v3.26.3
Consolidated Statements of Cash Flows (unaudited) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating Activities        
Net Earnings (Loss) $ 3,360 $ 1,286 $ 7,800 $ 2,996
Depreciation, Depletion and Amortization 1,481 1,322 4,437 3,820
Deferred Income Tax Expense (Recovery) 71 (327) 339 (520)
Unrealized (Gain) Loss on Risk Management 2 (19) (18) (65)
Unrealized Foreign Exchange (Gain) Loss (108) 153 309 (248)
Realized Foreign Exchange (Gain) Loss on Non-Operating Items 0 4 0 4
(Gain) Loss on Divestiture of Assets (96) (106) (186) (109)
Unwinding of Discount on Decommissioning Liabilities 64 63 192 179
(Income) Loss From Equity-Accounted Affiliates (18) (9) (79) (45)
Distributions Received From Equity-Accounted Affiliates 20 27 85 110
Stock-Based Compensation, Net of Payments 228 75 484 94
Other 19 (3) 23 (19)
Settlement of Decommissioning Liabilities (63) (94) (155) (198)
Net Change in Non-Cash Working Capital 624 (241) 170 (179)
Cash From (Used in) Operating Activities 5,584 2,131 13,401 5,820
Investing Activities        
Acquisitions, Net of Cash Acquired (3) (7) (18) (236)
Capital Investment (1,454) (1,154) (3,824) (3,547)
Proceeds From Divestitures 275 0 446 13
Net Change in Investments and Other (6) 4 (16) (9)
Net Change in Non-Cash Working Capital 112 (159) 99 (260)
Cash From (Used in) Investing Activities (1,076) (1,316) (3,313) (4,039)
Net Cash Provided (Used) Before Financing Activities 4,508 815 10,088 1,781
Financing Activities        
Net Issuance (Repayment) of Short-Term Borrowings 0 86 0 152
Repayment of Long-Term Debt 0 (183) (2,700) (195)
Principal Repayment of Leases (94) (89) (272) (266)
Net Proceeds (Repayments) on Repurchase Agreements (32) (45) 98 183
Common Shares Issued Under Stock Option Plans 21 5 80 12
Purchase of Common Shares Under NCIB (1,472) (918) (2,847) (1,281)
Purchase of Common Shares Under Employee Benefit Plan (175) (21) (284) (94)
Redemption of Preferred Shares 0 0 (300) (350)
Proceeds From Exercise of Warrants 0 2 3 5
Dividends Paid (403) (356) (1,193) (1,057)
Cash From (Used in) Financing Activities (2,155) (1,519) (7,415) (2,891)
Effect of Foreign Exchange on Cash and Cash Equivalents 25 42 135 (82)
Increase (Decrease) in Cash and Cash Equivalents 2,378 (662) 2,808 (1,192)
Cash and Cash Equivalents, Beginning of Period 3,170 2,563 2,740 3,093
Cash and Cash Equivalents, End of Period $ 5,548 $ 1,901 $ 5,548 $ 1,901