v3.26.3
DESCRIPTION OF BUSINESS AND SEGMENTED DISCLOSURES - Schedule of Segment and Operational Information (Details) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues        
Gross Sales $ 17,937 $ 14,053 $ 50,364 $ 41,198
Less: Royalties (1,953) (858) (4,597) (2,385)
Revenues 15,984 13,195 45,767 38,813
Expenses        
Purchased Product 4,711 6,140 13,872 18,100
Transportation and Blending 3,642 2,405 11,155 7,856
Purchased Product, Transportation and Blending 8,353 8,545 25,027 25,956
Operating 1,445 1,594 4,313 4,971
(Gain) Loss on Risk Management 7 (2) 80 (79)
Depreciation, Depletion and Amortization 1,481 1,322 4,437 3,820
Exploration Expense 15 1 31 9
(Income) Loss From Equity-Accounted Affiliates (18) (9) (79) (45)
Segment Income (Loss) 4,701 1,744 11,958 4,181
General and Administrative 371 220 1,000 570
Finance Costs, Net 147 154 522 404
Integration, Transaction and Other Costs 27 44 95 123
Foreign Exchange (Gain) Loss, Net (54) 157 288 (196)
(Gain) Loss on Divestiture of Assets (96) (106) (186) (109)
Other (Income) Loss, Net (55) (22) (148) (54)
Total Non-operating (Income) Expense 340 447 1,571 738
Earnings (Loss) Before Income Tax 4,361 1,297 10,387 3,443
Income Tax Expense (Recovery) 1,001 11 2,587 447
Net Earnings (Loss) 3,360 1,286 7,800 2,996
External Sales        
Revenues        
Gross Sales 17,937 14,053 50,364 41,198
Intersegment Sales        
Revenues        
Gross Sales 0 0 0 0
Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management 5 17 98 (14)
Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management 2 (19) (18) (65)
Upstream        
Revenues        
Gross Sales 12,515 7,562 37,116 24,208
Less: Royalties (1,953) (858) (4,597) (2,385)
Revenues 10,562 6,704 32,519 21,823
Expenses        
Purchased Product 1,205 674 4,523 2,952
Transportation and Blending 3,822 2,543 11,779 8,411
Operating 1,008 885 3,026 2,674
Operating Margin 4,535 2,590 13,158 7,775
Depreciation, Depletion and Amortization 1,300 1,098 3,892 3,141
Exploration Expense 15 1 31 9
(Income) Loss From Equity-Accounted Affiliates (18) (9) (80) (61)
Segment Income (Loss) 3,239 1,518 9,345 4,696
Upstream | External Sales        
Revenues        
Gross Sales 9,661 5,774 29,026 17,981
Upstream | Intersegment Sales        
Revenues        
Gross Sales 2,854 1,788 8,090 6,227
Upstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management (8) 12 33 11
Upstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management (1) (18) (30) (10)
Downstream        
Revenues        
Gross Sales 8,579 8,435 22,363 23,883
Less: Royalties 0 0 0 0
Revenues 8,579 8,435 22,363 23,883
Expenses        
Purchased Product 6,266 7,321 17,307 21,281
Transportation and Blending 0 0 0 0
Operating 520 751 1,551 2,552
Operating Margin 1,794 364 3,481 56
Depreciation, Depletion and Amortization 158 200 473 606
Exploration Expense 0 0 0 0
(Income) Loss From Equity-Accounted Affiliates 0 0 0 0
Segment Income (Loss) 1,639 161 3,013 (545)
Downstream | External Sales        
Revenues        
Gross Sales 8,276 8,279 21,338 23,217
Downstream | Intersegment Sales        
Revenues        
Gross Sales 303 156 1,025 666
Downstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management 1 1 24 (6)
Downstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management 3 (3) (5) (5)
Oil Sands | Upstream        
Revenues        
Gross Sales 11,087 6,748 32,686 21,115
Less: Royalties (1,873) (831) (4,413) (2,281)
Revenues 9,214 5,917 28,273 18,834
Expenses        
Purchased Product 626 507 2,773 1,995
Transportation and Blending 3,728 2,452 11,508 8,138
Operating 767 655 2,352 2,032
Operating Margin 4,105 2,293 11,600 6,659
Depreciation, Depletion and Amortization 1,087 867 3,176 2,450
Exploration Expense 14 1 18 7
(Income) Loss From Equity-Accounted Affiliates 1 0 (27) (38)
Segment Income (Loss) 3,004 1,437 8,467 4,243
Oil Sands | Upstream | External Sales        
Revenues        
Gross Sales 8,663 5,177 25,972 15,874
Oil Sands | Upstream | Intersegment Sales        
Revenues        
Gross Sales 2,424 1,571 6,714 5,241
Oil Sands | Upstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management (12) 10 40 10
Oil Sands | Upstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management (1) (12) (34) (3)
Conventional | Upstream        
Revenues        
Gross Sales 943 429 2,886 1,922
Less: Royalties (53) (12) (108) (44)
Revenues 890 417 2,778 1,878
Expenses        
Purchased Product 579 161 1,750 951
Transportation and Blending 87 86 250 259
Operating 118 127 332 369
Operating Margin 102 41 453 298
Depreciation, Depletion and Amortization 136 125 404 362
Exploration Expense 0 0 0 0
(Income) Loss From Equity-Accounted Affiliates 0 0 (1) 1
Segment Income (Loss) (34) (78) 46 (58)
Conventional | Upstream | External Sales        
Revenues        
Gross Sales 513 212 1,510 936
Conventional | Upstream | Intersegment Sales        
Revenues        
Gross Sales 430 217 1,376 986
Conventional | Upstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management 4 2 (7) 1
Conventional | Upstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management 0 (6) 4 (7)
Offshore | Upstream        
Revenues        
Gross Sales 485 385 1,544 1,171
Less: Royalties (27) (15) (76) (60)
Revenues 458 370 1,468 1,111
Expenses        
Purchased Product 0 6 0 6
Transportation and Blending 7 5 21 14
Operating 123 103 342 273
Operating Margin 328 256 1,105 818
Depreciation, Depletion and Amortization 77 106 312 329
Exploration Expense 1 0 13 2
(Income) Loss From Equity-Accounted Affiliates (19) (9) (52) (24)
Segment Income (Loss) 269 159 832 511
Offshore | Upstream | External Sales        
Revenues        
Gross Sales 485 385 1,544 1,171
Offshore | Upstream | Intersegment Sales        
Revenues        
Gross Sales 0 0 0 0
Offshore | Upstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management 0 0 0 0
Offshore | Upstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management 0 0 0 0
Canadian Refining | Downstream        
Revenues        
Gross Sales 1,939 1,353 4,954 3,923
Less: Royalties 0 0 0 0
Revenues 1,939 1,353 4,954 3,923
Expenses        
Purchased Product 1,385 1,102 3,724 3,218
Transportation and Blending 0 0 0 0
Operating 137 140 430 419
Operating Margin 417 111 800 286
Depreciation, Depletion and Amortization 46 40 136 139
Exploration Expense 0 0 0 0
(Income) Loss From Equity-Accounted Affiliates 0 0 0 0
Segment Income (Loss) 371 71 664 147
Canadian Refining | Downstream | External Sales        
Revenues        
Gross Sales 1,639 1,198 3,934 3,259
Canadian Refining | Downstream | Intersegment Sales        
Revenues        
Gross Sales 300 155 1,020 664
Canadian Refining | Downstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management 0 0 0 0
Canadian Refining | Downstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management 0 0 0 0
U.S Refining | Downstream        
Revenues        
Gross Sales 6,640 7,082 17,409 19,960
Less: Royalties 0 0 0 0
Revenues 6,640 7,082 17,409 19,960
Expenses        
Purchased Product 4,881 6,219 13,583 18,063
Transportation and Blending 0 0 0 0
Operating 383 611 1,121 2,133
Operating Margin 1,377 253 2,681 (230)
Depreciation, Depletion and Amortization 112 160 337 467
Exploration Expense 0 0 0 0
(Income) Loss From Equity-Accounted Affiliates 0 0 0 0
Segment Income (Loss) 1,268 90 2,349 (692)
U.S Refining | Downstream | External Sales        
Revenues        
Gross Sales 6,637 7,081 17,404 19,958
U.S Refining | Downstream | Intersegment Sales        
Revenues        
Gross Sales 3 1 5 2
U.S Refining | Downstream | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management (1) (1) 24 (6)
U.S Refining | Downstream | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management (3) 3 (5) (5)
Corporate and Eliminations        
Revenues        
Gross Sales (3,157) (1,944) (9,115) (6,893)
Less: Royalties 0 0 0 0
Revenues (3,157) (1,944) (9,115) (6,893)
Expenses        
Purchased Product (2,760) (1,855) (7,958) (6,133)
Transportation and Blending (180) (138) (624) (555)
Purchased Product, Transportation and Blending (2,940) (1,993) (8,582) (6,688)
Operating (83) (42) (264) (255)
Depreciation, Depletion and Amortization 23 24 72 73
Exploration Expense 0 0 0 0
(Income) Loss From Equity-Accounted Affiliates 0 0 1 16
Segment Income (Loss) (177) 65 (400) 30
General and Administrative 371 220 1,000 570
Finance Costs, Net 147 154 522 404
Integration, Transaction and Other Costs 27 44 95 123
Foreign Exchange (Gain) Loss, Net (54) 157 288 (196)
(Gain) Loss on Divestiture of Assets (96) (106) (186) (109)
Other (Income) Loss, Net (55) (22) (148) (54)
Total Non-operating (Income) Expense 340 447 1,571 738
Corporate and Eliminations | External Sales        
Revenues        
Gross Sales 0 0 0 0
Corporate and Eliminations | Intersegment Sales        
Revenues        
Gross Sales (3,157) (1,944) (9,115) (6,893)
Corporate and Eliminations | Realized (Gain) Loss        
Expenses        
(Gain) Loss on Risk Management 14 6 41 (19)
Corporate and Eliminations | Unrealized (Gain) Loss on Risk Management        
Expenses        
(Gain) Loss on Risk Management $ 6 $ (4) $ 17 $ (50)