v3.26.3
Business segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Business segments
Third Quarter
Upstream
Downstream
Chemical
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
167 72 15,737 11,675 275 247 
Intersegment sales
4,900 4,034 1,842 1,517 128 96 
Investment and other income (note 3)
1 3 2 31 — — 
Total revenues and other income5,068 4,109 17,581 13,223 403 343 
Expenses
Exploration6 1 — — — — 
Purchases of crude oil and products
2,007 1,612 14,748 11,578 243 231 
Production and manufacturing1,376 1,098 517 462 56 58 
Selling and general (note 11)
— — 229 169 33 22 
Federal excise tax and fuel charge— — — 379 — 1 
Depreciation and depletion (note 11)
430 434 57 56 2 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
5 3 — — — — 
Total expenses3,824 3,148 15,551 12,644 334 316 
Income (loss) before income taxes1,244 961 2,030 579 69 27 
Income tax expense (benefit)303 233 475 135 17 6 
Net income (loss)
941 728 1,555 444 52 21 
Cash flows from (used in) operating activities
2,069 1,415 886 319 97 15 
Capital and exploration expenditures (c)
514 353 124 114 6 4 
Third Quarter
Corporate and other
Eliminations
Consolidated
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
— — — — 16,179 11,994 
Intersegment sales
— — (6,870)(5,647)— — 
Investment and other income (note 3)
23 21 — — 26 55 
Total revenues and other income23 21 (6,870)(5,647)16,205 12,049 
Expenses
Exploration— — — — 6 1 
Purchases of crude oil and products
— — (6,868)(5,645)10,130 7,776 
Production and manufacturing— 7 — — 1,949 1,625 
Selling and general (note 11)
130 433 (2)(2)390 622 
Federal excise tax and fuel charge— — — — — 380 
Depreciation and depletion (note 11)
11 417 — — 500 911 
Non-service pension and postretirement benefit(2)25 — — (2)25 
Financing (note 5)
8 5 — — 13 8 
Total expenses147 887 (6,870)(5,647)12,986 11,348 
Income (loss) before income taxes(124)(866)— — 3,219 701 
Income tax expense (benefit)(30)(212)— — 765 162 
Net income (loss)
(94)(654)— — 2,454 539 
Cash flows from (used in) operating activities
176 49 — — 3,228 1,798 
Capital and exploration expenditures (c)
24 34 — — 668 505 
Includes export sales to the United States of $3,352 million (2025 - $2,404 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
        Third Quarter
millions of Canadian dollars2026 2025 
Revenue from contracts with customers14,163 9,696 
Revenue outside the scope of ASC 606
2,016 2,298 
Total16,179 11,994 
(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.
Nine Months to September 30
Upstream
Downstream
Chemical
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
402 198 43,340 34,698 834 772 
Intersegment sales
14,182 12,140 5,912 4,904 352 299 
Investment and other income (note 3)
3 13 89 67 — — 
Total revenues and other income14,587 12,351 49,341 39,669 1,186 1,071 
Expenses
Exploration10 3 — — — — 
Purchases of crude oil and products
5,896 4,843 42,746 34,517 746 724 
Production and manufacturing3,832 3,401 1,522 1,385 162 171 
Selling and general (note 11)
— — 604 518 74 64 
Federal excise tax and fuel charge— — 417 1,340 1 4 
Depreciation and depletion (note 11)
1,286 1,322 192 145 16 12 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
9 (9)1 — — — 
Total expenses11,033 9,560 45,482 37,905 999 975 
Income (loss) before income taxes3,554 2,791 3,859 1,764 187 96 
Income tax expense (benefit)844 668 906 414 46 23 
Net income (loss)
2,710 2,123 2,953 1,350 141 73 
Cash flows from (used in) operating activities
3,897 2,637 2,517 2,316 168 (60)
Capital and exploration expenditures (c)
1,235 972 340 292 37 8 
Total assets as at September 30 (d) (note 11)
29,858 28,449 16,205 11,696 569 542 
Nine Months to September 30
Corporate and other
Eliminations
Consolidated
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
— — — — 44,576 35,668 
Intersegment sales
— — (20,446)(17,343)— — 
Investment and other income (note 3)
45 50 — — 137 130 
Total revenues and other income45 50 (20,446)(17,343)44,713 35,798 
Expenses
Exploration— — — — 10 3 
Purchases of crude oil and products
— — (20,439)(17,337)28,949 22,747 
Production and manufacturing6 18 — — 5,522 4,975 
Selling and general (note 11)
260 556 (7)(6)931 1,132 
Federal excise tax and fuel charge— — — — 418 1,344 
Depreciation and depletion (note 11)
37 441 — — 1,531 1,920 
Non-service pension and postretirement benefit3 36 — — 3 36 
Financing (note 5)
28 17 — — 38 8 
Total expenses334 1,068 (20,446)(17,343)37,402 32,165 
Income (loss) before income taxes(289)(1,018)— — 7,311 3,633 
Income tax expense (benefit)(69)(248)— — 1,727 857 
Net income (loss)
(220)(770)— — 5,584 2,776 
Cash flows from (used in) operating activities
106 (88)— (15)6,688 4,790 
Capital and exploration expenditures (c)
65 104 — — 1,677 1,376 
Total assets as at September 30 (d) (note 11)
5,177 4,034 (2,518)(1,758)49,291 42,963 
Includes export sales to the United States of $8,985 million (2025 - $7,110 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
       Nine Months
       to September 30
millions of Canadian dollars2026 2025 
Revenue from contracts with customers37,542 29,390 
Revenue outside the scope of ASC 606
7,034 6,278 
Total44,576 35,668 
(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.
(d)In 2025, in conjunction with the company signing an agreement to sell the Calgary Imperial campus, the Upstream segment transferred the asset to the Corporate and other segment for $466 million. The effects of this transaction have been eliminated for consolidation purposes.
Disaggregation of Revenue
Revenues
        Third Quarter
millions of Canadian dollars2026 2025 
Revenue from contracts with customers14,163 9,696 
Revenue outside the scope of ASC 606
2,016 2,298 
Total16,179 11,994 
Revenues
       Nine Months
       to September 30
millions of Canadian dollars2026 2025 
Revenue from contracts with customers37,542 29,390 
Revenue outside the scope of ASC 606
7,034 6,278 
Total44,576 35,668