Business segments |
Business segments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months to March 31 | Upstream | Downstream | Chemical | millions of Canadian dollars | 2023 | | 2022 | 2023 | | 2022 | 2023 | | 2022 | Revenues and other income | | | | | | | | | | Revenues (a) (b) | 76 | | | 99 | | 11,639 | | | 12,191 | | 342 | | | 367 | | Intersegment sales | 3,622 | | | 4,431 | | 1,823 | | | 1,833 | | 91 | | | 104 | | Investment and other income (note 3) | 2 | | | 4 | | 20 | | | 21 | | — | | | — | | | 3,700 | | | 4,534 | | 13,482 | | | 14,045 | | 433 | | | 471 | | Expenses | | | | | | | | | | Exploration | 1 | | | 2 | | — | | | — | | — | | | — | | Purchases of crude oil and products | 1,543 | | | 1,890 | | 11,196 | | | 12,512 | | 274 | | | 315 | | Production and manufacturing | 1,287 | | | 1,249 | | 411 | | | 356 | | 58 | | | 54 | | Selling and general | — | | | — | | 157 | | | 147 | | 26 | | | 23 | | Federal excise tax and fuel charge | — | | | — | | 528 | | | 479 | | 1 | | | — | | Depreciation and depletion | 434 | | | 373 | | 45 | | | 41 | | 4 | | | 5 | | Non-service pension and postretirement benefit | — | | | — | | — | | | — | | — | | | — | | Financing (note 5) | — | | | — | | — | | | — | | — | | | — | | Total expenses | 3,265 | | | 3,514 | | 12,337 | | | 13,535 | | 363 | | | 397 | | Income (loss) before income taxes | 435 | | | 1,020 | | 1,145 | | | 510 | | 70 | | | 74 | | Income tax expense (benefit) | 105 | | | 238 | | 275 | | | 121 | | 17 | | | 18 | | Net income (loss) | 330 | | | 782 | | 870 | | | 389 | | 53 | | | 56 | | Cash flows from (used in) operating activities | (398) | | | 1,447 | | (419) | | | 375 | | (32) | | | 67 | | Capital and exploration expenditures (c) | 321 | | | 222 | | 74 | | | 68 | | 4 | | | 1 | | Total assets as at March 31 | 29,059 | | | 29,182 | | 9,535 | | | 10,179 | | 477 | | | 501 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months to March 31 | Corporate and other | Eliminations | Consolidated | millions of Canadian dollars | 2023 | | 2022 | 2023 | | 2022 | 2023 | | 2022 | Revenues and other income | | | | | | | | | | Revenues (a) (b) | — | | | — | | — | | | — | | 12,057 | | | 12,657 | | Intersegment sales | — | | | — | | (5,536) | | | (6,368) | | — | | | — | | Investment and other income (note 3) | 42 | | | 4 | | — | | | — | | 64 | | | 29 | | | 42 | | | 4 | | (5,536) | | | (6,368) | | 12,121 | | | 12,686 | | Expenses | | | | | | | | | | Exploration | — | | | — | | — | | | — | | 1 | | | 2 | | Purchases of crude oil and products | — | | | — | | (5,535) | | | (6,367) | | 7,478 | | | 8,350 | | Production and manufacturing | — | | | — | | — | | | — | | 1,756 | | | 1,659 | | Selling and general | 4 | | | 56 | | (1) | | | (1) | | 186 | | | 225 | | Federal excise tax and fuel charge | — | | | — | | — | | | — | | 529 | | | 479 | | Depreciation and depletion | 7 | | | 7 | | — | | | — | | 490 | | | 426 | | Non-service pension and postretirement benefit | 20 | | | 4 | | — | | | — | | 20 | | | 4 | | Financing (note 5) | 16 | | | 7 | | — | | | — | | 16 | | | 7 | | Total expenses | 47 | | | 74 | | (5,536) | | | (6,368) | | 10,476 | | | 11,152 | | Income (loss) before income taxes | (5) | | | (70) | | — | | | — | | 1,645 | | | 1,534 | | Income tax expense (benefit) | — | | | (16) | | — | | | — | | 397 | | | 361 | | Net income (loss) | (5) | | | (54) | | — | | | — | | 1,248 | | | 1,173 | | Cash flows from (used in) operating activities | 28 | | | 25 | | — | | | — | | (821) | | | 1,914 | | Capital and exploration expenditures (c) | 30 | | | 5 | | — | | | — | | 429 | | | 296 | | Total assets as at March 31 | 3,815 | | | 4,136 | | (771) | | | (188) | | 42,115 | | | 43,810 | |
Includes export sales to the United States of $2,375 million (2022 - $2,504 million). (b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. | | | | | | | | | | | | Revenues | | | Three Months to March 31 | millions of Canadian dollars | | | | 2023 | | 2022 | | Revenue from contracts with customers | | | | 10,520 | | 10,864 | | Revenue outside the scope of ASC 606 | | | | 1,537 | | 1,793 | | Total | | | | 12,057 | | 12,657 | |
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
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