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Financial and derivative instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Schedule of Net Long Short Position Of Derivative Instruments
At December 31, the net notional long / (short) position of derivative instruments was:

 
thousands of barrels
    
  
 
    
2021 
 
2020
Crude
     
 
 
 
 
7,390 
      (800)
Products
     
 
 
 
 
(560)
      (390)
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments
Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a
before-tax
basis: 
 
millions of Canadian dollars
    
2021
    
2020
    
2019
Revenues
     
(46) 
      (13)       (3) 
Purchases of crude oil and products
     
(33) 
      (21)       (7) 
Total
     
(79) 
      (34)       (10) 
Summary of estimated fair value of financial instruments
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is as follows:
 
At December 31, 2021
millions of Canadian dollars
  
  
 
  
  
 
  
  
 
  
  
 
  
  
 
 
  
 
 
  
 
  
Fair value
 
  
Effect of
counterparty
netting
 
 
Effect of
collateral
netting
 
 
Net
carrying
value
  
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
Assets
  
  
  
  
  
 
 

Derivative assets
(a)
   
 
24
 
   
 
17
 
   
 
-
 
   
 
41
 
   
 
(31
) 
  
 
-
 
  
 
10
             
Liabilities
                                                           
Derivative liabilities
(b)
   
 
31
 
   
 
12
 
   
 
-
 
   
 
43
 
   
 
(31
) 
  
 
(7
) 
  
 
5
(a)  Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)  Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
   
   
 

At December 31, 2020
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
millions of Canadian dollars
  
  
 
  
  
 
  
  
 
  
  
 
  
  
 
 
  
 
 
  
 
 
  
Fair value
 
  
Effect of
counterparty
netting
 
 
Effect of
collateral
netting
 
 
Net
carrying
value
 
  
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
Assets
                                                             
Derivative assets
(a)
      2        -        -        2        (2 )      -       -  
               
Liabilities
                                                             
Derivative liabilities
(b)
      12        -        -        12        (2 )      (10 )      -  
(a)
Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)
Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.