Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The Company’s property, plant and equipment assets for the respective periods are presented as follows:

	December 31, 2023					December 31, 2022
(Thousands of dollars)	Cost		Net			Cost		Net
Exploration and production ¹	$	21,228,490	$	8,201,475	2	$	20,567,489	$	8,204,463	2
Corporate and other	132,092		23,722			150,498		23,553
Property, plant and equipment	$	21,360,582	$	8,225,197		$	20,717,987	$	8,228,016
¹  Includes unproved mineral rights as follows:	$	351,000	$	228,329		$	476,981	$	344,507

2  Includes $15,356 in 2023 and $18,319 in 2022 related to administrative assets and support equipment.

Schedule of Recognized Impairments

The following table reflects the recognized before tax impairments for each of the three years presented.

(Thousands of dollars)	2023		2022		2021
Canada	$	–	$	–	$	171,296
Other Foreign	–		–		18,000
Corporate	–		–		7,000
	$	–	$	–	$	196,296

Schedule of Net Changes in Capitalized Exploratory Well Costs

The following table reflects the net changes in capitalized exploratory well costs for each of the three years presented.

(Thousands of dollars)	2023		2022		2021
Beginning balance at January 1	$	171,860	$	179,481	$	181,616
Additions pending the determination of proved reserves	48		33,440		16,725
Reclassifications to proved properties based on the determination of proved reserves	(82,185)		–		–
Divestment	–		(7,915)		–
Capitalized exploration well costs charged to expense	(40,605)		(33,146)		(18,860)
Ending balance at December 31	$	49,118	$	171,860	$	179,481

Schedule of Aging of Capitalized Exploratory Well Costs

The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project.

	2023				2022				2021
(Thousands of dollars)	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects
Aging of capitalized well costs
Zero to one year	$	–	–	–	$	15,527	2	2	$	13,273	3	3
One to two years	–		–	–	13,307		2	2	–		–	–
Two to three years	2,698		1	1	–		–	–	53,070		5	5
Three years or more	46,420		3	3	143,026		5	4	113,138		6	–
	$	49,118	4	4	$	171,860	9	8	$	179,481	14	8