Suncor Energy Inc(NYSE:SU) 
Suncor Energy Inc. operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada's Athabasca oil sands; explores, acquires, develops, produces, transports, refines, and markets crude oil in Canada and internationally; markets petroleum and ...
Website: http://www.suncor.com
Founded: 1919
Full Time Employees: 12,889
Sector: Energy
Industry: Oil & Gas Integrated
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At a glance:
- Strong Upstream Leverage to Oil Prices: Suncor’s earnings and cash flow remain highly sensitive to crude oil pricing and differentials, with realized prices and production performance driving near-term results.
- Integrated Model Helps Balance Volatility: The combination of upstream oil sands production and downstream refining/marketing can partially offset commodity swings, as downstream margins may strengthen when upstream realizations weaken.
- Capital Returns Remain a Core Focus: Management has prioritized returning cash to shareholders through dividends and share repurchases, supported by operating cash flow and balance sheet capacity.
- Cost Discipline and Reliability Are Key Watch Items: Operational reliability, sustaining capital intensity, and cost control—especially in oil sands assets—are central to maintaining free cash flow and meeting production guidance.
- Regulatory and Carbon Policy Exposure: As a Canadian oil sands operator, Suncor faces ongoing exposure to emissions regulation, carbon pricing, and potential compliance costs, influencing long-term capital allocation and project economics.
Bull Thesis:
- Integrated Business Model Provides Stability: Suncor's fully integrated operations, from upstream oil sands to midstream logistics and a robust downstream refining and marketing network (Petro-Canada), provide a natural hedge against commodity price volatility and generate stable cash flows, particularly from its high-margin refining segment.
- Strong Free Cash Flow and Shareholder Returns: Benefiting from higher commodity prices and operational efficiencies, Suncor is generating substantial free cash flow. This allows for significant debt reduction, consistent dividend payments, and aggressive share buybacks, directly enhancing shareholder value.
- Long-Life, Low-Decline Oil Sands Assets: Suncor's core oil sands assets are characterized by their long reserve life and low decline rates, providing a stable and predictable production base for decades. These assets are largely past their major capital-intensive build-out phase, focusing now on maintenance and optimization.
- Commitment to Debt Reduction and Financial Discipline: Suncor has demonstrated a strong commitment to strengthening its balance sheet through significant debt reduction. This financial discipline improves its resilience to market fluctuations and enhances its capacity for future strategic investments or increased shareholder returns.
Bear Thesis:
- High Exposure to Volatile Commodity Prices: Despite its integrated model, Suncor's profitability remains highly sensitive to global crude oil prices and Western Canadian Select (WCS) differentials. A sustained downturn in oil prices would significantly impact its upstream revenue and overall financial performance.
- Significant ESG Scrutiny and Regulatory Risks: Suncor's oil sands operations face intense environmental, social, and governance (ESG) scrutiny due to their carbon intensity, water usage, and land impact. This can lead to increased regulatory burdens, higher compliance costs, and challenges in attracting certain investor segments.
- Long-Term Energy Transition Risks: The global push towards decarbonization and renewable energy poses a long-term structural risk to fossil fuel demand. While oil demand may persist for years, the accelerating energy transition could eventually impact Suncor's asset valuations, future growth prospects, and cost of capital.
- Historical Operational Reliability and Safety Challenges: Suncor has faced past issues with operational reliability and safety incidents at its oil sands facilities, leading to production disruptions and increased scrutiny. While improvements have been made, the inherent complexity of these operations means these risks remain a concern.
Main Competitors:
- Canadian Natural Resources Limited ($CNQ) (Crude Oil, Natural Gas, Synthetic Crude Oil), Competes directly with Suncor in the upstream segment, particularly in oil sands production (e.g., Horizon project, partial ownership of AOSP which Suncor operates). CNRL is Canada's largest crude oil and natural gas producer, vying for capital, talent, and market share in the Canadian energy sector.
- Imperial Oil Limited ($IMO) (Crude Oil, Natural Gas, Refined Petroleum Products, Petrochemicals), As a major integrated energy company (majority-owned by ExxonMobil), Imperial Oil competes with Suncor across the value chain. This includes oil sands production (e.g., Kearl, Cold Lake), refining capacity, and retail fuel sales through its extensive Esso-branded network, directly challenging Suncor's Petro-Canada brand.
- Cenovus Energy Inc. ($CVE) (Crude Oil, Natural Gas, Refined Petroleum Products), Cenovus is a significant integrated oil and gas company with substantial oil sands assets (e.g., Foster Creek, Christina Lake) and refining operations (primarily in the US through joint ventures). It competes with Suncor for oil sands development, production volumes, and market access for crude and refined products.
Moat:
Suncor's primary moat stems from its highly integrated business model, encompassing oil sands production, upgrading, refining, and a vast retail network (Petro-Canada). This integration allows it to capture value across the energy value chain, mitigate commodity price volatility, and leverage significant scale and capital-intensive infrastructure, creating high barriers to entry. Competition is intense from other large integrated Canadian energy companies (like CNRL, Imperial Oil, and Cenovus) across all segments, as well as from global majors for capital and talent. Suncor also faces increasing competitive pressure and strategic shifts due to the global energy transition and evolving environmental regulations.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2024-11-12 | 2024-09-30 | 2023-12-31 | 2023-03-31 | 2022-12-31 | 2021-12-31 | 2018-12-31 | 2017-12-31 | 2017-03-01 | 2016-02-25 | 2016-02-04 | 2015-10-28 | 2015-06-30 | 2015-04-30 | 2015-02-26 | 2015-02-05 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2014-02-28 | 2013-03-01 | 2009-10-02 | 2005-01-27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues and other income | |||||||||||||||||||||||||
gross revenues | 13,000,000 | 12,000,000 | 12,000,000 | 7,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 1,000,000 | 10,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 9,000,000 | 8,000,000 | ||||||||||
less: royalties | -1,000,000 | -758,000,000 | |||||||||||||||||||||||
other income | 115,000,000 | -97,000,000 | 288,000,000 | 125,000,000 | 161,000,000 | 146,000,000 | 68,000,000 | 33,000,000 | 58,000,000 | 115,000,000 | 74,000,000 | 37,000,000 | 9,000,000 | 64,000,000 | 20,000,000 | ||||||||||
| 12,000,000 | 11,000,000 | 13,000,000 | 13,000,000 | 12,000,000 | ||||||||||||||||||||
expenses | |||||||||||||||||||||||||
purchases of crude oil and products | 4,000,000 | 5,000,000 | 1,000,000 | 11,000,000 | 9,000,000 | 319,000,000 | 136,000,000 | 60,000,000 | 53,000,000 | 70,000,000 | 355,000,000 | 145,000,000 | 50,000,000 | 106,000,000 | 54,000,000 | 460,000,000 | 211,000,000 | 2,000,000 | |||||||
operating, selling and general | 3,000,000 | 3,000,000 | 7,000,000 | 9,000,000 | 9,000,000 | 5,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 6,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 5,000,000 | 5,000,000 | 1,000,000 | |||||||
transportation and distribution | 513,000,000 | 489,000,000 | |||||||||||||||||||||||
depreciation, depletion, amortization and impairment | 1,000,000 | 1,000,000 | 4,000,000 | 5,000,000 | 6,000,000 | 3,000,000 | 1,000,000 | 790,000,000 | 760,000,000 | 773,000,000 | 4,000,000 | 709,000,000 | 723,000,000 | 1,000,000 | 669,000,000 | 2,000,000 | 3,000,000 | ||||||||
exploration | 6,000,000 | 4,000,000 | 44,000,000 | 104,000,000 | 289,000,000 | 120,000,000 | 8,000,000 | 3,000,000 | 4,000,000 | 105,000,000 | 96,000,000 | 14,000,000 | 2,000,000 | 5,000,000 | 75,000,000 | 115,000,000 | 71,000,000 | 55,000,000 | |||||||
gain on disposal of assets | -17,000,000 | 8,000,000 | 8,000,000 | 3,000,000 | 5,000,000 | ||||||||||||||||||||
financing expenses | 476,000,000 | 320,000,000 | 445,000,000 | 150,000,000 | 36,000,000 | 36,000,000 | 39,000,000 | 39,000,000 | 153,000,000 | 40,000,000 | 52,000,000 | 28,000,000 | 135,000,000 | 127,000,000 | 9,000,000 | ||||||||||
earnings before income taxes | 2,000,000 | 1,000,000 | 1,000,000 | 5,000,000 | 86,000,000 | 427,000,000 | 2,000,000 | 259,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 725,000,000 | 1,000,000 | ||||||||||||
income tax expense | |||||||||||||||||||||||||
current | 412,000,000 | 412,000,000 | 1,000,000 | 153,000,000 | 3,000,000 | 110,000,000 | 832,000,000 | 258,000,000 | 281,000,000 | 298,000,000 | 331,000,000 | 1,000,000 | 69,000,000 | ||||||||||||
deferred | 186,000,000 | -112,000,000 | 351,000,000 | 249,000,000 | 172,000,000 | 30,000,000 | 361,000,000 | 84,000,000 | 66,000,000 | 15,000,000 | 358,000,000 | 266,000,000 | |||||||||||||
net earnings | 1,000,000 | 1,000,000 | 853,000,000 | 4,000,000 | 445,000,000 | 1,000,000 | 180,000,000 | 773,000,000 | 899,000,000 | 2,000,000 | 458,000,000 | 1,100,000,000 | |||||||||||||
yoy | -99.89% | 8900.00% | 68.78% | -18.27% | |||||||||||||||||||||
qoq | 0.00% | 21225.00% | -99.10% | -99.44% | -76.71% | 44850.00% | -99.56% | ||||||||||||||||||
other comprehensive income | 337,000,000 | 50,000,000 | |||||||||||||||||||||||
items that may be subsequently reclassified to earnings: | |||||||||||||||||||||||||
foreign currency translation adjustment | 33,000,000 | -159,000,000 | |||||||||||||||||||||||
items that will not be reclassified to earnings: | |||||||||||||||||||||||||
actuarial gain on employee retirement benefit plans, net of income taxes | 304,000,000 | 209,000,000 | |||||||||||||||||||||||
total comprehensive income | 1,000,000 | 1,000,000 | 4,000,000 | 163,000,000 | |||||||||||||||||||||
per common share | |||||||||||||||||||||||||
net earnings – basic and diluted | 1,340,000 | 930,000 | 2,680,000 | 280,000 | |||||||||||||||||||||
cash dividends | 570,000 | 570,000 | 1,280,000 | 1,160,000 | 230,000 | ||||||||||||||||||||
loss on disposal of assets | |||||||||||||||||||||||||
intersegment revenues | 3,000,000 | 2,000,000 | 442,000,000 | 654,000,000 | 555,000,000 | 507,000,000 | 3,000,000 | 684,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | 3,000,000 | ||||||||||||
operating revenues, net of royalties | 15,000,000 | 32,000,000 | 26,000,000 | 9,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 13,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 12,000,000 | 10,000,000 | ||||||||||
transportation | 1,000,000 | 1,000,000 | 1,000,000 | 645,000,000 | 170,000,000 | 182,000,000 | 141,000,000 | 152,000,000 | 541,000,000 | 162,000,000 | 117,000,000 | 122,000,000 | 140,000,000 | 482,000,000 | 337,000,000 | ||||||||||
(gain) loss on asset exchange and disposal of assets | |||||||||||||||||||||||||
capital and exploration expenditures | 3,000,000 | 4,000,000 | 1,000,000 | 1,000,000 | 985,000,000 | 793,000,000 | 3,000,000 | 954,000,000 | 975,000,000 | 986,000,000 | 911,000,000 | 4,000,000 | 4,000,000 | ||||||||||||
financing income | |||||||||||||||||||||||||
net earnings attributable to: | |||||||||||||||||||||||||
common shareholders | 4,000,000 | 434,000,000 | |||||||||||||||||||||||
non-controlling interest | 11,000,000 | ||||||||||||||||||||||||
other comprehensive loss | |||||||||||||||||||||||||
net earnings – attributable to common shareholders – basic and diluted | 2,680,000 | 270,000 | |||||||||||||||||||||||
income taxes | |||||||||||||||||||||||||
items reclassified to earnings: | |||||||||||||||||||||||||
(gain) loss on disposal of assets | 1,000,000 | ||||||||||||||||||||||||
voyageur upgrader project charges | 82,000,000 | ||||||||||||||||||||||||
project start-up costs | 1,000,000 | 15,000,000 | 57,000,000 | 26,000,000 | |||||||||||||||||||||
financing incomes | 33,000,000 | ||||||||||||||||||||||||
revenues | 8,000,000 | ||||||||||||||||||||||||
energy marketing and trading activities | 373,000,000 | ||||||||||||||||||||||||
transportation and other costs | 132,000,000 | ||||||||||||||||||||||||
depreciation, depletion and amortization | 717,000,000 | ||||||||||||||||||||||||
accretion of asset retirement obligations | 26,000,000 | ||||||||||||||||||||||||
royalties | 531,000,000 | ||||||||||||||||||||||||
taxes other than income taxes | 496,000,000 | ||||||||||||||||||||||||
benefit from income taxes | |||||||||||||||||||||||||
future | 467,000,000 | ||||||||||||||||||||||||
dividends on preferred securities, net of tax | |||||||||||||||||||||||||
revaluation of us preferred securities, net of tax | |||||||||||||||||||||||||
net earnings attributable to common shareholders | 1,000,000 | ||||||||||||||||||||||||
- basic | 2,400,000 | ||||||||||||||||||||||||
- diluted | 2,360,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-06-30 | 2021-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2015-03-31 | 2014-12-31 | 2014-09-30 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2012-12-31 | 2006-12-31 | 2004-12-31 | 2003-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||
current assets | |||||||||||||||||||||||||
cash and cash equivalents | 2,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 521,000,000 | 88,000,000 | |||||||||||||||||||
accounts receivable | 5,000,000 | 5,000,000 | 6,000,000 | 8,000,000 | 1,000,000 | 627,000,000 | 368,000,000 | ||||||||||||||||||
inventories | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 589,000,000 | 423,000,000 | 299,000,000 | ||||||||||||||||||
income taxes receivable | 671,000,000 | 597,000,000 | 244,000,000 | 180,000,000 | 33,000,000 | ||||||||||||||||||||
total current assets | 13,000,000 | 13,000,000 | 14,000,000 | 16,000,000 | 8,000,000 | 9,000,000 | 11,000,000 | 10,000,000 | 13,000,000 | 13,000,000 | 13,000,000 | 13,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 14,000,000 | 14,000,000 | 2,000,000 | 1,000,000 | 700,000,000 | |||||
property, plant and equipment | 68,000,000 | 68,000,000 | 62,000,000 | 62,000,000 | 74,000,000 | 73,000,000 | 71,000,000 | 61,000,000 | 61,000,000 | 60,000,000 | 60,000,000 | 59,000,000 | 58,000,000 | 57,000,000 | 58,000,000 | 57,000,000 | 55,000,000 | 16,000,000 | 10,000,000 | 7,000,000 | |||||
exploration and evaluation | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | ||||||||
other assets | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 608,000,000 | 598,000,000 | 582,000,000 | 473,000,000 | 441,000,000 | 422,000,000 | 320,000,000 | ||||||||
goodwill and other intangible assets | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||
deferred income taxes | 138,000,000 | 196,000,000 | 81,000,000 | 61,000,000 | 128,000,000 | 100,000,000 | 63,000,000 | 35,000,000 | 13,000,000 | 13,000,000 | 29,000,000 | 26,000,000 | 65,000,000 | 50,000,000 | 46,000,000 | 65,000,000 | 80,000,000 | ||||||||
total assets | 89,000,000 | 88,000,000 | 84,000,000 | 86,000,000 | 89,000,000 | 89,000,000 | 88,000,000 | 77,000,000 | 80,000,000 | 80,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | 80,000,000 | 78,000,000 | 76,000,000 | 18,000,000 | 11,000,000 | 9,000,000 | |||||
| 1,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 2,000,000 | ||||||||||||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||||||
current liabilities | |||||||||||||||||||||||||
current portion of long-term debt | 1,000,000 | 1,000,000 | |||||||||||||||||||||||
current portion of long-term lease liabilities | 556,000,000 | 638,000,000 | 317,000,000 | 302,000,000 | |||||||||||||||||||||
accounts payable and accrued liabilities | 7,000,000 | 7,000,000 | 8,000,000 | 9,000,000 | 2,000,000 | 1,000,000 | 806,000,000 | ||||||||||||||||||
current portion of provisions | 871,000,000 | 849,000,000 | 564,000,000 | 767,000,000 | |||||||||||||||||||||
income taxes payable | 85,000,000 | 100,000,000 | 484,000,000 | 1,000,000 | 32,000,000 | 31,000,000 | |||||||||||||||||||
total current liabilities | 10,000,000 | 10,000,000 | 12,000,000 | 14,000,000 | 10,000,000 | 9,000,000 | 8,000,000 | 7,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 9,000,000 | 2,000,000 | 1,000,000 | 868,000,000 | |||||
long-term debt | 8,000,000 | 8,000,000 | 9,000,000 | 12,000,000 | 13,000,000 | 13,000,000 | 16,000,000 | 14,000,000 | 14,000,000 | 13,000,000 | 13,000,000 | 12,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 9,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||
long-term lease liabilities | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||||||||
other long-term liabilities | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | ||||||||
provisions | 11,000,000 | 11,000,000 | 9,000,000 | 6,000,000 | 6,000,000 | 7,000,000 | 6,000,000 | 5,000,000 | 4,000,000 | 5,000,000 | 5,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||
equity | 45,000,000 | 44,000,000 | 39,000,000 | 39,000,000 | 44,000,000 | 45,000,000 | 44,000,000 | ||||||||||||||||||
total liabilities and shareholders’ equity | 89,000,000 | 88,000,000 | 84,000,000 | 86,000,000 | 18,000,000 | 11,000,000 | 9,000,000 | ||||||||||||||||||
assets held for sale | 1,000,000 | 860,000,000 | |||||||||||||||||||||||
short-term debt | 2,000,000 | 1,000,000 | 7,000,000 | 30,000,000 | 1,000,000 | ||||||||||||||||||||
liabilities associated with assets held for sale | 530,000,000 | 220,000,000 | |||||||||||||||||||||||
liabilities and shareholders' equity | |||||||||||||||||||||||||
total liabilities and shareholders' equity | 89,000,000 | 89,000,000 | 88,000,000 | 77,000,000 | 80,000,000 | 80,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | 79,000,000 | 80,000,000 | 78,000,000 | 76,000,000 | ||||||||||||
shareholders' equity | 39,000,000 | 41,000,000 | 41,000,000 | 41,000,000 | 41,000,000 | 41,000,000 | 41,000,000 | 42,000,000 | 41,000,000 | 39,000,000 | |||||||||||||||
future income taxes | 109,000,000 | 57,000,000 | 33,000,000 | ||||||||||||||||||||||
deferred charges and other | 290,000,000 | 320,000,000 | 267,000,000 | ||||||||||||||||||||||
taxes other than income taxes | 40,000,000 | 41,000,000 | 20,000,000 | ||||||||||||||||||||||
accrued liabilities and other | 1,000,000 | 749,000,000 | 267,000,000 | ||||||||||||||||||||||
shareholders’ equity | 8,000,000 | 4,000,000 | 3,000,000 | ||||||||||||||||||||||
preferred securities | 486,000,000 | ||||||||||||||||||||||||
share capital | 585,000,000 | ||||||||||||||||||||||||
contributed surplus | 3,000,000 | ||||||||||||||||||||||||
retained earnings | 2,000,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2015-12-31 | 2015-09-30 | 2015-06-30 | 2014-12-31 | 2014-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||
net earnings | 0 | -772,000,000 | -50,000,000 | ||||||||||
adjustments for: | |||||||||||||
depreciation, depletion, amortization and impairment | 0 | 1,000,000 | 790,000,000 | 760,000,000 | 722,000,000 | ||||||||
deferred income tax expense | |||||||||||||
accretion | 1,000,000 | ||||||||||||
unrealized foreign exchange loss on u.s. dollar denominated debt | 647,000,000 | ||||||||||||
change in fair value of financial instruments and trading inventory | -277,000,000 | ||||||||||||
gain on disposal of assets | 1,000,000 | -2,000,000 | |||||||||||
loss on extinguishment of long-term debt | |||||||||||||
share-based compensation | 175,000,000 | 21,000,000 | 26,000,000 | 4,000,000 | -31,000,000 | ||||||||
settlement of decommissioning and restoration liabilities | -35,000,000 | ||||||||||||
other | -157,000,000 | 2,000,000 | |||||||||||
decrease in non-cash working capital | -276,000,000 | ||||||||||||
cash flow from operating activities | 1,000,000 | ||||||||||||
investing activities | |||||||||||||
capital and exploration expenditures | 0 | ||||||||||||
proceeds from disposal of assets | |||||||||||||
other investments | |||||||||||||
cash flow used in investing activities | 0 | ||||||||||||
financing activities | |||||||||||||
net decrease in short-term debt | |||||||||||||
repayment of long-term debt | |||||||||||||
lease liability payments | 12,000,000 | ||||||||||||
issuance of common shares under share option plans | 53,000,000 | ||||||||||||
repurchase of common shares | 0 | ||||||||||||
distributions relating to non-controlling interest | |||||||||||||
dividends paid on common shares | 9,000,000 | ||||||||||||
cash flow used in financing activities | 0 | ||||||||||||
increase in cash and cash equivalents | 999,000,000 | ||||||||||||
effect of foreign exchange on cash and cash equivalents | 180,000,000 | ||||||||||||
cash and cash equivalents at beginning of period | 0 | ||||||||||||
cash and cash equivalents at end of period | 0 | ||||||||||||
supplementary cash flow information | |||||||||||||
interest paid | -135,000,000 | ||||||||||||
income taxes paid | 46,000,000 | ||||||||||||
deferred income tax recovery | |||||||||||||
loss on disposal of assets | |||||||||||||
| 1,000,000 | 0 | -1,000,000 | 2,000,000 | 2,000,000 | -443,000,000 | |||||||
deferred income tax (recovery) expense | |||||||||||||
capital expenditures on assets held for sale | |||||||||||||
other investments and acquisitions | |||||||||||||
net increase in short-term debt | |||||||||||||
issuance of long-term debt | |||||||||||||
increase in non-cash working capital | |||||||||||||
gross revenues | |||||||||||||
royalties | |||||||||||||
operating revenues, net of royalties | |||||||||||||
per common share – basic | |||||||||||||
per common share – diluted | |||||||||||||
operating earnings | |||||||||||||
funds from operations | |||||||||||||
cash flow provided by operating activities | 465,000,000 | 1,000,000 | 941,000,000 | 0 | |||||||||
weighted-average number of common shares in millions – basic | |||||||||||||
weighted-average number of common shares in millions – diluted | |||||||||||||
roce | |||||||||||||
roce (%), excluding major projects in progress | |||||||||||||
capital expenditures | |||||||||||||
sustaining | |||||||||||||
growth | |||||||||||||
discretionary free funds flow | |||||||||||||
balance sheet | |||||||||||||
total assets | |||||||||||||
total debt | |||||||||||||
net debt | |||||||||||||
total liabilities | |||||||||||||
year ended december 31 | |||||||||||||
production volumes | |||||||||||||
oil sands | |||||||||||||
exploration and production | |||||||||||||
total | |||||||||||||
production mix | |||||||||||||
crude oil and liquids / natural gas | |||||||||||||
average price realizations | |||||||||||||
oil sands operations | |||||||||||||
syncrude | |||||||||||||
fort hills | |||||||||||||
refinery crude oil processed | |||||||||||||
refinery utilization | |||||||||||||
eastern north america | |||||||||||||
western north america | |||||||||||||
roce, excluding major projects in progress | |||||||||||||
long-term debt | |||||||||||||
financial | |||||||||||||
dividend | |||||||||||||
operating revenues | |||||||||||||
key metrics | |||||||||||||
total debt to total debt plus shareholders' equity | |||||||||||||
net debt to funds from operations | |||||||||||||
deferred income taxes | 30,000,000 | 361,000,000 | |||||||||||
accretion of liabilities | 38,000,000 | 34,000,000 | 35,000,000 | 0 | |||||||||
change in fair value of derivative contracts | 2,000,000 | 5,000,000 | |||||||||||
(gain) loss on disposal of assets | |||||||||||||
exploration expenses | |||||||||||||
cash flow from (used in) operations | 467,000,000 | 785,000,000 | 1,000,000 | 0 | |||||||||
decrease (increase) in non-cash working capital | 399,000,000 | ||||||||||||
cash flow from operations | |||||||||||||
less: capital and exploration expenditures | |||||||||||||
free cash flow | |||||||||||||
less: royalties | |||||||||||||
adjusted for: | |||||||||||||
net impact of not proceeding with the voyageur upgrader project | |||||||||||||
impairments | |||||||||||||
impact of income tax adjustments on deferred income taxes | |||||||||||||
oil sands ventures | |||||||||||||
unrealized foreign exchange gain on u.s. dollar denominated debt | |||||||||||||
nine months ended september 30 | |||||||||||||
unrealized foreign exchange (gain) loss on u.s. dollar denominated debt | |||||||||||||
six months ended june 30 | |||||||||||||
three months ended | |||||||||||||
total production | |||||||||||||
revenues and other income | |||||||||||||
other income | |||||||||||||
roce (%) for the twelve months ended | |||||||||||||
common share information | |||||||||||||
dividend per common share | |||||||||||||
share price at the end of trading | |||||||||||||
unrealized foreign exchange gain on u.s. dollar denominated long-term debt | |||||||||||||
capital expenditures, including capitalized interest | |||||||||||||
decrease (increase) in operating working capital | |||||||||||||
accounts receivable | |||||||||||||
inventories | |||||||||||||
accounts payable and accrued liabilities | |||||||||||||
taxes payable | |||||||||||||
cash from investing activities | |||||||||||||
net cash surplus (deficiency) before financing activities | |||||||||||||
increase in short-term debt | |||||||||||||
net increase in other long-term debt | |||||||||||||
issuance of common shares under stock option plan | |||||||||||||
deferred revenue | |||||||||||||
cash from financing activities | |||||||||||||
proceeds from issuance of long-term debt | |||||||||||||
net decrease in other long-term debt | |||||||||||||
redemption of preferred securities | |||||||||||||
issuance of common shares understock option plan | |||||||||||||
dividends paid on preferred securities | |||||||||||||
net (decrease) in other long-term debt |