | | | | | | | | | | | | Natural Gas (Bcf) (1) | North America | North Sea | Offshore Africa | Total | Net Proved Reserves | | | | | Reserves, December 31, 2022 | 12,217 | 4 | 25 | 12,246 | Extensions and discoveries | 1,185 | — | — | 1,185 | Improved recovery | 603 | — | — | 603 | Purchases of reserves in place | — | — | — | — | Sales of reserves in place | (6) | — | — | (6) | Production | (750) | (1) | (4) | (755) | Economic revisions due to prices (2) | 87 | — | 1 | 88 | Revisions of prior estimates | 57 | (1) | 1 | 58 | Reserves, December 31, 2023 | 13,393 | 3 | 23 | 13,419 | Extensions and discoveries | 202 | — | — | 202 | Improved recovery | 152 | — | — | 152 | Purchases of reserves in place | 1,090 | — | — | 1,090 | Sales of reserves in place | (44) | — | — | (44) | Production | (765) | (1) | (3) | (769) | Economic revisions due to prices (2) | (3,860) | — | — | (3,860) | Revisions of prior estimates | 988 | 1 | (2) | 987 | Reserves, December 31, 2024 | 11,155 | 3 | 18 | 11,177 | Extensions and discoveries | 105 | — | — | 105 | Improved recovery | 180 | — | — | 180 | Purchases of reserves in place | 799 | — | — | 799 | Sales of reserves in place | — | — | — | — | Production | (900) | (1) | (2) | (903) | Economic revisions due to prices (2) | 1,667 | — | — | 1,667 | Revisions of prior estimates | 700 | (2) | (10) | 688 | Reserves, December 31, 2025 | 13,706 | — | 6 | 13,712 | Net Proved Developed Reserves | | | | | December 31, 2022 | 4,956 | 1 | 19 | 4,975 | December 31, 2023 | 4,029 | 1 | 10 | 4,040 | December 31, 2024 | 3,347 | 3 | 7 | 3,357 | December 31, 2025 | 4,455 | — | 2 | 4,457 |
(1)Information in the reserves data tables may not add due to rounding. (2)Includes changes due to commodity price and resulting royalty volumes.
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| Schedule of Capitalized Costs Relating To Oil And Gas Producing Activities Disclosure |
Capitalized Costs Related to Crude Oil and Natural Gas Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Proved properties | | $ | 153,466 | | | $ | 9,270 | | | $ | 5,316 | | | $ | 168,052 | | Unproved properties | | 2,651 | | | — | | | — | | | 2,651 | | | | 156,117 | | | 9,270 | | | 5,316 | | | 170,703 | | Less: accumulated depletion and depreciation | | (77,557) | | | (9,270) | | | (4,035) | | | (90,862) | | Net capitalized costs | | $ | 78,560 | | | $ | — | | | $ | 1,281 | | | $ | 79,841 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Proved properties | | $ | 146,309 | | | $ | 9,731 | | | $ | 5,023 | | | $ | 161,063 | | Unproved properties | | 2,478 | | | — | | | 48 | | | 2,526 | | | | 148,787 | | | 9,731 | | | 5,071 | | | 163,589 | | Less: accumulated depletion and depreciation | | (74,775) | | | (9,392) | | | (3,885) | | | (88,052) | | Net capitalized costs | | $ | 74,012 | | | $ | 339 | | | $ | 1,186 | | | $ | 75,537 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Proved properties | | $ | 132,858 | | | $ | 8,606 | | | $ | 4,409 | | | $ | 145,873 | | Unproved properties | | 2,108 | | | — | | | 100 | | | 2,208 | | | | 134,966 | | | 8,606 | | | 4,509 | | | 148,081 | | Less: accumulated depletion and depreciation | | (69,945) | | | (8,382) | | | (3,358) | | | (81,685) | | Net capitalized costs | | $ | 65,021 | | | $ | 224 | | | $ | 1,151 | | | $ | 66,396 | |
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| Disclosure of Detailed Information About Costs Incurred In Crude Oil And Natural Gas Activities |
Costs Incurred in Crude Oil and Natural Gas Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Property acquisitions | | | | | | | | | Proved | | $ | 3,534 | | | $ | — | | | $ | — | | | $ | 3,534 | | Unproved | | 172 | | | — | | | — | | | 172 | | Exploration | | 36 | | | — | | | (46) | | | (10) | | Development | | 4,938 | | | 1,223 | | | 547 | | | 6,708 | | Costs incurred | | $ | 8,680 | | | $ | 1,223 | | | $ | 501 | | | $ | 10,404 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Property acquisitions | | | | | | | | | Proved | | $ | 8,901 | | | $ | — | | | $ | — | | | $ | 8,901 | | Unproved | | 320 | | | — | | | — | | | 320 | | Exploration | | 102 | | | — | | | (56) | | | 46 | | Development | | 5,543 | | | 352 | | | 205 | | | 6,100 | | Costs incurred | | $ | 14,866 | | | $ | 352 | | | $ | 149 | | | $ | 15,367 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Property acquisitions | | | | | | | | | Proved | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Unproved | | — | | | — | | | — | | | — | | Exploration | | 43 | | | — | | | 3 | | | 46 | | Development | | 5,039 | | | 558 | | | 187 | | | 5,784 | | Costs incurred | | $ | 5,082 | | | $ | 558 | | | $ | 190 | | | $ | 5,830 | |
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| Disclosure Of Detailed Information About Results Of Operations From Crude Oil And Natural Gas Activities |
The Company's results of operations from crude oil and natural gas producing activities for the years ended December 31, 2025, 2024, and 2023 are summarized in the following tables: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Crude oil and natural gas revenue, net of royalties, blending and feedstock costs | | $ | 29,490 | | | $ | 339 | | | $ | 187 | | | $ | 30,016 | | Production | | (8,260) | | | (469) | | | (79) | | | (8,808) | | Transportation | | (2,716) | | | (10) | | | — | | | (2,726) | | Depletion, depreciation and amortization | | (7,362) | | | (1,573) | | | (432) | | | (9,367) | | Asset retirement obligation accretion | | (307) | | | (64) | | | (9) | | | (380) | | Petroleum revenue tax recovery | | — | | | 561 | | | — | | | 561 | | Income tax | | (2,509) | | | 486 | | | 83 | | | (1,940) | | Results of operations | | $ | 8,336 | | | $ | (730) | | | $ | (250) | | | $ | 7,356 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Crude oil and natural gas revenue, net of royalties, blending and feedstock costs | | $ | 26,501 | | | $ | 478 | | | $ | 458 | | | $ | 27,437 | | Production | | (7,170) | | | (440) | | | (109) | | | (7,719) | | Transportation | | (2,038) | | | (10) | | | (1) | | | (2,049) | | Depletion, depreciation and amortization | | (6,089) | | | (279) | | | (297) | | | (6,665) | | Asset retirement obligation accretion | | (315) | | | (65) | | | (9) | | | (389) | | Petroleum revenue tax recovery | | — | | | 232 | | | — | | | 232 | | Income tax | | (2,526) | | | 34 | | | (12) | | | (2,504) | | Results of operations | | $ | 8,363 | | | $ | (50) | | | $ | 30 | | | $ | 8,343 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Crude oil and natural gas revenue, net of royalties, blending and feedstock costs | | $ | 26,773 | | | $ | 442 | | | $ | 581 | | | $ | 27,796 | | Production | | (7,606) | | | (342) | | | (141) | | | (8,089) | | Transportation | | (1,550) | | | (7) | | | (1) | | | (1,558) | | Depletion, depreciation and amortization | | (5,690) | | | (494) | | | (213) | | | (6,397) | | Asset retirement obligation accretion | | (312) | | | (46) | | | (8) | | | (366) | | Petroleum revenue tax recovery | | — | | | 273 | | | — | | | 273 | | Income tax | | (2,700) | | | 70 | | | (54) | | | (2,684) | | Results of operations | | $ | 8,915 | | | $ | (104) | | | $ | 164 | | | $ | 8,975 | |
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| Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow |
The following tables summarize the Company's future net cash flows relating to proved crude oil and natural gas reserves based on the standardized measure as prescribed in FASB Topic 932 - "Extractive Activities - Oil and Gas": | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Future cash inflows | | $ | 833,999 | | | $ | — | | | $ | 3,742 | | | $ | 837,741 | | Future production costs | | (296,918) | | | — | | | (997) | | | (297,915) | | Future development costs and asset retirement obligations | | (94,826) | | | — | | | (1,052) | | | (95,878) | | Future income taxes | | (97,315) | | | — | | | (233) | | | (97,548) | | Future net cash flows | | 344,940 | | | — | | | 1,460 | | | 346,400 | | 10% annual discount for timing of future cash flows | | (240,827) | | | — | | | (585) | | | (241,412) | | Standardized measure of future net cash flows (1) | | $ | 104,113 | | | $ | — | | | $ | 875 | | | $ | 104,988 | |
(1)In 2025, the Company determined its North Sea reporting jurisdiction was no longer economic and de-booked all related reserves. With no proved reserves remaining, the table no longer includes future net cash flows or its components. Results from operations, income taxes, and asset retirement obligations will continue to be reported in the Company's consolidated financial statements. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Future cash inflows | | $ | 876,917 | | | $ | 722 | | | $ | 5,329 | | | $ | 882,968 | | Future production costs | | (286,440) | | | (414) | | | (1,661) | | | (288,515) | | Future development costs and asset retirement obligations | | (92,455) | | | (1,970) | | | (1,804) | | | (96,229) | | Future income taxes | | (111,073) | | | 1,144 | | | (413) | | | (110,342) | | Future net cash flows | | 386,949 | | | (518) | | | 1,451 | | | 387,882 | | 10% annual discount for timing of future cash flows | | (275,139) | | | 136 | | | (721) | | | (275,724) | | Standardized measure of future net cash flows (1) | | $ | 111,810 | | | $ | (382) | | | $ | 730 | | | $ | 112,158 | |
(1)Includes abandonment cost estimates for the Ninian field. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | (millions of Canadian dollars) | | North America | | North Sea | | Offshore Africa | | Total | Future cash inflows | | $ | 863,544 | | | $ | 1,067 | | | $ | 6,144 | | | $ | 870,755 | | Future production costs | | (276,498) | | | (636) | | | (1,880) | | | (279,014) | | Future development costs and asset retirement obligations | | (86,615) | | | (1,873) | | | (1,927) | | | (90,415) | | Future income taxes | | (113,516) | | | 967 | | | (508) | | | (113,057) | | Future net cash flows | | 386,915 | | | (475) | | | 1,829 | | | 388,269 | | 10% annual discount for timing of future cash flows | | (278,814) | | | 168 | | | (887) | | | (279,533) | | Standardized measure of future net cash flows (1) | | $ | 108,101 | | | $ | (307) | | | $ | 942 | | | $ | 108,736 | |
(1)Includes abandonment cost estimates for the Ninian field.
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| Oil and Gas, Change in Standardized Measure, Discounted Future Net Cash Flow |
The principal sources of change in the standardized measure of discounted future net cash flows are summarized in the following table: | | | | | | | | | | | | | | | | | | | | | | (millions of Canadian dollars) | | 2025 | | 2024 | | 2023 | Sales of crude oil and natural gas produced, net of production costs | | $ | (18,544) | | | $ | (17,672) | | | $ | (18,174) | | Net changes in sales prices and production costs | | (19,233) | | | (11,189) | | | (47,145) | | Extensions, discoveries and improved recovery | | 3,104 | | | 2,576 | | | 8,196 | | Changes in estimated future development costs | | (890) | | | (2,101) | | | (1,511) | | Purchases of proved reserves in place | | 5,971 | | | 15,463 | | | — | | Sales of proved reserves in place | | — | | | (63) | | | (47) | | Revisions of previous reserve estimates | | 5,322 | | | (485) | | | 6,647 | | Accretion of discount | | 14,369 | | | 14,059 | | | 17,769 | | Changes in production timing and other | | 671 | | | 2,507 | | | (2,831) | | Net change in income taxes | | 2,060 | | | 327 | | | 8,834 | | Net change | | (7,170) | | | 3,422 | | | (28,262) | | Balance – beginning of year | | 112,158 | | | 108,736 | | | 136,998 | | Balance – end of year | | $ | 104,988 | | | $ | 112,158 | | | $ | 108,736 | |
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