v3.26.1
Business segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Business segments Business segments
Three Months to March 31
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
125 39 12,051 12,161 240 266 
Intersegment sales
3,895 4,405 1,840 1,837 96 106 
Investment and other income (note 3)
1 14 19 21 — — 
Total revenues and other income4,021 4,458 13,910 14,019 336 372 
Expenses
Exploration3 2 — — — — 
Purchases of crude oil and products
1,719 1,862 12,062 11,987 226 253 
Production and manufacturing1,236 1,176 463 457 52 51 
Selling and general (note 11)
— — 180 174 22 22 
Federal excise tax and fuel charge— — 347 591 1 1 
Depreciation and depletion
447 470 56 45 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— (12)— — — — 
Total expenses3,405 3,498 13,108 13,254 305 331 
Income (loss) before income taxes616 960 802 765 31 41 
Income tax expense (benefit)146 229 191 181 7 10 
Net income (loss)
470 731 611 584 24 31 
Cash flows from (used in) operating activities
121 201 604 1,356 25 59 
Capital and exploration expenditures (c)
362 266 91 88 3 3 
Total assets as at March 31
29,935 29,382 14,104 12,327 527 473 
Three Months to March 31
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202620252026202520262025
Revenues and other income
Revenues (a) (b)
— — — — 12,416 12,466 
Intersegment sales
— — (5,831)(6,348)— — 
Investment and other income (note 3)
10 16 — — 30 51 
Total revenues and other income10 16 (5,831)(6,348)12,446 12,517 
Expenses
Exploration— — — — 3 2 
Purchases of crude oil and products
— — (5,829)(6,346)8,178 7,756 
Production and manufacturing3 2 — — 1,754 1,686 
Selling and general (note 11)
197 65 (2)(2)397 259 
Federal excise tax and fuel charge— — — — 348 592 
Depreciation and depletion
13 12 — — 520 531 
Non-service pension and postretirement benefit3 5 — — 3 5 
Financing (note 5)
11 10 — — 11 (2)
Total expenses227 94 (5,831)(6,348)11,214 10,829 
Income (loss) before income taxes(217)(78)— — 1,232 1,688 
Income tax expense (benefit)(52)(20)— — 292 400 
Net income (loss)
(165)(58)— — 940 1,288 
Cash flows from (used in) operating activities
6 (74)— (15)756 1,527 
Capital and exploration expenditures (c)
22 41 — — 478 398 
Total assets as at March 31
3,459 3,830 (2,572)(2,123)45,453 43,889 
Includes export sales to the United States of $2,201 million (2025 - $2,791 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
       Three Months
       to March 31
millions of Canadian dollars2026 2025 
Revenue from contracts with customers9,832 10,135 
Revenue outside the scope of ASC 606
2,584 2,331 
Total12,416 12,466 
(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.