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Business Segments (Detail) - CAD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues and other income      
Revenues [1],[2] $ 37,508 $ 22,284 $ 34,002
Intersegment sales [3] 0    
Investment and other income (note 8) 82 104 99
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME 37,590 22,388 34,101
Expenses      
Exploration (note 15) 32 13 47
Purchases of crude oil and products (b) (note 11) [3],[4] 23,174 13,293 20,946
Production and manufacturing (note 11) [5] 6,316 5,535 6,520
Selling and general [5] 784 741 900
Federal excise tax and fuel charge 1,928 1,736 1,808
Depreciation and depletion (note 11) [6] 1,977 3,293 1,598
Non-service pension and postretirement benefit 42 121 143
Financing (note 12) [7],[8] 54 64 93
Total expenses 34,307 24,796 32,055
Income (loss) before income taxes (note 11) 3,283 (2,408) 2,046
Income tax expense (benefit) (note 3) [9],[10] 804 (551) (154)
Net income (loss) (note 11) 2,479 (1,857) 2,200
Cash flows from (used in) operating activities [3] 5,476 798 4,429
Capital and exploration expenditures [11] 1,140 874 1,814
Property, plant and equipment Cost 56,762 55,771 54,868
Accumulated depreciation and depletion (25,522) (23,737) (20,665)
Net property, plant and equipment [12] 31,240 32,034 34,203
Total assets [3],[13],[14] 40,782 38,031 42,187
Consolidation, Eliminations      
Revenues and other income      
Revenues [2] 0    
Intersegment sales [3] (14,795) (4,172) (5,589)
Investment and other income (note 8) 0    
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME (14,795) (4,172) (5,589)
Expenses      
Exploration (note 15) 0    
Purchases of crude oil and products (b) (note 11) [3] (14,789) (4,167) (5,581)
Production and manufacturing (note 11) 0    
Selling and general (6) (5) (8)
Federal excise tax and fuel charge 0    
Depreciation and depletion (note 11) [6] 0    
Non-service pension and postretirement benefit 0    
Financing (note 12) 0    
Total expenses (14,795) (4,172) (5,589)
Income (loss) before income taxes (note 11) 0    
Income tax expense (benefit) (note 3) [10] 0    
Net income (loss) (note 11) 0    
Cash flows from (used in) operating activities [3] 10 (8) (7)
Capital and exploration expenditures [11] 0    
Property, plant and equipment Cost 0    
Accumulated depreciation and depletion 0    
Net property, plant and equipment [12] 0    
Total assets [3],[13],[14] (249) (398) (498)
Upstream      
Revenues and other income      
Revenues [2] 5,863 6,263 9,479
Intersegment sales [3] 9,956 2,527 3,763
Investment and other income (note 8) 12 7 17
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME 15,831 8,797 13,259
Expenses      
Exploration (note 15) 32 13 47
Purchases of crude oil and products (b) (note 11) [3] 7,492 4,834 6,528
Production and manufacturing (note 11) 4,661 3,852 4,440
Selling and general 0    
Federal excise tax and fuel charge 0    
Depreciation and depletion (note 11) [6] 1,775 3,084 1,374
Non-service pension and postretirement benefit 0    
Financing (note 12) 15 3 3
Total expenses 13,975 11,786 12,392
Income (loss) before income taxes (note 11) 1,856 (2,989) 867
Income tax expense (benefit) (note 3) [10] 461 (671) (481)
Net income (loss) (note 11) 1,395 (2,318) 1,348
Cash flows from (used in) operating activities [3] 4,913 286 2,423
Capital and exploration expenditures [11] 632 561 1,248
Property, plant and equipment Cost 48,200 47,693 47,050
Accumulated depreciation and depletion (20,389) (18,786) (15,889)
Net property, plant and equipment [12] 27,811 28,907 31,161
Total assets [3],[13],[14] 29,416 31,835 34,554
Downstream      
Revenues and other income      
Revenues [2] 30,207 15,178 23,591
Intersegment sales [3] 4,520 1,480 1,597
Investment and other income (note 8) 59 78 47
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME 34,786 16,736 25,235
Expenses      
Exploration (note 15) 0    
Purchases of crude oil and products (b) (note 11) [3] 29,505 12,047 19,332
Production and manufacturing (note 11) 1,445 1,468 1,829
Selling and general 572 619 774
Federal excise tax and fuel charge 1,928 1,736 1,808
Depreciation and depletion (note 11) [6] 158 166 186
Non-service pension and postretirement benefit 0    
Financing (note 12) 0    
Total expenses 33,608 16,036 23,929
Income (loss) before income taxes (note 11) 1,178 700 1,306
Income tax expense (benefit) (note 3) [10] 283 147 345
Net income (loss) (note 11) 895 553 961
Cash flows from (used in) operating activities [3] 179 470 1,965
Capital and exploration expenditures [11] 476 251 484
Property, plant and equipment Cost 6,772 6,321 6,123
Accumulated depreciation and depletion (4,096) (3,962) (3,830)
Net property, plant and equipment [12] 2,676 2,359 2,293
Total assets [3],[13],[14] 7,945 4,554 5,179
Chemical      
Revenues and other income      
Revenues [2] 1,438 843 932
Intersegment sales [3] 319 165 229
Investment and other income (note 8) 1    
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME 1,758 1,008 1,161
Expenses      
Exploration (note 15) 0    
Purchases of crude oil and products (b) (note 11) [3] 966 579 667
Production and manufacturing (note 11) 210 215 251
Selling and general 90 92 86
Federal excise tax and fuel charge 0    
Depreciation and depletion (note 11) [6] 18 19 16
Non-service pension and postretirement benefit 0    
Financing (note 12) 0    
Total expenses 1,284 905 1,020
Income (loss) before income taxes (note 11) 474 103 141
Income tax expense (benefit) (note 3) [10] 113 25 33
Net income (loss) (note 11) 361 78 108
Cash flows from (used in) operating activities [3] 421 114 172
Capital and exploration expenditures [11] 8 21 34
Property, plant and equipment Cost 984 975 954
Accumulated depreciation and depletion (721) (699) (680)
Net property, plant and equipment [12] 263 276 274
Total assets [3],[13],[14] 474 408 416
Corporate and Other      
Revenues and other income      
Revenues [2] 0    
Intersegment sales [3] 0    
Investment and other income (note 8) 10 19 35
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME 10 19 35
Expenses      
Exploration (note 15) 0    
Purchases of crude oil and products (b) (note 11) [3] 0    
Production and manufacturing (note 11) 0    
Selling and general 128 35 48
Federal excise tax and fuel charge 0    
Depreciation and depletion (note 11) [6] 26 24 22
Non-service pension and postretirement benefit 42 121 143
Financing (note 12) 39 61 90
Total expenses 235 241 303
Income (loss) before income taxes (note 11) (225) (222) (268)
Income tax expense (benefit) (note 3) [10] (53) (52) (51)
Net income (loss) (note 11) (172) (170) (217)
Cash flows from (used in) operating activities [3] (47) (64) (124)
Capital and exploration expenditures [11] 24 41 48
Property, plant and equipment Cost 806 782 741
Accumulated depreciation and depletion (316) (290) (266)
Net property, plant and equipment [12] 490 492 475
Total assets [3],[13],[14] $ 3,196 $ 1,632 $ 2,536
[1] Amounts from related parties included in revenues, (note 16). 8,777 5,107 8,569
[2] Includes export sales to the United States of $7,228 million (2020 - $4,614 million, 2019 - $7,190 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.
[3] In 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes.
[4] Amounts to related parties included in purchases of crude oil and products, (note 16). 2,737 2,484 3,305
[5] Amounts to related parties included in production and manufacturing, and selling and general expenses, (note 16). 420 579 628.
[6] In 2020, the Upstream segment included a non-cash impairment charge of $1,531 million, before-tax, related to the company’s decision not to further develop a significant portion of its unconventional portfolio.
[7] Amounts to related parties included in financing, (note 16).28 61 98
[8] The weighted average interest rate on short-term borrowings in 2021 was 0.2 percent (2020 – 0.8 percent, 2019 – 1.8 percent). Average effective rate on the long-term borrowings with ExxonMobil in 2021 was 0.6 percent (2020 – 1.4 percent, 2019 – 2.2 percent).
[9] On June 28, 2019 the Alberta government enacted a 4 percent decrease in the provincial tax rate, from 12 percent to 8 percent by 2022. On December 9, 2020 the Alberta government enacted an accelerated decrease in the province’s general corporate income tax rate from 10 percent to 8 percent, effective July 1, 2020. The cumulative effect of the 2020 legislative tax changes on the company’s financial statements were immaterial.
[10] Segment results in 2019 include a largely non-cash favourable impact of $662 million associated with the Alberta corporate income tax rate decrease, with the largest impact in the Upstream segment.
[11] 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.
[12] Includes property, plant and equipment under construction of $2,348 million (2020 - $1,874 million, 2019 - $2,149 million).
[13] Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842), as amended. As at December 31, 2021, Total assets include operating lease right of use assets of $245 million (2020 - $188 million, 2019 - $260 million). An election was made not to restate prior periods. See note 13 for additional details.
[14] In 2019, the company removed $570 million from Total assets and corresponding liabilities in the Downstream segment associated with the Government of Ontario’s revocation of its cap and trade legislation.