v3.26.1
Business segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Business segments Business segments
Second Quarter
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
110 87 15,552 10,862 319 259 
Intersegment sales
5,387 3,701 2,230 1,550 128 97 
Investment and other income (note 3)
1 (4)68 15 — — 
Total revenues and other income5,498 3,784 17,850 12,427 447 356 
Expenses      
Exploration1 — — — — — 
Purchases of crude oil and products
2,170 1,369 15,936 10,952 277 240 
Production and manufacturing1,220 1,127 542 466 54 62 
Selling and general (note 11)
— — 195 175 19 20 
Federal excise tax and fuel charge— — 70 370 — 2 
Depreciation and depletion
409 418 79 44 10 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
4 — 1 — — — 
Total expenses3,804 2,914 16,823 12,007 360 328 
Income (loss) before income taxes1,694 870 1,027 420 87 28 
Income tax expense (benefit)395 206 240 98 22 7 
Net income (loss)
1,299 664 787 322 65 21 
Cash flows from (used in) operating activities
1,707 1,021 1,027 641 46 (134)
Capital and exploration expenditures (c)
359 353 125 90 28 1 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
— — — — 15,981 11,208 
Intersegment sales
— — (7,745)(5,348)— — 
Investment and other income (note 3)
12 13 — — 81 24 
Total revenues and other income12 13 (7,745)(5,348)16,062 11,232 
Expenses      
Exploration— — — — 1 — 
Purchases of crude oil and products
— — (7,742)(5,346)10,641 7,215 
Production and manufacturing3 9 — — 1,819 1,664 
Selling and general (note 11)
(67)58 (3)(2)144 251 
Federal excise tax and fuel charge— — — — 70 372 
Depreciation and depletion
13 12 — — 511 478 
Non-service pension and postretirement benefit2 6 — — 2 6 
Financing (note 5)
9 2 — — 14 2 
Total expenses(40)87 (7,745)(5,348)13,202 9,988 
Income (loss) before income taxes52 (74)— — 2,860 1,244 
Income tax expense (benefit)13 (16)— — 670 295 
Net income (loss)
39 (58)— — 2,190 949 
Cash flows from (used in) operating activities
(76)(63)— — 2,704 1,465 
Capital and exploration expenditures (c)
19 29 — — 531 473 
Includes export sales to the United States of $3,432 million (2025 - $1,915 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.    
Revenues
        Second Quarter
millions of Canadian dollars2026 2025 
Revenue from contracts with customers13,547 9,559 
Revenue outside the scope of ASC 606
2,434 1,649 
Total15,981 11,208 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
235 126 27,603 23,023 559 525 
Intersegment sales
9,282 8,106 4,070 3,387 224 203 
Investment and other income (note 3)
2 10 87 36 — — 
Total revenues and other income9,519 8,242 31,760 26,446 783 728 
Expenses
Exploration4 2 — — — — 
Purchases of crude oil and products
3,889 3,231 27,998 22,939 503 493 
Production and manufacturing2,456 2,303 1,005 923 106 113 
Selling and general (note 11)
— — 375 349 41 42 
Federal excise tax and fuel charge— — 417 961 1 3 
Depreciation and depletion
856 888 135 89 14 8 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
4 (12)1 — — — 
Total expenses7,209 6,412 29,931 25,261 665 659 
Income (loss) before income taxes2,310 1,830 1,829 1,185 118 69 
Income tax expense (benefit)541 435 431 279 29 17 
Net income (loss)
1,769 1,395 1,398 906 89 52 
Cash flows from (used in) operating activities
1,828 1,222 1,631 1,997 71 (75)
Capital and exploration expenditures (c)
721 619 216 178 31 4 
Total assets as at June 30
29,834 29,387 14,337 11,784 590 519 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
— — — — 28,397 23,674 
Intersegment sales
— — (13,576)(11,696)— — 
Investment and other income (note 3)
22 29 — — 111 75 
Total revenues and other income22 29 (13,576)(11,696)28,508 23,749 
Expenses
Exploration— — — — 4 2 
Purchases of crude oil and products
— — (13,571)(11,692)18,819 14,971 
Production and manufacturing6 11 — — 3,573 3,350 
Selling and general (note 11)
130 123 (5)(4)541 510 
Federal excise tax and fuel charge— — — — 418 964 
Depreciation and depletion
26 24 — — 1,031 1,009 
Non-service pension and postretirement benefit5 11 — — 5 11 
Financing (note 5)
20 12 — — 25 — 
Total expenses187 181 (13,576)(11,696)24,416 20,817 
Income (loss) before income taxes(165)(152)— — 4,092 2,932 
Income tax expense (benefit)(39)(36)— — 962 695 
Net income (loss)
(126)(116)— — 3,130 2,237 
Cash flows from (used in) operating activities
(70)(137)— (15)3,460 2,992 
Capital and exploration expenditures (c)
41 70 — — 1,009 871 
Total assets as at June 30
5,379 4,510 (2,277)(2,022)47,863 44,178 
Includes export sales to the United States of $5,633 million (2025 - $4,706 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable - net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.    
Revenues
       Six Months
       to June 30
millions of Canadian dollars2026 2025 
Revenue from contracts with customers23,379 19,694 
Revenue outside the scope of ASC 606
5,018 3,980 
Total28,397 23,674 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.