FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of: February, 2022 | Commission File Number: 1-12384 |
SUNCOR ENERGY INC.
(Name of registrant)
150 – 6th Avenue S.W.
P.O. Box 2844
Calgary, Alberta
Canada, T2P 3E3
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F | ¨ | Form 40-F | x |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SUNCOR ENERGY INC. | ||
Date: |
By: | |
February 24, 2022 | “Shawn Poirier” | |
Shawn Poirier Assistant Corporate Secretary |
EXHIBIT INDEX
Exhibit | Description of Exhibit | |
99.1 | Suncor Energy Inc. 2021 Annual Report to Shareholders for the period ended December 31, 2021 | |
99.2 | Form 51-101F4 |
|
Year ended December 31 ($ millions, except per share amounts)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Gross revenues
|
| | |
|
41 133
|
| | | | | 24 900 | | | | | | 39 866 | | |
|
||||||||||||||||||||
|
Royalties
|
| | |
|
(2 001)
|
| | | | | (238) | | | | | | (1 522) | | |
|
Operating revenues, net of royalties
|
| | |
|
39 132
|
| | | | | 24 662 | | | | | | 38 344 | | |
|
Net earnings (loss)
|
| | |
|
4 119
|
| | | | | (4 319) | | | | | | 2 899 | | |
|
||||||||||||||||||||
|
per common share(1)
|
| | |
|
2.77
|
| | | | | (2.83) | | | | | | 1.86 | | |
| Adjusted operating earnings (loss)(2)(3)(4) | | | |
|
3 805
|
| | | | | (2 213) | | | | | | 4 418 | | |
|
||||||||||||||||||||
|
per common share(5)
|
| | |
|
2.56
|
| | | | | (1.45) | | | | | | 2.83 | | |
| Adjusted funds from operations(2)(3) | | | |
|
10 257
|
| | | | | 3 876 | | | | | | 10 818 | | |
|
||||||||||||||||||||
|
per common share(5)
|
| | |
|
6.89
|
| | | | | 2.54 | | | | | | 6.94 | | |
|
Cash flow provided by operating activities
|
| | |
|
11 764
|
| | | | | 2 675 | | | | | | 10 421 | | |
|
||||||||||||||||||||
|
per common share(5)
|
| | |
|
7.91
|
| | | | | 1.75 | | | | | | 6.69 | | |
|
Dividends paid on common shares
|
| | |
|
1 550
|
| | | | | 1 670 | | | | | | 2 614 | | |
|
||||||||||||||||||||
|
per common share(5)
|
| | |
|
1.05
|
| | | | | 1.10 | | | | | | 1.68 | | |
| Weighted average number of common shares in millions – basic | | | |
|
1 488
|
| | | | | 1 526 | | | | | | 1 559 | | |
|
||||||||||||||||||||
| Weighted average number of common shares in millions – diluted | | | |
|
1 489
|
| | | | | 1 526 | | | | | | 1 561 | | |
| ROCE(2) (%) | | | |
|
8.6
|
| | | | | (6.9) | | | | | | 4.9 | | |
|
||||||||||||||||||||
| ROCE excluding impairments and impairment reversals(2)(6) (%) | | | |
|
8.2
|
| | | | | (2.9) | | | | | | 10.0 | | |
| Capital expenditures(7) | | | |
|
4 411
|
| | | | | 3 806 | | | | | | 5 436 | | |
|
||||||||||||||||||||
|
Asset sustainment and maintenance
|
| | |
|
3 057
|
| | | | | 2 388 | | | | | | 3 227 | | |
|
||||||||||||||||||||
|
Economic investment
|
| | |
|
1 354
|
| | | | | 1 418 | | | | | | 2 209 | | |
| Discretionary free funds flow (deficit)(2) | | | |
|
5 590
|
| | | | | (228) | | | | | | 4 914 | | |
| Balance sheet (at December 31) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Total assets
|
| | |
|
83 739
|
| | | | | 84 616 | | | | | | 89 435 | | |
|
||||||||||||||||||||
|
Net debt(2)
|
| | |
|
16 149
|
| | | | | 19 814 | | | | | | 16 010 | | |
|
||||||||||||||||||||
|
Total long-term liabilities(8)
|
| | |
|
36 726
|
| | | | | 38 310 | | | | | | 36 856 | | |
|
Year ended December 31
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Production volumes(1) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Oil Sands – Upgraded – net SCO and diesel (mbbls/d)
|
| | |
|
468.6
|
| | | | | 466.2 | | | | | | 485.6 | | |
|
||||||||||||||||||||
|
Oil Sands – Non-upgraded bitumen (mbbls/d)
|
| | |
|
175.6
|
| | | | | 127.2 | | | | | | 184.8 | | |
|
||||||||||||||||||||
|
Exploration and Production (mboe/d)
|
| | |
|
87.5
|
| | | | | 101.7 | | | | | | 106.8 | | |
| Total | | | |
|
731.7
|
| | | | | 695.1 | | | | | | 777.2 | | |
| Average price realizations(2)(3)(4) ($/boe) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
SCO and diesel
|
| | |
|
77.73
|
| | | | | 43.83 | | | | | | 70.68 | | |
|
||||||||||||||||||||
|
Non-upgraded bitumen(2)
|
| | |
|
53.80
|
| | | | | 22.37 | | | | | | 45.71 | | |
|
||||||||||||||||||||
|
Oil Sands crude sales basket (all products)
|
| | |
|
70.96
|
| | | | | 39.29 | | | | | | 63.70 | | |
|
||||||||||||||||||||
|
Exploration and Production Canada – Crude oil and natural gas liquids ($/bbl)
|
| | |
|
84.70
|
| | | | | 49.69 | | | | | | 84.86 | | |
|
||||||||||||||||||||
|
Exploration and Production International(5) ($/boe)
|
| | |
|
82.16
|
| | | | | 50.28 | | | | | | 81.22 | | |
| Refinery crude oil processed (mbbls/d) | | | |
|
415.5
|
| | | | | 407.0 | | | | | | 438.9 | | |
|
||||||||||||||||||||
| Refinery utilization(6) (%) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Eastern North America
|
| | |
|
91
|
| | | | | 91 | | | | | | 92 | | |
|
||||||||||||||||||||
|
Western North America
|
| | |
|
87
|
| | | | | 86 | | | | | | 98 | | |
| Total | | | |
|
89
|
| | | | | 88 | | | | | | 95 | | |
| Refining and marketing gross margin – FIFO(3)(7) ($/bbl) | | | |
|
36.85
|
| | | | | 25.30 | | | | | | 40.45 | | |
|
||||||||||||||||||||
| Refining and marketing gross margin – LIFO(3)(7) ($/bbl) | | | |
|
30.90
|
| | | | | 28.65 | | | | | | 36.80 | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Net earnings (loss) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Oil Sands
|
| | |
|
2 147
|
| | | | | (3 796) | | | | | | (427) | | |
|
||||||||||||||||||||
|
Exploration and Production
|
| | |
|
1 285
|
| | | | | (832) | | | | | | 1 005 | | |
|
||||||||||||||||||||
|
Refining and Marketing
|
| | |
|
2 178
|
| | | | | 866 | | | | | | 3 000 | | |
|
||||||||||||||||||||
|
Corporate and Eliminations
|
| | |
|
(1 491)
|
| | | | | (557) | | | | | | (679) | | |
| Total | | | |
|
4 119
|
| | | | | (4 319) | | | | | | 2 899 | | |
| Adjusted operating earnings (loss)(1)(2) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Oil Sands
|
| | |
|
2 151
|
| | | | | (2 265) | | | | | | 1 672 | | |
|
||||||||||||||||||||
|
Exploration and Production
|
| | |
|
890
|
| | | | | 13 | | | | | | 1 141 | | |
|
||||||||||||||||||||
|
Refining and Marketing
|
| | |
|
2 170
|
| | | | | 882 | | | | | | 2 922 | | |
|
||||||||||||||||||||
|
Corporate and Eliminations
|
| | |
|
(1 406)
|
| | | | | (843) | | | | | | (1 317) | | |
| Total | | | |
|
3 805
|
| | | | | (2 213) | | | | | | 4 418 | | |
| Adjusted funds from (used in) operations(1) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Oil Sands
|
| | |
|
6 846
|
| | | | | 1 986 | | | | | | 6 061 | | |
|
||||||||||||||||||||
|
Exploration and Production
|
| | |
|
1 478
|
| | | | | 1 054 | | | | | | 2 143 | | |
|
||||||||||||||||||||
|
Refining and Marketing
|
| | |
|
3 255
|
| | | | | 1 708 | | | | | | 3 863 | | |
|
||||||||||||||||||||
|
Corporate and Eliminations
|
| | |
|
(1 322)
|
| | | | | (872) | | | | | | (1 249) | | |
| Total adjusted funds from operations | | | |
|
10 257
|
| | | | | 3 876 | | | | | | 10 818 | | |
|
||||||||||||||||||||
| Change in non-cash working capital | | | |
|
1 507
|
| | | | | (1 201) | | | | | | (397) | | |
| Cash flow provided by operating activities | | | |
|
11 764
|
| | | | | 2 675 | | | | | | 10 421 | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Net earnings (loss)
|
| | |
|
4 119
|
| | | | | (4 319) | | | | | | 2 899 | | |
|
||||||||||||||||||||
| Unrealized foreign exchange gain on U.S. dollar denominated debt | | | |
|
(101)
|
| | | | | (286) | | | | | | (590) | | |
|
||||||||||||||||||||
| Unrealized (gain) loss on risk management activities(2) | | | |
|
(4)
|
| | | | | 29 | | | | | | 60 | | |
|
||||||||||||||||||||
| Asset (reversal) impairments(3) | | | |
|
(168)
|
| | | | | 2 221 | | | | | | 3 352 | | |
|
||||||||||||||||||||
| Restructuring charge | | | |
|
126
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||
| Loss on early repayment of long-term debt | | | |
|
60
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||
| Gain on significant disposals(4) | | | |
|
(227)
|
| | | | | — | | | | | | (187) | | |
|
||||||||||||||||||||
| Provision for pipeline project | | | |
|
—
|
| | | | | 142 | | | | | | — | | |
|
||||||||||||||||||||
| Impact of income tax adjustments on deferred income taxes(5) | | | |
|
—
|
| | | | | — | | | | | | (1 116) | | |
| Adjusted operating earnings (loss)(1)(2) | | | |
|
3 805
|
| | | | | (2 213) | | | | | | 4 418 | | |
|
Average for the year ended December 31
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| WTI crude oil at Cushing (US$/bbl) | | | |
|
67.95
|
| | | | | 39.40 | | | | | | 57.05 | | |
|
||||||||||||||||||||
| Dated Brent Crude (US$/bbl) | | | |
|
70.75
|
| | | | | 41.65 | | | | | | 64.30 | | |
|
||||||||||||||||||||
| Dated Brent/Maya crude oil FOB price differential (US$/bbl) | | | |
|
6.85
|
| | | | | 6.35 | | | | | | 6.45 | | |
|
||||||||||||||||||||
| MSW at Edmonton (Cdn$/bbl) | | | |
|
80.30
|
| | | | | 45.60 | | | | | | 69.20 | | |
|
||||||||||||||||||||
| WCS at Hardisty (US$/bbl) | | | |
|
54.90
|
| | | | | 26.85 | | | | | | 44.25 | | |
|
||||||||||||||||||||
| Light/heavy differential for WTI at Cushing less WCS at Hardisty (US$/bbl) | | | |
|
(13.05)
|
| | | | | (12.55) | | | | | | (12.80) | | |
|
||||||||||||||||||||
| SYN-WTI differential (US$/bbl) | | | |
|
(1.65)
|
| | | | | (3.15) | | | | | | (0.60) | | |
|
||||||||||||||||||||
| Condensate at Edmonton (US$/bbl) | | | |
|
68.25
|
| | | | | 37.15 | | | | | | 52.85 | | |
|
||||||||||||||||||||
| Natural gas (Alberta spot) at AECO (Cdn$/mcf) | | | |
|
3.65
|
| | | | | 2.25 | | | | | | 1.75 | | |
|
||||||||||||||||||||
| Alberta Power Pool Price (Cdn$/MWh) | | | |
|
101.95
|
| | | | | 46.70 | | | | | | 54.90 | | |
|
||||||||||||||||||||
| New York Harbor 2-1-1 crack(1) (US$/bbl) | | | |
|
19.40
|
| | | | | 11.75 | | | | | | 19.90 | | |
|
||||||||||||||||||||
| Chicago 2-1-1 crack(1) (US$/bbl) | | | |
|
17.75
|
| | | | | 8.05 | | | | | | 17.05 | | |
|
||||||||||||||||||||
| Portland 2-1-1 crack(1) (US$/bbl) | | | |
|
23.15
|
| | | | | 14.05 | | | | | | 24.45 | | |
|
||||||||||||||||||||
| Gulf Coast 2-1-1 crack(1) (US$/bbl) | | | |
|
18.00
|
| | | | | 9.90 | | | | | | 19.15 | | |
|
||||||||||||||||||||
| U.S. Renewable Volume Obligation (US$/bbl) | | | |
|
6.77
|
| | | | | 2.48 | | | | | | 1.20 | | |
|
||||||||||||||||||||
| Exchange rate (US$/Cdn$) | | | |
|
0.80
|
| | | | | 0.75 | | | | | | 0.75 | | |
|
||||||||||||||||||||
| Exchange rate (end of period) (US$/Cdn$) | | | |
|
0.79
|
| | | | | 0.78 | | | | | | 0.77 | | |
|
(Estimated change, in $ millions)
|
| |
Impact
on 2021 Net Earnings |
| |
Impact
on 2021 Adjusted Funds from Operations(3) |
| ||||||
| Crude oil +US$1.00/bbl | | | | | 200 | | | | | | 200 | | |
|
||||||||||||||
| Natural gas +Cdn$0.10/mcf (4) | | | | | (25) | | | | | | (25) | | |
|
||||||||||||||
|
WTI – narrowing light/heavy differential +US$1.00/bbl
|
| | | | 15 | | | | | | 15 | | |
|
||||||||||||||
| 2-1-1 crack spreads +US$1.00/bbl | | | | | 140 | | | | | | 140 | | |
|
||||||||||||||
| Foreign exchange +$0.01 US$/Cdn$ related to operating activities(5) | | | | | (180) | | | | | | (180) | | |
|
||||||||||||||
| Foreign exchange on U.S. dollar denominated debt +$0.01 US$/Cdn$ | | | | | 150 | | | | | | — | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Gross revenues | | | |
|
19 920
|
| | | | | 10 617 | | | | | | 18 347 | | |
|
||||||||||||||||||||
| Less: Royalties | | | |
|
(1 523)
|
| | | | | (95) | | | | | | (917) | | |
| Operating revenues, net of royalties | | | |
|
18 397
|
| | | | | 10 522 | | | | | | 17 430 | | |
| Net earnings (loss) | | | |
|
2 147
|
| | | | | (3 796) | | | | | | (427) | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Unrealized loss on risk management activities(1)
|
| | |
|
4
|
| | | | | 13 | | | | | | 50 | | |
|
||||||||||||||||||||
|
Asset impairment(2)
|
| | |
|
—
|
| | | | | 1 376 | | | | | | 2 959 | | |
|
||||||||||||||||||||
|
Provision for pipeline project
|
| | |
|
—
|
| | | | | 142 | | | | | | — | | |
|
||||||||||||||||||||
|
Impact of income tax rate adjustment on deferred taxes(3)
|
| | |
|
—
|
| | | | | — | | | | | | (910) | | |
| Adjusted operating earnings (loss)(4) | | | |
|
2 151
|
| | | | | (2 265) | | | | | | 1 672 | | |
| Adjusted funds from operations(4) | | | |
|
6 846
|
| | | | | 1 986 | | | | | | 6 061 | | |
|
Year ended December 31 (mbbls/d)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
SCO and diesel production(3)
|
| | |
|
483.5
|
| | | | | 477.5 | | | | | | 497.0 | | |
|
||||||||||||||||||||
|
Internally consumed diesel and internal transfers(4)(5)
|
| | |
|
(14.9)
|
| | | | | (11.3) | | | | | | (11.4) | | |
|
Upgraded production – net SCO
and diesel |
| | |
|
468.6
|
| | | | | 466.2 | | | | | | 485.6 | | |
|
||||||||||||||||||||
|
Bitumen production
|
| | |
|
178.8
|
| | | | | 127.2 | | | | | | 184.8 | | |
|
||||||||||||||||||||
|
Internal bitumen transfers(5)
|
| | |
|
(3.2)
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||
|
Non-upgraded bitumen production
|
| | |
|
175.6
|
| | | | | 127.2 | | | | | | 184.8 | | |
| Total Oil Sands production | | | |
|
644.2
|
| | | | | 593.4 | | | | | | 670.4 | | |
|
Year ended December 31 (mbbls/d)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| SCO and diesel | | | |
|
465.7
|
| | | | | 467.9 | | | | | | 483.6 | | |
|
||||||||||||||||||||
| Non-upgraded bitumen | | | |
|
183.8
|
| | | | | 125.6 | | | | | | 187.5 | | |
| Total | | | |
|
649.5
|
| | | | | 593.5 | | | | | | 671.1 | | |
| Year ended December 31 Net of transportation costs, but before royalties ($/bbl) |
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| SCO and diesel | | | |
|
77.73
|
| | | | | 43.83 | | | | | | 70.68 | | |
|
||||||||||||||||||||
| Non-upgraded bitumen | | | |
|
53.80
|
| | | | | 22.37 | | | | | | 45.71 | | |
|
||||||||||||||||||||
|
Crude sales basket
(all products) |
| | |
|
70.96
|
| | | | | 39.29 | | | | | | 63.70 | | |
|
Crude sales basket, relative to WTI
|
| | |
|
(14.20)
|
| | | | | (13.51) | | | | | | (12.00) | | |
|
Year ended December 31
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Oil Sands operating, selling and general expense (OS&G)
|
| | |
|
8 056
|
| | | | | 7 169 | | | | | | 8 027 | | |
|
Oil Sands operations cash operating costs(1) reconciliation
|
| | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Oil Sands operations OS&G
|
| | |
|
4 710
|
| | | | | 4 292 | | | | | | 4 639 | | |
|
||||||||||||||||||||
|
Non-production costs(2)
|
| | |
|
(199)
|
| | | | | (107) | | | | | | (179) | | |
|
||||||||||||||||||||
|
Excess power capacity and other(3)
|
| | |
|
(375)
|
| | | | | (248) | | | | | | (241) | | |
|
||||||||||||||||||||
|
Inventory changes
|
| | |
|
21
|
| | | | | (3) | | | | | | 48 | | |
|
Oil Sands operations cash operating costs(1) ($ millions)
|
| | |
|
4 157
|
| | | | | 3 934 | | | | | | 4 267 | | |
|
||||||||||||||||||||
| Oil Sands operations production volumes(4) (mbbls/d) | | | |
|
439.2
|
| | | | | 380.9 | | | | | | 414.5 | | |
|
||||||||||||||||||||
|
Oil Sands operations cash operating costs(1) ($/bbl)
|
| | |
|
25.90
|
| | | | | 28.20 | | | | | | 28.20 | | |
|
Fort Hills cash operating costs(1) reconciliation
|
| | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Fort Hills OS&G
|
| | |
|
897
|
| | | | | 761 | | | | | | 921 | | |
|
||||||||||||||||||||
|
Non-production costs(2)
|
| | |
|
(118)
|
| | | | | (52) | | | | | | (115) | | |
|
||||||||||||||||||||
|
Inventory changes
|
| | |
|
(15)
|
| | | | | (11) | | | | | | 9 | | |
| Fort Hills cash operating costs(1) ($ millions) | | | |
|
764
|
| | | | | 698 | | | | | | 815 | | |
|
||||||||||||||||||||
|
Fort Hills production volumes (mbbls/d)
|
| | |
|
50.7
|
| | | | | 58.1 | | | | | | 85.3 | | |
|
||||||||||||||||||||
|
Fort Hills cash operating costs(1) ($/bbl)
|
| | |
|
41.35
|
| | | | | 32.80 | | | | | | 26.15 | | |
|
Syncrude cash operating costs(1) reconciliation
|
| | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Syncrude OS&G
|
| | |
|
2 449
|
| | | | | 2 116 | | | | | | 2 467 | | |
|
||||||||||||||||||||
|
Non-production costs(2)
|
| | |
|
(234)
|
| | | | | (66) | | | | | | (156) | | |
|
Syncrude cash operating costs(1)(5) ($ millions)
|
| | |
|
2 215
|
| | | | | 2 050 | | | | | | 2 311 | | |
|
||||||||||||||||||||
| Syncrude production volumes(4) (mbbls/d) | | | |
|
172.4
|
| | | | | 165.7 | | | | | | 172.3 | | |
|
||||||||||||||||||||
|
Syncrude cash operating costs(1) ($/bbl)
|
| | |
|
35.20
|
| | | | | 33.80 | | | | | | 36.75 | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Gross revenues(1) | | | |
|
2 736
|
| | | | | 1 851 | | | | | | 3 372 | | |
|
||||||||||||||||||||
| Less: Royalties(1) | | | |
|
(236)
|
| | | | | (95) | | | | | | (302) | | |
| Operating revenues, net of royalties | | | |
|
2 500
|
| | | | | 1 756 | | | | | | 3 070 | | |
| Net earnings (loss) | | | |
|
1 285
|
| | | | | (832) | | | | | | 1 005 | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Asset (reversal) impairment(2)
|
| | |
|
(168)
|
| | | | | 845 | | | | | | 393 | | |
|
||||||||||||||||||||
|
Gain on significant disposals(3)
|
| | |
|
(227)
|
| | | | | — | | | | | | (187) | | |
|
||||||||||||||||||||
|
Impact of income tax rate adjustments on deferred income taxes(4)
|
| | |
|
—
|
| | | | | — | | | | | | (70) | | |
| Adjusted operating earnings(5) | | | |
|
890
|
| | | | | 13 | | | | | | 1 141 | | |
| Adjusted funds from operations(5) | | | |
|
1 478
|
| | | | | 1 054 | | | | | | 2 143 | | |
|
Year ended December 31
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
E&P Canada (mbbls/d)
|
| | |
|
54.4
|
| | | | | 59.7 | | | | | | 59.9 | | |
|
||||||||||||||||||||
| E&P International (mboe/d) | | | |
|
33.1
|
| | | | | 42.0 | | | | | | 46.9 | | |
|
Total production (mboe/d)
|
| | |
|
87.5
|
| | | | | 101.7 | | | | | | 106.8 | | |
|
Total sales volumes (mboe/d)
|
| | |
|
82.8
|
| | | | | 102.6 | | | | | | 106.0 | | |
| Year ended December 31 Net of transportation costs, but before royalties |
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
E&P Canada – Crude oil and natural gas liquids ($/bbl)
|
| | |
|
84.70
|
| | | | | 49.69 | | | | | | 84.86 | | |
|
||||||||||||||||||||
| E&P International(2) ($/boe) | | | |
|
82.16
|
| | | | | 50.28 | | | | | | 81.22 | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Operating revenues | | | |
|
22 915
|
| | | | | 15 272 | | | | | | 22 304 | | |
| Net earnings | | | |
|
2 178
|
| | | | | 866 | | | | | | 3 000 | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Unrealized (gain) loss on risk management activities(1)
|
| | |
|
(8)
|
| | | | | 16 | | | | | | 10 | | |
|
||||||||||||||||||||
|
Impact of income tax rate adjustments on deferred taxes(2)
|
| | | | — | | | | | | — | | | | | | (88) | | |
| Adjusted operating earnings(3) | | | |
|
2 170
|
| | | | | 882 | | | | | | 2 922 | | |
| Adjusted funds from operations(3) | | | |
|
3 255
|
| | | | | 1 708 | | | | | | 3 863 | | |
|
Year ended December 31
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Crude oil processed (mbbls/d) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Eastern North America
|
| | |
|
202.8
|
| | | | | 201.0 | | | | | | 203.3 | | |
|
||||||||||||||||||||
|
Western North America
|
| | |
|
212.7
|
| | | | | 206.0 | | | | | | 235.6 | | |
| Total | | | |
|
415.5
|
| | | | | 407.0 | | | | | | 438.9 | | |
| Refinery utilization(1)(2) (%) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Eastern North America
|
| | |
|
91
|
| | | | | 91 | | | | | | 92 | | |
|
||||||||||||||||||||
|
Western North America
|
| | |
|
87
|
| | | | | 86 | | | | | | 98 | | |
| Total | | | |
|
89
|
| | | | | 88 | | | | | | 95 | | |
|
Refined product sales (mbbls/d)
|
| | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Gasoline
|
| | |
|
225.8
|
| | | | | 214.1 | | | | | | 246.6 | | |
|
||||||||||||||||||||
|
Distillate(3)
|
| | |
|
228.5
|
| | | | | 215.7 | | | | | | 218.1 | | |
|
||||||||||||||||||||
|
Other
|
| | |
|
74.1
|
| | | | | 73.6 | | | | | | 74.7 | | |
| Total | | | |
|
528.4
|
| | | | | 503.4 | | | | | | 539.4 | | |
|
Refining and marketing gross
margin – FIFO(4)(5) ($/bbl) |
| | |
|
36.85
|
| | | | | 25.30 | | | | | | 40.45 | | |
|
||||||||||||||||||||
|
Refining and marketing gross
margin – LIFO(4)(5) ($/bbl) |
| | |
|
30.90
|
| | | | | 28.65 | | | | | | 36.80 | | |
|
||||||||||||||||||||
|
Refining operating
expense(5) ($/bbl) |
| | |
|
5.95
|
| | | | | 5.50 | | | | | | 5.35 | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Net loss | | | |
|
(1 491)
|
| | | | | (557) | | | | | | (679) | | |
| Adjusted for: | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
(101)
|
| | | | | (286) | | | | | | (590) | | |
|
||||||||||||||||||||
|
Restructuring charge
|
| | |
|
126
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||
|
Loss on early repayment of long-term debt
|
| | |
|
60
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||
|
Impact of income tax rate adjustments on deferred income taxes(1)
|
| | | | — | | | | | | — | | | | | | (48) | | |
| Adjusted operating loss(2) | | | |
|
(1 406)
|
| | | | | (843) | | | | | | (1 317) | | |
|
||||||||||||||||||||
|
Corporate and Renewables
|
| | |
|
(1 262)
|
| | | | | (936) | | | | | | (1 113) | | |
|
||||||||||||||||||||
|
Eliminations – Intersegment profit (eliminated) realized
|
| | |
|
(144)
|
| | | | | 93 | | | | | | (204) | | |
| Adjusted funds used in operations(2) | | | |
|
(1 322)
|
| | | | | (872) | | | | | | (1 249) | | |
|
Year ended December 31
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Renewable Energy power generation marketed (gigawatt hours)(1) |
| | |
|
183
|
| | | | | 200 | | | | | | 184 | | |
| Three months ended December 31 ($ millions, except as noted) |
| |
2021
|
| |
2020
|
| ||||||
| Net earnings (loss) | | | | | | | | | | | | | |
|
||||||||||||||
|
Oil Sands
|
| | |
|
896
|
| | | | | (293) | | |
|
||||||||||||||
|
Exploration and Production
|
| | |
|
465
|
| | | | | (379) | | |
|
||||||||||||||
|
Refining and Marketing
|
| | |
|
450
|
| | | | | 268 | | |
|
||||||||||||||
|
Corporate and Eliminations
|
| | |
|
(258)
|
| | | | | 236 | | |
| Total | | | |
|
1 553
|
| | | | | (168) | | |
|
Adjusted operating earnings (loss)(1)(2)
|
| | | | | | | | | | | | |
|
||||||||||||||
|
Oil Sands
|
| | |
|
898
|
| | | | | (130) | | |
|
||||||||||||||
|
Exploration and Production
|
| | |
|
238
|
| | | | | 44 | | |
|
||||||||||||||
|
Refining and Marketing
|
| | |
|
437
|
| | | | | 280 | | |
|
||||||||||||||
|
Corporate and Eliminations
|
| | |
|
(279)
|
| | | | | (303) | | |
| Total | | | |
|
1 294
|
| | | | | (109) | | |
|
Adjusted funds from (used in) operations(1)
|
| | | | | | | | | | | | |
|
||||||||||||||
|
Oil Sands
|
| | |
|
2 175
|
| | | | | 729 | | |
|
||||||||||||||
|
Exploration and Production
|
| | |
|
425
|
| | | | | 312 | | |
|
||||||||||||||
|
Refining and Marketing
|
| | |
|
765
|
| | | | | 415 | | |
|
||||||||||||||
|
Corporate and Eliminations
|
| | |
|
(221)
|
| | | | | (235) | | |
| Total adjusted funds from operations | | | |
|
3 144
|
| | | | | 1 221 | | |
|
||||||||||||||
|
Changes in non-cash working capital
|
| | |
|
(529)
|
| | | | | (407) | | |
|
Cash flow provided by operating
activities |
| | |
|
2 615
|
| | | | | 814 | | |
| Production volumes (mboe/d) | | | | | | | | | | | | | |
|
||||||||||||||
|
Oil Sands – Upgraded – net SCO
and diesel |
| | |
|
515.0
|
| | | | | 514.3 | | |
|
||||||||||||||
|
Oil Sands – Non-upgraded bitumen
|
| | |
|
150.9
|
| | | | | 157.2 | | |
|
||||||||||||||
|
Exploration and Production
|
| | |
|
77.4
|
| | | | | 97.7 | | |
| Total | | | |
|
743.3
|
| | | | | 769.2 | | |
| Three months ended ($ millions, unless otherwise noted) |
| |
Dec 31
2021 |
| |
Sept 30
2021 |
| |
June 30
2021 |
| |
Mar 31
2021 |
| |
Dec 31
2020 |
| |
Sept 30
2020 |
| |
June 30
2020 |
| |
Mar 31
2020 |
| ||||||||||||||||||||||||
| Total production (mboe/d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Oil Sands
|
| | |
|
665.9
|
| | | | | 605.1 | | | | | | 615.7 | | | | | | 690.6 | | | | | | 671.5 | | | | | | 519.0 | | | | | | 553.7 | | | | | | 630.1 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exploration and Production
|
| | |
|
77.4
|
| | | | | 93.5 | | | | | | 84.0 | | | | | | 95.3 | | | | | | 97.7 | | | | | | 97.2 | | | | | | 101.8 | | | | | | 109.7 | | |
| | | | |
|
743.3
|
| | | | | 698.6 | | | | | | 699.7 | | | | | | 785.9 | | | | | | 769.2 | | | | | | 616.2 | | | | | | 655.5 | | | | | | 739.8 | | |
| Revenues and other income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
11 149
|
| | | | | 10 145 | | | | | | 9 159 | | | | | | 8 679 | | | | | | 6 615 | | | | | | 6 427 | | | | | | 4 229 | | | | | | 7 391 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other income (loss)
|
| | |
|
10
|
| | | | | 68 | | | | | | (66) | | | | | | (43) | | | | | | (21) | | | | | | 30 | | | | | | 16 | | | | | | 365 | | |
| | | | |
|
11 159
|
| | | | | 10 213 | | | | | | 9 093 | | | | | | 8 636 | | | | | | 6 594 | | | | | | 6 457 | | | | | | 4 245 | | | | | | 7 756 | | |
|
Net earnings (loss)
|
| | |
|
1 553
|
| | | | | 877 | | | | | | 868 | | | | | | 821 | | | | | | (168) | | | | | | (12) | | | | | | (614) | | | | | | (3 525) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
per common share(1) (dollars)
|
| | |
|
1.07
|
| | | | | 0.59 | | | | | | 0.58 | | | | | | 0.54 | | | | | | (0.11) | | | | | | (0.01) | | | | | | (0.40) | | | | | | (2.31) | | |
| Adjusted operating earnings (loss)(2)(3) | | | |
|
1 294
|
| | | | | 1 043 | | | | | | 722 | | | | | | 746 | | | | | | (109) | | | | | | (338) | | | | | | (1 345) | | | | | | (421) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
per common share(3)(4)(5) (dollars)
|
| | |
|
0.89
|
| | | | | 0.71 | | | | | | 0.48 | | | | | | 0.49 | | | | | | (0.07) | | | | | | (0.22) | | | | | | (0.88) | | | | | | (0.28) | | |
| Adjusted funds from operations(2) | | | |
|
3 144
|
| | | | | 2 641 | | | | | | 2 362 | | | | | | 2 110 | | | | | | 1 221 | | | | | | 1 166 | | | | | | 488 | | | | | | 1 001 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
per common share(4)(5) (dollars)
|
| | |
|
2.17
|
| | | | | 1.79 | | | | | | 1.57 | | | | | | 1.39 | | | | | | 0.80 | | | | | | 0.76 | | | | | | 0.32 | | | | | | 0.66 | | |
|
Cash flow provided by (used in) operating activities
|
| | |
|
2 615
|
| | | | | 4 718 | | | | | | 2 086 | | | | | | 2 345 | | | | | | 814 | | | | | | 1 245 | | | | | | (768) | | | | | | 1 384 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
per common share(5) (dollars)
|
| | |
|
1.80
|
| | | | | 3.19 | | | | | | 1.39 | | | | | | 1.54 | | | | | | 0.53 | | | | | | 0.82 | | | | | | (0.50) | | | | | | 0.91 | | |
| ROCE(4) (%) for the twelve months ended | | | |
|
8.6
|
| | | | | 4.5 | | | | | | 1.9 | | | | | | (1.4) | | | | | | (6.9) | | | | | | (10.2) | | | | | | (7.5) | | | | | | (1.3) | | |
| ROCE excluding impairments and impairment reversals(4)(6) (%) for the twelve months ended | | | |
|
8.2
|
| | | | | 4.9 | | | | | | 2.6 | | | | | | (0.6) | | | | | | (2.9) | | | | | | (1.3) | | | | | | 1.0 | | | | | | 7.0 | | |
|
After-tax unrealized foreign exchange gain (loss) on U.S. dollar denominated debt
|
| | |
|
21
|
| | | | | (257) | | | | | | 156 | | | | | | 181 | | | | | | 539 | | | | | | 290 | | | | | | 478 | | | | | | (1 021) | | |
| Common share information (dollars) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dividend per common share
|
| | |
|
0.42
|
| | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.47 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share price at the end of trading
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Toronto Stock Exchange (Cdn$)
|
| | |
|
31.65
|
| | | | | 26.26 | | | | | | 29.69 | | | | | | 26.27 | | | | | | 21.35 | | | | | | 16.26 | | | | | | 22.89 | | | | | | 22.46 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
New York Stock Exchange (US$)
|
| | |
|
25.03
|
| | | | | 20.74 | | | | | | 23.97 | | | | | | 20.90 | | | | | | 16.78 | | | | | | 12.23 | | | | | | 16.86 | | | | | | 15.80 | | |
| Three months ended (average for the period ended, except as noted) |
| | | | |
Dec 31
2021 |
| |
Sept 30
2021 |
| |
June 30
2021 |
| |
Mar 31
2021 |
| |
Dec 31
2020 |
| |
Sept 30
2020 |
| |
June 30
2020 |
| |
Mar 31
2020 |
| ||||||||||||||||||||||||
| WTI crude oil at Cushing | | |
US$/bbl
|
| | |
|
77.15
|
| | | |
|
70.55
|
| | | |
|
66.05
|
| | | |
|
57.80
|
| | | | | 42.65 | | | | | | 40.95 | | | | | | 27.85 | | | | | | 46.10 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dated Brent crude | | |
US$/bbl
|
| | |
|
79.70
|
| | | |
|
73.45
|
| | | |
|
68.85
|
| | | |
|
60.85
|
| | | | | 44.20 | | | | | | 43.00 | | | | | | 29.20 | | | | | | 50.15 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dated Brent/Maya FOB price differential | | |
US$/bbl
|
| | |
|
8.60
|
| | | |
|
7.80
|
| | | |
|
6.20
|
| | | |
|
4.70
|
| | | | | 3.30 | | | | | | 3.50 | | | | | | 2.70 | | | | | | 15.95 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| MSW at Edmonton | | |
Cdn$/bbl
|
| | |
|
93.25
|
| | | |
|
83.75
|
| | | |
|
77.25
|
| | | |
|
66.55
|
| | | | | 50.25 | | | | | | 51.30 | | | | | | 30.20 | | | | | | 52.00 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| WCS at Hardisty | | |
US$/bbl
|
| | |
|
62.50
|
| | | |
|
56.95
|
| | | |
|
54.60
|
| | | |
|
45.40
|
| | | | | 33.35 | | | | | | 31.90 | | | | | | 16.35 | | | | | | 25.60 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Light/heavy crude oil differential for WTI at Cushing less WCS at Hardisty
|
| |
US$/bbl
|
| | |
|
(14.65)
|
| | | |
|
(13.60)
|
| | | |
|
(11.45)
|
| | | |
|
(12.40)
|
| | | | | (9.30) | | | | | | (9.05) | | | | | | (11.50) | | | | | | (20.50) | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| SYN-WTI (differential) premium | | |
US$/bbl
|
| | |
|
(1.80)
|
| | | |
|
(1.60)
|
| | | |
|
0.35
|
| | | |
|
(3.50)
|
| | | | | (3.05) | | | | | | (2.45) | | | | | | (4.55) | | | | | | (2.70) | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensate at Edmonton | | |
US$/bbl
|
| | |
|
79.10
|
| | | |
|
69.20
|
| | | |
|
66.40
|
| | | |
|
58.00
|
| | | | | 42.55 | | | | | | 37.55 | | | | | | 22.20 | | | | | | 46.20 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Natural gas (Alberta spot) at AECO | | |
Cdn$/mcf
|
| | |
|
4.70
|
| | | |
|
3.60
|
| | | |
|
3.10
|
| | | |
|
3.15
|
| | | | | 2.65 | | | | | | 2.25 | | | | | | 2.00 | | | | | | 2.05 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alberta Power Pool Price | | |
Cdn$/MWh
|
| | |
|
107.30
|
| | | |
|
100.35
|
| | | |
|
104.50
|
| | | |
|
95.45
|
| | | | | 46.15 | | | | | | 43.85 | | | | | | 29.90 | | | | | | 67.05 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| New York Harbor 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
20.65
|
| | | |
|
20.90
|
| | | |
|
20.35
|
| | | |
|
15.60
|
| | | | | 9.85 | | | | | | 10.20 | | | | | | 12.20 | | | | | | 14.75 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chicago 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
16.90
|
| | | |
|
20.45
|
| | | |
|
20.25
|
| | | |
|
13.40
|
| | | | | 7.95 | | | | | | 7.75 | | | | | | 6.75 | | | | | | 9.75 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portland 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
25.35
|
| | | |
|
26.70
|
| | | |
|
24.55
|
| | | |
|
15.80
|
| | | | | 13.15 | | | | | | 12.55 | | | | | | 12.20 | | | | | | 18.30 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gulf Coast 2-1-1 crack(1) | | |
US$/bbl
|
| | |
|
19.65
|
| | | |
|
19.55
|
| | | |
|
18.25
|
| | | |
|
14.45
|
| | | | | 9.00 | | | | | | 8.55 | | | | | | 9.00 | | | | | | 13.00 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Renewable Volume Obligation | | |
US$/bbl
|
| | |
|
6.10
|
| | | |
|
7.33
|
| | | |
|
8.13
|
| | | |
|
5.50
|
| | | | | 3.48 | | | | | | 2.64 | | | | | | 2.21 | | | | | | 1.58 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange rate | | |
US$/Cdn$
|
| | |
|
0.79
|
| | | |
|
0.79
|
| | | |
|
0.81
|
| | | |
|
0.79
|
| | | | | 0.77 | | | | | | 0.75 | | | | | | 0.72 | | | | | | 0.74 | | |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange rate (end of period) | | |
US$/Cdn$
|
| | |
|
0.79
|
| | | |
|
0.78
|
| | | |
|
0.81
|
| | | |
|
0.80
|
| | | | | 0.78 | | | | | | 0.75 | | | | | | 0.73 | | | | | | 0.71 | | |
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Oil Sands | | | |
|
3 168
|
| | | | | 2 736 | | | | | | 3 522 | | |
|
||||||||||||||||||||
| Exploration and Production | | | |
|
270
|
| | | | | 489 | | | | | | 1 070 | | |
|
||||||||||||||||||||
| Refining and Marketing | | | |
|
825
|
| | | | | 515 | | | | | | 818 | | |
|
||||||||||||||||||||
| Corporate and Eliminations | | | |
|
292
|
| | | | | 186 | | | | | | 148 | | |
| Total capital and exploration expenditures | | | |
|
4 555
|
| | | | | 3 926 | | | | | | 5 558 | | |
|
||||||||||||||||||||
| Less: capitalized interest on debt | | | |
|
(144)
|
| | | | | (120) | | | | | | (122) | | |
| | | | |
|
4 411
|
| | | | | 3 806 | | | | | | 5 436 | | |
|
Year ended December 31, 2021 ($ millions)
|
| |
Asset Sustainment
and Maintenance(1) |
| |
Economic
Investment(2) |
| |
Total
|
| |||||||||
| Oil Sands | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Oil Sands Base
|
| | | | 1 216 | | | | | | 420 | | | | |
|
1 636
|
| |
|
||||||||||||||||||||
|
In Situ
|
| | |
|
132
|
| | | |
|
298
|
| | | |
|
430
|
| |
|
||||||||||||||||||||
|
Fort Hills
|
| | |
|
253
|
| | | |
|
—
|
| | | |
|
253
|
| |
|
||||||||||||||||||||
|
Syncrude
|
| | |
|
652
|
| | | |
|
97
|
| | | |
|
749
|
| |
|
||||||||||||||||||||
| Exploration and Production | | | | | — | | | | | | 242 | | | | |
|
242
|
| |
|
||||||||||||||||||||
| Refining and Marketing | | | | | 751 | | | | | | 73 | | | | |
|
824
|
| |
|
||||||||||||||||||||
| Corporate and Eliminations | | | | | 53 | | | | | | 224 | | | | |
|
277
|
| |
| | | | | | 3 057 | | | | | | 1 354 | | | | |
|
4 411
|
| |
|
At December 31 ($ millions, except as noted)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Cash flow provided by (used in) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Operating activities
|
| | |
|
11 764
|
| | | | | 2 675 | | | | | | 10 421 | | |
|
||||||||||||||||||||
|
Investing activities
|
| | |
|
(3 977)
|
| | | | | (4 524) | | | | | | (5 088) | | |
|
||||||||||||||||||||
|
Financing activities
|
| | |
|
(7 464)
|
| | | | | 1 786 | | | | | | (5 537) | | |
|
||||||||||||||||||||
|
Foreign exchange loss on cash and cash equivalents
|
| | |
|
(3)
|
| | | | | (12) | | | | | | (57) | | |
| Increase (decrease) in cash and cash equivalents | | | |
|
320
|
| | | | | (75) | | | | | | (261) | | |
| Cash and cash equivalents, end of year | | | |
|
2 205
|
| | | | | 1 885 | | | | | | 1 960 | | |
| Return on Capital Employed (%)(1)(2) | | | |
|
8.6
|
| | | | | (6.9) | | | | | | 4.9 | | |
| Net debt to adjusted funds from operations(1) (times) | | | |
|
1.6
|
| | | | | 5.1 | | | | | | 1.5 | | |
| Total debt to total debt plus shareholders’ equity(1) (%) | | | |
|
33.4
|
| | | | | 37.8 | | | | | | 29.9 | | |
| Net debt to net debt plus shareholders’ equity(1)(3) (%) | | | |
|
30.6
|
| | | | | 35.7 | | | | | | 27.6 | | |
| Net debt to net debt plus shareholders’ equity – excluding leases(1)(3) (%) | | | |
|
26.6
|
| | | | | 32.1 | | | | | | 23.7 | | |
|
($ millions)
|
| |
2021
|
| |||
| Fully revolving and expires in 2025 | | | | | 3 000 | | |
|
||||||||
| Fully revolving and expires in 2024 | | | | | 2 531 | | |
|
||||||||
|
Can be terminated at any time at the option
of the lenders |
| | | | 1 420 | | |
| Total credit facilities | | | | | 6 951 | | |
|
||||||||
|
Credit facilities supporting outstanding commercial paper
|
| | | | (1 284) | | |
|
||||||||
|
Credit facilities supporting standby letters of
credit |
| | | | (1 147) | | |
| Total unutilized credit facilities(1) | | | | | 4 520 | | |
|
($ millions)
|
| | | | | | |
| Total debt(1) – December 31, 2020 | | | | | 21 699 | | |
|
||||||||
| Net decrease in long-term debt | | | | | (1 028) | | |
|
||||||||
| Net decrease in short-term debt | | | | | (2 256) | | |
|
||||||||
| Increase in lease liability | | | | | 308 | | |
|
||||||||
| Lease payments | | | | | (325) | | |
|
||||||||
| Foreign exchange on debt, and other | | | | | (44) | | |
| Total debt(1) – December 31, 2021 | | | | | 18 354 | | |
|
||||||||
|
Less: Cash and cash equivalents – December 31, 2021
|
| | | | 2 205 | | |
| Net debt(1) – December 31, 2021 | | | | | 16 149 | | |
|
Long-Term Senior Debt
|
| |
Rating
|
| |
Long-Term
Outlook |
|
| Standard & Poor’s | | |
BBB+
|
| |
Negative
|
|
|
||||||||
| Dominion Bond Rating Service | | |
A (low)
|
| |
Stable
|
|
|
||||||||
| Moody’s Investors Service | | |
Baa1
|
| |
Stable
|
|
|
Commercial Paper
|
| |
Cdn
Program Rating |
| |
U.S.
Program Rating |
|
| Standard & Poor’s | | |
A-1 (low)
|
| |
A-2
|
|
|
||||||||
| Dominion Bond Rating Service | | |
R-1 (low)
|
| |
Not rated
|
|
|
||||||||
| Moody’s Investors Service | | |
Not rated
|
| |
P2
|
|
|
(thousands)
|
| |
December 31, 2021
|
| |||
|
Common shares
|
| | | | 1 441 251 | | |
|
||||||||
|
Common share options – exercisable
|
| | |
|
28 421
|
| |
|
||||||||
|
Common share options –
non-exercisable |
| | |
|
8 669
|
| |
|
At December 31 ($ millions, except as noted)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Share repurchase activities (thousands of common shares) | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Shares repurchased
|
| | |
|
83 959
|
| | | | | 7 527 | | | | | | 55 298 | | |
| Share repurchase cost | | | |
|
2 304
|
| | | | | 307 | | | | | | 2 274 | | |
| Weighted average repurchase price per share (dollars per share) | | | |
|
27.45
|
| | | | | 40.83 | | | | | | 41.12 | | |
| | | |
Payment due by period
|
| |||||||||||||||||||||||||||||||||||||||
|
($ millions)
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
Thereafter
|
| |
Total
|
| |||||||||||||||||||||
| Long-term debt(1) | | | | | 969 | | | | | | 1 295 | | | | | | 720 | | | | | | 1 403 | | | | | | 1 724 | | | | | | 18 836 | | | | |
|
24 947
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||
| Decommissioning and restoration costs(2) | | | | | 305 | | | | | | 354 | | | | | | 407 | | | | | | 401 | | | | | | 348 | | | | | | 12 012 | | | | |
|
13 827
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||
| Long-term contracts, pipeline capacity and energy services commitments(3) | | | | | 1 957 | | | | | | 1 555 | | | | | | 1 470 | | | | | | 1 323 | | | | | | 1 263 | | | | | | 8 228 | | | | |
|
15 796
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||
|
Exploration work commitments(3)
|
| | | | — | | | | | | 20 | | | | | | — | | | | | | 64 | | | | | | 1 | | | | | | 454 | | | | |
|
539
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||
|
Lease obligations(4)
|
| | | | 459 | | | | | | 407 | | | | | | 372 | | | | | | 342 | | | | | | 318 | | | | | | 2 633 | | | | |
|
4 531
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||
|
Other long-term obligations(5)
|
| | | | 4 | | | | | | 18 | | | | | | 18 | | | | | | 18 | | | | | | 18 | | | | | | — | | | | |
|
76
|
| |
|
Total
|
| | | | 3 694 | | | | | | 3 649 | | | | | | 2 987 | | | | | | 3 551 | | | | | | 3 672 | | | | | | 42 163 | | | | | | 59 716 | | |
|
($ millions)
|
| |
2021
|
| |
2020
|
| ||||||
| Fair value outstanding, beginning of year | | | |
|
(121)
|
| | | | | (39) | | |
|
||||||||||||||
|
Cash settlements – paid (received) during the year
|
| | |
|
178
|
| | | | | (257) | | |
|
||||||||||||||
|
Changes in fair value recognized in earnings during the year
|
| | |
|
(155)
|
| | | | | 175 | | |
|
Fair value outstanding, end of year
|
| | |
|
(98)
|
| | | | | (121) | | |
| Fair value of derivative contracts at December 31 ($ millions) |
| |
2021
|
| |
2020
|
| ||||||
| Accounts receivable | | | |
|
123
|
| | | | | 153 | | |
|
||||||||||||||
| Accounts payable | | | |
|
(221)
|
| | | | | (274) | | |
| | | | |
|
(98)
|
| | | | | (121) | | |
| Year ended December 31 ($ millions, except as noted) |
| | | | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Adjustments to net earnings (loss) | | | | | | | | | | | | | | | | | | | | | | |
|
|||||||||||||||||||||||
|
Net earnings (loss)
|
| | | | | |
|
4 119
|
| | | | | (4 319) | | | | | | 2 899 | | |
|
|||||||||||||||||||||||
|
(Deduct) add after-tax amounts for:
|
| | | | | | | | | | | | | | | | | | | | | |
|
|||||||||||||||||||||||
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | | | | |
|
(101)
|
| | | | | (286) | | | | | | (590) | | |
|
|||||||||||||||||||||||
|
Net interest expense
|
| | | | | |
|
645
|
| | | | | 698 | | | | | | 638 | | |
| Adjusted net earnings (loss)(1) | | |
A
|
| | |
|
4 663
|
| | | | | (3 907) | | | | | | 2 947 | | |
| Capital employed – beginning of twelve-month period | | | | | | | | | | | | | | | | | | | | | | |
|
|||||||||||||||||||||||
|
Net debt(2)
|
| | | | | |
|
19 814
|
| | | | | 16 010 | | | | | | 15 129 | | |
|
|||||||||||||||||||||||
|
Shareholders’ equity
|
| | | | | |
|
35 757
|
| | | | | 42 042 | | | | | | 44 005 | | |
| | | | | | | |
|
55 571
|
| | | | | 58 052 | | | | | | 59 134 | | |
| Capital employed – end of twelve-month period | | | | | | | | | | | | | | | | | | | | | | |
|
|||||||||||||||||||||||
|
Net debt(2)
|
| | | | | |
|
16 149
|
| | | | | 19 814 | | | | | | 16 010 | | |
|
|||||||||||||||||||||||
|
Shareholders’ equity
|
| | | | | |
|
36 614
|
| | | | | 35 757 | | | | | | 42 042 | | |
| | | | | | | |
|
52 763
|
| | | | | 55 571 | | | | | | 58 052 | | |
| Average capital employed | | |
B
|
| | |
|
54 069
|
| | | | | 56 239 | | | | | | 60 402 | | |
| ROCE (%)(3) | | |
A/B
|
| | |
|
8.6
|
| | | | | (6.9) | | | | | | 4.9 | | |
| | | |
Oil Sands
|
| |
Exploration and
Production |
| |
Refining and Marketing
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||||||||||||||
| Net earnings (loss) | | | |
|
2 147
|
| | | | | (3 796) | | | | | | (427) | | | | |
|
1 285
|
| | | | | (832) | | | | | | 1 005 | | | | |
|
2 178
|
| | | | | 866 | | | | | | 3 000 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Depreciation, depletion, amortization and impairment
|
| | |
|
4 585
|
| | | | | 6 430 | | | | | | 8 170 | | | | |
|
324
|
| | | | | 2 147 | | | | | | 1 505 | | | | |
|
853
|
| | | | | 867 | | | | | | 823 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred income taxes
|
| | |
|
(51)
|
| | | | | (797) | | | | | | (1 565) | | | | |
|
33
|
| | | | | (321) | | | | | | (215) | | | | |
|
113
|
| | | | | (24) | | | | | | (49) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Accretion
|
| | |
|
240
|
| | | | | 224 | | | | | | 221 | | | | |
|
58
|
| | | | | 48 | | | | | | 43 | | | | |
|
6
|
| | | | | 6 | | | | | | 6 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Change in fair value of financial instruments and trading inventory
|
| | |
|
(66)
|
| | | | | 81 | | | | | | 21 | | | | |
|
3
|
| | | | | (17) | | | | | | 16 | | | | |
|
50
|
| | | | | 44 | | | | | | 70 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(Gain) loss on disposal of assets
|
| | |
|
(4)
|
| | | | | (1) | | | | | | (14) | | | | |
|
(227)
|
| | | | | — | | | | | | (228) | | | | |
|
(19)
|
| | | | | (24) | | | | | | (11) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Loss on extinguishment of long-term debt
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation
|
| | |
|
61
|
| | | | | (59) | | | | | | 16 | | | | |
|
5
|
| | | | | (9) | | | | | | — | | | | |
|
34
|
| | | | | (36) | | | | | | 3 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Exploration expenses
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | | | 80 | | | | | | 66 | | | | |
|
—
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Settlement of decommissioning and restoration liabilities
|
| | |
|
(245)
|
| | | | | (212) | | | | | | (413) | | | | |
|
(1)
|
| | | | | (7) | | | | | | (32) | | | | |
|
(17)
|
| | | | | (12) | | | | | | (19) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
| | |
|
179
|
| | | | | 116 | | | | | | 52 | | | | |
|
(2)
|
| | | | | (35) | | | | | | (17) | | | | |
|
57
|
| | | | | 21 | | | | | | 40 | | |
|
Adjusted funds from (used in) operations
|
| | |
|
6 846
|
| | | | | 1 986 | | | | | | 6 061 | | | | |
|
1 478
|
| | | | | 1 054 | | | | | | 2 143 | | | | |
|
3 255
|
| | | | | 1 708 | | | | | | 3 863 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in non-cash working capital | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flow provided by operating activities | |
| | | |
Corporate
and Eliminations |
| |
Total
|
| ||||||||||||||||||||||||||||||
|
Year ended December 31 ($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||||||||
| Net earnings (loss) | | | |
|
(1 491)
|
| | | | | (557) | | | | | | (679) | | | | |
|
4 119
|
| | | | | (4 319) | | | | | | 2 899 | | |
|
||||||||||||||||||||||||||||||||||||||
| Adjustments for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||
|
Depreciation, depletion, amortization and impairment
|
| | |
|
88
|
| | | | | 82 | | | | | | 74 | | | | |
|
5 850
|
| | | | | 9 526 | | | | | | 10 572 | | |
|
||||||||||||||||||||||||||||||||||||||
|
Deferred income taxes
|
| | |
|
(39)
|
| | | | | 23 | | | | | | (89) | | | | |
|
56
|
| | | | | (1 119) | | | | | | (1 918) | | |
|
||||||||||||||||||||||||||||||||||||||
|
Accretion
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
304
|
| | | | | 278 | | | | | | 270 | | |
|
||||||||||||||||||||||||||||||||||||||
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
(113)
|
| | | | | (312) | | | | | | (624) | | | | |
|
(113)
|
| | | | | (312) | | | | | | (624) | | |
|
||||||||||||||||||||||||||||||||||||||
|
Change in fair value of financial instruments and trading inventory
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
(13)
|
| | | | | 108 | | | | | | 107 | | |
|
||||||||||||||||||||||||||||||||||||||
|
(Gain) loss on disposal of assets
|
| | |
|
(7)
|
| | | | | 9 | | | | | | — | | | | |
|
(257)
|
| | | | | (16) | | | | | | (253) | | |
|
||||||||||||||||||||||||||||||||||||||
|
Loss on extinguishment of long-term debt
|
| | |
|
80
|
| | | | | — | | | | | | — | | | | |
|
80
|
| | | | | — | | | | | | — | | |
|
||||||||||||||||||||||||||||||||||||||
|
Share-based compensation
|
| | |
|
105
|
| | | | | (134) | | | | | | 25 | | | | |
|
205
|
| | | | | (238) | | | | | | 44 | | |
|
||||||||||||||||||||||||||||||||||||||
|
Exploration expenses
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
—
|
| | | | | 80 | | | | | | 66 | | |
|
||||||||||||||||||||||||||||||||||||||
|
Settlement of decommissioning and restoration liabilities
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | |
|
(263)
|
| | | | | (231) | | | | | | (464) | | |
|
||||||||||||||||||||||||||||||||||||||
|
Other
|
| | |
|
55
|
| | | | | 17 | | | | | | 44 | | | | |
|
289
|
| | | | | 119 | | | | | | 119 | | |
|
Adjusted funds from (used in) operations
|
| | |
|
(1 322)
|
| | | | | (872) | | | | | | (1 249) | | | | |
|
10 257
|
| | | | | 3 876 | | | | | | 10 818 | | |
|
||||||||||||||||||||||||||||||||||||||
| Change in in non-cash working capital | | | | | | | | | | | | | | | | | | | | | |
|
1 507
|
| | | | | (1 201) | | | | | | (397) | | |
| Cash flow provided by operating activities | | | | | | | | | | | | | | | | | | | | | |
|
11 764
|
| | | | | 2 675 | | | | | | 10 421 | | |
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Cash flow provided by operating activities | | | |
|
11 764
|
| | | | | 2 675 | | | | | | 10 421 | | |
|
||||||||||||||||||||
| Deduct (add) change in non-cash working capital | | | |
|
1 507
|
| | | | | (1 201) | | | | | | (397) | | |
| Adjusted funds from operations | | | |
|
10 257
|
| | | | | 3 876 | | | | | | 10 818 | | |
|
||||||||||||||||||||
| Asset sustaining and maintenance capital and dividends(1) | | | |
|
(4 667)
|
| | | | | (4 104) | | | | | | (5 904) | | |
| Discretionary free funds flow (deficit) | | | |
|
5 590
|
| | | | | (228) | | | | | | 4 914 | | |
| Year ended December 31 ($ millions, except as noted) |
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| Refining and marketing gross margin reconciliation | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||
|
Operating revenues
|
| | |
|
22 915
|
| | | | | 15 272 | | | | | | 22 304 | | |
|
||||||||||||||||||||
|
Purchases of crude oil and products
|
| | |
|
(16 807)
|
| | | | | (11 243) | | | | | | (15 296) | | |
| | | | |
|
6 108
|
| | | | | 4 029 | | | | | | 7 008 | | |
|
Other (loss) income
|
| | |
|
(50)
|
| | | | | 48 | | | | | | 75 | | |
|
||||||||||||||||||||
|
Non-refining and marketing margin
|
| | |
|
(54)
|
| | | | | (57) | | | | | | (60) | | |
|
Refining and marketing gross margin – FIFO
|
| | |
|
6 004
|
| | | | | 4 020 | | | | | | 7 023 | | |
|
||||||||||||||||||||
|
Refinery production(1) (mbbls)
|
| | |
|
162 862
|
| | | | | 158 991 | | | | | | 173 705 | | |
|
Refining and marketing gross margin – FIFO(2) ($/bbl)
|
| | |
|
36.85
|
| | | | | 25.30 | | | | | | 40.45 | | |
|
FIFO and short-term risk management activities adjustment
|
| | |
|
(972)
|
| | | | | 532 | | | | | | (628) | | |
|
Refining and marketing gross margin – LIFO
|
| | |
|
5 032
|
| | | | | 4 552 | | | | | | 6 395 | | |
|
Refining and marketing gross margin – LIFO(2) ($/bbl)
|
| | |
|
30.90
|
| | | | | 28.65 | | | | | | 36.80 | | |
| Refining operating expense reconciliation | | ||||||||||||||||||
|
Operating, selling and general expense(3)
|
| | |
|
2 019
|
| | | | | 1 759 | | | | | | 2 035 | | |
|
||||||||||||||||||||
|
Non-refining costs(3)
|
| | |
|
(1 051)
|
| | | | | (885) | | | | | | (1 108) | | |
|
Refining operating expense
|
| | |
|
968
|
| | | | | 874 | | | | | | 927 | | |
|
||||||||||||||||||||
|
Refinery production(1)
|
| | |
|
162 862
|
| | | | | 158 991 | | | | | | 173 705 | | |
|
Refining operating expense ($/bbl)
|
| | |
|
5.95
|
| | | | | 5.50 | | | | | | 5.35 | | |
| At December 31 ($ millions, except as noted) |
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
|
Short-term debt
|
| | |
|
1 284
|
| | | | | 3 566 | | | | | | 2 155 | | |
|
||||||||||||||||||||
|
Current portion of long-term debt
|
| | |
|
231
|
| | | | | 1 413 | | | | | | — | | |
|
||||||||||||||||||||
|
Current portion of long-term lease liabilities
|
| | |
|
310
|
| | | | | 272 | | | | | | 310 | | |
|
||||||||||||||||||||
|
Long-term debt
|
| | |
|
13 989
|
| | | | | 13 812 | | | | | | 12 884 | | |
|
||||||||||||||||||||
|
Long-term lease liabilities
|
| | |
|
2 540
|
| | | | | 2 636 | | | | | | 2 621 | | |
| Total debt | | | |
|
18 354
|
| | | | | 21 699 | | | | | | 17 970 | | |
|
||||||||||||||||||||
|
Less: Cash and cash equivalents
|
| | |
|
2 205
|
| | | | | 1 885 | | | | | | 1 960 | | |
| Net debt | | | |
|
16 149
|
| | | | | 19 814 | | | | | | 16 010 | | |
| Shareholders’ equity | | | |
|
36 614
|
| | | | | 35 757 | | | | | | 42 042 | | |
| Total debt plus shareholders’ equity | | | |
|
54 968
|
| | | | | 57 456 | | | | | | 60 012 | | |
| Total debt to total debt plus shareholders’ equity (%) | | | |
|
33.4
|
| | | | | 37.8 | | | | | | 29.9 | | |
| Net debt to net debt plus shareholders’ equity (%) | | | |
|
30.6
|
| | | | | 35.7 | | | | | | 27.6 | | |
| Net debt to net debt plus shareholders’ equity – excluding leases (%) | | | |
|
26.6
|
| | | | | 32.1 | | | | | | 23.7 | | |
| | | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
| For the year ended ($ millions, except as noted) |
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude sales
basket |
| |
Oil Sands
Segment |
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude sales
basket |
| |
Oil Sands
Segment |
| ||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
5 092
|
| | | |
|
13 305
|
| | | |
|
18 397
|
| | | |
|
18 397
|
| | | | | 2 024 | | | | | | 8 498 | | | | | | 10 522 | | | | | | 10 522 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Add: Royalties
|
| | | | 376 | | | | | | 1 147 | | | | | | 1 523 | | | | | | 1 523 | | | | |
|
19
|
| | | |
|
76
|
| | | |
|
95
|
| | | |
|
95
|
| |
| Operating revenues | | | |
|
5 468
|
| | | |
|
14 452
|
| | | |
|
19 920
|
| | | |
|
19 920
|
| | | | | 2 043 | | | | | | 8 574 | | | | | | 10 617 | | | | | | 10 617 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (loss) income | | | |
|
(56)
|
| | | |
|
62
|
| | | |
|
6
|
| | | |
|
6
|
| | | | | 21 | | | | | | 277 | | | | | | 298 | | | | | | 298 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Purchases of crude oil and products
|
| | | | (1 231) | | | | | | (213) | | | | | | (1 444) | | | | | | (1 444) | | | | |
|
(702)
|
| | | |
|
(142)
|
| | | |
|
(844)
|
| | | |
|
(844)
|
| |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross realization adjustment(1) | | | |
|
(210)
|
| | | |
|
(325)
|
| | | |
|
(535)
|
| | | | | | | | | | | (54) | | | | | | (458) | | | | | | (512) | | | | | | | | |
| Gross realizations | | | |
|
3 971
|
| | | |
|
13 976
|
| | | |
|
17 947
|
| | | | | | | | | | | 1 308 | | | | | | 8 251 | | | | | | 9 559 | | | | | | | | |
|
Transportation and distribution
|
| | |
|
(359)
|
| | | |
|
(767)
|
| | | |
|
(1 126)
|
| | | |
|
(1 126)
|
| | | | | (476) | | | | | | (747) | | | | | | (1 223) | | | | | | (1 223) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Transportation and distribution adjustment(2)
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | | | | | | | 197 | | | | | | — | | | | | | 197 | | | | | | | | |
|
Net transportation and distribution
|
| | |
|
(359)
|
| | | |
|
(767)
|
| | | |
|
(1 126)
|
| | | | | | | | | | | (279) | | | | | | (747) | | | | | | (1 026) | | | | | | | | |
| Price realization | | | |
|
3 612
|
| | | |
|
13 209
|
| | | |
|
16 821
|
| | | | | | | | | | | 1 029 | | | | | | 7 504 | | | | | | 8 533 | | | | | | | | |
| Sales volumes (mbbls) | | | |
|
67 094
|
| | | |
|
169 983
|
| | | |
|
237 077
|
| | | | | | | | | | | 45 980 | | | | | | 171 211 | | | | | | 217 191 | | | | | | | | |
| Price realization per barrel | | | |
|
53.80
|
| | | |
|
77.73
|
| | | |
|
70.96
|
| | | | | | | | | | | 22.37 | | | | | | 43.83 | | | | | | 39.29 | | | | | | | | |
| | | |
December 31, 2019
|
| |||||||||||||||||||||
| For the year ended ($ millions, except as noted) |
| |
Bitumen
|
| |
SCO and
Diesel |
| |
Crude sales
basket |
| |
Oil Sands
Segment |
| ||||||||||||
|
Operating revenues, net of royalties
|
| | | | 4 656 | | | | | | 12 774 | | | | | | 17 430 | | | | | | 17 430 | | |
|
||||||||||||||||||||||||||
|
Add: Royalties
|
| | | | 124 | | | | | | 793 | | | | | | 917 | | | | | | 917 | | |
| Operating revenues | | | | | 4 780 | | | | | | 13 567 | | | | | | 18 347 | | | | | | 18 347 | | |
|
||||||||||||||||||||||||||
| Other (loss) income | | | | | (38) | | | | | | 210 | | | | | | 172 | | | | | | 172 | | |
|
||||||||||||||||||||||||||
| Purchases of crude oil and products | | | | | (1 164) | | | | | | (243) | | | | | | (1 407) | | | | | | (1 407) | | |
|
||||||||||||||||||||||||||
| Gross realization adjustment(1) | | | | | (14) | | | | | | (219) | | | | | | (233) | | | | | | | | |
| Gross realizations | | | | | 3 564 | | | | | | 13 315 | | | | | | 16 879 | | | | | | | | |
|
Transportation and distribution
|
| | | | (449) | | | | | | (844) | | | | | | (1 293) | | | | | | (1 293) | | |
|
||||||||||||||||||||||||||
|
Transportation and distribution adjustment(2)
|
| | | | 15 | | | | | | 7 | | | | | | 22 | | | | | | | | |
| Net transportation and distribution | | | | | (434) | | | | | | (837) | | | | | | (1 271) | | | | | | | | |
| Price realization | | | | | 3 130 | | | | | | 12 478 | | | | | | 15 608 | | | | | | | | |
| Sales volumes (mbbls) | | | | | 68 430 | | | | | | 176 494 | | | | | | 244 924 | | | | | | | | |
| Price realization per barrel | | | | | 45.71 | | | | | | 70.68 | | | | | | 63.70 | | | | | | | | |
| | | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
| For the year ended ($ millions, except as noted) |
| |
E&P
International |
| |
E&P
Canada |
| |
Other(1)
|
| |
E&P
Segment |
| |
E&P
International |
| |
E&P
Canada |
| |
Other(1)
|
| |
E&P
Segment |
| ||||||||||||||||||||||||
|
Operating revenues, net of royalties
|
| | |
|
815
|
| | | |
|
1 447
|
| | | |
|
238
|
| | | |
|
2 500
|
| | | | | 809 | | | | | | 1 058 | | | | | | (111) | | | | | | 1 756 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Add: Royalties
|
| | |
|
—
|
| | | |
|
237
|
| | | |
|
241
|
| | | |
|
478
|
| | | | | — | | | | | | 94 | | | | | | 49 | | | | | | 143 | | |
| Operating revenues | | | |
|
815
|
| | | |
|
1 684
|
| | | |
|
479
|
| | | |
|
2 978
|
| | | | | 809 | | | | | | 1 152 | | | | | | (62) | | | | | | 1 899 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| Transportation and distribution | | | |
|
(25)
|
| | | |
|
(44)
|
| | | |
|
(43)
|
| | | |
|
(112)
|
| | | | | (34) | | | | | | (65) | | | | | | (1) | | | | | | (100) | | |
| Price realization | | | |
|
790
|
| | | |
|
1 640
|
| | | |
|
436
|
| | | | | | | | | | | 775 | | | | | | 1 087 | | | | | | (63) | | | | | | | | |
| Sales volumes (mbbls) | | | |
|
9 616
|
| | | |
|
19 386
|
| | | | | | | | | | | | | | | | | 15 406 | | | | | | 21 879 | | | | | | | | | | | | | | |
| Price realization per barrel | | | |
|
82.16
|
| | | |
|
84.70
|
| | | | | | | | | | | | | | | | | 50.28 | | | | | | 49.69 | | | | | | | | | | | | | | |
| | | |
December 31, 2019
|
| |||||||||||||||||||||
|
For the year ended
($ millions, except as noted) |
| |
E&P
International |
| |
E&P
Canada |
| |
Other(1)
|
| |
E&P
Segment |
| ||||||||||||
|
Operating revenues, net of royalties
|
| | | | 1 309 | | | | | | 1 621 | | | | | | 140 | | | | | | 3 070 | | |
|
||||||||||||||||||||||||||
|
Add: Royalties
|
| | | | — | | | | | | 302 | | | | | | 303 | | | | | | 605 | | |
| Operating revenues | | | | | 1 309 | | | | | | 1 923 | | | | | | 443 | | | | | | 3 675 | | |
|
||||||||||||||||||||||||||
| Transportation and distribution | | | | | (35) | | | | | | (39) | | | | | | (6) | | | | | | (80) | | |
| Price realization | | | | | 1 274 | | | | | | 1 884 | | | | | | 437 | | | | | | | | |
| Sales volumes (mbbls) | | | | | 15 650 | | | | | | 22 190 | | | | | | | | | | | | | | |
| Price realization per barrel | | | | | 81.22 | | | | | | 84.86 | | | | | | | | | | | | | | |
|
For the quarter ended December 31
|
| |
Oil Sands
|
| |
Exploration and
Production |
| |
Refining and
Marketing |
| |
Corporate
and Eliminations |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
| Net earnings (loss) | | | |
|
896
|
| | | | | (293) | | | | |
|
465
|
| | | | | (379) | | | | |
|
450
|
| | | | | 268 | | | | |
|
(258)
|
| | | | | 236 | | | | |
|
1 553
|
| | | | | (168) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
(21)
|
| | | | | (539) | | | | |
|
(21)
|
| | | | | (539) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unrealized loss (gain) on risk management activities(1)
|
| | |
|
2
|
| | | | | 21 | | | | |
|
—
|
| | | | | — | | | | |
|
(13)
|
| | | | | 12 | | | | |
|
—
|
| | | | | — | | | | |
|
(11)
|
| | | | | 33 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on significant disposal(2) | | | |
|
—
|
| | | | | — | | | | |
|
(227)
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
(227)
|
| | | | | — | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Impairments(3) | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 423 | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 423 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for pipeline project(4) | | | |
|
—
|
| | | | | 142 | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | 142 | | |
| Adjusted operating earnings (loss) | | | |
|
898
|
| | | | | (130) | | | | |
|
238
|
| | | | | 44 | | | | |
|
437
|
| | | | | 280 | | | | |
|
(279)
|
| | | | | (303) | | | | |
|
1 294
|
| | | | | (109) | | |
|
For the quarter ended December 31
|
| |
Oil Sands
|
| |
Exploration and
Production |
| |
Refining and
Marketing |
| |
Corporate
and Eliminations |
| |
Total
|
| |||||||||||||||||||||||||||||||||||||||||||||
|
($ millions)
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
| Net earnings (loss) | | | |
|
896
|
| | | | | (293) | | | | |
|
465
|
| | | | | (379) | | | | |
|
450
|
| | | | | 268 | | | | |
|
(258)
|
| | | | | 236 | | | | |
|
1 553
|
| | | | | (168) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Depreciation, depletion, amortization and
impairment |
| | |
|
1 237
|
| | | | | 1 058 | | | | |
|
129
|
| | | | | 835 | | | | |
|
243
|
| | | | | 207 | | | | |
|
21
|
| | | | | 20 | | | | |
|
1 630
|
| | | | | 2 120 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deferred income taxes
|
| | |
|
(11)
|
| | | | | (154) | | | | |
|
(2)
|
| | | | | (160) | | | | |
|
45
|
| | | | | (53) | | | | |
|
(28)
|
| | | | | 43 | | | | |
|
4
|
| | | | | (324) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Accretion
|
| | |
|
61
|
| | | | | 55 | | | | |
|
15
|
| | | | | 13 | | | | |
|
1
|
| | | | | 1 | | | | |
|
—
|
| | | | | — | | | | |
|
77
|
| | | | | 69 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Unrealized foreign exchange gain on U.S. dollar denominated debt
|
| | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
—
|
| | | | | — | | | | |
|
(25)
|
| | | | | (602) | | | | |
|
(25)
|
| | | | | (602) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Change in fair value of financial instruments and trading inventory
|
| | |
|
8
|
| | | | | 49 | | | | |
|
42
|
| | | | | 5 | | | | |
|
—
|
| | | | | (9) | | | | |
|
—
|
| | | | | — | | | | |
|
50
|
| | | | | 45 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
(Gain) loss on disposal of assets
|
| | |
|
(4)
|
| | | | | 1 | | | | |
|
(227)
|
| | | | | — | | | | |
|
(1)
|
| | | | | (18) | | | | |
|
—
|
| | | | | 9 | | | | |
|
(232)
|
| | | | | (8) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Share-based compensation
|
| | |
|
36
|
| | | | | 25 | | | | |
|
4
|
| | | | | 3 | | | | |
|
21
|
| | | | | 15 | | | | |
|
64
|
| | | | | 52 | | | | |
|
125
|
| | | | | 95 | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Settlement of decommissioning and restoration liabilities
|
| | |
|
(71)
|
| | | | | (41) | | | | |
|
1
|
| | | | | — | | | | |
|
(6)
|
| | | | | (7) | | | | |
|
—
|
| | | | | — | | | | |
|
(76)
|
| | | | | (48) | | |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other
|
| | |
|
23
|
| | | | | 29 | | | | |
|
(2)
|
| | | | | (5) | | | | |
|
12
|
| | | | | 11 | | | | |
|
5
|
| | | | | 7 | | | | |
|
38
|
| | | | | 42 | | |
| Adjusted funds from (used in) operations | | | |
|
2 175
|
| | | | | 729 | | | | |
|
425
|
| | | | | 312 | | | | |
|
765
|
| | | | | 415 | | | | |
|
(221)
|
| | | | | (235) | | | | |
|
3 144
|
| | | | | 1 221 | | |
| Change in non-cash working capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(529)
|
| | | | | (407) | | |
| Cash flow provided by operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
2 615
|
| | | | | 814 | | |
| Measurement | | |||
| bbl | | | barrel | |
| bbls/d | | | barrels per day | |
| mbbls/d | | | thousands of barrels per day | |
| boe | | | barrels of oil equivalent | |
| boe/d | | | barrels of oil equivalent per day | |
| mboe | | | thousands of barrels of oil equivalent | |
| mboe/d | | |
thousands of barrels of oil equivalent per day
|
|
| mcf | | | thousands of cubic feet of natural gas | |
| mcfe | | | thousands of cubic feet of natural gas equivalent | |
| mmcf | | | millions of cubic feet of natural gas | |
| mmcf/d | | | millions of cubic feet of natural gas per day | |
| mmcfe | | |
millions of cubic feet of natural gas equivalent
|
|
| mmcfe/d | | | millions of cubic feet of natural gas equivalent per day | |
| m3 | | | cubic metres | |
| MW | | | megawatts | |
| MWh | | | megawatt hour | |
| Places and Currencies | | |||
| U.S. | | | United States | |
| U.K. | | | United Kingdom | |
| B.C. | | | British Columbia | |
|
$ or Cdn$
|
| | Canadian dollars | |
| US$ | | | United States dollars | |
| £ | | | Pounds sterling | |
| € | | | Euros | |
| Financial and Business Environment | | |||
| DD&A | | | Depreciation, depletion and amortization | |
| WTI | | | West Texas Intermediate | |
| WCS | | | Western Canadian Select | |
| SCO | | | Synthetic crude oil | |
| SYN | | | Synthetic crude oil benchmark | |
| MSW | | | Mixed Sweet Blend | |
| NYMEX | | | New York Mercantile Exchange | |
Exhibit 99.2
FORM 51-101F4
NOTICE OF FILING OF 51-101F1 INFORMATION
On February 24, 2022, Suncor Energy Inc. (the "Corporation") filed its reports under section 2.1 of NI 51-101, which can be found in the Corporation's annual information form dated February 23, 2022 under the Corporation's profile on SEDAR at www.sedar.com.
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