v3.25.3
Business segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business segments
Third Quarter
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
72 24 11,675 12,997 247 194 
Intersegment sales
4,034 4,583 1,517 1,562 96 60 
Investment and other income (note 3)
3 2 31 11 — 1 
Total revenues and other income4,109 4,609 13,223 14,570 343 255 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,612 1,766 11,578 13,014 231 157 
Production and manufacturing1,098 1,050 462 423 58 36 
Selling and general (note 11)
— — 169 170 22 22 
Federal excise tax and fuel charge— — 379 660 1 1 
Depreciation and depletion (note 11)
434 447 56 48 4 3 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 2 — — — — 
Total expenses3,148 3,266 12,644 14,315 316 219 
Income (loss) before income taxes961 1,343 579 255 27 36 
Income tax expense (benefit)233 316 135 50 6 8 
Net income (loss)
728 1,027 444 205 21 28 
Cash flows from (used in) operating activities
1,415 1,298 319 164 15 49 
Capital and exploration expenditures (c)
353 300 114 133 4 3 
Third Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
— — — — 11,994 13,215 
Intersegment sales
— — (5,647)(6,205)— — 
Investment and other income (note 3)
21 30 — — 55 44 
Total revenues and other income21 30 (5,647)(6,205)12,049 13,259 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (5,645)(6,203)7,776 8,734 
Production and manufacturing7 8 — — 1,625 1,517 
Selling and general (note 11)
433 33 (2)(2)622 223 
Federal excise tax and fuel charge— — — — 380 661 
Depreciation and depletion (note 11)
417 10 — — 911 508 
Non-service pension and postretirement benefit25 1 — — 25 1 
Financing (note 5)
5 9 — — 8 11 
Total expenses887 61 (5,647)(6,205)11,348 11,656 
Income (loss) before income taxes(866)(31)— — 701 1,603 
Income tax expense (benefit)(212)(8)— — 162 366 
Net income (loss)
(654)(23)— — 539 1,237 
Cash flows from (used in) operating activities
49 (24)— — 1,798 1,487 
Capital and exploration expenditures (c)
34 50 — — 505 486 
Includes export sales to the United States of $2,404 million (2024 - $2,631 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 dollars2025 2024 
Revenue from contracts with customers9,696 10,404 
Revenue outside the scope of ASC 606
2,298 2,811 
Total11,994 13,215 
(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 dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
198 95 34,698 37,862 772 855 
Intersegment sales
12,140 13,227 4,904 4,949 299 235 
Investment and other income (note 3)
13 7 67 32 — 2 
Total revenues and other income12,351 13,329 39,669 42,843 1,071 1,092 
Expenses
Exploration3 3 — — — — 
Purchases of crude oil and products
4,843 5,479 34,517 37,549 724 673 
Production and manufacturing3,401 3,441 1,385 1,279 171 137 
Selling and general (note 11)
— — 518 503 64 71 
Federal excise tax and fuel charge— — 1,340 1,905 4 3 
Depreciation and depletion (note 11)
1,322 1,275 145 139 12 11 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
(9)4 — — — — 
Total expenses9,560 10,202 37,905 41,375 975 895 
Income (loss) before income taxes2,791 3,127 1,764 1,468 96 197 
Income tax expense (benefit)668 743 414 338 23 47 
Net income (loss)
2,123 2,384 1,350 1,130 73 150 
Cash flows from (used in) operating activities
2,637 3,351 2,316 555 (60)120 
Capital and exploration expenditures (c)
972 857 292 435 8 11 
Total assets as at September 30 (d) (note 11)
28,449 28,186 11,696 11,104 542 452 
Nine Months to September 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202520242025202420252024
Revenues and other income
Revenues (a) (b)
— — — — 35,668 38,812 
Intersegment sales
— — (17,343)(18,411)— — 
Investment and other income (note 3)
50 72 — — 130 113 
Total revenues and other income50 72 (17,343)(18,411)35,798 38,925 
Expenses
Exploration— — — — 3 3 
Purchases of crude oil and products
— — (17,337)(18,405)22,747 25,296 
Production and manufacturing18 13 — — 4,975 4,870 
Selling and general (note 11)
556 122 (6)(6)1,132 690 
Federal excise tax and fuel charge— — — — 1,344 1,908 
Depreciation and depletion (note 11)
441 29 — — 1,920 1,454 
Non-service pension and postretirement benefit36 3 — — 36 3 
Financing (note 5)
17 33 — — 8 37 
Total expenses1,068 200 (17,343)(18,411)32,165 34,261 
Income (loss) before income taxes(1,018)(128)— — 3,633 4,664 
Income tax expense (benefit)(248)(29)— — 857 1,099 
Net income (loss)
(770)(99)— — 2,776 3,565 
Cash flows from (used in) operating activities
(88)166 (15)— 4,790 4,192 
Capital and exploration expenditures (c)
104 141 — — 1,376 1,444 
Total assets as at September 30 (d) (note 11)
4,034 2,942 (1,758)(155)42,963 42,529 
Includes export sales to the United States of $7,110 million (2024 - $7,641 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 dollars2025 2024 
Revenue from contracts with customers29,390 30,915 
Revenue outside the scope of ASC 606
6,278 7,897 
Total35,668 38,812 
(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. Prior periods have not been recast.
Disaggregation of Revenue
Revenues
        Third Quarter
millions of Canadian dollars2025 2024 
Revenue from contracts with customers9,696 10,404 
Revenue outside the scope of ASC 606
2,298 2,811 
Total11,994 13,215 
Revenues
       Nine Months
       to September 30
millions of Canadian dollars2025 2024 
Revenue from contracts with customers29,390 30,915 
Revenue outside the scope of ASC 606
6,278 7,897 
Total35,668 38,812