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Provisions (Tables)
 12 Months Ended
Dec. 31, 2017
Provisions  
Provisions disclosure

                                                                                                                                                                                    

($ millions)

 

Decommissioning
and Restoration(1)

 

Royalties

 

Other(2)

 

Total

 

 

At December 31, 2015

 

5 505

 
323

 
280

 

6 108

 

 

Liabilities incurred

 
279

 
93

 
53

 
425

 

 

Change in discount rate

 
532

 

—

 

—

 
532

 

 

Changes in estimates

 
(824

)
(79

)
11

 
(892

)

 

Liabilities settled

 
(269

)
(30

)
(68

)
(367

)

 

Accretion

 
269

 

—

 

—

 
269

 

 

Asset acquisitions

 

1 356

 

—

 

—

 

1 356

 

 

Foreign exchange

 
(98

)

—

 
(1

)
(99

)

 

Reclassified to assets held for sale (notes 36 and 37)

 
(4

)

—

 
(5

)
(9

)

 

At December 31, 2016

 

6 746

 
307

 
270

 

7 323

 

 

Less: current portion

 
(403

)
(307

)
(71

)
(781

)

 

 

 

6 343

 

—

 
199

 

6 542

 

 

At December 31, 2016

 

6 746

 
307

 
270

 

7 323

 

 

Liabilities incurred

 
494

 
29

 
34

 
557

 

 

Change in discount rate

 
255

 

—

 

—

 
255

 

 

Changes in estimates

 
92

 
(89

)
(6

)
(3

)

 

Liabilities settled

 
(353

)
(7

)
(42

)
(402

)

 

Accretion

 
247

 

—

 

—

 
247

 

 

Asset acquisitions

 
5

 

—

 

—

 
5

 

 

Foreign exchange

 
(21

)

—

 
(2

)
(23

)

 

At December 31, 2017

 

7 465

 
240

 
254

 

7 959

 

 

Less: current portion

 
(434

)
(240

)
(48

)
(722

)

 

 

 

7 031

 

—

 
206

 

7 237

 

 

 

 

 

 

(1)          

Represents decommissioning and restoration provisions associated with the retirement of Property, Plant and Equipment and Exploration and Evaluation assets. The total undiscounted amount of estimated future cash flows required to settle the obligations at December 31, 2017 was approximately $12.2 billion (December 31, 2016 – $11.7 billion). A weighted average credit-adjusted risk-free interest rate of 3.70% was used to discount the provision recognized at December 31, 2017 (December 31, 2016 – 3.90%). The credit-adjusted risk-free interest rate used reflects the expected time frame of the provisions. Payments to settle the decommissioning and restoration provisions occur on an ongoing basis and will continue over the lives of the operating assets, which can exceed 50 years.

(2)          

Includes legal, environmental and lease inducement provisions.

 

Impact of changes in discount rate on decommissioning and restoration liabilities.

                                                                                                                                                                                    

As at December 31

 
2017

 
2016

 

 

1% Increase

 

(1 218

)

(1 036

)

 

1% Decrease

 

1 758

 

1 506