Business segments

3 Months Ended

Mar. 31, 2017

Business segments

2. Business segments

Three Months to March 31	Upstream						Downstream						Chemical
millions of Canadian dollars	2017			2016			2017			2016			2017			2016
Revenues and other income
Operating revenues (a)		1,711			980			4,974			3,940			273			254
Intersegment sales		618			479			309			225			67			44
Investment and other income (note 3)		5			19			191			29			1			-
		2,334			1,478			5,474			4,194			341			298
Expenses
Exploration		22			17			-			-			-			-
Purchases of crude oil and products		1,116			818			4,009			2,757			201			159
Production and manufacturing		973			909			349			315			53			47
Selling and general		3			1			188			238			22			22
Federal excise tax		-			-			394			388			-			-
Depreciation and depletion		336			357			48			61			3			2
Financing costs (note 5)		4			(3	)		-			-			-			-
Total expenses		2,454			2,099			4,988			3,759			279			230
Income (loss) before income taxes		(120	)		(621	)		486			435			62			68
Income taxes		(34	)		(173	)		106			115			17			19
Net income (loss)		(86	)		(448	)		380			320			45			49
Cash flows from (used in) operating activities		308			(482	)		56			469			(23	)		60
Capital and exploration expenditures (b)		103			346			34			43			4			6
Total assets as at March 31		35,898			37,086			4,251			5,368			391			394
Three Months to March 31	Corporate and Other						Eliminations						Consolidated
millions of Canadian dollars	2017			2016			2017			2016			2017			2016
Revenues and other income
Operating revenues (a)		-			-			-			-			6,958			5,174
Intersegment sales		-			-			(994	)		(748	)		-			-
Investment and other income (note 3)		1			-			-			-			198			48
		1			-			(994	)		(748	)		7,156			5,222
Expenses
Exploration		-			-			-			-			22			17
Purchases of crude oil and products		-			-			(993	)		(748	)		4,333			2,986
Production and manufacturing		-			-			-			-			1,375			1,271
Selling and general		(6	)		9			(1	)		-			206			270
Federal excise tax		-			-			-			-			394			388
Depreciation and depletion		5			4			-			-			392			424
Financing costs (note 5)		10			18			-			-			14			15
Total expenses		9			31			(994	)		(748	)		6,736			5,371
Income (loss) before income taxes		(8	)		(31	)		-			-			420			(149)
Income taxes		(2	)		(9	)		-			-			87			(48)
Net income (loss)		(6	)		(22	)		-			-			333			(101)
Cash flows from (used in) operating activities		13			2			-			-			354			49
Capital and exploration expenditures (b)		12			13			-			-			153			408
Total assets as at March 31		1,128			643			(258	)		(306	)		41,410			43,185

(a) Included export sales to the United States of $899 million (2016 - $797 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.

(b) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions.