v3.26.1
Consolidated Statements of Cash Flows - CAD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net earnings $ 10,820 $ 6,106 $ 8,233
Non-cash items      
Depletion, depreciation and amortization 9,384 6,681 6,413
Share-based compensation 180 279 491
Asset retirement obligation accretion 380 389 366
Unrealized risk management loss 71 9 12
Unrealized foreign exchange (gain) loss (870) 888 (260)
Gain on acquisitions, disposition, and remeasurement (5,069) 0 0
Gain from investment 0 (50) (34)
Deferred income tax expense 510 422 53
Realized foreign exchange on financing activities [1] 54 135 0
Abandonment expenditures (771) (646) (509)
Other (255) (84) 5
Net change in non-cash working capital 672 (743) (2,417)
Cash flows from operating activities 15,106 13,386 12,353
Financing activities      
(Repayment) issuance of bank credit facilities and commercial paper, net (1,395) 5,466 0
Issuance of other long-term debt 1,634 2,639 0
Repayment of other long-term debt (1,699) (1,008) (416)
Payment of lease liabilities (361) (325) (285)
Issuance of common shares on exercise of stock options 264 280 372
Dividends on common shares (4,871) (4,429) (3,891)
Purchase of common shares under Normal Course Issuer Bid (1,449) (2,660) (3,318)
Cash flows used in financing activities (7,877) (37) (7,538)
Investing activities      
Net expenditures on exploration and evaluation assets (115) (92) (44)
Net expenditures on property, plant and equipment (6,676) (5,291) (4,865)
Cash from AOSP asset swap 212 0 0
Acquisition of Chevron's assets 0 (9,163) 0
Net proceeds from investment 0 575 0
Net change in non-cash working capital (108) (124) 51
Cash flows used in investing activities (6,687) (14,095) (4,858)
Increase (decrease) in cash and cash equivalents 542 (746) (43)
Cash and cash equivalents – beginning of year 131 877 920
Cash and cash equivalents – end of year 673 131 877
Interest paid on long-term debt 978 586 602
Income taxes paid, net $ 1,722 $ 1,144 $ 3,317
[1] Realized foreign exchange on financing activities primarily relates to the repayment of US dollar denominated debt.