Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Entity Current Year Fiscal Year End Date | --12-31 |
Entity File Number | 001-36258 |
Entity Registrant Name | CRESCENT POINT ENERGY CORP. |
Entity Incorporation, State or Country Code | A0 |
Entity Primary SIC Number | 1311 |
Entity Address, Address Line Two | Suite 2000 |
Entity Address, Address Line One | 585-8th Avenue S.W. |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Postal Zip Code | T2P 1G1 |
City Area Code | 403 |
Local Phone Number | 693-0020 |
Title of 12(b) Security | Common Shares |
Trading Symbol | CPG |
Security Exchange Name | NYSE |
ICFR Auditor Attestation Flag | true |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 579,484,032 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001545851 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Auditor Firm ID | 271 |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | CT Corporation System |
Entity Address, Address Line One | 111 - 8th Avenue |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10011 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Calgary, Canada |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash | $ 13.5 | $ 8.8 |
Accounts receivable | 314.3 | 200.5 |
Prepaids and deposits | 7.4 | 22.7 |
Derivative asset | 75.7 | 46.7 |
Total current assets | 410.9 | 278.7 |
Derivative asset | 144.8 | 195.7 |
Other long-term assets | 6.4 | 18.2 |
Exploration and evaluation | 48.8 | 86.4 |
Property, plant and equipment | 7,687.3 | 4,372 |
Right-of-use asset | 91.4 | 103.7 |
Goodwill | 211.5 | 223.3 |
Deferred income tax | 570.1 | 1,367.9 |
Total assets | 9,171.2 | 6,645.9 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 450.7 | 310.3 |
Dividends payable | 43.5 | 1.3 |
Current portion of long-term debt | 221.6 | |
Derivative liability | 159.6 | 42.2 |
Other current liabilities | 100.3 | 93.8 |
Total current liabilities | 1,032.2 | 669.2 |
Long-term debt | 1,692.1 | 2,038 |
Derivative liability | 5.3 | 3.2 |
Other long-term liabilities | 35.8 | 17.3 |
Lease liability | 115.9 | 130.1 |
Decommissioning liability | 965.3 | |
Total liabilities | 3,765.9 | 3,823.1 |
SHAREHOLDERS’ EQUITY | ||
Shareholders’ capital | 16,706.9 | 16,451.5 |
Contributed surplus | 17.5 | 19.7 |
Deficit | (11,848.7) | (14,166.1) |
Accumulated other comprehensive income | 529.6 | 517.7 |
Total shareholders' equity | 5,405.3 | 2,822.8 |
Total liabilities and shareholders' equity | $ 9,171.2 | $ 6,645.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE AND OTHER INCOME | ||
Revenue from contracts with customers | $ 2,829.4 | $ 1,488 |
Commodity derivative gains (losses) | (488.9) | 193.3 |
Other income | 99.4 | 322.3 |
Revenue and other income | 2,439.9 | 2,003.6 |
EXPENSES | ||
Operating | 625.3 | 561.8 |
Purchased product | 32.6 | 12.2 |
Transportation | 117.7 | 101.1 |
General and administrative | 89.8 | 78.7 |
Interest | 90.6 | 109.1 |
Foreign exchange gain | (4.4) | (4.3) |
Share-based compensation | 30.9 | 1.3 |
Depletion, depreciation and amortization | 786.1 | 712.7 |
Impairment (impairment reversal) | (2,514.4) | |
Impairment (impairment reversal) | 3,557.8 | |
Accretion and financing | 21.9 | 20.7 |
Total Expenses | (723.9) | 5,151.1 |
Net income (loss) before tax | 3,163.8 | (3,147.5) |
Deferred tax expense (recovery): | ||
Current | 0 | 0.2 |
Deferred | 799.7 | (627.8) |
Net income (loss) | 2,364.1 | (2,519.9) |
Items that may be subsequently reclassified to profit or loss | ||
Foreign currency translation adjustment | 11.9 | 22.2 |
Comprehensive income (loss) | $ 2,376 | $ (2,497.7) |
Net income (loss) per share | ||
Basic (in cad per share) | $ 4.15 | $ (4.76) |
Diluted (in cad per share) | $ 4.11 | $ (4.76) |
Oil and gas sales | ||
REVENUE AND OTHER INCOME | ||
Revenue from contracts with customers | $ 3,206.5 | $ 1,692.2 |
Purchased product sales | ||
REVENUE AND OTHER INCOME | ||
Revenue from contracts with customers | 31.7 | 12.9 |
Royalties | ||
REVENUE AND OTHER INCOME | ||
Revenue from contracts with customers | $ (408.8) | $ (217.1) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - CAD ($) $ in Millions | Total | Shareholders’ capital | Contributed surplus | Deficit | Accumulated other comprehensive income |
Equity, beginning of year at Dec. 31, 2019 | $ 5,342.7 | $ 16,449 | $ 35.1 | $ (11,636.9) | $ 495.5 |
Redemption of restricted shares | 0 | 15.2 | (15.3) | 0.1 | |
Common shares repurchased | (12.7) | (12.7) | |||
Share-based compensation | (0.1) | (0.1) | |||
Net income (loss) | (2,519.9) | (2,519.9) | |||
Dividends ($0.0175 per share 2020; $0.0400 per share 2019) | (9.4) | (9.4) | |||
Foreign currency translation adjustment | 22.2 | 22.2 | |||
Equity, end of year at Dec. 31, 2020 | 2,822.8 | 16,451.5 | 19.7 | (14,166.1) | 517.7 |
Issued on capital acquisitions | 264.5 | ||||
Redemption of restricted shares | 0.8 | 8.5 | (8.8) | 1.1 | |
Common shares repurchased | (17.5) | (17.5) | |||
Share issue costs, net of tax | (0.4) | (0.4) | |||
Share-based compensation | 6.8 | 6.8 | |||
Stock options exercised | 0.1 | 0.3 | (0.2) | ||
Net income (loss) | 2,364.1 | 2,364.1 | |||
Dividends ($0.0175 per share 2020; $0.0400 per share 2019) | (47.8) | (47.8) | |||
Foreign currency translation adjustment | 11.9 | 11.9 | |||
Equity, end of year at Dec. 31, 2021 | $ 5,405.3 | $ 16,706.9 | $ 17.5 | $ (11,848.7) | $ 529.6 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of changes in equity [abstract] | ||
Dividends (in cad per share) | $ 0.0825 | $ 0.0175 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH PROVIDED BY (USED IN): | ||
Net income (loss) | $ 2,364.1 | $ (2,519.9) |
Items not affecting cash | ||
Other income | (97) | (316.9) |
Deferred tax expense (recovery) | 799.7 | (627.8) |
Share-based compensation | 6.1 | (0.9) |
Depletion, depreciation and amortization | 786.1 | 712.7 |
Impairment (impairment reversal) | (2,514.4) | |
Impairment (impairment reversal) | 3,557.8 | |
Accretion | 15.4 | 13.6 |
Unrealized losses on derivatives | 141.4 | 112.5 |
Translation of US dollar long-term debt | (37) | (12.8) |
Realized gain on cross currency swap maturity | 0 | (49.3) |
Decommissioning expenditures | (20.2) | (14.7) |
Changes in non-cash working capital: | 51.6 | 6.2 |
Cash flows from (used in) operations | 1,495.8 | 860.5 |
INVESTING ACTIVITIES | ||
Development capital and other expenditures | (676.1) | (698.8) |
Capital acquisitions | (677.9) | (1.4) |
Capital dispositions | 99 | 509.8 |
Sale of long-term investments | 12.6 | 0 |
Changes in non-cash working capital: | 49 | (78.6) |
Cash flows from (used in) investing activities | (1,193.4) | (269) |
FINANCING ACTIVITIES | ||
Issue of shares, net of issue costs | (0.7) | (0.2) |
Common shares repurchased | 17.5 | 12.7 |
Decrease in bank debt, net | (34.6) | (408.1) |
Repayment of senior guaranteed notes | (217.6) | (224.4) |
Realized gain on cross currency swap maturity | 0 | 49.3 |
Payments on principal portion of lease liability | (21.2) | (30) |
Cash dividends | (47.8) | (9.4) |
Change in non-cash working capital | 42.2 | (4) |
Cash flows from (used in) financing activities | (297.2) | (639.5) |
Impact of foreign currency on cash balances | (0.5) | (0.1) |
INCREASE (DECREASE) IN CASH | 4.7 | (48.1) |
CASH AT BEGINNING OF YEAR | 8.8 | 56.9 |
CASH AT END OF YEAR | 13.5 | 8.8 |
Supplemental Information [Abstract] | ||
Cash taxes paid | 0 | (0.2) |
Cash interest paid | $ (93.1) | $ (98) |
Structure of the Business
Structure of the Business | 12 Months Ended |
Dec. 31, 2021 | |
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 March 2, 2022. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
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 March 2, 2022, 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$” and "US dollars" 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. The COVID-19 pandemic, and actions taken in response, have resulted in a significant disruption to the global economy, in particular the oil and gas industry. Although demand for and pricing of energy products has stabilized, the pandemic has, in the past, impacted the demand for and pricing of energy products, including crude oil and condensate, NGLs and natural gas produced by the Company. As there are many variables and uncertainties regarding the COVID-19 pandemic, as well as its impact on the economic environment, including the duration and magnitude of any further disruption in the oil and gas industry, it is not possible to precisely estimate the potential long-term impact of the COVID-19 pandemic on the Company's financial condition and operations. There may also be effects that are not currently known as the full impact of the COVID-19 pandemic is still uncertain and the situation continues to evolve. This presents various risks and uncertainty, including to management's judgments, estimates and assumptions that affect the application of accounting policies. The Company also faces uncertainties related to future environmental laws and climate-related regulations, which could affect the Company's financial position and future earnings. This transition to a lower-carbon society, as well as the physical impacts of climate change, could result in increased operating costs and reduced demand for oil and gas products. As a result, this could change a number of variables and assumptions used to determine the estimated recoverable amounts of the Company's oil and gas assets. The unpredictable nature, timing and extent of climate-related initiatives presents various risks and uncertainties, including to management's judgements, estimates and assumptions that affect the application of accounting policies. 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 impairment reversals, 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. The Company conducted an analysis of its CGUs to determine if their composition was still reflective of the Company's core operating areas after major property acquisitions and dispositions in the first half of 2021. The Company conducted its analysis on July 1, 2021, and determined that its Dodsland Viking assets better align with the Southwest Saskatchewan CGU. Previously, these assets were included in the Southern Alberta CGU, now referred to as the Alberta CGU. At the time of realignment, the Company estimated recoverable amounts of its new CGUs and compared them to the recoverable amounts of its previous CGUs and the respective carrying amounts and noted that no incremental impairment or impairment reversal would arise as a result of the realignment. 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, share price, forward foreign exchange rates and forward interest 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 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 the partners have control of the arrangement collectively, 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 account for 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 sold component is derecognized. Depletion and Depreciation Development and production assets 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 on a straight line basis over the estimated useful lives of the related assets, ranging from 5 to 16 years. Impairment The carrying amounts of PP&E, which takes into account the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves, 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 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 infrastructure, the existence of common sales points, geography, geological 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. 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. 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 assets 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 assets to PP&E. Exploration and evaluation assets are tested for impairment at the operating segment level by combining E&E assets with PP&E. 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) 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, E&E assets and goodwill and comparing this to the recoverable amount. Any excess of the carrying amount over the recoverable amount is the impairment amount. The recoverable amount estimates is categorized as Level 3 according to the IFRS 13 fair value hierarchy. 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. f) Share-based Compensation Restricted shares granted under the Restricted Share Bonus Plan are accounted for at fair value and vest on terms up to three years from the grant date determined by the Board of Directors. 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 and recognized when they occur. 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. Employee Share Value Plan ("ESVP") awards are accounted for at fair value and vest on terms of up to three years from the grant date as determined by the Board of Directors. Share-based compensation expense is determined based on the estimated fair value of the ESVP awards on the date of grant and subsequently adjusted to reflect the fair value at each period end. The expense is recognized over the service period, with a corresponding increase to long-term compensation liability. ESVP awards are settled in cash upon vesting based on the prevailing Crescent Point share price and the aggregate amount of dividends paid from the grant date. Performance share units ("PSUs") are accounted for at fair value and vest on terms of up to three years from the grant date as determined by the Board of Directors. 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. Stock Options are accounted for at fair value and have a maximum term of seven years and vest on terms as determined by the Board of Directors. Share-based compensation expense is determined based on the estimated fair value of the stock options on the date of the grant. Upon vest, the stock option holder may either exercise their stock options to purchase one common share per option at the exercise price or, at the Company's discretion, surrender their stock options for a cash payment in an amount equal to the aggregate positive difference, if any, between the market price and the exercise price of the number of common shares associated with the stock options surrendered. Alternatively, the stock option holder may also, at the Company's discretion, surrender their stock options for common shares having a value equivalent to the cash payment. g) 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. h) Financial Instruments The Company uses financial derivative instruments and physical delivery commodity contracts from time to time to reduce its exposure to fluctuations in commodity prices, share price, 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. Impairment of Financial Assets Impairment losses are recognized using an expected credit loss model. The Company has adopted the simplified expected credit loss model for its accounts receivable, which permits the use of the lifetime expected loss provision. To measure the expected credit losses, accounts receivable have been grouped based on shared credit risk characteristics and days past due. The Company uses judgment in making these assumptions and selecting the inputs into the expected loss calculation based on past history, existing market conditions and forward looking estimates at the end of each reporting period. i) 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 acquired assets by estimating the discounted after-tax future net cash flows, the fair value of equity instruments issued and the fair value of 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. j) 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 average exchange rates 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 average exchange rates 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. k) Revenue Recognition The Company’s major revenue sources are comprised of sales from the production of crude oil and condensate, natural gas liquids ("NGLs") and natural gas. Revenue is recognized when control of the product transfers to the customer and the collection is reasonably probable, generally upon delivery of the product. Sales of crude oil and condensate, NGLs and natural gas production are based on variable pricing as the transaction prices are based on benchmark commodity prices and other variable factors, including quality differentials and location. Each contract is evaluated based on the nature of the performance obligations, including the Company’s role as either principal or agent. Where the Company acts as principal, revenue is recognized on a gross basis. Where the Company acts as agent, revenue is recognized on a net basis. l) Cash and Cash Equivalents Cash and cash equivalents include short-term investments with original maturities of three months or less. m) Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date, the lease liability is recognized at the present value of the future lease payments and discounted using the interest rate implicit in the lease or the Company's incremental borrowing rate. A corresponding right-of-use ("ROU") asset will be recognized at the amount of the lease liability, adjusted for any lease incentives received and initial direct costs incurred. Over the term of the lease, financing expense is recognized on the lease liability using the effective interest rate method and charged to net income, lease payments are applied against the lease liability and depreciation on the ROU asset is recorded by class of underlying asset. The lease term is the non-cancellable period of a lease and includes periods covered by an optional lease extension option if reasonably certain the Company will exercise the option to extend. Conversely, periods covered by an option to terminate are included if the Company does not expect to end the lease during that time frame. Leases with a term of less than twelve months or leases for underlying low value assets are recognized as an expense in net income on a straight-line basis over the lease term. A lease modification will be accounted for as a separate lease if it materially changes the scope of the lease. For a modification that is not a separate lease, on the effective date of the lease modification, the Company will remeasure the lease liability and corresponding ROU asset using the interest rate implicit in the lease or the Company's incremental borrowing rate. Any variance between the remeasured ROU asset and lease liability will be recognized as a gain or loss in net income to reflect the change in scope. The Company also acts as an intermediate lessor for office space sub-leased to other companies. As a lessor, the Company will evaluate whether a lease is a finance or operating lease. Leases where the Company transfers substantially all the risks and rewards of ownership are classified as finance leases. Conversely, leases where the risks and rewards of ownership are retained by the Company are operating leases. The head lease between the Company and the building, and the sub-lease between the Company and tenants, are accounted for separately. The lease classification of the sub-lease is based upon the head lease and not the underlying asset. n) 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 and stock options under the Company's Stock Option 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. o) Government Grants The Company may receive government grants which provide immediate financial assistance as compensation for costs or expenditures to be incurred. Government grants are accounted for when there is reasonable assurance that conditions attached to the grants are met and that the grants will be received. The Company recognizes government grants in net income on a systematic basis and in line with recognition of the expense that the grants are intended to compensate. |
Changes in Accounting Policies
Changes in Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting policies [Abstract] | |
Changes In Accounting Policies | CHANGES IN ACCOUNTING POLICIES Intangible Assets IAS 38 Intangible Assets was amended in March 2021 to revise how to recognize costs in relation to the configuration or customization of application software. The Company adopted the amendment in 2021 and the adoption did not have an impact on the Company's consolidated financial statements. New accounting standards and amendments not yet adopted Presentation of Financial Statements IAS 1 Presentation of Financial Statements |
Other Long-term Assets
Other Long-term Assets | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Long-term Assets | OTHER LONG-TERM ASSETS ($ millions) 2021 2020 Long-term investments — 2.5 Other receivables 6.4 15.7 Other long-term assets 6.4 18.2 a) Long-term investments ($ millions) 2021 2020 Investments in public companies, beginning of year 2.5 6.7 Gain (loss) recognized in other income 10.1 (4.2) Dispositions (12.6) — Investments in public companies, end of year — 2.5 Public companies During the year ended December 31, 2021, the Company disposed of its common shares in a publicly traded oil and gas company. The investment was classified as financial assets at fair value through profit or loss and was fair valued at each period with the resulting gain or loss recorded in net income. At December 31, 2020, the investment was recorded at a fair value of $2.5 million which was $3.1 million less than the original cost of the investments. b) Other receivables At December 31, 2021, the Company had investment tax credits of $6.4 million (December 31, 2020 - $15.7 million). |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2021 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Exploration and Evaluation Assets | EXPLORATION AND EVALUATION ASSETS ($ millions) 2021 2020 Exploration and evaluation assets at cost 1,613.3 1,736.1 Accumulated amortization (1,564.5) (1,649.7) Net carrying amount 48.8 86.4 Reconciliation of movements during the year Cost, beginning of year 1,736.1 1,848.1 Accumulated amortization, beginning of year (1,649.7) (1,602.6) Net carrying amount, beginning of year 86.4 245.5 Net carrying amount, beginning of year 86.4 245.5 Acquisitions through business combinations 18.6 1.3 Additions 57.8 108.2 Dispositions (5.4) (0.2) Transfers to property, plant and equipment (57.5) (198.0) Amortization (51.0) (71.9) Foreign exchange (0.1) 1.5 Net carrying amount, end of year 48.8 86.4 Impairment test of exploration and evaluation assets There were no indicators of impairment at December 31, 2021 or December 31, 2020. |
Capital Acquisitions and Dispos
Capital Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations And Dispositions [Abstract] | |
Capital Acquisitions and Dispositions | CAPITAL ACQUISITIONS AND DISPOSITIONS In the year ended December 31, 2021, the Company incurred $12.5 million (year ended December 31, 2020 - $5.4 million) of transaction costs related to acquisitions through business combinations and dispositions that were recorded as general and administrative expenses. a) Major property acquisitions and dispositions Kaybob Duvernay acquisition On April 1, 2021, the Company closed the acquisition of Shell Canada Energy's Kaybob Duvernay assets in Alberta for total consideration of $940.6 million including closing adjustments, consisting of $676.1 million in cash and the issuance of 50.0 million common shares. Oil and gas sales and oil and gas sales less royalties, transportation and operating expenses from the acquisition date to December 31, 2021 includes $499.8 million and $393.8 million, respectively, attributable to the Kaybob Duvernay acquisition. Had the business combination occurred on January 1, 2021, estimated oil and gas sales of $629.8 million and oil and gas sales less royalties, transportation and operating expenses of $496.8 million would have been recognized for the year ended December 31, 2021. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2021. Southeast Saskatchewan disposition In the second quarter of 2021, the Company disposed of its remaining non-core southeast Saskatchewan conventional assets for consideration of $85.9 million. These assets had a net carrying value of $11.9 million, resulting in a gain of $74.0 million. b) Minor property acquisitions and dispositions In the year ended December 31, 2021, the Company completed minor property acquisitions and dispositions for net consideration received of $11.3 million. These assets had a net carrying value of $26.9 million, resulting in a loss of $15.6 million. The following table summarizes the major and minor property acquisitions and dispositions: ($ millions) Kaybob Duvernay Acquisition Southeast Saskatchewan Disposition Other minor dispositions, net Cash (676.1) 85.9 11.3 Common shares (264.5) — — Consideration (paid) received (940.6) 85.9 11.3 Exploration and evaluation 18.5 — (5.3) Property, plant and equipment 951.7 (219.6) (22.0) Goodwill — (10.6) (1.2) Decommissioning liability (29.6) 218.3 1.6 Fair value of net assets acquired (Carrying value of net assets disposed) 940.6 (11.9) (26.9) Gain (loss) on capital dispositions — 74.0 (15.6) |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT ($ millions) 2021 2020 Development and production assets 23,402.9 23,584.1 Corporate assets 123.2 120.7 Property, plant and equipment at cost 23,526.1 23,704.8 Accumulated depletion, depreciation and impairment (15,838.8) (19,332.8) Net carrying amount 7,687.3 4,372.0 Reconciliation of movements during the year Development and production assets Cost, beginning of year 23,584.1 23,038.6 Accumulated depletion and impairment, beginning of year (19,265.2) (15,251.0) Net carrying amount, beginning of year 4,318.9 7,787.6 Net carrying amount, beginning of year 4,318.9 7,787.6 Acquisitions through business combinations 953.8 0.2 Additions 736.5 504.2 Dispositions (243.7) (28.0) Transfers from exploration and evaluation assets 57.5 198.0 Depletion (708.5) (611.6) Impairment reversal (impairment) 2,514.4 (3,557.8) Foreign exchange 11.4 26.3 Net carrying amount, end of year 7,640.3 4,318.9 Cost, end of year 23,402.9 23,584.1 Accumulated depletion and impairment, end of year (15,762.6) (19,265.2) Net carrying amount, end of year 7,640.3 4,318.9 Corporate assets Cost, beginning of year 120.7 117.2 Accumulated depreciation, beginning of year (67.6) (63.2) Net carrying amount, beginning of year 53.1 54.0 Net carrying amount, beginning of year 53.1 54.0 Additions 2.5 3.5 Depreciation (8.6) (4.4) Net carrying amount, end of year 47.0 53.1 Cost, end of year 123.2 120.7 Accumulated depreciation, end of year (76.2) (67.6) Net carrying amount, end of year 47.0 53.1 At December 31, 2021, future development costs of $4.58 billion (December 31, 2020 - $4.18 billion) were included in costs subject to depletion. Direct general and administrative costs capitalized by the Company during the year ended December 31, 2021 were $45.1 million (year ended December 31, 2020 - $37.7 million), including $14.3 million of share-based compensation costs (year ended December 31, 2020 - $5.4 million). Impairment test of property, plant and equipment 2021 Impairment Reversal At December 31, 2021, there were no indicators of impairment or impairment reversal. At June 30, 2021, the significant increase in forecast benchmark commodity prices and the increase in the Company's market capitalization since the last impairment test at March 31, 2020 were indicators of impairment reversal. As a result, a test for impairment reversal was conducted and the Company prepared estimates of future cash flows to determine the recoverable amount of the respective assets. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at June 30, 2021: 2021 (1) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 (3) WTI ($US/bbl) (2) 71.33 67.20 63.95 63.23 64.50 65.79 67.10 68.44 69.81 71.21 72.63 Exchange Rate ($US/$Cdn) 0.803 0.802 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 WTI ($Cdn/bbl) 88.83 83.79 79.94 79.04 80.63 82.24 83.88 85.55 87.26 89.01 90.79 AECO ($Cdn/mmbtu) (2) 3.46 3.13 2.72 2.71 2.76 2.82 2.88 2.94 2.99 3.05 3.12 (1) Effective July 1, 2021. (2) 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. (3) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2031 to the end of the reserve life. Exchange rates are assumed to be constant at 0.800. At June 30, 2021, the Company determined that the recoverable amount of the Southeast Saskatchewan, Southwest Saskatchewan, Southern Alberta and Northern U.S. CGUs exceeded their carrying amount. The full amounts of the impairment reversals were attributed to PP&E and, as a result, impairment reversals of $2.51 billion were recognized in net income. The impairment reversal was due to the significant increase in forecast benchmark commodity prices used in impairment testing at June 30, 2021 compared to March 31, 2020. At December 31, 2021, the after tax impairments that can be reversed in future periods for each CGU, net of depletion had no impairment loss been recognized in prior periods, were $1.76 billion for Southeast Saskatchewan, $1.19 billion for Southwest Saskatchewan, $244.0 million for Alberta and $53.6 million for Northern U.S. The following table summarizes the impairment reversal for the six months ended June 30, 2021 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment reversal Impairment reversal, net Southeast Saskatchewan Canada 2,941.0 15.00 % 917.7 688.1 Southwest Saskatchewan Canada 1,422.6 15.00 % 604.1 453.0 Southern Alberta (1) Canada 1,911.9 15.00 % 555.6 416.6 Northern U.S. U.S. 861.9 15.00 % 437.0 326.0 Total impairment reversal 7,137.4 2,514.4 1,883.7 (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. Changes in any of the key judgments, such as a revision in reserves, changes in forecast benchmark commodity prices, foreign exchange rates, discount 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 June 30, 2021, with all other variables held constant: CGU Discount Rate Commodity Prices ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (181.1) 199.2 350.7 (349.9) Southwest Saskatchewan (89.1) 97.9 183.4 (182.7) Southern Alberta (1) (89.4) 97.2 189.9 (190.3) Northern U.S. (57.1) 62.9 124.0 (124.1) Increase (decrease) (416.7) 457.2 848.0 (847.0) (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. 2020 Impairment At December 31, 2020, there were no indicators of impairment or impairment recovery. At March 31, 2020, the significant decrease in forecast benchmark commodity prices and the value of the Company's market capitalization as compared to shareholders' equity were indicators of impairment. 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 March 31, 2020: 2020 (1) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (3) WTI ($US/bbl) (2) 29.17 40.45 49.17 53.28 55.66 56.87 58.01 59.17 60.35 61.56 62.79 Exchange Rate ($US/$Cdn) 0.707 0.728 0.745 0.747 0.748 0.750 0.750 0.750 0.750 0.750 0.750 WTI ($Cdn/bbl) 41.26 55.56 66.00 71.33 74.41 75.83 77.35 78.89 80.47 82.08 83.72 AECO ($Cdn/mmbtu) (2) 1.74 2.20 2.38 2.45 2.53 2.60 2.66 2.72 2.79 2.85 2.92 (1) Effective April 1, 2020. (2) 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. (3) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2030 to the end of the reserve life. Exchange rates are assumed to be constant at 0.750. At March 31, 2020, the Company determined that the carrying amount of the Southeast Saskatchewan, Southwest Saskatchewan, Northern U.S. and Southern Alberta CGUs exceeded their recoverable amount. The full amount of the impairments were attributed to PP&E and, as a result, impairment losses of $3.56 billion were recorded in net income. The impairment loss was due to the significant decrease in forecast benchmark commodity prices used in impairment testing at March 31, 2020 compared to December 31, 2019. The following table summarizes the impairment expense for the year ended December 31, 2020 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment Impairment, net Southeast Saskatchewan Canada 2,500.0 15.00 % 1,726.1 1,286.7 Southwest Saskatchewan Canada 940.9 15.00 % 866.7 646.1 Northern U.S. U.S. 465.8 15.00 % 549.7 410.0 Southern Alberta (1) Canada 489.2 15.00 % 415.3 309.6 Total impairment 4,395.9 3,557.8 2,652.4 (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. 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 March 31, 2020, with all other variables held constant: CGU Discount Rate Commodity Prices ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (139.3) 153.9 255.8 (251.4) Southwest Saskatchewan (55.5) 61.3 109.8 (108.9) Northern U.S. (35.8) 39.8 77.7 (79.4) Southern Alberta (1) (31.6) 35.0 60.8 (64.0) Increase (decrease) (262.2) 290.0 504.1 (503.7) (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Goodwill | GOODWILL ($ millions) 2021 2020 Goodwill, beginning of year 223.3 230.9 Southeast Saskatchewan asset disposition (10.6) — Saskatchewan gas infrastructure asset disposition — (6.4) Other dispositions (1.2) (1.2) Goodwill, end of year 211.5 223.3 Goodwill has been assigned to the Canadian operating segment. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Liabilities | OTHER CURRENT LIABILITIES ($ millions) 2021 2020 Long-term compensation liability 40.6 10.0 Lease liability 25.5 26.4 Decommissioning liability 34.2 57.4 Other current liabilities 100.3 93.8 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Long-term Debt | LONG-TERM DEBT ($ millions) 2021 2020 Bank debt (1) 331.4 388.2 Senior guaranteed notes 1,638.8 1,871.4 Long-term debt 1,970.2 2,259.6 Long-term debt due within one year 278.1 221.6 Long-term debt due beyond one year 1,692.1 2,038.0 (1) The Company has London Inter-bank Offered Rate ("LIBOR") loans under its bank credit facilities. The US dollar amounts of the LIBOR loans were fixed for purposes of interest and principal repayments. At December 31, 2021, the total notional amount due upon bank debt maturity was $332.3 million (December 31, 2020 - $399.1 million). The Interest Rate Benchmark Reform Phase II amendments, effective January 1, 2021, is not expected to have a financial impact on the Company's results. Upon cessation of LIBOR rates, the Company will transition to alternative benchmark rates. Bank debt The Company has combined facilities of $2.30 billion, including a $2.20 billion syndicated unsecured credit facility with eleven banks and a $100.0 million unsecured operating credit facility with one Canadian chartered bank. The current maturity dates of the facilities is November 26, 2025. 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, impairment and impairment reversals, adjusted for payments on lease liability and certain non-cash items including unrealized derivatives, translation of US dollar long-term debt, equity-settled share-based compensation expense and accretion and financing expense ("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, 2021. The Company had letters of credit in the amount of $1.0 million outstanding at December 31, 2021 (December 31, 2020 - $10.4 million). Senior guaranteed notes At December 31, 2021, the Company has senior guaranteed notes of US$1.12 billion and Cdn$220.0 million outstanding. The notes are unsecured and rank pari passu with the Company's bank credit facilities and carry a bullet repayment on maturity. The senior guaranteed notes have financial covenants similar to those of the combined credit facilities described above. The Company's senior guaranteed notes are detailed below: Principal Coupon Rate Hedged Equivalent (1) (Cdn$ millions) Interest Payment Dates Maturity Date Financial statement carrying value 2021 2020 Cdn$50.0 5.53 % — October 14 and April 14 April 14, 2021 — 50.0 US$82.0 5.13 % — October 14 and April 14 April 14, 2021 — 104.6 US$52.5 3.29 % — December 20 and June 20 June 20, 2021 — 67.0 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 253.1 255.1 US$61.5 4.12 % 80.3 October 11 and April 11 April 11, 2023 77.8 78.4 Cdn$80.0 3.58 % 80.0 October 11 and April 11 April 11, 2023 80.0 80.0 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 341.7 344.4 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 325.9 328.4 US$82.0 4.30 % 107.0 October 11 and April 11 April 11, 2025 103.8 104.6 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 291.1 293.4 US$20.0 4.18 % 25.3 October 22 and April 22 April 22, 2027 25.4 25.5 Senior guaranteed notes 1,473.9 1,638.8 1,871.4 Senior guaranteed notes due within one year 278.1 221.6 Senior guaranteed notes due beyond one year 1,360.7 1,649.8 (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. Concurrent with the issuance of US$1.09 billion senior guaranteed notes, the Company entered into CCS to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the individual tranches of notes for purposes of interest and principal repayments at a notional amount of $1.22 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 $32.2 million. See Note 25 - “Financial Instruments and Derivatives” for additional information. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [Abstract] | |
Leases | LEASES Right-of-use asset ($ millions) Office (1) Fleet Vehicles Other Total Right-of-use asset at cost 121.6 25.2 11.7 158.5 Accumulated depreciation (44.3) (16.1) (6.7) (67.1) Net carrying amount 77.3 9.1 5.0 91.4 Reconciliation of movements during the year Cost, beginning of year 121.0 20.4 11.6 153.0 Accumulated depreciation, beginning of year (32.5) (12.0) (4.8) (49.3) Net carrying amount, beginning of year 88.5 8.4 6.8 103.7 Net carrying amount, beginning of year 88.5 8.4 6.8 103.7 Additions 0.6 4.8 0.5 5.9 Dispositions — — (0.2) (0.2) Depreciation (11.8) (4.1) (2.1) (18.0) Net carrying amount, end of year 77.3 9.1 5.0 91.4 (1) A portion of the Company's office space is subleased. During the year ended December 31, 2021, the Company recorded sublease income of $5.4 million (year ended December 31, 2020 - $5.6 million) as a component of other income. Lease liability ($ millions) 2021 2020 Lease liability, beginning of year 156.5 181.2 Additions 5.9 4.8 Financing 6.5 7.1 Payments on lease liability (27.7) (37.1) Other 0.2 0.5 Lease liability, end of year 141.4 156.5 Expected to be incurred within one year 25.5 26.4 Expected to be incurred beyond one year 115.9 130.1 Some leases contain variable payments that are not included within the lease liability as they are based on amounts determined by the lessor annually and not dependent on an index or rate. For the year ended December 31, 2021, variable lease payments of $1.5 million were included in general and administrative expenses relating to property tax payments on office leases (December 31, 2020 - $2.2 million). During the year ended December 31, 2021, the Company recorded $0.6 million in general and administrative expenses related to short-term leases and leases for low dollar value underlying assets (December 31, 2020 - $0.6 million). The undiscounted cash flows relating to the lease liability are as follows: ($ millions) December 31, 2021 1 year 26.0 2 to 3 years 44.7 4 to 5 years 35.2 More than 5 years 59.3 Total (1) 165.2 (1) Includes both the principal and amounts representing interest. |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Long-term Liabilities | OTHER LONG-TERM LIABILITIESAt December 31, 2021, the Company had a long-term compensation liability of $35.8 million (December 31, 2020 - $17.3 million) related to share-based compensation. See Note 23 - "Share-based Compensation" for additional information. |
Decommissioning Liability
Decommissioning Liability | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Decommissioning Liability | DECOMMISSIONING LIABILITY ($ millions) 2021 2020 Decommissioning liability, beginning of year 1,022.7 1,144.0 Liabilities incurred 13.6 17.2 Liabilities acquired through capital acquisitions 30.0 0.1 Liabilities disposed through capital dispositions (220.3) (31.1) Liabilities settled (1) (48.9) (19.8) Revaluation of acquired decommissioning liabilities (2) 36.1 0.3 Change in estimated future costs 74.2 (105.8) Change in discount and inflation rate estimates (3.8) 4.6 Accretion 15.4 13.6 Foreign exchange (0.2) (0.4) Decommissioning liability, end of year 918.8 1,022.7 Expected to be incurred within one year 34.2 57.4 Expected to be incurred beyond one year 884.6 965.3 (1) Includes $28.7 million received from government subsidy programs during the year ended December 31, 2021 (year ended December 31, 2020 - $5.1 million). (2) 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. Upon retirement of its oil and gas assets, the Company anticipates substantial costs associated with decommissioning. 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 $918.8 million at December 31, 2021 (December 31, 2020 - $1.02 billion) based on total estimated undiscounted and uninflated cash flows to settle the obligation of $896.6 million (December 31, 2020 - $976.5 million). These obligations are expected to be settled through 2053, with the majority expected after 2039. The estimated cash flows have been discounted using a risk-free rate of 1.68 percent and a derived inflation rate of 1.82 percent (December 31, 2020 - risk-free rate of 1.21 percent and inflation rate of 1.49 percent). |
Deficit
Deficit | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Deficit | DEFICIT ($ millions) 2021 2020 Accumulated earnings (deficit) (4,184.0) (6,548.1) Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2) 8.4 8.4 Accumulated tax effect on redemption of restricted shares 13.2 12.1 Accumulated dividends (7,686.3) (7,638.5) Deficit (11,848.7) (14,166.1) (1) Premium Dividend TM and Dividend Reinvestment Plan – suspended in 2015. (2) Share Dividend Plan – suspended in 2015. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2021 | |
Capital Management [Abstract] | |
Capital Management | CAPITAL MANAGEMENT ($ millions) 2021 2020 Long-term debt (1) 1,970.2 2,259.6 Adjusted working capital deficiency (2) 201.6 93.4 Unrealized foreign exchange on translation of US dollar long-term debt (166.8) (203.8) Net debt 2,005.0 2,149.2 Shareholders’ equity 5,405.3 2,822.8 Total capitalization 7,410.3 4,972.0 (1) Includes current portion of long-term debt. (2) Adjusted working capital deficiency is calculated as accounts payable and accrued liabilities, dividends payable and long-term compensation liability net of equity derivative contracts, less cash, accounts receivable, prepaids and deposits and long-term investments. The following table reconciles cash flow from operating activities to adjusted funds flow from operations for the year ended December 31, 2021 and December 31, 2020: ($ millions) 2021 2020 Cash flow from operating activities 1,495.8 860.5 Changes in non-cash working capital (51.6) (6.2) Transaction costs 12.5 5.4 Decommissioning expenditures 20.2 14.7 Adjusted funds flow from operations 1,476.9 874.4 Crescent Point's objective for managing its capital structure is to maintain a strong balance sheet and capital base to provide financial flexibility, position the Company to fund future development projects and provide returns to shareholders. Crescent Point manages its capital structure and short-term financing requirements using a measure not defined in IFRS, or standardized, the ratio of net debt to adjusted funds flow from operations. 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 and might not be comparable to similar financial measures disclosed by other issuers. 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 capital allocation priorities. The Company's net debt to adjusted funds flow from operations ratio for the trailing four quarters at December 31, 2021 was 1.4 times (December 31, 2020 - 2.5 times). 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, 2021. See Note 11 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements. Crescent Point retains financial flexibility with significant liquidity on its credit facilities and no material near-term debt maturities. The Company is continuously monitoring the commodity price environment and actively manages its counterparty exposure to mitigate credit losses and will make adjustments as needed to protect its balance sheet. |
Commodity Derivative Gains (Los
Commodity Derivative Gains (Losses) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Commodity Derivative Gains (Losses) | COMMODITY DERIVATIVE GAINS (LOSSES) ($ millions) 2021 2020 Realized gains (losses) (360.8) 245.7 Unrealized losses (128.1) (52.4) Commodity derivative gains (losses) (488.9) 193.3 |
Other Income (Loss)
Other Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Other Income (Loss) | OTHER INCOME ($ millions) 2021 2020 Unrealized gain (loss) on long-term investments 3.1 (4.2) Realized gain on sale of long-term investments 7.0 — Gain on capital dispositions 58.4 316.4 Government subsidy for decommissioning expenditures 28.7 5.1 Lease modification — (0.4) Sublease income 5.4 5.6 Other (3.2) (0.2) Other income 99.4 322.3 |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Interest Expense | INTEREST EXPENSE ($ millions) 2021 2020 Interest expense on long-term debt 88.9 94.6 Unrealized loss on interest derivative contracts 1.7 14.5 Interest expense 90.6 109.1 |
Foreign Exchange Gain
Foreign Exchange Gain | 12 Months Ended |
Dec. 31, 2021 | |
Foreign exchange rates [abstract] | |
Foreign Exchange Gain | FOREIGN EXCHANGE GAIN ($ millions) 2021 2020 Realized gain on CCS - principal — 49.3 Translation of US dollar long-term debt 37.0 12.8 Unrealized loss on CCS - principal and foreign exchange swaps (34.4) (56.6) Other 1.8 (1.2) Foreign exchange gain 4.4 4.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes is as follows: ($ millions) 2021 2020 Current tax: Canada — — Luxembourg — 0.2 Current tax expense — 0.2 Deferred tax expense (recovery): Canada 715.5 (678.5) United States 84.2 50.7 Deferred tax expense (recovery) 799.7 (627.8) Income tax expense (recovery) 799.7 (627.6) The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: ($ millions, except percentages) 2021 2020 Net income (loss) before tax 3,163.8 (3,147.5) Statutory income tax rate 25.16 % 25.98 % Expected provision for income taxes 796.0 (817.7) Change in corporate tax rates and tax rate variance 21.9 8.4 Tax rates in foreign jurisdictions 5.8 (1.0) Restricted share bonus plan (1.6) 3.9 Recognition of deferred tax assets (70.7) — Derecognition of deferred tax assets 37.5 203.7 Non-taxable capital gains (2.5) (18.4) Non-deductible impairment of goodwill 3.0 2.0 Other 10.3 (8.5) Income tax expense (recovery) 799.7 (627.6) The net deferred income tax assets (liabilities) are expected to be settled in the following periods: ($ millions) 2021 2020 Deferred income tax: To be settled within one year 60.1 19.8 To be settled beyond one year 510.0 1,348.1 Deferred income tax 570.1 1,367.9 The movement in deferred income tax assets (liabilities) are as follows: ($ millions) At January 1, (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2021 Deferred income tax assets: Property, plant and equipment 248.9 — (248.9) — Decommissioning liability 262.2 — (32.6) 229.6 Income tax losses carried forward 833.1 — (18.9) 814.2 Share issue costs 1.1 0.1 (0.6) 0.6 Risk management contracts 11.6 — 29.5 41.1 Lease liabilities 40.1 — (4.8) 35.3 Other 7.4 1.8 9.7 18.9 1,404.4 1.9 (266.6) 1,139.7 Deferred income tax liabilities: Property, plant and equipment — — (533.4) (533.4) Risk management contracts (9.9) — (3.5) (13.4) ROU asset (26.6) — 3.8 (22.8) Other — — — — (36.5) — (533.1) (569.6) Net deferred income tax assets (liabilities) 1,367.9 1.9 (799.7) 570.1 ($ millions) At January 1, (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2020 Deferred income tax assets: Property, plant and equipment — — 248.9 248.9 Decommissioning liability 291.2 — (29.0) 262.2 Income tax losses carried forward 932.6 — (99.5) 833.1 Share issue costs 2.5 — (1.4) 1.1 Risk management contracts 4.7 — 6.9 11.6 Lease liabilities 46.5 — (6.4) 40.1 Other 6.6 (5.2) 6.0 7.4 1,284.1 (5.2) 125.5 1,404.4 Deferred income tax liabilities: Property, plant and equipment (475.9) — 475.9 — Risk management contracts (16.0) — 6.1 (9.9) ROU asset (31.7) — 5.1 (26.6) Other (15.2) — 15.2 — (538.8) — 502.3 (36.5) Net deferred income tax assets (liabilities) 745.3 (5.2) 627.8 1,367.9 The approximate amounts of tax pools available as at December 31, 2021 and 2020 are as follows: ($ millions) 2021 2020 Tax pools: Canada 7,012.5 6,981.1 United States 2,855.5 3,021.0 Total 9,868.0 10,002.1 The movement in the deferred tax asset in 2021 was primarily a result of the impairment reversal recognized during the year ended December 31, 2021. In 2020, the movement in the deferred tax asset was a result of the impairment expense recognized during the year ended December 31, 2020. Deferred tax assets are recognized to the extent of expected utilization of tax attributes, based on estimated undiscounted future cashflows included in the Company's independent reserve report. The above tax pools include estimated Canadian non-capital losses carried forward of $1.99 billion (December 31, 2020 - $2.22 billion) that expire in the years 2027 through 2040, and U.S. net operating losses of $2.22 billion (December 31, 2020 - $2.30 billion) of which $1.53 billion will expire in the years 2032 through 2037, while the remaining $696.6 million will not expire. A deferred income tax asset has not been recognized for U.S. net operating losses of $861.0 million (December 31, 2020 - $1.21 billion) or for other temporary differences of $69.0 million (December 31, 2020 - $69.0 million) as there is not sufficient certainty regarding future utilization. At December 31, 2021, 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 $1.72 billion (December 31, 2020 - $2.22 billion). 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, however, the benefit of these tax pools and investment tax credits have been derecognized due to the uncertainty of being successful in defending its position. A $37.5 million deferred income tax expense has been recognized as a result of removing the tax pools in the year ended December 31, 2021. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangements [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION The following table reconciles the number of restricted shares, ESVP awards, PSUs and DSUs for the year ended December 31, 2021: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 4,704,129 10,449,383 3,789,689 1,278,263 Granted 1,230,133 2,570,746 2,053,574 278,517 Redeemed (2,146,716) (3,417,496) (2,221,058) — Forfeited (519,829) (1,273,342) (407,585) — Balance, end of year 3,267,717 8,329,291 3,214,620 1,556,780 (1) Based on underlying units before any effect of performance multipliers. The following table reconciles the number of restricted shares, ESVP awards, PSUs and DSUs for the year ended December 31, 2020: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 3,636,194 — 2,920,444 319,891 Granted 4,614,158 11,635,961 1,736,055 958,372 Redeemed (2,889,030) — (615,577) — Forfeited (657,193) (1,186,578) (251,233) — Balance, end of year 4,704,129 10,449,383 3,789,689 1,278,263 (1) Based on underlying units before any effect of performance multipliers. The following table provides summary information regarding stock options outstanding as at December 31, 2021: Stock Options Weighted average exercise price ($) Balance, beginning of year 5,940,871 3.92 Granted 534,264 5.23 Exercised (261,486) 2.23 Forfeited (285,047) 3.46 Expired (89,138) 10.06 Balance, end of year 5,839,464 4.04 The following table provides summary information regarding stock options outstanding as at December 31, 2020: Stock Options Weighted average exercise price ($) Balance, beginning of year 2,833,342 7.59 Granted 3,345,412 1.10 Forfeited (102,832) 7.16 Expired (135,051) 8.66 Balance, end of year 5,940,871 3.92 The following table summarizes information regarding stock options outstanding as at December 31, 2021: Range of exercise prices ($) Number of stock options outstanding Weighted average remaining term for options outstanding (years) Weighted average exercise price per share for options outstanding ($) Number of stock options exercisable Weighted average exercise price per share for options exercisable ($) 1.09 - 1.65 2,992,178 5.25 1.09 507,332 1.09 1.66 - 5.16 904,376 4.23 3.94 314,640 3.96 5.17 - 9.86 648,441 5.83 5.77 61,448 8.56 9.87 - 10.06 1,294,469 3.02 10.06 776,683 10.06 5,839,464 4.66 4.04 1,660,103 6.11 The volume weighted average trading price of the Company's common shares was $5.14 per share during the year ended December 31, 2021. The Company estimates the fair value of stock options on the date of the grant using a Black-Scholes option pricing model. The following weighted average assumptions were used to estimate the fair value of the stock options at their grant date: 2021 (1) 2020 Grant date share price ($) 5.23 1.10 Exercise price ($) 5.23 1.10 Expected annual dividends ($) 0.01 0.01 Expected volatility (%) 59.45 % 51.93 % Risk-free interest rate (%) 0.94 % 0.59 % Expected life of stock option (years) 4.9 4.9 Fair value per stock option ($) 2.58 0.45 (1) Options were granted in January and April 2021. For the year ended December 31, 2021, the Company calculated total share-based compensation of $77.7 million (year ended December 31, 2020 - $17.7 million), net of estimated forfeitures, of which $14.3 million was capitalized (year ended December 31, 2020 - $5.4 million). At December 31, 2021, the current portion of long-term compensation liability of $40.6 million was included in other current liabilities (December 31, 2020 - $10.0 million) and $35.8 million was included in other long-term liabilities (December 31, 2020 - $17.3 million). |
Per Share Amounts
Per Share Amounts | 12 Months Ended |
Dec. 31, 2021 | |
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: 2021 2020 Weighted average shares – basic 569,203,428 529,339,710 Dilutive impact of share-based compensation 5,895,220 — Weighted average shares – diluted (1) 575,098,648 529,339,710 (1) Excludes the impact of nil weighted average shares related to share-based compensation that were anti-dilutive for the year ended December 31, 2021 (year ended December 31, 2020 - 2,413,733). |
Financial Instruments and Deriv
Financial Instruments and Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
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, 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 can be 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. 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, 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. Crescent Point's derivative assets and liabilities and long-term investments are transacted in active markets, classified as financial assets and liabilities at fair value through profit or loss and fair valued at each period with the resulting gain or loss recorded in net income. 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, 2021: 2021 Carrying Value 2021 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 220.5 220.5 — 220.5 — 220.5 220.5 — 220.5 — Financial liabilities Derivatives 164.9 164.9 — 164.9 — Senior guaranteed notes (1) 1,638.8 1,618.4 — 1,618.4 — 1,803.7 1,783.3 — 1,783.3 — (1) 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, 2020: 2020 Carrying Value 2020 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 242.4 242.4 — 242.4 — Long-term investments (1) 2.5 2.5 2.5 — — 244.9 244.9 2.5 242.4 — Financial liabilities Derivatives 45.4 45.4 — 45.4 — Senior guaranteed notes (2) 1,871.4 1,847.7 — 1,847.7 — 1,916.8 1,893.1 — 1,893.1 — (1) Long-term investments are comprised of equity securities in public 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. Crescent Point's derivative assets and liabilities are classified as Level 2 with values based on inputs including quoted forward prices for commodities, time value and volatility factors. Accordingly, 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, 2021 and the change in fair value for the year ended December 31, 2021: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets (liabilities), beginning of year (26.3) 7.3 205.0 11.0 197.0 Unrealized change in fair value (128.1) (1.7) (34.4) 22.8 (141.4) Derivative assets (liabilities), end of year (154.4) 5.6 170.6 33.8 55.6 Derivative assets, end of year 5.4 5.7 175.6 33.8 220.5 Derivative liabilities, end of year (159.8) (0.1) (5.0) — (164.9) (1) Includes crude oil, crude oil differentials, propane, natural gas and natural gas differential contracts. (2) Includes interest payments on CCS and interest derivative contracts. (3) Includes principal portion of CCS and foreign exchange contracts. The following table summarizes the fair value as at December 31, 2020 and the change in fair value for the year ended December 31, 2020: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets, beginning of year 26.1 21.8 261.6 — 309.5 Unrealized change in fair value (52.4) (14.5) (56.6) 11.0 (112.5) Derivative assets (liabilities), end of year (26.3) 7.3 205.0 11.0 197.0 Derivative assets, end of year 3.5 9.8 218.1 11.0 242.4 Derivative liabilities, end of year (29.8) (2.5) (13.1) — (45.4) (1) Includes oil and gas contracts. (2) Includes interest payments on CCS and interest derivative contracts. (3) Includes principal portion of CCS and foreign exchange 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, 2021 and December 31, 2020: 2021 2020 ($ millions) Asset Liability Net Asset Liability Net Gross amount 218.9 (163.3) 55.6 248.4 (51.4) 197.0 Amount offset 1.6 (1.6) — (6.0) 6.0 — Net amount 220.5 (164.9) 55.6 242.4 (45.4) 197.0 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, foreign exchange rates and equity price as well as credit and liquidity risk. Commodity price risk The Company is exposed to commodity price risk on crude oil and condensate, NGLs and natural gas revenues as well as power on electricity consumption. To manage a portion of this risk, the Company has entered into various derivative agreements. The following table summarizes the unrealized gains (losses) on the Company's commodity financial derivative contracts and the resulting impact on income before tax due to fluctuations in commodity prices or differentials, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2021 Year ended December 31, 2020 Increase 10% Decrease 10% Increase 10% Decrease 10% Commodity price Crude oil and condensate (148.5) 141.2 (73.7) 72.6 Natural gas (1.1) 1.1 (1.8) 1.8 Propane (0.8) 0.8 — — Differential Crude oil 0.4 (0.4) 0.1 (0.1) Natural gas 1.9 (1.9) — — 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, 2021, a 1 percent increase or decrease in the interest rate on floating rate debt would amount to an impact on income before tax of $3.3 million (December 31, 2020 - $0.9 million) on an annualized basis. Foreign exchange risk The Company is exposed to foreign exchange risk in relation to its US dollar denominated long-term debt, investment in U.S. subsidiaries and in relation to its crude oil sales. Crescent Point utilizes foreign exchange derivatives to hedge its foreign exchange exposure on its US dollar denominated long-term debt. To partially mitigate foreign exchange risk relating to crude oil sales, the Company utilizes fixed price WTI crude oil contracts that settle in Canadian dollars and foreign exchange swaps. The following table summarizes the resulting unrealized gains (losses) impacting income before tax due to the respective changes in the period end and applicable foreign exchange rates, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Exchange Rate Year ended December 31, 2021 Year ended December 31, 2020 Cdn$ relative to US$ Increase 10% Decrease 10% Increase 10% Decrease 10% US dollar long-term debt Period End 162.8 (162.8) 197.8 (197.8) Cross currency swaps Forward (168.2) 168.2 (210.7) 210.7 Foreign exchange swaps Forward (0.9) 0.9 (4.6) 4.6 Equity price risk The Company is exposed to equity price risk on its own share price in relation to certain share-based compensation plans detailed in Note 23 - “Share-based Compensation”. The Company has entered into total return swaps to mitigate its exposure to fluctuations in its share price by fixing the future settlement cost on a portion of the cash settled plan. The following table summarizes the unrealized gains (losses) on the Company's equity derivative contracts and the resulting impact on income before tax due to the respective changes in the applicable share price, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2021 Year ended December 31, 2020 Share price Increase 50% Decrease 50% Increase 50% Decrease 50% Total return swaps 27.4 (27.4) 13.3 (13.3) Credit risk The Company is exposed to credit risk in relation to its physical oil and gas sales, financial counterparty and joint venture receivables. 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. To mitigate credit risk associated with its physical sales portfolio, Crescent Point obtains financial assurances such as parental guarantees, letters of credit, prepayments and third party credit insurance. Including these assurances, approximately 96 percent of the Company's oil and gas sales are with entities considered investment grade. At December 31, 2021, approximately 3 percent (December 31, 2020 - 5 percent) of the Company's accounts receivable balance was outstanding for more than 90 days and the Company's average expected credit loss was 0.92 percent (December 31, 2020 - 0.90 percent) on a portion of the Company’s accounts receivable balance relating to joint venture receivables. Liquidity risk 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, 2021, the Company had available unused borrowing capacity on bank credit facilities of approximately $1.98 billion, including $1.0 million outstanding letters of credit and cash of $13.5 million. The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2021, is outlined in the table below: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Accounts payable and accrued liabilities 450.7 — — — 450.7 Dividends payable 43.5 — — — 43.5 Derivative liabilities (1) 249.0 1.1 0.3 — 250.4 Senior guaranteed notes (2) 280.3 829.2 474.6 25.9 1,610.0 Bank credit facilities (3) 11.7 23.5 346.3 — 381.5 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) These amounts include the notional principal and interest payments pursuant to the CCS and foreign exchange swap related to the senior guaranteed notes, 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, 2021 and includes undiscounted cash outflows pursuant to the CCS related to LIBOR loans. The current maturity date of the Company's facilities is November 26, 2025. 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, 2020 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 310.3 — — — 310.3 Dividends payable 1.3 — — — 1.3 Derivative liabilities (1) 30.3 1.3 — — 31.6 Senior guaranteed notes (2) 251.9 767.0 816.2 26.9 1,862.0 Bank credit facilities (3) 13.1 413.0 — — 426.1 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) These amounts include the notional principal and interest payments pursuant to the CCS and foreign exchange swap related to the senior guaranteed notes, 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, 2020 and includes undiscounted cash outflows pursuant to the CCS related to LIBOR loans. c) Derivative contracts The following is a summary of the derivative contracts in place as at December 31, 2021 : Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1) Swap Collar Three-way Collar Term Volume Average Price Volumes (bbls/d) Average Average Bought Volume Average Average Bought Average 2022 19,856 80.81 16,894 87.66 75.09 10,000 88.18 77.25 66.40 2023 January - March 5,500 90.04 5,500 95.23 83.17 — — — — (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial WTI Crude Oil Differential Derivative Contracts – Canadian Dollar (1) Term Volume Contract Basis Fixed Differential 2022 January - March 2,000 Basis Swap WCS (2) (15.00) 2022 January - March 3,311 Basis Swap MSW (3) (4.88) (1) The volumes and prices reported are the weighted average volumes and prices for the period. (2) WCS refers to Western Canadian Select crude oil differential. (3) MSW refers to Mixed Sweet Blend crude oil differential. Financial Conway Propane Derivative Contracts – Canadian Dollar (1) Term Contract Volume Average Price 2022 January - October Swap 21,000 1.32 (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) Swap Collar Volume Average Volume Average Average Term 2022 January - March 20,000 2.94 20,000 6.20 4.05 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial NYMEX Natural Gas Differential Derivative Contracts – US Dollar (1) Term Volume Contract Basis Fixed Differential 2022 April - December 15,000 Basis Swap AECO (0.94) 2023 15,000 Basis Swap AECO (0.94) 2024 15,000 Basis Swap AECO (0.94) 2025 January - March 15,000 Basis Swap AECO (0.94) (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial Cross Currency Derivative Contracts Term Contract Receive Notional Principal (US$ millions) Fixed Rate (US%) Pay Notional Principal (Cdn$ millions) Fixed Rate (Cdn%) January 2022 Swap 165.0 2.05 209.7 1.86 January 2022 - May 2022 Swap 170.0 4.00 166.9 5.03 January 2022 - April 2023 Swap 61.5 4.12 80.3 3.71 January 2022 - June 2023 Swap 270.0 3.78 274.7 4.32 January 2022 - June 2024 Swap 257.5 3.75 276.4 4.03 January 2022 - April 2025 Swap 82.0 4.30 107.0 3.98 January 2022 - April 2025 Swap 230.0 4.08 291.1 4.13 January 2022 - April 2027 Swap 20.0 4.18 25.3 4.25 Financial Foreign Exchange Forward Derivative Contracts Settlement Date Contract Receive Currency Receive Notional Principal Pay Pay Notional Principal ($ millions) January 2022 Swap US$ 17.0 Cdn$ 21.8 January 2022 Swap Cdn$ 19.2 US$ 15.0 January 2022 Swap (1) Cdn$ 32.0 US$ 25.0 February 2022 Swap (1) Cdn$ 19.2 US$ 15.0 May 2022 Swap US$ 30.0 Cdn$ 32.2 (1) Based on an average floating exchange rate. Financial Equity Derivative Contracts Notional Principal ($ millions) Number of shares Term Contract January 2022 - April 2022 Swap 9.1 3,717,846 January 2022 - April 2023 Swap 8.3 3,674,746 January 2022 - April 2024 Swap 3.6 717,846 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Compensation of key management personnel Key management personnel of the Company include its directors and executive officers. In 2021, the Company recorded $6.1 million (2020 - $5.5 million) relating to compensation of key management personnel and $2.8 million (2020 - nil) for severance relating to key management personnel. In 2021, share-based compensation costs relating to compensation of key management personnel and severance were $23.4 million (2020 - $4.9 million) and $1.8 million (2020 - nil), respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Capital commitments [abstract] | |
Commitments | COMMITMENTS At December 31, 2021, the Company had contractual obligations and commitments as follows: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Operating (1) 4.1 14.3 9.2 16.1 43.7 Gas processing 63.1 116.3 88.3 324.3 592.0 Transportation 38.6 65.6 48.8 9.6 162.6 Capital 12.1 — — — 12.1 Total contractual commitments (2) 117.9 196.2 146.3 350.0 810.4 (1) Includes operating costs on the Company's office space, net of $18.9 million recoveries from subleases. (2) Excludes contracts accounted for under IFRS 16. See Note 12 - "Leases" for additional information. |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Significant Subsidiaries | SIGNIFICANT SUBSIDIARIES The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2021: Subsidiary Name Country of Incorporation Crescent Point Resources Partnership Canada Crescent Point Holdings Ltd. Canada Crescent Point Energy U.S. Corp. United States of America Crescent Point U.S. Holdings Corp. United States of America |
Supplemental Disclosures
Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Disclosures [Abstract] | |
Supplemental Disclosures | SUPPLEMENTAL DISCLOSURES Comprehensive income statement presentation The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2021 2020 Operating 59.7 58.4 General and administrative 65.2 64.0 Share-based compensation 53.7 12.3 Total compensation expenses 178.6 134.7 Cash flow statement presentation ($ millions) 2021 2020 Operating activities Changes in non-cash working capital: Accounts receivable (111.8) 86.7 Prepaids and deposits 15.3 (15.7) Accounts payable and accrued liabilities 99.0 (79.0) Other current liabilities 30.6 7.7 Other long-term liabilities 18.5 6.5 51.6 6.2 Investing activities Changes in non-cash working capital: Accounts receivable (2.1) 9.4 Other long-term receivable 9.3 — Accounts payable and accrued liabilities 41.8 (88.0) 49.0 (78.6) Financing activities Changes in non-cash working capital: Dividends payable 42.2 (4.0) Supplementary financing cash flow information The Company's reconciliation of cash flow from financing activities is outlined in the table below: ($ millions) Dividends payable Long-term debt (1) Lease liability (2) December 31, 2019 5.3 2,905.1 181.2 Changes from cash flow from financing activities: Decrease in bank debt, net (408.1) Repayment of senior guaranteed notes (224.4) Realized gain on cross currency swap maturity 49.3 Cash dividends paid (13.4) Payments on principal portion of lease liability (30.0) Non-cash changes: Cash dividends declared 9.4 Additions 4.8 Other 0.5 Foreign exchange (62.3) December 31, 2020 1.3 2,259.6 156.5 Changes from cash flow from financing activities: Decrease in bank debt, net (34.6) Repayment of senior guaranteed notes (217.6) Cash dividends paid (5.6) Payments on principal portion of lease liability (21.2) Non-cash changes: Cash dividends declared 47.8 Additions 5.9 Other 0.2 Foreign exchange (37.2) December 31, 2021 43.5 1,970.2 141.4 (1) Includes current portion of long-term debt. (2) Includes current portion of lease liability. |
Geographical Disclosure
Geographical Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of geographical areas [abstract] | |
Geographical Disclosure | GEOGRAPHICAL DISCLOSURE The following table reconciles oil and gas sales by country: ($ millions) (1) 2021 2020 Canada Crude oil and condensate sales 2,361.8 1,307.5 NGL sales 213.5 74.2 Natural gas sales 160.0 64.8 Total Canada 2,735.3 1,446.5 U.S. Crude oil and condensate sales 381.9 218.6 NGL sales 61.0 17.3 Natural gas sales 28.3 9.8 Total U.S. 471.2 245.7 Total oil and gas sales 3,206.5 1,692.2 (1) Oil and gas sales are reported before realized derivatives . The following table reconciles non-current assets by country: ($ millions) 2021 2020 Canada 7,551.0 5,520.6 U.S. 1,209.3 846.6 Total 8,760.3 6,367.2 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 March 2, 2022, 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$” and "US dollars" 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 currencyThe 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. The COVID-19 pandemic, and actions taken in response, have resulted in a significant disruption to the global economy, in particular the oil and gas industry. Although demand for and pricing of energy products has stabilized, the pandemic has, in the past, impacted the demand for and pricing of energy products, including crude oil and condensate, NGLs and natural gas produced by the Company. As there are many variables and uncertainties regarding the COVID-19 pandemic, as well as its impact on the economic environment, including the duration and magnitude of any further disruption in the oil and gas industry, it is not possible to precisely estimate the potential long-term impact of the COVID-19 pandemic on the Company's financial condition and operations. There may also be effects that are not currently known as the full impact of the COVID-19 pandemic is still uncertain and the situation continues to evolve. This presents various risks and uncertainty, including to management's judgments, estimates and assumptions that affect the application of accounting policies. The Company also faces uncertainties related to future environmental laws and climate-related regulations, which could affect the Company's financial position and future earnings. This transition to a lower-carbon society, as well as the physical impacts of climate change, could result in increased operating costs and reduced demand for oil and gas products. As a result, this could change a number of variables and assumptions used to determine the estimated recoverable amounts of the Company's oil and gas assets. The unpredictable nature, timing and extent of climate-related initiatives presents various risks and uncertainties, including to management's judgements, estimates and assumptions that affect the application of accounting policies. 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 impairment reversals, 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. The Company conducted an analysis of its CGUs to determine if their composition was still reflective of the Company's core operating areas after major property acquisitions and dispositions in the first half of 2021. The Company conducted its analysis on July 1, 2021, and determined that its Dodsland Viking assets better align with the Southwest Saskatchewan CGU. Previously, these assets were included in the Southern Alberta CGU, now referred to as the Alberta CGU. At the time of realignment, the Company estimated recoverable amounts of its new CGUs and compared them to the recoverable amounts of its previous CGUs and the respective carrying amounts and noted that no incremental impairment or impairment reversal would arise as a result of the realignment. 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, share price, forward foreign exchange rates and forward interest 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 |
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 the partners have control of the arrangement collectively, 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 account for 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 sold component is derecognized. Depletion and Depreciation Development and production assets 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 on a straight line basis over the estimated useful lives of the related assets, ranging from 5 to 16 years. Impairment The carrying amounts of PP&E, which takes into account the discounted abandonment and reclamation costs on proved plus probable undeveloped oil and gas reserves, 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 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 infrastructure, the existence of common sales points, geography, geological 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. 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. 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 EvaluationExploration 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 assets 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 assets to PP&E. Exploration and evaluation assets are tested for impairment at the operating segment level by combining E&E assets with PP&E. 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 LiabilityThe 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. |
Goodwill | GoodwillThe 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, E&E assets and goodwill and comparing this to the recoverable amount. Any excess of the carrying amount over the recoverable amount is the impairment amount. The recoverable amount estimates is categorized as Level 3 according to the IFRS 13 fair value hierarchy. 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 and vest on terms up to three years from the grant date determined by the Board of Directors. 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 and recognized when they occur. 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. Employee Share Value Plan ("ESVP") awards are accounted for at fair value and vest on terms of up to three years from the grant date as determined by the Board of Directors. Share-based compensation expense is determined based on the estimated fair value of the ESVP awards on the date of grant and subsequently adjusted to reflect the fair value at each period end. The expense is recognized over the service period, with a corresponding increase to long-term compensation liability. ESVP awards are settled in cash upon vesting based on the prevailing Crescent Point share price and the aggregate amount of dividends paid from the grant date. Performance share units ("PSUs") are accounted for at fair value and vest on terms of up to three years from the grant date as determined by the Board of Directors. 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 uses financial derivative instruments and physical delivery commodity contracts from time to time to reduce its exposure to fluctuations in commodity prices, share price, 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. Impairment of Financial Assets Impairment losses are recognized using an expected credit loss model. The Company has adopted the simplified expected credit loss model for its accounts receivable, which permits the use of the lifetime expected loss provision. To measure the expected credit losses, accounts receivable have been grouped based on shared credit risk characteristics and days past due. The Company uses judgment in making these assumptions and selecting the inputs into the expected loss calculation based on past history, existing market conditions and forward looking estimates at the end of each reporting period. |
Business Combinations | Business CombinationsBusiness 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 acquired assets by estimating the discounted after-tax future net cash flows, the fair value of equity instruments issued and the fair value of 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 average exchange rates 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 average exchange rates 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 The Company’s major revenue sources are comprised of sales from the production of crude oil and condensate, natural gas liquids ("NGLs") and natural gas. Revenue is recognized when control of the product transfers to the customer and the collection is reasonably probable, generally upon delivery of the product. Sales of crude oil and condensate, NGLs and natural gas production are based on variable pricing as the transaction prices are based on benchmark commodity prices and other variable factors, including quality differentials and location. Each contract is evaluated based on the nature of the performance obligations, including the Company’s role as either principal or agent. Where the Company acts as principal, revenue is recognized on a gross basis. Where the Company acts as agent, revenue is recognized on a net basis. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents include short-term investments with original maturities of three months or less. |
Leases | Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the commencement date, the lease liability is recognized at the present value of the future lease payments and discounted using the interest rate implicit in the lease or the Company's incremental borrowing rate. A corresponding right-of-use ("ROU") asset will be recognized at the amount of the lease liability, adjusted for any lease incentives received and initial direct costs incurred. Over the term of the lease, financing expense is recognized on the lease liability using the effective interest rate method and charged to net income, lease payments are applied against the lease liability and depreciation on the ROU asset is recorded by class of underlying asset. The lease term is the non-cancellable period of a lease and includes periods covered by an optional lease extension option if reasonably certain the Company will exercise the option to extend. Conversely, periods covered by an option to terminate are included if the Company does not expect to end the lease during that time frame. Leases with a term of less than twelve months or leases for underlying low value assets are recognized as an expense in net income on a straight-line basis over the lease term. A lease modification will be accounted for as a separate lease if it materially changes the scope of the lease. For a modification that is not a separate lease, on the effective date of the lease modification, the Company will remeasure the lease liability and corresponding ROU asset using the interest rate implicit in the lease or the Company's incremental borrowing rate. Any variance between the remeasured ROU asset and lease liability will be recognized as a gain or loss in net income to reflect the change in scope. |
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 and stock options under the Company's Stock Option 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. |
Government Grants | Government GrantsThe Company may receive government grants which provide immediate financial assistance as compensation for costs or expenditures to be incurred. Government grants are accounted for when there is reasonable assurance that conditions attached to the grants are met and that the grants will be received. The Company recognizes government grants in net income on a systematic basis and in line with recognition of the expense that the grants are intended to compensate. |
Other Long-term Assets (Tables)
Other Long-term Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Noncurrent Assets | ($ millions) 2021 2020 Long-term investments — 2.5 Other receivables 6.4 15.7 Other long-term assets 6.4 18.2 |
Disclosure of long-term investments | ($ millions) 2021 2020 Investments in public companies, beginning of year 2.5 6.7 Gain (loss) recognized in other income 10.1 (4.2) Dispositions (12.6) — Investments in public companies, end of year — 2.5 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Schedule of Exploration and Evaluation Assets | ($ millions) 2021 2020 Exploration and evaluation assets at cost 1,613.3 1,736.1 Accumulated amortization (1,564.5) (1,649.7) Net carrying amount 48.8 86.4 Reconciliation of movements during the year Cost, beginning of year 1,736.1 1,848.1 Accumulated amortization, beginning of year (1,649.7) (1,602.6) Net carrying amount, beginning of year 86.4 245.5 Net carrying amount, beginning of year 86.4 245.5 Acquisitions through business combinations 18.6 1.3 Additions 57.8 108.2 Dispositions (5.4) (0.2) Transfers to property, plant and equipment (57.5) (198.0) Amortization (51.0) (71.9) Foreign exchange (0.1) 1.5 Net carrying amount, end of year 48.8 86.4 ($ millions) 2021 2020 Development and production assets 23,402.9 23,584.1 Corporate assets 123.2 120.7 Property, plant and equipment at cost 23,526.1 23,704.8 Accumulated depletion, depreciation and impairment (15,838.8) (19,332.8) Net carrying amount 7,687.3 4,372.0 Reconciliation of movements during the year Development and production assets Cost, beginning of year 23,584.1 23,038.6 Accumulated depletion and impairment, beginning of year (19,265.2) (15,251.0) Net carrying amount, beginning of year 4,318.9 7,787.6 Net carrying amount, beginning of year 4,318.9 7,787.6 Acquisitions through business combinations 953.8 0.2 Additions 736.5 504.2 Dispositions (243.7) (28.0) Transfers from exploration and evaluation assets 57.5 198.0 Depletion (708.5) (611.6) Impairment reversal (impairment) 2,514.4 (3,557.8) Foreign exchange 11.4 26.3 Net carrying amount, end of year 7,640.3 4,318.9 Cost, end of year 23,402.9 23,584.1 Accumulated depletion and impairment, end of year (15,762.6) (19,265.2) Net carrying amount, end of year 7,640.3 4,318.9 Corporate assets Cost, beginning of year 120.7 117.2 Accumulated depreciation, beginning of year (67.6) (63.2) Net carrying amount, beginning of year 53.1 54.0 Net carrying amount, beginning of year 53.1 54.0 Additions 2.5 3.5 Depreciation (8.6) (4.4) Net carrying amount, end of year 47.0 53.1 Cost, end of year 123.2 120.7 Accumulated depreciation, end of year (76.2) (67.6) Net carrying amount, end of year 47.0 53.1 |
Capital Acquisitions and Disp_2
Capital Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations And Dispositions [Abstract] | |
Schedule of Capital Acquisitions and Dispositions | The following table summarizes the major and minor property acquisitions and dispositions: ($ millions) Kaybob Duvernay Acquisition Southeast Saskatchewan Disposition Other minor dispositions, net Cash (676.1) 85.9 11.3 Common shares (264.5) — — Consideration (paid) received (940.6) 85.9 11.3 Exploration and evaluation 18.5 — (5.3) Property, plant and equipment 951.7 (219.6) (22.0) Goodwill — (10.6) (1.2) Decommissioning liability (29.6) 218.3 1.6 Fair value of net assets acquired (Carrying value of net assets disposed) 940.6 (11.9) (26.9) Gain (loss) on capital dispositions — 74.0 (15.6) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Disclosure of property plant and equipment | ($ millions) 2021 2020 Exploration and evaluation assets at cost 1,613.3 1,736.1 Accumulated amortization (1,564.5) (1,649.7) Net carrying amount 48.8 86.4 Reconciliation of movements during the year Cost, beginning of year 1,736.1 1,848.1 Accumulated amortization, beginning of year (1,649.7) (1,602.6) Net carrying amount, beginning of year 86.4 245.5 Net carrying amount, beginning of year 86.4 245.5 Acquisitions through business combinations 18.6 1.3 Additions 57.8 108.2 Dispositions (5.4) (0.2) Transfers to property, plant and equipment (57.5) (198.0) Amortization (51.0) (71.9) Foreign exchange (0.1) 1.5 Net carrying amount, end of year 48.8 86.4 ($ millions) 2021 2020 Development and production assets 23,402.9 23,584.1 Corporate assets 123.2 120.7 Property, plant and equipment at cost 23,526.1 23,704.8 Accumulated depletion, depreciation and impairment (15,838.8) (19,332.8) Net carrying amount 7,687.3 4,372.0 Reconciliation of movements during the year Development and production assets Cost, beginning of year 23,584.1 23,038.6 Accumulated depletion and impairment, beginning of year (19,265.2) (15,251.0) Net carrying amount, beginning of year 4,318.9 7,787.6 Net carrying amount, beginning of year 4,318.9 7,787.6 Acquisitions through business combinations 953.8 0.2 Additions 736.5 504.2 Dispositions (243.7) (28.0) Transfers from exploration and evaluation assets 57.5 198.0 Depletion (708.5) (611.6) Impairment reversal (impairment) 2,514.4 (3,557.8) Foreign exchange 11.4 26.3 Net carrying amount, end of year 7,640.3 4,318.9 Cost, end of year 23,402.9 23,584.1 Accumulated depletion and impairment, end of year (15,762.6) (19,265.2) Net carrying amount, end of year 7,640.3 4,318.9 Corporate assets Cost, beginning of year 120.7 117.2 Accumulated depreciation, beginning of year (67.6) (63.2) Net carrying amount, beginning of year 53.1 54.0 Net carrying amount, beginning of year 53.1 54.0 Additions 2.5 3.5 Depreciation (8.6) (4.4) Net carrying amount, end of year 47.0 53.1 Cost, end of year 123.2 120.7 Accumulated depreciation, end of year (76.2) (67.6) Net carrying amount, end of year 47.0 53.1 |
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 June 30, 2021: 2021 (1) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 (3) WTI ($US/bbl) (2) 71.33 67.20 63.95 63.23 64.50 65.79 67.10 68.44 69.81 71.21 72.63 Exchange Rate ($US/$Cdn) 0.803 0.802 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 WTI ($Cdn/bbl) 88.83 83.79 79.94 79.04 80.63 82.24 83.88 85.55 87.26 89.01 90.79 AECO ($Cdn/mmbtu) (2) 3.46 3.13 2.72 2.71 2.76 2.82 2.88 2.94 2.99 3.05 3.12 (1) Effective July 1, 2021. (2) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (3) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2031 to the end of the reserve life. Exchange rates are assumed to be constant at 0.800. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at March 31, 2020: 2020 (1) 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 (3) WTI ($US/bbl) (2) 29.17 40.45 49.17 53.28 55.66 56.87 58.01 59.17 60.35 61.56 62.79 Exchange Rate ($US/$Cdn) 0.707 0.728 0.745 0.747 0.748 0.750 0.750 0.750 0.750 0.750 0.750 WTI ($Cdn/bbl) 41.26 55.56 66.00 71.33 74.41 75.83 77.35 78.89 80.47 82.08 83.72 AECO ($Cdn/mmbtu) (2) 1.74 2.20 2.38 2.45 2.53 2.60 2.66 2.72 2.79 2.85 2.92 (1) Effective April 1, 2020. (2) 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. |
Schedule of Impairment Loss and Reversal of Impairment Loss | The following table summarizes the impairment reversal for the six months ended June 30, 2021 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment reversal Impairment reversal, net Southeast Saskatchewan Canada 2,941.0 15.00 % 917.7 688.1 Southwest Saskatchewan Canada 1,422.6 15.00 % 604.1 453.0 Southern Alberta (1) Canada 1,911.9 15.00 % 555.6 416.6 Northern U.S. U.S. 861.9 15.00 % 437.0 326.0 Total impairment reversal 7,137.4 2,514.4 1,883.7 (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. The following table summarizes the impairment expense for the year ended December 31, 2020 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment Impairment, net Southeast Saskatchewan Canada 2,500.0 15.00 % 1,726.1 1,286.7 Southwest Saskatchewan Canada 940.9 15.00 % 866.7 646.1 Northern U.S. U.S. 465.8 15.00 % 549.7 410.0 Southern Alberta (1) Canada 489.2 15.00 % 415.3 309.6 Total impairment 4,395.9 3,557.8 2,652.4 (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. |
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 June 30, 2021, with all other variables held constant: CGU Discount Rate Commodity Prices ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (181.1) 199.2 350.7 (349.9) Southwest Saskatchewan (89.1) 97.9 183.4 (182.7) Southern Alberta (1) (89.4) 97.2 189.9 (190.3) Northern U.S. (57.1) 62.9 124.0 (124.1) Increase (decrease) (416.7) 457.2 848.0 (847.0) (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. CGU Discount Rate Commodity Prices ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (139.3) 153.9 255.8 (251.4) Southwest Saskatchewan (55.5) 61.3 109.8 (108.9) Northern U.S. (35.8) 39.8 77.7 (79.4) Southern Alberta (1) (31.6) 35.0 60.8 (64.0) Increase (decrease) (262.2) 290.0 504.1 (503.7) (1) Subsequently referred to as the Alberta CGU. See Note 2 - “Basis of Preparation” for additional information. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Goodwill Rollforward | ($ millions) 2021 2020 Goodwill, beginning of year 223.3 230.9 Southeast Saskatchewan asset disposition (10.6) — Saskatchewan gas infrastructure asset disposition — (6.4) Other dispositions (1.2) (1.2) Goodwill, end of year 211.5 223.3 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Liabilities | ($ millions) 2021 2020 Long-term compensation liability 40.6 10.0 Lease liability 25.5 26.4 Decommissioning liability 34.2 57.4 Other current liabilities 100.3 93.8 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Schedule of Long-term Debt | ($ millions) 2021 2020 Bank debt (1) 331.4 388.2 Senior guaranteed notes 1,638.8 1,871.4 Long-term debt 1,970.2 2,259.6 Long-term debt due within one year 278.1 221.6 Long-term debt due beyond one year 1,692.1 2,038.0 (1) The Company has London Inter-bank Offered Rate ("LIBOR") loans under its bank credit facilities. The US dollar amounts of the LIBOR loans were fixed for purposes of interest and principal repayments. At December 31, 2021, the total notional amount due upon bank debt maturity was $332.3 million (December 31, 2020 - $399.1 million). The Interest Rate Benchmark Reform Phase II amendments, effective January 1, 2021, is not expected to have a financial impact on the Company's results. Upon cessation of LIBOR rates, the Company will transition to alternative benchmark rates. Principal Coupon Rate Hedged Equivalent (1) (Cdn$ millions) Interest Payment Dates Maturity Date Financial statement carrying value 2021 2020 Cdn$50.0 5.53 % — October 14 and April 14 April 14, 2021 — 50.0 US$82.0 5.13 % — October 14 and April 14 April 14, 2021 — 104.6 US$52.5 3.29 % — December 20 and June 20 June 20, 2021 — 67.0 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 253.1 255.1 US$61.5 4.12 % 80.3 October 11 and April 11 April 11, 2023 77.8 78.4 Cdn$80.0 3.58 % 80.0 October 11 and April 11 April 11, 2023 80.0 80.0 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 341.7 344.4 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 325.9 328.4 US$82.0 4.30 % 107.0 October 11 and April 11 April 11, 2025 103.8 104.6 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 291.1 293.4 US$20.0 4.18 % 25.3 October 22 and April 22 April 22, 2027 25.4 25.5 Senior guaranteed notes 1,473.9 1,638.8 1,871.4 Senior guaranteed notes due within one year 278.1 221.6 Senior guaranteed notes due beyond one year 1,360.7 1,649.8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [Abstract] | |
Disclosure of quantitative information about right-of-use assets | ($ millions) Office (1) Fleet Vehicles Other Total Right-of-use asset at cost 121.6 25.2 11.7 158.5 Accumulated depreciation (44.3) (16.1) (6.7) (67.1) Net carrying amount 77.3 9.1 5.0 91.4 Reconciliation of movements during the year Cost, beginning of year 121.0 20.4 11.6 153.0 Accumulated depreciation, beginning of year (32.5) (12.0) (4.8) (49.3) Net carrying amount, beginning of year 88.5 8.4 6.8 103.7 Net carrying amount, beginning of year 88.5 8.4 6.8 103.7 Additions 0.6 4.8 0.5 5.9 Dispositions — — (0.2) (0.2) Depreciation (11.8) (4.1) (2.1) (18.0) Net carrying amount, end of year 77.3 9.1 5.0 91.4 (1) A portion of the Company's office space is subleased. During the year ended December 31, 2021, the Company recorded sublease income of $5.4 million (year ended December 31, 2020 - $5.6 million) as a component of other income. |
Disclosure of additional information about leasing activities for lessee | ($ millions) 2021 2020 Lease liability, beginning of year 156.5 181.2 Additions 5.9 4.8 Financing 6.5 7.1 Payments on lease liability (27.7) (37.1) Other 0.2 0.5 Lease liability, end of year 141.4 156.5 Expected to be incurred within one year 25.5 26.4 Expected to be incurred beyond one year 115.9 130.1 |
Disclosure of maturity analysis of finance lease payments receivable | The undiscounted cash flows relating to the lease liability are as follows: ($ millions) December 31, 2021 1 year 26.0 2 to 3 years 44.7 4 to 5 years 35.2 More than 5 years 59.3 Total (1) 165.2 (1) Includes both the principal and amounts representing interest. |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Decommissioning Liability | ($ millions) 2021 2020 Decommissioning liability, beginning of year 1,022.7 1,144.0 Liabilities incurred 13.6 17.2 Liabilities acquired through capital acquisitions 30.0 0.1 Liabilities disposed through capital dispositions (220.3) (31.1) Liabilities settled (1) (48.9) (19.8) Revaluation of acquired decommissioning liabilities (2) 36.1 0.3 Change in estimated future costs 74.2 (105.8) Change in discount and inflation rate estimates (3.8) 4.6 Accretion 15.4 13.6 Foreign exchange (0.2) (0.4) Decommissioning liability, end of year 918.8 1,022.7 Expected to be incurred within one year 34.2 57.4 Expected to be incurred beyond one year 884.6 965.3 (1) Includes $28.7 million received from government subsidy programs during the year ended December 31, 2021 (year ended December 31, 2020 - $5.1 million). |
Shareholders' Capital (Tables)
Shareholders' Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of shareholders' capital | Crescent Point has an unlimited number of common shares authorized for issuance. 2021 2020 Number of shares Amount ($ millions) Number of shares Amount ($ millions) Common shares, beginning of year 530,035,922 16,707.6 529,399,923 16,705.1 Issued on capital acquisitions 50,000,000 264.5 — — Issued on redemption of restricted shares 2,109,241 8.5 2,801,599 15.2 Issued on exercise of stock options 155,869 0.3 — — Common shares repurchased (2,817,000) (17.5) (2,165,600) (12.7) Common shares, end of year 579,484,032 16,963.4 530,035,922 16,707.6 Cumulative share issue costs, net of tax — (256.5) — (256.1) Total shareholders’ capital, end of year 579,484,032 16,706.9 530,035,922 16,451.5 |
Deficit (Tables)
Deficit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [abstract] | |
Schedule of Deficit | ($ millions) 2021 2020 Accumulated earnings (deficit) (4,184.0) (6,548.1) Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2) 8.4 8.4 Accumulated tax effect on redemption of restricted shares 13.2 12.1 Accumulated dividends (7,686.3) (7,638.5) Deficit (11,848.7) (14,166.1) (1) Premium Dividend TM and Dividend Reinvestment Plan – suspended in 2015. (2) Share Dividend Plan – suspended in 2015. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital Management [Abstract] | |
Schedule of Capital Management | CAPITAL MANAGEMENT ($ millions) 2021 2020 Long-term debt (1) 1,970.2 2,259.6 Adjusted working capital deficiency (2) 201.6 93.4 Unrealized foreign exchange on translation of US dollar long-term debt (166.8) (203.8) Net debt 2,005.0 2,149.2 Shareholders’ equity 5,405.3 2,822.8 Total capitalization 7,410.3 4,972.0 (1) Includes current portion of long-term debt. (2) Adjusted working capital deficiency is calculated as accounts payable and accrued liabilities, dividends payable and long-term compensation liability net of equity derivative contracts, less cash, accounts receivable, prepaids and deposits and long-term investments. |
Schedule of Cash Flows from Operating Activities to Adjusted Funds | The following table reconciles cash flow from operating activities to adjusted funds flow from operations for the year ended December 31, 2021 and December 31, 2020: ($ millions) 2021 2020 Cash flow from operating activities 1,495.8 860.5 Changes in non-cash working capital (51.6) (6.2) Transaction costs 12.5 5.4 Decommissioning expenditures 20.2 14.7 Adjusted funds flow from operations 1,476.9 874.4 |
Commodity Derivative Gains (L_2
Commodity Derivative Gains (Losses) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of Derivative Instruments | ($ millions) 2021 2020 Realized gains (losses) (360.8) 245.7 Unrealized losses (128.1) (52.4) Commodity derivative gains (losses) (488.9) 193.3 |
Other Income (Loss) (Tables)
Other Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of Other Income (Loss) | ($ millions) 2021 2020 Unrealized gain (loss) on long-term investments 3.1 (4.2) Realized gain on sale of long-term investments 7.0 — Gain on capital dispositions 58.4 316.4 Government subsidy for decommissioning expenditures 28.7 5.1 Lease modification — (0.4) Sublease income 5.4 5.6 Other (3.2) (0.2) Other income 99.4 322.3 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of Interest Expense | ($ millions) 2021 2020 Interest expense on long-term debt 88.9 94.6 Unrealized loss on interest derivative contracts 1.7 14.5 Interest expense 90.6 109.1 |
Foreign Exchange Gain (Tables)
Foreign Exchange Gain (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Foreign exchange rates [abstract] | |
Foreign Exchange Gain | ($ millions) 2021 2020 Realized gain on CCS - principal — 49.3 Translation of US dollar long-term debt 37.0 12.8 Unrealized loss on CCS - principal and foreign exchange swaps (34.4) (56.6) Other 1.8 (1.2) Foreign exchange gain 4.4 4.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Disclosure of provision for income taxes | The provision for income taxes is as follows: ($ millions) 2021 2020 Current tax: Canada — — Luxembourg — 0.2 Current tax expense — 0.2 Deferred tax expense (recovery): Canada 715.5 (678.5) United States 84.2 50.7 Deferred tax expense (recovery) 799.7 (627.8) Income tax expense (recovery) 799.7 (627.6) |
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, except percentages) 2021 2020 Net income (loss) before tax 3,163.8 (3,147.5) Statutory income tax rate 25.16 % 25.98 % Expected provision for income taxes 796.0 (817.7) Change in corporate tax rates and tax rate variance 21.9 8.4 Tax rates in foreign jurisdictions 5.8 (1.0) Restricted share bonus plan (1.6) 3.9 Recognition of deferred tax assets (70.7) — Derecognition of deferred tax assets 37.5 203.7 Non-taxable capital gains (2.5) (18.4) Non-deductible impairment of goodwill 3.0 2.0 Other 10.3 (8.5) Income tax expense (recovery) 799.7 (627.6) |
Disclosure of net deferred tax liabilities | The net deferred income tax assets (liabilities) are expected to be settled in the following periods: ($ millions) 2021 2020 Deferred income tax: To be settled within one year 60.1 19.8 To be settled beyond one year 510.0 1,348.1 Deferred income tax 570.1 1,367.9 The movement in deferred income tax assets (liabilities) are as follows: ($ millions) At January 1, (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2021 Deferred income tax assets: Property, plant and equipment 248.9 — (248.9) — Decommissioning liability 262.2 — (32.6) 229.6 Income tax losses carried forward 833.1 — (18.9) 814.2 Share issue costs 1.1 0.1 (0.6) 0.6 Risk management contracts 11.6 — 29.5 41.1 Lease liabilities 40.1 — (4.8) 35.3 Other 7.4 1.8 9.7 18.9 1,404.4 1.9 (266.6) 1,139.7 Deferred income tax liabilities: Property, plant and equipment — — (533.4) (533.4) Risk management contracts (9.9) — (3.5) (13.4) ROU asset (26.6) — 3.8 (22.8) Other — — — — (36.5) — (533.1) (569.6) Net deferred income tax assets (liabilities) 1,367.9 1.9 (799.7) 570.1 ($ millions) At January 1, (Charges) / credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2020 Deferred income tax assets: Property, plant and equipment — — 248.9 248.9 Decommissioning liability 291.2 — (29.0) 262.2 Income tax losses carried forward 932.6 — (99.5) 833.1 Share issue costs 2.5 — (1.4) 1.1 Risk management contracts 4.7 — 6.9 11.6 Lease liabilities 46.5 — (6.4) 40.1 Other 6.6 (5.2) 6.0 7.4 1,284.1 (5.2) 125.5 1,404.4 Deferred income tax liabilities: Property, plant and equipment (475.9) — 475.9 — Risk management contracts (16.0) — 6.1 (9.9) ROU asset (31.7) — 5.1 (26.6) Other (15.2) — 15.2 — (538.8) — 502.3 (36.5) Net deferred income tax assets (liabilities) 745.3 (5.2) 627.8 1,367.9 |
Disclosure of tax pools available | The approximate amounts of tax pools available as at December 31, 2021 and 2020 are as follows: ($ millions) 2021 2020 Tax pools: Canada 7,012.5 6,981.1 United States 2,855.5 3,021.0 Total 9,868.0 10,002.1 The movement in the deferred tax asset in 2021 was primarily a result of the impairment reversal recognized during the year ended December 31, 2021. In 2020, the movement in the deferred tax asset was a result of the impairment expense recognized during the year ended December 31, 2020. Deferred tax assets are recognized to the extent of expected utilization of tax attributes, based on estimated undiscounted future cashflows included in the Company's independent reserve report. |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangements [Abstract] | |
Schedule of restricted shares and DSU's rollforward | The following table reconciles the number of restricted shares, ESVP awards, PSUs and DSUs for the year ended December 31, 2021: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 4,704,129 10,449,383 3,789,689 1,278,263 Granted 1,230,133 2,570,746 2,053,574 278,517 Redeemed (2,146,716) (3,417,496) (2,221,058) — Forfeited (519,829) (1,273,342) (407,585) — Balance, end of year 3,267,717 8,329,291 3,214,620 1,556,780 (1) Based on underlying units before any effect of performance multipliers. The following table reconciles the number of restricted shares, ESVP awards, PSUs and DSUs for the year ended December 31, 2020: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 3,636,194 — 2,920,444 319,891 Granted 4,614,158 11,635,961 1,736,055 958,372 Redeemed (2,889,030) — (615,577) — Forfeited (657,193) (1,186,578) (251,233) — Balance, end of year 4,704,129 10,449,383 3,789,689 1,278,263 (1) Based on underlying units before any effect of performance multipliers. The following table provides summary information regarding stock options outstanding as at December 31, 2021: Stock Options Weighted average exercise price ($) Balance, beginning of year 5,940,871 3.92 Granted 534,264 5.23 Exercised (261,486) 2.23 Forfeited (285,047) 3.46 Expired (89,138) 10.06 Balance, end of year 5,839,464 4.04 The following table provides summary information regarding stock options outstanding as at December 31, 2020: Stock Options Weighted average exercise price ($) Balance, beginning of year 2,833,342 7.59 Granted 3,345,412 1.10 Forfeited (102,832) 7.16 Expired (135,051) 8.66 Balance, end of year 5,940,871 3.92 The following table summarizes information regarding stock options outstanding as at December 31, 2021: |
Summarized Information Regarding Stock Options Outstanding | The following table summarizes information regarding stock options outstanding as at December 31, 2021: Range of exercise prices ($) Number of stock options outstanding Weighted average remaining term for options outstanding (years) Weighted average exercise price per share for options outstanding ($) Number of stock options exercisable Weighted average exercise price per share for options exercisable ($) 1.09 - 1.65 2,992,178 5.25 1.09 507,332 1.09 1.66 - 5.16 904,376 4.23 3.94 314,640 3.96 5.17 - 9.86 648,441 5.83 5.77 61,448 8.56 9.87 - 10.06 1,294,469 3.02 10.06 776,683 10.06 5,839,464 4.66 4.04 1,660,103 6.11 |
Share-based Payment Arrangements, Schedule of Assumptions Used | The Company estimates the fair value of stock options on the date of the grant using a Black-Scholes option pricing model. The following weighted average assumptions were used to estimate the fair value of the stock options at their grant date: 2021 (1) 2020 Grant date share price ($) 5.23 1.10 Exercise price ($) 5.23 1.10 Expected annual dividends ($) 0.01 0.01 Expected volatility (%) 59.45 % 51.93 % Risk-free interest rate (%) 0.94 % 0.59 % Expected life of stock option (years) 4.9 4.9 Fair value per stock option ($) 2.58 0.45 (1) Options were granted in January and April 2021. |
Per Share Amounts (Tables)
Per Share Amounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Disclosure of earnings per share | The following table summarizes the weighted average shares used in calculating net income per share: 2021 2020 Weighted average shares – basic 569,203,428 529,339,710 Dilutive impact of share-based compensation 5,895,220 — Weighted average shares – diluted (1) 575,098,648 529,339,710 (1) Excludes the impact of nil weighted average shares related to share-based compensation that were anti-dilutive for the year ended December 31, 2021 (year ended December 31, 2020 - 2,413,733). |
Financial Instruments and Der_2
Financial Instruments and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2021: 2021 Carrying Value 2021 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 220.5 220.5 — 220.5 — 220.5 220.5 — 220.5 — Financial liabilities Derivatives 164.9 164.9 — 164.9 — Senior guaranteed notes (1) 1,638.8 1,618.4 — 1,618.4 — 1,803.7 1,783.3 — 1,783.3 — (1) 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, 2020: 2020 Carrying Value 2020 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 242.4 242.4 — 242.4 — Long-term investments (1) 2.5 2.5 2.5 — — 244.9 244.9 2.5 242.4 — Financial liabilities Derivatives 45.4 45.4 — 45.4 — Senior guaranteed notes (2) 1,871.4 1,847.7 — 1,847.7 — 1,916.8 1,893.1 — 1,893.1 — (1) Long-term investments are comprised of equity securities in public 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, 2021: 2021 Carrying Value 2021 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 220.5 220.5 — 220.5 — 220.5 220.5 — 220.5 — Financial liabilities Derivatives 164.9 164.9 — 164.9 — Senior guaranteed notes (1) 1,638.8 1,618.4 — 1,618.4 — 1,803.7 1,783.3 — 1,783.3 — (1) 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, 2020: 2020 Carrying Value 2020 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 242.4 242.4 — 242.4 — Long-term investments (1) 2.5 2.5 2.5 — — 244.9 244.9 2.5 242.4 — Financial liabilities Derivatives 45.4 45.4 — 45.4 — Senior guaranteed notes (2) 1,871.4 1,847.7 — 1,847.7 — 1,916.8 1,893.1 — 1,893.1 — (1) Long-term investments are comprised of equity securities in public 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, 2021 and the change in fair value for the year ended December 31, 2021: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets (liabilities), beginning of year (26.3) 7.3 205.0 11.0 197.0 Unrealized change in fair value (128.1) (1.7) (34.4) 22.8 (141.4) Derivative assets (liabilities), end of year (154.4) 5.6 170.6 33.8 55.6 Derivative assets, end of year 5.4 5.7 175.6 33.8 220.5 Derivative liabilities, end of year (159.8) (0.1) (5.0) — (164.9) (1) Includes crude oil, crude oil differentials, propane, natural gas and natural gas differential contracts. (2) Includes interest payments on CCS and interest derivative contracts. (3) Includes principal portion of CCS and foreign exchange contracts. The following table summarizes the fair value as at December 31, 2020 and the change in fair value for the year ended December 31, 2020: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets, beginning of year 26.1 21.8 261.6 — 309.5 Unrealized change in fair value (52.4) (14.5) (56.6) 11.0 (112.5) Derivative assets (liabilities), end of year (26.3) 7.3 205.0 11.0 197.0 Derivative assets, end of year 3.5 9.8 218.1 11.0 242.4 Derivative liabilities, end of year (29.8) (2.5) (13.1) — (45.4) (1) Includes oil and gas contracts. (2) Includes interest payments on CCS and interest derivative contracts. (3) Includes principal portion of CCS and foreign exchange 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, 2021 and December 31, 2020: 2021 2020 ($ millions) Asset Liability Net Asset Liability Net Gross amount 218.9 (163.3) 55.6 248.4 (51.4) 197.0 Amount offset 1.6 (1.6) — (6.0) 6.0 — Net amount 220.5 (164.9) 55.6 242.4 (45.4) 197.0 |
Sensitivity analysis for types of market risk | The following table summarizes the unrealized gains (losses) on the Company's commodity financial derivative contracts and the resulting impact on income before tax due to fluctuations in commodity prices or differentials, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2021 Year ended December 31, 2020 Increase 10% Decrease 10% Increase 10% Decrease 10% Commodity price Crude oil and condensate (148.5) 141.2 (73.7) 72.6 Natural gas (1.1) 1.1 (1.8) 1.8 Propane (0.8) 0.8 — — Differential Crude oil 0.4 (0.4) 0.1 (0.1) Natural gas 1.9 (1.9) — — The following table summarizes the resulting unrealized gains (losses) impacting income before tax due to the respective changes in the period end and applicable foreign exchange rates, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Exchange Rate Year ended December 31, 2021 Year ended December 31, 2020 Cdn$ relative to US$ Increase 10% Decrease 10% Increase 10% Decrease 10% US dollar long-term debt Period End 162.8 (162.8) 197.8 (197.8) Cross currency swaps Forward (168.2) 168.2 (210.7) 210.7 Foreign exchange swaps Forward (0.9) 0.9 (4.6) 4.6 The following table summarizes the unrealized gains (losses) on the Company's equity derivative contracts and the resulting impact on income before tax due to the respective changes in the applicable share price, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Year ended December 31, 2021 Year ended December 31, 2020 Share price Increase 50% Decrease 50% Increase 50% Decrease 50% Total return swaps 27.4 (27.4) 13.3 (13.3) |
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, 2021, 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 450.7 — — — 450.7 Dividends payable 43.5 — — — 43.5 Derivative liabilities (1) 249.0 1.1 0.3 — 250.4 Senior guaranteed notes (2) 280.3 829.2 474.6 25.9 1,610.0 Bank credit facilities (3) 11.7 23.5 346.3 — 381.5 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) These amounts include the notional principal and interest payments pursuant to the CCS and foreign exchange swap related to the senior guaranteed notes, 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, 2021 and includes undiscounted cash outflows pursuant to the CCS related to LIBOR loans. The current maturity date of the Company's facilities is November 26, 2025. 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, 2020 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 310.3 — — — 310.3 Dividends payable 1.3 — — — 1.3 Derivative liabilities (1) 30.3 1.3 — — 31.6 Senior guaranteed notes (2) 251.9 767.0 816.2 26.9 1,862.0 Bank credit facilities (3) 13.1 413.0 — — 426.1 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) These amounts include the notional principal and interest payments pursuant to the CCS and foreign exchange swap related to the senior guaranteed notes, 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, 2020 and includes undiscounted cash outflows pursuant to the CCS related to LIBOR loans. |
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, 2021, 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 450.7 — — — 450.7 Dividends payable 43.5 — — — 43.5 Derivative liabilities (1) 249.0 1.1 0.3 — 250.4 Senior guaranteed notes (2) 280.3 829.2 474.6 25.9 1,610.0 Bank credit facilities (3) 11.7 23.5 346.3 — 381.5 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) These amounts include the notional principal and interest payments pursuant to the CCS and foreign exchange swap related to the senior guaranteed notes, 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, 2021 and includes undiscounted cash outflows pursuant to the CCS related to LIBOR loans. The current maturity date of the Company's facilities is November 26, 2025. 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, 2020 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 310.3 — — — 310.3 Dividends payable 1.3 — — — 1.3 Derivative liabilities (1) 30.3 1.3 — — 31.6 Senior guaranteed notes (2) 251.9 767.0 816.2 26.9 1,862.0 Bank credit facilities (3) 13.1 413.0 — — 426.1 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) These amounts include the notional principal and interest payments pursuant to the CCS and foreign exchange swap related to the senior guaranteed notes, 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, 2020 and includes undiscounted cash outflows pursuant to the CCS related to LIBOR loans. |
Disclosure of derivative contracts | The following is a summary of the derivative contracts in place as at December 31, 2021 : Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1) Swap Collar Three-way Collar Term Volume Average Price Volumes (bbls/d) Average Average Bought Volume Average Average Bought Average 2022 19,856 80.81 16,894 87.66 75.09 10,000 88.18 77.25 66.40 2023 January - March 5,500 90.04 5,500 95.23 83.17 — — — — (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial WTI Crude Oil Differential Derivative Contracts – Canadian Dollar (1) Term Volume Contract Basis Fixed Differential 2022 January - March 2,000 Basis Swap WCS (2) (15.00) 2022 January - March 3,311 Basis Swap MSW (3) (4.88) (1) The volumes and prices reported are the weighted average volumes and prices for the period. (2) WCS refers to Western Canadian Select crude oil differential. (3) MSW refers to Mixed Sweet Blend crude oil differential. Financial Conway Propane Derivative Contracts – Canadian Dollar (1) Term Contract Volume Average Price 2022 January - October Swap 21,000 1.32 (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) Swap Collar Volume Average Volume Average Average Term 2022 January - March 20,000 2.94 20,000 6.20 4.05 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial NYMEX Natural Gas Differential Derivative Contracts – US Dollar (1) Term Volume Contract Basis Fixed Differential 2022 April - December 15,000 Basis Swap AECO (0.94) 2023 15,000 Basis Swap AECO (0.94) 2024 15,000 Basis Swap AECO (0.94) 2025 January - March 15,000 Basis Swap AECO (0.94) (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial Cross Currency Derivative Contracts Term Contract Receive Notional Principal (US$ millions) Fixed Rate (US%) Pay Notional Principal (Cdn$ millions) Fixed Rate (Cdn%) January 2022 Swap 165.0 2.05 209.7 1.86 January 2022 - May 2022 Swap 170.0 4.00 166.9 5.03 January 2022 - April 2023 Swap 61.5 4.12 80.3 3.71 January 2022 - June 2023 Swap 270.0 3.78 274.7 4.32 January 2022 - June 2024 Swap 257.5 3.75 276.4 4.03 January 2022 - April 2025 Swap 82.0 4.30 107.0 3.98 January 2022 - April 2025 Swap 230.0 4.08 291.1 4.13 January 2022 - April 2027 Swap 20.0 4.18 25.3 4.25 Financial Foreign Exchange Forward Derivative Contracts Settlement Date Contract Receive Currency Receive Notional Principal Pay Pay Notional Principal ($ millions) January 2022 Swap US$ 17.0 Cdn$ 21.8 January 2022 Swap Cdn$ 19.2 US$ 15.0 January 2022 Swap (1) Cdn$ 32.0 US$ 25.0 February 2022 Swap (1) Cdn$ 19.2 US$ 15.0 May 2022 Swap US$ 30.0 Cdn$ 32.2 (1) Based on an average floating exchange rate. Financial Equity Derivative Contracts Notional Principal ($ millions) Number of shares Term Contract January 2022 - April 2022 Swap 9.1 3,717,846 January 2022 - April 2023 Swap 8.3 3,674,746 January 2022 - April 2024 Swap 3.6 717,846 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital commitments [abstract] | |
Schedule of Gain Contingencies by Contingency | At December 31, 2021, 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 (1) 4.1 14.3 9.2 16.1 43.7 Gas processing 63.1 116.3 88.3 324.3 592.0 Transportation 38.6 65.6 48.8 9.6 162.6 Capital 12.1 — — — 12.1 Total contractual commitments (2) 117.9 196.2 146.3 350.0 810.4 (1) Includes operating costs on the Company's office space, net of $18.9 million recoveries from subleases. (2) Excludes contracts accounted for under IFRS 16. See Note 12 - "Leases" for additional information. |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Schedule of Significant Subsidiaries Owned | The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2021: Subsidiary Name Country of Incorporation Crescent Point Resources Partnership Canada Crescent Point Holdings Ltd. Canada Crescent Point Energy U.S. Corp. United States of America Crescent Point U.S. Holdings Corp. United States of America |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Disclosures [Abstract] | |
Income statement presentation | The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2021 2020 Operating 59.7 58.4 General and administrative 65.2 64.0 Share-based compensation 53.7 12.3 Total compensation expenses 178.6 134.7 |
Cash flow statement presentation | Cash flow statement presentation ($ millions) 2021 2020 Operating activities Changes in non-cash working capital: Accounts receivable (111.8) 86.7 Prepaids and deposits 15.3 (15.7) Accounts payable and accrued liabilities 99.0 (79.0) Other current liabilities 30.6 7.7 Other long-term liabilities 18.5 6.5 51.6 6.2 Investing activities Changes in non-cash working capital: Accounts receivable (2.1) 9.4 Other long-term receivable 9.3 — Accounts payable and accrued liabilities 41.8 (88.0) 49.0 (78.6) Financing activities Changes in non-cash working capital: Dividends payable 42.2 (4.0) The Company's reconciliation of cash flow from financing activities is outlined in the table below: ($ millions) Dividends payable Long-term debt (1) Lease liability (2) December 31, 2019 5.3 2,905.1 181.2 Changes from cash flow from financing activities: Decrease in bank debt, net (408.1) Repayment of senior guaranteed notes (224.4) Realized gain on cross currency swap maturity 49.3 Cash dividends paid (13.4) Payments on principal portion of lease liability (30.0) Non-cash changes: Cash dividends declared 9.4 Additions 4.8 Other 0.5 Foreign exchange (62.3) December 31, 2020 1.3 2,259.6 156.5 Changes from cash flow from financing activities: Decrease in bank debt, net (34.6) Repayment of senior guaranteed notes (217.6) Cash dividends paid (5.6) Payments on principal portion of lease liability (21.2) Non-cash changes: Cash dividends declared 47.8 Additions 5.9 Other 0.2 Foreign exchange (37.2) December 31, 2021 43.5 1,970.2 141.4 (1) Includes current portion of long-term debt. (2) Includes current portion of lease liability. |
Geographical Disclosure (Tables
Geographical Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of geographical areas [abstract] | |
Disclosure of disaggregation of revenue from contracts with customers | The following table reconciles oil and gas sales by country: ($ millions) (1) 2021 2020 Canada Crude oil and condensate sales 2,361.8 1,307.5 NGL sales 213.5 74.2 Natural gas sales 160.0 64.8 Total Canada 2,735.3 1,446.5 U.S. Crude oil and condensate sales 381.9 218.6 NGL sales 61.0 17.3 Natural gas sales 28.3 9.8 Total U.S. 471.2 245.7 Total oil and gas sales 3,206.5 1,692.2 (1) Oil and gas sales are reported before realized derivatives . The following table reconciles non-current assets by country: ($ millions) 2021 2020 Canada 7,551.0 5,520.6 U.S. 1,209.3 846.6 Total 8,760.3 6,367.2 |
Basis of Preparation (Details)
Basis of Preparation (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Share Bonus Plan | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Award vesting (in years) | 3 years |
Employee Share Value Plan | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Award vesting (in years) | 3 years |
Performance Share Units | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Award vesting (in years) | 3 years |
Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 16 years |
Maximum | Deferred Share Units | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Award vesting (in years) | 7 years |
(Other Long-term Assets) (Detai
(Other Long-term Assets) (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Long-term investments | $ 0 | $ 2.5 |
Other long-term assets | 6.4 | 18.2 |
Other receivables | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Long-term investments | $ 6.4 | $ 15.7 |
Other Long-term Assets (Long-te
Other Long-term Assets (Long-term Investments) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Investments in public companies, beginning of year | $ 2.5 | |
Gain (loss) recognized in other income | (3.1) | $ 4.2 |
Investments in public companies, end of year | 0 | 2.5 |
Non-current receivables from taxes other than income tax | 6.4 | 15.7 |
Public Companies | ||
Disclosure of financial assets [line items] | ||
Investments in public companies, beginning of year | 2.5 | 6.7 |
Gain (loss) recognized in other income | 10.1 | (4.2) |
Dispositions | (12.6) | 0 |
Investments in public companies, end of year | $ 0 | 2.5 |
Accumulated increase (decrease) in investments | $ 3.1 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning of period | $ 4,372 | $ 4,372 | ||
End of period | 7,687.3 | $ 4,372 | ||
Impairment loss recognised in profit or loss, property, plant and equipment | $ 3,560 | 2,510 | ||
Gross carrying amount | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning of period | 23,704.8 | 23,704.8 | ||
End of period | 23,526.1 | 23,704.8 | ||
Exploration and evaluation assets | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning of period | 245.5 | 86.4 | 86.4 | 245.5 |
Acquisitions through business combinations | 18.6 | 1.3 | ||
Additions | 57.8 | 108.2 | ||
Dispositions | (5.4) | (0.2) | ||
Transfers to property, plant and equipment | (57.5) | (198) | ||
Amortization | (51) | (71.9) | ||
Foreign exchange | (0.1) | 1.5 | ||
End of period | 48.8 | 86.4 | ||
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 | 1,848.1 | 1,736.1 | 1,736.1 | 1,848.1 |
End of period | 1,613.3 | 1,736.1 | ||
Exploration and evaluation assets | Accumulated depreciation and amortisation | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning of period | $ (1,602.6) | $ (1,649.7) | (1,649.7) | (1,602.6) |
End of period | $ (1,564.5) | $ (1,649.7) |
Capital Acquisitions and Disp_3
Capital Acquisitions and Dispositions (Narrative) (Details) shares in Millions, $ in Millions | Apr. 01, 2021CAD ($)shares | Jun. 30, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) |
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 | $ 12.5 | $ 5.4 | |||
Gain (loss) on capital dispositions | 58.4 | $ 316.4 | |||
Kaybob Duvernay | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Consideration, net | $ 940.6 | ||||
Cash | $ 676.1 | ||||
Equity consideration (in shares) | shares | 50 | ||||
Revenue of acquiree since acquisition date | $ 499.8 | ||||
Profit (loss) of acquiree since acquisition date | $ 393.8 | ||||
Revenue of combined entity as if combination occurred at beginning of period | 629.8 | ||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 496.8 | ||||
Carrying value | $ 940.6 | ||||
Gain (loss) on capital dispositions | $ 0 | ||||
Southeast Saskatchewan asset disposition | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Consideration, net | $ (85.9) | ||||
Cash | (85.9) | ||||
Carrying value | (11.9) | ||||
Gain (loss) on capital dispositions | $ (74) | ||||
Other minor dispositions, net | |||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||
Consideration, net | (11.3) | ||||
Cash | (11.3) | ||||
Carrying value | (26.9) | ||||
Gain (loss) on capital dispositions | $ 15.6 |
Capital Acquisitions and Disp_4
Capital Acquisitions and Dispositions (Schedule of Minor Acquisitions and Dispositions) (Details) - CAD ($) $ in Millions | Apr. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2021 |
Kaybob Duvernay | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Cash | $ (676.1) | ||
Common shares | (264.5) | ||
Consideration, net | (940.6) | ||
Exploration and evaluation | 18.5 | ||
Property, plant and equipment | 951.7 | ||
Goodwill | 0 | ||
Decommissioning liability | (29.6) | ||
Fair value of net assets acquired (Carrying value of net assets disposed) | 940.6 | ||
Gain (loss) on capital dispositions | $ 0 | ||
Southeast Saskatchewan asset disposition | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Cash | $ 85.9 | ||
Common shares | 0 | ||
Consideration, net | 85.9 | ||
Exploration and evaluation | 0 | ||
Property, plant and equipment | (219.6) | ||
Goodwill | (10.6) | ||
Decommissioning liability | 218.3 | ||
Fair value of net assets acquired (Carrying value of net assets disposed) | (11.9) | ||
Gain (loss) on capital dispositions | $ 74 | ||
Other minor dispositions, net | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Cash | $ 11.3 | ||
Common shares | 0 | ||
Consideration, net | 11.3 | ||
Exploration and evaluation | (5.3) | ||
Property, plant and equipment | (22) | ||
Goodwill | (1.2) | ||
Decommissioning liability | 1.6 | ||
Fair value of net assets acquired (Carrying value of net assets disposed) | (26.9) | ||
Gain (loss) on capital dispositions | $ (15.6) |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | $ 4,372 | |
End of period | 7,687.3 | $ 4,372 |
General and administrative costs capitalized | 45.1 | 37.7 |
Share-based compensation expense capitalized | 14.3 | 5.4 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 23,704.8 | |
End of period | 23,526.1 | 23,704.8 |
Accumulated depreciation, amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (19,332.8) | |
End of period | (15,838.8) | (19,332.8) |
Development And Production Assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 4,318.9 | 7,787.6 |
Acquisitions through business combinations | 953.8 | 0.2 |
Additions | 736.5 | 504.2 |
Dispositions | (243.7) | (28) |
Transfers from exploration and evaluation assets | 57.5 | 198 |
Depletion | (708.5) | (611.6) |
Impairment reversal (impairment) | 2,514.4 | (3,557.8) |
Foreign exchange | 11.4 | 26.3 |
End of period | 7,640.3 | 4,318.9 |
Development And Production Assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 23,584.1 | 23,038.6 |
End of period | 23,402.9 | 23,584.1 |
Development And Production Assets | Accumulated depreciation, amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (19,265.2) | (15,251) |
End of period | (15,762.6) | (19,265.2) |
Corporate Assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 53.1 | 54 |
Additions | 2.5 | 3.5 |
Depletion | (8.6) | (4.4) |
End of period | 47 | 53.1 |
Corporate Assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 120.7 | 117.2 |
End of period | 123.2 | 120.7 |
Corporate Assets | Accumulated depreciation, amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (67.6) | (63.2) |
End of period | (76.2) | (67.6) |
Future Development Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 4,180 | |
End of period | $ 4,580 | $ 4,180 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Impairment Test of Property, Plant and Equipment) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Mar. 31, 2020CAD ($)$ / bbl | Jun. 30, 2021CAD ($)$ / bbl | Dec. 31, 2021CAD ($) | Jun. 30, 2021$ / $ | Jun. 30, 2021$ / bbl | Jun. 30, 2021$ / MMbtu | Jun. 30, 2021 | Mar. 31, 2020$ / $ | Mar. 31, 2020$ / bbl | Mar. 31, 2020$ / MMbtu | Mar. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark commodity price, assumed annual increase, percent | 2.00% | 2.00% | |||||||||
Forecast benchmark, commodity price, assumed exchanged rate | 80.00% | 75.00% | |||||||||
Impairment loss recognised in profit or loss, property, plant and equipment | $ | $ 3,560 | $ 2,510 | |||||||||
Southeast Saskatchewan asset disposition | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
After tax impairment losses that can be reversed in future periods | $ | $ 1,760 | ||||||||||
Southwest Saskatchewan | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
After tax impairment losses that can be reversed in future periods | $ | 1,190 | ||||||||||
Southern Alberta | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
After tax impairment losses that can be reversed in future periods | $ | 244 | ||||||||||
Northern U.S. | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
After tax impairment losses that can be reversed in future periods | $ | $ 53.6 | ||||||||||
2020 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 29.17 | 41.26 | |||||||||
Closing foreign exchange rate | $ / $ | 0.707 | ||||||||||
2020 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 1.74 | ||||||||||
2021 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 40.45 | 71.33 | 88.83 | 55.56 | |||||||
Closing foreign exchange rate | $ / $ | 0.803 | 0.728 | |||||||||
2021 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 3.46 | 2.20 | |||||||||
2022 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 49.17 | 67.20 | 83.79 | 66 | |||||||
Closing foreign exchange rate | $ / $ | 0.802 | 0.745 | |||||||||
2022 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 3.13 | 2.38 | |||||||||
2023 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 53.28 | 63.95 | 79.94 | 71.33 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.747 | |||||||||
2023 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.72 | 2.45 | |||||||||
2024 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 55.66 | 63.23 | 79.04 | 74.41 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.748 | |||||||||
2024 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.71 | 2.53 | |||||||||
2025 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 56.87 | 64.50 | 80.63 | 75.83 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.750 | |||||||||
2025 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.76 | 2.60 | |||||||||
2026 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 58.01 | 65.79 | 82.24 | 77.35 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.750 | |||||||||
2026 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.82 | 2.66 | |||||||||
2027 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 59.17 | 67.10 | 83.88 | 78.89 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.750 | |||||||||
2027 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.88 | 2.72 | |||||||||
2028 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 60.35 | 68.44 | 85.55 | 80.47 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.750 | |||||||||
2028 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.94 | 2.79 | |||||||||
2029 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 61.56 | 69.81 | 87.26 | 82.08 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.750 | |||||||||
2029 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.99 | 2.85 | |||||||||
2030 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 62.79 | 71.21 | 89.01 | 83.72 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | 0.750 | |||||||||
2030 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 3.05 | 2.92 | |||||||||
2031 | WTI Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | 72.63 | 90.79 | |||||||||
Closing foreign exchange rate | $ / $ | 0.800 | ||||||||||
2031 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 3.12 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Impairment Loss and Recovery) (Details) - CAD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 7,137.4 | $ 4,395.9 |
(Impairment) Reversal of Impairment Loss | 2,514.4 | 3,557.8 |
(Impairment) Reversal of Impairment Loss, Net of Tax | 1,883.7 | 2,652.4 |
Southeast Saskatchewan asset disposition | Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 2,941 | $ 2,500 |
Discount rate used in current estimate of value in use | 15.00% | 15.00% |
(Impairment) Reversal of Impairment Loss | $ 917.7 | $ 1,726.1 |
(Impairment) Reversal of Impairment Loss, Net of Tax | 688.1 | 1,286.7 |
Southwest Saskatchewan | Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 1,422.6 | $ 940.9 |
Discount rate used in current estimate of value in use | 15.00% | 15.00% |
(Impairment) Reversal of Impairment Loss | $ 604.1 | $ 866.7 |
(Impairment) Reversal of Impairment Loss, Net of Tax | 453 | 646.1 |
Southern Alberta | Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 1,911.9 | $ 489.2 |
Discount rate used in current estimate of value in use | 15.00% | 15.00% |
(Impairment) Reversal of Impairment Loss | $ 555.6 | $ 415.3 |
(Impairment) Reversal of Impairment Loss, Net of Tax | 416.6 | 309.6 |
Northern U.S. | U.S. | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount of asset or cash-generating unit | $ 861.9 | $ 465.8 |
Discount rate used in current estimate of value in use | 15.00% | 15.00% |
(Impairment) Reversal of Impairment Loss | $ 437 | $ 549.7 |
(Impairment) Reversal of Impairment Loss, Net of Tax | $ 326 | $ 410 |
Property, Plant and Equipment_5
Property, Plant and Equipment (Market Risk) (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2020 | Jun. 30, 2021 | |
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 | $ (262.2) | $ (416.7) |
Discount Rate Increase 1% | Southeast Saskatchewan asset disposition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (139.3) | (181.1) |
Discount Rate Increase 1% | Southwest Saskatchewan | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (55.5) | (89.1) |
Discount Rate Increase 1% | Northern U.S. | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (35.8) | (57.1) |
Discount Rate Increase 1% | Southern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (31.6) | (89.4) |
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 | 290 | 457.2 |
Discount Rate Decrease 1% | Southeast Saskatchewan asset disposition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 153.9 | 199.2 |
Discount Rate Decrease 1% | Southwest Saskatchewan | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 61.3 | 97.9 |
Discount Rate Decrease 1% | Northern U.S. | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 39.8 | 62.9 |
Discount Rate Decrease 1% | Southern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 35 | 97.2 |
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 | 504.1 | 848 |
Commodity Prices Increase 5% | Southeast Saskatchewan asset disposition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 255.8 | 350.7 |
Commodity Prices Increase 5% | Southwest Saskatchewan | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 109.8 | 183.4 |
Commodity Prices Increase 5% | Northern U.S. | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 77.7 | 124 |
Commodity Prices Increase 5% | Southern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 60.8 | 189.9 |
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 | (503.7) | (847) |
Commodity Prices Decrease 5% | Southeast Saskatchewan asset disposition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (251.4) | (349.9) |
Commodity Prices Decrease 5% | Southwest Saskatchewan | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (108.9) | (182.7) |
Commodity Prices Decrease 5% | Northern U.S. | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (79.4) | (124.1) |
Commodity Prices Decrease 5% | Southern Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | $ (64) | $ (190.3) |
Goodwill (Details)
Goodwill (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Goodwill [Roll Forward] | |||
Goodwill, beginning of year | $ 223.3 | $ 230.9 | |
Goodwill | (1.2) | (1.2) | |
Goodwill, end of year | 211.5 | 223.3 | |
Southeast Saskatchewan asset disposition | |||
Schedule of Goodwill [Roll Forward] | |||
Asset dispositions | (10.6) | 0 | |
Goodwill | $ (10.6) | ||
Saskatchewan gas infrastructure asset disposition | |||
Schedule of Goodwill [Roll Forward] | |||
Asset dispositions | $ 0 | $ (6.4) |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Long-term compensation liability | $ 40.6 | $ 10 |
Lease liability | 25.5 | 26.4 |
Decommissioning liability | 34.2 | 57.4 |
Other current liabilities | $ 100.3 | $ 93.8 |
Long-term Debt (Reconciliation
Long-term Debt (Reconciliation Long Term Debt) (Details) $ in Millions, $ in Millions | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Bank debt | $ 331.4 | $ 388.2 | ||
Senior guaranteed notes | 1,871.4 | |||
Long-term debt | 1,970.2 | 2,259.6 | $ 2,905.1 | |
Long-term debt due within one year | 221.6 | |||
Long-term debt due beyond one year | 1,692.1 | 2,038 | ||
Bank debt | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 332.3 | $ 399.1 | ||
Senior guaranteed notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt due beyond one year | 220 | $ 1,120 | ||
Principal due on maturity | $ 1,473.9 |
Long-term Debt (Bank Debt) (Det
Long-term Debt (Bank Debt) (Details) | Dec. 31, 2021CAD ($)bank | Dec. 31, 2020CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||
Credit facility, maximum borrowing capacity | $ 2,300,000,000 | |
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 | |
Letter of credit amount outstanding | $ 1,000,000 | $ 10,400,000 |
Syndicated Unsecured Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Credit facility, maximum borrowing capacity | $ 2,200,000,000 | |
Number of banks | bank | 11 | |
Unsecured Operating Credit Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Credit facility, maximum borrowing capacity | $ 100,000,000 | |
Number of banks | bank | 1 |
Long-term Debt (Senior Guarante
Long-term Debt (Senior Guaranteed Noted) (Details) | Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | $ 1,692,100,000 | $ 2,038,000,000 | ||
Senior guaranteed notes | 1,871,400,000 | |||
Current notes and debentures issued and current portion of non-current notes and debentures issued | 278,100,000 | 221,600,000 | ||
Non-current portion of non-current notes and debentures issued | 1,360,700,000 | 1,649,800,000 | ||
Borrowings | 1,970,200,000 | 2,259,600,000 | $ 2,905,100,000 | |
Bank debt | 331,400,000 | 388,200,000 | ||
Senior guaranteed notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 220,000,000 | $ 1,120,000,000 | ||
Principal due on maturity | 1,473,900,000 | |||
Senior guaranteed notes | Cross Currency Derivative Contract Swap 2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | 1,220,000,000 | |||
Borrowings | 1,090,000,000 | |||
Senior guaranteed notes | January 2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | 32,200,000 | |||
Borrowings | $ 30,000,000 | |||
5.53% Interest, Maturing 4/14/2021 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 50,000,000 | |||
Borrowings, interest rate | 5.53% | 5.53% | ||
Principal due on maturity | $ 0 | |||
Senior guaranteed notes | $ 0 | 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 | $ 0 | |||
Senior guaranteed notes | $ 0 | 104,600,000 | ||
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 | $ 0 | |||
Senior guaranteed notes | 0 | 67,000,000 | ||
4.76% Interest, Maturing 5/22/2022 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 25,000,000 | |||
Borrowings, interest rate | 4.76% | 4.76% | ||
Principal due on maturity | $ 25,000,000 | |||
Senior guaranteed notes | $ 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 | $ 199,100,000 | |||
Senior guaranteed notes | $ 253,100,000 | 255,100,000 | ||
4.12% Interest, Maturing 4/11/2023 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 61,500,000 | |||
Borrowings, interest rate | 4.12% | 4.12% | ||
Principal due on maturity | $ 80,300,000 | |||
Senior guaranteed notes | 77,800,000 | 78,400,000 | ||
3.58% Interest, Maturing 4/11/2023 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 80,000,000 | |||
Borrowings, interest rate | 3.58% | 3.58% | ||
Principal due on maturity | $ 80,000,000 | |||
Senior guaranteed notes | 80,000,000 | 80,000,000 | ||
4.11% Interest, Maturing 6/12/2023 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 10,000,000 | |||
Borrowings, interest rate | 4.11% | 4.11% | ||
Principal due on maturity | $ 10,000,000 | |||
Senior guaranteed notes | $ 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 | $ 274,700,000 | |||
Senior guaranteed notes | 341,700,000 | 344,400,000 | ||
3.85% Interest, Maturing 6/20/2024 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 40,000,000 | |||
Borrowings, interest rate | 3.85% | 3.85% | ||
Principal due on maturity | $ 40,000,000 | |||
Senior guaranteed notes | $ 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 | $ 276,400,000 | |||
Senior guaranteed notes | $ 325,900,000 | 328,400,000 | ||
4.30% Interest, Maturing 4/11/2025 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 82,000,000 | |||
Borrowings, interest rate | 4.30% | 4.30% | ||
Principal due on maturity | $ 107,000,000 | |||
Senior guaranteed notes | 103,800,000 | 104,600,000 | ||
3.94% Interest, Maturing 4/22/2025 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal | $ 65,000,000 | |||
Borrowings, interest rate | 3.94% | 3.94% | ||
Principal due on maturity | $ 65,000,000 | |||
Senior guaranteed notes | $ 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 | $ 291,100,000 | |||
Senior guaranteed notes | $ 291,100,000 | 293,400,000 | ||
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 | $ 25,300,000 | |||
Senior guaranteed notes | $ 25,400,000 | $ 25,500,000 |
Leases (Right-of-Use Assets) (D
Leases (Right-of-Use Assets) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | $ 158.5 | $ 153 |
Accumulated depreciation | (67.1) | (49.3) |
Right-of-use asset | 91.4 | 103.7 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 103.7 | |
Additions | 5.9 | |
Dispositions | (0.2) | |
Depreciation | (18) | |
Net carrying amount, end of year | 91.4 | 103.7 |
Sublease income | 5.4 | 5.6 |
Other Income (Loss) | ||
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Sublease income | 5.4 | 5.6 |
Office | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | 121.6 | 121 |
Accumulated depreciation | (44.3) | (32.5) |
Right-of-use asset | 77.3 | 88.5 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 88.5 | |
Additions | 0.6 | |
Dispositions | 0 | |
Depreciation | (11.8) | |
Net carrying amount, end of year | 77.3 | 88.5 |
Fleet Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | 25.2 | 20.4 |
Accumulated depreciation | (16.1) | (12) |
Right-of-use asset | 9.1 | 8.4 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 8.4 | |
Additions | 4.8 | |
Dispositions | 0 | |
Depreciation | (4.1) | |
Net carrying amount, end of year | 9.1 | 8.4 |
Other | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | 11.7 | 11.6 |
Accumulated depreciation | (6.7) | (4.8) |
Right-of-use asset | 5 | 6.8 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 6.8 | |
Additions | 0.5 | |
Dispositions | (0.2) | |
Depreciation | (2.1) | |
Net carrying amount, end of year | $ 5 | $ 6.8 |
Leases (Lease Liability) (Detai
Leases (Lease Liability) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Liability, Period Increase (Decrease) Rollforward [Roll Forward] | ||
Lease liability, beginning of year | $ 156.5 | $ 181.2 |
Additions | 5.9 | 4.8 |
Financing | 6.5 | 7.1 |
Payments on lease liability | (27.7) | (37.1) |
Other | 0.2 | 0.5 |
Lease liability, end of year | 141.4 | 156.5 |
Expected to be incurred within one year | 25.5 | 26.4 |
Expected to be incurred beyond one year | 115.9 | 130.1 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 1.5 | 2.2 |
Expense relating to short-term leases for which recognition exemption has been used | $ 0.6 | $ 0.6 |
Leases (Undiscounted Lease Paym
Leases (Undiscounted Lease Payments Maturity Schedule) (Details) $ in Millions | Dec. 31, 2021CAD ($) |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | $ 165.2 |
1 year | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | 26 |
2 to 3 years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | 44.7 |
4 to 5 years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | 35.2 |
More than 5 years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | $ 59.3 |
Other Long-term Liabilities (De
Other Long-term Liabilities (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Long-term compensation liability | $ 35.8 | $ 17.3 |
Decommissioning Liability (Deta
Decommissioning Liability (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Provisions for Changes in Decommissioning Liability [Roll Forward] | ||
Decommissioning liability, beginning of year | $ 1,020 | |
Decommissioning liability, end of year | 918.8 | $ 1,020 |
Expected to be incurred within one year | (34.2) | (57.4) |
Decommissioning liability | 965.3 | |
Provision for decommissioning, restoration and rehabilitation costs | 918.8 | 1,020 |
Decommissioning liability, undiscounted cash flows | $ 896.6 | $ 976.5 |
Discount rate applied to cash flow projections | 1.68% | 1.21% |
Inflation rate used to extrapolate cash flow projections | 1.82% | 1.49% |
Decommissioning liability | ||
Provisions for Changes in Decommissioning Liability [Roll Forward] | ||
Decommissioning liability, beginning of year | $ 1,022.7 | $ 1,144 |
Liabilities incurred | 13.6 | 17.2 |
Liabilities acquired through capital acquisitions | 30 | 0.1 |
Liabilities disposed through capital dispositions | (220.3) | (31.1) |
Liabilities settled (1) | (48.9) | (19.8) |
Revaluation of acquired decommissioning liabilities (2) | 36.1 | 0.3 |
Change in estimated future costs | 74.2 | (105.8) |
Change in discount and inflation rate estimates | (3.8) | 4.6 |
Accretion | 15.4 | 13.6 |
Foreign exchange | (0.2) | (0.4) |
Decommissioning liability, end of year | 918.8 | 1,022.7 |
Expected to be incurred within one year | (34.2) | (57.4) |
Decommissioning liability | 884.6 | 965.3 |
Proceeds from government subsidy programs | 28.7 | 5.1 |
Provision for decommissioning, restoration and rehabilitation costs | $ 918.8 | $ 1,022.7 |
Shareholders' Capital (Details)
Shareholders' Capital (Details) - CAD ($) $ in Millions | Mar. 05, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Amount | |||
Redemption of restricted shares | $ 0.8 | $ 0 | |
Common shares repurchased | 17.5 | 12.7 | |
Shareholders’ capital | $ 16,706.9 | $ 16,451.5 | |
Percent of public float | 5.00% | ||
Shareholders’ capital | |||
Number of shares | |||
Common shares, beginning of year (in shares) | 530,035,922 | 529,399,923 | |
Issued on capital acquisitions (in shares) | 50,000,000 | 0 | |
Issued on redemption of restricted stock (in shares) | 2,109,241 | 2,801,599 | |
Issued on exercise of stock options (in shares) | 155,869 | 0 | |
Common shares repurchased (in shares) | (26,462,509) | (2,817,000) | (2,165,600) |
Common shares, end of year (in shares) | 579,484,032 | 530,035,922 | |
Amount | |||
Common shares, beginning of year | $ 16,707.6 | $ 16,705.1 | |
Issued on capital acquisitions | 264.5 | 0 | |
Redemption of restricted shares | 8.5 | 15.2 | |
Issued on exercise of stock options | 0.3 | 0 | |
Common shares repurchased | (17.5) | (12.7) | |
Common shares, end of year | 16,963.4 | 16,707.6 | |
Cumulative share issue costs, net of tax | (256.5) | (256.1) | |
Shareholders’ capital | $ 16,706.9 | $ 16,451.5 |
Deficit (Details)
Deficit (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reserves within equity [line items] | ||
Deficit | $ (11,848.7) | $ (14,166.1) |
Accumulated earnings (deficit) | ||
Disclosure of reserves within equity [line items] | ||
Deficit | (4,184) | (6,548.1) |
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 | 13.2 | 12.1 |
Accumulated dividends | ||
Disclosure of reserves within equity [line items] | ||
Deficit | $ (7,686.3) | $ (7,638.5) |
Capital Management (Details)
Capital Management (Details) $ in Millions | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) |
Capital Management [Abstract] | |||
Borrowings | $ 1,970.2 | $ 2,259.6 | $ 2,905.1 |
Adjusted working capital deficiency | 201.6 | 93.4 | |
Unrealized foreign exchange on translation of US dollar long-term debt | (166.8) | (203.8) | |
Net debt | 2,005 | 2,149.2 | |
Shareholders’ equity | 5,405.3 | 2,822.8 | $ 5,342.7 |
Total capitalization | $ 7,410.3 | $ 4,972 | |
Net debt to adjusted cash flow from operations ratio | 1.4 | 2.5 |
Capital Management (Cash Flows
Capital Management (Cash Flows to Adjusted Funds Flow from Operations) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows [abstract] | ||
Cash flow from operating activities | $ 1,495.8 | $ 860.5 |
Changes in non-cash working capital | (51.6) | (6.2) |
Transaction costs | 12.5 | 5.4 |
Decommissioning expenditures | 20.2 | 14.7 |
Adjusted funds flow from operations | $ 1,476.9 | $ 874.4 |
Commodity Derivative Gains (L_3
Commodity Derivative Gains (Losses) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||
Unrealized losses | $ (141.4) | $ (112.5) |
Commodity derivative gains (losses) | (488.9) | 193.3 |
Commodity contracts | ||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | ||
Realized gains (losses) | (360.8) | 245.7 |
Unrealized losses | (128.1) | (52.4) |
Commodity derivative gains (losses) | $ (488.9) | $ 193.3 |
Other Income (Loss) (Details)
Other Income (Loss) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | ||
Unrealized gain (loss) on long-term investments | $ 3.1 | $ (4.2) |
Realized gain on sale of long-term investments | 7 | 0 |
Gain (loss) on capital dispositions | 58.4 | 316.4 |
ARO Federal Aid | 28.7 | 5.1 |
Lease modification | (0.4) | |
Sublease income | 5.4 | 5.6 |
Other | (3.2) | (0.2) |
Other income (loss) | $ 99.4 | $ 322.3 |
Interest Expense (Details)
Interest Expense (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | ||
Interest | $ 88.9 | $ 94.6 |
Unrealized loss on interest derivative contracts | 1.7 | 14.5 |
Interest expense | $ 90.6 | $ 109.1 |
Foreign Exchange Gain (Details)
Foreign Exchange Gain (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Foreign exchange gain | $ 4.4 | $ 4.3 |
CCS - Principal and foreign exchange swaps | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Realized gain (loss) | 0 | 49.3 |
Translation of US dollar long-term debt | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Realized gain (loss) | 37 | 12.8 |
Unrealized loss on CCS - principal and foreign exchange swaps | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrealized gain (loss) | (34.4) | (56.6) |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrealized gain (loss) | $ 1.8 | $ (1.2) |
Income Taxes (Provision for inc
Income Taxes (Provision for income taxes) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax: | ||
Canada | $ 0 | $ 0 |
Luxembourg | 0 | 0.2 |
Current tax expense | 0 | 0.2 |
Deferred tax expense (recovery): | ||
Canada | 715.5 | (678.5) |
United States | 84.2 | 50.7 |
Deferred | 799.7 | (627.8) |
Income tax expense (recovery) | $ 799.7 | $ (627.6) |
Income Taxes (Income Tax Rate R
Income Taxes (Income Tax Rate Reconciliation) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | ||
Net income (loss) before tax | $ 3,163.8 | $ (3,147.5) |
Statutory income tax rate | 25.16% | 25.98% |
Expected provision for income taxes | $ 796 | $ (817.7) |
Change in corporate tax rates and tax rate variance | 21.9 | 8.4 |
Tax rates in foreign jurisdictions | 5.8 | (1) |
Restricted share bonus plan | (1.6) | 3.9 |
Recognition of deferred tax assets | (70.7) | 0 |
Derecognition of deferred tax assets | 37.5 | 203.7 |
Non-taxable capital gains | (2.5) | (18.4) |
Non-deductible impairment of goodwill | 3 | 2 |
Other | 10.3 | (8.5) |
Income tax expense (recovery) | $ 799.7 | $ (627.6) |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities, Net) (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax liabilities | $ (570.1) | $ (1,367.9) | $ (745.3) |
To be settled within one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax liabilities | (60.1) | (19.8) | |
To be settled beyond one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax liabilities | $ (510) | $ (1,348.1) |
Income Taxes (Deferred Tax Roll
Income Taxes (Deferred Tax Rollforward) (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | $ (570.1) | $ (1,367.9) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (1.9) | 5.2 |
(Charged) / credited to earnings | (799.7) | 627.8 |
Net deferred income tax liabilities at the end of the period | (1,367.9) | (745.3) |
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 | (1,139.7) | (1,404.4) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (1.9) | 5.2 |
(Charged) / credited to earnings | (266.6) | 125.5 |
Net deferred income tax liabilities at the end of the period | (1,404.4) | (1,284.1) |
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 | 0 | (248.9) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (248.9) | 248.9 |
Net deferred income tax liabilities at the end of the period | (248.9) | 0 |
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 | (229.6) | (262.2) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (32.6) | (29) |
Net deferred income tax liabilities at the end of the period | (262.2) | (291.2) |
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 | (814.2) | (833.1) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (18.9) | (99.5) |
Net deferred income tax liabilities at the end of the period | (833.1) | (932.6) |
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 | (0.6) | (1.1) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (0.1) | 0 |
(Charged) / credited to earnings | (0.6) | (1.4) |
Net deferred income tax liabilities at the end of the period | (1.1) | (2.5) |
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 | (41.1) | (11.6) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | 29.5 | 6.9 |
Net deferred income tax liabilities at the end of the period | (11.6) | (4.7) |
Lease 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 | (35.3) | (40.1) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (4.8) | (6.4) |
Net deferred income tax liabilities at the end of the period | (40.1) | (46.5) |
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 | (18.9) | (7.4) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (1.8) | 5.2 |
(Charged) / credited to earnings | 9.7 | 6 |
Net deferred income tax liabilities at the end of the period | (7.4) | (6.6) |
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 | 569.6 | 36.5 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (533.1) | 502.3 |
Net deferred income tax liabilities at the end of the period | 36.5 | 538.8 |
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 | 533.4 | 0 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (533.4) | 475.9 |
Net deferred income tax liabilities at the end of the period | 0 | 475.9 |
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 | 13.4 | 9.9 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | (3.5) | 6.1 |
Net deferred income tax liabilities at the end of the period | 9.9 | 16 |
ROU asset | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 22.8 | 26.6 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | 3.8 | 5.1 |
Net deferred income tax liabilities at the end of the period | 26.6 | 31.7 |
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 | 0 | 0 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | 0 | 15.2 |
Net deferred income tax liabilities at the end of the period | $ 0 | $ 15.2 |
Income Taxes (Tax Pools) (Detai
Income Taxes (Tax Pools) (Details) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax pools | $ 9,868 | $ 10,002.1 | ||
Operating loss carryforward | 1,990 | 2,220 | ||
Operating loss carryforwards that will expire in the years 2026 through 2039 | 2,220 | 2,300 | ||
Operating loss carryforwards that will expire in the years 2029 through 2037 | 1,530 | |||
Operating loss carryforwards that will not expire | 696.6 | |||
Unrealized losses | 861 | 1,210 | ||
Other temporary differences | 69 | 69 | ||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 1,720 | 2,220 | ||
Tax pools of acquired entity disallowed | $ 149.3 | |||
Investment tax credit of acquired entity disallowed | $ 12.6 | |||
Deferred income tax expense recognized from removing tax pools | 37.5 | |||
Canada | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax pools | 7,012.5 | 6,981.1 | ||
United States | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax pools | $ 2,855.5 | $ 3,021 |
Share-based Compensation - Narr
Share-based Compensation - Narrative (Details) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Volume weighted average trading price (in dollars per share) | $ 5.14 | |
Share-based compensation | $ 77.7 | $ 17.7 |
Share-based compensation expense capitalized | 14.3 | 5.4 |
Current portion of long-term compensation liability | 40.6 | 10 |
Long-term compensation liability | $ 35.8 | $ 17.3 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Shares Activitiy (Details) | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Share-based Payment Arrangements [Roll Forward] | ||
Redeemed (in shares) | (1,660,103) | |
Share Based Payment Arrangements, Weighted Average Exercise Price [Roll Forward] | ||
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 4.04 | |
Forfeited, Weighted average exercise price (in dollars per share) | $ / shares | $ 7.16 | |
Restricted Shares | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 4,704,129 | 3,636,194 |
Granted (in shares) | 1,230,133 | 4,614,158 |
Redeemed (in shares) | (2,146,716) | (2,889,030) |
Forfeited (in shares) | (519,829) | (657,193) |
Balance, end of year (in shares) | 3,267,717 | 4,704,129 |
Employee Share Value Plan | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 10,449,383 | 0 |
Granted (in shares) | 2,570,746 | 11,635,961 |
Redeemed (in shares) | (3,417,496) | 0 |
Forfeited (in shares) | (1,273,342) | (1,186,578) |
Balance, end of year (in shares) | 8,329,291 | 10,449,383 |
Performance Stock Units | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 3,789,689 | 2,920,444 |
Granted (in shares) | 2,053,574 | 1,736,055 |
Redeemed (in shares) | (2,221,058) | (615,577) |
Forfeited (in shares) | (407,585) | (251,233) |
Balance, end of year (in shares) | 3,214,620 | 3,789,689 |
Deferred Share Units | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 1,278,263 | 319,891 |
Granted (in shares) | 278,517 | 958,372 |
Redeemed (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | 0 |
Balance, end of year (in shares) | 1,556,780 | 1,278,263 |
Stock Option Plan | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 5,940,871,000 | 2,833,342,000 |
Granted (in shares) | 534,264,000 | 3,345,412,000 |
Redeemed (in shares) | (261,486,000) | |
Forfeited (in shares) | (285,047,000) | (102,832,000) |
Expired (in shares) | (89,138,000) | (135,051,000) |
Balance, end of year (in shares) | 5,839,464,000 | 5,940,871,000 |
Share Based Payment Arrangements, Weighted Average Exercise Price [Roll Forward] | ||
Beginning Balance, Weighted average exercise price (in dollars per share) | $ / shares | $ 3.92 | $ 7.59 |
Granted, Weighted average exercise price (in dollars per share) | $ / shares | 5.23 | 1.10 |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | 2.23 | |
Forfeited, Weighted average exercise price (in dollars per share) | $ / shares | 3.46 | |
Expired, Weighted average exercise price (in dollars per share) | $ / shares | 10.06 | 8.66 |
Ending Balance, Weighted average exercise price (in dollars per share) | $ / shares | $ 4.04 | $ 3.92 |
Share-based Compensation - Sc_2
Share-based Compensation - Schedule of Summarized Information on Options Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2021CAD ($)shares$ / shares | Dec. 31, 2020CAD ($)shares$ / shares | Dec. 31, 2019shares | |
Disclosure of classes of share capital [line items] | |||
Number of stock options exercisable (in shares) | shares | 1,660,103 | ||
Exercised, Weighted average exercise price (in dollars per share) | $ 4.04 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Grant date share price (in dollars per share) | 5,230,000 | $ 1,100,000 | |
Exercise price (in dollars per share) | $ 5,230,000 | $ 1,100,000 | |
Expected annual dividends (in dollars per share) | $ | $ 10,000 | $ 10,000 | |
Expected volatility, percent | 59.45% | 51.93% | |
Risk-free interest rate, percent | 0.94% | 0.59% | |
Expected life of stock option | 4 years 10 months 24 days | 4 years 10 months 24 days | |
Fair value per stock option (in dollars per share) | $ 2,580,000 | $ 450,000 | |
Stock Option Plan | |||
Disclosure of classes of share capital [line items] | |||
Weighted average exercise price per share for options outstanding (in dollars per share) | shares | 5,839,464,000 | 5,940,871,000 | 2,833,342,000 |
Weighted average remaining term (in years) | 4 years 7 months 28 days | ||
Number of stock options exercisable (in shares) | shares | 261,486,000 | ||
Exercised, Weighted average exercise price (in dollars per share) | $ 2.23 | ||
Weighted average exercise price per share for options exercisable (in dollars per share) | $ 6.11 | ||
Stock Option Plan | 1.09 - 1.65 | |||
Disclosure of classes of share capital [line items] | |||
Weighted average exercise price per share for options outstanding (in dollars per share) | shares | 2,992,178,000 | ||
Weighted average remaining term (in years) | 5 years 3 months | ||
Number of stock options exercisable (in shares) | shares | 507,332 | ||
Exercised, Weighted average exercise price (in dollars per share) | $ 1.09 | ||
Weighted average exercise price per share for options exercisable (in dollars per share) | $ 1.09 | ||
Stock Option Plan | 1.66 - 5.16 | |||
Disclosure of classes of share capital [line items] | |||
Weighted average exercise price per share for options outstanding (in dollars per share) | shares | 904,376,000 | ||
Weighted average remaining term (in years) | 4 years 2 months 23 days | ||
Number of stock options exercisable (in shares) | shares | 314,640 | ||
Exercised, Weighted average exercise price (in dollars per share) | $ 3.94 | ||
Weighted average exercise price per share for options exercisable (in dollars per share) | $ 3.96 | ||
Stock Option Plan | 5.17 - 9.86 | |||
Disclosure of classes of share capital [line items] | |||
Weighted average exercise price per share for options outstanding (in dollars per share) | shares | 648,441,000 | ||
Weighted average remaining term (in years) | 5 years 9 months 29 days | ||
Number of stock options exercisable (in shares) | shares | 61,448 | ||
Exercised, Weighted average exercise price (in dollars per share) | $ 5.77 | ||
Weighted average exercise price per share for options exercisable (in dollars per share) | $ 8.56 | ||
Stock Option Plan | 9.87 - 10.06 | |||
Disclosure of classes of share capital [line items] | |||
Weighted average exercise price per share for options outstanding (in dollars per share) | shares | 1,294,469,000 | ||
Weighted average remaining term (in years) | 3 years 7 days | ||
Number of stock options exercisable (in shares) | shares | 776,683 | ||
Exercised, Weighted average exercise price (in dollars per share) | $ 10.06 | ||
Weighted average exercise price per share for options exercisable (in dollars per share) | $ 10.06 |
Per Share Amounts (Details)
Per Share Amounts (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | ||
Weighted average shares – basic (in shares) | 569,203,428 | 529,339,710 |
Dilutive impact of restricted shares (in shares) | 5,895,220 | 0 |
Weighted average shares – diluted (in shares) | 575,098,648 | 529,339,710 |
Antidilutive securities excluded from computation of EPS (in shares) | 0 | 2,413,733 |
Financial Instruments and Der_3
Financial Instruments and Derivatives - Carrying Amount and Fair Value of Financial Instruments (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, carrying value | $ 220.5 | $ 244.9 |
Financial assets, at fair value | 220.5 | 244.9 |
Financial liabilities, carrying value | 1,803.7 | 1,916.8 |
Financial liabilities, at fair value | 1,783.3 | 1,893.1 |
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 | 2.5 |
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 | 220.5 | 242.4 |
Financial liabilities, at fair value | 1,783.3 | 1,893.1 |
Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | 0 | 0 |
Financial liabilities, at fair value | 0 | 0 |
Derivatives | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, carrying value | 164.9 | 45.4 |
Financial liabilities, at fair value | 164.9 | 45.4 |
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 | 164.9 | 45.4 |
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, carrying value | 1,638.8 | 1,871.4 |
Financial liabilities, at fair value | 1,618.4 | 1,847.7 |
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 | 1,618.4 | 1,847.7 |
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, carrying value | 220.5 | 242.4 |
Financial assets, at fair value | 220.5 | 242.4 |
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 | 220.5 | 242.4 |
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, carrying value | 2.5 | |
Financial assets, at fair value | 2.5 | |
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 | 2.5 | |
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 | |
Long-term investments | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | $ 0 |
Financial Instruments and Der_4
Financial Instruments and Derivatives - Derivatives Assets and Liabilities (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning of year | $ 197 | $ 309.5 |
Unrealized change in fair value | (141.4) | (112.5) |
Derivative assets (liabilities), end of year | 55.6 | 197 |
Derivative asset | 220.5 | 242.4 |
Derivative financial liabilities | (164.9) | (45.4) |
Commodity contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning of year | (26.3) | 26.1 |
Unrealized change in fair value | (128.1) | (52.4) |
Derivative assets (liabilities), end of year | (154.4) | (26.3) |
Derivative asset | 5.4 | 3.5 |
Derivative financial liabilities | (159.8) | (29.8) |
Interest rate swap contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning of year | 7.3 | 21.8 |
Unrealized change in fair value | (1.7) | (14.5) |
Derivative assets (liabilities), end of year | 5.6 | 7.3 |
Derivative asset | 5.7 | 9.8 |
Derivative financial liabilities | (0.1) | (2.5) |
Foreign exchange | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning of year | 205 | 261.6 |
Unrealized change in fair value | (34.4) | (56.6) |
Derivative assets (liabilities), end of year | 170.6 | 205 |
Derivative asset | 175.6 | 218.1 |
Derivative financial liabilities | (5) | (13.1) |
Equity Contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets (liabilities), beginning of year | 11 | 0 |
Unrealized change in fair value | 22.8 | 11 |
Derivative assets (liabilities), end of year | 33.8 | 11 |
Derivative asset | 33.8 | 11 |
Derivative financial liabilities | $ 0 | $ 0 |
Financial Instruments and Der_5
Financial Instruments and Derivatives - Offsetting (Details) - Derivatives - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting Financial Assets | ||
Gross amount | $ 218.9 | $ 248.4 |
Amount offset | 1.6 | (6) |
Net amount | 220.5 | 242.4 |
Offsetting Financial Liabilities | ||
Gross amount | (163.3) | (51.4) |
Amount offset | (1.6) | 6 |
Net amount | (164.9) | (45.4) |
Gross amount assets (liabilities) | 55.6 | 197 |
Net amount assets (liabilities) | $ 55.6 | $ 197 |
Financial Instruments and Der_6
Financial Instruments and Derivatives - Commodity Price Risk (Details) - Commodity price risk - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ (148.5) | $ (73.7) |
Possible decrease in risk variable, impact on pre-tax earnings | 141.2 | 72.6 |
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 | (1.1) | (1.8) |
Possible decrease in risk variable, impact on pre-tax earnings | 1.1 | 1.8 |
Commodity Price, Propane | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible increase in risk variable, impact on pre-tax earnings | (0.8) | 0 |
Possible decrease in risk variable, impact on pre-tax earnings | 0.8 | 0 |
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 | 0.4 | 0.1 |
Possible decrease in risk variable, impact on pre-tax earnings | (0.4) | (0.1) |
Differential, 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 | 1.9 | 0 |
Possible decrease in risk variable, impact on pre-tax earnings | $ (1.9) | $ 0 |
Financial Instruments and Der_7
Financial Instruments and Derivatives - Interest Rate Risk (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Floating interest rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | $ 3.3 | $ 0.9 |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 1.00% | 1.00% |
Financial Instruments and Der_8
Financial Instruments and Derivatives - Foreign Exchange Risk (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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% |
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 | $ 162.8 | $ 197.8 |
Possible decrease in risk variable, impact on pre-tax earnings | (162.8) | (197.8) |
Currency risk | Currency swap contract | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible increase in risk variable, impact on pre-tax earnings | (168.2) | (210.7) |
Possible decrease in risk variable, impact on pre-tax earnings | 168.2 | 210.7 |
Currency risk | Foreign exchange | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible increase in risk variable, impact on pre-tax earnings | (0.9) | (4.6) |
Possible decrease in risk variable, impact on pre-tax earnings | $ 0.9 | $ 4.6 |
Foreign exchange | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 10.00% | 10.00% |
Financial Instruments and Der_9
Financial Instruments and Derivatives - Equity Contract Risk (Details) - Equity price risk - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 50.00% | 50.00% |
Equity Contracts | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible increase in risk variable, impact on pre-tax earnings | $ 27.4 | $ 13.3 |
Possible decrease in risk variable, impact on pre-tax earnings | $ (27.4) | $ (13.3) |
Financial Instruments and De_10
Financial Instruments and Derivatives - Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Expected credit loss, percent | 0.92% | 0.90% |
Credit risk | Investment grade | ||
Disclosure of credit risk exposure [line items] | ||
Concentration percentage | 96.00% | |
Credit risk | More than 90 days | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Concentration percentage | 3.00% | 5.00% |
Financial Instruments and De_11
Financial Instruments and Derivatives - Liquidity Risk (Details) - CAD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Letter of credit amount outstanding | $ 1 | $ 10.4 | |
Cash | 13.5 | 8.8 | $ 56.9 |
Liquidity risk | |||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Undrawn borrowing facilities | 1,980 | ||
Letter of credit amount outstanding | 1 | ||
Cash | 13.5 | ||
Accounts payable and accrued liabilities | 450.7 | 310.3 | |
Dividend payables | 43.5 | 1.3 | |
Derivative liabilities | 250.4 | 31.6 | |
Senior guaranteed notes | 1,610 | 1,862 | |
Bank credit facilities | 381.5 | 426.1 | |
Liquidity risk | 1 year | |||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 450.7 | 310.3 | |
Dividend payables | 43.5 | 1.3 | |
Derivative liabilities | 249 | 30.3 | |
Senior guaranteed notes | 280.3 | 251.9 | |
Bank credit facilities | 11.7 | 13.1 | |
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 | 0 | |
Dividend payables | 0 | 0 | |
Derivative liabilities | 1.1 | 1.3 | |
Senior guaranteed notes | 829.2 | 767 | |
Bank credit facilities | 23.5 | 413 | |
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 | 0 | |
Dividend payables | 0 | 0 | |
Derivative liabilities | 0.3 | 0 | |
Senior guaranteed notes | 474.6 | 816.2 | |
Bank credit facilities | 346.3 | 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 | 0 | |
Dividend payables | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Senior guaranteed notes | 25.9 | 26.9 | |
Bank credit facilities | $ 0 | $ 0 |
Financial Instruments and De_12
Financial Instruments and Derivatives - Financial Derivatives (Details) - Dec. 31, 2021 GJ / d in Thousands, $ in Millions, $ in Millions | CAD ($)$ / GJ$ / bblgal / dMMBTU / dsharesbbl / d$ / MMBTU$ / galGJ / d | USD ($)$ / GJ$ / bblgal / dMMBTU / dsharesbbl / d$ / MMBTU$ / galGJ / d |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2022 | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 19,856 | 19,856 |
Average swap price | $ / bbl | 80.81 | 80.81 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2022 | Forward contract | Collar, Sold Call Price | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 16,894 | 16,894 |
Average swap price | $ / bbl | 87.66 | 87.66 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2022 | Forward contract | Collar, Bought Put Price | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / bbl | 75.09 | 75.09 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2022 | Sold Call Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 10,000 | 10,000 |
Average swap price | $ / bbl | 88.18 | 88.18 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2022 | Sold Put Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / bbl | 66.40 | 66.40 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2022 | Bought Put Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / bbl | 77.25 | 77.25 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2023 January to March | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 5,500 | 5,500 |
Average swap price | $ / bbl | 90.04 | 90.04 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2023 January to March | Forward contract | Collar, Sold Call Price | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 5,500 | 5,500 |
Average swap price | $ / bbl | 95.23 | 95.23 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2023 January to March | Forward contract | Collar, Bought Put Price | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / bbl | 83.17 | 83.17 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2023 January to March | Sold Call Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 0 | 0 |
Average swap price | $ / bbl | 0 | 0 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2023 January to March | Sold Put Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / bbl | 0 | 0 |
Financial WTI Crude Oil Derivative Contracts – Canadian Dollar 2023 January to March | Bought Put Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / bbl | 0 | 0 |
Financial WTI Crude Oil Differential Derivative Contracts – Canadian Dollar 2022 January to March | Forward contract | Western Canadian Select | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 2,000 | 2,000 |
Average swap price | $ / bbl | (15) | (15) |
Financial WTI Crude Oil Differential Derivative Contracts – Canadian Dollar 2022 January to March | Forward contract | Mixed Sweet Blend | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | bbl / d | 3,311 | 3,311 |
Average swap price | $ / bbl | (4.88) | (4.88) |
Financial AECO Propane Derivative Contracts – Canadian Dollar | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / gal | 1.32 | 1.32 |
Financial AECO Propane Derivative Contracts – Canadian Dollar | Sold Call Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | gal / d | 21,000 | 21,000 |
Financial AECO Natural Gas Derivative Contracts – Canadian Dollar | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | GJ / d | 20 | 20 |
Average swap price | $ / GJ | 2.94 | 2.94 |
Financial AECO Natural Gas Derivative Contracts – Canadian Dollar | Sold Call Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | GJ / d | 20 | 20 |
Average swap price | $ / GJ | 6.20 | 6.20 |
Financial AECO Natural Gas Derivative Contracts – Canadian Dollar | Bought Put Price | Forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average swap price | $ / GJ | 4.05 | 4.05 |
January 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 165 | |
Fixed annual rate | 205.00% | 205.00% |
January 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 209.7 | |
Fixed annual rate | 186.00% | 186.00% |
January 2022 - May 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 170 | |
Fixed annual rate | 400.00% | 400.00% |
January 2022 - May 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 166.9 | |
Fixed annual rate | 503.00% | 503.00% |
January 2022 - April 2023 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 61.5 | |
Fixed annual rate | 412.00% | 412.00% |
January 2022 - April 2023 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 80.3 | |
Fixed annual rate | 371.00% | 371.00% |
January 2022 - June 2023 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 270 | |
Fixed annual rate | 378.00% | 378.00% |
January 2022 - June 2023 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 274.7 | |
Fixed annual rate | 432.00% | 432.00% |
January 2022 - June 2024 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 257.5 | |
Fixed annual rate | 375.00% | 375.00% |
January 2022 - June 2024 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 276.4 | |
Fixed annual rate | 403.00% | 403.00% |
January 2022 - April 2025 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 82 | |
Fixed annual rate | 430.00% | 430.00% |
January 2022 - April 2025 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 107 | |
Fixed annual rate | 398.00% | 398.00% |
January 2022 - April 2025 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 230 | |
Fixed annual rate | 408.00% | 408.00% |
January 2022 - April 2025 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 291.1 | |
Fixed annual rate | 413.00% | 413.00% |
January 2022 - April 2027 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 20 | |
Fixed annual rate | 418.00% | 418.00% |
January 2022 - April 2027 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 25.3 | |
Fixed annual rate | 425.00% | 425.00% |
January 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 17 | |
January 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 21.8 | |
May 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 19.2 | |
May 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 15 | |
January 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 32 | |
January 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 25 | |
February 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 19.2 | |
February 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 15 | |
May 2022 | Receive | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 30 | |
May 2022 | Pay | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 32.2 | |
January 2022 - April 2022 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 9.1 | |
Number of shares | shares | 3,717,846 | 3,717,846 |
January 2022 - April 2023 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 8.3 | |
Number of shares | shares | 3,674,746 | 3,674,746 |
January 2022 - April 2022 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | $ 3.6 | |
Number of shares | shares | 717,846 | 717,846 |
WTI Crude Oil Differential Derivative Contracts – Canadian Dollar | 2022 April - December | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | MMBTU / d | 15,000 | 15,000 |
Average swap price | $ / MMBTU | (0.94) | (0.94) |
WTI Crude Oil Differential Derivative Contracts – Canadian Dollar | 2023 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | MMBTU / d | 15,000 | 15,000 |
Average swap price | $ / MMBTU | (0.94) | (0.94) |
WTI Crude Oil Differential Derivative Contracts – Canadian Dollar | 2024 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | MMBTU / d | 15,000 | 15,000 |
Average swap price | $ / MMBTU | (0.94) | (0.94) |
WTI Crude Oil Differential Derivative Contracts – Canadian Dollar | 2025 January - March | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | MMBTU / d | 15,000 | 15,000 |
Average swap price | $ / MMBTU | (0.94) | (0.94) |
Related Party Transactions (Det
Related Party Transactions (Details) - Key management personnel of entity or parent - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Key management personnel compensation, short-term benefits | $ 6.1 | $ 5.5 |
Key management personnel compensation | 2.8 | 0 |
Key management personnel compensation, share-based | 23.4 | 4.9 |
Key management personnel compensation, termination benefits | $ 1.8 | $ 0 |
Commitments (Details)
Commitments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021CAD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | $ 43.7 |
Gas processing | 592 |
Transportation | 162.6 |
Capital | 12.1 |
Total contractual commitments | 810.4 |
Sublease income | 18.9 |
1 year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 4.1 |
Gas processing | 63.1 |
Transportation | 38.6 |
Capital | 12.1 |
Total contractual commitments | 117.9 |
2 to 3 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 14.3 |
Gas processing | 116.3 |
Transportation | 65.6 |
Capital | 0 |
Total contractual commitments | 196.2 |
4 to 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 9.2 |
Gas processing | 88.3 |
Transportation | 48.8 |
Capital | 0 |
Total contractual commitments | 146.3 |
More than 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 16.1 |
Gas processing | 324.3 |
Transportation | 9.6 |
Capital | 0 |
Total contractual commitments | $ 350 |
Significant Subsidiaries (Detai
Significant Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Crescent Point Resources Partnership | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point Resources Partnership |
Country of incorporation of subsidiary | Canada |
Crescent Point Holdings Ltd. | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point Holdings Ltd. |
Country of incorporation of subsidiary | Canada |
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 |
Crescent Point U.S. Holdings Corp. | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Crescent Point U.S. Holdings Corp. |
Country of incorporation of subsidiary | United States of America |
Supplemental Disclosures - Comp
Supplemental Disclosures - Comprehensive Income Statement Presentation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | $ 178.6 | $ 134.7 |
Operating | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | 59.7 | 58.4 |
General and administrative | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | 65.2 | 64 |
Share-based compensation | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | $ 53.7 | $ 12.3 |
Supplemental Disclosures - Cash
Supplemental Disclosures - Cash Flow Statement Presentation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | ||
Accounts receivable | $ (111.8) | $ 86.7 |
Prepaids and deposits | 15.3 | (15.7) |
Accounts payable and accrued liabilities | 99 | (79) |
Other current liabilities | 30.6 | 7.7 |
Other long-term liabilities | 18.5 | 6.5 |
Changes in non-cash working capital: | 51.6 | 6.2 |
Investing activities | ||
Accounts receivable | (2.1) | 9.4 |
Other long-term receivable | 9.3 | 0 |
Accounts payable and accrued liabilities | 41.8 | (88) |
Changes in non-cash working capital: | 49 | (78.6) |
Financing activities | ||
Change in non-cash working capital | $ 42.2 | $ (4) |
Supplemental Disclosures - Ca_2
Supplemental Disclosures - Cash Flow Supplemental Information (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends Payable [Roll Forward] | ||
Dividends payable at the beginning of the period | $ 1.3 | $ 5.3 |
Cash dividends paid | (5.6) | (13.4) |
Cash dividends declared | 47.8 | 9.4 |
Dividends payable at the end of the period | 43.5 | 1.3 |
Long-term Debt [Roll Forward] | ||
Long-term debt beginning of the period | 2,259.6 | 2,905.1 |
Decrease in bank debt, net | (34.6) | (408.1) |
Repayment of senior guaranteed notes | (217.6) | (224.4) |
Realized gain on cross currency swap maturity | 49.3 | |
Foreign exchange | (37.2) | (62.3) |
Long-term debt end of the period | 1,970.2 | 2,259.6 |
Lease Liability [Roll Forward] | ||
Lease liability, beginning of year | 156.5 | 181.2 |
Payments of lease liabilities | (21.2) | (30) |
Additions | 5.9 | 4.8 |
Other | 0.2 | 0.5 |
Lease liability, end of year | $ 141.4 | $ 156.5 |
Geographical Disclosure (Detail
Geographical Disclosure (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | $ 2,829.4 | $ 1,488 |
Non-current assets | 8,760.3 | 6,367.2 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 7,551 | 5,520.6 |
U.S. | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 1,209.3 | 846.6 |
Oil and gas sales | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 3,206.5 | 1,692.2 |
Oil and gas sales | Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 2,735.3 | 1,446.5 |
Oil and gas sales | U.S. | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 471.2 | 245.7 |
Crude oil sales | Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 2,361.8 | 1,307.5 |
Crude oil sales | U.S. | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 381.9 | 218.6 |
NGL sales | Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 213.5 | 74.2 |
NGL sales | U.S. | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 61 | 17.3 |
Natural gas sales | Canada | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | 160 | 64.8 |
Natural gas sales | U.S. | ||
Disclosure of geographical areas [line items] | ||
Revenue from contracts with customers | $ 28.3 | $ 9.8 |
Events after reporting period (
Events after reporting period (Details) shares in Millions | Apr. 01, 2021shares |
Kaybob Duvernay | |
Disclosure of non-adjusting events after reporting period [line items] | |
Equity consideration (in shares) | 50 |