Document and Entity Information
Document and Entity Information Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | CRESCENT POINT ENERGY CORP. |
Entity Central Index Key | 1,545,851 |
Entity Current Reporting Status | Yes |
Entity Current Year Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2017 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 545,794,384 |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | CAD 62.4 | CAD 13.4 |
Accounts receivable | 380.2 | 335.7 |
Prepaids and deposits | 4.5 | 5.3 |
Derivative asset | 35.8 | 49.1 |
Assets held for sale | 26.4 | 0 |
Total current assets | 509.3 | 403.5 |
Long-term investments | 72.6 | 35.8 |
Derivative asset | 246.9 | 340.3 |
Other long-term assets | 34.5 | 36.7 |
Exploration and evaluation | 634.9 | 498.1 |
Property, plant and equipment | 14,062.4 | 14,174.9 |
Goodwill | 251.9 | 251.9 |
Deferred income tax | 192.8 | 422.4 |
Total assets | 16,005.3 | 16,163.6 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 613.3 | 647.2 |
Dividends payable | 16.8 | 16.3 |
Current portion of long-term debt | 63.8 | 90.6 |
Derivative liability | 107.3 | 64.7 |
Other current liabilities | 57.7 | 23.7 |
Liabilities associated with assets held for sale | 4.6 | 0 |
Total current liabilities | 863.5 | 842.5 |
Long-term debt | 4,047.2 | 3,730.1 |
Derivative liability | 16.6 | 3 |
Other long-term liabilities | 54 | 54.6 |
Decommissioning liability | 1,310.5 | 1,290.7 |
Deferred income tax | 550.6 | 651.5 |
Total liabilities | 6,842.4 | 6,572.4 |
SHAREHOLDERS’ EQUITY | ||
Shareholders’ capital | 16,489.6 | 16,400.2 |
Contributed surplus | 72.9 | 110.6 |
Deficit | (7,751.8) | (7,432.1) |
Accumulated other comprehensive income | 352.2 | 512.5 |
Total shareholders' equity | 9,162.9 | 9,591.2 |
Total liabilities and shareholders' equity | CAD 16,005.3 | CAD 16,163.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUE AND OTHER INCOME | ||
Oil and gas sales | CAD 3,303.1 | CAD 2,548.5 |
Royalties | (472.2) | (363.9) |
Oil and gas revenue | 2,830.9 | 2,184.6 |
Derivative losses | (62.4) | (238.1) |
Other income (loss) | 27.8 | (6.6) |
Revenue and other income | 2,796.3 | 1,939.9 |
EXPENSES | ||
Operating | 807.2 | 691.9 |
Transportation | 133.8 | 130 |
General and administrative | 98 | 100.9 |
Interest on long-term debt | 162.3 | 158.2 |
Foreign exchange gain | (215.7) | (131.3) |
Share-based compensation | 62 | 57.7 |
Depletion, depreciation, amortization and impairment | 1,741.4 | 2,220.1 |
Accretion | 30.9 | 26.2 |
Total Expenses | 2,819.9 | 3,253.7 |
Net income (loss) before tax | (23.6) | (1,313.8) |
Deferred tax: | ||
Current | (1.7) | 0.2 |
Deferred | 102.1 | (381.3) |
Share-based compensation | 62.1 | 75.4 |
Net income (loss) | (124) | (932.7) |
Items that may be subsequently reclassified to profit or loss | ||
Foreign currency translation of foreign operations | (160.3) | (59.3) |
Comprehensive income (loss) | CAD (284.3) | CAD (992) |
Net income (loss) per share | ||
Basic (in cad per share) | CAD (0.23) | CAD (1.81) |
Diluted (in cad per share) | CAD (0.23) | CAD (1.81) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity Consolidated Statement of Changes in Shareholders' Equity - CAD CAD in Millions | Total | Shareholders’ capital | Contributed surplus | Deficit | Accumulated other comprehensive income |
Equity, beginning of year at Dec. 31, 2015 | CAD 10,125 | CAD 15,693.2 | CAD 99.3 | CAD (6,239.3) | CAD 571.8 |
Redemption of restricted shares | (1) | 58.3 | (59.5) | 0.2 | |
Share issue costs, net of tax | (19.4) | (19.4) | |||
Issued for cash | 650.4 | 650.4 | |||
Issued on capital acquisitions | 17.7 | 17.7 | |||
Share-based compensation | 75.4 | 75.4 | |||
Forfeit of restricted shares | (4.6) | (4.6) | |||
Net income (loss) | (932.7) | ||||
Dividends ($0.36 per share 2017; $0.50 per share 2016) | (260.3) | (260.3) | |||
Foreign currency translation of foreign operations | (59.3) | ||||
Equity, end of year at Dec. 31, 2016 | 9,591.2 | 16,400.2 | 110.6 | (7,432.1) | 512.5 |
Redemption of restricted shares | (0.3) | 89.6 | (91.9) | 2 | |
Share issue costs, net of tax | (0.2) | (0.2) | |||
Issued for cash | 0 | ||||
Issued on capital acquisitions | 0 | ||||
Share-based compensation | 62.1 | 62.1 | |||
Forfeit of restricted shares | (7.9) | 7.9 | |||
Net income (loss) | (124) | ||||
Dividends ($0.36 per share 2017; $0.50 per share 2016) | (197.7) | (197.7) | |||
Foreign currency translation of foreign operations | (160.3) | (160.3) | |||
Equity, end of year at Dec. 31, 2017 | CAD 9,162.9 | CAD 16,489.6 | CAD 72.9 | CAD (7,751.8) | CAD 352.2 |
Consolidated Statement of Chan5
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - CAD / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of changes in equity [abstract] | ||
Dividends (in cad per share) | CAD 0.36 | CAD 0.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
Net income (loss) | CAD (124) | CAD (932.7) |
Items not affecting cash | ||
Other (income) loss | (27.8) | 6.6 |
Deferred tax expense (recovery) | 102.1 | (381.3) |
Share-based compensation | 42.2 | 57.7 |
Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss | 1,741.4 | 2,220.1 |
Accretion | 30.9 | 26.2 |
Unrealized losses on derivatives | (163.6) | (706.8) |
Translation of US dollar long-term debt | (255.8) | (79.4) |
Other | (2.1) | (5.2) |
Realized (gain) loss on cross currency swap maturity | (54.6) | 48.6 |
Decommissioning expenditures | (25.1) | (16) |
Change in non-cash working capital | 18.7 | (29.9) |
Cash flows from (used in) operations | 1,718.7 | 1,524.3 |
INVESTING ACTIVITIES | ||
Development capital and other expenditures | (1,854.7) | (1,173.4) |
Capital acquisitions | 308.1 | 254.5 |
Capital dispositions | 266.1 | 32.2 |
Other long-term assets | 2.2 | 26.8 |
Investments | 0.1 | 0 |
Change in non-cash working capital | (65.8) | 8.5 |
Cash flows from (used in) investing activities | (1,960.2) | (1,360.4) |
FINANCING ACTIVITIES | ||
Proceeds from Issuing Shares, Net of Issuance Costs | (2.6) | 622.8 |
Increase (decrease) in bank debt, net | 635.9 | (485.8) |
Repayment of senior guaranteed notes | 90.3 | 66.7 |
Realized gain (loss) on cross currency swap maturity | 54.6 | (48.6) |
Cash dividends | (197.7) | (260.3) |
Change in non-cash working capital | 0.5 | (34.2) |
Cash flows from (used in) financing activities | 291.2 | (175.6) |
Impact of foreign currency on cash balances | (0.7) | 0.4 |
INCREASE (DECREASE) IN CASH | 49 | (11.3) |
CASH AT BEGINNING OF YEAR | 13.4 | 24.7 |
CASH AT END OF YEAR | 62.4 | 13.4 |
Supplemental Cash Flow Information1 [Abstract] | ||
Cash taxes paid | (0.3) | (0.4) |
Cash interest paid | CAD (159.2) | CAD (158) |
Structure of the Business
Structure of the Business | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Structure of the Business | STRUCTURE OF THE BUSINESS The principal undertaking of Crescent Point Energy Corp. (the “Company” or “Crescent Point”) is to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Crescent Point is the ultimate parent and is amalgamated in Alberta, Canada under the Alberta Business Corporations Act. The address of the principal place of business is 2000, 585 - 8 th Ave S.W., Calgary, Alberta, Canada, T2P 1G1. These annual consolidated financial statements were approved and authorized for issue by the Company's Board of Directors on February 28, 2018. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Basis of Preparation | BASIS OF PREPARATION a) Preparation These consolidated financial statements are presented under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements are based on IFRS issued and outstanding as of February 28, 2018, the date the Board of Directors approved the statements. The Company’s presentation currency is Canadian dollars and all amounts reported are Canadian dollars unless noted otherwise. References to “US$” are to United States ("U.S.") dollars. Crescent Point's Canadian and U.S. operations are aggregated into one reportable segment based on similar economic characteristics and the similar nature of the assets, products, production processes and customers. b) Basis of measurement, functional and presentation currency The Company’s presentation currency is Canadian dollars. The accounts of the Company’s foreign operations that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency at period end exchange rates for assets and liabilities and at the average rate over the period for revenues and expenses. Translation gains and losses relating to the foreign operations are recognized in Other Comprehensive Income as cumulative translation adjustments. c) Use of estimates and judgments The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future years affected. Significant estimates and judgments made by management in the preparation of these consolidated financial statements are outlined below. Oil and gas activities Reserves estimates, although not reported as part of the Company’s consolidated financial statements, can have a significant effect on net income, assets and liabilities as a result of their impact on depletion, depreciation and amortization (“DD&A”), decommissioning liability, deferred taxes, asset impairments and business combinations. Independent petroleum reservoir engineers perform evaluations of the Company’s oil and gas reserves on an annual basis. The estimation of reserves is an inherently complex process requiring significant judgment. Estimates of economically recoverable oil and gas reserves are based upon a number of variables and assumptions such as geoscientific interpretation, production forecasts, commodity prices, costs and related future cash flows, all of which may vary considerably from actual results. These estimates are expected to be revised upward or downward over time, as additional information such as reservoir performance becomes available, or as economic conditions change. For purposes of impairment testing, property, plant and equipment (“PP&E”) is aggregated into cash-generating units (“CGUs”), based on separately identifiable and largely independent cash inflows. The determination of the Company’s CGUs is subject to judgment. Factors considered in the classification of CGUs include the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. The determination of technical feasibility and commercial viability, based on the presence of reserves and which results in the transfer of assets from exploration and evaluation ("E&E") to PP&E, is subject to judgment. Decommissioning liability Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. Estimates of these costs are subject to uncertainty associated with the method, timing and extent of future decommissioning activities. The liability, the related asset and the expense are impacted by estimates with respect to the cost and timing of decommissioning. Business combinations Business combinations are accounted for using the acquisition method of accounting. The determination of fair value often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of PP&E and E&E assets acquired generally require the most judgment and include estimates of reserves acquired, forecast benchmark commodity prices and discount rates. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets, liabilities and goodwill. Future net earnings can be affected as a result of changes in future DD&A, asset impairment or goodwill impairment. Fair value measurement The estimated fair value of derivative instruments resulting in derivative assets and liabilities, by their very nature, are subject to measurement uncertainty. Estimates included in the determination of the fair value of derivative instruments include forward benchmark prices, discount rates and forward foreign exchange rates. Joint control Judgment is required to determine when the Company has joint control over an arrangement, which requires an assessment of the capital and operating activities of the projects it undertakes with partners and when the decisions in relation to those activities require unanimous consent. Share-based compensation Compensation costs recorded pursuant to share-based compensation plans are subject to estimated fair values, forfeiture rates and the future attainment of performance criteria. Income taxes Tax regulations and legislation and the interpretations thereof are subject to change. In addition, deferred income tax assets and liabilities recognize the extent that temporary differences will be receivable and payable in future periods. The calculation of the asset and liability involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, the availability of cash flows including reserve estimates and the application of tax laws. Changes in tax regulations and legislation and the other assumptions listed are subject to measurement uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently by the Company and its subsidiaries for all periods presented in these annual consolidated financial statements. a) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries and any reference to the “Company” throughout these consolidated financial statements refers to the Company and its subsidiaries. All transactions between the Company and its subsidiaries have been eliminated. The Company conducts some of its oil and gas production activities through jointly controlled operations and the financial statements reflect only the Company's proportionate interest in such activities. Joint control exists for contractual arrangements governing the Company's assets whereby the Company has less than 100 percent working interest, all of the partners have control of the arrangement collectively, and spending on the project requires unanimous consent of all parties that collectively control the arrangement and share the associated risks. The Company does not have any joint arrangements that are material to the Company or that are structured through joint venture arrangements. b) Property, Plant and Equipment Items of PP&E, which primarily consist of oil and gas development and production assets, are measured at cost less accumulated depletion, depreciation and any accumulated impairment losses. Development and production assets are accumulated into CGUs and represent the cost of developing the commercial reserves and initiating production. Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of PP&E are recognized as development and production assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in net income as incurred. Capitalized development and production assets generally represent costs incurred in developing reserves and initiating or enhancing production from such reserves. The carrying amount of any replaced or sold component is derecognized. Depletion and Depreciation Development and production costs accumulated within major areas are depleted using the unit-of-production method based on estimated proved plus probable reserves before royalties, as determined by independent petroleum reservoir engineers. Natural gas reserves and production are converted to equivalent barrels of oil based upon the relative energy content (6:1). The depletion base includes capitalized costs, plus future costs to be incurred in developing proved plus probable reserves. Corporate assets are depreciated over the estimated useful lives of the related assets, ranging from 5 to 16 years on a straight-line basis. Impairment The carrying amounts of PP&E are grouped into CGUs and reviewed quarterly for indicators of impairment. Indicators are events or changes in circumstances that indicate the carrying amount may not be recoverable. If indicators of impairment exist, the recoverable amount of the CGU is estimated. If the carrying amount of the CGU, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves, exceeds the recoverable amount, the CGU is written down with an impairment recognized in net income. Assets are grouped into CGUs based on the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. Estimates of future cash flows used in the calculation of the recoverable amount are based on reserve evaluation reports prepared by independent petroleum reservoir engineers. The recoverable amount is the higher of fair value less costs of disposal and the value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows from proved plus probable oil and gas reserves. Discounted future net cash flows are based on forecasted commodity prices and costs over the expected economic life of the reserves and discounted using market-based rates to reflect a market participant’s view of the risks associated with the assets. Value-in-use is assessed using the expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate. Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for any indicators that the impairment losses may no longer exist or may have decreased. In the event that an impairment loss reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the carrying amount does not exceed the amount that would have been determined, net of depletion, had no impairment loss been recognized on the asset in prior periods. The amount of the reversal is recognized in net income. c) Exploration and Evaluation Exploration and evaluation assets are comprised of the accumulated expenditures incurred in an area where technical feasibility and commercial viability has not yet been determined. Exploration and evaluation assets include undeveloped land and any drilling costs thereon. Technical feasibility and commercial viability are considered to be determinable when reserves are discovered. Upon determination of reserves, E&E assets attributable to those reserves are first tested for impairment and then reclassified from E&E assets to PP&E. Costs incurred prior to acquiring the legal rights to explore an area are expensed as incurred. Amortization Undeveloped land classified as E&E is amortized by major area over the average primary lease term and recognized in net income. Drilling costs classified as E&E assets are not amortized but are subject to impairment. Impairment Exploration and evaluation assets are reviewed quarterly for indicators of impairment and upon reclassification from E&E to PP&E. Exploration and evaluation assets are tested for impairment at the operating segment level by combining E&E assets with PP&E, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves as described in the PP&E impairment test. The recoverable amount is the greater of fair value less costs of disposal or value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows from proved plus probable oil and gas reserves, plus the fair market value of undeveloped land. Value-in-use is assessed using the expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate. Impairments of E&E assets are reversed when there has been a subsequent increase in the recoverable amount, but only to the extent of what the carrying amount would have been, net of amortization, had no impairment been recognized. d) Decommissioning Liability The Company recognizes the present value of a decommissioning liability in the period in which it is incurred. The obligation is recorded as a liability on a discounted basis using the relevant risk free rate, with a corresponding increase to the carrying amount of the related asset. Over time, the liabilities are accreted for the change in their present value and the capitalized costs are depleted on a unit-of-production basis over the life of the underlying proved plus probable reserves. Accretion expense is recognized in net income. Revisions to the discount rate, estimated timing or amount of future cash flows would also result in an increase or decrease to the decommissioning liability and related asset. e) Reclamation Fund The Company established a reclamation fund to fund future decommissioning costs and environmental initiatives. Effective January 1, 2017, the Board of Directors approved contributions of $0.35 per barrel of oil equivalent of production. There were no contributions to the fund during 2016. Additional contributions can be made at the discretion of management. Management continued to make contributions to the fund during 2018. f) Goodwill The Company records goodwill relating to business combinations when the purchase price exceeds the fair value of the net identifiable assets and liabilities of the acquired business. The goodwill balance is assessed for impairment annually or as events occur that could result in impairment. Goodwill is tested for impairment at an operating segment level by combining the carrying amounts of PP&E, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves as described in the PP&E impairment test, E&E assets and goodwill and comparing this to the recoverable amount. The recoverable amount is the greater of fair value less costs of disposal or value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows from proved plus probable oil and gas reserves, plus the fair market value of undeveloped land. Value-in-use is assessed using the expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate. Any excess of the carrying amount over the recoverable amount is the impairment amount. Impairment charges, which are not tax affected, are recognized in net income. Goodwill is reported at cost less any accumulated impairment. Goodwill impairments are not reversed. g) Share-based Compensation Restricted shares granted under the Restricted Share Bonus Plan are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of shares on the date of grant. Forfeitures are estimated at the grant date. The expense is recognized over the service period, with a corresponding increase to contributed surplus. The Company capitalizes the portion of share-based compensation directly attributable to development activities, with a corresponding decrease to share-based compensation expense. At the time the restricted shares vest, the issuance of shares is recorded as an increase to shareholders’ capital and a corresponding decrease to contributed surplus. Performance share units ("PSUs") are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of the PSUs on the date of the grant and subsequently adjusted to reflect the fair value at each period end. Market performance conditions are factored into the fair value and the best estimate of non-market performance conditions is used to determine an estimate of the number of units that will vest. Fair value is based on the expected cash payment per PSU and the expected number of PSUs to vest, calculated from multipliers based on internal and external performance metrics. The expense is recognized over the service period, with a corresponding increase to long-term compensation liability. PSUs are settled in cash upon vesting based on the prevailing Crescent Point share price, accrued dividends and the performance multipliers. Deferred share units (“DSUs”) are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of the DSUs on the date of the grant and subsequently adjusted to reflect the fair value at each period end. Fair value is based on the prevailing Crescent Point share price. h) Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the estimated effect of any differences between the accounting and tax basis of assets and liabilities, using enacted or substantively enacted income tax rates expected to apply when the deferred tax asset or liability is settled. The effect of a change in income tax rates on deferred income taxes is recognized in net income in the period in which the change occurs. The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The Company is able to deduct certain settlements under its Restricted Share Bonus Plan. To the extent the tax deduction exceeds the cumulative remuneration cost for a particular restricted share grant recorded in net income, the tax benefit related to the excess is recorded directly within equity. Deferred income tax assets and liabilities are presented as non-current. i) Financial Instruments The Company has early adopted IFRS 9, Financial Instruments (“IFRS 9”), with a date of initial application of January 1, 2010. This standard replaced the current multiple classification and measurement model for non-equity financial assets and liabilities with a single model that has only two classification categories: amortized cost and fair value. Classification depends on the entity’s business model for managing financial instruments and the contractual cash flow characteristics of the financial instrument. In addition, the fair value option for financial liabilities was amended. The changes in fair value attributable to a liability’s credit risk will be recorded in other comprehensive income rather than through net income, unless this presentation creates an accounting mismatch. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to net income. For investments in equity instruments which are not subject to control, joint control, or significant influence, on initial recognition IFRS 9 allows an entity to irrevocably elect classification at “fair value through profit or loss” or “fair value through other comprehensive income”. Effective January 1, 2013, the Company adopted the amendment to IFRS 9 which presented a new hedge accounting model. The Company does not currently apply hedge accounting. In July 2014, IFRS 9 was further amended to include guidance to assess and recognize impairment losses on financial assets based on an expected loss model. This amendment was adopted by the Company on January 1, 2018. See Note 4 - "Changes in Accounting Policies" for additional information regarding future changes in accounting policies. The Company uses financial derivative instruments and physical delivery commodity contracts from time to time to reduce its exposure to fluctuations in commodity prices, foreign exchange rates and interest rates. The Company also makes investments in companies from time to time in connection with the Company’s acquisition and divestiture activities. Financial derivative instruments Financial derivative instruments are included in current assets/liabilities except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets/liabilities. The Company has not designated any of its financial derivative contracts as effective accounting hedges and, accordingly, fair values its financial derivative contracts with the resulting gains and losses recorded in net income. The fair value of a financial derivative instrument on initial recognition is normally the transaction price. Subsequent to initial recognition, the fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated based on market prices at the reporting date for similar assets or liabilities with similar terms and conditions, or by discounting future payments of interest and principal at estimated interest rates that would be available to the Company at the reporting date. Financial assets and liabilities Financial assets and liabilities are measured at fair value on initial recognition. For non-equity instruments, measurement in subsequent periods depends on the classification of the financial asset or liability as “fair value through profit or loss” or “amortized cost”. Financial assets and liabilities classified as fair value through profit or loss are subsequently carried at fair value, with changes recognized in net income. Financial assets and liabilities classified as amortized cost are subsequently carried at amortized cost using the effective interest rate method. Currently, the Company classifies all non-equity financial instruments which are not financial derivative instruments as amortized cost. At each reporting date, the Company assesses whether there is objective evidence that a financial asset carried at amortized cost is impaired. If such evidence exists, the Company recognizes an impairment loss in net income. Impairment losses are reversed in subsequent periods if the impairment loss decrease can be related objectively to an event occurring after the impairment was recognized. For investments in equity instruments, the subsequent measurement is dependent on the Company’s election to classify such instruments as fair value through profit or loss or fair value through other comprehensive income. Currently, the Company classifies all investments in equity instruments as fair value through profit or loss, whereby the Company recognizes movements in the fair value of the investment (adjusted for dividends) in net income. If the fair value through other comprehensive income classification is selected, the Company would recognize any dividends from the investment in net income and would recognize fair value re-measurements of the investment in other comprehensive income. j) Business Combinations Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the acquisition date. The excess of the cost of the acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in net income. Transaction costs associated with business combinations are expensed as incurred. k) Foreign Currency Translation Foreign operations The Company has operations in the U.S. transacted via U.S. subsidiaries. The assets and liabilities of foreign operations are restated to Canadian dollars at exchange rates in effect at the balance sheet date. The income and expenses of foreign operations are translated to Canadian dollars using the average exchange rate for the period. The resulting unrealized gain or loss is included in other comprehensive income. Foreign transactions Transactions in foreign currencies not incurred by the Company’s U.S. subsidiaries are translated to Canadian dollars at exchange rates in effect at the transaction dates. Foreign currency assets and liabilities are restated to Canadian dollars at exchange rates in effect at the balance sheet date and income and expenses are restated to Canadian dollars using the average exchange rate for the period. Both realized and unrealized gains and losses resulting from the settlement or restatement of foreign currency transactions are included in net income. l) Revenue Recognition Oil and gas revenue includes the sale of crude oil, natural gas and natural gas liquids and is recognized when the risks and rewards of ownership have been substantially transferred. m) Cash and Cash Equivalents Cash and cash equivalents include short-term investments with original maturities of three months or less. n) Leases Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term. Leases where the Company assumes substantially all the risks and rewards of ownership are classified as finance leases within property, plant and equipment. All of the Company's current leases are treated as operating leases and are recognized in net income on a straight-line basis. o) Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to dilutive instruments, being restricted shares issued under the Company’s Restricted Share Bonus Plan, is computed using the treasury stock method. The treasury stock method assumes that the deemed proceeds related to unrecognized share-based compensation are used to repurchase shares at the average market price during the period. p) Assets Held for Sale PP&E and E&E assets are classified as held for sale if it is highly probable their carrying amounts will be recovered through a capital disposition rather than through future operating cash flows. This classification requires that, at the balance sheet date, the Company has been engaged in an active sales process to market the properties at a price approximating their fair value, with a transaction expected to close within one year. Before PP&E and E&E assets are classified as held for sale, they are assessed for indicators of impairment or reversal of previously recorded impairments and are measured at the lower of their carrying amount and fair value less costs of disposal. Any impairment charges or recoveries are recognized in net income. Assets held for sale are classified as current assets and are not subject to DD&A. Decommissioning liabilities associated with assets held for sale are classified as current liabilities. |
Changes in Accounting Policies
Changes in Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Changes in Accounting Policies | CHANGES IN ACCOUNTING POLICIES In future accounting periods, the Company will adopt the following IFRS: • IFRS 15 Revenue from Contracts with Customers - IFRS 15 was issued in May 2014 and replaces IAS 18 Revenue , IAS 11 Construction Contracts and related interpretations. The standard is required to be adopted either retrospectively or using a modified transaction approach. In September 2015, the IASB amended IFRS 15, deferring the effective date of the standard by one year to annual periods beginning on or after January 1, 2018 with early adoption still permitted. IFRS 15 was adopted by the Company using a modified transaction approach on January 1, 2018. The Company completed the review of its various revenue streams and sales contracts with customers and concluded that the adoption of IFRS 15 will not have a material impact on the consolidated financial statements. The adoption of IFRS 15 will require the Company to expand its disclosures in the notes to the consolidated financial statements, including the disaggregation of revenue streams by product type. • IFRS 9 Financial Instruments - IFRS 9 was amended in July 2014 to include guidance to assess and recognize impairment losses on financial assets based on an expected loss model. The amendments are effective for fiscal years beginning on or after January 1, 2018 with earlier adoption permitted. This amendment was adopted by the Company on January 1, 2018. The Company has evaluated the impact of the amendment on the consolidated financial statements and the amendment will not have a material impact on the valuation of its financial assets. • IFRS 16 Leases - IFRS 16 was issued January 2016 and replaces IAS 17 Leases and IFRIC 4 Determining Whether an Arrangement Contains a Lease. The standard introduces a single lessee accounting model for leases with required recognition of assets and liabilities for most leases, where the Company is acting as a lessee. The adoption of IFRS 16 for lessees eliminates the dual classification model of leases as either operating leases or finance leases, effectively treating almost all leases as finance leases. Certain short-term leases (less than 12 months) and leases of low-value assets are exempt from recognition and will continue to be treated as operating leases. There is no significant impact from the adoption of IFRS 16 for lessors as the dual classification model of leases and the accounting for lessors remains virtually unchanged. The standard is effective for fiscal years beginning on or after January 1, 2019 with early adoption permitted if the Company is also applying IFRS 15 Revenue from Contracts with Customers . The standard is required to be adopted either retrospectively or using a modified retrospective approach. IFRS 16 will be adopted by the Company on January 1, 2019 and the Company is currently assessing the standard including identifying and reviewing contracts that are impacted. The Company expects that the standard will have a material impact on the consolidated financial statements. |
Long-term Investments
Long-term Investments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Long-term Investments | LONG-TERM INVESTMENTS ($ millions) 2017 2016 Investments in public companies, beginning of year 28.3 22.8 Acquired through capital dispositions 40.2 — Unrealized gain (loss) recognized in other income (loss) (3.4 ) 5.5 Investments in public companies, end of year 65.1 28.3 Investment in private company, beginning of year 7.5 7.5 Unrealized gain (loss) recognized in other income (loss) — — Investment in private company, end of year (1) 7.5 7.5 Long-term investments, end of year 72.6 35.8 (1) The investment in a private company was previously valued based primarily on recent trading activity in the company’s common shares, which resulted in a Level 2 fair value. At December 31, 2017, the investment was valued based on an estimate of the net asset value of the company’s common shares. Therefore, the fair value was reclassified to Level 3. a) Public Companies The Company holds common shares in publicly traded oil and gas companies. The investments are classified as financial assets at fair value through profit or loss and are fair valued at each period with the resulting gain or loss recorded in net income. At December 31, 2017, the investments were recorded at a fair value of $65.1 million which was $14.4 million more than the original cost of the investments. At December 31, 2016, the investments were recorded at a fair value of $28.3 million which was $17.7 million more than the original cost of the investments. b) Private Company The Company holds common shares in a private oil and gas company. The investment is classified as financial assets at fair value through profit or loss and is fair valued at each period with the resulting gain or loss recorded in net income. At December 31, 2017 and December 31, 2016, the investment was recorded at a fair value of $7.5 million which was $17.5 million less than the original cost of the investment. See Note 24 - "Financial Instruments and Derivatives" for additional information regarding the Company's Level 3 investments. |
Other Long-term Assets
Other Long-term Assets | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Long-term Assets | OTHER LONG-TERM ASSETS ($ millions) 2017 2016 Reclamation fund 18.7 22.7 Other receivables 15.8 14.0 Other long-term assets 34.5 36.7 a) Reclamation fund The following table reconciles the reclamation fund: ($ millions) 2017 2016 Balance, beginning of year 22.7 49.5 Contributions 22.5 — Expenditures (26.5 ) (26.8 ) Balance, end of year 18.7 22.7 b) Other receivables At December 31, 2017, the Company had investment tax credits of $15.8 million (December 31, 2016 - $14.0 million ). |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2017 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Exploration and Evaluation Assets | EXPLORATION AND EVALUATION ASSETS ($ millions) 2017 2016 Exploration and evaluation assets at cost 2,305.1 2,080.7 Accumulated amortization (1,670.2 ) (1,582.6 ) Net carrying amount 634.9 498.1 Reconciliation of movements during the year Cost, beginning of year 2,080.7 1,961.0 Accumulated amortization, beginning of year (1,582.6 ) (1,420.3 ) Net carrying amount, beginning of year 498.1 540.7 Net carrying amount, beginning of year 498.1 540.7 Acquisitions through business combinations, net 116.9 62.9 Additions 729.1 314.8 Dispositions (12.9 ) (0.4 ) Transfers to property, plant and equipment (541.4 ) (238.3 ) Amortization (134.3 ) (172.5 ) Foreign exchange (20.6 ) (9.1 ) Net carrying amount, end of year 634.9 498.1 Exploration and evaluation assets consist of the Company's undeveloped land and exploration projects which are pending the determination of technical feasibility. Additions represent the Company's share of the cost of E&E assets. At December 31, 2017, $634.9 million remained in E&E assets after $541.4 million was transferred to PP&E following the determination of technical feasibility during the year ended December 31, 2017 (year ended December 31, 2016 - $498.1 million and $238.3 million , respectively). Impairment test of exploration and evaluation assets There were no indicators of impairment at December 31, 2017 or December 31, 2016. |
Capital Acquisitions and Dispos
Capital Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations And Dispositions [Abstract] | |
Capital Acquisitions and Dispositions | CAPITAL ACQUISITIONS AND DISPOSITIONS In the year ended December 31, 2017, the Company incurred $3.7 million (December 31, 2016 - $2.3 million ) of transaction costs related to acquisitions through business combinations and dispositions that were recorded as general and administrative expenses. Minor Property Acquisitions and Dispositions Crescent Point completed minor property acquisitions and dispositions during the year ended December 31, 2017 ( $112.5 million net disposed PP&E, including $41.4 million related to net disposed decommissioning liability, and $104.0 million net acquired E&E assets). These minor property acquisitions and dispositions were completed with full tax pools and no working capital items. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT ($ millions) 2017 2016 Development and production assets 25,881.1 24,846.9 Corporate assets 106.4 102.4 Property, plant and equipment at cost 25,987.5 24,949.3 Accumulated depletion, depreciation and impairment (11,925.1 ) (10,774.4 ) Net carrying amount 14,062.4 14,174.9 Reconciliation of movements during the year Development and production assets Cost, beginning of year 24,846.9 23,677.4 Accumulated depletion and impairment, beginning of year (10,735.5 ) (8,795.5 ) Net carrying amount, beginning of year 14,111.4 14,881.9 Net carrying amount, beginning of year 14,111.4 14,881.9 Acquisitions through business combinations, net 220.2 218.2 Additions 1,211.8 909.5 Dispositions, net (332.7 ) (56.4 ) Transfers from exploration and evaluation assets 541.4 238.3 Reclassified as assets held for sale (26.4 ) — Depletion (1,394.4 ) (1,427.0 ) Impairment (203.6 ) (611.4 ) Foreign exchange (123.7 ) (41.7 ) Net carrying amount, end of year 14,004.0 14,111.4 Cost, end of year 25,881.1 24,846.9 Accumulated depletion and impairment, end of year (11,877.1 ) (10,735.5 ) Net carrying amount, end of year 14,004.0 14,111.4 Corporate assets Cost, beginning of year 102.4 101.5 Accumulated depreciation, beginning of year (38.9 ) (29.7 ) Net carrying amount, beginning of year 63.5 71.8 Net carrying amount, beginning of year 63.5 71.8 Additions 4.2 0.9 Depreciation (9.1 ) (9.2 ) Foreign exchange (0.2 ) — Net carrying amount, end of year 58.4 63.5 Cost, end of year 106.4 102.4 Accumulated depreciation, end of year (48.0 ) (38.9 ) Net carrying amount, end of year 58.4 63.5 At December 31, 2017, future development costs of $7.00 billion (December 31, 2016 - $6.75 billion ) were included in costs subject to depletion. Direct general and administrative costs capitalized by the Company during the year ended December 31, 2017 were $50.4 million (year ended December 31, 2016 - $47.9 million ), including $12.0 million of share-based compensation costs (year ended December 31, 2016 - $14.3 million ). At December 31, 2017, the Company classified certain non-operated assets in Saskatchewan as held for sale. Immediately prior to classifying the assets as held for sale, the Company conducted a review of the assets' recoverable amounts based on expected consideration to be received and transferred these assets at their carrying amount, with no impairment or recovery recognized. Impairment test of property, plant and equipment For the purposes of determining whether impairment of assets has occurred, and the extent of any impairment or its reversal, management exercises their judgment in estimating future cash flows for the recoverable amount, being the higher of fair value less costs of disposal and value in use. These key judgments include estimates about recoverable reserves, forecast benchmark commodity prices, royalties, operating costs, capital costs and discount rates. The fair value less costs of disposal and value in use estimates are categorized as Level 3 according to the IFRS 13 fair value hierarchy. 2017 Impairment and recovery For the year ended December 31, 2017, the significant decrease in near-term forecast benchmark commodity prices as compared to December 31, 2016 and the value of the Company's market capitalization as compared to net asset value were indicators of impairment. In addition, the significant changes to U.S. tax legislation in December 2017 including, among other things, a significant decrease to the federal corporate income tax rate, was an indicator of recovery in the U.S. operating segment. As a result, impairment and recovery testing were required and the Company prepared estimates of future cash flows to determine the recoverable amount of the respective assets. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at December 31, 2017: 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2) WTI ($US/bbl) (1) 55.00 65.00 70.00 73.00 74.46 75.95 77.47 79.02 80.60 82.21 83.85 Exchange Rate ($US/$Cdn) 0.790 0.820 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 WTI ($Cdn/bbl) 69.62 79.27 82.35 85.88 87.60 89.35 91.14 92.96 94.82 96.72 98.65 AECO ($Cdn/MMbtu) (1) 2.85 3.11 3.65 3.80 3.95 4.05 4.15 4.25 4.36 4.46 4.57 (1) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (2) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2028 to the end of the reserve life. Exchange rates are assumed to be constant at 0.850. At December 31, 2017, the Company determined that the carrying amount of the Southeast Saskatchewan, Southwest Saskatchewan and Southern Alberta CGUs exceeded their fair value less costs of disposal. In addition, the fair value less costs of disposal of the Northern U.S. and Utah CGUs exceeded their carrying amount. The full amount of the impairments and recoveries were attributed to PP&E and, as a result, net impairment losses of $203.6 million were recorded as a component of depletion, depreciation, amortization and impairment expense. The following table summarizes the impairment and recovery for the year ended December 31, 2017 by CGU: CGU ($ millions, except %) Operating segment Fair value less costs of disposal Discount rate (Impairment) / Recovery (Impairment) / Recovery, net of tax Southeast Saskatchewan (1) Canada 6,946.2 10.25 % (281.7 ) (206.1 ) Southwest Saskatchewan (1) Canada 2,412.6 10.25 % (164.1 ) (120.0 ) Southern Alberta (1) Canada 1,217.9 11.00 % (109.6 ) (80.2 ) Northern U.S. (2) U.S. 976.5 10.50 % 87.9 54.6 Utah (2) U.S. 1,482.4 10.25 % 263.9 164.0 Total impairment (3) (203.6 ) (187.7 ) (1) At September 30, 2017, the carrying amount of the Southeast Saskatchewan, Southwest Saskatchewan and Southern Alberta CGUs exceeded their fair value less costs of disposal and impairments were recorded as a component of depletion, depreciation, amortization and impairment expense. (2) At September 30, 2017 the fair value less costs of disposal of the Northern U.S. and Utah CGUs exceeded their carrying amount and recoveries were recorded as a component of depletion, depreciation, amortization and impairment expense. (3) At December 31, 2017, accumulated after tax impairment losses, net of depletion had no impairment loss been recognized in prior periods for the Canada and U.S. operating segments were $1.74 billion and $144.2 million , respectively. The impairments in the Southeast Saskatchewan, Southwest Saskatchewan and Southern Alberta CGUs were largely a result of the decrease in near-term forecast benchmark commodity prices and the increase in discount rate reflecting the Company's higher weighted average cost of capital at December 31, 2017 compared to December 31, 2016, partially offset by the positive impact of technical and development reserve additions. The recoveries in the Northern U.S. and Utah CGUs were largely a result of the positive impact of technical and development reserve additions and the positive impact of the changes to U.S. tax legislation, partially offset by the decrease in near-term forecast benchmark commodity prices and the increase in discount rate at December 31, 2017 compared to December 31, 2016. 2016 Impairment and recovery The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at December 31, 2016: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 (2) WTI ($US/bbl) (1) 55.00 65.00 70.00 71.40 72.83 74.28 75.77 77.29 78.83 80.41 82.02 Exchange Rate ($US/$Cdn) 0.780 0.820 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 WTI ($Cdn/bbl) 70.51 79.27 82.35 84.00 85.68 87.39 89.14 90.93 92.74 94.60 96.49 AECO ($Cdn/MMbtu) (1) 3.44 3.27 3.22 3.91 4.00 4.10 4.19 4.29 4.40 4.50 4.61 (1) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (2) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2027 to the end of the reserve life. Exchange rates are assumed to be constant at 0.850. At December 31, 2016, the Company determined that the carrying amount of the Southeast Saskatchewan and Southwest Saskatchewan CGUs exceeded their fair value less costs of disposal. In addition, the fair value less costs of disposal of the Northern Alberta, Southern Alberta, Northern U.S. and Utah CGUs exceeded their carrying amount. The full amount of the impairments and recoveries were attributed to PP&E and, as a result, net impairment losses of $611.4 million were recorded as a component of depletion, depreciation, amortization and impairment expense. The following table summarizes the impairment and recovery for the year ended December 31, 2016 by CGU: CGU ($ millions, except %) Operating segment Fair value less costs of disposal Discount rate (Impairment) / Recovery (Impairment) / Recovery, net of tax Southeast Saskatchewan Canada 7,321.2 9.75 % (375.1 ) (273.8 ) Southwest Saskatchewan Canada 2,498.7 9.75 % (355.2 ) (259.3 ) Northern Alberta Canada 48.1 10.25 % 10.3 7.5 Southern Alberta Canada 1,339.1 10.25 % 9.8 7.2 Northern U.S. U.S. 622.6 10.00 % 56.6 35.2 Utah U.S. 938.9 9.75 % 42.2 26.2 Total impairment (1) (611.4 ) (457.0 ) (1) At December 31, 2016, accumulated after tax impairment losses, net of depletion had no impairment loss been recognized in prior periods for the Canada and U.S. operating segments were $1.51 billion and $383.2 million, respectively. The impairments in the Southeast Saskatchewan and Southwest Saskatchewan CGUs were largely a result of the decrease in forecast benchmark commodity prices at December 31, 2016 compared to December 31, 2015, partially offset by the positive impact of development reserve additions, future development capital cost reductions of 12% and 8% , respectively, and improved capital efficiencies. The recoveries in the Northern Alberta, Southern Alberta, Northern U.S. and Utah CGUs were largely a result of the positive impact of technical and development reserve additions, capital and operating cost reductions and improved capital efficiencies, partially offset by the decrease in forecast benchmark commodity prices at December 31, 2016 compared to December 31, 2015. In the Northern U.S. and Utah CGUs, expected future operating costs decreased by 6% and future development capital costs decreased by 8% , respectively. In the Northern Alberta and Southern Alberta CGUs, future development capital costs decreased by 25% and 12% , respectively, and expected future operating costs decreased by 16% , respectively. Impairment sensitivities Changes in any of the key judgments, such as a revision in reserves, changes in forecast benchmark commodity prices, foreign exchange rates, capital or operating costs would impact the recoverable amounts of assets and any recoveries or impairment charges would affect net income. The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at December 31, 2017, with all other variables held constant: CGU ($ millions) Discount Rate Commodity Prices Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (559.4 ) 627.7 831.9 (839.6 ) Southwest Saskatchewan (209.6 ) 235.6 306.0 (305.7 ) Southern Alberta (114.3 ) 128.1 176.7 (175.8 ) Northern U.S. — — — — Utah (103.6 ) 116.4 174.9 (173.6 ) Increase (decrease) (986.9 ) 1,107.8 1,489.5 (1,494.7 ) The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at December 31, 2016, with all other variables held constant: CGU ($ millions) Discount Rate Commodity Prices Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (605.4 ) 666.9 666.9 (891.9 ) Southwest Saskatchewan (222.6 ) 249.6 311.3 (321.7 ) Northern Alberta — — — — Southern Alberta (134.0 ) 150.1 204.6 (209.7 ) Northern U.S. (58.2 ) 66.8 96.3 (99.8 ) Utah (76.4 ) 85.8 129.0 (127.9 ) Increase (decrease) (1,096.6 ) 1,219.2 1,408.1 (1,651.0 ) |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Goodwill | GOODWILL At December 31, 2017, the Company had goodwill of $251.9 million (December 31, 2016 - $251.9 million ). Goodwill has been assigned to the Canadian operating segment. Impairment test of goodwill As a result of the impairment test of goodwill at December 31, 2017 and December 31, 2016, determined based on fair value less costs of disposal, the Company concluded that the estimated recoverable amount exceeded the carrying amount. As such, no goodwill impairment was recorded. The fair value measurement of the recoverable amount of the Canadian operating segment is categorized as Level 3 according to the IFRS 13 fair value hierarchy. Refer to Note 9 - “Property, Plant and Equipment” for a description of the key input estimates and the methodology used in the determination of the estimated recoverable amount related to goodwill. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Liabilities | OTHER CURRENT LIABILITIES ($ millions) 2017 2016 Long-term compensation liability (1) 17.7 — Lease inducement 3.4 — Onerous contracts provision 2.9 — Decommissioning liability 33.7 23.7 Other current liabilities 57.7 23.7 (1) The current portion of long-term compensation liability relates to the PSU Plan. See Note 22 - "Share-based Compensation" for additional information. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Long-term Debt | LONG-TERM DEBT The following table reconciles long-term debt: ($ millions) 2017 2016 Bank debt 2,179.0 1,672.1 Senior guaranteed notes (1) 1,932.0 2,148.6 Long-term debt 4,111.0 3,820.7 Long-term debt due within one year 63.8 90.6 Long-term debt due beyond one year 4,047.2 3,730.1 (1) The Company entered into cross currency swaps and a foreign exchange swap concurrent with the issuance of the US dollar senior guaranteed notes to fix the US dollar amount of the notes for the purpose of principal repayment at Canadian dollar notional amounts. At December 31, 2017, the total principal due on the maturity of the senior guaranteed notes was $1.67 billion (December 31, 2016 - $1.74 billion ) of which $50.3 million (December 31, 2016 - $68.9 million ) was due within one year. Bank Debt The Company has combined credit facilities of $3.60 billion , including a $3.50 billion syndicated unsecured credit facility with fourteen banks and a $100.0 million unsecured operating credit facility with one Canadian chartered bank. The syndicated unsecured credit facility also includes an accordion feature that allows the Company to increase the facility by up to $500.0 million under certain conditions. The current maturity date of the syndicated unsecured credit facility and the unsecured operating credit facility is June 10, 2020. Both of these facilities constitute revolving credit facilities and are extendible annually. The credit facilities bear interest at the applicable market rate plus a margin based on a sliding scale ratio of the Company's senior debt to earnings before interest, taxes, depletion, depreciation, amortization and impairment, adjusted for certain non-cash items including unrealized derivatives, unrealized foreign exchange, equity settled share-based compensation expense and accretion ("adjusted EBITDA"). The credit facilities and senior guaranteed notes have covenants which restrict the Company's ratio of senior debt to adjusted EBITDA to a maximum of 3.5 :1.0, the ratio of total debt to adjusted EBITDA to a maximum of 4.0 :1.0 and the ratio of senior debt to capital, adjusted for certain non-cash items as noted above, to a maximum of 0.55 :1.0. The Company was in compliance with all debt covenants at December 31, 2017. The Company had letters of credit in the amount of $7.5 million outstanding at December 31, 2017 (December 31, 2016 - $0.5 million ). The Company manages its credit facilities through a combination of bankers' acceptance loans, US dollar LIBOR loans and interest rate swaps. Senior Guaranteed Notes The Company has closed private offerings of senior guaranteed notes raising total gross proceeds of US$1.39 billion and Cdn $197.0 million . The notes are unsecured and rank pari passu with the Company's bank credit facilities and carry a bullet repayment on maturity. The senior guaranteed notes have financial covenants similar to those of the combined credit facilities described above. The terms, rates, amounts due on maturity and carrying amounts of the Company's outstanding senior guaranteed notes are detailed below: Principal Coupon Rate Principal Due on Maturity (1) (Cdn$ millions) Interest Payment Dates Maturity Date Financial statement carrying value 2017 2016 US$67.5 5.48 % — September 24 and March 24 March 24, 2017 — 90.6 US$31.0 4.58 % 29.9 October 14 and April 14 April 14, 2018 38.8 41.6 US$20.0 2.65 % 20.4 December 12 and June 12 June 12, 2018 25.0 26.9 Cdn$7.0 4.29 % 7.0 November 22 and May 22 May 22, 2019 7.0 7.0 US$68.0 3.39 % 66.7 November 22 and May 22 May 22, 2019 85.1 91.3 US$155.0 6.03 % 158.3 September 24 and March 24 March 24, 2020 194.0 208.1 Cdn$50.0 5.53 % 50.0 October 14 and April 14 April 14, 2021 50.0 50.0 US$82.0 5.13 % 79.0 October 14 and April 14 April 14, 2021 102.7 110.1 US$52.5 3.29 % 56.3 December 20 and June 20 June 20, 2021 65.7 70.5 Cdn$25.0 4.76 % 25.0 November 22 and May 22 May 22, 2022 25.0 25.0 US$200.0 4.00 % 199.1 November 22 and May 22 May 22, 2022 250.4 268.5 Cdn$10.0 4.11 % 10.0 December 12 and June 12 June 12, 2023 10.0 10.0 US$270.0 3.78 % 274.7 December 12 and June 12 June 12, 2023 338.0 362.5 Cdn$40.0 3.85 % 40.0 December 20 and June 20 June 20, 2024 40.0 40.0 US$257.5 3.75 % 276.4 December 20 and June 20 June 20, 2024 322.4 345.7 Cdn$65.0 3.94 % 65.0 October 22 and April 22 April 22, 2025 65.0 65.0 US$230.0 4.08 % 291.1 October 22 and April 22 April 22, 2025 287.9 308.9 US$20.0 4.18 % 25.3 October 22 and April 22 April 22, 2027 25.0 26.9 Senior guaranteed notes 1,674.2 1,932.0 2,148.6 Senior guaranteed notes due within one year 63.8 90.6 Senior guaranteed notes due beyond one year 1,868.2 2,058.0 (1) Includes underlying derivatives which manage the Company's foreign exchange exposure on its US dollar senior guaranteed notes. The Company considers this to be the economic amount due at maturity instead of the financial statement carrying amount. During the year ended December 31, 2017, $68.9 million (year ended December 31, 2016 - $50.1 million ) was repaid on the maturity of senior guaranteed notes. Concurrent with the issuance of US$1.36 billion senior guaranteed notes, the Company entered into cross currency swaps ("CCS") to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the notes for purposes of interest and principal repayments at a notional amount of $1.44 billion . Concurrent with the issuance of US$30.0 million senior guaranteed notes, the Company entered a foreign exchange swap which fixed the principal repayment at a notional amount of $32.2 million . See Note 24 - “Financial Instruments and Derivatives” for additional information. |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Long-term Liabilities | OTHER LONG-TERM LIABILITIES ($ millions) 2017 2016 Long-term compensation liability (1) 5.2 3.7 Lease inducement (2) 40.0 43.6 Onerous contracts provision (3) 8.8 7.3 Other long-term liabilities 54.0 54.6 (1) Long-term compensation liability relates to the PSU and DSU Plans. See Note 22 - "Share-based Compensation" for additional information. (2) The Company's lease inducement is associated with the building lease for Crescent Point's corporate office. This non-cash liability is amortized on a straight-line basis over the term of the lease to June 2030. (3) Onerous contracts provision is related to the estimated unrecoverable portion of building leases. |
Decommissioning Liability
Decommissioning Liability | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Decommissioning Liability | DECOMMISSIONING LIABILITY The following table reconciles the decommissioning liability: ($ millions) 2017 2016 Decommissioning liability, beginning of year 1,314.4 1,255.4 Liabilities incurred 39.9 43.1 Liabilities acquired through capital acquisitions 25.1 23.7 Liabilities disposed through capital dispositions (66.5 ) (10.7 ) Liabilities settled (25.1 ) (16.0 ) Revaluation of acquired decommissioning liabilities (1) 42.8 36.1 Change in estimated future costs 2.8 (27.1 ) Change in discount rate (7.2 ) (14.5 ) Accretion expense 30.3 25.9 Reclassified as liabilities associated with assets held for sale (4.6 ) — Foreign exchange (7.7 ) (1.5 ) Decommissioning liability, end of year 1,344.2 1,314.4 Expected to be incurred within one year 33.7 23.7 Expected to be incurred beyond one year 1,310.5 1,290.7 (1) These amounts relate to the revaluation of acquired decommissioning liabilities at the end of the period using a risk-free discount rate. At the date of acquisition, acquired decommissioning liabilities are fair valued. The total future decommissioning liability was estimated by management based on the Company’s net ownership in all wells and facilities. This includes all estimated costs to reclaim and abandon the wells and facilities and the estimated timing of the costs to be incurred in future periods. The Company has estimated the net present value of its total decommissioning liability to be $1.34 billion at December 31, 2017 (December 31, 2016 - $1.31 billion ) based on total estimated undiscounted cash flows to settle the obligation of $1.41 billion (December 31, 2016 - $1.37 billion ). These obligations are expected to be settled through 2051, with the majority expected after 2036. Upon retirement of its oil and gas assets, the Company anticipates substantial costs associated with decommissioning. The estimated cash flows have been discounted using a risk free rate of approximately 2.25 percent and an inflation rate of 2 percent (December 31, 2016 - approximately 2.25 percent and 2 percent , respectively). |
Shareholders' Capital
Shareholders' Capital | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Shareholders' Capital | SHAREHOLDERS' CAPITAL Crescent Point has an unlimited number of common shares authorized for issuance. 2017 2016 Number of shares Amount ($ millions) Number of shares Amount ($ millions) Common shares, beginning of year 541,742,592 16,656.1 504,935,930 15,929.7 Issued for cash — — 33,700,000 650.4 Issued on capital acquisitions — — 890,648 17.7 Issued on redemption of restricted shares (1) 4,051,792 89.6 2,216,014 58.3 Common shares, end of year 545,794,384 16,745.7 541,742,592 16,656.1 Cumulative share issue costs, net of tax — (256.1 ) — (255.9 ) Total shareholders’ capital, end of year 545,794,384 16,489.6 541,742,592 16,400.2 (1) The amount of shares issued on redemption of restricted shares is net of any employee withholding taxes. |
Deficit
Deficit | 12 Months Ended |
Dec. 31, 2017 | |
Equity [abstract] | |
Schedule of Deficit | DEFICIT ($ millions) 2017 2016 Accumulated earnings (deficit) (363.7 ) (239.7 ) Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2) 8.4 8.4 Accumulated tax effect on redemption of restricted shares 12.1 10.1 Accumulated dividends (7,408.6 ) (7,210.9 ) Deficit (7,751.8 ) (7,432.1 ) (1) Premium Dividend TM and Dividend Reinvestment Plan. (2) Share Dividend Plan. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2017 | |
Capital Management [Abstract] | |
Capital Management | CAPITAL MANAGEMENT The Company’s capital structure is comprised of shareholders’ equity, long-term debt and adjusted working capital. The balance of each of these items is as follows: ($ millions) 2017 2016 Long-term debt 4,111.0 3,820.7 Adjusted working capital deficiency (1) 133.3 277.0 Unrealized foreign exchange on translation of US dollar long-term debt (219.4 ) (420.6 ) Net debt 4,024.9 3,677.1 Shareholders’ equity 9,162.9 9,591.2 Total capitalization 13,187.8 13,268.3 (1) Adjusted working capital deficiency is calculated as accounts payable and accrued liabilities, dividends payable and long-term compensation liability, less cash, accounts receivable, prepaids and deposits and long-term investments. Crescent Point's objective for managing capital is to maintain a strong balance sheet and capital base to provide financial flexibility, position the Company to fund future development projects and pay dividends. The Company seeks to maximize stakeholder value through its total return strategy of long-term growth plus dividend income. Crescent Point manages and monitors its capital structure and short-term financing requirements using a measure not defined in IFRS, the ratio of net debt to adjusted funds flow from operations. Net debt is calculated as long-term debt plus accounts payable and accrued liabilities, dividends payable and long-term compensation liability, less cash, accounts receivable, prepaids and deposits and long-term investments, excluding the unrealized foreign exchange on translation of US dollar long-term debt. Adjusted funds flow from operations is calculated as cash flow from operating activities before changes in non-cash working capital, transaction costs and decommissioning expenditures. Net debt to adjusted funds flow from operations is used to measure the Company's overall debt position and to measure the strength of the Company's balance sheet. Crescent Point's objective is to manage this metric to be well positioned to execute its business objectives during periods of volatile commodity prices. Crescent Point monitors this ratio and uses this as a key measure in making decisions regarding financing, capital spending and dividend levels. The Company's net debt to adjusted funds flow from operations ratio at December 31, 2017 was 2.3 times (December 31, 2016 - 2.3 times). The adjusted funds flow from operations only reflects adjusted funds flow from operations generated on acquired properties since the closing date of the acquisitions. Crescent Point strives to fund its capital expenditures, decommissioning expenditures and dividends over time by managing risks associated with the oil and gas industry. To accomplish this, the Company maintains a conservative balance sheet with significant unutilized lines of credit, manages its exposure to fluctuating interest rates and foreign exchange rates on its long-term debt, and actively hedges commodity prices using a 3½ year risk management program. Unless otherwise approved by the Board of Directors, the Company can hedge benchmark prices on up to 65 percent of after royalty volumes using a portfolio of swaps, collars and put option instruments and can hedge price differentials on up to 35 percent of after royalty volumes using a combination of financial derivatives and fixed differential physical contracts. See Note 24 - "Financial Instruments and Derivatives" for additional information regarding the Company's derivative contracts. Crescent Point is subject to certain financial covenants on its credit facilities and senior guaranteed notes agreements and was in compliance with all financial covenants as at December 31, 2017. See Note 12 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements. |
Derivative Losses
Derivative Losses | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Derivative Losses | DERIVATIVE LOSSES ($ millions) 2017 2016 Realized gains 101.2 468.7 Unrealized losses (163.6 ) (706.8 ) Derivative losses (62.4 ) (238.1 ) |
Other Income (Loss)
Other Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Other Income (Loss) | OTHER INCOME (LOSS) ($ millions) 2017 2016 Unrealized gain (loss) on long-term investments (3.4) 5.5 Gain (loss) on capital dispositions 31.1 (15.3 ) Other gain 0.1 3.2 Other income (loss) 27.8 (6.6 ) |
Foreign Exchange Gain
Foreign Exchange Gain | 12 Months Ended |
Dec. 31, 2017 | |
Effect Of Changes In Foreign Exchange Rates [Abstract] | |
Foreign Exchange Gain | FOREIGN EXCHANGE GAIN ($ millions) 2017 2016 Realized gain (loss) CCS - US dollar long-term debt maturities and interest payments (39.3 ) 57.7 US dollar long-term debt maturities 54.6 (52.4 ) Other (0.6 ) (2.5 ) Unrealized gain (loss) Translation of US dollar long-term debt 201.2 128.0 Other (0.2 ) 0.5 Foreign exchange gain 215.7 131.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes is as follows: ($ millions) 2017 2016 Current tax: Canada (1.9 ) — Luxembourg 0.2 0.2 Current tax expense (recovery) (1.7 ) 0.2 Deferred tax: Canada (99.2 ) (336.4 ) United States 201.3 (44.9 ) Deferred tax expense (recovery) 102.1 (381.3 ) Income tax expense (recovery) 100.4 (381.1 ) The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: ($ millions) 2017 2016 Net income (loss) before tax (23.6 ) (1,313.8 ) Statutory income tax rate 26.85 % 27.00 % Expected provision for income taxes (6.3 ) (354.7 ) Effect of change in corporate tax rates 106.9 — Effect of tax rates in foreign jurisdictions 22.9 (14.6 ) Effect of restricted share bonus plan (2.7 ) 6.9 Effect of change in recognition of deferred tax assets (14.7 ) (24.9 ) Effect of non-taxable capital (gains) losses (1.1 ) (2.1 ) Other (4.6 ) 8.3 Income tax recovery 100.4 (381.1 ) The statutory combined federal and provincial income tax rate decreased from 27% in 2016 to 26.85% in 2017, primarily due to the decrease in the Saskatchewan corporate tax rate from 12% to 11.5% , effective July 1, 2017. The Saskatchewan corporate tax rate was subsequently changed back to 12% effective January 1, 2018. On December 22, 2017, the United States government enacted the Tax Cuts and Jobs Act which implemented significant changes to the U.S. tax legislation including, among other changes, a decrease to the federal corporate income tax rate from 35% to 21% effective January 1, 2018. As a result, the Company reduced its deferred income tax asset by $107.5 million and recognized a corresponding deferred income tax expense. The composition of net deferred income tax liabilities is as follows: ($ millions) 2017 2016 Deferred income tax assets 192.8 422.4 Deferred income tax liabilities (550.6 ) (651.5 ) Net deferred income tax liabilities (357.8 ) (229.1 ) The net deferred income tax liabilities are expected to be settled in the following periods: ($ millions) 2017 2016 Deferred income tax: To be settled within one year 29.1 (9.4 ) To be settled beyond one year (386.9 ) (219.7 ) Deferred income tax (357.8 ) (229.1 ) The movement in deferred income tax assets (liabilities) are as follows: ($ millions) At January 1, 2017 (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2017 Deferred income tax assets: Decommissioning liability 361.8 — (0.5 ) 361.3 Income tax losses carried forward 632.4 — 17.1 649.5 Debt financing costs 4.8 — (4.8 ) — Share issue costs 15.3 0.1 (5.2 ) 10.2 Risk management contracts 18.3 — 15.2 33.5 Other 16.6 (26.7 ) 32.3 22.2 1,049.2 (26.6 ) 54.1 1,076.7 Deferred income tax liabilities: Property, plant and equipment (1,286.7 ) — (130.8 ) (1,417.5 ) Risk management contracts 8.4 — (25.4 ) (17.0 ) (1,278.3 ) — (156.2 ) (1,434.5 ) Net deferred income tax liabilities (229.1 ) (26.6 ) (102.1 ) (357.8 ) ($ millions) At January 1, 2016 (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2016 Deferred income tax assets: Decommissioning liability 344.8 — 17.0 361.8 Income tax losses carried forward 401.9 — 230.5 632.4 Debt financing costs 13.1 — (8.3 ) 4.8 Share issue costs 17.7 7.2 (9.6 ) 15.3 Risk management contracts 0.6 — 17.7 18.3 Other 17.6 (10.8 ) 9.8 16.6 795.7 (3.6 ) 257.1 1,049.2 Deferred income tax liabilities: Property, plant and equipment (1,212.7 ) — (74.0 ) (1,286.7 ) Timing of partnership items (54.8 ) — 54.8 — Risk management contracts (135.0 ) — 143.4 8.4 (1,402.5 ) — 124.2 (1,278.3 ) Net deferred income tax liabilities (606.8 ) (3.6 ) 381.3 (229.1 ) The approximate amounts of tax pools available as at December 31, 2017 and 2016 are as follows: ($ millions) 2017 2016 Tax pools: Canada 8,746.2 9,054.1 United States 3,287.6 2,952.9 Total 12,033.8 12,007.0 The above tax pools include estimated Canadian non-capital losses carried forward of $1.40 billion (December 31, 2016 - $1.10 billion ) that expire in the years 2026 through 2037, and U.S. net operating losses of $1.20 billion (December 31, 2016 - $1.03 billion ) which expire in the years 2024 through 2037. A deferred income tax asset has not been recognized for U.S. net operating losses of $82.3 million (December 31, 2016 - $136.8 million ) or for other temporary differences of $33.2 million (December 31, 2016 - $33.2 million ) as there is not sufficient certainty regarding future utilization. A deferred tax asset has not been recognized in respect of certain unrealized capital losses and capital losses carried forward for Canadian tax purposes in the amount of $1.2 million . Recognition is dependent on the realization of future taxable capital gains. A deferred tax asset has not been recognized in respect of temporary differences associated with investments in subsidiaries as it is not likely that the temporary differences will reverse in the foreseeable future. The deductible temporary differences associated with investments in subsidiaries is approximately $555.2 million (December 31, 2016 - $648.7 million ). The Company received notices of reassessment from the Canada Revenue Agency in 2014 and 2015 disallowing $149.3 million of tax pools and $12.6 million of investment tax credits relating to an acquired entity. The Company has filed notices of objections in response to these reassessments and management believes that it will be successful in defending its positions. Therefore, no provision for the potential income tax liability was recorded at December 31, 2017 and December 31, 2016. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Payment Arrangements [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION Restricted Share Bonus Plan The Company has a Restricted Share Bonus Plan pursuant to which the Company may grant restricted shares to directors, officers, employees and consultants. The restricted shares vest on terms up to three years from the grant date as determined by the Board of Directors. Performance Share Unit Plan In April 2017, the Company approved a PSU Plan for designated employees. The PSUs vest on terms up to three years from the grant date as determined by the Board of Directors. PSUs are settled in cash upon vesting based on the prevailing Crescent Point share price, accrued dividends and the performance multipliers. The Company granted 4,460,046 PSUs in the year ended December 31, 2017 (year ended December 31, 2016 - nil ). Deferred Share Unit Plan The Company has a DSU Plan for directors. Each DSU vests on the date of the grant, however, the settlement of the DSU occurs following a change of control or when the individual ceases to be a director of the Company. DSUs are settled in cash based on the prevailing Crescent Point share price. The following table reconciles the number of restricted shares and DSUs for the year ended December 31, 2017: Restricted Shares Deferred Share Units Balance, beginning of year 5,188,358 204,653 Granted 3,424,610 70,609 Redeemed (4,195,754 ) (45,792 ) Forfeited (235,162 ) — Modified to PSUs (593,028 ) — Balance, end of year 3,589,024 229,470 The following table reconciles the number of restricted shares and DSUs for the year ended December 31, 2016: Restricted Shares Deferred Share Units Balance, beginning of year 3,960,363 153,283 Granted 3,930,449 51,370 Redeemed (2,280,626 ) — Forfeited (421,828 ) — Balance, end of year 5,188,358 204,653 For the year ended December 31, 2017, the Company calculated total share-based compensation of $74.0 million (year ended December 31, 2016 - $72.0 million ), net of estimated forfeitures, of which $12.0 million was capitalized (year ended December 31, 2016 - $14.3 million ). At December 31, 2017, the current portion of long-term compensation liability of $17.7 million was included in other current liabilities (December 31, 2016 - nil ) and $5.2 million was included in other long-term liabilities (December 31, 2016 - $3.7 million ). |
Per Share Amounts
Per Share Amounts | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Per Share Amounts | PER SHARE AMOUNTS The following table summarizes the weighted average shares used in calculating net income per share: 2017 2016 Weighted average shares – basic 545,162,580 516,336,121 Dilutive impact of restricted shares — — Weighted average shares – diluted (1) 545,162,580 516,336,121 (1) Excludes the impact of 1,603,575 weighted average shares related to restricted shares that were anti-dilutive for the year ended December 31, 2017 (year ended December 31, 2016 - 2,954,564 ). |
Financial Instruments and Deriv
Financial Instruments and Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial Instruments and Derivatives | FINANCIAL INSTRUMENTS AND DERIVATIVES The Company's financial assets and liabilities are comprised of cash, accounts receivable, long-term investments, reclamation fund, derivative assets and liabilities, accounts payable and accrued liabilities, dividends payable and long-term debt. Crescent Point's derivative assets and liabilities are transacted in active markets. Crescent Point's long-term investments are transacted in active and non-active markets. The Company classifies the fair value of these transactions according to the following fair value hierarchy based on the amount of observable inputs used to value the instrument: • Level 1 - Values are based on unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. • Level 2 - Values are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Prices in Level 2 are either directly or indirectly observable as of the reporting date. • Level 3 - Values are based on prices or valuation techniques that are not based on observable market data. Accordingly, Crescent Point's derivative assets and liabilities are classified as Level 2. Long-term investments are classified as Level 1, Level 2 or Level 3 depending on the valuation methods and inputs used and whether the applicable company is publicly traded or private. Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy. Crescent Point's valuation of the investment in a private company is based primarily on an estimate of the net asset value of the relevant company's common shares. The Company's finance department is responsible for performing the valuation of financial instruments, including the calculation of Level 3 fair values. Refer to Note 5 - "Long-term Investments" for changes in the Company's Level 3 investments. Discussions of the fair values and risks associated with financial assets and liabilities, as well as summarized information related to derivative positions are detailed below: a) Carrying Amount and Fair Value of Financial Instruments The fair value of cash, accounts receivable, reclamation fund, accounts payable and accrued liabilities and dividends payable approximate their carrying amount due to the short-term nature of those instruments. The fair value of the amounts drawn on bank credit facilities is equal to its carrying amount as the facilities bear interest at floating rates and credit spreads that are indicative of market rates. These financial instruments are classified as financial assets and liabilities at amortized cost and are reported at amortized cost. The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2017: 2017 Carrying Value 2017 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 3) ($ millions) Financial assets Derivatives 282.7 282.7 — 282.7 — Long-term investments (1) 72.6 72.6 65.1 — 7.5 355.3 355.3 65.1 282.7 7.5 Financial liabilities Derivatives 123.9 123.9 — 123.9 — Senior guaranteed notes (2) 1,932.0 1,951.3 — 1,951.3 — 2,055.9 2,075.2 — 2,075.2 — (1) Long-term investments are comprised of equity securities in public and private oil and gas companies. (2) The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements. The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2016: 2016 Carrying Value 2016 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs (Level 2) Significant unobservable inputs ($ millions) Financial assets Derivatives 389.4 389.4 — 389.4 — Long-term investments (1) 35.8 35.8 28.3 7.5 — 425.2 425.2 28.3 396.9 — Financial liabilities Derivatives 67.7 67.7 — 67.7 — Senior guaranteed notes (2) 2,148.6 2,119.2 — 2,119.2 — 2,216.3 2,186.9 — 2,186.9 — (1) Long-term investments are comprised of equity securities in public and private oil and gas companies. (2) The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements. Derivative assets and liabilities Derivative assets and liabilities arise from the use of derivative contracts. The Company's derivative financial instruments are classified as fair value through profit or loss and are reported at fair value with changes in fair value recorded in net income. The following table summarizes the fair value as at December 31, 2017 and the change in fair value for the year ended December 31, 2017: ($ millions) Commodity contracts (1) Interest contracts CCS contracts Foreign exchange contracts Total Derivative assets / (liabilities), beginning of year (60.6 ) 2.1 373.3 6.9 321.7 Unrealized change in fair value 6.1 7.4 (175.3 ) (1.8 ) (163.6 ) Foreign exchange 0.7 — — — 0.7 Derivative assets / (liabilities), end of year (53.8 ) 9.5 198.0 5.1 158.8 Derivative assets, end of year 23.2 9.5 244.9 5.1 282.7 Derivative liabilities, end of year (77.0 ) — (46.9 ) — (123.9 ) (1) Includes oil, gas and power contracts. The following table summarizes the fair value as at December 31, 2016 and the change in fair value for the year ended December 31, 2016: ($ millions) Commodity contracts (1) Interest contracts CCS contracts Foreign exchange contracts Total Derivative assets / (liabilities), beginning of year 527.3 (0.4 ) 493.7 7.9 1,028.5 Unrealized change in fair value (587.9 ) 2.5 (120.4 ) (1.0 ) (706.8 ) Derivative assets / (liabilities), end of year (60.6 ) 2.1 373.3 6.9 321.7 Derivative assets, end of year 6.1 2.9 373.5 6.9 389.4 Derivative liabilities, end of year (66.7 ) (0.8 ) (0.2 ) — (67.7 ) (1) Includes oil, gas and power contracts. Offsetting Financial Assets and Liabilities Financial assets and liabilities are only offset if the Company has the legal right to offset and intends to settle on a net basis or settle the asset and liability simultaneously. The Company offsets derivative assets and liabilities when the counterparty, commodity, currency and timing of settlement are the same. The following table summarizes the gross asset and liability positions of the Company's financial derivatives by contract that are offset on the balance sheet as at December 31, 2017 and December 31, 2016: 2017 2016 ($ millions) Asset Liability Net Asset Liability Net Gross amount 283.5 (124.7 ) 158.8 400.7 (79.0 ) 321.7 Amount offset (0.8 ) 0.8 — (11.3 ) 11.3 — Net amount 282.7 (123.9 ) 158.8 389.4 (67.7 ) 321.7 b) Risks Associated with Financial Assets and Liabilities The Company is exposed to financial risks from its financial assets and liabilities. The financial risks include market risk relating to commodity prices, interest rates and foreign exchange rates as well as credit and liquidity risk. Market Risk Market risk is the risk that the fair value or future cash flows of a derivative will fluctuate because of changes in market prices. Market risk is comprised of commodity price risk, interest rate risk and foreign exchange risk as discussed below. Commodity Price Risk The Company is exposed to commodity price risk on crude oil and natural gas revenues as well as power on electricity consumption. As a means to mitigate the exposure to commodity price volatility, the Company has entered into various derivative agreements and physical contracts. The use of derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Crude oil - To partially mitigate exposure to crude oil commodity price risk, the Company enters into option contracts and swaps to manage the Cdn$ WTI price fluctuations. The Company also enters physical delivery and derivative WTI price differential contracts which manage the spread between US$ WTI and various stream prices. The Company manages physical delivery contracts on a month-to-month spot and on a term contract basis. As at December 31, 2017, Crescent Point had committed, on a term contract basis, to deliver an average of approximately 13,600 bbl/d of liquids for calendar 2018, 8,600 bbl/d of liquids for calendar 2019, 5,000 bbl/d of crude oil for calendar 2020 and 2021 and 2,000 bbl/d of crude oil for calendar 2022 to 2028. Natural gas - To partially mitigate exposure to natural gas commodity price risk, the Company enters into AECO natural gas swaps, which manage the AECO natural gas price fluctuations. Power - To partially mitigate exposure to electricity price changes, the Company enters into swaps or fixed price physical delivery contracts which fix the power price. The following table summarizes the sensitivity of the fair value of the Company's derivative positions as at December 31, 2017 and December 31, 2016 to fluctuations in commodity prices or differentials, with all other variables held constant. When assessing the potential impact of these commodity price or differential changes, the Company believes a 10 percent near-term volatility is a reasonable measure. Fluctuations in commodity prices or differentials potentially would have resulted in unrealized gains (losses) impacting income before tax as follows: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2017 Year ended December 31, 2016 Increase 10% Decrease 10% Increase 10% Decrease 10% Commodity price Crude oil (150.9 ) 139.4 (120.1 ) 113.9 Natural gas (2.9 ) 2.9 (9.6 ) 9.6 Power — — 0.1 (0.1 ) Differential Crude oil — — 0.3 (0.3 ) Interest Rate Risk The Company is exposed to interest rate risk on bank credit facilities to the extent of changes in market interest rates. Based on the Company's floating rate debt position as at December 31, 2017, a 1% increase or decrease in the interest rate on floating rate debt would amount to an annualized impact on income before tax of $17.8 million (December 31, 2016 - $12.7 million ). The Company partially mitigates its exposure to interest rate changes by entering into interest rate swap transactions. The following sensitivities show the resulting unrealized gains (losses) and the impact on income before tax of the respective changes in the applicable forward interest rates as at December 31, 2017 and December 31, 2016 with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2017 Year ended December 31, 2016 Forward interest rates Increase 10% Decrease 10% Increase 10% Decrease 10% Interest rate swaps 1.9 (1.9 ) 1.5 (1.5 ) Foreign Exchange Risk Foreign exchange risk arises from changes in foreign exchange rates that may affect the fair value or future cash flows of the Company's financial assets or liabilities. As the Company operates in Canada and the United States, fluctuations in the exchange rate between the US/Canadian dollars can have a significant effect on reported results. The Company is exposed to foreign exchange risk in relation to its US dollar denominated long-term debt, investment in U.S. subsidiaries and in relation to its crude oil sales. Crescent Point entered into various CCS and foreign exchange swaps to hedge its foreign exchange exposure on its US dollar denominated long-term debt. The Company can partially mitigate its exposure to foreign exchange rate changes by entering into US dollar swaps. To partially mitigate the foreign exchange risk relating to crude oil sales, the Company has fixed crude oil contracts to settle in Cdn$ WTI. The following sensitivities show the resulting unrealized gains (losses) and the impact on income before tax of the respective changes in the period end and applicable forward foreign exchange rates at December 31, 2017 and December 31, 2016 with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Exchange Rate Year ended December 31, 2017 Year ended December 31, 2016 Cdn$ relative to US$ Increase 10% Decrease 10% Increase 10% Decrease 10% US dollar long-term debt Period End 390.1 (390.1 ) 357.0 (357.0 ) Cross currency swaps Forward (402.5 ) 402.5 (375.3 ) 375.3 Foreign exchange swaps Forward (3.7 ) 3.7 (5.9 ) 5.9 Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. A substantial portion of the Company's accounts receivable are with customers in the oil and gas industry and are subject to normal industry credit risks. The Company monitors the creditworthiness and concentration of credit with customers of its physical oil and gas sales. To mitigate credit risk associated with its physical sales portfolio, Crescent Point obtains financial assurances such as parental guarantees, letters of credit and third party credit insurance. Including these assurances, approximately 95% of the Company's oil and gas sales are with entities considered investment grade. The Company is authorized to transact derivative contracts with counterparties rated A (or equivalent) or better, based on the lowest rating of the three ratings providers. Should one of the Company's financial counterparties be downgraded below the A rating limit, the Chief Financial Officer will advise the Audit Committee and provide recommendations to minimize the Company's credit risk to that counterparty . The maximum credit exposure associated with accounts receivable is the total carrying amount and the maximum exposure associated with the derivative instruments approximates their fair value. At December 31, 2017, approximately 4 percent (December 31, 2016 - 3 percent ) of the Company's accounts receivable balance was outstanding for more than 90 days and the Company considers the entire balance to be collectible. Liquidity Risk The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2017 is outlined in the table below: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Accounts payable and accrued liabilities 613.3 — — — 613.3 Dividends payable 16.8 — — — 16.8 Derivative liabilities (1) 55.6 2.5 — — 58.1 Senior guaranteed notes (2) 126.0 371.1 512.0 1,048.9 2,058.0 Bank credit facilities (3) 98.3 2,316.7 — — 2,415.0 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swap. (2) These amounts include the notional principal and interest payments pursuant to the related CCS and foreign exchange swap, which fix the amounts due in Canadian dollars. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2017. The current maturity date of the Company's facilities is June 10, 2020. The Company expects that the facilities will continue to be renewed and extended prior to their maturity dates. The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2016 is outlined in the table below: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Accounts payable and accrued liabilities 647.2 — — — 647.2 Dividends payable 16.3 — — — 16.3 Derivative liabilities (1) 55.9 1.9 — — 57.8 Senior guaranteed notes (2) 148.0 272.9 466.4 1,319.2 2,206.5 Bank credit facilities (3) 62.8 1,762.7 — — 1,825.5 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swap. (2) These amounts include the notional principal and interest payments pursuant to the related CCS and foreign exchange swap, which fix the amounts due in Canadian dollars. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2016. Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company manages its liquidity risk through managing its capital structure and continuously monitoring forecast cash flows and available credit under existing banking arrangements as well as other potential sources of capital. At December 31, 2017, the Company had available unused borrowing capacity on bank credit facilities of approximately $1.47 billion , including $7.5 million letters of credit drawn on the facility, and cash of $62.4 million . c) Derivative Contracts The Company enters into fixed price oil, gas, power, interest rate, cross currency, foreign exchange and crude oil differential contracts to manage its exposure to fluctuations in the price of crude oil, gas, power, foreign exchange and interest on debt . The following is a summary of the derivative contracts in place as at December 31, 2017 : Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1) Swap Three-way Collar Term Volume (bbls/d) Average Price ($/bbl) Average Sold Call Price ($/bbl) Average Bought Put Price ($/bbl) Average Sold Put Price ($/bbl) 2018 41,767 72.11 75.63 68.40 59.63 2019 January - June 5,729 70.57 70.51 62.23 54.00 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial WTI Crude Oil Derivative Contracts – US Dollar (1) Three-way Collar Term Volume (bbls/d) Average Sold Call Price (US$/bbl) Average Bought Put Price (US$/bbl) Average Sold Put Price (US$/bbl) 2018 14,000 55.80 49.66 43.00 2019 January - June 8,972 56.01 49.89 43.00 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial AECO Natural Gas Derivative Contracts – Canadian Dollar (1) Average Volume Average Swap Price Term 2018 33,973 2.83 2019 19,948 2.71 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial Interest Rate Derivative Contracts – Canadian Dollar Notional Principal Fixed Rate (%) Term Contract January 2018 - September 2018 Swap 50.0 0.90 January 2018 - September 2018 Swap 50.0 0.87 January 2018 - August 2020 Swap 50.0 1.16 January 2018 - August 2020 Swap 50.0 1.16 January 2018 - August 2020 Swap 100.0 1.15 January 2018 - September 2020 Swap 50.0 1.14 January 2018 - September 2020 Swap 50.0 1.11 Financial Cross Currency Derivative Contracts Term Contract Receive Notional Principal Fixed Rate (US%) Pay Notional Principal Fixed Rate (Cdn%) January 2018 Swap 200.0 3.42 252.8 3.12 January 2018 Swap 200.0 3.42 253.0 3.12 January 2018 Swap 100.0 3.42 126.4 3.11 January 2018 Swap 250.0 3.45 319.3 3.00 January 2018 Swap 250.0 3.45 319.3 2.99 January 2018 Swap 95.0 3.45 121.2 3.00 January 2018 Swap 100.0 3.45 127.6 3.03 January 2018 Swap 140.0 3.45 178.9 2.99 January 2018 Swap 295.0 3.58 379.4 2.68 January 2018 Swap 100.0 3.58 128.6 2.77 January 2018 - April 2018 Swap 31.0 4.58 29.9 5.32 January 2018 - June 2018 Swap 20.0 2.65 20.4 3.52 January 2018 - May 2019 Swap 68.0 3.39 66.7 4.53 January 2018 - March 2020 Swap 155.0 6.03 158.3 6.45 January 2018 - April 2021 Swap 82.0 5.13 79.0 5.83 January 2018 - June 2021 Swap 52.5 3.29 56.3 3.59 January 2018 - May 2022 Swap 170.0 4.00 166.9 5.03 January 2018 - June 2023 Swap 270.0 3.78 274.7 4.32 January 2018 - June 2024 Swap 257.5 3.75 276.4 4.03 January 2018 - April 2025 Swap 230.0 4.08 291.1 4.13 January 2018 - April 2027 Swap 20.0 4.18 25.3 4.25 Financial Foreign Exchange Forward Derivative Contracts Settlement Date Contract Receive Notional Principal Pay Notional Principal May 2022 Swap 30.0 32.2 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS All related party transactions are recorded at the exchange amount. During the year ended December 31, 2017, Crescent Point recorded $12.9 million (year ended December 31, 2016 - $6.2 million ) of expenditures in the normal course of business to an oilfield services company of which a director of Crescent Point is a director and officer. The oilfield services company is one of only a few specialized service providers in their area of expertise with capacity and geographical presence to meet the Company’s needs. The service company was selected, along with a few other key vendors, to provide goods and services as part of a comprehensive and competitive request for proposal process with key factors of its success including the unique nature of proprietary products, the ability to service specific geographic regions, proven safety performance and competitive pricing. Compensation of Key Management Personnel Key management personnel of the Company consists of its directors and executive officers. In addition to the directors fees and salaries paid to the directors and officers, respectively, the directors participate in the Restricted Share Bonus Plan and DSU Plan and the officers participate in the Restricted Share Bonus Plan and PSU Plan. The compensation relating to key management personnel for the year ended December 31, 2017 recorded as general and administrative expenses was $7.5 million (year ended December 31, 2016 - $9.1 million ) and share-based compensation costs were $21.7 million (year December 31, 2016 - $20.9 million ). |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Capital commitments [abstract] | |
Commitments | COMMITMENTS At December 31, 2017, the Company had contractual obligations and commitments as follows: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Operating leases (building and vehicle leases) (1) 30.2 53.1 52.1 217.0 352.4 Transportation commitments 17.8 29.6 22.9 37.4 107.7 Total contractual commitments 48.0 82.7 75.0 254.4 460.1 (1) Included in operating leases are recoveries of rent expense on office space the Company has subleased of $50.6 million . At December 31, 2016, the Company had contractual obligations and commitments as follows: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Operating leases (building and vehicle leases) (1) 33.2 58.3 60.3 251.5 403.3 Transportation commitments 15.4 27.2 24.2 48.9 115.7 Total contractual commitments 48.6 85.5 84.5 300.4 519.0 (1) Included in operating leases are recoveries of rent expense on office space the Company has subleased of $48.3 million . |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Interest In Other Entities [Abstract] | |
Significant Subsidiaries | SIGNIFICANT SUBSIDIARIES The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2017: Subsidiary Name Country of Incorporation Crescent Point Resources Partnership Canada Crescent Point Holdings Inc. Canada Crescent Point Energy U.S. Corp. United States of America Crescent Point U.S. Holdings Corp. United States of America Crescent Point Energy Lux S.à r.l. Luxembourg |
Supplemental Disclosures
Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Supplemental Disclosures | SUPPLEMENTAL DISCLOSURES Comprehensive Income Statement Presentation The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2017 2016 Operating 92.9 82.8 General and administrative 69.6 67.6 Share-based compensation 62.0 57.7 Total compensation expenses 224.5 208.1 Cash Flow Statement Presentation ($ millions) 2017 2016 Operating activities Changes in non-cash working capital: Accounts receivable (21.6 ) (9.7 ) Prepaids and deposits 0.9 (0.3 ) Accounts payable and accrued liabilities 13.9 (19.9 ) Other current liabilities 24.0 — Other long-term liabilities 1.5 — 18.7 (29.9 ) Investing activities Changes in non-cash working capital: Accounts receivable (26.0 ) (0.3 ) Accounts payable and accrued liabilities (39.8 ) 8.8 (65.8 ) 8.5 Financing activities Changes in non-cash working capital: Dividends payable 0.5 (34.2 ) ($ millions) 2017 2016 Other Lease inducement (3.6 ) (3.6 ) Onerous contract provision 2.2 (1.6 ) Translation of US dollar derivatives (0.7 ) — (2.1 ) (5.2 ) Supplementary Financing Cash Flow Information The Company's reconciliation of cash flow from financing activities is outlined in the table below: ($ millions) Dividends payable Current portion of long-term debt Long-term debt Shareholders' capital December 31, 2016 16.3 90.6 3,730.1 16,400.2 Changes from cash flow from financing activities: Redemption of restricted shares (2.3 ) Share issue costs (0.3 ) Increase in bank debt, net 635.9 Repayment of senior guaranteed notes (90.3 ) Realized gain (loss) on cross currency swap maturity 21.4 (76.0 ) Cash dividends paid (197.2 ) Non-cash changes: Redemption of restricted shares 91.9 Deferred taxes on share issue costs 0.1 Reclassified to current 68.3 (68.3 ) Cash dividends declared 197.7 Foreign exchange (26.2 ) (174.5 ) December 31, 2017 16.8 63.8 4,047.2 16,489.6 December 31, 2015 50.5 72.0 4,380.0 15,693.2 Changes from cash flow from financing activities: Shares issued for cash 650.4 Redemption of restricted shares (1.1 ) Share issue costs (26.5 ) Decrease in bank debt, net (485.8 ) Repayment of senior guaranteed notes (66.7 ) Realized gain on cross currency swap maturity 16.6 32.0 Cash dividends paid (294.5 ) Non-cash changes: Shares issued on capital acquisitions 17.7 Redemption of restricted shares 59.4 Deferred taxes on share issue costs 7.1 Reclassified to current 91.3 (91.3 ) Cash dividends declared 260.3 Foreign exchange (22.6 ) (104.8 ) December 31, 2016 16.3 90.6 3,730.1 16,400.2 |
Geographical Disclosure
Geographical Disclosure | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Geographical Disclosure | GEOGRAPHICAL DISCLOSURE As at December 31, 2017, Crescent Point's non-current assets related to the U.S. foreign operations was $2.74 billion (December 31, 2016 - $2.19 billion ). For the year ended December 31, 2017, Crescent Point's oil and gas revenue related to the U.S. foreign operations was $373.1 million (year ended December 31, 2016 - $213.9 million ). |
Significant Accounting Polici36
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Preparation | Preparation These consolidated financial statements are presented under International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements are based on IFRS issued and outstanding as of February 28, 2018, the date the Board of Directors approved the statements. The Company’s presentation currency is Canadian dollars and all amounts reported are Canadian dollars unless noted otherwise. References to “US$” are to United States ("U.S.") dollars. Crescent Point's Canadian and U.S. operations are aggregated into one reportable segment based on similar economic characteristics and the similar nature of the assets, products, production processes and customers. |
Basis of Measurement, Functional and Presentation Currency | Basis of measurement, functional and presentation currency The Company’s presentation currency is Canadian dollars. The accounts of the Company’s foreign operations that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency at period end exchange rates for assets and liabilities and at the average rate over the period for revenues and expenses. Translation gains and losses relating to the foreign operations are recognized in Other Comprehensive Income as cumulative translation adjustments |
Use of Estimate and Judgments | Use of estimates and judgments The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future years affected. Significant estimates and judgments made by management in the preparation of these consolidated financial statements are outlined below. Oil and gas activities Reserves estimates, although not reported as part of the Company’s consolidated financial statements, can have a significant effect on net income, assets and liabilities as a result of their impact on depletion, depreciation and amortization (“DD&A”), decommissioning liability, deferred taxes, asset impairments and business combinations. Independent petroleum reservoir engineers perform evaluations of the Company’s oil and gas reserves on an annual basis. The estimation of reserves is an inherently complex process requiring significant judgment. Estimates of economically recoverable oil and gas reserves are based upon a number of variables and assumptions such as geoscientific interpretation, production forecasts, commodity prices, costs and related future cash flows, all of which may vary considerably from actual results. These estimates are expected to be revised upward or downward over time, as additional information such as reservoir performance becomes available, or as economic conditions change. For purposes of impairment testing, property, plant and equipment (“PP&E”) is aggregated into cash-generating units (“CGUs”), based on separately identifiable and largely independent cash inflows. The determination of the Company’s CGUs is subject to judgment. Factors considered in the classification of CGUs include the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. The determination of technical feasibility and commercial viability, based on the presence of reserves and which results in the transfer of assets from exploration and evaluation ("E&E") to PP&E, is subject to judgment. Decommissioning liability Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. Estimates of these costs are subject to uncertainty associated with the method, timing and extent of future decommissioning activities. The liability, the related asset and the expense are impacted by estimates with respect to the cost and timing of decommissioning. Business combinations Business combinations are accounted for using the acquisition method of accounting. The determination of fair value often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of PP&E and E&E assets acquired generally require the most judgment and include estimates of reserves acquired, forecast benchmark commodity prices and discount rates. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets, liabilities and goodwill. Future net earnings can be affected as a result of changes in future DD&A, asset impairment or goodwill impairment. Fair value measurement The estimated fair value of derivative instruments resulting in derivative assets and liabilities, by their very nature, are subject to measurement uncertainty. Estimates included in the determination of the fair value of derivative instruments include forward benchmark prices, discount rates and forward foreign exchange rates. Joint control Judgment is required to determine when the Company has joint control over an arrangement, which requires an assessment of the capital and operating activities of the projects it undertakes with partners and when the decisions in relation to those activities require unanimous consent. Share-based compensation Compensation costs recorded pursuant to share-based compensation plans are subject to estimated fair values, forfeiture rates and the future attainment of performance criteria. Income taxes Tax regulations and legislation and the interpretations thereof are subject to change. In addition, deferred income tax assets and liabilities recognize the extent that temporary differences will be receivable and payable in future periods. The calculation of the asset and liability involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, the availability of cash flows including reserve estimates and the application of tax laws. Changes in tax regulations and legislation and the other assumptions listed are subject to measurement uncertainty. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries and any reference to the “Company” throughout these consolidated financial statements refers to the Company and its subsidiaries. All transactions between the Company and its subsidiaries have been eliminated. The Company conducts some of its oil and gas production activities through jointly controlled operations and the financial statements reflect only the Company's proportionate interest in such activities. Joint control exists for contractual arrangements governing the Company's assets whereby the Company has less than 100 percent working interest, all of the partners have control of the arrangement collectively, and spending on the project requires unanimous consent of all parties that collectively control the arrangement and share the associated risks. The Company does not have any joint arrangements that are material to the Company or that are structured through joint venture arrangements. |
Property, Plant and Equipment | Property, Plant and Equipment Items of PP&E, which primarily consist of oil and gas development and production assets, are measured at cost less accumulated depletion, depreciation and any accumulated impairment losses. Development and production assets are accumulated into CGUs and represent the cost of developing the commercial reserves and initiating production. Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of PP&E are recognized as development and production assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in net income as incurred. Capitalized development and production assets generally represent costs incurred in developing reserves and initiating or enhancing production from such reserves. The carrying amount of any replaced or sold component is derecognized. Depletion and Depreciation Development and production costs accumulated within major areas are depleted using the unit-of-production method based on estimated proved plus probable reserves before royalties, as determined by independent petroleum reservoir engineers. Natural gas reserves and production are converted to equivalent barrels of oil based upon the relative energy content (6:1). The depletion base includes capitalized costs, plus future costs to be incurred in developing proved plus probable reserves. Corporate assets are depreciated over the estimated useful lives of the related assets, ranging from 5 to 16 years on a straight-line basis. Impairment The carrying amounts of PP&E are grouped into CGUs and reviewed quarterly for indicators of impairment. Indicators are events or changes in circumstances that indicate the carrying amount may not be recoverable. If indicators of impairment exist, the recoverable amount of the CGU is estimated. If the carrying amount of the CGU, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves, exceeds the recoverable amount, the CGU is written down with an impairment recognized in net income. Assets are grouped into CGUs based on the integration between assets, shared infrastructures, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. Estimates of future cash flows used in the calculation of the recoverable amount are based on reserve evaluation reports prepared by independent petroleum reservoir engineers. The recoverable amount is the higher of fair value less costs of disposal and the value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows from proved plus probable oil and gas reserves. Discounted future net cash flows are based on forecasted commodity prices and costs over the expected economic life of the reserves and discounted using market-based rates to reflect a market participant’s view of the risks associated with the assets. Value-in-use is assessed using the expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate. Impairment losses recognized in prior periods, other than goodwill impairments, are assessed at each reporting date for any indicators that the impairment losses may no longer exist or may have decreased. In the event that an impairment loss reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the carrying amount does not exceed the amount that would have been determined, net of depletion, had no impairment loss been recognized on the asset in prior periods. The amount of the reversal is recognized in net income. |
Exploration and Evaluation | Exploration and Evaluation Exploration and evaluation assets are comprised of the accumulated expenditures incurred in an area where technical feasibility and commercial viability has not yet been determined. Exploration and evaluation assets include undeveloped land and any drilling costs thereon. Technical feasibility and commercial viability are considered to be determinable when reserves are discovered. Upon determination of reserves, E&E assets attributable to those reserves are first tested for impairment and then reclassified from E&E assets to PP&E. Costs incurred prior to acquiring the legal rights to explore an area are expensed as incurred. Amortization Undeveloped land classified as E&E is amortized by major area over the average primary lease term and recognized in net income. Drilling costs classified as E&E assets are not amortized but are subject to impairment. Impairment Exploration and evaluation assets are reviewed quarterly for indicators of impairment and upon reclassification from E&E to PP&E. Exploration and evaluation assets are tested for impairment at the operating segment level by combining E&E assets with PP&E, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves as described in the PP&E impairment test. The recoverable amount is the greater of fair value less costs of disposal or value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows from proved plus probable oil and gas reserves, plus the fair market value of undeveloped land. Value-in-use is assessed using the expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate. Impairments of E&E assets are reversed when there has been a subsequent increase in the recoverable amount, but only to the extent of what the carrying amount would have been, net of amortization, had no impairment been recognized. |
Decommissioning Liability | Decommissioning Liability The Company recognizes the present value of a decommissioning liability in the period in which it is incurred. The obligation is recorded as a liability on a discounted basis using the relevant risk free rate, with a corresponding increase to the carrying amount of the related asset. Over time, the liabilities are accreted for the change in their present value and the capitalized costs are depleted on a unit-of-production basis over the life of the underlying proved plus probable reserves. Accretion expense is recognized in net income. Revisions to the discount rate, estimated timing or amount of future cash flows would also result in an increase or decrease to the decommissioning liability and related asset. |
Reclamation Fund | Reclamation Fund The Company established a reclamation fund to fund future decommissioning costs and environmental initiatives. Effective January 1, 2017, the Board of Directors approved contributions of $0.35 per barrel of oil equivalent of production. There were no contributions to the fund during 2016. Additional contributions can be made at the discretion of management. |
Goodwill | Goodwill The Company records goodwill relating to business combinations when the purchase price exceeds the fair value of the net identifiable assets and liabilities of the acquired business. The goodwill balance is assessed for impairment annually or as events occur that could result in impairment. Goodwill is tested for impairment at an operating segment level by combining the carrying amounts of PP&E, adjusted for the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves as described in the PP&E impairment test, E&E assets and goodwill and comparing this to the recoverable amount. The recoverable amount is the greater of fair value less costs of disposal or value-in-use. Fair value less costs of disposal is derived by estimating the discounted after-tax future net cash flows from proved plus probable oil and gas reserves, plus the fair market value of undeveloped land. Value-in-use is assessed using the expected future cash flows from proved plus probable oil and gas reserves discounted at a pre-tax rate. Any excess of the carrying amount over the recoverable amount is the impairment amount. Impairment charges, which are not tax affected, are recognized in net income. Goodwill is reported at cost less any accumulated impairment. Goodwill impairments are not reversed. |
Share-based Compensation | Share-based Compensation Restricted shares granted under the Restricted Share Bonus Plan are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of shares on the date of grant. Forfeitures are estimated at the grant date. The expense is recognized over the service period, with a corresponding increase to contributed surplus. The Company capitalizes the portion of share-based compensation directly attributable to development activities, with a corresponding decrease to share-based compensation expense. At the time the restricted shares vest, the issuance of shares is recorded as an increase to shareholders’ capital and a corresponding decrease to contributed surplus. Performance share units ("PSUs") are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of the PSUs on the date of the grant and subsequently adjusted to reflect the fair value at each period end. Market performance conditions are factored into the fair value and the best estimate of non-market performance conditions is used to determine an estimate of the number of units that will vest. Fair value is based on the expected cash payment per PSU and the expected number of PSUs to vest, calculated from multipliers based on internal and external performance metrics. The expense is recognized over the service period, with a corresponding increase to long-term compensation liability. PSUs are settled in cash upon vesting based on the prevailing Crescent Point share price, accrued dividends and the performance multipliers. Deferred share units (“DSUs”) are accounted for at fair value. Share-based compensation expense is determined based on the estimated fair value of the DSUs on the date of the grant and subsequently adjusted to reflect the fair value at each period end. Fair value is based on the prevailing Crescent Point share price. |
Income taxes | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the estimated effect of any differences between the accounting and tax basis of assets and liabilities, using enacted or substantively enacted income tax rates expected to apply when the deferred tax asset or liability is settled. The effect of a change in income tax rates on deferred income taxes is recognized in net income in the period in which the change occurs. The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The Company is able to deduct certain settlements under its Restricted Share Bonus Plan. To the extent the tax deduction exceeds the cumulative remuneration cost for a particular restricted share grant recorded in net income, the tax benefit related to the excess is recorded directly within equity. Deferred income tax assets and liabilities are presented as non-current. |
Financial Instruments | Financial Instruments The Company has early adopted IFRS 9, Financial Instruments (“IFRS 9”), with a date of initial application of January 1, 2010. This standard replaced the current multiple classification and measurement model for non-equity financial assets and liabilities with a single model that has only two classification categories: amortized cost and fair value. Classification depends on the entity’s business model for managing financial instruments and the contractual cash flow characteristics of the financial instrument. In addition, the fair value option for financial liabilities was amended. The changes in fair value attributable to a liability’s credit risk will be recorded in other comprehensive income rather than through net income, unless this presentation creates an accounting mismatch. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to net income. For investments in equity instruments which are not subject to control, joint control, or significant influence, on initial recognition IFRS 9 allows an entity to irrevocably elect classification at “fair value through profit or loss” or “fair value through other comprehensive income”. Effective January 1, 2013, the Company adopted the amendment to IFRS 9 which presented a new hedge accounting model. The Company does not currently apply hedge accounting. In July 2014, IFRS 9 was further amended to include guidance to assess and recognize impairment losses on financial assets based on an expected loss model. This amendment was adopted by the Company on January 1, 2018. See Note 4 - "Changes in Accounting Policies" for additional information regarding future changes in accounting policies. The Company uses financial derivative instruments and physical delivery commodity contracts from time to time to reduce its exposure to fluctuations in commodity prices, foreign exchange rates and interest rates. The Company also makes investments in companies from time to time in connection with the Company’s acquisition and divestiture activities. Financial derivative instruments Financial derivative instruments are included in current assets/liabilities except for those with maturities greater than 12 months after the end of the reporting period, which are classified as non-current assets/liabilities. The Company has not designated any of its financial derivative contracts as effective accounting hedges and, accordingly, fair values its financial derivative contracts with the resulting gains and losses recorded in net income. The fair value of a financial derivative instrument on initial recognition is normally the transaction price. Subsequent to initial recognition, the fair values are based on quoted market prices where available from active markets, otherwise fair values are estimated based on market prices at the reporting date for similar assets or liabilities with similar terms and conditions, or by discounting future payments of interest and principal at estimated interest rates that would be available to the Company at the reporting date. Financial assets and liabilities Financial assets and liabilities are measured at fair value on initial recognition. For non-equity instruments, measurement in subsequent periods depends on the classification of the financial asset or liability as “fair value through profit or loss” or “amortized cost”. Financial assets and liabilities classified as fair value through profit or loss are subsequently carried at fair value, with changes recognized in net income. Financial assets and liabilities classified as amortized cost are subsequently carried at amortized cost using the effective interest rate method. Currently, the Company classifies all non-equity financial instruments which are not financial derivative instruments as amortized cost. At each reporting date, the Company assesses whether there is objective evidence that a financial asset carried at amortized cost is impaired. If such evidence exists, the Company recognizes an impairment loss in net income. Impairment losses are reversed in subsequent periods if the impairment loss decrease can be related objectively to an event occurring after the impairment was recognized. For investments in equity instruments, the subsequent measurement is dependent on the Company’s election to classify such instruments as fair value through profit or loss or fair value through other comprehensive income. Currently, the Company classifies all investments in equity instruments as fair value through profit or loss, whereby the Company recognizes movements in the fair value of the investment (adjusted for dividends) in net income. If the fair value through other comprehensive income classification is selected, the Company would recognize any dividends from the investment in net income and would recognize fair value re-measurements of the investment in other comprehensive income. |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the acquisition date. The excess of the cost of the acquisition over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets acquired, the difference is recognized immediately in net income. Transaction costs associated with business combinations are expensed as incurred. |
Foreign Currency Translation | Foreign Currency Translation Foreign operations The Company has operations in the U.S. transacted via U.S. subsidiaries. The assets and liabilities of foreign operations are restated to Canadian dollars at exchange rates in effect at the balance sheet date. The income and expenses of foreign operations are translated to Canadian dollars using the average exchange rate for the period. The resulting unrealized gain or loss is included in other comprehensive income. Foreign transactions Transactions in foreign currencies not incurred by the Company’s U.S. subsidiaries are translated to Canadian dollars at exchange rates in effect at the transaction dates. Foreign currency assets and liabilities are restated to Canadian dollars at exchange rates in effect at the balance sheet date and income and expenses are restated to Canadian dollars using the average exchange rate for the period. Both realized and unrealized gains and losses resulting from the settlement or restatement of foreign currency transactions are included in net income. |
Revenue Recognition | Revenue Recognition Oil and gas revenue includes the sale of crude oil, natural gas and natural gas liquids and is recognized when the risks and rewards of ownership have been substantially transferred. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include short-term investments with original maturities of three months or less. |
Leases | Leases Leases in which substantially all of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term. Leases where the Company assumes substantially all the risks and rewards of ownership are classified as finance leases within property, plant and equipment. All of the Company's current leases are treated as operating leases and are recognized in net income on a straight-line basis. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the net income for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to dilutive instruments, being restricted shares issued under the Company’s Restricted Share Bonus Plan, is computed using the treasury stock method. The treasury stock method assumes that the deemed proceeds related to unrecognized share-based compensation are used to repurchase shares at the average market price during the period. |
Assets Held for Sale | Assets Held for Sale PP&E and E&E assets are classified as held for sale if it is highly probable their carrying amounts will be recovered through a capital disposition rather than through future operating cash flows. This classification requires that, at the balance sheet date, the Company has been engaged in an active sales process to market the properties at a price approximating their fair value, with a transaction expected to close within one year. Before PP&E and E&E assets are classified as held for sale, they are assessed for indicators of impairment or reversal of previously recorded impairments and are measured at the lower of their carrying amount and fair value less costs of disposal. Any impairment charges or recoveries are recognized in net income. Assets held for sale are classified as current assets and are not subject to DD&A. Decommissioning liabilities associated with assets held for sale are classified as current liabilities. |
Long-term Investments (Tables)
Long-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of long-term investments | LONG-TERM INVESTMENTS ($ millions) 2017 2016 Investments in public companies, beginning of year 28.3 22.8 Acquired through capital dispositions 40.2 — Unrealized gain (loss) recognized in other income (loss) (3.4 ) 5.5 Investments in public companies, end of year 65.1 28.3 Investment in private company, beginning of year 7.5 7.5 Unrealized gain (loss) recognized in other income (loss) — — Investment in private company, end of year (1) 7.5 7.5 Long-term investments, end of year 72.6 35.8 (1) The investment in a private company was previously valued based primarily on recent trading activity in the company’s common shares, which resulted in a Level 2 fair value. At December 31, 2017, the investment was valued based on an estimate of the net asset value of the company’s common shares. Therefore, the fair value was reclassified to Level 3. |
Other Long-term Assets (Tables)
Other Long-term Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Noncurrent Assets | ($ millions) 2017 2016 Reclamation fund 18.7 22.7 Other receivables 15.8 14.0 Other long-term assets 34.5 36.7 |
Disclosure reclamation fund | The following table reconciles the reclamation fund: ($ millions) 2017 2016 Balance, beginning of year 22.7 49.5 Contributions 22.5 — Expenditures (26.5 ) (26.8 ) Balance, end of year 18.7 22.7 |
Exploration and Evaluation As39
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Schedule of Exploration and Evaluation Assets | ($ millions) 2017 2016 Exploration and evaluation assets at cost 2,305.1 2,080.7 Accumulated amortization (1,670.2 ) (1,582.6 ) Net carrying amount 634.9 498.1 Reconciliation of movements during the year Cost, beginning of year 2,080.7 1,961.0 Accumulated amortization, beginning of year (1,582.6 ) (1,420.3 ) Net carrying amount, beginning of year 498.1 540.7 Net carrying amount, beginning of year 498.1 540.7 Acquisitions through business combinations, net 116.9 62.9 Additions 729.1 314.8 Dispositions (12.9 ) (0.4 ) Transfers to property, plant and equipment (541.4 ) (238.3 ) Amortization (134.3 ) (172.5 ) Foreign exchange (20.6 ) (9.1 ) Net carrying amount, end of year 634.9 498.1 ($ millions) 2017 2016 Development and production assets 25,881.1 24,846.9 Corporate assets 106.4 102.4 Property, plant and equipment at cost 25,987.5 24,949.3 Accumulated depletion, depreciation and impairment (11,925.1 ) (10,774.4 ) Net carrying amount 14,062.4 14,174.9 Reconciliation of movements during the year Development and production assets Cost, beginning of year 24,846.9 23,677.4 Accumulated depletion and impairment, beginning of year (10,735.5 ) (8,795.5 ) Net carrying amount, beginning of year 14,111.4 14,881.9 Net carrying amount, beginning of year 14,111.4 14,881.9 Acquisitions through business combinations, net 220.2 218.2 Additions 1,211.8 909.5 Dispositions, net (332.7 ) (56.4 ) Transfers from exploration and evaluation assets 541.4 238.3 Reclassified as assets held for sale (26.4 ) — Depletion (1,394.4 ) (1,427.0 ) Impairment (203.6 ) (611.4 ) Foreign exchange (123.7 ) (41.7 ) Net carrying amount, end of year 14,004.0 14,111.4 Cost, end of year 25,881.1 24,846.9 Accumulated depletion and impairment, end of year (11,877.1 ) (10,735.5 ) Net carrying amount, end of year 14,004.0 14,111.4 Corporate assets Cost, beginning of year 102.4 101.5 Accumulated depreciation, beginning of year (38.9 ) (29.7 ) Net carrying amount, beginning of year 63.5 71.8 Net carrying amount, beginning of year 63.5 71.8 Additions 4.2 0.9 Depreciation (9.1 ) (9.2 ) Foreign exchange (0.2 ) — Net carrying amount, end of year 58.4 63.5 Cost, end of year 106.4 102.4 Accumulated depreciation, end of year (48.0 ) (38.9 ) Net carrying amount, end of year 58.4 63.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Disclosure of property plant and equipment | ($ millions) 2017 2016 Exploration and evaluation assets at cost 2,305.1 2,080.7 Accumulated amortization (1,670.2 ) (1,582.6 ) Net carrying amount 634.9 498.1 Reconciliation of movements during the year Cost, beginning of year 2,080.7 1,961.0 Accumulated amortization, beginning of year (1,582.6 ) (1,420.3 ) Net carrying amount, beginning of year 498.1 540.7 Net carrying amount, beginning of year 498.1 540.7 Acquisitions through business combinations, net 116.9 62.9 Additions 729.1 314.8 Dispositions (12.9 ) (0.4 ) Transfers to property, plant and equipment (541.4 ) (238.3 ) Amortization (134.3 ) (172.5 ) Foreign exchange (20.6 ) (9.1 ) Net carrying amount, end of year 634.9 498.1 ($ millions) 2017 2016 Development and production assets 25,881.1 24,846.9 Corporate assets 106.4 102.4 Property, plant and equipment at cost 25,987.5 24,949.3 Accumulated depletion, depreciation and impairment (11,925.1 ) (10,774.4 ) Net carrying amount 14,062.4 14,174.9 Reconciliation of movements during the year Development and production assets Cost, beginning of year 24,846.9 23,677.4 Accumulated depletion and impairment, beginning of year (10,735.5 ) (8,795.5 ) Net carrying amount, beginning of year 14,111.4 14,881.9 Net carrying amount, beginning of year 14,111.4 14,881.9 Acquisitions through business combinations, net 220.2 218.2 Additions 1,211.8 909.5 Dispositions, net (332.7 ) (56.4 ) Transfers from exploration and evaluation assets 541.4 238.3 Reclassified as assets held for sale (26.4 ) — Depletion (1,394.4 ) (1,427.0 ) Impairment (203.6 ) (611.4 ) Foreign exchange (123.7 ) (41.7 ) Net carrying amount, end of year 14,004.0 14,111.4 Cost, end of year 25,881.1 24,846.9 Accumulated depletion and impairment, end of year (11,877.1 ) (10,735.5 ) Net carrying amount, end of year 14,004.0 14,111.4 Corporate assets Cost, beginning of year 102.4 101.5 Accumulated depreciation, beginning of year (38.9 ) (29.7 ) Net carrying amount, beginning of year 63.5 71.8 Net carrying amount, beginning of year 63.5 71.8 Additions 4.2 0.9 Depreciation (9.1 ) (9.2 ) Foreign exchange (0.2 ) — Net carrying amount, end of year 58.4 63.5 Cost, end of year 106.4 102.4 Accumulated depreciation, end of year (48.0 ) (38.9 ) Net carrying amount, end of year 58.4 63.5 |
Schedule of Forecast Benchmark Commodity Prices And Exchange Rates for Impairment of Property, Plant and Equipment | The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at December 31, 2017: 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (2) WTI ($US/bbl) (1) 55.00 65.00 70.00 73.00 74.46 75.95 77.47 79.02 80.60 82.21 83.85 Exchange Rate ($US/$Cdn) 0.790 0.820 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 WTI ($Cdn/bbl) 69.62 79.27 82.35 85.88 87.60 89.35 91.14 92.96 94.82 96.72 98.65 AECO ($Cdn/MMbtu) (1) 2.85 3.11 3.65 3.80 3.95 4.05 4.15 4.25 4.36 4.46 4.57 (1) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (2) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2028 to the end of the reserve life. Exchange rates are assumed to be constant at 0.850. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at December 31, 2016: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 (2) WTI ($US/bbl) (1) 55.00 65.00 70.00 71.40 72.83 74.28 75.77 77.29 78.83 80.41 82.02 Exchange Rate ($US/$Cdn) 0.780 0.820 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 0.850 WTI ($Cdn/bbl) 70.51 79.27 82.35 84.00 85.68 87.39 89.14 90.93 92.74 94.60 96.49 AECO ($Cdn/MMbtu) (1) 3.44 3.27 3.22 3.91 4.00 4.10 4.19 4.29 4.40 4.50 4.61 (1) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (2) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2027 to the end of the reserve life. Exchange rates are assumed to be constant at 0.850. |
Schedule of Impairment Loss and Reversal of Impairment Loss | The following table summarizes the impairment and recovery for the year ended December 31, 2017 by CGU: CGU ($ millions, except %) Operating segment Fair value less costs of disposal Discount rate (Impairment) / Recovery (Impairment) / Recovery, net of tax Southeast Saskatchewan (1) Canada 6,946.2 10.25 % (281.7 ) (206.1 ) Southwest Saskatchewan (1) Canada 2,412.6 10.25 % (164.1 ) (120.0 ) Southern Alberta (1) Canada 1,217.9 11.00 % (109.6 ) (80.2 ) Northern U.S. (2) U.S. 976.5 10.50 % 87.9 54.6 Utah (2) U.S. 1,482.4 10.25 % 263.9 164.0 Total impairment (3) (203.6 ) (187.7 ) (1) At September 30, 2017, the carrying amount of the Southeast Saskatchewan, Southwest Saskatchewan and Southern Alberta CGUs exceeded their fair value less costs of disposal and impairments were recorded as a component of depletion, depreciation, amortization and impairment expense. (2) At September 30, 2017 the fair value less costs of disposal of the Northern U.S. and Utah CGUs exceeded their carrying amount and recoveries were recorded as a component of depletion, depreciation, amortization and impairment expense. (3) At December 31, 2017, accumulated after tax impairment losses, net of depletion had no impairment loss been recognized in prior periods for the Canada and U.S. operating segments were $1.74 billion and $144.2 million , respectively. The following table summarizes the impairment and recovery for the year ended December 31, 2016 by CGU: CGU ($ millions, except %) Operating segment Fair value less costs of disposal Discount rate (Impairment) / Recovery (Impairment) / Recovery, net of tax Southeast Saskatchewan Canada 7,321.2 9.75 % (375.1 ) (273.8 ) Southwest Saskatchewan Canada 2,498.7 9.75 % (355.2 ) (259.3 ) Northern Alberta Canada 48.1 10.25 % 10.3 7.5 Southern Alberta Canada 1,339.1 10.25 % 9.8 7.2 Northern U.S. U.S. 622.6 10.00 % 56.6 35.2 Utah U.S. 938.9 9.75 % 42.2 26.2 Total impairment (1) (611.4 ) (457.0 ) (1) At December 31, 2016, accumulated after tax impairment losses, net of depletion had no impairment loss been recognized in prior periods for the Canada and U.S. operating segments were $1.51 billion and $383.2 million, respectively. |
Schedule of Impact on Income Before Tax For Changes in Discount Rate and Forecast Benchmark Commodity Price Estimates | The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at December 31, 2017, with all other variables held constant: CGU ($ millions) Discount Rate Commodity Prices Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (559.4 ) 627.7 831.9 (839.6 ) Southwest Saskatchewan (209.6 ) 235.6 306.0 (305.7 ) Southern Alberta (114.3 ) 128.1 176.7 (175.8 ) Northern U.S. — — — — Utah (103.6 ) 116.4 174.9 (173.6 ) Increase (decrease) (986.9 ) 1,107.8 1,489.5 (1,494.7 ) The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at December 31, 2016, with all other variables held constant: CGU ($ millions) Discount Rate Commodity Prices Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (605.4 ) 666.9 666.9 (891.9 ) Southwest Saskatchewan (222.6 ) 249.6 311.3 (321.7 ) Northern Alberta — — — — Southern Alberta (134.0 ) 150.1 204.6 (209.7 ) Northern U.S. (58.2 ) 66.8 96.3 (99.8 ) Utah (76.4 ) 85.8 129.0 (127.9 ) Increase (decrease) (1,096.6 ) 1,219.2 1,408.1 (1,651.0 ) |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Liabilities | ($ millions) 2017 2016 Long-term compensation liability (1) 17.7 — Lease inducement 3.4 — Onerous contracts provision 2.9 — Decommissioning liability 33.7 23.7 Other current liabilities 57.7 23.7 (1) The current portion of long-term compensation liability relates to the PSU Plan. See Note 22 - "Share-based Compensation" for additional information. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Schedule of Long-term Debt | The terms, rates, amounts due on maturity and carrying amounts of the Company's outstanding senior guaranteed notes are detailed below: Principal Coupon Rate Principal Due on Maturity (1) (Cdn$ millions) Interest Payment Dates Maturity Date Financial statement carrying value 2017 2016 US$67.5 5.48 % — September 24 and March 24 March 24, 2017 — 90.6 US$31.0 4.58 % 29.9 October 14 and April 14 April 14, 2018 38.8 41.6 US$20.0 2.65 % 20.4 December 12 and June 12 June 12, 2018 25.0 26.9 Cdn$7.0 4.29 % 7.0 November 22 and May 22 May 22, 2019 7.0 7.0 US$68.0 3.39 % 66.7 November 22 and May 22 May 22, 2019 85.1 91.3 US$155.0 6.03 % 158.3 September 24 and March 24 March 24, 2020 194.0 208.1 Cdn$50.0 5.53 % 50.0 October 14 and April 14 April 14, 2021 50.0 50.0 US$82.0 5.13 % 79.0 October 14 and April 14 April 14, 2021 102.7 110.1 US$52.5 3.29 % 56.3 December 20 and June 20 June 20, 2021 65.7 70.5 Cdn$25.0 4.76 % 25.0 November 22 and May 22 May 22, 2022 25.0 25.0 US$200.0 4.00 % 199.1 November 22 and May 22 May 22, 2022 250.4 268.5 Cdn$10.0 4.11 % 10.0 December 12 and June 12 June 12, 2023 10.0 10.0 US$270.0 3.78 % 274.7 December 12 and June 12 June 12, 2023 338.0 362.5 Cdn$40.0 3.85 % 40.0 December 20 and June 20 June 20, 2024 40.0 40.0 US$257.5 3.75 % 276.4 December 20 and June 20 June 20, 2024 322.4 345.7 Cdn$65.0 3.94 % 65.0 October 22 and April 22 April 22, 2025 65.0 65.0 US$230.0 4.08 % 291.1 October 22 and April 22 April 22, 2025 287.9 308.9 US$20.0 4.18 % 25.3 October 22 and April 22 April 22, 2027 25.0 26.9 Senior guaranteed notes 1,674.2 1,932.0 2,148.6 Senior guaranteed notes due within one year 63.8 90.6 Senior guaranteed notes due beyond one year 1,868.2 2,058.0 (1) Includes underlying derivatives which manage the Company's foreign exchange exposure on its US dollar senior guaranteed notes. The Company considers this to be the economic amount due at maturity instead of the financial statement carrying amount. During the year ended December 31, 2017, $68.9 million (year ended December 31, 2016 - $50.1 million ) was repaid on the maturity of senior guaranteed notes. The following table reconciles long-term debt: ($ millions) 2017 2016 Bank debt 2,179.0 1,672.1 Senior guaranteed notes (1) 1,932.0 2,148.6 Long-term debt 4,111.0 3,820.7 Long-term debt due within one year 63.8 90.6 Long-term debt due beyond one year 4,047.2 3,730.1 (1) The Company entered into cross currency swaps and a foreign exchange swap concurrent with the issuance of the US dollar senior guaranteed notes to fix the US dollar amount of the notes for the purpose of principal repayment at Canadian dollar notional amounts. At December 31, 2017, the total principal due on the maturity of the senior guaranteed notes was $1.67 billion (December 31, 2016 - $1.74 billion ) of which $50.3 million (December 31, 2016 - $68.9 million ) was due within one year. |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Long-term Liabilities | ($ millions) 2017 2016 Long-term compensation liability (1) 5.2 3.7 Lease inducement (2) 40.0 43.6 Onerous contracts provision (3) 8.8 7.3 Other long-term liabilities 54.0 54.6 (1) Long-term compensation liability relates to the PSU and DSU Plans. See Note 22 - "Share-based Compensation" for additional information. (2) The Company's lease inducement is associated with the building lease for Crescent Point's corporate office. This non-cash liability is amortized on a straight-line basis over the term of the lease to June 2030. (3) Onerous contracts provision is related to the estimated unrecoverable portion of building leases. |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Decommissioning Liability | The following table reconciles the decommissioning liability: ($ millions) 2017 2016 Decommissioning liability, beginning of year 1,314.4 1,255.4 Liabilities incurred 39.9 43.1 Liabilities acquired through capital acquisitions 25.1 23.7 Liabilities disposed through capital dispositions (66.5 ) (10.7 ) Liabilities settled (25.1 ) (16.0 ) Revaluation of acquired decommissioning liabilities (1) 42.8 36.1 Change in estimated future costs 2.8 (27.1 ) Change in discount rate (7.2 ) (14.5 ) Accretion expense 30.3 25.9 Reclassified as liabilities associated with assets held for sale (4.6 ) — Foreign exchange (7.7 ) (1.5 ) Decommissioning liability, end of year 1,344.2 1,314.4 Expected to be incurred within one year 33.7 23.7 Expected to be incurred beyond one year 1,310.5 1,290.7 (1) These amounts relate to the revaluation of acquired decommissioning liabilities at the end of the period using a risk-free discount rate. At the date of acquisition, acquired decommissioning liabilities are fair valued. |
Shareholders' Capital (Tables)
Shareholders' Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of shareholders' capital | Crescent Point has an unlimited number of common shares authorized for issuance. 2017 2016 Number of shares Amount ($ millions) Number of shares Amount ($ millions) Common shares, beginning of year 541,742,592 16,656.1 504,935,930 15,929.7 Issued for cash — — 33,700,000 650.4 Issued on capital acquisitions — — 890,648 17.7 Issued on redemption of restricted shares (1) 4,051,792 89.6 2,216,014 58.3 Common shares, end of year 545,794,384 16,745.7 541,742,592 16,656.1 Cumulative share issue costs, net of tax — (256.1 ) — (255.9 ) Total shareholders’ capital, end of year 545,794,384 16,489.6 541,742,592 16,400.2 (1) The amount of shares issued on redemption of restricted shares is net of any employee withholding taxes. |
Deficit (Tables)
Deficit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [abstract] | |
Deficit | DEFICIT ($ millions) 2017 2016 Accumulated earnings (deficit) (363.7 ) (239.7 ) Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2) 8.4 8.4 Accumulated tax effect on redemption of restricted shares 12.1 10.1 Accumulated dividends (7,408.6 ) (7,210.9 ) Deficit (7,751.8 ) (7,432.1 ) (1) Premium Dividend TM and Dividend Reinvestment Plan. (2) Share Dividend Plan. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital Management [Abstract] | |
Schedule of Capital Management | The Company’s capital structure is comprised of shareholders’ equity, long-term debt and adjusted working capital. The balance of each of these items is as follows: ($ millions) 2017 2016 Long-term debt 4,111.0 3,820.7 Adjusted working capital deficiency (1) 133.3 277.0 Unrealized foreign exchange on translation of US dollar long-term debt (219.4 ) (420.6 ) Net debt 4,024.9 3,677.1 Shareholders’ equity 9,162.9 9,591.2 Total capitalization 13,187.8 13,268.3 (1) Adjusted working capital deficiency is calculated as accounts payable and accrued liabilities, dividends payable and long-term compensation liability, less cash, accounts receivable, prepaids and deposits and long-term investments. |
Derivative Losses (Tables)
Derivative Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Derivative Instruments | ($ millions) 2017 2016 Realized gains 101.2 468.7 Unrealized losses (163.6 ) (706.8 ) Derivative losses (62.4 ) (238.1 ) |
Other Income (Loss) (Tables)
Other Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Other Income (Loss) | ($ millions) 2017 2016 Unrealized gain (loss) on long-term investments (3.4) 5.5 Gain (loss) on capital dispositions 31.1 (15.3 ) Other gain 0.1 3.2 Other income (loss) 27.8 (6.6 ) |
Foreign Exchange Gain (Tables)
Foreign Exchange Gain (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Effect Of Changes In Foreign Exchange Rates [Abstract] | |
Schedule of Foreign Exchange Gain (Loss) | ($ millions) 2017 2016 Realized gain (loss) CCS - US dollar long-term debt maturities and interest payments (39.3 ) 57.7 US dollar long-term debt maturities 54.6 (52.4 ) Other (0.6 ) (2.5 ) Unrealized gain (loss) Translation of US dollar long-term debt 201.2 128.0 Other (0.2 ) 0.5 Foreign exchange gain 215.7 131.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |
Disclosure of provision for income taxes | The provision for income taxes is as follows: ($ millions) 2017 2016 Current tax: Canada (1.9 ) — Luxembourg 0.2 0.2 Current tax expense (recovery) (1.7 ) 0.2 Deferred tax: Canada (99.2 ) (336.4 ) United States 201.3 (44.9 ) Deferred tax expense (recovery) 102.1 (381.3 ) Income tax expense (recovery) 100.4 (381.1 ) |
Disclosure of reconciliation of income taxes calculated at the Canadian statutory rate with recorded income taxes | The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: ($ millions) 2017 2016 Net income (loss) before tax (23.6 ) (1,313.8 ) Statutory income tax rate 26.85 % 27.00 % Expected provision for income taxes (6.3 ) (354.7 ) Effect of change in corporate tax rates 106.9 — Effect of tax rates in foreign jurisdictions 22.9 (14.6 ) Effect of restricted share bonus plan (2.7 ) 6.9 Effect of change in recognition of deferred tax assets (14.7 ) (24.9 ) Effect of non-taxable capital (gains) losses (1.1 ) (2.1 ) Other (4.6 ) 8.3 Income tax recovery 100.4 (381.1 ) |
Disclosure of net deferred tax liabilities | The composition of net deferred income tax liabilities is as follows: ($ millions) 2017 2016 Deferred income tax assets 192.8 422.4 Deferred income tax liabilities (550.6 ) (651.5 ) Net deferred income tax liabilities (357.8 ) (229.1 ) The net deferred income tax liabilities are expected to be settled in the following periods: ($ millions) 2017 2016 Deferred income tax: To be settled within one year 29.1 (9.4 ) To be settled beyond one year (386.9 ) (219.7 ) Deferred income tax (357.8 ) (229.1 ) The movement in deferred income tax assets (liabilities) are as follows: ($ millions) At January 1, 2017 (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2017 Deferred income tax assets: Decommissioning liability 361.8 — (0.5 ) 361.3 Income tax losses carried forward 632.4 — 17.1 649.5 Debt financing costs 4.8 — (4.8 ) — Share issue costs 15.3 0.1 (5.2 ) 10.2 Risk management contracts 18.3 — 15.2 33.5 Other 16.6 (26.7 ) 32.3 22.2 1,049.2 (26.6 ) 54.1 1,076.7 Deferred income tax liabilities: Property, plant and equipment (1,286.7 ) — (130.8 ) (1,417.5 ) Risk management contracts 8.4 — (25.4 ) (17.0 ) (1,278.3 ) — (156.2 ) (1,434.5 ) Net deferred income tax liabilities (229.1 ) (26.6 ) (102.1 ) (357.8 ) ($ millions) At January 1, 2016 (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2016 Deferred income tax assets: Decommissioning liability 344.8 — 17.0 361.8 Income tax losses carried forward 401.9 — 230.5 632.4 Debt financing costs 13.1 — (8.3 ) 4.8 Share issue costs 17.7 7.2 (9.6 ) 15.3 Risk management contracts 0.6 — 17.7 18.3 Other 17.6 (10.8 ) 9.8 16.6 795.7 (3.6 ) 257.1 1,049.2 Deferred income tax liabilities: Property, plant and equipment (1,212.7 ) — (74.0 ) (1,286.7 ) Timing of partnership items (54.8 ) — 54.8 — Risk management contracts (135.0 ) — 143.4 8.4 (1,402.5 ) — 124.2 (1,278.3 ) Net deferred income tax liabilities (606.8 ) (3.6 ) 381.3 (229.1 ) |
Disclosure of tax pools available | The approximate amounts of tax pools available as at December 31, 2017 and 2016 are as follows: ($ millions) 2017 2016 Tax pools: Canada 8,746.2 9,054.1 United States 3,287.6 2,952.9 Total 12,033.8 12,007.0 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Payment Arrangements [Abstract] | |
Schedule of restricted shares and DSU's rollforward | The following table reconciles the number of restricted shares and DSUs for the year ended December 31, 2017: Restricted Shares Deferred Share Units Balance, beginning of year 5,188,358 204,653 Granted 3,424,610 70,609 Redeemed (4,195,754 ) (45,792 ) Forfeited (235,162 ) — Modified to PSUs (593,028 ) — Balance, end of year 3,589,024 229,470 The following table reconciles the number of restricted shares and DSUs for the year ended December 31, 2016: Restricted Shares Deferred Share Units Balance, beginning of year 3,960,363 153,283 Granted 3,930,449 51,370 Redeemed (2,280,626 ) — Forfeited (421,828 ) — Balance, end of year 5,188,358 204,653 |
Per Share Amounts (Tables)
Per Share Amounts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Disclosure of earnings per share | The following table summarizes the weighted average shares used in calculating net income per share: 2017 2016 Weighted average shares – basic 545,162,580 516,336,121 Dilutive impact of restricted shares — — Weighted average shares – diluted (1) 545,162,580 516,336,121 (1) Excludes the impact of 1,603,575 weighted average shares related to restricted shares that were anti-dilutive for the year ended December 31, 2017 (year ended December 31, 2016 - 2,954,564 ). |
Financial Instruments and Der54
Financial Instruments and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2017: 2017 Carrying Value 2017 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 3) ($ millions) Financial assets Derivatives 282.7 282.7 — 282.7 — Long-term investments (1) 72.6 72.6 65.1 — 7.5 355.3 355.3 65.1 282.7 7.5 Financial liabilities Derivatives 123.9 123.9 — 123.9 — Senior guaranteed notes (2) 1,932.0 1,951.3 — 1,951.3 — 2,055.9 2,075.2 — 2,075.2 — (1) Long-term investments are comprised of equity securities in public and private oil and gas companies. (2) The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements. The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2016: 2016 Carrying Value 2016 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs (Level 2) Significant unobservable inputs ($ millions) Financial assets Derivatives 389.4 389.4 — 389.4 — Long-term investments (1) 35.8 35.8 28.3 7.5 — 425.2 425.2 28.3 396.9 — Financial liabilities Derivatives 67.7 67.7 — 67.7 — Senior guaranteed notes (2) 2,148.6 2,119.2 — 2,119.2 — 2,216.3 2,186.9 — 2,186.9 — (1) Long-term investments are comprised of equity securities in public and private oil and gas companies. (2) The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements. |
Disclosure of financial liabilities | The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2017: 2017 Carrying Value 2017 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (Level 3) ($ millions) Financial assets Derivatives 282.7 282.7 — 282.7 — Long-term investments (1) 72.6 72.6 65.1 — 7.5 355.3 355.3 65.1 282.7 7.5 Financial liabilities Derivatives 123.9 123.9 — 123.9 — Senior guaranteed notes (2) 1,932.0 1,951.3 — 1,951.3 — 2,055.9 2,075.2 — 2,075.2 — (1) Long-term investments are comprised of equity securities in public and private oil and gas companies. (2) The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements. The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2016: 2016 Carrying Value 2016 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs (Level 2) Significant unobservable inputs ($ millions) Financial assets Derivatives 389.4 389.4 — 389.4 — Long-term investments (1) 35.8 35.8 28.3 7.5 — 425.2 425.2 28.3 396.9 — Financial liabilities Derivatives 67.7 67.7 — 67.7 — Senior guaranteed notes (2) 2,148.6 2,119.2 — 2,119.2 — 2,216.3 2,186.9 — 2,186.9 — (1) Long-term investments are comprised of equity securities in public and private oil and gas companies. (2) The senior guaranteed notes are classified as financial liabilities at amortized cost and are reported at amortized cost. The notes denominated in US dollars are translated to Canadian dollars at the period end exchange rate. The fair value of the notes is calculated based on current interest rates and is not recorded in the financial statements. |
Disclosure of derivative assets and liabilities | The following table summarizes the fair value as at December 31, 2017 and the change in fair value for the year ended December 31, 2017: ($ millions) Commodity contracts (1) Interest contracts CCS contracts Foreign exchange contracts Total Derivative assets / (liabilities), beginning of year (60.6 ) 2.1 373.3 6.9 321.7 Unrealized change in fair value 6.1 7.4 (175.3 ) (1.8 ) (163.6 ) Foreign exchange 0.7 — — — 0.7 Derivative assets / (liabilities), end of year (53.8 ) 9.5 198.0 5.1 158.8 Derivative assets, end of year 23.2 9.5 244.9 5.1 282.7 Derivative liabilities, end of year (77.0 ) — (46.9 ) — (123.9 ) (1) Includes oil, gas and power contracts. The following table summarizes the fair value as at December 31, 2016 and the change in fair value for the year ended December 31, 2016: ($ millions) Commodity contracts (1) Interest contracts CCS contracts Foreign exchange contracts Total Derivative assets / (liabilities), beginning of year 527.3 (0.4 ) 493.7 7.9 1,028.5 Unrealized change in fair value (587.9 ) 2.5 (120.4 ) (1.0 ) (706.8 ) Derivative assets / (liabilities), end of year (60.6 ) 2.1 373.3 6.9 321.7 Derivative assets, end of year 6.1 2.9 373.5 6.9 389.4 Derivative liabilities, end of year (66.7 ) (0.8 ) (0.2 ) — (67.7 ) (1) Includes oil, gas and power contracts. |
Disclosure of offsetting of financial assets and liabilities | The following table summarizes the gross asset and liability positions of the Company's financial derivatives by contract that are offset on the balance sheet as at December 31, 2017 and December 31, 2016: 2017 2016 ($ millions) Asset Liability Net Asset Liability Net Gross amount 283.5 (124.7 ) 158.8 400.7 (79.0 ) 321.7 Amount offset (0.8 ) 0.8 — (11.3 ) 11.3 — Net amount 282.7 (123.9 ) 158.8 389.4 (67.7 ) 321.7 |
Sensitivity analysis for types of market risk | The following sensitivities show the resulting unrealized gains (losses) and the impact on income before tax of the respective changes in the period end and applicable forward foreign exchange rates at December 31, 2017 and December 31, 2016 with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Exchange Rate Year ended December 31, 2017 Year ended December 31, 2016 Cdn$ relative to US$ Increase 10% Decrease 10% Increase 10% Decrease 10% US dollar long-term debt Period End 390.1 (390.1 ) 357.0 (357.0 ) Cross currency swaps Forward (402.5 ) 402.5 (375.3 ) 375.3 Foreign exchange swaps Forward (3.7 ) 3.7 (5.9 ) 5.9 he following sensitivities show the resulting unrealized gains (losses) and the impact on income before tax of the respective changes in the applicable forward interest rates as at December 31, 2017 and December 31, 2016 with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2017 Year ended December 31, 2016 Forward interest rates Increase 10% Decrease 10% Increase 10% Decrease 10% Interest rate swaps 1.9 (1.9 ) 1.5 (1.5 ) The following table summarizes the sensitivity of the fair value of the Company's derivative positions as at December 31, 2017 and December 31, 2016 to fluctuations in commodity prices or differentials, with all other variables held constant. When assessing the potential impact of these commodity price or differential changes, the Company believes a 10 percent near-term volatility is a reasonable measure. Fluctuations in commodity prices or differentials potentially would have resulted in unrealized gains (losses) impacting income before tax as follows: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2017 Year ended December 31, 2016 Increase 10% Decrease 10% Increase 10% Decrease 10% Commodity price Crude oil (150.9 ) 139.4 (120.1 ) 113.9 Natural gas (2.9 ) 2.9 (9.6 ) 9.6 Power — — 0.1 (0.1 ) Differential Crude oil — — 0.3 (0.3 ) |
Disclosure of undiscounted cash outflows to non-derivative financial liabilities | The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2017 is outlined in the table below: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Accounts payable and accrued liabilities 613.3 — — — 613.3 Dividends payable 16.8 — — — 16.8 Derivative liabilities (1) 55.6 2.5 — — 58.1 Senior guaranteed notes (2) 126.0 371.1 512.0 1,048.9 2,058.0 Bank credit facilities (3) 98.3 2,316.7 — — 2,415.0 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swap. (2) These amounts include the notional principal and interest payments pursuant to the related CCS and foreign exchange swap, which fix the amounts due in Canadian dollars. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2017. The current maturity date of the Company's facilities is June 10, 2020. The Company expects that the facilities will continue to be renewed and extended prior to their maturity dates. |
Disclosure of undiscounted cash outflows to derivative financial liabilities | The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2017 is outlined in the table below: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Accounts payable and accrued liabilities 613.3 — — — 613.3 Dividends payable 16.8 — — — 16.8 Derivative liabilities (1) 55.6 2.5 — — 58.1 Senior guaranteed notes (2) 126.0 371.1 512.0 1,048.9 2,058.0 Bank credit facilities (3) 98.3 2,316.7 — — 2,415.0 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swap. (2) These amounts include the notional principal and interest payments pursuant to the related CCS and foreign exchange swap, which fix the amounts due in Canadian dollars. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2017. The current maturity date of the Company's facilities is June 10, 2020. The Company expects that the facilities will continue to be renewed and extended prior to their maturity dates. |
Disclosure of derivative contracts | The following is a summary of the derivative contracts in place as at December 31, 2017 : Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1) Swap Three-way Collar Term Volume (bbls/d) Average Price ($/bbl) Average Sold Call Price ($/bbl) Average Bought Put Price ($/bbl) Average Sold Put Price ($/bbl) 2018 41,767 72.11 75.63 68.40 59.63 2019 January - June 5,729 70.57 70.51 62.23 54.00 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial WTI Crude Oil Derivative Contracts – US Dollar (1) Three-way Collar Term Volume (bbls/d) Average Sold Call Price (US$/bbl) Average Bought Put Price (US$/bbl) Average Sold Put Price (US$/bbl) 2018 14,000 55.80 49.66 43.00 2019 January - June 8,972 56.01 49.89 43.00 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial AECO Natural Gas Derivative Contracts – Canadian Dollar (1) Average Volume Average Swap Price Term 2018 33,973 2.83 2019 19,948 2.71 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial Interest Rate Derivative Contracts – Canadian Dollar Notional Principal Fixed Rate (%) Term Contract January 2018 - September 2018 Swap 50.0 0.90 January 2018 - September 2018 Swap 50.0 0.87 January 2018 - August 2020 Swap 50.0 1.16 January 2018 - August 2020 Swap 50.0 1.16 January 2018 - August 2020 Swap 100.0 1.15 January 2018 - September 2020 Swap 50.0 1.14 January 2018 - September 2020 Swap 50.0 1.11 Financial Cross Currency Derivative Contracts Term Contract Receive Notional Principal Fixed Rate (US%) Pay Notional Principal Fixed Rate (Cdn%) January 2018 Swap 200.0 3.42 252.8 3.12 January 2018 Swap 200.0 3.42 253.0 3.12 January 2018 Swap 100.0 3.42 126.4 3.11 January 2018 Swap 250.0 3.45 319.3 3.00 January 2018 Swap 250.0 3.45 319.3 2.99 January 2018 Swap 95.0 3.45 121.2 3.00 January 2018 Swap 100.0 3.45 127.6 3.03 January 2018 Swap 140.0 3.45 178.9 2.99 January 2018 Swap 295.0 3.58 379.4 2.68 January 2018 Swap 100.0 3.58 128.6 2.77 January 2018 - April 2018 Swap 31.0 4.58 29.9 5.32 January 2018 - June 2018 Swap 20.0 2.65 20.4 3.52 January 2018 - May 2019 Swap 68.0 3.39 66.7 4.53 January 2018 - March 2020 Swap 155.0 6.03 158.3 6.45 January 2018 - April 2021 Swap 82.0 5.13 79.0 5.83 January 2018 - June 2021 Swap 52.5 3.29 56.3 3.59 January 2018 - May 2022 Swap 170.0 4.00 166.9 5.03 January 2018 - June 2023 Swap 270.0 3.78 274.7 4.32 January 2018 - June 2024 Swap 257.5 3.75 276.4 4.03 January 2018 - April 2025 Swap 230.0 4.08 291.1 4.13 January 2018 - April 2027 Swap 20.0 4.18 25.3 4.25 Financial Foreign Exchange Forward Derivative Contracts Settlement Date Contract Receive Notional Principal Pay Notional Principal May 2022 Swap 30.0 32.2 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Capital commitments [abstract] | |
Schedule of Gain Contingencies by Contingency | At December 31, 2017, the Company had contractual obligations and commitments as follows: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Operating leases (building and vehicle leases) (1) 30.2 53.1 52.1 217.0 352.4 Transportation commitments 17.8 29.6 22.9 37.4 107.7 Total contractual commitments 48.0 82.7 75.0 254.4 460.1 (1) Included in operating leases are recoveries of rent expense on office space the Company has subleased of $50.6 million . At December 31, 2016, the Company had contractual obligations and commitments as follows: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Operating leases (building and vehicle leases) (1) 33.2 58.3 60.3 251.5 403.3 Transportation commitments 15.4 27.2 24.2 48.9 115.7 Total contractual commitments 48.6 85.5 84.5 300.4 519.0 (1) Included in operating leases are recoveries of rent expense on office space the Company has subleased of $48.3 million . |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest In Other Entities [Abstract] | |
Schedule of Significant Subsidiaries Owned | The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2017: Subsidiary Name Country of Incorporation Crescent Point Resources Partnership Canada Crescent Point Holdings Inc. Canada Crescent Point Energy U.S. Corp. United States of America Crescent Point U.S. Holdings Corp. United States of America Crescent Point Energy Lux S.à r.l. Luxembourg |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Income statement presentation | The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2017 2016 Operating 92.9 82.8 General and administrative 69.6 67.6 Share-based compensation 62.0 57.7 Total compensation expenses 224.5 208.1 |
Cash flow statement presentation | The Company's reconciliation of cash flow from financing activities is outlined in the table below: ($ millions) Dividends payable Current portion of long-term debt Long-term debt Shareholders' capital December 31, 2016 16.3 90.6 3,730.1 16,400.2 Changes from cash flow from financing activities: Redemption of restricted shares (2.3 ) Share issue costs (0.3 ) Increase in bank debt, net 635.9 Repayment of senior guaranteed notes (90.3 ) Realized gain (loss) on cross currency swap maturity 21.4 (76.0 ) Cash dividends paid (197.2 ) Non-cash changes: Redemption of restricted shares 91.9 Deferred taxes on share issue costs 0.1 Reclassified to current 68.3 (68.3 ) Cash dividends declared 197.7 Foreign exchange (26.2 ) (174.5 ) December 31, 2017 16.8 63.8 4,047.2 16,489.6 December 31, 2015 50.5 72.0 4,380.0 15,693.2 Changes from cash flow from financing activities: Shares issued for cash 650.4 Redemption of restricted shares (1.1 ) Share issue costs (26.5 ) Decrease in bank debt, net (485.8 ) Repayment of senior guaranteed notes (66.7 ) Realized gain on cross currency swap maturity 16.6 32.0 Cash dividends paid (294.5 ) Non-cash changes: Shares issued on capital acquisitions 17.7 Redemption of restricted shares 59.4 Deferred taxes on share issue costs 7.1 Reclassified to current 91.3 (91.3 ) Cash dividends declared 260.3 Foreign exchange (22.6 ) (104.8 ) December 31, 2016 16.3 90.6 3,730.1 16,400.2 The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2017 2016 Operating 92.9 82.8 General and administrative 69.6 67.6 Share-based compensation 62.0 57.7 Total compensation expenses 224.5 208.1 Cash Flow Statement Presentation ($ millions) 2017 2016 Operating activities Changes in non-cash working capital: Accounts receivable (21.6 ) (9.7 ) Prepaids and deposits 0.9 (0.3 ) Accounts payable and accrued liabilities 13.9 (19.9 ) Other current liabilities 24.0 — Other long-term liabilities 1.5 — 18.7 (29.9 ) Investing activities Changes in non-cash working capital: Accounts receivable (26.0 ) (0.3 ) Accounts payable and accrued liabilities (39.8 ) 8.8 (65.8 ) 8.5 Financing activities Changes in non-cash working capital: Dividends payable 0.5 (34.2 ) ($ millions) 2017 2016 Other Lease inducement (3.6 ) (3.6 ) Onerous contract provision 2.2 (1.6 ) Translation of US dollar derivatives (0.7 ) — (2.1 ) (5.2 ) |
Significant Accounting Polici58
Significant Accounting Policies (Details) - CAD / Boe | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Reclamation Fund Contributions, BOE (in cad per BOE) | 0.35 | |
Minimum1 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Maximum1 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 16 years |
Long-term Investments (Details)
Long-term Investments (Details) CAD in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | Dec. 31, 2016USD ($) | |
Disclosure of financial assets [line items] | ||||
Non-current financial assets at fair value through profit or loss | CAD 35.8 | |||
Acquired through capital dispositions | 31.1 | CAD (15.3) | ||
Unrealized gain (loss) recognized in other income (loss) | (3.4) | 5.5 | ||
Non-current financial assets at fair value through profit or loss | 72.6 | 35.8 | ||
Public Companies | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets at fair value through profit or loss | 28.3 | 22.8 | ||
Acquired through capital dispositions | $ | $ 40.2 | $ 0 | ||
Unrealized gain (loss) recognized in other income (loss) | (3.4) | 5.5 | ||
Non-current financial assets at fair value through profit or loss | 65.1 | 28.3 | ||
Accumulated increase (decrease) in investments | 14.4 | 17.7 | ||
Private Companies | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets at fair value through profit or loss | 7.5 | 7.5 | ||
Unrealized gain (loss) recognized in other income (loss) | $ 0 | 0 | ||
Non-current financial assets at fair value through profit or loss | 7.5 | 7.5 | ||
Accumulated increase (decrease) in investments | CAD (17.5) | CAD (17.5) |
(Details)
(Details) CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2016CAD | Dec. 31, 2017USD ($) | |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Other long-term assets | CAD 34.5 | CAD 36.7 | |
Reclamation Fund Reconciliation [Roll Forward] | |||
Balance, beginning of year | 425.2 | ||
Balance, end of year | 355.3 | 425.2 | |
Investment tax credit | 15.8 | 14 | |
Reclamation fund | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Other long-term assets | 18.7 | 22.7 | |
Reclamation Fund Reconciliation [Roll Forward] | |||
Balance, beginning of year | 22.7 | 49.5 | |
Contributions | 22.5 | 0 | |
Expenditures | (26.5) | (26.8) | |
Balance, end of year | CAD 18.7 | 22.7 | |
Other receivables | |||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | |||
Other long-term assets | CAD 14 | $ 15.8 |
Exploration and Evaluation As61
Exploration and Evaluation Assets (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | CAD 14,174,900,000 | ||
End of period | 14,062,400,000 | CAD 14,174,900,000 | |
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | 24,949,300,000 | ||
End of period | 25,987,500,000 | 24,949,300,000 | |
Exploration and evaluation assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | 498,100,000 | 540,700,000 | |
Acquisitions through business combinations, net | $ 116.9 | 62,900,000 | |
Additions | 729,100,000 | 314,800,000 | |
Dispositions, net | 12.9 | (400,000) | |
Transfers to property, plant and equipment | (541,400,000) | (238,300,000) | |
Expense arising from exploration for and evaluation of mineral resources | (134,300,000) | (172,500,000) | |
Foreign exchange | (20,600,000) | (9,100,000) | |
End of period | 634,900,000 | 498,100,000 | |
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 | |
Exploration and evaluation assets | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | 2,080,700,000 | 1,961,000,000 | |
End of period | 2,305,100,000 | 2,080,700,000 | |
Exploration and evaluation assets | Accumulated depreciation and amortisation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | CAD (1,582,600,000) | (1,420,300,000) | |
End of period | $ (1,670.2) | CAD (1,582,600,000) |
Capital Acquisitions and Disp62
Capital Acquisitions and Dispositions (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | CAD 3.7 | CAD 2.3 |
Property, plant and equipment acquired, net disposed | 112.5 | |
Property, plant and equipment | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Decommissioning liability disposed | 41.4 | |
Exploration and evaluation assets | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Decommissioning liability disposed | CAD 104 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) CAD in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | Dec. 31, 2016USD ($) | |
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | CAD 14,174.9 | |||
End of period | 14,062.4 | CAD 14,174.9 | ||
General and administrative costs capitalized | 50.4 | 47.9 | ||
Share-based compensation expense capitalized | 12 | 14.3 | ||
Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | 24,949.3 | |||
End of period | 25,987.5 | 24,949.3 | ||
Accumulated depreciation, amortization and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | (10,774.4) | |||
End of period | (11,925.1) | (10,774.4) | ||
Development and production assets | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | 14,111.4 | 14,881.9 | ||
Acquisitions through business combinations, net | 220.2 | 218.2 | ||
Additions | $ 1,211.8 | 909.5 | ||
Dispositions, net | (332.7) | (56.4) | ||
Transfers from exploration and evaluation assets | 541.4 | 238.3 | ||
Reclassified as assets held for sale | $ | (26.4) | $ 0 | ||
Depreciation | 1,394.4 | 1,427 | ||
Impairment | (203.6) | (611.4) | ||
Foreign exchange | (123.7) | (41.7) | ||
End of period | 14,004 | 14,111.4 | ||
Development and production assets | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | 24,846.9 | 23,677.4 | ||
End of period | 25,881.1 | 24,846.9 | ||
Development and production assets | Accumulated depreciation, amortization and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | (10,735.5) | (8,795.5) | ||
End of period | (11,877.1) | (10,735.5) | ||
Future development costs | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | 6,800 | |||
End of period | 7,000 | 6,800 | ||
Corporate assets | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | 63.5 | 71.8 | ||
Additions | $ 4.2 | 0.9 | ||
Depreciation | (9.1) | (9.2) | ||
Foreign exchange | (0.2) | 0 | ||
End of period | 58.4 | 63.5 | ||
Corporate assets | Gross carrying amount | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | 102.4 | 101.5 | ||
End of period | 106.4 | 102.4 | ||
Corporate assets | Accumulated depreciation, amortization and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Beginning of period | (38.9) | (29.7) | ||
End of period | CAD (48) | CAD (38.9) |
Property, Plant and Equipment I
Property, Plant and Equipment Impairment Test of Property, Plant and Equipment (Details) | Dec. 31, 2017CAD / bbl | Dec. 31, 2017$ / bbl | Dec. 31, 2017CAD / MMbtu | Dec. 31, 2017$ / CAD | Dec. 31, 2016CAD / bbl | Dec. 31, 2016$ / bbl | Dec. 31, 2016CAD / MMbtu | Dec. 31, 2016$ / CAD |
2017 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 70.51 | 55 | ||||||
Closing foreign exchange rate | $ / CAD | 0.780 | |||||||
2017 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 3.44 | |||||||
2018 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 69.62 | 55 | 79.27 | 65 | ||||
Closing foreign exchange rate | $ / CAD | 0.790 | 0.820 | ||||||
2018 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 2.85 | 3.27 | ||||||
2019 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 79.27 | 65 | 82.35 | 70 | ||||
Closing foreign exchange rate | $ / CAD | 0.820 | 0.850 | ||||||
2019 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 3.11 | 3.22 | ||||||
2020 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 82.35 | 70 | 84 | 71.40 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2020 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 3.65 | 3.91 | ||||||
2021 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 85.88 | 73 | 85.68 | 72.83 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2021 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 3.80 | 4 | ||||||
2022 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 87.60 | 74.46 | 87.39 | 74.28 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2022 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 3.95 | 4.10 | ||||||
2023 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 89.35 | 75.95 | 89.14 | 75.77 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2023 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 4.05 | 4.19 | ||||||
2024 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 91.14 | 77.47 | 90.93 | 77.29 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2024 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 4.15 | 4.29 | ||||||
2025 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 92.96 | 79.02 | 92.74 | 78.83 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2025 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 4.25 | 4.40 | ||||||
2026 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 94.82 | 80.60 | 94.60 | 80.41 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2026 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 4.36 | 4.50 | ||||||
2027 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 96.72 | 82.21 | 96.49 | 82.02 | ||||
Closing foreign exchange rate | $ / CAD | 0.850 | 0.850 | ||||||
2027 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 4.46 | 4.61 | ||||||
2028 | WTI Derivative Contracts – Canadian Dollar [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Property, Plant and Equipment Asset Impairment Calculation, Forecast Benchmark, Commodity Prices | 98.65 | 83.85 | ||||||
Closing foreign exchange rate | $ / CAD | 0.850 | |||||||
2028 | AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 [Member] | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Closing foreign exchange rate | CAD / MMbtu | 4.57 |
Property, Plant and Equipment65
Property, Plant and Equipment Impairment Loss and Recovery (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
(Impairment) / Recovery | CAD (203.6) | CAD (611.4) | |
(Impairment) / Recovery, net of tax | (187.7) | (457) | |
Accumulated impairment | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
(Impairment) / Recovery | 1,740 | $ 144.2 | |
Southeast Saskatchewan (1) | Canada | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Fair value less costs of disposal | CAD 6,946.2 | CAD 7,321.2 | |
Discount rate | 10.25% | 9.75% | |
(Impairment) / Recovery | CAD (281.7) | CAD (375.1) | |
(Impairment) / Recovery, net of tax | (206.1) | CAD (273.8) | |
Future development cost reductions, capital, percent | 12.00% | ||
Southwest Saskatchewan (1) | Canada | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Fair value less costs of disposal | CAD 2,412.6 | CAD 2,498.7 | |
Discount rate | 10.25% | 9.75% | |
(Impairment) / Recovery | CAD (164.1) | CAD (355.2) | |
(Impairment) / Recovery, net of tax | (120) | CAD (259.3) | |
Future development cost reductions, capital, percent | 8.00% | ||
ALBERTA | Canada | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Future development cost reductions, operating, percent | 16.00% | ||
Northern Alberta | Canada | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Fair value less costs of disposal | CAD 48.1 | ||
Discount rate | 10.25% | ||
(Impairment) / Recovery | CAD 10.3 | ||
(Impairment) / Recovery, net of tax | CAD 7.5 | ||
Future development cost reductions, capital, percent | 25.00% | ||
Southern Alberta (1) | Canada | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Fair value less costs of disposal | CAD 1,217.9 | CAD 1,339.1 | |
Discount rate | 11.00% | 10.25% | |
(Impairment) / Recovery | CAD (109.6) | CAD 9.8 | |
(Impairment) / Recovery, net of tax | (80.2) | CAD 7.2 | |
Future development cost reductions, capital, percent | 12.00% | ||
Northern U.S. (2) | U.S. | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Fair value less costs of disposal | CAD 976.5 | CAD 622.6 | |
Discount rate | 10.50% | 10.00% | |
(Impairment) / Recovery | CAD 87.9 | CAD 56.6 | |
(Impairment) / Recovery, net of tax | 54.6 | CAD 35.2 | |
Future development cost reductions, operating, percent | 6.00% | ||
Utah (2) | U.S. | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Fair value less costs of disposal | CAD 1,482.4 | CAD 938.9 | |
Discount rate | 10.25% | 9.75% | |
(Impairment) / Recovery | CAD 263.9 | CAD 42.2 | |
(Impairment) / Recovery, net of tax | CAD 164 | CAD 26.2 | |
Future development cost reductions, capital, percent | 8.00% |
Property, Plant and Equipment M
Property, Plant and Equipment Market Risk (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Discount Rate Increase 1% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | CAD (986.9) | CAD (1,096.6) |
Discount Rate Increase 1% | Southeast Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (559.4) | (605.4) |
Discount Rate Increase 1% | Southwest Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (209.6) | (222.6) |
Discount Rate Increase 1% | Northern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Discount Rate Increase 1% | Southern Alberta (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (114.3) | (134) |
Discount Rate Increase 1% | Northern U.S. (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | (58.2) |
Discount Rate Increase 1% | Utah (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (103.6) | (76.4) |
Discount Rate Decrease 1% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 1,107.8 | 1,219.2 |
Discount Rate Decrease 1% | Southeast Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 627.7 | 666.9 |
Discount Rate Decrease 1% | Southwest Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 235.6 | 249.6 |
Discount Rate Decrease 1% | Northern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Discount Rate Decrease 1% | Southern Alberta (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 128.1 | 150.1 |
Discount Rate Decrease 1% | Northern U.S. (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | 66.8 |
Discount Rate Decrease 1% | Utah (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 116.4 | 85.8 |
Commodity Prices Increase 5% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 1,489.5 | 1,408.1 |
Commodity Prices Increase 5% | Southeast Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 831.9 | 666.9 |
Commodity Prices Increase 5% | Southwest Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 306 | 311.3 |
Commodity Prices Increase 5% | Northern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Commodity Prices Increase 5% | Southern Alberta (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 176.7 | 204.6 |
Commodity Prices Increase 5% | Northern U.S. (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | 96.3 |
Commodity Prices Increase 5% | Utah (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 174.9 | 129 |
Commodity Prices Decrease 5% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (1,494.7) | (1,651) |
Commodity Prices Decrease 5% | Southeast Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (839.6) | (891.9) |
Commodity Prices Decrease 5% | Southwest Saskatchewan (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (305.7) | (321.7) |
Commodity Prices Decrease 5% | Northern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Commodity Prices Decrease 5% | Southern Alberta (1) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (175.8) | (209.7) |
Commodity Prices Decrease 5% | Northern U.S. (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | (99.8) |
Commodity Prices Decrease 5% | Utah (2) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | CAD (173.6) | CAD (127.9) |
Goodwill (Details)
Goodwill (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Goodwill | CAD 251.9 | CAD 251.9 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current portion of long-term compensation liability | CAD 17.7 | CAD 0 |
Lease inducement | 3.4 | 0 |
Onerous contracts provision | 2.9 | 0 |
Decommissioning liability | 33.7 | 23.7 |
Other current liabilities | CAD 57.7 | CAD 23.7 |
Long-term Debt - Reconciliation
Long-term Debt - Reconciliation Long Term Debt (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Instruments [Abstract] | |||
Bank debt | CAD 2,179 | CAD 1,672.1 | |
Financial liabilities | 2,055.9 | 2,216.3 | |
Senior guaranteed notes | 1,932 | 2,148.6 | |
Long-term debt | 4,111 | 3,820.7 | |
Long-term debt due within one year | 63.8 | 90.6 | CAD 72 |
Long-term debt due beyond one year | 4,047.2 | 3,730.1 | CAD 4,380 |
Principal due on maturity | 1,674.2 | 1,740 | |
Current portion principal due | CAD 50.3 | CAD 68.9 |
Long-term Debt - Bank Debt (Det
Long-term Debt - Bank Debt (Details) | Dec. 31, 2017CADbank | Dec. 31, 2016CAD |
Disclosure of detailed information about borrowings [line items] | ||
Credit facility, maximum borrowing capacity | CAD 3,600,000,000 | |
Letter of credit amount outstanding | CAD 7,500,000 | CAD 500,000 |
Maximum ratio of senior debt to EBITDA | 3.5 | |
Maximum ratio of total debt to EBITDA | 4 | |
Maximum ratio of senior debt to adjusted capital | 0.55 | |
Syndicated Unsecured Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Credit facility, maximum borrowing capacity | CAD 3,500,000,000 | |
Number of banks | bank | 14 | |
Credit facility, accordion feature | CAD 500,000,000 | |
Unsecured Operating Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Credit facility, maximum borrowing capacity | CAD 100,000,000 | |
Number of banks | bank | 1 |
Long-term Debt - Senior Guarant
Long-term Debt - Senior Guaranteed Noted (Details) | 12 Months Ended | |||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | CAD 1,674,200,000 | CAD 1,740,000,000 | ||
Senior guaranteed notes | 1,932,000,000 | 2,148,600,000 | ||
Current notes and debentures issued and current portion of non-current notes and debentures issued | 63,800,000 | 90,600,000 | ||
Non-current portion of non-current notes and debentures issued | 1,868,200,000 | 2,058,000,000 | ||
Repayments of senior guaranteed notes | 90,300,000 | 66,700,000 | ||
Borrowings | 4,111,000,000 | 3,820,700,000 | ||
Senior guaranteed notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Proceeds from borrowings, classified as financing activities | 197,000,000 | $ 1,390,000,000 | ||
Repayments of senior guaranteed notes | 68,900,000 | 50,100,000 | ||
Senior guaranteed notes | Cross Currency Derivative Contract Swap 2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ | $ 1,360,000,000 | |||
Derivative notional amount | 1,440,000,000 | |||
Senior guaranteed notes | Foreign Exchange Forward Derivative Contract Swap May 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ | 30,000,000 | |||
Derivative notional amount | CAD 32,200,000 | |||
5.48% Interest, Maturing 3/24/2017 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 67,500,000 | |||
Borrowings, interest rate | 5.48% | 5.48% | ||
Principal due on maturity | CAD 0 | |||
Senior guaranteed notes | CAD 0 | 90,600,000 | ||
4.58% Interest, Maturing 4/22/2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 31,000,000 | |||
Borrowings, interest rate | 4.58% | 4.58% | ||
Principal due on maturity | CAD 29,900,000 | |||
Senior guaranteed notes | CAD 38,800,000 | 41,600,000 | ||
2.65% Interest, Maturing 6/12/2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 20,000,000 | |||
Borrowings, interest rate | 2.65% | 2.65% | ||
Principal due on maturity | CAD 20,400,000 | |||
Senior guaranteed notes | 25,000,000 | 26,900,000 | ||
4.29% Interest, Maturing 5/22/2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | CAD 7,000,000 | |||
Borrowings, interest rate | 4.29% | 4.29% | ||
Principal due on maturity | CAD 7,000,000 | |||
Senior guaranteed notes | CAD 7,000,000 | 7,000,000 | ||
3.39% Interest, Maturing 5/22/2019 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 68,800,000 | |||
Borrowings, interest rate | 3.39% | 3.39% | ||
Principal due on maturity | CAD 66,700,000 | |||
Senior guaranteed notes | CAD 85,100,000 | 91,300,000 | ||
6.03% Interest, Maturing 3/24/2020 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 155,000,000 | |||
Borrowings, interest rate | 6.03% | 6.03% | ||
Principal due on maturity | CAD 158,300,000 | |||
Senior guaranteed notes | 194,000,000 | 208,100,000 | ||
5.53% Interest, Maturing 4/14/2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | CAD 50,000,000 | |||
Borrowings, interest rate | 5.53% | 5.53% | ||
Principal due on maturity | CAD 50,000,000 | |||
Senior guaranteed notes | CAD 50,000,000 | 50,000,000 | ||
5.13% Interest, Maturing 4/14/2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 82,000,000 | |||
Borrowings, interest rate | 5.13% | 5.13% | ||
Principal due on maturity | CAD 79,000,000 | |||
Senior guaranteed notes | CAD 102,700,000 | 110,100,000 | ||
3.29% Interest, Maturing 6/20/2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 52,500,000 | |||
Borrowings, interest rate | 3.29% | 3.29% | ||
Principal due on maturity | CAD 56,300,000 | |||
Senior guaranteed notes | 65,700,000 | 70,500,000 | ||
4.76% Interest, Maturing 5/22/2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | CAD 25,000,000 | |||
Borrowings, interest rate | 4.76% | 4.76% | ||
Principal due on maturity | CAD 25,000,000 | |||
Senior guaranteed notes | CAD 25,000,000 | 25,000,000 | ||
4.00% Interest, Maturing 5/22/2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 200,000,000 | |||
Borrowings, interest rate | 4.00% | 4.00% | ||
Principal due on maturity | CAD 199,100,000 | |||
Senior guaranteed notes | 250,400,000 | 268,500,000 | ||
4.11% Interest, Maturing 6/12/2023 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | CAD 10,000,000 | |||
Borrowings, interest rate | 4.11% | 4.11% | ||
Principal due on maturity | CAD 10,000,000 | |||
Senior guaranteed notes | CAD 10,000,000 | 10,000,000 | ||
3.78% Interest, Maturing 6/12/2023 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 270,000,000 | |||
Borrowings, interest rate | 3.78% | 3.78% | ||
Principal due on maturity | CAD 274,700,000 | |||
Senior guaranteed notes | 338,000,000 | 362,500,000 | ||
3.85% Interest, Maturing 6/20/2024 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | CAD 40,000,000 | |||
Borrowings, interest rate | 3.85% | 3.85% | ||
Principal due on maturity | CAD 40,000,000 | |||
Senior guaranteed notes | CAD 40,000,000 | 40,000,000 | ||
3.75% Interest, Maturing 6/20/2024 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 257,500,000 | |||
Borrowings, interest rate | 3.75% | 3.75% | ||
Principal due on maturity | CAD 276,400,000 | |||
Senior guaranteed notes | 322,400,000 | 345,700,000 | ||
3.94% Interest, Maturing 4/22/2025 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | CAD 65,000,000 | |||
Borrowings, interest rate | 3.94% | 3.94% | ||
Principal due on maturity | CAD 65,000,000 | |||
Senior guaranteed notes | CAD 65,000,000 | 65,000,000 | ||
4.08% Interest, Maturing 4/22/2025 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 230,000,000 | |||
Borrowings, interest rate | 4.08% | 4.08% | ||
Principal due on maturity | CAD 291,100,000 | |||
Senior guaranteed notes | CAD 287,900,000 | 308,900,000 | ||
4.18% Interest, Maturing 4/22/2027 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ | $ 20,000,000 | |||
Borrowings, interest rate | 4.18% | 4.18% | ||
Principal due on maturity | CAD 25,300,000 | |||
Senior guaranteed notes | CAD 25,000,000 | CAD 26,900,000 |
Other Long-term Liabilities (De
Other Long-term Liabilities (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Long-term compensation liability | CAD 5.2 | CAD 3.7 |
Lease inducement | 40 | 43.6 |
Onerous contracts provision | 8.8 | 7.3 |
Other long-term liabilities | CAD 54 | CAD 54.6 |
Decommissioning Liability (Deta
Decommissioning Liability (Details) CAD in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | Dec. 31, 2016USD ($) | |
Provisions for Changes in Decommissioning Liability [Roll Forward] | ||||
Decommissioning liability, beginning of year | CAD 1,314.4 | CAD 1,255.4 | ||
Reclassified as liabilities associated with assets held for sale | $ | $ (4.6) | $ 0 | ||
Foreign exchange | (7.7) | (1.5) | ||
Decommissioning liability, end of year | 1,344.2 | 1,314.4 | ||
Expected to be incurred within one year | 33.7 | 23.7 | ||
Expected to be incurred beyond one year | 1,310.5 | 1,290.7 | ||
Decommissioning liability, undiscounted cash flows | CAD 1,400 | CAD 1,400 | ||
Discount rate applied to cash flow projections | 2.25% | 2.25% | ||
Inflation rate used to extrapolate cash flow projections | 2.00% | 2.00% | ||
Decommissioning liability | ||||
Provisions for Changes in Decommissioning Liability [Roll Forward] | ||||
Liabilities incurred | CAD 39.9 | CAD 43.1 | ||
Liabilities acquired through capital acquisitions | 25.1 | 23.7 | ||
Liabilities disposed through capital dispositions | (66.5) | (10.7) | ||
Liabilities settled | 25.1 | (16) | ||
Revaluation of acquired decommissioning liabilities | 42.8 | 36.1 | ||
Change in estimated future costs | (2.8) | (27.1) | ||
Change in discount rate | (7.2) | (14.5) | ||
Accretion expense | CAD 30.3 | CAD 25.9 |
Shareholders' Capital (Details)
Shareholders' Capital (Details) CAD in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017CADshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016CADshares | Dec. 31, 2015CAD | |
Amount ($ millions) | ||||
Issued for cash | CAD 650.4 | |||
Issued on capital acquisitions | 17.7 | |||
Reclassified to current | (26.5) | |||
Shareholders’ capital | CAD 16,489.6 | CAD 16,400.2 | CAD 15,693.2 | |
Shareholders’ capital | ||||
Number of shares | ||||
Common shares, beginning of year (in shares) | shares | 541,742,592 | 541,742,592 | 504,935,930 | |
Issued for cash (in shares) | shares | 0 | 0 | 33,700,000 | |
Issued on capital acquisitions (in shares) | shares | 0 | 0 | 890,648 | |
Issued on redemption of restricted stock (in shares) | shares | 4,051,792 | 4,051,792 | 2,216,014 | |
Common shares, end of year (in shares) | shares | 545,794,384 | 545,794,384 | 541,742,592 | |
Amount ($ millions) | ||||
Common shares, beginning of year | CAD 16,656.1 | CAD 15,929.7 | ||
Issued for cash | 0 | 650.4 | ||
Issued on capital acquisitions | 0 | 17.7 | ||
Reclassified to current | 58.3 | |||
Common shares, end of year | 16,745.7 | 16,656.1 | ||
Cumulative share issue costs, net of tax | $ (256.1) | (255.9) | ||
Shareholders’ capital | CAD 16,489.6 | CAD 16,400.2 |
Deficit (Details)
Deficit (Details) CAD in Millions, $ in Millions | Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD |
Disclosure of reserves within equity [line items] | |||
Deficit | CAD (7,751.8) | CAD (7,432.1) | |
Accumulated earnings (deficit) | |||
Disclosure of reserves within equity [line items] | |||
Deficit | (363.7) | (239.7) | |
Accumulated gain on shares issued pursuant to DRIP and SDP | |||
Disclosure of reserves within equity [line items] | |||
Deficit | $ 8.4 | 8.4 | |
Accumulated tax effect on redemption of restricted shares | |||
Disclosure of reserves within equity [line items] | |||
Deficit | $ 12.1 | 10.1 | |
Accumulated dividends | |||
Disclosure of reserves within equity [line items] | |||
Deficit | CAD (7,408.6) | CAD (7,210.9) |
Capital Management (Details)
Capital Management (Details) CAD in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2016CAD | Dec. 31, 2015CAD | |
Capital Management [Abstract] | |||
Net Debt to Adjusted Cash Flow from Operations Ratio | 2.3 | 2.3 | |
Borrowings | CAD 4,111 | CAD 3,820.7 | |
Adjusted Working Capital Deficiency | 133.3 | 277 | |
Reserve of exchange differences on translation | (219.4) | (420.6) | |
Net debt | 4,024.9 | 3,677.1 | |
Equity | 9,162.9 | 9,591.2 | CAD 10,125 |
Total Capitalization | CAD 13,187.8 | CAD 13,268.3 | |
Risk management program term (in years) | 3 years 6 months | ||
Hedge benchmark | 65.00% | ||
Hedge price differentials | 35.00% |
Derivative Losses (Details)
Derivative Losses (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | ||
Realized gains | CAD 101.2 | CAD 468.7 |
Unrealized losses | (163.6) | (706.8) |
Derivative losses | CAD (62.4) | CAD (238.1) |
Other Income (Loss) (Details)
Other Income (Loss) (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | ||
Unrealized gain (loss) recognized in other income (loss) | CAD (3.4) | CAD 5.5 |
Gain (loss) on capital dispositions | 31.1 | (15.3) |
Other gain | 0.1 | 3.2 |
Other income (loss) | CAD 27.8 | CAD (6.6) |
Foreign Exchange Gain (Details)
Foreign Exchange Gain (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrealized gain (loss) | CAD 0.7 | |
Foreign exchange gain | 215.7 | CAD 131.3 |
CCS - US dollar long-term debt maturities and interest payments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Realized gain (loss) | (39.3) | 57.7 |
US dollar long-term debt maturities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Realized gain (loss) | 54.6 | (52.4) |
Translation of US dollar long-term debt | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrealized gain (loss) | 201.2 | 128 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Realized gain (loss) | (0.6) | (2.5) |
Unrealized gain (loss) | CAD (0.2) | CAD 0.5 |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current tax: | ||
Canada | CAD (1.9) | CAD 0 |
Luxembourg | 0.2 | 0.2 |
Current tax expense (recovery) | (1.7) | 0.2 |
Deferred tax: | ||
Canada | (99.2) | (336.4) |
United States | 201.3 | (44.9) |
Deferred tax expense (recovery) | 102.1 | (381.3) |
Income tax recovery | CAD 100.4 | CAD (381.1) |
Income Taxes - Income Tax Rate
Income Taxes - Income Tax Rate Reconciliation (Details) - CAD CAD in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 01, 2017 | Jun. 30, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Net income (loss) before tax | CAD (23.6) | CAD (1,313.8) | |||
Statutory income tax rate | 26.85% | 27.00% | |||
Expected provision for income taxes | CAD (6.3) | CAD (354.7) | |||
Effect of change in corporate tax rates | 106.9 | 0 | |||
Effect of tax rates in foreign jurisdictions | 22.9 | (14.6) | |||
Effect of restricted share bonus plan | (2.7) | 6.9 | |||
Effect of change in recognition of deferred tax assets | (14.7) | (24.9) | |||
Effect of non-taxable capital (gains) losses | (1.1) | (2.1) | |||
Other | (4.6) | 8.3 | |||
Income tax recovery | CAD 100.4 | CAD (381.1) | |||
Corporate tax rate | 11.50% | 12.00% | |||
Non-adjusting events after reporting period [member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rate | 12.00% | ||||
U.S. Tax Cuts and Jobs Act of 2017, change in tax rate, income tax expense | CAD 107.5 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities, Net (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred income tax assets | CAD 192.8 | CAD 422.4 | |
Deferred income tax liabilities | (550.6) | (651.5) | |
Net deferred income tax liabilities | (357.8) | (229.1) | CAD (606.8) |
To be settled within one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax liabilities | (29.1) | (9.4) | |
To be settled beyond one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax liabilities | CAD 386.9 | CAD (219.7) |
Income Taxes - Deferred Tax Rol
Income Taxes - Deferred Tax Rollforward (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | CAD (357.8) | CAD (229.1) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (26.6) | (3.6) |
(Charged) / credited to earnings | (102.1) | 381.3 |
Net deferred income tax liabilities at the end of the period | (229.1) | (606.8) |
Deferred income tax assets: | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 1,076.7 | 1,049.2 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (26.6) | (3.6) |
(Charged) / credited to earnings | 54.1 | 257.1 |
Net deferred income tax liabilities at the end of the period | 1,049.2 | 795.7 |
Decommissioning liability | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 361.3 | 361.8 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (0.5) | 17 |
Net deferred income tax liabilities at the end of the period | 361.8 | 344.8 |
Income tax losses carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 649.5 | 632.4 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | 17.1 | 230.5 |
Net deferred income tax liabilities at the end of the period | 632.4 | 401.9 |
Debt financing costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 0 | 4.8 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (4.8) | (8.3) |
Net deferred income tax liabilities at the end of the period | 4.8 | 13.1 |
Share issue costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 10.2 | 15.3 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (0.1) | 7.2 |
(Charged) / credited to earnings | (5.2) | (9.6) |
Net deferred income tax liabilities at the end of the period | 15.3 | 17.7 |
Risk management contracts | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 33.5 | 18.3 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | 15.2 | 17.7 |
Net deferred income tax liabilities at the end of the period | 18.3 | 0.6 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 22.2 | 16.6 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 26.7 | (10.8) |
(Charged) / credited to earnings | 32.3 | 9.8 |
Net deferred income tax liabilities at the end of the period | 16.6 | 17.6 |
Deferred income tax liabilities: | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | (1,434.5) | (1,278.3) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (156.2) | 124.2 |
Net deferred income tax liabilities at the end of the period | (1,278.3) | (1,402.5) |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | (1,417.5) | (1,286.7) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (130.8) | (74) |
Net deferred income tax liabilities at the end of the period | (1,286.7) | (1,212.7) |
Timing of partnership items | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 0 | |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | |
(Charged) / credited to earnings | 54.8 | |
Net deferred income tax liabilities at the end of the period | 0 | (54.8) |
Risk management contracts | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | (17) | 8.4 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (25.4) | 143.4 |
Net deferred income tax liabilities at the end of the period | CAD 8.4 | CAD (135) |
Income Taxes - Tax Pools (Detai
Income Taxes - Tax Pools (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax pools | CAD 12,033.8 | CAD 12,007 | |
Other temporary differences | 33.2 | 33.2 | |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 555.2 | 648.7 | |
Tax pools of acquired entity disallowed | CAD 149.3 | ||
Investment tax credit of acquired entity disallowed | 12.6 | ||
Canada | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax pools | 8,746.2 | 9,054.1 | |
Capital loss carryforwards | 1,400 | 1,100 | |
Unrealized losses | CAD 1.2 | ||
United States | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax pools | 3,287.6 | 2,952.9 | |
Operating loss carryforward | 1,200 | 1,000 | |
Unrealized losses | CAD 82.3 | CAD 136.8 |
Share-based Compensation (Detai
Share-based Compensation (Details) CAD in Millions | 12 Months Ended | |
Dec. 31, 2017CADshares | Dec. 31, 2016CADshares | |
Share-based Payment Arrangements [Roll Forward] | ||
Share-based compensation | CAD | CAD 74 | CAD 72 |
Share-based compensation expense capitalized | CAD | 12 | 14.3 |
Current portion of long-term compensation liability | CAD | 17.7 | 0 |
Noncurrent portion of long-term compensation liability | CAD | CAD 5.2 | CAD 3.7 |
Performance Stock Units | ||
Disclosure of classes of share capital [line items] | ||
Vesting term | 3 years | |
Share-based Payment Arrangements [Roll Forward] | ||
Granted | 4,460,046 | 0 |
Restricted Shares | ||
Disclosure of classes of share capital [line items] | ||
Vesting term | 3 years | |
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year | 5,188,358 | 3,960,363 |
Granted | 3,424,610 | 3,930,449 |
Redeemed | (4,195,754) | (2,280,626) |
Forfeited | (235,162) | (421,828) |
Modified to Performance Shares | (593,028) | |
Balance, end of year | 3,589,024 | 5,188,358 |
Deferred Share Units | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year | 204,653 | 153,283 |
Granted | 70,609 | 51,370 |
Redeemed | (45,792) | 0 |
Forfeited | 0 | 0 |
Modified to Performance Shares | 0 | |
Balance, end of year | 229,470 | 204,653 |
Per Share Amounts (Details)
Per Share Amounts (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per share [abstract] | ||
Weighted average shares – basic (in shares) | 545,162,580 | 516,336,121 |
Dilutive impact of restricted shares (in shares) | 0 | 0 |
Weighted average shares – diluted (in shares) | 545,162,580 | 516,336,121 |
Antidilutive securities excluded from computation of EPS (in shares) | 1,603,575 | 2,954,564 |
Financial Instruments and Der87
Financial Instruments and Derivatives - Carrying Amount and Fair Value of Financial Instruments (Details) - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | CAD 355.3 | CAD 425.2 |
Financial assets, at fair value | 355.3 | 425.2 |
Financial liabilities | 2,055.9 | 2,216.3 |
Financial liabilities, at fair value | 2,075.2 | 2,186.9 |
Quoted prices in active markets for identical assets (Level 1) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 65.1 | 28.3 |
Financial liabilities, at fair value | 0 | 0 |
Significant other observable inputs (Level 2) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 282.7 | 396.9 |
Financial liabilities, at fair value | 2,075.2 | 2,186.9 |
Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 7.5 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 123.9 | 67.7 |
Financial liabilities, at fair value | 123.9 | 67.7 |
Derivatives | Quoted prices in active markets for identical assets (Level 1) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivatives | Significant other observable inputs (Level 2) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 123.9 | 67.7 |
Derivatives | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Senior guaranteed notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities | 1,932 | 2,148.6 |
Financial liabilities, at fair value | 1,951.3 | 2,119.2 |
Senior guaranteed notes | Quoted prices in active markets for identical assets (Level 1) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Senior guaranteed notes | Significant other observable inputs (Level 2) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 1,951.3 | 2,119.2 |
Senior guaranteed notes | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 282.7 | 389.4 |
Financial assets, at fair value | 282.7 | 389.4 |
Derivatives | Quoted prices in active markets for identical assets (Level 1) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Derivatives | Significant other observable inputs (Level 2) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 282.7 | 389.4 |
Derivatives | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Long-term investments | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets | 72.6 | 35.8 |
Financial assets, at fair value | 72.6 | 35.8 |
Long-term investments | Quoted prices in active markets for identical assets (Level 1) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 65.1 | 28.3 |
Long-term investments | Significant other observable inputs (Level 2) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 7.5 |
Long-term investments | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | CAD 7.5 | CAD 0 |
Financial Instruments and Der88
Financial Instruments and Derivatives - Derivatives Assets and Liabilities (Details) CAD in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | |
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets / (liabilities), beginning of year | CAD 321.7 | CAD 1,028.5 | |
Unrealized change in fair value | (163.6) | (706.8) | |
Foreign exchange | 0.7 | ||
Derivative assets / (liabilities), end of year | 158.8 | 321.7 | |
Derivative assets | 282.7 | 389.4 | |
Derivative liabilities | (123.9) | (67.7) | |
Commodity contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets / (liabilities), beginning of year | (60.6) | 527.3 | |
Unrealized change in fair value | 6.1 | (587.9) | |
Foreign exchange | 0.7 | ||
Derivative assets / (liabilities), end of year | (53.8) | (60.6) | |
Derivative assets | 23.2 | 6.1 | |
Derivative liabilities | (77) | (66.7) | |
Interest contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets / (liabilities), beginning of year | 2.1 | (0.4) | |
Unrealized change in fair value | 7.4 | 2.5 | |
Foreign exchange | 0 | ||
Derivative assets / (liabilities), end of year | 9.5 | 2.1 | |
Derivative assets | 9.5 | 2.9 | |
Derivative liabilities | 0 | (0.8) | |
CCS contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets / (liabilities), beginning of year | 373.3 | 493.7 | |
Unrealized change in fair value | (175.3) | (120.4) | |
Foreign exchange | 0 | ||
Derivative assets / (liabilities), end of year | 198 | 373.3 | |
Derivative assets | 244.9 | 373.5 | |
Derivative liabilities | (46.9) | (0.2) | |
Foreign exchange contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivative assets / (liabilities), beginning of year | 6.9 | 7.9 | |
Unrealized change in fair value | (1.8) | (1) | |
Foreign exchange | 0 | ||
Derivative assets / (liabilities), end of year | 5.1 | 6.9 | |
Derivative assets | 5.1 | 6.9 | |
Derivative liabilities | CAD 0 | CAD 0 |
Financial Instruments and Der89
Financial Instruments and Derivatives - Offsetting (Details) - Derivatives - CAD CAD in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Financial Assets | ||
Gross amount | CAD 283.5 | CAD 400.7 |
Amount offset | (0.8) | (11.3) |
Net amount | 282.7 | 389.4 |
Offsetting Financial Liabilities | ||
Gross amount | (124.7) | (79) |
Amount offset | 0.8 | 11.3 |
Net amount | 123.9 | 67.7 |
Gross amount assets (liabilities) | 158.8 | 321.7 |
Net amount assets (liabilities) | CAD 158.8 | CAD 321.7 |
Financial Instruments and Der90
Financial Instruments and Derivatives - Commodity Price Risk (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CADbbl / d | Dec. 31, 2017USD ($)bbl / d | Dec. 31, 2016CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible change in risk variable percent | 10.00% | 10.00% | 10.00% |
Commodity price risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible change in risk variable percent | 10.00% | 10.00% | 10.00% |
Commodity price risk | Commodity Price, Crude Oil | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | CAD | CAD (150.9) | CAD (120.1) | |
Possible decrease in risk variable, impact on pre-tax earnings | $ 139.4 | 113.9 | |
Commodity price risk | Commodity Price, Natural Gas | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | (2.9) | (9.6) | |
Possible decrease in risk variable, impact on pre-tax earnings | 2.9 | 9.6 | |
Commodity price risk | Commodity Price, Power | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | CAD | 0 | 0.1 | |
Possible decrease in risk variable, impact on pre-tax earnings | CAD | CAD 0 | (0.1) | |
Commodity price risk | Differential, Crude Oil | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | 0 | 0.3 | |
Possible decrease in risk variable, impact on pre-tax earnings | $ 0 | CAD (0.3) | |
Commodity price risk | Physical Delivery Contract, July 2017 to December 2017 | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Physical delivery contract, commitment to deliver | 13,600 | 13,600 | |
Commodity price risk | Physical Delivery Contract, 2018 | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Physical delivery contract, commitment to deliver | 8,600 | 8,600 | |
Commodity price risk | Physical Delivery Contract, 2019 | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Physical delivery contract, commitment to deliver | 5,000 | 5,000 | |
Commodity price risk | Physical Delivery Contract, July 2020 to December 2021 | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Physical delivery contract, commitment to deliver | 2,000 | 2,000 |
Financial Instruments and Der91
Financial Instruments and Derivatives - Interest Rate Risk (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible change in risk variable percent | 10.00% | 10.00% | 10.00% |
Interest rate risk | Floating interest rate | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible change in risk variable percent | 1.00% | 1.00% | |
Possible change in risk variable, impact on pre-tax earnings | CAD 17.8 | CAD 12.7 | |
Interest rate risk | Interest rate swaps | Forward interest rates | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | $ 1.9 | 1.5 | |
Possible decrease in risk variable, impact on pre-tax earnings | $ (1.9) | CAD (1.5) |
Financial Instruments and Der92
Financial Instruments and Derivatives - Foreign Exchange Risk (Details) CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible change in risk variable percent | 10.00% | 10.00% | 10.00% |
Currency risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible change in risk variable percent | 10.00% | 10.00% | 10.00% |
Currency risk | US dollar long-term debt | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | CAD 390.1 | CAD 357 | |
Possible decrease in risk variable, impact on pre-tax earnings | (390.1) | (357) | |
Currency risk | CCS contracts | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | (402.5) | (375.3) | |
Possible decrease in risk variable, impact on pre-tax earnings | CAD 402.5 | 375.3 | |
Currency risk | Foreign exchange contracts | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Possible increase in risk variable, impact on pre-tax earnings | $ (3.7) | (5.9) | |
Possible decrease in risk variable, impact on pre-tax earnings | $ 3.7 | CAD 5.9 |
Financial Instruments and Der93
Financial Instruments and Derivatives - Credit Risk (Details) - Credit risk | Dec. 31, 2017 | Dec. 31, 2016 |
Investment grade | ||
Disclosure of credit risk exposure [line items] | ||
Concentration percentage | 95.00% | |
More than 90 days | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Concentration percentage | 4.00% | 3.00% |
Financial Instruments and Der94
Financial Instruments and Derivatives - Liquidity Risk (Details) CAD in Millions, $ in Millions | Dec. 31, 2017CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD | Dec. 31, 2015CAD |
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||||
Letter of credit amount outstanding | CAD 7.5 | CAD 0.5 | ||
Cash | 62.4 | CAD 13.4 | CAD 24.7 | |
Liquidity risk | ||||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities | 613.3 | |||
Dividends payable | 16.8 | |||
Derivative liabilities | 58.1 | |||
Senior guaranteed notes | 2,058 | |||
Bank credit facilities | 2,415 | |||
Undrawn borrowing facilities | 1,470 | |||
Letter of credit amount outstanding | 7.5 | |||
Cash | 62.4 | |||
Liquidity risk | 1 year | ||||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities | 613.3 | |||
Dividends payable | 16.8 | |||
Derivative liabilities | 55.6 | |||
Senior guaranteed notes | $ | $ 126 | |||
Bank credit facilities | $ | 98.3 | |||
Liquidity risk | 2 to 3 years | ||||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities | 0 | |||
Dividends payable | 0 | |||
Derivative liabilities | 2.5 | |||
Senior guaranteed notes | $ | 371.1 | |||
Bank credit facilities | 2,316.7 | |||
Liquidity risk | 4 to 5 years | ||||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities | 0 | |||
Dividends payable | 0 | |||
Derivative liabilities | 0 | |||
Senior guaranteed notes | $ | 512 | |||
Bank credit facilities | 0 | |||
Liquidity risk | More than 5 years | ||||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities | 0 | |||
Dividends payable | 0 | |||
Derivative liabilities | 0 | |||
Senior guaranteed notes | $ | $ 1,048.9 | |||
Bank credit facilities | CAD 0 |
Financial Instruments and Der95
Financial Instruments and Derivatives - Financial Derivatives (Details) - Dec. 31, 2017 kJ / d in Millions, CAD in Millions, $ in Millions | CAD / bbl | $ / bbl | CAD | Total | USD ($) | bbl / $ | kJ / d | CAD / kJ | bbl / d |
Disclosure of detailed information about financial instruments [line items] | |||||||||
Volume | 14,000 | 41,767 | |||||||
Forward contract | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Volume | 8,972 | 5,729 | |||||||
Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | $ 100 | ||||||||
Fixed annual rate | 358.49% | ||||||||
Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 128.6 | ||||||||
Fixed annual rate | 277.00% | ||||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | CAD / bbl | 72.11 | ||||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Forward contract | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | CAD / bbl | 70.57 | ||||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Sold Call Price | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | 75.63 | 55.80 | |||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Sold Call Price | Forward contract | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | 70.51 | 56.01 | |||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Bought Put Price | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | 68.40 | 49.66 | |||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Bought Put Price | Forward contract | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | 62.23 | 49.89 | |||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Sold Put Price | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | 59.63 | 43 | |||||||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2018 January - June | Sold Put Price | Forward contract | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Average swap price | 54 | 43 | |||||||
AECO Natural Gas Derivative Contracts – Canadian Dollar, 2018 | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Volume | kJ / d | 33,973 | ||||||||
Average swap price | CAD / kJ | 2.83 | ||||||||
AECO Natural Gas Derivative Contracts – Canadian Dollar, 2019 | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Volume | kJ / d | 19,948 | ||||||||
Average swap price | CAD / kJ | 2.71 | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - September 2018, One | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | CAD 50 | ||||||||
Fixed annual rate | 90.00% | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - September 2018, Two | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 50 | ||||||||
Fixed annual rate | 87.00% | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - August 2020, One | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 50 | ||||||||
Fixed annual rate | 116.00% | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - August 2020, Two | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 50 | ||||||||
Fixed annual rate | 116.00% | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - August 2020, Three | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 100 | ||||||||
Fixed annual rate | 115.00% | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - September 2020, One | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 50 | ||||||||
Fixed annual rate | 114.00% | ||||||||
Interest Rate Derivative Contracts Swap January 2018 - September 2020, Two | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 50 | ||||||||
Fixed annual rate | 111.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, One | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 200 | ||||||||
Fixed annual rate | 341.74% | ||||||||
Cross Currency Derivative Contract Swap January 2018, One | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 252.8 | ||||||||
Fixed annual rate | 312.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Two | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 200 | ||||||||
Fixed annual rate | 341.74% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Two | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 253 | ||||||||
Fixed annual rate | 312.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Three | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 100 | ||||||||
Fixed annual rate | 341.74% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Three | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 126.4 | ||||||||
Fixed annual rate | 311.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Four | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 250 | ||||||||
Fixed annual rate | 344.73% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Four | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 319.3 | ||||||||
Fixed annual rate | 300.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Five | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 250 | ||||||||
Fixed annual rate | 344.73% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Five | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 319.3 | ||||||||
Fixed annual rate | 299.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Six | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 95 | ||||||||
Fixed annual rate | 344.73% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Six | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 121.2 | ||||||||
Fixed annual rate | 300.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Seven | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 100 | ||||||||
Fixed annual rate | 344.73% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Seven | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 127.6 | ||||||||
Fixed annual rate | 303.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Eight | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 140 | ||||||||
Fixed annual rate | 344.73% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Eight | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 178.9 | ||||||||
Fixed annual rate | 299.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Nine | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 295 | ||||||||
Fixed annual rate | 358.49% | ||||||||
Cross Currency Derivative Contract Swap January 2018, Nine | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 379.4 | ||||||||
Fixed annual rate | 268.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2018 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 31 | ||||||||
Fixed annual rate | 458.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2018 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 29.9 | ||||||||
Fixed annual rate | 532.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2018 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 20 | ||||||||
Fixed annual rate | 265.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2018 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 20.4 | ||||||||
Fixed annual rate | 352.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - May 2018 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 68 | ||||||||
Fixed annual rate | 339.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - May 2018 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 66.7 | ||||||||
Fixed annual rate | 453.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - May 2020 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 155 | ||||||||
Fixed annual rate | 603.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - May 2020 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 158.3 | ||||||||
Fixed annual rate | 645.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2021 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 82 | ||||||||
Fixed annual rate | 513.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2021 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 79 | ||||||||
Fixed annual rate | 583.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2021 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 52.5 | ||||||||
Fixed annual rate | 329.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2021 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 56.3 | ||||||||
Fixed annual rate | 359.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - May 2022 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 170 | ||||||||
Fixed annual rate | 400.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - May 2022 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 166.9 | ||||||||
Fixed annual rate | 503.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2023 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 270 | ||||||||
Fixed annual rate | 378.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2023 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 274.7 | ||||||||
Fixed annual rate | 432.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2024 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 257.5 | ||||||||
Fixed annual rate | 375.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - June 2024 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 276.4 | ||||||||
Fixed annual rate | 403.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2025 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 230 | ||||||||
Fixed annual rate | 408.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2025 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 291.1 | ||||||||
Fixed annual rate | 413.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2027 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | 20 | ||||||||
Fixed annual rate | 418.00% | ||||||||
Cross Currency Derivative Contract Swap January 2018 - April 2027 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | 25.3 | ||||||||
Fixed annual rate | 425.00% | ||||||||
Foreign Exchange Forward Derivative Contract Swap May 2022 | Receive | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | $ | $ 30 | ||||||||
Foreign Exchange Forward Derivative Contract Swap May 2022 | Pay | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Derivative principal | CAD 32.2 |
Related Party Transactions (Det
Related Party Transactions (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party [Abstract] | ||
Expenditures, related party transactions | CAD 12.9 | CAD 6.2 |
Key management personnel compensation, short-term benefits | 7.5 | 9.1 |
Key management personnel compensation, share-based | CAD 21.7 | CAD 20.9 |
Commitments (Details)
Commitments (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating leases (building and vehicle leases) | CAD 352.4 | CAD 403.3 |
Transportation commitments | 107.7 | 115.7 |
Total contractual commitments | 460.1 | 519 |
Sublease income | 50.6 | 48.3 |
1 year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating leases (building and vehicle leases) | 30.2 | 33.2 |
Transportation commitments | 17.8 | 15.4 |
Total contractual commitments | 48 | 48.6 |
2 to 3 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating leases (building and vehicle leases) | 53.1 | 58.3 |
Transportation commitments | 29.6 | 27.2 |
Total contractual commitments | 82.7 | 85.5 |
4 to 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating leases (building and vehicle leases) | 52.1 | 60.3 |
Transportation commitments | 22.9 | 24.2 |
Total contractual commitments | 75 | 84.5 |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating leases (building and vehicle leases) | 217 | 251.5 |
Transportation commitments | 37.4 | 48.9 |
Total contractual commitments | CAD 254.4 | CAD 300.4 |
Significant Subsidiaries (Detai
Significant Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Crescent Point Resources Partnership | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point Resources Partnership |
Country of incorporation of subsidiary | Canada |
Proportion of ownership interest in subsidiary | 100.00% |
Crescent Point Holdings Inc. | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point Holdings Inc. |
Country of incorporation of subsidiary | Canada |
Proportion of ownership interest in subsidiary | 100.00% |
Crescent Point Energy U.S. Corp. | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point Energy U.S. Corp. |
Country of incorporation of subsidiary | United States of America |
Proportion of ownership interest in subsidiary | 100.00% |
Crescent Point Energy U.S. Corp. | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point U.S. Holdings Corp. |
Country of incorporation of subsidiary | United States of America |
Proportion of ownership interest in subsidiary | 100.00% |
Crescent Point Energy Lux S.à r.l. | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point Energy Lux S.à r.l. |
Country of incorporation of subsidiary | Luxembourg |
Proportion of ownership interest in subsidiary | 100.00% |
Supplemental Disclosures Compre
Supplemental Disclosures Comprehsensive Income Statement Presentation (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | ||
Total compensation expense | CAD 224.5 | CAD 208.1 |
Operating | ||
Entity Information [Line Items] | ||
Total compensation expense | 92.9 | 82.8 |
General and administrative | ||
Entity Information [Line Items] | ||
Total compensation expense | 69.6 | 67.6 |
Share-based compensation | ||
Entity Information [Line Items] | ||
Total compensation expense | CAD 62 | CAD 57.7 |
Supplemental Disclosures Cash F
Supplemental Disclosures Cash Flow Statement Presentation (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ||
Accounts receivable | CAD (21.6) | CAD (9.7) |
Prepaids and deposits | 0.9 | (0.3) |
Accounts payable and accrued liabilities | 13.9 | (19.9) |
Other current liabilities | 24 | 0 |
Other long-term liabilities | 1.5 | 0 |
Changes in non-cash working capital: | (18.7) | 29.9 |
INVESTING ACTIVITIES | ||
Accounts receivable | (26) | (0.3) |
Accounts payable and accrued liabilities | (39.8) | 8.8 |
Changes in non-cash working capital: | (65.8) | 8.5 |
FINANCING ACTIVITIES | ||
Changes in non-cash working capital: Dividends payable | CAD 0.5 | CAD (34.2) |
Supplemental Disclosures Other
Supplemental Disclosures Other (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Additional information [abstract] | ||
Lease inducement | CAD (3.6) | CAD (3.6) |
Onerous contract provision | 2.2 | (1.6) |
Translation of US dollar derivatives | (0.7) | 0 |
Other | CAD (2.1) | CAD (5.2) |
Supplemental Disclosures Cas102
Supplemental Disclosures Cash Flow Supplemental Information (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of cash flows [abstract] | ||
Increase (Decrease) From Redemption Of Restricted Shares | CAD (2.3) | CAD (1.1) |
Dividends Payable [Roll Forward] | ||
Dividends payable at the beginning of the period | 16.3 | 50.5 |
Cash dividends paid | (197.2) | (294.5) |
Cash dividends declared | (197.7) | (260.3) |
Dividends payable at the end of the period | 16.8 | 16.3 |
Current Portion of Long-term Debt [Roll Forward] | ||
Current portion of non-current borrowings at the beginning of the period | 90.6 | 72 |
Realized gain (loss) on cross currency swap maturity, Current | 21.4 | 16.6 |
Adjustments for Reclassification of Debt To Current Portion From Long-term Debt | 68.3 | 91.3 |
Realized Gain (Loss) on Foreign Exchange, Current | (26.2) | (22.6) |
Current portion of non-current borrowings at the end of the period | 63.8 | 90.6 |
Long-term Debt [Roll Forward] | ||
Long-term debt at the beginning of the period | 3,730.1 | 4,380 |
Accounts payable and accrued liabilities | 635.9 | (485.8) |
Realized gain (loss) on cross currency swap maturity, Non-Current | (76) | 32 |
Adjustments for Reclassification of Debt From Long-term To Current | (68.3) | (91.3) |
Realized Gain (Loss) on Foreign Exchange, Non-current | (174.5) | (104.8) |
Long-term debt at the end of the period | 4,047.2 | 3,730.1 |
Repayment of senior guaranteed notes | (90.3) | (66.7) |
Amount ($ millions) | ||
Share capital at the beginning of the period | 16,400.2 | 15,693.2 |
Shares issued for cash | 650.4 | |
Share issue costs | (0.3) | |
Reclassified to current | (26.5) | |
Shares issued on capital acquisitions | 17.7 | |
Redemption of restricted shares | 91.9 | 59.4 |
Deferred taxes on share issue costs | 0.1 | 7.1 |
Issued capital at the end of the period | CAD 16,489.6 | CAD 16,400.2 |
Geographical Disclosure (Detail
Geographical Disclosure (Details) - CAD CAD in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [line items] | ||
Revenue | CAD 2,830.9 | CAD 2,184.6 |
U.S. Foreign Operations | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2,740 | 2,190 |
Revenue | CAD 373.1 | CAD 213.9 |