NADA |
||
(State or other jurisdiction |
(I.R.S. Employer | |
of incorporation or organization) |
Identification No.) | |
|
||
(Address of principal executive offices) |
(Postal Code) |
Title of each class |
Trading symbol | Name of each exchange on which registered | ||
None |
None |
Large accelerated file r |
✓ |
Smaller reporting company |
||||
Non-accelerated filer |
Emerging growth company |
|||||
Accelerated filer |
Six Months |
||||||||||||||||
Second Quarter |
to June 30 |
|||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Revenues and other income |
||||||||||||||||
Revenues (a) |
||||||||||||||||
Investment and other income (note 3) |
||||||||||||||||
Total revenues and other income |
||||||||||||||||
Expenses |
||||||||||||||||
Exploration |
||||||||||||||||
Purchases of crude oil and products (b) |
||||||||||||||||
Production and manufacturing (c) |
||||||||||||||||
Selling and general (c) |
||||||||||||||||
Federal excise tax and fuel charge |
||||||||||||||||
Depreciation and depletion |
||||||||||||||||
Non-service pension and postretirement benefit |
||||||||||||||||
Financing (d) (note 5) |
||||||||||||||||
Total expenses |
||||||||||||||||
Income (loss) before income taxes |
||||||||||||||||
Income taxes |
||||||||||||||||
Net income (loss) |
||||||||||||||||
Per share information (Canadian dollars) |
|
|||||||||||||||
Net income (loss) per common share - basic (note 9) |
||||||||||||||||
Net income (loss) per common share - diluted (note 9) |
||||||||||||||||
(a) Amounts from related parties included in revenues. |
||||||||||||||||
(b) Amounts to related parties included in purchases of crude oil and products. |
||||||||||||||||
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses. |
||||||||||||||||
(d) Amounts to related parties included in financing (note 5). |
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) |
||||||||||||||||
Six Months |
||||||||||||||||
Second Quarter |
to June 30 |
|||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Net income (loss) |
||||||||||||||||
Other comprehensive income (loss), net of income taxes |
||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) |
||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit costs |
||||||||||||||||
Total other comprehensive income (loss) |
||||||||||||||||
Comprehensive income (loss) |
As at |
As at |
|||||||
June 30 |
Dec 31 |
|||||||
millions of Canadian dollars |
2022 |
2021 |
||||||
Assets |
||||||||
Current assets |
||||||||
Cash |
||||||||
Accounts receivable - net (a) |
||||||||
Inventories of crude oil and products |
||||||||
Materials, supplies and prepaid expenses |
||||||||
Total current assets |
||||||||
Investments and long-term receivables (b) |
||||||||
Property, plant and equipment, |
||||||||
less accumulated depreciation and depletion |
( |
) |
( |
) | ||||
Property, plant and equipment, net (note 11) |
||||||||
Goodwill |
||||||||
Other assets, including intangibles - net |
||||||||
Total assets |
||||||||
Liabilities |
||||||||
Current liabilities |
||||||||
Notes and loans payable |
||||||||
Accounts payable and accrued liabilities (a) (note 7) |
||||||||
Income taxes payable |
||||||||
Total current liabilities |
||||||||
Long-term debt (c) (note 6) |
||||||||
Other long-term obligations (note 7) |
||||||||
Deferred income tax liabilities |
||||||||
Total liabilities |
||||||||
Shareholders’ equity |
||||||||
Common shares at stated value (d) (note 9) |
||||||||
Earnings reinvested |
||||||||
Accumulated other comprehensive income (loss) (note 10) |
( |
) |
( |
) | ||||
Total shareholders’ equity |
||||||||
Total liabilities and shareholders’ equity |
(a) | Accounts receivable - net included net amounts receivable from related parties of $ |
(b) | Investments and long-term receivables included amounts from related parties of $ |
(c) | Long-term debt included amounts to related parties of $ |
(d) | Number of common shares authorized and outstanding were |
Six Months |
||||||||||||||||
Second Quarter |
to June 30 |
|||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Common shares at stated value (note 9) |
||||||||||||||||
At beginning of period |
||||||||||||||||
Share purchases at stated value |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
At end of period |
||||||||||||||||
Earnings reinvested |
||||||||||||||||
At beginning of period |
||||||||||||||||
Net income (loss) for the period |
||||||||||||||||
Share purchases in excess of stated value |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Dividends declared |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
At end of period |
||||||||||||||||
Accumulated other comprehensive income (loss) (note 10) |
||||||||||||||||
At beginning of period |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Other comprehensive income (loss) |
||||||||||||||||
At end of period |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Shareholders’ equity at end of period |
Six Months |
||||||||||||||||
Inflow (outflow) |
Second Quarter |
to June 30 |
||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Operating activities |
||||||||||||||||
Net income (loss) |
||||||||||||||||
Adjustments for non-cash items: |
||||||||||||||||
Depreciation and depletion |
||||||||||||||||
(Gain) loss on asset sales (note 3) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Deferred income taxes and other |
( |
) |
( |
) |
||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||
Accounts receivable |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Inventories, materials, supplies and prepaid expenses |
( |
) |
( |
) |
( |
) | ||||||||||
Income taxes payable |
||||||||||||||||
Accounts payable and accrued liabilities |
||||||||||||||||
All other items - net (c) |
||||||||||||||||
Cash flows from (used in) operating activities |
||||||||||||||||
Investing activities |
||||||||||||||||
Additions to property, plant and equipment |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Proceeds from asset sales (note 3) (b) |
||||||||||||||||
Loans to equity companies - net |
( |
) | ||||||||||||||
Cash flows from (used in) investing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Financing activities |
||||||||||||||||
Short-term debt - net |
( |
) | ||||||||||||||
Reduction in finance lease obligations (note 6) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Dividends paid |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Common shares purchased (note 9) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Cash flows from (used in) financing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Increase (decrease) in cash |
( |
) |
( |
) | ||||||||||||
Cash at beginning of period |
||||||||||||||||
Cash at end of period (a) |
||||||||||||||||
(a) Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased. |
||||||||||||||||
(b) Included $ |
||||||||||||||||
(c) Included contributions to registered pension plans. |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Income taxes (paid) refunded. |
( |
) |
( |
) |
||||||||||||
Interest (paid), net of capitalization. |
( |
) |
( |
) | ( |
) |
( |
) |
1. |
Basis of financial statement preparation |
2. |
Business segments |
Second Quarter |
Upstream |
Downstream |
Chemical |
|||||||||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||
Revenues and other income |
||||||||||||||||||||||||
Revenues (a) (b) |
||||||||||||||||||||||||
Intersegment sales |
||||||||||||||||||||||||
Investment and other income (note 3) |
||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||
Exploration |
||||||||||||||||||||||||
Purchases of crude oil and products |
||||||||||||||||||||||||
Production and manufacturing |
||||||||||||||||||||||||
Selling and general |
||||||||||||||||||||||||
Federal excise tax and fuel charge |
||||||||||||||||||||||||
Depreciation and depletion |
||||||||||||||||||||||||
Non-service pension and postretirement benefit |
||||||||||||||||||||||||
Financing (note 5) |
||||||||||||||||||||||||
Total expenses |
||||||||||||||||||||||||
Income (loss) before income taxes |
||||||||||||||||||||||||
Income tax expense (benefit) |
||||||||||||||||||||||||
Net income (loss) |
||||||||||||||||||||||||
Cash flows from (used in) operating activities |
||||||||||||||||||||||||
Capital and exploration expenditures (c) |
||||||||||||||||||||||||
Second Quarter |
Corporate and other |
Eliminations |
Consolidated |
|||||||||||||||||||||
millions of Canadian dollars |
2022 |
2021 | 2022 |
2021 | 2022 |
2021 | ||||||||||||||||||
Revenues and other income |
||||||||||||||||||||||||
Revenues (a) (b) |
||||||||||||||||||||||||
Intersegment sales |
( |
) |
( |
) | ||||||||||||||||||||
Investment and other income (note 3) |
||||||||||||||||||||||||
( |
) |
( |
) | |||||||||||||||||||||
Expenses |
||||||||||||||||||||||||
Exploration |
||||||||||||||||||||||||
Purchases of crude oil and products |
( |
) |
( |
) | ||||||||||||||||||||
Production and manufacturing |
||||||||||||||||||||||||
Selling and general |
( |
) |
( |
) | ||||||||||||||||||||
Federal excise tax and fuel charge |
||||||||||||||||||||||||
Depreciation and depletion |
||||||||||||||||||||||||
Non-service pension and postretirement benefit |
||||||||||||||||||||||||
Financing (note 5) |
||||||||||||||||||||||||
Total expenses |
( |
) |
( |
) | ||||||||||||||||||||
Income (loss) before income taxes |
( |
) |
( |
) | ||||||||||||||||||||
Income tax expense (benefit) |
( |
) |
( |
) | ||||||||||||||||||||
Net income (loss) |
( |
) |
( |
) | ||||||||||||||||||||
Cash flows from (used in) operating activities |
( |
) |
||||||||||||||||||||||
Capital and exploration expenditures (c) |
(a) | Included export sales to the United States of $ |
(b) | Includes approximately . Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it . |
(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. |
Six Months to June 30 |
Upstream |
Downstream |
Chemical |
|||||||||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||
Revenues and other income |
||||||||||||||||||||||||
Revenues (a) (b) |
||||||||||||||||||||||||
Intersegment sales |
||||||||||||||||||||||||
Investment and other income (note 3) |
||||||||||||||||||||||||
Expenses |
||||||||||||||||||||||||
Exploration |
||||||||||||||||||||||||
Purchases of crude oil and products |
||||||||||||||||||||||||
Production and manufacturing |
||||||||||||||||||||||||
Selling and general |
||||||||||||||||||||||||
Federal excise tax and fuel charge |
||||||||||||||||||||||||
Depreciation and depletion |
||||||||||||||||||||||||
Non-service pension and postretirement benefit |
||||||||||||||||||||||||
Financing (note 5) |
||||||||||||||||||||||||
Total expenses |
||||||||||||||||||||||||
Income (loss) before income taxes |
||||||||||||||||||||||||
Income tax expense (benefit) |
||||||||||||||||||||||||
Net income (loss) |
||||||||||||||||||||||||
Cash flows from (used in) operating activities |
||||||||||||||||||||||||
Capital and exploration expenditures (c) |
||||||||||||||||||||||||
Total assets as at June 30 (note 11) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Six Months to June 30 |
Corporate and other |
Eliminations |
Consolidated |
|||||||||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
||||||||||||||||||
Revenues and other income |
||||||||||||||||||||||||
Revenues (a) (b) |
||||||||||||||||||||||||
Intersegment sales |
( |
) |
( |
) | ||||||||||||||||||||
Investment and other income (note 3) |
||||||||||||||||||||||||
( |
) |
( |
) | |||||||||||||||||||||
Expenses |
||||||||||||||||||||||||
Exploration |
||||||||||||||||||||||||
Purchases of crude oil and products |
( |
) |
( |
) | ||||||||||||||||||||
Production and manufacturing |
||||||||||||||||||||||||
Selling and general |
( |
) |
( |
) | ||||||||||||||||||||
Federal excise tax and fuel charge |
||||||||||||||||||||||||
Depreciation and depletion |
||||||||||||||||||||||||
Non-service pension and postretirement benefit |
||||||||||||||||||||||||
Financing (note 5) |
||||||||||||||||||||||||
Total expenses |
( |
) |
( |
) | ||||||||||||||||||||
Income (loss) before income taxes |
( |
) |
( |
) | ||||||||||||||||||||
Income tax expense (benefit) |
( |
) |
( |
) | ||||||||||||||||||||
Net income (loss) |
( |
) |
( |
) | ||||||||||||||||||||
Cash flows from (used in) operating activities |
( |
) |
||||||||||||||||||||||
Capital and exploration expenditures (c) |
||||||||||||||||||||||||
Total assets as at June 30 (note 11) |
( |
) |
( |
) |
(a) | Included export sales to the United States of $ |
(b) | Includes approximately . Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it . |
(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. |
3. |
Investment and other income |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Proceeds from asset sales |
||||||||||||||||
Book value of asset sales |
||||||||||||||||
Gain (loss) on asset sales, before tax |
||||||||||||||||
Gain (loss) on asset sales, after tax |
4. |
Employee retirement benefits |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Pension benefits: |
||||||||||||||||
Service cost |
||||||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
( |
( |
( |
||||||||||||
Amortization of prior service cost |
||||||||||||||||
Amortization of actuarial loss (gain) |
||||||||||||||||
Net benefit cost |
||||||||||||||||
Other postretirement benefits: |
||||||||||||||||
Service cost |
||||||||||||||||
Interest cost |
||||||||||||||||
Amortization of actuarial loss (gain) |
||||||||||||||||
Net benefit cost |
5. |
Financing costs |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2022 |
2021 |
2022 |
2021 |
||||||||||||
Debt-related interest |
||||||||||||||||
Capitalized interest |
( |
( |
( |
( |
||||||||||||
Net interest expense |
||||||||||||||||
Other interest |
||||||||||||||||
Total financing |
6. |
Long-term debt |
As at June 30 |
As at Dec 31 |
|||||||
millions of Canadian dollars |
2022 |
2021 | ||||||
Long-term debt |
||||||||
|
|
|
|
|
|
|
|
|
Total long-term debt |
7. |
Other long-term obligations |
As at June 30 |
As at Dec 31 |
|||||||
millions of Canadian dollars |
2022 |
2021 | ||||||
Employee retirement benefits (a) |
||||||||
Asset retirement obligations and other environmental liabilities (b) |
||||||||
Share-based incentive compensation liabilities |
||||||||
Operating lease liability (c) |
||||||||
Other obligations |
||||||||
Total other long-term obligations |
(a) | Total recorded employee retirement benefits obligations also included $ |
(b) | Total asset retirement obligations and other environmental liabilities also included $ |
(c) | Total operating lease liability also included $ |
8. |
Financial and derivative instruments |
As at June 30 |
As at Dec 31 |
|||||||
thousands of barrels |
2022 |
2021 | ||||||
Crude |
||||||||
Products |
( |