Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current 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 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 619,929,490 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Amendment Flag | false |
Entity Central Index Key | 0001545851 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | CT Corporation System |
Entity Address, Address Line One | 28 Liberty Street |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10005 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Chartered Professional Accountants |
Auditor Firm ID | 271 |
Auditor Location | Calgary, Canada |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash | $ 17.3 | $ 289.9 |
Accounts receivable | 377.9 | 327.8 |
Prepaids and deposits | 87.8 | 65.5 |
Derivative asset | 240.7 | 138.9 |
Other current assets | 79.2 | 18.7 |
Assets held for sale | 247.1 | 148.4 |
Total current assets | 1,050 | 989.2 |
Derivative asset | 14.3 | 96.4 |
Other long-term assets | 7.4 | 6.4 |
Exploration and evaluation | 607 | 104.2 |
Property, plant and equipment | 10,718.3 | 7,729.4 |
Right-of-use asset | 102.8 | 78.1 |
Goodwill | 275.9 | 203.9 |
Deferred income tax | 0 | 278.8 |
Total assets | 12,775.7 | 9,486.4 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 634.9 | 448.2 |
Dividends payable | 56.8 | 99.4 |
Current portion of long-term debt | 380 | 538.7 |
Derivative liability | 51.4 | 8.7 |
Other current liabilities | 118 | 115.6 |
Liabilities associated with assets held for sale | 132.4 | 28.4 |
Total current liabilities | 1,373.5 | 1,239 |
Long-term debt | 3,186.3 | 902.8 |
Derivative liability | 3.8 | 0 |
Other long-term liabilities | 31 | 40.8 |
Lease liability | 104.2 | 99.2 |
Decommissioning liability | 566.4 | 633.9 |
Deferred income tax | 643 | 77.3 |
Total liabilities | 5,908.2 | 2,993 |
SHAREHOLDERS’ EQUITY | ||
Shareholders’ capital | 17,052.7 | 16,419.3 |
Contributed surplus | 17.4 | 17.1 |
Deficit | (10,202.5) | (10,563.3) |
Accumulated other comprehensive income | (0.1) | 620.3 |
Total shareholders' equity | 6,867.5 | 6,493.4 |
Total liabilities and shareholders' equity | $ 12,775.7 | $ 9,486.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
REVENUE AND OTHER INCOME | |||
Revenue from contracts with customers | $ 3,189.9 | $ 3,512.3 | [1] |
Commodity derivative gains (losses) | 163.8 | (473.4) | [1] |
Other income | 13.4 | 59 | [1] |
Revenue and other income | 3,367.1 | 3,097.9 | [1] |
EXPENSES | |||
Operating | 770.5 | 628.2 | [1] |
Purchased product | 68.6 | 102.9 | [1] |
Transportation | 174.3 | 131 | [1] |
General and administrative | 126.5 | 78.4 | [1] |
Interest | 129.4 | 63.6 | [1] |
Foreign exchange gain (loss) | (10) | 18.8 | [1] |
Share-based compensation | 38.7 | 38.8 | [1] |
Depletion, depreciation and amortization | 894.7 | 807.2 | [1] |
Impairment (impairment reversal) | 93.8 | (357.3) | [1] |
Accretion and financing | 27.5 | 24.5 | [1] |
Total Expenses | 2,314 | 1,536.1 | [1] |
Net income before tax from continuing operations | 1,053.1 | 1,561.8 | [1] |
Tax expense (recovery) | |||
Current | (0.7) | 0 | [1] |
Deferred | 254.4 | 415.1 | [1] |
Net income from continuing operations | 799.4 | 1,146.7 | [1] |
Net income (loss) from discontinued operations | (229.1) | 336.7 | [1] |
Net income | 570.3 | 1,483.4 | [1] |
Items that may be subsequently reclassified to profit or loss | |||
Foreign currency translation of foreign operations | 1.3 | 90.7 | [1] |
Reclassification of cumulative foreign currency translation of discontinued foreign operations | (621.7) | 0 | [1] |
Comprehensive income (loss) | $ (50.1) | $ 1,574.1 | [1] |
Net income (loss) per share | |||
Continuing operations - basic (in cad per share) | $ 1.47 | $ 2.03 | [1] |
Discontinued operations - basic (in cad per share) | (0.42) | 0.59 | [1] |
Net income (loss) per share - basic (in cad per share) | 1.05 | 2.62 | [1] |
Continuing operations - diluted (in cad per share) | 1.46 | 2.01 | [1] |
Discontinued operations - diluted (in cad per share) | (0.42) | 0.59 | [1] |
Net income (loss) per share - diluted (in cad per share) | $ 1.04 | $ 2.60 | [1] |
Weighted average shares outstanding | |||
Basic (in shares) | 545,644,234 | 566,710,644 | |
Diluted (in shares) | 548,328,707 | 571,068,066 | |
Oil and gas sales | |||
REVENUE AND OTHER INCOME | |||
Revenue from contracts with customers | $ 3,499 | $ 3,847 | [1] |
Purchased product sales | |||
REVENUE AND OTHER INCOME | |||
Revenue from contracts with customers | 66.2 | 100.8 | [1] |
Royalties | |||
REVENUE AND OTHER INCOME | |||
Revenue from contracts with customers | $ (375.3) | $ (435.5) | [1] |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
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, 2021 | $ 5,405.3 | $ 16,706.9 | $ 17.5 | $ (11,848.7) | $ 529.6 | ||
Redemption of restricted shares | 2.6 | 5.2 | (5.2) | 2.6 | |||
Common shares repurchased for cancellation | (294.2) | (294.2) | |||||
Share-based compensation | 6.2 | 6.2 | |||||
Stock options exercised | 0 | 1.4 | (1.4) | ||||
Net income | 1,483.4 | [1] | 1,483.4 | ||||
Dividends declared | (200.6) | (200.6) | |||||
Foreign currency translation adjustment | 90.7 | [1] | 90.7 | ||||
Reclassification of cumulative foreign currency translation of discontinued foreign operations | [1] | 0 | |||||
Equity, end of year at Dec. 31, 2022 | 6,493.4 | 16,419.3 | 17.1 | (10,563.3) | 620.3 | ||
Issued for cash | 500.1 | 500.1 | |||||
Issued on capital acquisition | 493 | 493 | |||||
Redemption of restricted shares | 2.4 | 4.9 | (4.9) | 2.4 | |||
Common shares repurchased for cancellation | (349.9) | (349.9) | |||||
Share issue costs, net of tax | (15.4) | (15.4) | |||||
Share-based compensation | 5.8 | 5.8 | |||||
Stock options exercised | 0.1 | 0.7 | (0.6) | ||||
Net income | 570.3 | 570.3 | |||||
Dividends declared | (211.9) | (211.9) | |||||
Foreign currency translation adjustment | 1.3 | 1.3 | |||||
Reclassification of cumulative foreign currency translation of discontinued foreign operations | (621.7) | (621.7) | |||||
Equity, end of year at Dec. 31, 2023 | $ 6,867.5 | $ 17,052.7 | $ 17.4 | $ (10,202.5) | $ (0.1) | ||
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of changes in equity [abstract] | ||
Dividends (in cad per share) | $ 0.387 | $ 0.360 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
CASH PROVIDED BY (USED IN): | |||
Net income | $ 570.3 | $ 1,483.4 | [1] |
Items not affecting cash | |||
Other (income) loss | 4.2 | (49) | |
Deferred tax expense | 533 | 387.9 | |
Share-based compensation | 5.7 | 6 | |
Depletion, depreciation and amortization | 1,065 | 951.7 | |
Impairment | 822.2 | ||
Impairment reversal | (428.6) | ||
Accretion | 22.7 | 19.2 | |
Unrealized (gains) losses on derivatives | 56.9 | (171) | |
Translation of US dollar long-term debt | (16.8) | 91.5 | |
Reclassification of cumulative foreign currency translation of discontinued foreign operations | (621.7) | 0 | [1] |
Translation of US dollar derivatives | 0.9 | 0 | |
Realized gain on cross currency swap maturity | (151.8) | (63.8) | |
Decommissioning expenditures | (40) | (20.1) | |
Changes in non-cash working capital: | (54.9) | (15) | |
Cash flows from (used in) operations | 2,195.7 | 2,192.2 | |
INVESTING ACTIVITIES | |||
Development capital and other expenditures | (1,220.5) | (1,027.4) | |
Capital acquisitions, net of cash acquired | (3,616.2) | (90.7) | |
Capital dispositions | 604.5 | 283.6 | |
Other long-term assets | (0.8) | 0 | |
Changes in non-cash working capital: | (4.2) | (26.1) | |
Cash flows from (used in) investing activities | (4,237.2) | (860.6) | |
FINANCING ACTIVITIES | |||
Issue of shares, net of issue costs | 479.7 | 0 | |
Common shares repurchased for cancellation | 349.9 | 294.2 | |
Increase (decrease) in bank debt, net | 2,675.1 | (338.5) | |
Repayment of senior guaranteed notes and acquired long-term debt | (897.9) | (281.8) | |
Realized gain on cross currency swap maturity | 151.8 | 63.8 | |
Payments on principal portion of lease liability | (20.8) | (20.4) | |
Dividends declared | (211.9) | (200.6) | |
Change in non-cash working capital | (57.2) | 15.7 | |
Cash flows from (used in) financing activities | 1,768.9 | (1,056) | |
Impact of foreign currency on cash balances | 0 | 0.8 | |
INCREASE (DECREASE) IN CASH | (272.6) | 276.4 | |
CASH AT BEGINNING OF YEAR | 289.9 | 13.5 | |
CASH AT END OF YEAR | 17.3 | 289.9 | |
Supplemental Information [Abstract] | |||
Cash taxes paid | (0.1) | 0 | |
Cash interest paid | $ (118.1) | $ (68) | |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Structure of the Business
Structure of the Business | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Structure of the Business | STRUCTURE OF THE BUSINESS The principal undertaking of Crescent Point Energy Corp. (the “Company” or “Crescent Point”) is to carry on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets related thereto through a general partnership and wholly owned subsidiaries. Crescent Point is the ultimate parent and is amalgamated in Alberta, Canada under the Alberta Business Corporations Act. The address of the principal place of business is 2000, 585 - 8 th Ave S.W., Calgary, Alberta, Canada, T2P 1G1. These annual consolidated financial statements were approved and authorized for issue by the Company's Board of Directors on February 28, 2024. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of Preparation | BASIS OF PREPARATION a) Preparation These consolidated financial statements are presented under IFRS Accounting Standards as issued by the International Accounting Standards Board. The policies applied in these consolidated financial statements are based on IFRS Accounting Standards issued and outstanding as of February 28, 2024, 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 operations are presented herein as continuing operations. The Company's U.S. operations have been classified and presented as discontinued operations. See Note 9 - "Discontinued Operations" for additional information. 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 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 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 infrastructure, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. The determination of technical feasibility and commercial viability, based on the presence of reserves and which results in the transfer of assets from exploration and evaluation ("E&E") to PP&E, is subject to judgment. Decommissioning liability Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. Estimates of these costs are subject to uncertainty associated with the method, timing and extent of future decommissioning activities. The liability, the related asset and the expense are impacted by estimates with respect to the cost and timing of decommissioning. Business combinations Business combinations are accounted for using the acquisition method of accounting. The determination of fair value often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of PP&E and E&E assets acquired generally require the most judgment and include estimates of reserves acquired, forecast benchmark commodity prices, production forecasts, costs 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 Tax regulations and legislation and the interpretations thereof are subject to change. In addition, deferred income tax assets and liabilities recognize the extent that temporary differences will be receivable and payable in future periods. The calculation of the asset and liability involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, expected cash flows from estimated proved plus probable reserves and the application of tax laws. Changes in tax regulations and legislation and the other assumptions listed are subject to measurement uncertainty. |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Material Accounting Policies | MATERIAL 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 or impairment reversals. 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 oil and gas 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 oil and gas 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 oil and gas 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, performance multiplier, and factors in the aggregate amount of dividends paid over the vesting term. 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 vesting, 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. A deferred tax asset is recognized to the extent that it is probable that future taxable income will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 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 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 translated 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. The unrealized gain or loss is subsequently reclassified to profit and loss upon discontinuation of the foreign operations. 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 translated to Canadian dollars at exchange rates in effect at the balance sheet date and income and expenses are translated 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. p) Assets Held for Sale |
Changes in Accounting Policies
Changes in Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of changes in accounting policies [Abstract] | |
Changes In Accounting Policies | CHANGES IN ACCOUNTING POLICIES Income Taxes IAS 12 Income Taxes was amended in May 2021 by the International Accounting Standards Board which requires companies, on initial recognition, to recognize deferred tax on transactions that result in equal amounts of taxable and deductible temporary differences. The Company adopted the amendment in 2023 and the adoption did not have an impact on the Company's consolidated financial statements. New accounting standards and amendments not yet adopted Income Taxes IAS 12 Income Taxes was amended in May 2023 by the International Accounting Standards Board to provide guidance on current and deferred taxes arising from Pillar Two model rules published by the Organisation for Economic Co-operation and Development. The adoption of this amendment is not expected to have an impact on the Company's consolidated financial statements. Presentation of Financial Statements IAS 1 Presentation of Financial Statements was amended in January 2020 by the International Accounting Standards Board to clarify the presentation requirements of liabilities as either current or non-current within the statement of financial position. This amendment is effective for fiscal years beginning on or after January 1, 2024. The adoption of this amendment is not expected to have an impact on the Company's consolidated financial statements. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Assets | OTHER CURRENT ASSETS ($ millions) 2023 2022 Deferred consideration receivable 79.2 — Deposit on acquisition — 18.7 Other current assets 79.2 18.7 |
Other Long-term Assets
Other Long-term Assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Long-term Assets | OTHER LONG-TERM ASSETS At December 31, 2023, other long-term assets relates to investment tax credits of $7.2 million (December 31, 2022 - $6.4 million) and other investments of $0.2 million (December 31, 2022 - nil). |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2023 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Exploration and Evaluation Assets | EXPLORATION AND EVALUATION ASSETS ($ millions) 2023 2022 Exploration and evaluation assets at cost 1,578.6 1,453.4 Accumulated amortization (971.6) (1,349.2) Net carrying amount 607.0 104.2 Reconciliation of movements during the year Cost, beginning of year 1,453.4 1,613.3 Accumulated amortization, beginning of year (1,349.2) (1,564.5) Net carrying amount, beginning of year 104.2 48.8 Net carrying amount, beginning of year 104.2 48.8 Acquisitions through business combinations 515.2 28.0 Additions 224.8 134.2 Dispositions (1.9) (10.9) Transfers to property, plant and equipment (204.3) (80.8) Amortization (30.9) (15.2) Foreign exchange (0.1) 0.1 Net carrying amount, end of year 607.0 104.2 Impairment test of exploration and evaluation assets There were no indicators of impairment at December 31, 2023 or December 31, 2022. |
Capital Acquisitions and Dispos
Capital Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations And Dispositions [Abstract] | |
Capital Acquisitions and Dispositions | CAPITAL ACQUISITIONS AND DISPOSITIONS In the year ended December 31, 2023, the Company incurred $48.5 million (year ended December 31, 2022 - $5.1 million) of total transaction costs related to acquisitions through business combinations and dispositions. In the year ended December 31, 2023, $39.8 million (year ended December 31, 2022 - $4.6 million) related to continuing operations that were recorded as general and administrative expenses. a) Corporate acquisition Hammerhead Energy Inc. On December 21, 2023, Crescent Point completed the acquisition, by way of statutory arrangement, of all issued and outstanding common shares of Hammerhead Energy Inc. ("Hammerhead"), a public oil and liquids-rich Alberta Montney producer, which was accounted for as a business combination. Total consideration was $2.04 billion, consisting of $1.54 billion in cash and the issuance of 53.2 million common shares. Long-term debt acquired of $363.8 million was repaid on December 21, 2023. Oil and gas sales of $24.7 million and oil and gas sales less royalties, transportation and operating expenses of $14.8 million are attributable to the Hammerhead acquisition from the date of acquisition to December 31, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $833.3 million and oil and gas sales less royalties, transportation and operating expenses of $527.6 million would have been recognized for the period ended December 31, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023. b) Major property acquisitions and dispositions Kaybob Duvernay acquisition On January 11, 2023, the Company closed the acquisition of certain Kaybob Duvernay assets in Alberta for total consideration of $370.4 million, which was accounted for as a business combination. Oil and gas sales of $56.4 million and oil and gas sales less royalties, transportation and operating expenses of $37.0 million are attributable to the Kaybob Duvernay acquisition from the date of acquisition to December 31, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $58.8 million and oil and gas sales less royalties, transportation and operating expenses of $38.7 million would have been recognized for the period ended December 31, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023. Alberta Montney acquisition On May 10, 2023, the Company closed the acquisition of Montney assets in Alberta for total consideration of $1.70 billion, which was accounted for as a business combination. Oil and gas sales of $505.1 million and oil and gas sales less royalties, transportation and operating expenses of $329.4 million are attributable to the Alberta Montney acquisition from the date of acquisition to December 31, 2023. Had the acquisition occurred on January 1, 2023, estimated oil and gas sales of $755.7 million and oil and gas sales less royalties, transportation and operating expenses of $512.6 million would have been recognized for the period ended December 31, 2023. This pro-forma information is not necessarily indicative of the results should the acquisition have actually occurred on January 1, 2023. North Dakota disposition On October 24, 2023, the Company completed the disposition of its producing North Dakota assets for total consideration of $585.8 million, including interim closing adjustments and working capital items. Total consideration consisted of $504.6 million (US$372.7 million) in cash and $81.2 million (US$60.0 million) in deferred consideration receivable. See Note 5 - "Other Current Assets" and Note 9 - "Discontinued Operations" for additional information. c) Minor property acquisitions and dispositions In the year ended December 31, 2023, the Company completed minor property acquisitions and dispositions for net consideration received of $17.3 million. These assets had a net carrying value of $17.2 million, resulting in a gain of $0.1 million. The following table summarizes the Company's capital acquisitions and dispositions: ($ millions) Hammerhead Acquisition (1) (2) Kaybob Duvernay Acquisition Alberta Montney Acquisition North Dakota Disposition (3) (4) Other minor dispositions, net Cash (1,544.0) (370.4) (1,700.4) 504.6 17.3 Common shares (493.0) — — — — Deferred consideration receivable — — — 81.2 — Consideration (paid) received (2,037.0) (370.4) (1,700.4) 585.8 17.3 Working capital (116.7) — — 9.1 — Derivative asset 12.3 — — — — Other long-term assets — — 0.1 — — Exploration and evaluation 354.8 52.1 108.3 (1.8) (0.1) Property, plant and equipment 2,406.6 323.7 1,616.6 (635.2) (20.8) Right-of-use asset 4.3 — — (1.0) — Goodwill 72.6 — — — (0.6) Long-term debt (363.8) — — — — Decommissioning liability (9.9) (5.4) (24.6) 13.7 4.3 Derivative liability (0.3) — — 19.0 — Lease liability (4.3) — — 1.1 — Deferred income tax liability (318.6) — — — — Fair value of net assets acquired (Carrying value of net assets disposed) 2,037.0 370.4 1,700.4 (595.1) (17.2) Gain (loss) on capital dispositions — — — (9.3) 0.1 (1) Total net assets acquired excludes $696.6 million of commitments relating to transportation, $156.7 million related to gas processing and $4.8 million related to operating. (2) Working capital includes $115.4 million of accounts receivable, $7.6 million of prepaids and deposits, and $239.7 million of accounts payable and accrued liabilities. (3) Working capital includes $9.1 million of accounts payable and accrued liabilities. (4) See Note 5 - "Other Current Assets" for additional information on deferred consideration receivable. d) Assets held for sale At December 31, 2023, certain non-core assets in the Company's Alberta CGU remain held for sale. Upon classification, assets held for sale were recorded at the lesser of their carrying value and recoverable amount. The Company completed the disposition of its Southern Alberta assets in January 2024. See Note 33 - "Subsequent Events" for additional information. ($ millions) 2023 2022 Assets held for sale - PP&E 247.1 148.4 Liabilities held for sale - Decommissioning liability (132.4) (28.4) For additional information on the Company's assets and liabilities held for sale see Note 10 - "Property, Plant and Equipment" and Note 16 - "Decommissioning Liability", respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On October 24, 2023, the Company completed the disposition of the assets in its Northern U.S. CGU. The Northern U.S. CGU represents a geographical area of the Company's operations, therefore, its results have been classified as a discontinued operation in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations . See Note 8 - "Capital Acquisitions and Dispositions" for additional information. Upon disposition of the Company's U.S. operations, the cumulative foreign currency translation recognized in accumulated other comprehensive income was reclassified from shareholders' equity to profit or loss. As a result, the Company recognized a foreign exchange gain of $621.7 million in the year ended December 31, 2023. In the year ended December 31, 2023, the Company derecognized its U.S. tax pools as a result of the completed North Dakota asset sale. a) Results from discontinued operations The following table summarizes the Company's financial results from discontinued operations: For the years ended December 31 (Cdn$ millions) 2023 2022 REVENUE AND OTHER INCOME Oil and gas sales 612.9 646.1 Royalties (155.9) (165.4) Oil and gas revenue 457.0 480.7 Commodity derivative losses (23.4) — Other loss (2.2) (0.2) 431.4 480.5 EXPENSES Operating 80.0 84.9 Transportation 12.2 8.8 General and administrative 12.7 3.4 Foreign exchange gain (621.7) — Share-based compensation (0.4) 0.3 Depletion, depreciation and amortization 170.3 144.5 Impairment (impairment reversal) 728.4 (71.3) Accretion and financing 0.4 0.4 381.9 171.0 Net income before tax from discontinued operations 49.5 309.5 Tax expense (recovery) Current — — Deferred 278.6 (27.2) Net income (loss) from discontinued operations (229.1) 336.7 b) Cash flows from discontinued operations The following table summarizes cash flows from discontinued operations reported in the consolidated statements of cash flows: For the years ended December 31 (Cdn$ millions) 2023 2022 Cash provided by (used in) discontinued operations Operating activities 399.0 363.5 Investing activities 177.3 (252.3) Increase in cash from discontinued operations 576.3 111.2 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT ($ millions) 2023 2022 Development and production assets 24,580.6 22,340.0 Corporate assets 132.1 126.2 Property, plant and equipment at cost 24,712.7 22,466.2 Accumulated depletion, depreciation and impairment (13,994.4) (14,736.8) Net carrying amount 10,718.3 7,729.4 Reconciliation of movements during the year Development and production assets Cost, beginning of year 22,340.0 23,402.9 Accumulated depletion and impairment, beginning of year (14,651.8) (15,762.6) Net carrying amount, beginning of year 7,688.2 7,640.3 Net carrying amount, beginning of year 7,688.2 7,640.3 Acquisitions through business combinations 4,348.6 66.0 Additions 1,025.8 741.9 Dispositions (657.7) (285.8) Transfers from exploration and evaluation assets 204.3 80.8 Reclassified as assets held for sale (98.7) (148.4) Depletion (1,009.3) (911.4) Impairment reversal (impairment) (822.2) 428.6 Foreign exchange 0.2 76.2 Net carrying amount, end of year 10,679.2 7,688.2 Cost, end of year 24,580.6 22,340.0 Accumulated depletion and impairment, end of year (13,901.4) (14,651.8) Net carrying amount, end of year 10,679.2 7,688.2 Corporate assets Cost, beginning of year 126.2 123.2 Accumulated depreciation, beginning of year (85.0) (76.2) Net carrying amount, beginning of year 41.2 47.0 Net carrying amount, beginning of year 41.2 47.0 Additions 5.9 2.6 Depreciation (8.0) (8.5) Foreign exchange — 0.1 Net carrying amount, end of year 39.1 41.2 Cost, end of year 132.1 126.2 Accumulated depreciation, end of year (93.0) (85.0) Net carrying amount, end of year 39.1 41.2 At December 31, 2023, future development costs of $9.08 billion ( December 31, 2022 - $5.16 billion) were included in costs subject to depletion. Direct general and administrative costs capitalized by the Company during the year ended December 31, 2023 were $42.4 million (year ended December 31, 2022 - $49.7 million), including $5.7 million of share-based compensation costs (year ended December 31, 2022 - $14.7 million). Impairment test of property, plant and equipment The following table summarizes the total impairment (impairment reversal) on the consolidated statements of comprehensive income: ($ millions) 2023 2022 (1) Impairment reversal — (1,469.6) Impairment — 985.0 Impairment on assets held for sale 93.8 127.3 Impairment (impairment reversal) 93.8 (357.3) (1) Comparative period revised to reflect current period presentation. Assets Held for Sale At December 31, 2022, the Company classified certain non-core assets in its Alberta CGU as held for sale. Immediately prior to classifying the assets as held for sale, the Company conducted a review of the assets' recoverable amounts and recorded an impairment loss of $71.3 million on PP&E as a component of net impairment reversal in 2022. At December 31, 2023, these assets remained as held for sale. An additional impairment loss of $42.2 million was recorded in the fourth quarter of 2023. The recoverable amount was determined based on the assets' fair value less costs of disposal and based on expected consideration. At September 30, 2023, the Company classified additional non-core assets in its Alberta CGU as assets held for sale. Immediately prior to classifying the assets as held for sale, the Company conducted a review of the assets' recoverable amounts and recorded an impairment loss of $45.4 million on PP&E. An additional impairment loss of $6.2 million related to these assets was recorded in the fourth quarter of 2023. The recoverable amount was determined based on the assets' fair value less costs of disposal and based on expected consideration. The assets were sold in January 2024. See Note 33 - "Subsequent Events" for additional information. Q4 2023 Impairment Assessment At December 31, 2023, there were no indicators of impairment or impairment reversal. Q4 2022 Impairment At December 31, 2022, there were no indicators of impairment or impairment reversal in the Alberta and Northern U.S. CGUs. At December 31, 2022, the Company identified indicators that its Southeast Saskatchewan and Southwest Saskatchewan CGUs might be impaired. Increases in forecast costs and the reallocation of forecast capital spending from Saskatchewan to other CGUs were considered indicators of impairment. As a result, a test for impairment was conducted and the Company prepared estimates of future cash flows to determine the recoverable amount of the respective assets. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at December 31, 2022: 2023 (1) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 (3) WTI ($US/bbl) (2) 80.33 78.50 76.95 77.61 79.16 80.74 82.36 84.00 85.69 87.40 89.15 Exchange Rate ($US/$Cdn) 0.745 0.765 0.768 0.772 0.775 0.775 0.775 0.775 0.775 0.775 0.775 WTI ($Cdn/bbl) 107.83 102.61 100.20 100.53 102.14 104.18 106.27 108.39 110.57 112.77 115.03 AECO ($Cdn/mmbtu) (2) 4.23 4.40 4.21 4.27 4.34 4.43 4.51 4.60 4.69 4.79 4.88 (1) Effective January 1, 2023. (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 2033 to the end of the reserve life. Exchange rates are assumed to be constant at 0.775. The following table summarizes the impairment expense for the year ended December 31, 2022 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment Impairment, Southeast Saskatchewan Canada 2,868.3 15.00 % 564.5 424.4 Southwest Saskatchewan Canada 1,356.6 15.00 % 420.5 316.1 Total impairment 4,224.9 985.0 740.5 The following sensitivities show the resulting impact on income before tax of the changes in discount rate, forecast benchmark commodity price estimates and forecast operating cost estimates at December 31, 2022, with all other variables held constant: CGU Discount Rate Commodity Prices Operating Costs ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Increase 5% Decrease 5% Southeast Saskatchewan (167.8) 185.2 349.4 (348.3) (117.7) 118.7 Southwest Saskatchewan (88.0) 97.3 185.6 (185.3) (64.8) 65.0 Increase (decrease) (255.8) 282.5 535.0 (533.6) (182.5) 183.7 Q1 2022 Impairment Reversal At March 31, 2022, the significant increase in forecast benchmark commodity prices and the increase in the Company's market capitalization since the last impairment test at June 30, 2021, were indicators of impairment reversal. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at March 31, 2022: 2022 (1) 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 (3) WTI ($US/bbl) (2) 94.17 84.05 75.38 74.41 75.90 77.42 78.97 80.55 82.16 83.80 85.48 Exchange Rate ($US/$Cdn) 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 WTI ($Cdn/bbl) 117.71 105.06 94.23 93.01 94.88 96.78 98.71 100.69 102.70 104.75 106.85 AECO ($Cdn/mmbtu) (2) 5.18 4.18 3.38 3.34 3.41 3.48 3.54 3.61 3.69 3.76 3.84 (1) Effective April 1, 2022. (2) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (3) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2032 to the end of the reserve life. Exchange rates are assumed to be constant at 0.800. The following table summarizes the impairment reversal for the three months ended March 31, 2022 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment reversal Impairment reversal, net Southeast Saskatchewan Canada 3,413.8 15.00 % 806.0 605.3 Southwest Saskatchewan Canada 1,715.0 15.00 % 419.4 315.0 Alberta Canada 2,567.1 15.00 % 244.2 183.4 Total impairment reversal 7,695.9 1,469.6 1,103.7 The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at March 31, 2022, with all other variables held constant: CGU Discount Rate Commodity Prices ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (186.2) 204.8 367.6 (366.6) Southwest Saskatchewan (95.0) 104.6 201.1 (201.1) Alberta — — — — Increase (decrease) (281.2) 309.4 568.7 (567.7) |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Goodwill | GOODWILL ($ millions) 2023 2022 Goodwill, beginning of year 203.9 211.5 Hammerhead acquisition 72.6 — Saskatchewan Viking asset disposition — (6.8) Other dispositions (0.6) (0.8) Goodwill, end of year 275.9 203.9 In the year ended December 31, 2023, the Company recognized $72.6 million of goodwill associated with the Hammerhead acquisition, primarily due to the deferred tax liability. See Note 8 - "Capital Acquisitions and Dispositions" for additional information. Goodwill has been assigned to the Canadian operating segment. Impairment test of goodwill The impairment tests of goodwill compared the recoverable amount of the Company's PP&E and E&E to the carrying amount of the combined PP&E, E&E and goodwill at December 31, 2023 and December 31, 2022. The recoverable amount of the Company's PP&E and E&E was estimated using independent reserve evaluator forecast benchmark commodity prices, proved plus probable oil and gas reserve estimates and management's estimate of the fair market value of undeveloped land. As a result of these tests, the Company concluded that the estimated recoverable amounts exceeded the carrying amounts and no impairments were recorded. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of goodwill at December 31, 2023: 2024 (1) 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 (3) WTI ($US/bbl) (2) 73.67 74.98 76.14 77.66 79.22 80.80 82.42 84.06 85.74 87.46 89.21 Exchange Rate ($US/$Cdn) 0.752 0.752 0.755 0.755 0.755 0.755 0.755 0.755 0.755 0.755 0.755 WTI ($Cdn/bbl) 97.97 99.71 100.85 102.86 104.93 107.02 109.17 111.34 113.56 115.84 118.16 AECO ($Cdn/mmbtu) (2) 2.20 3.37 4.05 4.13 4.21 4.30 4.38 4.47 4.56 4.65 4.74 (1) Effective January 1, 2024. (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 2034 to the end of the reserve life. Exchange rates are assumed to be constant at 0.755. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Liabilities | OTHER CURRENT LIABILITIES ($ millions) 2023 2022 Long-term compensation liability 37.5 49.1 Lease liability 40.5 24.9 Decommissioning liability 40.0 41.6 Other current liabilities 118.0 115.6 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Long-term Debt | LONG-TERM DEBT ($ millions) 2023 2022 Revolving bank debt 1,932.9 — Bank term loan 750.0 — Senior guaranteed notes 883.4 1,441.5 Long-term debt 3,566.3 1,441.5 Long-term debt due within one year 380.0 538.7 Long-term debt due beyond one year 3,186.3 902.8 Bank debt Revolving bank debt At December 31, 2023, the Company had combined facilities of $2.76 billion. This includes a $2.26 billion syndicated unsecured credit facility with eleven banks and a $100.0 million unsecured operating credit facility with one Canadian chartered bank, both with a current maturity date of November 26, 2026. Both of these facilities constitute revolving credit facilities and are extendible annually. On May 10, 2023, concurrent with the closing of the Alberta Montney acquisition, Crescent Point entered into an additional $400.0 million syndicated unsecured revolving credit facility with ten banks that matures on May 10, 2025. The credit facilities 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, 2023. The Company had letters of credit in the amount of $26.2 million outstanding at December 31, 2023 (December 31, 2022 - $1.8 million). Bank term loan On December 21, 2023, concurrent with the closing of the Hammerhead acquisition, the Company entered into a $750.0 million syndicated term loan with twelve banks that matures on November 26, 2026. The term loan has financial covenants similar to those of the combined credit facilities described above. Senior guaranteed notes At December 31, 2023, the Company had senior guaranteed notes of US$589.5 million and Cdn$105.0 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. Concurrent with the issuance of senior guaranteed notes with total principal of US$517.0 million, the Company entered into cross currency swaps ("CCS") to manage the Company's foreign exchange risk. The CCS fix the US dollar amount of the individual tranches of notes for purposes of interest and principal repayments at a notional amount of $606.9 million. See Note 27 - "Financial Instruments and Derivatives" for additional information. The following table summarizes the Company's senior guaranteed notes: Principal ($ millions) Coupon Rate Hedged Principal (1) (Cdn$ millions) Unhedged Principal (2) (Cdn$ millions) Interest Payment Dates Maturity Date Financial statement carrying value 2023 2022 US$61.5 4.12 % — — October 11 and April 11 April 11, 2023 — 83.2 Cdn$80.0 3.58 % — — October 11 and April 11 April 11, 2023 — 80.0 Cdn$10.0 4.11 % — — December 12 and June 12 June 12, 2023 — 10.0 US$270.0 3.78 % — — December 12 and June 12 June 12, 2023 — 365.5 Cdn$40.0 3.85 % 40.0 — December 20 and June 20 June 20, 2024 40.0 40.0 US$257.5 3.75 % 276.4 — December 20 and June 20 June 20, 2024 340.0 348.5 US$82.0 4.30 % 67.9 39.6 October 11 and April 11 April 11, 2025 108.3 111.0 Cdn$65.0 3.94 % 65.0 — October 22 and April 22 April 22, 2025 65.0 65.0 US$230.0 4.08 % 262.6 29.7 October 22 and April 22 April 22, 2025 303.7 311.3 US$20.0 4.18 % — 26.4 October 22 and April 22 April 22, 2027 26.4 27.0 Senior guaranteed notes 711.9 95.7 883.4 1,441.5 Due within one year 316.4 — 380.0 538.7 Due beyond one year 395.5 95.7 503.4 902.8 (1) Includes underlying derivatives which fix the Company's foreign exchange exposure on its US dollar senior guaranteed notes or represents the Canadian dollar principal on Canadian dollar denominated senior guaranteed notes. (2) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of leases [Abstract] | |
Leases | LEASES Right-of-use asset ($ millions) Office (1) Fleet Vehicles Equipment Total Right-of-use asset at cost 124.8 37.2 38.6 200.6 Accumulated depreciation (65.1) (23.0) (9.7) (97.8) Net carrying amount 59.7 14.2 28.9 102.8 Reconciliation of movements during the year Cost, beginning of year 121.9 28.5 11.1 161.5 Accumulated depreciation, beginning of year (55.4) (20.4) (7.6) (83.4) Net carrying amount, beginning of year 66.5 8.1 3.5 78.1 Net carrying amount, beginning of year 66.5 8.1 3.5 78.1 Acquisitions through business combinations 3.0 0.6 0.7 4.3 Additions 0.8 10.6 26.8 38.2 Dispositions (0.1) (0.9) — (1.0) Depreciation (10.5) (4.2) (2.1) (16.8) Net carrying amount, end of year 59.7 14.2 28.9 102.8 (1) A portion of the Company's office space is subleased. During the year ended December 31, 2023, the Company recorded sublease income of $3.7 million (year ended December 31, 2022 - $3.6 million) as a component of other income. Lease liability ($ millions) 2023 2022 Lease liability, beginning of year 124.1 141.4 Acquisitions through business combinations 4.3 — Additions 38.2 3.8 Dispositions (1.1) — Financing 5.2 5.7 Payments on lease liability (26.0) (26.1) Other — (0.7) Lease liability, end of year 144.7 124.1 Expected to be incurred within one year 40.5 24.9 Expected to be incurred beyond one year 104.2 99.2 Some leases contain variable payments that are not included within the lease liability as the payments are based on amounts determined by the lessor annually and not dependent on an index or rate. For the year ended December 31, 2023, variable lease payments of $1.7 million were included in general and administrative expenses relating to property tax payments on office leases (year ended December 31, 2022 - $1.5 million). During the year ended December 31, 2023, the Company recorded $0.8 million in payments related to short-term leases and leases for low dollar value underlying assets in operating and general and administrative expenses (year ended December 31, 2022 - $0.8 million). The undiscounted cash flows relating to the lease liability are as follows: ($ millions) December 31, 2023 1 year 41.8 2 to 3 years 59.6 4 to 5 years 35.5 More than 5 years 25.2 Total (1) 162.1 (1) Includes both the principal and amounts representing interest. |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Long-term Liabilities | OTHER LONG-TERM LIABILITIES |
Decommissioning Liability
Decommissioning Liability | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Decommissioning Liability | DECOMMISSIONING LIABILITY ($ millions) 2023 2022 Decommissioning liability, beginning of year 675.5 918.8 Liabilities incurred 19.8 21.6 Liabilities acquired through capital acquisitions 40.1 3.4 Liabilities disposed through capital dispositions (18.2) (46.7) Liabilities settled (1) (45.4) (43.1) Revaluation of acquired decommissioning liabilities (2) 38.5 3.8 Change in estimates (3.0) (11.4) Change in discount and inflation rate estimates (19.6) (163.0) Accretion 22.7 19.2 Reclassified as liabilities associated with assets held for sale (104.0) (28.4) Foreign exchange — 1.3 Decommissioning liability, end of year 606.4 675.5 Expected to be incurred within one year 40.0 41.6 Expected to be incurred beyond one year 566.4 633.9 (1) Includes $5.4 million received from government grant programs during the year ended December 31, 2023 (year ended December 31, 2022 - $23.0 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 incurring 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 $606.4 million at December 31, 2023 (December 31, 2022 - $675.5 million) based on total estimated undiscounted and uninflated cash flows to settle the obligation of $847.7 million (December 31, 2022 - $894.9 million). These obligations are expected to be settled through 2073, with the majority expected after 2050. The estimated cash flows have been discounted using a risk-free rate of 3.02 percent and a derived inflation rate of 1.62 percent (December 31, 2022 - risk-free rate of 3.28 percent and inflation rate of 2.09 percent). |
Shareholders' Capital
Shareholders' Capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Shareholders' Capital | SHAREHOLDERS' CAPITAL Crescent Point has an unlimited number of common shares authorized for issuance. 2023 2022 Number of shares Amount ($ millions) Number of shares Amount ($ millions) Common shares, beginning of year 550,888,983 16,675.8 579,484,032 16,963.4 Issued on capital acquisition 53,202,339 493.0 — — Issued for cash 48,550,000 500.1 — — Issued on redemption of restricted shares 1,436,017 4.9 1,713,730 5.2 Issued on exercise of stock options 464,051 0.7 1,038,321 1.4 Common shares repurchased for cancellation (34,611,900) (349.9) (31,347,100) (294.2) Common shares, end of year 619,929,490 17,324.6 550,888,983 16,675.8 Cumulative share issue costs, net of tax — (271.9) — (256.5) Total shareholders’ capital, end of year 619,929,490 17,052.7 550,888,983 16,419.3 Normal Course Issuer Bids ("NCIBs") On March 7, 2023, the Company announced the approval by the Toronto Stock Exchange of its notice to implement a NCIB. The NCIB allows the Company to purchase, for cancellation, up to 54,605,659 common shares, or 10 percent of the Company's public float, as at February 23, 2023. The NCIB commenced on March 9, 2023 and is due to expire on March 8, 2024. The Company's previous NCIB commenced on March 9, 2022 and expired on March 8, 2023. During the year ended December 31, 2023, the Company purchased 34.6 million common shares for total consideration of $349.9 million under its NCIBs. The total cost paid, including commissions and fees, was recognized directly as a reduction in shareholders' equity. Under the NCIB, all common shares purchased are cancelled. |
Deficit
Deficit | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Deficit | DEFICIT ($ millions) 2023 2022 Accumulated earnings (deficit) (2,130.3) (2,700.6) Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2) 8.4 8.4 Accumulated tax effect on redemption of restricted shares 18.2 15.8 Accumulated dividends (8,098.8) (7,886.9) Deficit (10,202.5) (10,563.3) (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, 2023 | |
Capital Management [Abstract] | |
Capital Management | CAPITAL MANAGEMENT ($ millions) 2023 2022 Long-term debt (1) 3,566.3 1,441.5 Adjusted working capital (surplus) deficiency (2) 196.3 (95.1) Unrealized foreign exchange on translation of hedged US dollar long-term debt (24.5) (191.7) Net debt 3,738.1 1,154.7 Shareholders’ equity 6,867.5 6,493.4 Total capitalization 10,605.6 7,648.1 (1) Includes current portion of long-term debt. (2) Adjusted working capital (surplus) 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 other current assets. The following table reconciles cash flow from operating activities to adjusted funds flow from operations for the year ended December 31, 2023 and December 31, 2022: ($ millions) 2023 2022 Cash flow from operating activities 2,195.7 2,192.2 Changes in non-cash working capital 54.9 15.0 Transaction costs 48.5 5.1 Decommissioning expenditures 40.0 20.1 Adjusted funds flow from operations 2,339.1 2,232.4 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 Accounting Standards, 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 it as a key measure in capital allocation decisions including capital spending levels, returns to shareholders including dividends and share repurchases, and financing considerations. The Company's net debt to adjusted funds flow from operations ratio for the trailing four quarters at December 31, 2023 was 1.6 times (December 31, 2022 - 0.5 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, 2023. See Note 13 - "Long-term Debt" for additional information regarding the Company's financial covenant requirements. Crescent Point retains financial flexibility with liquidity on its credit facilities. The Company continuously monitors the commodity price environment and manages its counterparty exposure to mitigate credit losses and protect its balance sheet. |
Commodity Derivative Gains (Los
Commodity Derivative Gains (Losses) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Commodity Derivative Gains (Losses) | COMMODITY DERIVATIVE GAINS (LOSSES) ($ millions) 2023 2022 Realized gains (losses) 15.5 (641.8) Unrealized gains 148.3 168.4 Commodity derivative gains (losses) 163.8 (473.4) |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Other Income (Loss) | OTHER INCOME ($ millions) 2023 2022 (1) Gain (loss) on capital dispositions (0.7) 26.1 Government grant for decommissioning expenditures 5.4 23.0 Sublease income 3.7 3.6 Other 5.0 6.3 Other income 13.4 59.0 (1) Comparative period revised to reflect current period presentation. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Interest Expense | INTEREST EXPENSE ($ millions) 2023 2022 Interest expense on long-term debt 126.0 64.7 Unrealized (gain) loss on interest derivative contracts 3.4 (1.1) Interest expense 129.4 63.6 |
Foreign Exchange Gain (Loss)
Foreign Exchange Gain (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Foreign exchange rates [abstract] | |
Foreign Exchange Gain (Loss) | FOREIGN EXCHANGE GAIN (LOSS) ($ millions) 2023 2022 Realized gain on CCS - principal 151.8 63.8 Translation of US dollar long-term debt 16.8 (94.3) Unrealized gain (loss) on CCS - principal and foreign exchange swaps (153.6) 4.4 Other (5.0) 7.3 Foreign exchange gain (loss) 10.0 (18.8) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes is as follows: ($ millions) 2023 2022 (1) Current tax: Canada (0.7) — Current tax recovery (0.7) — Deferred tax expense: Canada 254.4 415.1 Deferred tax expense 254.4 415.1 Income tax expense 253.7 415.1 (1) Comparative period revised to reflect current period presentation. The following table reconciles income taxes calculated at the Canadian statutory rate with the recorded income taxes: ($ millions, except percentages) 2023 2022 (1) Net income before tax from continuing operations 1,053.1 1,561.8 Statutory income tax rate 24.58 % 24.82 % Expected provision for income taxes 258.9 387.6 Change in corporate tax rates and tax rate variance (5.6) 1.6 Derecognition (recognition) of deferred tax assets 0.5 (0.7) Non-deductible capital losses (non-taxable capital gains) 0.1 (0.2) Non-deductible disposition of goodwill 0.1 1.9 Other (2) (0.3) 24.9 Income tax expense 253.7 415.1 (1) Comparative period revised to reflect current period presentation. (2) For the year ended December 31, 2022, there is an expense deducted in a foreign jurisdiction for which a tax benefit is not recognized. The composition of net deferred income tax asset (liability) is as follows: ($ millions) 2023 2022 Deferred income tax assets — 278.8 Deferred income tax liabilities (643.0) (77.3) Net deferred income tax asset (liability) (643.0) 201.5 The net deferred income tax assets (liabilities) are expected to be settled in the following periods: ($ millions) 2023 2022 Deferred income tax: To be settled within one year (1.7) 19.6 To be settled beyond one year (641.3) 181.9 Deferred income tax (643.0) 201.5 The movement in deferred income tax assets (liabilities) are as follows: ($ millions) At January 1, 2023 (Charges) / credits due to acquisitions, discontinued operations & other (Charged) / credited to earnings At December 31, 2023 Deferred income tax assets: Decommissioning liability 167.4 (1.6) (19.2) 146.6 Income tax losses carried forward 744.6 (348.2) (80.6) 315.8 Risk management contracts 2.1 — 11.3 13.4 Lease liabilities 30.7 0.6 3.7 35.0 Other 29.9 6.8 16.5 53.2 974.7 (342.4) (68.3) 564.0 Deferred income tax liabilities: Property, plant and equipment (743.1) (244.2) (139.9) (1,127.2) Risk management contracts (10.8) (2.9) (41.3) (55.0) ROU asset (19.3) (0.6) (4.9) (24.8) (773.2) (247.7) (186.1) (1,207.0) Net deferred income tax assets (liabilities) 201.5 (590.1) (254.4) (643.0) ($ millions) At January 1, 2022 Credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2022 Deferred income tax assets: Decommissioning liability 229.6 — (62.2) 167.4 Income tax losses carried forward 814.2 — (69.6) 744.6 Risk management contracts 41.1 — (39.0) 2.1 Lease liabilities 35.3 — (4.6) 30.7 Other 19.5 19.3 (8.9) 29.9 1,139.7 19.3 (184.3) 974.7 Deferred income tax liabilities: Property, plant and equipment (533.4) — (209.7) (743.1) Risk management contracts (13.4) — 2.6 (10.8) ROU asset (22.8) — 3.5 (19.3) (569.6) — (203.6) (773.2) Net deferred income tax assets (liabilities) 570.1 19.3 (387.9) 201.5 The approximate amounts of tax pools available as at December 31, 2023 and 2022 are as follows: ($ millions) 2023 2022 Tax pools: Canada 8,281.0 5,685.8 United States 2,319.7 3,025.2 Total 10,600.7 8,711.0 Deferred tax assets are recognized to the extent of expected utilization of tax attributes, based on estimated undiscounted future cash flows included in the Company's independent reserve report. The above tax pools include estimated Canadian non-capital losses carried forward of $1.31 billion (December 31, 2022 - $1.36 billion) that expire in the years 2033 through 2040, and U.S. net operating losses of $2.32 billion (December 31, 2022 - $2.30 billion) of which $1.52 billion will expire in the years 2032 through 2037, while the remaining $802.2 million will not expire. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangements [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION The following table reconciles the number of restricted shares, ESVP awards, PSUs and DSUs for the year ended December 31, 2023: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 2,244,738 5,274,478 2,713,176 1,745,879 Granted 718,566 1,626,590 888,834 231,464 Redeemed (1,436,017) (3,721,568) (1,627,028) (248,920) Forfeited (146,602) (519,434) (351,734) — Balance, end of year 1,380,685 2,660,066 1,623,248 1,728,423 (1) Based on underlying units before any effect of performance multipliers. The following table reconciles the number of restricted shares, ESVP awards, PSUs and DSUs for the year ended December 31, 2022: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 3,267,717 8,329,291 3,214,620 1,556,780 Granted 710,819 1,288,598 904,469 208,693 Redeemed (1,718,906) (3,691,820) (1,405,913) (19,594) Forfeited (14,892) (651,591) — — Balance, end of year 2,244,738 5,274,478 2,713,176 1,745,879 (1) Based on underlying units before any effect of performance multipliers. The following table provides summary information regarding stock options outstanding as at December 31, 2023: Stock options (number of units) Weighted average exercise price ($) Balance, beginning of year 3,889,130 4.43 Exercised (629,013) 2.92 Forfeited (35,857) 3.43 Balance, end of year 3,224,260 4.74 The following table summarizes information regarding stock options outstanding as at December 31, 2023: Range of exercise prices ($) Number of stock options outstanding Weighted average remaining term for stock options outstanding (years) Weighted average exercise price per share for stock options outstanding ($) Number of stock options exercisable Weighted average exercise price per share for stock options exercisable ($) 1.09 - 1.65 1,541,362 3.25 1.09 505,996 1.09 1.66 - 5.16 254,950 2.27 3.94 245,820 3.99 5.17 - 9.86 438,417 3.70 6.01 177,060 7.15 9.87 - 10.06 989,531 1.02 10.06 989,531 10.06 3,224,260 2.55 4.74 1,918,407 6.65 The following table provides summary information regarding stock options outstanding as at December 31, 2022: Stock options (number of units) Weighted average exercise price ($) Balance, beginning of year 5,839,464 4.04 Exercised (1,446,571) 3.16 Forfeited (398,610) 2.06 Expired (105,153) 9.22 Balance, end of year 3,889,130 4.43 The volume weighted average trading price of the Company's common shares was $9.73 per share during the year ended December 31, 2023 (year ended December 31, 2022 - $9.52 per share). For the year ended December 31, 2023, the Company calculated total share-based compensation of $40.4 million (year ended December 31, 2022 - $75.6 million), net of estimated forfeitures, of which $5.4 million was capitalized (year ended December 31, 2022 - $13.3 million). At December 31, 2023, the current portion of long-term compensation liability of $37.5 million was included in other current liabilities (December 31, 2022 - $49.1 million) and $31.0 million was included in other long-term liabilities (December 31, 2022 - $40.8 million). |
Per Share Amounts
Per Share Amounts | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Per Share Amounts | PER SHARE AMOUNTS The following table summarizes the weighted average shares used in calculating net income (loss) per share: 2023 2022 Weighted average shares – basic 545,644,234 566,710,644 Dilutive impact of share-based compensation 2,684,473 4,357,422 Weighted average shares – diluted 548,328,707 571,068,066 |
Financial Instruments and Deriv
Financial Instruments and Derivatives | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial Instruments and Derivatives | FINANCIAL INSTRUMENTS AND DERIVATIVES The Company's financial assets and liabilities are comprised of cash, accounts receivable, deferred consideration receivable, 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. 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. 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 debt is equal to its carrying amount as the facilities and term loan 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 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, 2023: 2023 Carrying Value 2023 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 255.0 255.0 — 255.0 — 255.0 255.0 — 255.0 — Financial liabilities Derivatives 55.2 55.2 — 55.2 — Senior guaranteed notes (1) 883.4 853.0 — 853.0 — 938.6 908.2 — 908.2 — (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, 2022: 2022 Carrying Value 2022 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 235.3 235.3 — 235.3 — 235.3 235.3 — 235.3 — Financial liabilities Derivatives 8.7 8.7 — 8.7 — Senior guaranteed notes (1) 1,441.5 1,372.9 — 1,372.9 — 1,450.2 1,381.6 — 1,381.6 — (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. 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, 2023 and the change in fair value for the year ended December 31, 2023: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets, beginning of year 14.0 6.7 175.0 30.9 226.6 Acquisitions through business combinations 12.0 — — — 12.0 Dispositions 19.0 — — — 19.0 Unrealized change in fair value 129.4 (3.4) (153.6) (29.3) (56.9) Foreign exchange (0.9) — — — (0.9) Derivative assets, end of year 173.5 3.3 21.4 1.6 199.8 Derivative assets, end of year 176.5 3.3 72.2 3.0 255.0 Derivative liabilities, end of year (3.0) — (50.8) (1.4) (55.2) (1) Includes crude oil, crude oil differentials, natural gas and natural gas differential contracts. (2) Interest payments on CCS. (3) Includes principal portion of CCS and foreign exchange contracts. The following table summarizes the fair value as at December 31, 2022 and the change in fair value for the year ended December 31, 2022: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets (liabilities), beginning of year (154.4) 5.6 170.6 33.8 55.6 Unrealized change in fair value 168.4 1.1 4.4 (2.9) 171.0 Derivative assets, end of year 14.0 6.7 175.0 30.9 226.6 Derivative assets, end of year 22.6 6.7 175.1 30.9 235.3 Derivative liabilities, end of year (8.6) — (0.1) — (8.7) (1) Includes crude oil, crude oil differentials, propane, natural gas and natural gas differential contracts. (2) Interest payments on CCS. (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, 2023 and December 31, 2022: 2023 2022 ($ millions) Asset Liability Net Asset Liability Net Gross amount 258.4 (58.6) 199.8 246.3 (19.7) 226.6 Amount offset (3.4) 3.4 — (11.0) 11.0 — Net amount 255.0 (55.2) 199.8 235.3 (8.7) 226.6 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. 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, 2023 Year ended December 31, 2022 Increase 10% Decrease 10% Increase 10% Decrease 10% Commodity price Crude oil (134.4) 135.5 (40.3) 38.8 Natural gas (25.4) 25.8 (3.1) 3.2 Differential Natural gas 15.5 (15.5) 2.6 (2.6) Interest rate risk The Company is exposed to interest rate risk on amounts drawn on its bank debt to the extent of changes in market interest rates. Based on the Company's floating rate debt position, as at December 31, 2023, a 1 percent increase or decrease in the interest rate on floating rate debt would amount to an impact on income before tax of $26.8 million on an annualized basis. At December 31, 2022, the Company was undrawn on its credit facilities and had no floating rate debt outstanding, therefore, no exposure to changes in market interest rates. Foreign exchange risk The Company is exposed to foreign exchange risk in relation to its US dollar denominated long-term debt, US dollar denominated commodity derivative contracts, investment in its U.S. subsidiary and on a portion of its commodity sales. Crescent Point utilizes foreign exchange derivatives to hedge its foreign exchange exposure on its US dollar denominated long-term debt. To reduce foreign exchange risk relating to commodity sales, the Company utilizes a combination of foreign exchange swaps and fixed price WTI crude oil contracts that settle in Canadian dollars. The following table summarizes the resulting unrealized gains (losses) impacting income before tax due to the respective changes in the period end and applicable foreign exchange rates, with all other variables held constant: Impact on Income Before Tax Impact on Income Before Tax ($ millions) Exchange Rate Year ended December 31, 2023 Year ended December 31, 2022 Cdn$ relative to US$ Increase 10% Decrease 10% Increase 10% Decrease 10% US dollar long-term debt Period End 265.1 (265.1) 124.6 (124.6) Cross currency swaps Forward (254.8) 254.8 (123.7) 123.7 Foreign exchange swaps Forward 14.1 (14.1) 4.3 (4.3) 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 25 - "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 it's cash settled plans. 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, 2023 Year ended December 31, 2022 Share price Increase 50% Decrease 50% Increase 50% Decrease 50% Total return swaps 12.7 (12.7) 26.8 (26.8) 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 98 percent of the Company's oil and gas sales are with entities considered investment grade. At December 31, 2023, approximately 4 percent (December 31, 2022 - 4 percent) of the Company's accounts receivable balance was outstanding for more than 90 days and the Company's average expected credit loss was 0.83 percent (December 31, 2022 - 0.93 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 facilities as well as other potential sources of capital. At December 31, 2023, the Company had available unused borrowing capacity on bank credit facilities of approximately $801.1 million, including $26.2 million outstanding letters of credit and cash of $17.3 million. The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2023, is outlined in the table below: ($ millions) 1 year 2 to 3 years 4 to 5 years More than 5 years Total Accounts payable and accrued liabilities 634.9 — — — 634.9 Dividends payable 56.8 — — — 56.8 Derivative liabilities (1) — 3.2 — — 3.2 Senior guaranteed notes (2) 342.8 476.5 27.0 — 846.3 Bank debt (3) 236.3 3,118.8 — — 3,355.1 (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 related to the senior guaranteed notes, which fix the amounts due in Canadian dollars. US dollar senior guaranteed notes that do not have any underlying CCS are translated at the period end foreign exchange rate. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2023, and includes undiscounted cash outflows pursuant to the CCS related to Secured Overnight Financing Rate loans. The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2022, 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 448.2 — — — 448.2 Dividends payable 99.4 — — — 99.4 Derivative liabilities (1) 12.6 — — — 12.6 Senior guaranteed notes (2) 486.6 816.2 26.9 — 1,329.7 (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. c) Derivative contracts The following is a summary of the derivative contracts in place as at December 31, 2023: Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1) Swap Collar Term Volume (bbls/d) Average Price ($/bbl) Volumes (bbls/d) Average Average Bought Put Price ($/bbl) January 2024 - December 2024 (2) 15,414 102.02 28,488 114.40 97.52 January 2025 - December 2025 1,513 95.13 — — — (1) The volumes and prices reported are the weighted average volumes and prices for the period. (2) Includes 5,000 bbls/d in the first half of 2024, which can be extended at the option of the counterparty for the second half of 2024 at an average swap price of $102.68/bbl. Financial WTI Crude Oil Derivative Contracts – US Dollar (1) Swap Volume (bbls/d) Average Price (US$/bbl) Term January 2024 - March 2024 10,050 82.44 (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 Volume (GJ/d) Average Price ($/GJ) Term January 2024 - October 2024 31,403 3.33 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial NYMEX Natural Gas Derivative Contracts – US Dollar (1) Swap Collar Term Volume Average Price Volume Average Sold Call Price (US$/mmbtu) Average Bought Put Price (US$/mmbtu) January 2024 - December 2024 31,027 3.44 60,000 4.21 3.14 January 2025 - December 2025 51,000 3.43 45,000 4.01 3.33 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial NYMEX Natural Gas Differential Derivative Contracts – US Dollar (1) Term Volume Contract Basis Fixed Differential January 2024 - December 2024 151,257 Basis Swap AECO (1.10) January 2025 - December 2025 150,000 Basis Swap AECO (1.12) (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial Cross Currency Derivative Contracts Term Contract Receive Notional Principal (US$ millions) Fixed Rate (US%) Pay Notional Principal (Cdn$ millions) Fixed Rate (Cdn%) January 2024 Swap 783.0 7.18 1,075.6 6.69 January 2024 - March 2024 Swap 635.0 7.17 847.6 6.78 January 2024 - June 2024 Swap 257.5 3.75 276.4 4.03 January 2024 - April 2025 Swap 52.0 4.30 67.9 3.98 January 2024 - April 2025 Swap 207.5 4.08 262.6 4.13 Financial Foreign Exchange Forward Derivative Contracts Settlement Date Contract Receive Currency Receive Notional Principal Pay Pay Notional Principal ($ millions) January 2024 Swap (1) Cdn$ 64.1 US$ 48.0 June 2024 Swap Cdn$ 40.5 US$ 30.0 December 2024 Swap Cdn$ 40.5 US$ 30.0 (1) Based on an average floating exchange rate. Financial Equity Derivative Contracts Notional Principal ($ millions) Number of shares Term Contract January 2024 - March 2024 Swap 11.8 1,549,947 January 2024 - March 2025 Swap 12.0 1,207,754 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Compensation of key management personnel |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
Commitments | COMMITMENTS At December 31, 2023, 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) 15.8 19.7 11.5 7.9 54.9 Gas processing 115.6 193.4 147.9 280.8 737.7 Transportation 186.1 361.5 276.5 524.5 1,348.6 Total contractual commitments (2) 317.5 574.6 435.9 813.2 2,141.2 (1) Includes operating costs on the Company's office space, net of $16.7 million recoveries from subleases. (2) Excludes contracts accounted for under IFRS 16. See Note 14 - "Leases" for additional information. |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Significant Subsidiaries | SIGNIFICANT SUBSIDIARIES The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2023: Subsidiary Name Country of Formation Crescent Point Resources Partnership Canada Crescent Point Holdings Ltd. Canada Hammerhead Resources ULC Canada Crescent Point Energy U.S. Corp. United States of America |
Supplemental Disclosures
Supplemental Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Disclosures [Abstract] | |
Supplemental Disclosures | SUPPLEMENTAL DISCLOSURES Comprehensive income statement presentation The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2023 2022 (1) Operating 64.0 56.3 General and administrative 66.8 58.7 Share-based compensation 9.4 35.9 Total compensation expenses 140.2 150.9 (1) Comparative period revised to reflect current period presentation. Cash flow statement presentation ($ millions) 2023 2022 Operating activities Changes in non-cash working capital: Accounts receivable 66.7 (11.3) Prepaids and deposits (2.2) (13.9) Accounts payable and accrued liabilities (97.8) (3.5) Other current liabilities (11.8) 8.6 Other long-term liabilities (9.8) 5.1 (54.9) (15.0) Investing activities Changes in non-cash working capital: Accounts receivable — 0.2 Other current assets (60.5) (18.7) Accounts payable and accrued liabilities 56.3 (7.6) (4.2) (26.1) Financing activities Changes in non-cash working capital: Prepaids and deposits (12.6) (44.2) Accounts payable and accrued liabilities (2.0) 4.0 Dividends payable (42.6) 55.9 (57.2) 15.7 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, 2021 43.5 1,970.2 141.4 Changes from cash flow from financing activities: Decrease in bank debt, net (338.5) Repayment of senior guaranteed notes (281.8) Realized gain on cross currency swap maturity 63.8 Dividends paid (144.7) Payments on principal portion of lease liability (20.4) Non-cash changes: Dividends declared 200.6 Additions 3.8 Other (0.7) Foreign exchange 27.8 December 31, 2022 99.4 1,441.5 124.1 Changes from cash flow from financing activities: Increase in bank debt, net 2,675.1 Repayment of senior guaranteed notes and acquired long-term debt (897.9) Realized gain on cross currency swap maturity 147.7 Dividends paid (254.5) Payments on principal portion of lease liability (20.8) Non-cash changes: Dividends declared 211.9 Acquisitions through business combinations 363.8 4.3 Additions 38.2 Dispositions (1.1) Foreign exchange (163.9) December 31, 2023 56.8 3,566.3 144.7 (1) Includes current portion of long-term debt. (2) Includes current portion of lease liability. |
Oil and Gas Sales
Oil and Gas Sales | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of geographical areas [abstract] | |
Oil and Gas Sales | OIL AND GAS SALES The following table reconciles oil and gas sales by country: ($ millions) (1) 2023 2022 Canada Crude oil and condensate sales 3,082.5 3,319.1 NGL sales 180.2 224.8 Natural gas sales 236.3 303.1 Total Canada 3,499.0 3,847.0 U.S. Crude oil and condensate sales 569.6 553.3 NGL sales 27.0 55.2 Natural gas sales 16.3 37.6 Total U.S. (2) 612.9 646.1 Total oil and gas sales 4,111.9 4,493.1 (1) Oil and gas sales are reported before realized derivatives. (2) Discontinued operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Disposition of Southern Alberta Assets On January 26, 2024, Crescent Point completed the disposition of its Southern Alberta assets for total consideration of approximately $38.1 million, including interim closing adjustments. Total consideration includes $25.0 million of deferred consideration receivable. Due to significant decommissioning liabilities associated with these assets, this transaction reduces the Company's decommissioning liability balance by $92.4 million. |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Preparation | Preparation These consolidated financial statements are presented under IFRS Accounting Standards as issued by the International Accounting Standards Board. The policies applied in these consolidated financial statements are based on IFRS Accounting Standards issued and outstanding as of February 28, 2024, the date the Board of Directors approved the statements. The Company’s presentation currency is Canadian dollars and all amounts reported are Canadian dollars unless noted otherwise. References to “US$” and "US dollars" are to United States ("U.S.") dollars. Crescent Point's Canadian operations are presented herein as continuing operations. The Company's U.S. operations have been classified and presented as discontinued operations. See Note 9 - "Discontinued Operations" for additional information. |
Basis of measurement, functional and presentation currency | Basis of measurement, functional and presentation currency The Company’s presentation currency is Canadian dollars. The accounts of the Company’s foreign operations that have a functional currency different from the Company’s presentation currency are translated into the Company’s presentation currency at period end exchange rates for assets and liabilities and at the average rate over the period for revenues and expenses. Translation gains and losses relating to the foreign operations are recognized in other comprehensive income as cumulative translation adjustments. |
Use of estimate and judgments | Use of estimates and judgments The preparation of consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future years affected. 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 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 infrastructure, the existence of common sales points, geography, geologic structure and the manner in which management monitors and makes decisions regarding operations. The determination of technical feasibility and commercial viability, based on the presence of reserves and which results in the transfer of assets from exploration and evaluation ("E&E") to PP&E, is subject to judgment. Decommissioning liability Upon retirement of its oil and gas assets, the Company anticipates incurring substantial costs associated with decommissioning. Estimates of these costs are subject to uncertainty associated with the method, timing and extent of future decommissioning activities. The liability, the related asset and the expense are impacted by estimates with respect to the cost and timing of decommissioning. Business combinations Business combinations are accounted for using the acquisition method of accounting. The determination of fair value often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of PP&E and E&E assets acquired generally require the most judgment and include estimates of reserves acquired, forecast benchmark commodity prices, production forecasts, costs 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 Tax regulations and legislation and the interpretations thereof are subject to change. In addition, deferred income tax assets and liabilities recognize the extent that temporary differences will be receivable and payable in future periods. The calculation of the asset and liability involves a significant amount of estimation including an evaluation of when the temporary differences will reverse, an analysis of the amount of future taxable earnings, expected cash flows from estimated proved plus probable reserves and the application of tax laws. Changes in tax regulations and legislation and the other assumptions listed are subject to measurement uncertainty. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries and any reference to the “Company” throughout these consolidated financial statements refers to the Company and its subsidiaries. All transactions between the Company and its subsidiaries have been eliminated. The Company conducts some of its oil and gas production activities through jointly controlled operations and the financial statements reflect only the Company's proportionate interest in such activities. Joint control exists for contractual arrangements governing the Company's assets whereby the Company has less than 100 percent working interest, all 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 or impairment reversals. 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 oil and gas 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 oil and gas 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 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. |
Decommissioning Liability | Decommissioning Liability The Company recognizes the present value of a decommissioning liability in the period in which it is incurred. The obligation is recorded as a liability on a discounted basis using the relevant risk free rate, with a corresponding increase to the carrying amount of the related asset. Over time, the liabilities are accreted for the change in their present value and the capitalized costs are depleted on a unit-of-production basis over the life of the underlying proved plus probable oil and gas 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 | 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. |
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, performance multiplier, and factors in the aggregate amount of dividends paid over the vesting term. 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 vesting, 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. |
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. A deferred tax asset is recognized to the extent that it is probable that future taxable income will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. 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 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 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 translated 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. The unrealized gain or loss is subsequently reclassified to profit and loss upon discontinuation of the foreign operations. 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 translated to Canadian dollars at exchange rates in effect at the balance sheet date and income and expenses are translated 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 Equivalents |
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 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. |
Assets Held for Sale | Assets Held for Sale |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Current Assets | ($ millions) 2023 2022 Deferred consideration receivable 79.2 — Deposit on acquisition — 18.7 Other current assets 79.2 18.7 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Exploration For And Evaluation Of Mineral Resources [Abstract] | |
Schedule of Exploration and Evaluation Assets | ($ millions) 2023 2022 Exploration and evaluation assets at cost 1,578.6 1,453.4 Accumulated amortization (971.6) (1,349.2) Net carrying amount 607.0 104.2 Reconciliation of movements during the year Cost, beginning of year 1,453.4 1,613.3 Accumulated amortization, beginning of year (1,349.2) (1,564.5) Net carrying amount, beginning of year 104.2 48.8 Net carrying amount, beginning of year 104.2 48.8 Acquisitions through business combinations 515.2 28.0 Additions 224.8 134.2 Dispositions (1.9) (10.9) Transfers to property, plant and equipment (204.3) (80.8) Amortization (30.9) (15.2) Foreign exchange (0.1) 0.1 Net carrying amount, end of year 607.0 104.2 ($ millions) 2023 2022 Development and production assets 24,580.6 22,340.0 Corporate assets 132.1 126.2 Property, plant and equipment at cost 24,712.7 22,466.2 Accumulated depletion, depreciation and impairment (13,994.4) (14,736.8) Net carrying amount 10,718.3 7,729.4 Reconciliation of movements during the year Development and production assets Cost, beginning of year 22,340.0 23,402.9 Accumulated depletion and impairment, beginning of year (14,651.8) (15,762.6) Net carrying amount, beginning of year 7,688.2 7,640.3 Net carrying amount, beginning of year 7,688.2 7,640.3 Acquisitions through business combinations 4,348.6 66.0 Additions 1,025.8 741.9 Dispositions (657.7) (285.8) Transfers from exploration and evaluation assets 204.3 80.8 Reclassified as assets held for sale (98.7) (148.4) Depletion (1,009.3) (911.4) Impairment reversal (impairment) (822.2) 428.6 Foreign exchange 0.2 76.2 Net carrying amount, end of year 10,679.2 7,688.2 Cost, end of year 24,580.6 22,340.0 Accumulated depletion and impairment, end of year (13,901.4) (14,651.8) Net carrying amount, end of year 10,679.2 7,688.2 Corporate assets Cost, beginning of year 126.2 123.2 Accumulated depreciation, beginning of year (85.0) (76.2) Net carrying amount, beginning of year 41.2 47.0 Net carrying amount, beginning of year 41.2 47.0 Additions 5.9 2.6 Depreciation (8.0) (8.5) Foreign exchange — 0.1 Net carrying amount, end of year 39.1 41.2 Cost, end of year 132.1 126.2 Accumulated depreciation, end of year (93.0) (85.0) Net carrying amount, end of year 39.1 41.2 |
Capital Acquisitions and Disp_2
Capital Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations And Dispositions [Abstract] | |
Schedule of Capital Acquisitions and Dispositions | The following table summarizes the Company's capital acquisitions and dispositions: ($ millions) Hammerhead Acquisition (1) (2) Kaybob Duvernay Acquisition Alberta Montney Acquisition North Dakota Disposition (3) (4) Other minor dispositions, net Cash (1,544.0) (370.4) (1,700.4) 504.6 17.3 Common shares (493.0) — — — — Deferred consideration receivable — — — 81.2 — Consideration (paid) received (2,037.0) (370.4) (1,700.4) 585.8 17.3 Working capital (116.7) — — 9.1 — Derivative asset 12.3 — — — — Other long-term assets — — 0.1 — — Exploration and evaluation 354.8 52.1 108.3 (1.8) (0.1) Property, plant and equipment 2,406.6 323.7 1,616.6 (635.2) (20.8) Right-of-use asset 4.3 — — (1.0) — Goodwill 72.6 — — — (0.6) Long-term debt (363.8) — — — — Decommissioning liability (9.9) (5.4) (24.6) 13.7 4.3 Derivative liability (0.3) — — 19.0 — Lease liability (4.3) — — 1.1 — Deferred income tax liability (318.6) — — — — Fair value of net assets acquired (Carrying value of net assets disposed) 2,037.0 370.4 1,700.4 (595.1) (17.2) Gain (loss) on capital dispositions — — — (9.3) 0.1 (1) Total net assets acquired excludes $696.6 million of commitments relating to transportation, $156.7 million related to gas processing and $4.8 million related to operating. (2) Working capital includes $115.4 million of accounts receivable, $7.6 million of prepaids and deposits, and $239.7 million of accounts payable and accrued liabilities. (3) Working capital includes $9.1 million of accounts payable and accrued liabilities. (4) See Note 5 - "Other Current Assets" for additional information on deferred consideration receivable. |
Assets Held for Sale | ($ millions) 2023 2022 Assets held for sale - PP&E 247.1 148.4 Liabilities held for sale - Decommissioning liability (132.4) (28.4) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Summary of Discontinued Operations | The following table summarizes the Company's financial results from discontinued operations: For the years ended December 31 (Cdn$ millions) 2023 2022 REVENUE AND OTHER INCOME Oil and gas sales 612.9 646.1 Royalties (155.9) (165.4) Oil and gas revenue 457.0 480.7 Commodity derivative losses (23.4) — Other loss (2.2) (0.2) 431.4 480.5 EXPENSES Operating 80.0 84.9 Transportation 12.2 8.8 General and administrative 12.7 3.4 Foreign exchange gain (621.7) — Share-based compensation (0.4) 0.3 Depletion, depreciation and amortization 170.3 144.5 Impairment (impairment reversal) 728.4 (71.3) Accretion and financing 0.4 0.4 381.9 171.0 Net income before tax from discontinued operations 49.5 309.5 Tax expense (recovery) Current — — Deferred 278.6 (27.2) Net income (loss) from discontinued operations (229.1) 336.7 The following table summarizes cash flows from discontinued operations reported in the consolidated statements of cash flows: For the years ended December 31 (Cdn$ millions) 2023 2022 Cash provided by (used in) discontinued operations Operating activities 399.0 363.5 Investing activities 177.3 (252.3) Increase in cash from discontinued operations 576.3 111.2 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of property plant and equipment | ($ millions) 2023 2022 Exploration and evaluation assets at cost 1,578.6 1,453.4 Accumulated amortization (971.6) (1,349.2) Net carrying amount 607.0 104.2 Reconciliation of movements during the year Cost, beginning of year 1,453.4 1,613.3 Accumulated amortization, beginning of year (1,349.2) (1,564.5) Net carrying amount, beginning of year 104.2 48.8 Net carrying amount, beginning of year 104.2 48.8 Acquisitions through business combinations 515.2 28.0 Additions 224.8 134.2 Dispositions (1.9) (10.9) Transfers to property, plant and equipment (204.3) (80.8) Amortization (30.9) (15.2) Foreign exchange (0.1) 0.1 Net carrying amount, end of year 607.0 104.2 ($ millions) 2023 2022 Development and production assets 24,580.6 22,340.0 Corporate assets 132.1 126.2 Property, plant and equipment at cost 24,712.7 22,466.2 Accumulated depletion, depreciation and impairment (13,994.4) (14,736.8) Net carrying amount 10,718.3 7,729.4 Reconciliation of movements during the year Development and production assets Cost, beginning of year 22,340.0 23,402.9 Accumulated depletion and impairment, beginning of year (14,651.8) (15,762.6) Net carrying amount, beginning of year 7,688.2 7,640.3 Net carrying amount, beginning of year 7,688.2 7,640.3 Acquisitions through business combinations 4,348.6 66.0 Additions 1,025.8 741.9 Dispositions (657.7) (285.8) Transfers from exploration and evaluation assets 204.3 80.8 Reclassified as assets held for sale (98.7) (148.4) Depletion (1,009.3) (911.4) Impairment reversal (impairment) (822.2) 428.6 Foreign exchange 0.2 76.2 Net carrying amount, end of year 10,679.2 7,688.2 Cost, end of year 24,580.6 22,340.0 Accumulated depletion and impairment, end of year (13,901.4) (14,651.8) Net carrying amount, end of year 10,679.2 7,688.2 Corporate assets Cost, beginning of year 126.2 123.2 Accumulated depreciation, beginning of year (85.0) (76.2) Net carrying amount, beginning of year 41.2 47.0 Net carrying amount, beginning of year 41.2 47.0 Additions 5.9 2.6 Depreciation (8.0) (8.5) Foreign exchange — 0.1 Net carrying amount, end of year 39.1 41.2 Cost, end of year 132.1 126.2 Accumulated depreciation, end of year (93.0) (85.0) Net carrying amount, end of year 39.1 41.2 |
Impairment test of property, plant and equipment | The following table summarizes the total impairment (impairment reversal) on the consolidated statements of comprehensive income: ($ millions) 2023 2022 (1) Impairment reversal — (1,469.6) Impairment — 985.0 Impairment on assets held for sale 93.8 127.3 Impairment (impairment reversal) 93.8 (357.3) (1) Comparative period revised to reflect current period presentation. |
Schedule of Forecast Benchmark Commodity Prices And Exchange Rates for Impairment of Property, Plant and Equipment | The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at December 31, 2022: 2023 (1) 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 (3) WTI ($US/bbl) (2) 80.33 78.50 76.95 77.61 79.16 80.74 82.36 84.00 85.69 87.40 89.15 Exchange Rate ($US/$Cdn) 0.745 0.765 0.768 0.772 0.775 0.775 0.775 0.775 0.775 0.775 0.775 WTI ($Cdn/bbl) 107.83 102.61 100.20 100.53 102.14 104.18 106.27 108.39 110.57 112.77 115.03 AECO ($Cdn/mmbtu) (2) 4.23 4.40 4.21 4.27 4.34 4.43 4.51 4.60 4.69 4.79 4.88 (1) Effective January 1, 2023. (2) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (3) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2033 to the end of the reserve life. Exchange rates are assumed to be constant at 0.775. The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of PP&E at March 31, 2022: 2022 (1) 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 (3) WTI ($US/bbl) (2) 94.17 84.05 75.38 74.41 75.90 77.42 78.97 80.55 82.16 83.80 85.48 Exchange Rate ($US/$Cdn) 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 0.800 WTI ($Cdn/bbl) 117.71 105.06 94.23 93.01 94.88 96.78 98.71 100.69 102.70 104.75 106.85 AECO ($Cdn/mmbtu) (2) 5.18 4.18 3.38 3.34 3.41 3.48 3.54 3.61 3.69 3.76 3.84 (1) Effective April 1, 2022. (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 2032 to the end of the reserve life. Exchange rates are assumed to be constant at 0.800. |
Schedule of Impairment Loss and Reversal of Impairment Loss | The following table summarizes the impairment expense for the year ended December 31, 2022 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment Impairment, Southeast Saskatchewan Canada 2,868.3 15.00 % 564.5 424.4 Southwest Saskatchewan Canada 1,356.6 15.00 % 420.5 316.1 Total impairment 4,224.9 985.0 740.5 The following table summarizes the impairment reversal for the three months ended March 31, 2022 by CGU: CGU ($ millions, except %) Operating segment Recoverable amount Discount rate Impairment reversal Impairment reversal, net Southeast Saskatchewan Canada 3,413.8 15.00 % 806.0 605.3 Southwest Saskatchewan Canada 1,715.0 15.00 % 419.4 315.0 Alberta Canada 2,567.1 15.00 % 244.2 183.4 Total impairment reversal 7,695.9 1,469.6 1,103.7 |
Schedule of Impact on Income Before Tax For Changes in Discount Rate and Forecast Benchmark Commodity Price Estimates | CGU Discount Rate Commodity Prices Operating Costs ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Increase 5% Decrease 5% Southeast Saskatchewan (167.8) 185.2 349.4 (348.3) (117.7) 118.7 Southwest Saskatchewan (88.0) 97.3 185.6 (185.3) (64.8) 65.0 Increase (decrease) (255.8) 282.5 535.0 (533.6) (182.5) 183.7 The following sensitivities show the resulting impact on income before tax of the changes in discount rate and forecast benchmark commodity price estimates at March 31, 2022, with all other variables held constant: CGU Discount Rate Commodity Prices ($ millions) Increase 1% Decrease 1% Increase 5% Decrease 5% Southeast Saskatchewan (186.2) 204.8 367.6 (366.6) Southwest Saskatchewan (95.0) 104.6 201.1 (201.1) Alberta — — — — Increase (decrease) (281.2) 309.4 568.7 (567.7) |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Goodwill Rollforward | ($ millions) 2023 2022 Goodwill, beginning of year 203.9 211.5 Hammerhead acquisition 72.6 — Saskatchewan Viking asset disposition — (6.8) Other dispositions (0.6) (0.8) Goodwill, end of year 275.9 203.9 |
Schedule of Forecast Benchmark Commodity Prices and Exchange Rates for Impairment of Goodwill | The following table outlines the forecast benchmark commodity prices and the exchange rate used in the impairment calculation of goodwill at December 31, 2023: 2024 (1) 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 (3) WTI ($US/bbl) (2) 73.67 74.98 76.14 77.66 79.22 80.80 82.42 84.06 85.74 87.46 89.21 Exchange Rate ($US/$Cdn) 0.752 0.752 0.755 0.755 0.755 0.755 0.755 0.755 0.755 0.755 0.755 WTI ($Cdn/bbl) 97.97 99.71 100.85 102.86 104.93 107.02 109.17 111.34 113.56 115.84 118.16 AECO ($Cdn/mmbtu) (2) 2.20 3.37 4.05 4.13 4.21 4.30 4.38 4.47 4.56 4.65 4.74 (1) Effective January 1, 2024. (2) The forecast benchmark commodity prices listed above are adjusted for quality differentials, heat content, distance to market and other factors in performing the impairment tests. (3) Forecast benchmark commodity prices are assumed to increase by 2.0% in each year after 2034 to the end of the reserve life. Exchange rates are assumed to be constant at 0.755. |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Other Current Liabilities | ($ millions) 2023 2022 Long-term compensation liability 37.5 49.1 Lease liability 40.5 24.9 Decommissioning liability 40.0 41.6 Other current liabilities 118.0 115.6 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Long-term Debt | ($ millions) 2023 2022 Revolving bank debt 1,932.9 — Bank term loan 750.0 — Senior guaranteed notes 883.4 1,441.5 Long-term debt 3,566.3 1,441.5 Long-term debt due within one year 380.0 538.7 Long-term debt due beyond one year 3,186.3 902.8 The following table summarizes the Company's senior guaranteed notes: Principal ($ millions) Coupon Rate Hedged Principal (1) (Cdn$ millions) Unhedged Principal (2) (Cdn$ millions) Interest Payment Dates Maturity Date Financial statement carrying value 2023 2022 US$61.5 4.12 % — — October 11 and April 11 April 11, 2023 — 83.2 Cdn$80.0 3.58 % — — October 11 and April 11 April 11, 2023 — 80.0 Cdn$10.0 4.11 % — — December 12 and June 12 June 12, 2023 — 10.0 US$270.0 3.78 % — — December 12 and June 12 June 12, 2023 — 365.5 Cdn$40.0 3.85 % 40.0 — December 20 and June 20 June 20, 2024 40.0 40.0 US$257.5 3.75 % 276.4 — December 20 and June 20 June 20, 2024 340.0 348.5 US$82.0 4.30 % 67.9 39.6 October 11 and April 11 April 11, 2025 108.3 111.0 Cdn$65.0 3.94 % 65.0 — October 22 and April 22 April 22, 2025 65.0 65.0 US$230.0 4.08 % 262.6 29.7 October 22 and April 22 April 22, 2025 303.7 311.3 US$20.0 4.18 % — 26.4 October 22 and April 22 April 22, 2027 26.4 27.0 Senior guaranteed notes 711.9 95.7 883.4 1,441.5 Due within one year 316.4 — 380.0 538.7 Due beyond one year 395.5 95.7 503.4 902.8 (1) Includes underlying derivatives which fix the Company's foreign exchange exposure on its US dollar senior guaranteed notes or represents the Canadian dollar principal on Canadian dollar denominated senior guaranteed notes. (2) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of leases [Abstract] | |
Disclosure of quantitative information about right-of-use assets | ($ millions) Office (1) Fleet Vehicles Equipment Total Right-of-use asset at cost 124.8 37.2 38.6 200.6 Accumulated depreciation (65.1) (23.0) (9.7) (97.8) Net carrying amount 59.7 14.2 28.9 102.8 Reconciliation of movements during the year Cost, beginning of year 121.9 28.5 11.1 161.5 Accumulated depreciation, beginning of year (55.4) (20.4) (7.6) (83.4) Net carrying amount, beginning of year 66.5 8.1 3.5 78.1 Net carrying amount, beginning of year 66.5 8.1 3.5 78.1 Acquisitions through business combinations 3.0 0.6 0.7 4.3 Additions 0.8 10.6 26.8 38.2 Dispositions (0.1) (0.9) — (1.0) Depreciation (10.5) (4.2) (2.1) (16.8) Net carrying amount, end of year 59.7 14.2 28.9 102.8 (1) A portion of the Company's office space is subleased. During the year ended December 31, 2023, the Company recorded sublease income of $3.7 million (year ended December 31, 2022 - $3.6 million) as a component of other income. |
Disclosure of additional information about leasing activities for lessee | ($ millions) 2023 2022 Lease liability, beginning of year 124.1 141.4 Acquisitions through business combinations 4.3 — Additions 38.2 3.8 Dispositions (1.1) — Financing 5.2 5.7 Payments on lease liability (26.0) (26.1) Other — (0.7) Lease liability, end of year 144.7 124.1 Expected to be incurred within one year 40.5 24.9 Expected to be incurred beyond one year 104.2 99.2 |
Disclosure of maturity analysis of finance lease payments receivable | The undiscounted cash flows relating to the lease liability are as follows: ($ millions) December 31, 2023 1 year 41.8 2 to 3 years 59.6 4 to 5 years 35.5 More than 5 years 25.2 Total (1) 162.1 (1) Includes both the principal and amounts representing interest. |
Decommissioning Liability (Tabl
Decommissioning Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Decommissioning Liability | ($ millions) 2023 2022 Decommissioning liability, beginning of year 675.5 918.8 Liabilities incurred 19.8 21.6 Liabilities acquired through capital acquisitions 40.1 3.4 Liabilities disposed through capital dispositions (18.2) (46.7) Liabilities settled (1) (45.4) (43.1) Revaluation of acquired decommissioning liabilities (2) 38.5 3.8 Change in estimates (3.0) (11.4) Change in discount and inflation rate estimates (19.6) (163.0) Accretion 22.7 19.2 Reclassified as liabilities associated with assets held for sale (104.0) (28.4) Foreign exchange — 1.3 Decommissioning liability, end of year 606.4 675.5 Expected to be incurred within one year 40.0 41.6 Expected to be incurred beyond one year 566.4 633.9 (1) Includes $5.4 million received from government grant programs during the year ended December 31, 2023 (year ended December 31, 2022 - $23.0 million). (2) These amounts relate to the revaluation of acquired decommissioning liabilities at the end of the period using a risk-free discount rate. At the date of acquisition, acquired decommissioning liabilities are fair valued. |
Shareholders' Capital (Tables)
Shareholders' Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of shareholders' capital | Crescent Point has an unlimited number of common shares authorized for issuance. 2023 2022 Number of shares Amount ($ millions) Number of shares Amount ($ millions) Common shares, beginning of year 550,888,983 16,675.8 579,484,032 16,963.4 Issued on capital acquisition 53,202,339 493.0 — — Issued for cash 48,550,000 500.1 — — Issued on redemption of restricted shares 1,436,017 4.9 1,713,730 5.2 Issued on exercise of stock options 464,051 0.7 1,038,321 1.4 Common shares repurchased for cancellation (34,611,900) (349.9) (31,347,100) (294.2) Common shares, end of year 619,929,490 17,324.6 550,888,983 16,675.8 Cumulative share issue costs, net of tax — (271.9) — (256.5) Total shareholders’ capital, end of year 619,929,490 17,052.7 550,888,983 16,419.3 |
Deficit (Tables)
Deficit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [abstract] | |
Schedule of Deficit | ($ millions) 2023 2022 Accumulated earnings (deficit) (2,130.3) (2,700.6) Accumulated gain on shares issued pursuant to DRIP (1) and SDP (2) 8.4 8.4 Accumulated tax effect on redemption of restricted shares 18.2 15.8 Accumulated dividends (8,098.8) (7,886.9) Deficit (10,202.5) (10,563.3) (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, 2023 | |
Capital Management [Abstract] | |
Schedule of Capital Management | CAPITAL MANAGEMENT ($ millions) 2023 2022 Long-term debt (1) 3,566.3 1,441.5 Adjusted working capital (surplus) deficiency (2) 196.3 (95.1) Unrealized foreign exchange on translation of hedged US dollar long-term debt (24.5) (191.7) Net debt 3,738.1 1,154.7 Shareholders’ equity 6,867.5 6,493.4 Total capitalization 10,605.6 7,648.1 (1) Includes current portion of long-term debt. (2) Adjusted working capital (surplus) 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 other current assets. |
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, 2023 and December 31, 2022: ($ millions) 2023 2022 Cash flow from operating activities 2,195.7 2,192.2 Changes in non-cash working capital 54.9 15.0 Transaction costs 48.5 5.1 Decommissioning expenditures 40.0 20.1 Adjusted funds flow from operations 2,339.1 2,232.4 |
Commodity Derivative Gains (L_2
Commodity Derivative Gains (Losses) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Derivative Instruments | ($ millions) 2023 2022 Realized gains (losses) 15.5 (641.8) Unrealized gains 148.3 168.4 Commodity derivative gains (losses) 163.8 (473.4) |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Other Income (Loss) | ($ millions) 2023 2022 (1) Gain (loss) on capital dispositions (0.7) 26.1 Government grant for decommissioning expenditures 5.4 23.0 Sublease income 3.7 3.6 Other 5.0 6.3 Other income 13.4 59.0 (1) Comparative period revised to reflect current period presentation. |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Interest Expense | ($ millions) 2023 2022 Interest expense on long-term debt 126.0 64.7 Unrealized (gain) loss on interest derivative contracts 3.4 (1.1) Interest expense 129.4 63.6 |
Foreign Exchange Gain (Tables)
Foreign Exchange Gain (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Foreign exchange rates [abstract] | |
Foreign Exchange Gain (Loss) | ($ millions) 2023 2022 Realized gain on CCS - principal 151.8 63.8 Translation of US dollar long-term debt 16.8 (94.3) Unrealized gain (loss) on CCS - principal and foreign exchange swaps (153.6) 4.4 Other (5.0) 7.3 Foreign exchange gain (loss) 10.0 (18.8) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Disclosure of provision for income taxes | The provision for income taxes is as follows: ($ millions) 2023 2022 (1) Current tax: Canada (0.7) — Current tax recovery (0.7) — Deferred tax expense: Canada 254.4 415.1 Deferred tax expense 254.4 415.1 Income tax expense 253.7 415.1 (1) Comparative period revised to reflect current period presentation. |
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) 2023 2022 (1) Net income before tax from continuing operations 1,053.1 1,561.8 Statutory income tax rate 24.58 % 24.82 % Expected provision for income taxes 258.9 387.6 Change in corporate tax rates and tax rate variance (5.6) 1.6 Derecognition (recognition) of deferred tax assets 0.5 (0.7) Non-deductible capital losses (non-taxable capital gains) 0.1 (0.2) Non-deductible disposition of goodwill 0.1 1.9 Other (2) (0.3) 24.9 Income tax expense 253.7 415.1 (1) Comparative period revised to reflect current period presentation. (2) For the year ended December 31, 2022, there is an expense deducted in a foreign jurisdiction for which a tax benefit is not recognized. |
Disclosure of deferred income tax asset (liability) | The composition of net deferred income tax asset (liability) is as follows: ($ millions) 2023 2022 Deferred income tax assets — 278.8 Deferred income tax liabilities (643.0) (77.3) Net deferred income tax asset (liability) (643.0) 201.5 |
Disclosure of net deferred tax liabilities | The net deferred income tax assets (liabilities) are expected to be settled in the following periods: ($ millions) 2023 2022 Deferred income tax: To be settled within one year (1.7) 19.6 To be settled beyond one year (641.3) 181.9 Deferred income tax (643.0) 201.5 The movement in deferred income tax assets (liabilities) are as follows: ($ millions) At January 1, 2023 (Charges) / credits due to acquisitions, discontinued operations & other (Charged) / credited to earnings At December 31, 2023 Deferred income tax assets: Decommissioning liability 167.4 (1.6) (19.2) 146.6 Income tax losses carried forward 744.6 (348.2) (80.6) 315.8 Risk management contracts 2.1 — 11.3 13.4 Lease liabilities 30.7 0.6 3.7 35.0 Other 29.9 6.8 16.5 53.2 974.7 (342.4) (68.3) 564.0 Deferred income tax liabilities: Property, plant and equipment (743.1) (244.2) (139.9) (1,127.2) Risk management contracts (10.8) (2.9) (41.3) (55.0) ROU asset (19.3) (0.6) (4.9) (24.8) (773.2) (247.7) (186.1) (1,207.0) Net deferred income tax assets (liabilities) 201.5 (590.1) (254.4) (643.0) ($ millions) At January 1, 2022 Credits due to acquisitions & other (Charged) / credited to earnings At December 31, 2022 Deferred income tax assets: Decommissioning liability 229.6 — (62.2) 167.4 Income tax losses carried forward 814.2 — (69.6) 744.6 Risk management contracts 41.1 — (39.0) 2.1 Lease liabilities 35.3 — (4.6) 30.7 Other 19.5 19.3 (8.9) 29.9 1,139.7 19.3 (184.3) 974.7 Deferred income tax liabilities: Property, plant and equipment (533.4) — (209.7) (743.1) Risk management contracts (13.4) — 2.6 (10.8) ROU asset (22.8) — 3.5 (19.3) (569.6) — (203.6) (773.2) Net deferred income tax assets (liabilities) 570.1 19.3 (387.9) 201.5 |
Disclosure of tax pools available | The approximate amounts of tax pools available as at December 31, 2023 and 2022 are as follows: ($ millions) 2023 2022 Tax pools: Canada 8,281.0 5,685.8 United States 2,319.7 3,025.2 Total 10,600.7 8,711.0 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 2,244,738 5,274,478 2,713,176 1,745,879 Granted 718,566 1,626,590 888,834 231,464 Redeemed (1,436,017) (3,721,568) (1,627,028) (248,920) Forfeited (146,602) (519,434) (351,734) — Balance, end of year 1,380,685 2,660,066 1,623,248 1,728,423 (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, 2022: Restricted Shares ESVP PSUs (1) DSUs Balance, beginning of year 3,267,717 8,329,291 3,214,620 1,556,780 Granted 710,819 1,288,598 904,469 208,693 Redeemed (1,718,906) (3,691,820) (1,405,913) (19,594) Forfeited (14,892) (651,591) — — Balance, end of year 2,244,738 5,274,478 2,713,176 1,745,879 (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, 2023: Stock options (number of units) Weighted average exercise price ($) Balance, beginning of year 3,889,130 4.43 Exercised (629,013) 2.92 Forfeited (35,857) 3.43 Balance, end of year 3,224,260 4.74 |
Summarized Information Regarding Stock Options Outstanding | The following table summarizes information regarding stock options outstanding as at December 31, 2023: Range of exercise prices ($) Number of stock options outstanding Weighted average remaining term for stock options outstanding (years) Weighted average exercise price per share for stock options outstanding ($) Number of stock options exercisable Weighted average exercise price per share for stock options exercisable ($) 1.09 - 1.65 1,541,362 3.25 1.09 505,996 1.09 1.66 - 5.16 254,950 2.27 3.94 245,820 3.99 5.17 - 9.86 438,417 3.70 6.01 177,060 7.15 9.87 - 10.06 989,531 1.02 10.06 989,531 10.06 3,224,260 2.55 4.74 1,918,407 6.65 |
Disclosure of Number and Weighted Average Exercise Prices of Share Options | The following table provides summary information regarding stock options outstanding as at December 31, 2022: Stock options (number of units) Weighted average exercise price ($) Balance, beginning of year 5,839,464 4.04 Exercised (1,446,571) 3.16 Forfeited (398,610) 2.06 Expired (105,153) 9.22 Balance, end of year 3,889,130 4.43 |
Per Share Amounts (Tables)
Per Share Amounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Disclosure of earnings per share | The following table summarizes the weighted average shares used in calculating net income (loss) per share: 2023 2022 Weighted average shares – basic 545,644,234 566,710,644 Dilutive impact of share-based compensation 2,684,473 4,357,422 Weighted average shares – diluted 548,328,707 571,068,066 |
Financial Instruments and Der_2
Financial Instruments and Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Disclosure of financial assets | The following table summarizes the carrying value of the Company's remaining financial assets and liabilities as compared to their respective fair values as at December 31, 2023: 2023 Carrying Value 2023 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 255.0 255.0 — 255.0 — 255.0 255.0 — 255.0 — Financial liabilities Derivatives 55.2 55.2 — 55.2 — Senior guaranteed notes (1) 883.4 853.0 — 853.0 — 938.6 908.2 — 908.2 — (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, 2022: 2022 Carrying Value 2022 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 235.3 235.3 — 235.3 — 235.3 235.3 — 235.3 — Financial liabilities Derivatives 8.7 8.7 — 8.7 — Senior guaranteed notes (1) 1,441.5 1,372.9 — 1,372.9 — 1,450.2 1,381.6 — 1,381.6 — (1) |
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, 2023: 2023 Carrying Value 2023 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 255.0 255.0 — 255.0 — 255.0 255.0 — 255.0 — Financial liabilities Derivatives 55.2 55.2 — 55.2 — Senior guaranteed notes (1) 883.4 853.0 — 853.0 — 938.6 908.2 — 908.2 — (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, 2022: 2022 Carrying Value 2022 Fair Value Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs ($ millions) Financial assets Derivatives 235.3 235.3 — 235.3 — 235.3 235.3 — 235.3 — Financial liabilities Derivatives 8.7 8.7 — 8.7 — Senior guaranteed notes (1) 1,441.5 1,372.9 — 1,372.9 — 1,450.2 1,381.6 — 1,381.6 — (1) |
Disclosure of derivative assets and liabilities | The following table summarizes the fair value as at December 31, 2023 and the change in fair value for the year ended December 31, 2023: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets, beginning of year 14.0 6.7 175.0 30.9 226.6 Acquisitions through business combinations 12.0 — — — 12.0 Dispositions 19.0 — — — 19.0 Unrealized change in fair value 129.4 (3.4) (153.6) (29.3) (56.9) Foreign exchange (0.9) — — — (0.9) Derivative assets, end of year 173.5 3.3 21.4 1.6 199.8 Derivative assets, end of year 176.5 3.3 72.2 3.0 255.0 Derivative liabilities, end of year (3.0) — (50.8) (1.4) (55.2) (1) Includes crude oil, crude oil differentials, natural gas and natural gas differential contracts. (2) Interest payments on CCS. (3) Includes principal portion of CCS and foreign exchange contracts. The following table summarizes the fair value as at December 31, 2022 and the change in fair value for the year ended December 31, 2022: ($ millions) Commodity (1) Interest (2) Foreign exchange (3) Equity Total Derivative assets (liabilities), beginning of year (154.4) 5.6 170.6 33.8 55.6 Unrealized change in fair value 168.4 1.1 4.4 (2.9) 171.0 Derivative assets, end of year 14.0 6.7 175.0 30.9 226.6 Derivative assets, end of year 22.6 6.7 175.1 30.9 235.3 Derivative liabilities, end of year (8.6) — (0.1) — (8.7) (1) Includes crude oil, crude oil differentials, propane, natural gas and natural gas differential contracts. (2) Interest payments on CCS. (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, 2023 and December 31, 2022: 2023 2022 ($ millions) Asset Liability Net Asset Liability Net Gross amount 258.4 (58.6) 199.8 246.3 (19.7) 226.6 Amount offset (3.4) 3.4 — (11.0) 11.0 — Net amount 255.0 (55.2) 199.8 235.3 (8.7) 226.6 |
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, 2023 Year ended December 31, 2022 Increase 10% Decrease 10% Increase 10% Decrease 10% Commodity price Crude oil (134.4) 135.5 (40.3) 38.8 Natural gas (25.4) 25.8 (3.1) 3.2 Differential Natural gas 15.5 (15.5) 2.6 (2.6) 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, 2023 Year ended December 31, 2022 Cdn$ relative to US$ Increase 10% Decrease 10% Increase 10% Decrease 10% US dollar long-term debt Period End 265.1 (265.1) 124.6 (124.6) Cross currency swaps Forward (254.8) 254.8 (123.7) 123.7 Foreign exchange swaps Forward 14.1 (14.1) 4.3 (4.3) 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, 2023 Year ended December 31, 2022 Share price Increase 50% Decrease 50% Increase 50% Decrease 50% Total return swaps 12.7 (12.7) 26.8 (26.8) |
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, 2023, 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 634.9 — — — 634.9 Dividends payable 56.8 — — — 56.8 Derivative liabilities (1) — 3.2 — — 3.2 Senior guaranteed notes (2) 342.8 476.5 27.0 — 846.3 Bank debt (3) 236.3 3,118.8 — — 3,355.1 (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 related to the senior guaranteed notes, which fix the amounts due in Canadian dollars. US dollar senior guaranteed notes that do not have any underlying CCS are translated at the period end foreign exchange rate. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2023, and includes undiscounted cash outflows pursuant to the CCS related to Secured Overnight Financing Rate loans. The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2022, 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 448.2 — — — 448.2 Dividends payable 99.4 — — — 99.4 Derivative liabilities (1) 12.6 — — — 12.6 Senior guaranteed notes (2) 486.6 816.2 26.9 — 1,329.7 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) |
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, 2023, 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 634.9 — — — 634.9 Dividends payable 56.8 — — — 56.8 Derivative liabilities (1) — 3.2 — — 3.2 Senior guaranteed notes (2) 342.8 476.5 27.0 — 846.3 Bank debt (3) 236.3 3,118.8 — — 3,355.1 (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 related to the senior guaranteed notes, which fix the amounts due in Canadian dollars. US dollar senior guaranteed notes that do not have any underlying CCS are translated at the period end foreign exchange rate. (3) These amounts include interest based on debt outstanding and interest rates effective as at December 31, 2023, and includes undiscounted cash outflows pursuant to the CCS related to Secured Overnight Financing Rate loans. The timing of undiscounted cash outflows relating to the financial liabilities outstanding as at December 31, 2022, 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 448.2 — — — 448.2 Dividends payable 99.4 — — — 99.4 Derivative liabilities (1) 12.6 — — — 12.6 Senior guaranteed notes (2) 486.6 816.2 26.9 — 1,329.7 (1) These amounts exclude undiscounted cash outflows pursuant to the CCS and foreign exchange swaps. (2) |
Disclosure of derivative contracts | The following is a summary of the derivative contracts in place as at December 31, 2023: Financial WTI Crude Oil Derivative Contracts – Canadian Dollar (1) Swap Collar Term Volume (bbls/d) Average Price ($/bbl) Volumes (bbls/d) Average Average Bought Put Price ($/bbl) January 2024 - December 2024 (2) 15,414 102.02 28,488 114.40 97.52 January 2025 - December 2025 1,513 95.13 — — — (1) The volumes and prices reported are the weighted average volumes and prices for the period. (2) Includes 5,000 bbls/d in the first half of 2024, which can be extended at the option of the counterparty for the second half of 2024 at an average swap price of $102.68/bbl. Financial WTI Crude Oil Derivative Contracts – US Dollar (1) Swap Volume (bbls/d) Average Price (US$/bbl) Term January 2024 - March 2024 10,050 82.44 (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 Volume (GJ/d) Average Price ($/GJ) Term January 2024 - October 2024 31,403 3.33 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial NYMEX Natural Gas Derivative Contracts – US Dollar (1) Swap Collar Term Volume Average Price Volume Average Sold Call Price (US$/mmbtu) Average Bought Put Price (US$/mmbtu) January 2024 - December 2024 31,027 3.44 60,000 4.21 3.14 January 2025 - December 2025 51,000 3.43 45,000 4.01 3.33 (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial NYMEX Natural Gas Differential Derivative Contracts – US Dollar (1) Term Volume Contract Basis Fixed Differential January 2024 - December 2024 151,257 Basis Swap AECO (1.10) January 2025 - December 2025 150,000 Basis Swap AECO (1.12) (1) The volumes and prices reported are the weighted average volumes and prices for the period. Financial Cross Currency Derivative Contracts Term Contract Receive Notional Principal (US$ millions) Fixed Rate (US%) Pay Notional Principal (Cdn$ millions) Fixed Rate (Cdn%) January 2024 Swap 783.0 7.18 1,075.6 6.69 January 2024 - March 2024 Swap 635.0 7.17 847.6 6.78 January 2024 - June 2024 Swap 257.5 3.75 276.4 4.03 January 2024 - April 2025 Swap 52.0 4.30 67.9 3.98 January 2024 - April 2025 Swap 207.5 4.08 262.6 4.13 Financial Foreign Exchange Forward Derivative Contracts Settlement Date Contract Receive Currency Receive Notional Principal Pay Pay Notional Principal ($ millions) January 2024 Swap (1) Cdn$ 64.1 US$ 48.0 June 2024 Swap Cdn$ 40.5 US$ 30.0 December 2024 Swap Cdn$ 40.5 US$ 30.0 (1) Based on an average floating exchange rate. Financial Equity Derivative Contracts Notional Principal ($ millions) Number of shares Term Contract January 2024 - March 2024 Swap 11.8 1,549,947 January 2024 - March 2025 Swap 12.0 1,207,754 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital commitments [abstract] | |
Schedule of Gain Contingencies by Contingency | At December 31, 2023, 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) 15.8 19.7 11.5 7.9 54.9 Gas processing 115.6 193.4 147.9 280.8 737.7 Transportation 186.1 361.5 276.5 524.5 1,348.6 Total contractual commitments (2) 317.5 574.6 435.9 813.2 2,141.2 (1) Includes operating costs on the Company's office space, net of $16.7 million recoveries from subleases. (2) Excludes contracts accounted for under IFRS 16. See Note 14 - "Leases" for additional information. |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Schedule of Significant Subsidiaries Owned | The Company has the following significant subsidiaries, each owned 100% directly and indirectly, at December 31, 2023: Subsidiary Name Country of Formation Crescent Point Resources Partnership Canada Crescent Point Holdings Ltd. Canada Hammerhead Resources ULC Canada Crescent Point Energy U.S. Corp. United States of America |
Supplemental Disclosures (Table
Supplemental Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Disclosures [Abstract] | |
Income statement presentation | The Company’s statements of comprehensive income are prepared primarily by nature of expense, with the exception of compensation expenses which are included in the operating, general and administrative and share-based compensation line items, as follows: ($ millions) 2023 2022 (1) Operating 64.0 56.3 General and administrative 66.8 58.7 Share-based compensation 9.4 35.9 Total compensation expenses 140.2 150.9 (1) Comparative period revised to reflect current period presentation. |
Cash flow statement presentation | Cash flow statement presentation ($ millions) 2023 2022 Operating activities Changes in non-cash working capital: Accounts receivable 66.7 (11.3) Prepaids and deposits (2.2) (13.9) Accounts payable and accrued liabilities (97.8) (3.5) Other current liabilities (11.8) 8.6 Other long-term liabilities (9.8) 5.1 (54.9) (15.0) Investing activities Changes in non-cash working capital: Accounts receivable — 0.2 Other current assets (60.5) (18.7) Accounts payable and accrued liabilities 56.3 (7.6) (4.2) (26.1) Financing activities Changes in non-cash working capital: Prepaids and deposits (12.6) (44.2) Accounts payable and accrued liabilities (2.0) 4.0 Dividends payable (42.6) 55.9 (57.2) 15.7 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, 2021 43.5 1,970.2 141.4 Changes from cash flow from financing activities: Decrease in bank debt, net (338.5) Repayment of senior guaranteed notes (281.8) Realized gain on cross currency swap maturity 63.8 Dividends paid (144.7) Payments on principal portion of lease liability (20.4) Non-cash changes: Dividends declared 200.6 Additions 3.8 Other (0.7) Foreign exchange 27.8 December 31, 2022 99.4 1,441.5 124.1 Changes from cash flow from financing activities: Increase in bank debt, net 2,675.1 Repayment of senior guaranteed notes and acquired long-term debt (897.9) Realized gain on cross currency swap maturity 147.7 Dividends paid (254.5) Payments on principal portion of lease liability (20.8) Non-cash changes: Dividends declared 211.9 Acquisitions through business combinations 363.8 4.3 Additions 38.2 Dispositions (1.1) Foreign exchange (163.9) December 31, 2023 56.8 3,566.3 144.7 (1) Includes current portion of long-term debt. (2) Includes current portion of lease liability. |
Oil and Gas Sales (Tables)
Oil and Gas Sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 Canada Crude oil and condensate sales 3,082.5 3,319.1 NGL sales 180.2 224.8 Natural gas sales 236.3 303.1 Total Canada 3,499.0 3,847.0 U.S. Crude oil and condensate sales 569.6 553.3 NGL sales 27.0 55.2 Natural gas sales 16.3 37.6 Total U.S. (2) 612.9 646.1 Total oil and gas sales 4,111.9 4,493.1 (1) Oil and gas sales are reported before realized derivatives. (2) Discontinued operations. |
Material Accounting Policies (D
Material Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 Current Assets (Details)
Other Current Assets (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Deferred consideration receivable | $ 79.2 | $ 0 |
Deposit on acquisition | 0 | 18.7 |
Other current assets | $ 79.2 | $ 18.7 |
Other Current Assets - Narrativ
Other Current Assets - Narrative (Details) - North Dakota Disposition $ in Millions | Dec. 31, 2023 USD ($) installment |
Disclosure of impairment loss and reversal of impairment loss [line items] | |
Deferred consideration receivable | $ | $ 60 |
Number of installments | installment | 2 |
Other Long-term Assets (Details
Other Long-term Assets (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Non-current receivables from taxes other than income tax | $ 7,200,000 | $ 6,400,000 |
Other non-current receivables | $ 200,000 | $ 0 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | $ 7,729.4 | ||
End of period | 10,718.3 | $ 7,729.4 | |
Impairment reversal | $ 1,469.6 | ||
Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | 22,466.2 | ||
End of period | 24,712.7 | 22,466.2 | |
Exploration and evaluation assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | 48.8 | 104.2 | 48.8 |
Acquisitions through business combinations | 515.2 | 28 | |
Additions | 224.8 | 134.2 | |
Dispositions | (1.9) | (10.9) | |
Transfers to property, plant and equipment | (204.3) | (80.8) | |
Amortization | (30.9) | (15.2) | |
Foreign exchange | (0.1) | 0.1 | |
End of period | 607 | 104.2 | |
Exploration and evaluation assets | Gross carrying amount | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | 1,613.3 | 1,453.4 | 1,613.3 |
End of period | 1,578.6 | 1,453.4 | |
Exploration and evaluation assets | Accumulated depreciation and amortisation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning of period | $ (1,564.5) | (1,349.2) | (1,564.5) |
End of period | $ (971.6) | $ (1,349.2) |
Capital Acquisitions and Disp_3
Capital Acquisitions and Dispositions - Narrative (Details) shares in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 21, 2023 CAD ($) shares | Oct. 24, 2023 CAD ($) | Oct. 24, 2023 USD ($) | May 10, 2023 CAD ($) | Jan. 11, 2023 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Disposition transaction cost | $ 48.5 | $ 5.1 | |||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | 39.8 | 4.6 | |||||
Gain (loss) on capital dispositions | (0.7) | $ 26.1 | |||||
North Dakota Disposition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Consideration (paid) received | $ 585.8 | ||||||
Cash | 504.6 | $ 372.7 | |||||
Repaid debt | 0 | ||||||
Deferred consideration receivable | (81.2) | $ 60 | |||||
Carrying value | (595.1) | ||||||
Gain (loss) on capital dispositions | $ 9.3 | ||||||
Hammerhead Acquisition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Consideration (paid) received | $ (2,037) | ||||||
Cash | $ (1,544) | ||||||
Equity consideration (in shares) | shares | 53.2 | ||||||
Repaid debt | $ 363.8 | ||||||
Revenue of acquiree since acquisition date | 24.7 | ||||||
Profit (loss) of acquiree since acquisition date | (14.8) | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 833.3 | ||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 527.6 | ||||||
Deferred consideration receivable | 0 | ||||||
Carrying value | 2,037 | ||||||
Gain (loss) on capital dispositions | $ 0 | ||||||
Kaybob Duvernay Acquisition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Consideration (paid) received | $ (370.4) | ||||||
Cash | (370.4) | ||||||
Repaid debt | 0 | ||||||
Revenue of acquiree since acquisition date | 56.4 | ||||||
Profit (loss) of acquiree since acquisition date | (37) | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 58.8 | ||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 38.7 | ||||||
Deferred consideration receivable | 0 | ||||||
Carrying value | 370.4 | ||||||
Gain (loss) on capital dispositions | $ 0 | ||||||
Alberta Montney Acquisition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Consideration (paid) received | $ (1,700.4) | ||||||
Cash | (1,700.4) | ||||||
Repaid debt | 0 | ||||||
Revenue of acquiree since acquisition date | 505.1 | ||||||
Profit (loss) of acquiree since acquisition date | 329.4 | ||||||
Revenue of combined entity as if combination occurred at beginning of period | 755.7 | ||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | 512.6 | ||||||
Deferred consideration receivable | 0 | ||||||
Carrying value | 1,700.4 | ||||||
Gain (loss) on capital dispositions | $ 0 | ||||||
Other minor dispositions, net | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Consideration (paid) received | 17.3 | ||||||
Cash | 17.3 | ||||||
Repaid debt | 0 | ||||||
Deferred consideration receivable | 0 | ||||||
Carrying value | (17.2) | ||||||
Gain (loss) on capital dispositions | $ (0.1) |
Capital Acquisitions and Disp_4
Capital Acquisitions and Dispositions - Schedule of Minor Acquisitions and Dispositions (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 21, 2023 CAD ($) | Oct. 24, 2023 CAD ($) | Oct. 24, 2023 USD ($) | May 10, 2023 CAD ($) | Jan. 11, 2023 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Gain (loss) on capital dispositions | $ 0.7 | $ (26.1) | |||||
North Dakota Disposition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Cash | $ 504.6 | $ 372.7 | |||||
Common shares | 0 | ||||||
Deferred consideration receivable | 81.2 | $ (60) | |||||
Consideration (paid) received | 585.8 | ||||||
Working capital | 9.1 | ||||||
Derivative asset | 0 | ||||||
Other long-term assets | 0 | ||||||
Exploration and evaluation | (1.8) | ||||||
Property, plant and equipment | (635.2) | ||||||
Right-of-use asset | (1) | ||||||
Goodwill | 0 | ||||||
Long-term debt | 0 | ||||||
Decommissioning liability | 13.7 | ||||||
Derivative liability | 19 | ||||||
Lease liability | 1.1 | ||||||
Deferred income tax liability | 0 | ||||||
Fair value of net assets acquired (Carrying value of net assets disposed) | (595.1) | ||||||
Gain (loss) on capital dispositions | (9.3) | ||||||
North Dakota Disposition | Accounts Payable and Accrued Liabilities | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Working capital | $ 9.1 | ||||||
Hammerhead Acquisition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Cash | $ (1,544) | ||||||
Common shares | 493 | ||||||
Deferred consideration receivable | 0 | ||||||
Consideration (paid) received | (2,037) | ||||||
Working capital | (116.7) | ||||||
Derivative asset | 12.3 | ||||||
Other long-term assets | 0 | ||||||
Exploration and evaluation | 354.8 | ||||||
Property, plant and equipment | 2,406.6 | ||||||
Right-of-use asset | 4.3 | ||||||
Goodwill | 72.6 | ||||||
Long-term debt | (363.8) | ||||||
Decommissioning liability | (9.9) | ||||||
Derivative liability | (0.3) | ||||||
Lease liability | (4.3) | ||||||
Deferred income tax liability | (318.6) | ||||||
Fair value of net assets acquired (Carrying value of net assets disposed) | 2,037 | ||||||
Gain (loss) on capital dispositions | 0 | ||||||
Assets acquired, excluding commitments relating to transportation | 696.6 | ||||||
Assets acquired, excluding commitments relating to gas processing | 156.7 | ||||||
Assets acquired, excluding commitments relating to operation | 4.8 | ||||||
Hammerhead Acquisition | Accounts Receivable | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Working capital | 115.4 | ||||||
Hammerhead Acquisition | Prepaids and Deposits | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Working capital | 7.6 | ||||||
Hammerhead Acquisition | Accounts Payable and Accrued Liabilities | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Working capital | $ 239.7 | ||||||
Kaybob Duvernay Acquisition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Cash | $ (370.4) | ||||||
Common shares | 0 | ||||||
Deferred consideration receivable | 0 | ||||||
Consideration (paid) received | (370.4) | ||||||
Working capital | 0 | ||||||
Derivative asset | 0 | ||||||
Other long-term assets | 0 | ||||||
Exploration and evaluation | 52.1 | ||||||
Property, plant and equipment | 323.7 | ||||||
Right-of-use asset | 0 | ||||||
Goodwill | 0 | ||||||
Long-term debt | 0 | ||||||
Decommissioning liability | (5.4) | ||||||
Derivative liability | 0 | ||||||
Lease liability | 0 | ||||||
Deferred income tax liability | 0 | ||||||
Fair value of net assets acquired (Carrying value of net assets disposed) | 370.4 | ||||||
Gain (loss) on capital dispositions | $ 0 | ||||||
Alberta Montney Acquisition | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Cash | $ (1,700.4) | ||||||
Common shares | 0 | ||||||
Deferred consideration receivable | 0 | ||||||
Consideration (paid) received | (1,700.4) | ||||||
Working capital | 0 | ||||||
Derivative asset | 0 | ||||||
Other long-term assets | 0.1 | ||||||
Exploration and evaluation | 108.3 | ||||||
Property, plant and equipment | 1,616.6 | ||||||
Right-of-use asset | 0 | ||||||
Goodwill | 0 | ||||||
Long-term debt | 0 | ||||||
Decommissioning liability | (24.6) | ||||||
Derivative liability | 0 | ||||||
Lease liability | 0 | ||||||
Deferred income tax liability | 0 | ||||||
Fair value of net assets acquired (Carrying value of net assets disposed) | 1,700.4 | ||||||
Gain (loss) on capital dispositions | $ 0 | ||||||
Other minor dispositions, net | |||||||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||||||
Cash | 17.3 | ||||||
Common shares | 0 | ||||||
Deferred consideration receivable | 0 | ||||||
Consideration (paid) received | 17.3 | ||||||
Working capital | 0 | ||||||
Derivative asset | 0 | ||||||
Other long-term assets | 0 | ||||||
Exploration and evaluation | (0.1) | ||||||
Property, plant and equipment | (20.8) | ||||||
Right-of-use asset | 0 | ||||||
Goodwill | (0.6) | ||||||
Long-term debt | 0 | ||||||
Decommissioning liability | 4.3 | ||||||
Derivative liability | 0 | ||||||
Lease liability | 0 | ||||||
Deferred income tax liability | 0 | ||||||
Fair value of net assets acquired (Carrying value of net assets disposed) | (17.2) | ||||||
Gain (loss) on capital dispositions | $ 0.1 |
Capital Acquisitions and Disp_5
Capital Acquisitions and Dispositions - Assets Held for Sale (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Business Combinations And Dispositions [Abstract] | ||
Assets held for sale - PP&E | $ 247.1 | $ 148.4 |
Liabilities held for sale - Decommissioning liability | $ (132.4) | $ (28.4) |
Discontinued Operations (Detail
Discontinued Operations (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
REVENUE AND OTHER INCOME | |||||
Revenue from contracts with customers | $ 3,189.9 | $ 3,512.3 | [1] | ||
Commodity derivative gains (losses) | 163.8 | (473.4) | [1] | ||
Other income | 13.4 | 59 | [1] | ||
Revenue and other income | 3,367.1 | 3,097.9 | [1] | ||
EXPENSES | |||||
Operating | 770.5 | 628.2 | [1] | ||
Transportation | 174.3 | 131 | [1] | ||
General and administrative | 126.5 | 78.4 | [1] | ||
Foreign exchange gain | 10 | (18.8) | [1] | ||
Share-based compensation | 38.7 | 38.8 | [1] | ||
Depletion, depreciation and amortization | 894.7 | 807.2 | [1] | ||
Impairment (impairment reversal) | $ 6.2 | $ 45.4 | 42.2 | 71.3 | |
Accretion and financing | 27.5 | 24.5 | [1] | ||
Total Expenses | 2,314 | 1,536.1 | [1] | ||
Tax expense (recovery) | |||||
Current | (0.7) | 0 | [1] | ||
Deferred | 254.4 | 415.1 | [1] | ||
Net income (loss) from discontinued operations | (229.1) | 336.7 | [1] | ||
Cash provided by (used in) discontinued operations | |||||
Operating activities | 399 | 363.5 | |||
Investing activities | 177.3 | (252.3) | |||
Increase in cash from discontinued operations | 576.3 | 111.2 | |||
Oil and gas sales | |||||
REVENUE AND OTHER INCOME | |||||
Revenue from contracts with customers | 3,499 | 3,847 | [1] | ||
Royalties | |||||
REVENUE AND OTHER INCOME | |||||
Revenue from contracts with customers | (375.3) | (435.5) | [1] | ||
Discontinued operations | |||||
Disclosure of analysis of single amount of discontinued operations [line items] | |||||
Foreign exchange gain | 621.7 | ||||
REVENUE AND OTHER INCOME | |||||
Revenue from contracts with customers | 457 | 480.7 | |||
Commodity derivative gains (losses) | (23.4) | 0 | |||
Other income | (2.2) | (0.2) | |||
Revenue and other income | 431.4 | 480.5 | |||
EXPENSES | |||||
Operating | 80 | 84.9 | |||
Transportation | 12.2 | 8.8 | |||
General and administrative | 12.7 | 3.4 | |||
Foreign exchange gain | (621.7) | 0 | |||
Share-based compensation | (0.4) | 0.3 | |||
Depletion, depreciation and amortization | 170.3 | 144.5 | |||
Impairment (impairment reversal) | 728.4 | (71.3) | |||
Accretion and financing | 0.4 | 0.4 | |||
Total Expenses | 381.9 | 171 | |||
Net income before tax from discontinued operations | 49.5 | 309.5 | |||
Tax expense (recovery) | |||||
Current | 0 | 0 | |||
Deferred | 278.6 | (27.2) | |||
Net income (loss) from discontinued operations | (229.1) | 336.7 | |||
Discontinued operations | Oil and gas sales | |||||
REVENUE AND OTHER INCOME | |||||
Revenue from contracts with customers | 612.9 | 646.1 | |||
Discontinued operations | Royalties | |||||
REVENUE AND OTHER INCOME | |||||
Revenue from contracts with customers | $ (155.9) | $ (165.4) | |||
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | $ 7,729.4 | |
End of period | 10,718.3 | $ 7,729.4 |
General and administrative costs capitalized | 42.4 | 49.7 |
Share-based compensation expense capitalized | 5.7 | 14.7 |
Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 22,466.2 | |
End of period | 24,712.7 | 22,466.2 |
Accumulated depreciation, amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (14,736.8) | |
End of period | (13,994.4) | (14,736.8) |
Development And Production Assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 7,688.2 | 7,640.3 |
Acquisitions through business combinations | 4,348.6 | 66 |
Additions | 1,025.8 | 741.9 |
Dispositions | (657.7) | (285.8) |
Transfers from exploration and evaluation assets | 204.3 | 80.8 |
Reclassified as assets held for sale | (98.7) | (148.4) |
Depletion | (1,009.3) | (911.4) |
Impairment reversal (impairment) | (822.2) | 428.6 |
Foreign exchange | 0.2 | 76.2 |
End of period | 10,679.2 | 7,688.2 |
Development And Production Assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 22,340 | 23,402.9 |
End of period | 24,580.6 | 22,340 |
Development And Production Assets | Accumulated depreciation, amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (14,651.8) | (15,762.6) |
End of period | (13,901.4) | (14,651.8) |
Corporate Assets | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 41.2 | 47 |
Additions | 5.9 | 2.6 |
Depletion | (8) | (8.5) |
Foreign exchange | 0 | 0.1 |
End of period | 39.1 | 41.2 |
Corporate Assets | Gross carrying amount | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 126.2 | 123.2 |
End of period | 132.1 | 126.2 |
Corporate Assets | Accumulated depreciation, amortization and impairment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | (85) | (76.2) |
End of period | (93) | (85) |
Future Development Costs | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Beginning of period | 5,160 | |
End of period | $ 9,080 | $ 5,160 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Impairment Reversal (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant and equipment [abstract] | ||
Impairment reversal | $ 0 | $ (1,469.6) |
Impairment | 0 | 985 |
Impairment on assets held for sale | 93.8 | 127.3 |
Impairment (impairment reversal) | $ 93.8 | $ (357.3) |
Property, Plant and Equipment_3
Property, Plant and Equipment - Assets Held for Sale (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Property, plant and equipment [abstract] | ||||
Impairment (impairment reversal) | $ 6.2 | $ 45.4 | $ 42.2 | $ 71.3 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Impairment Test of Property, Plant and Equipment (Details) | Dec. 31, 2022 $ / bbl | Dec. 31, 2022 $ / $ | Dec. 31, 2022 $ / bbl | Dec. 31, 2022 $ / MMbtu | Dec. 31, 2022 | Mar. 31, 2022 $ / bbl | Mar. 31, 2022 $ / $ | Mar. 31, 2022 $ / bbl | Mar. 31, 2022 $ / MMbtu |
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark commodity price, assumed annual increase, percent | 2% | ||||||||
2022 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 94.17 | 117.71 | |||||||
Closing foreign exchange rate | $ / $ | 0.800 | ||||||||
2022 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 5.18 | ||||||||
2023 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 80.33 | 107.83 | 84.05 | 105.06 | |||||
Closing foreign exchange rate | $ / $ | 0.745 | 0.800 | |||||||
2023 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.23 | 4.18 | |||||||
2024 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 78.50 | 102.61 | 75.38 | 94.23 | |||||
Closing foreign exchange rate | $ / $ | 0.765 | 0.800 | |||||||
2024 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.40 | 3.38 | |||||||
2025 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 76.95 | 100.20 | 74.41 | 93.01 | |||||
Closing foreign exchange rate | $ / $ | 0.768 | 0.800 | |||||||
2025 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.21 | 3.34 | |||||||
2026 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 77.61 | 100.53 | 75.90 | 94.88 | |||||
Closing foreign exchange rate | $ / $ | 0.772 | 0.800 | |||||||
2026 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.27 | 3.41 | |||||||
2027 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 79.16 | 102.14 | 77.42 | 96.78 | |||||
Closing foreign exchange rate | $ / $ | 0.775 | 0.800 | |||||||
2027 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.34 | 3.48 | |||||||
2028 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 80.74 | 104.18 | 78.97 | 98.71 | |||||
Closing foreign exchange rate | $ / $ | 0.775 | 0.800 | |||||||
2028 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.43 | 3.54 | |||||||
2029 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 82.36 | 106.27 | 80.55 | 100.69 | |||||
Closing foreign exchange rate | $ / $ | 0.775 | 0.800 | |||||||
2029 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.51 | 3.61 | |||||||
2030 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 84 | 108.39 | 82.16 | 102.70 | |||||
Closing foreign exchange rate | $ / $ | 0.775 | 0.800 | |||||||
2030 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.60 | 3.69 | |||||||
2031 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 85.69 | 110.57 | 83.80 | 104.75 | |||||
Closing foreign exchange rate | $ / $ | 0.775 | 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 | 4.69 | 3.76 | |||||||
2032 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 87.40 | 112.77 | 85.48 | 106.85 | |||||
Closing foreign exchange rate | $ / $ | 0.775 | 0.800 | |||||||
2032 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.79 | 3.84 | |||||||
2033 | WTI Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | 89.15 | 115.03 | |||||||
Closing foreign exchange rate | $ / $ | 0.775 | ||||||||
2033 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.88 |
Property, Plant and Equipment_5
Property, Plant and Equipment - Impairment Loss and Recovery (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2022 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount | $ 7,695.9 | |
Impairment reversal | 1,469.6 | |
Impairment reversal, net of tax | 1,103.7 | |
Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount | $ 4,224.9 | |
Impairment reversal | 985 | |
Impairment reversal, net of tax | 740.5 | |
Alberta Montney Acquisition | Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount | $ 3,413.8 | $ 2,868.3 |
Discount rate | 15% | 15% |
Impairment reversal | $ 806 | $ 564.5 |
Impairment reversal, net of tax | 605.3 | 424.4 |
Southwest Saskatchewan | Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount | $ 1,715 | $ 1,356.6 |
Discount rate | 15% | 15% |
Impairment reversal | $ 419.4 | $ 420.5 |
Impairment reversal, net of tax | 315 | $ 316.1 |
Alberta | Canada | ||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||
Recoverable amount | $ 2,567.1 | |
Discount rate | 15% | |
Impairment reversal | $ 244.2 | |
Impairment reversal, net of tax | $ 183.4 |
Property, Plant and Equipment_6
Property, Plant and Equipment - Market Risk (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2022 | |
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 | $ (281.2) | $ (255.8) |
Discount Rate Increase 1% | Alberta Montney Acquisition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (186.2) | (167.8) |
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 | (95) | (88) |
Discount Rate Increase 1% | Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Discount Rate Decrease 1% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 309.4 | 282.5 |
Discount Rate Decrease 1% | Alberta Montney Acquisition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 204.8 | 185.2 |
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 | 104.6 | 97.3 |
Discount Rate Decrease 1% | Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Commodity Prices Increase 5% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 568.7 | 535 |
Commodity Prices Increase 5% | Alberta Montney Acquisition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 367.6 | 349.4 |
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 | 201.1 | 185.6 |
Commodity Prices Increase 5% | Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 0 | |
Commodity Prices Decrease 5% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (567.7) | (533.6) |
Commodity Prices Decrease 5% | Alberta Montney Acquisition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (366.6) | (348.3) |
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 | (201.1) | (185.3) |
Commodity Prices Decrease 5% | Alberta | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | $ 0 | |
Operating Costs Increases 5% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (182.5) | |
Operating Costs Increases 5% | Alberta Montney Acquisition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | (117.7) | |
Operating Costs Increases 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 | (64.8) | |
Operating Costs Decreases 5% | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 183.7 | |
Operating Costs Decreases 5% | Alberta Montney Acquisition | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable, impact on pre-tax earnings | 118.7 | |
Operating Costs Decreases 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 | $ 65 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Goodwill [Roll Forward] | ||
Goodwill, beginning of year | $ 203.9 | $ 211.5 |
Goodwill | (0.6) | (0.8) |
Goodwill, end of year | 275.9 | 203.9 |
Hammerhead Acquisition | ||
Schedule of Goodwill [Roll Forward] | ||
Acquisition | 72.6 | 0 |
Saskatchewan, Gas Infrastructure Assets | ||
Schedule of Goodwill [Roll Forward] | ||
Asset dispositions | $ 0 | $ (6.8) |
Goodwill - Schedule of Forecast
Goodwill - Schedule of Forecast Benchmark Commodity Prices and Exchange Rates for Impairment (Details) - Dec. 31, 2023 | $ / bbl | $ / $ | $ / bbl | $ / MMbtu | Total |
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark commodity price, assumed annual increase, percent | 2% | ||||
2024 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 73.67 | 97.97 | |||
Closing foreign exchange rate | $ / $ | 75.20% | ||||
2024 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 2.20 | ||||
2025 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 74.98 | 99.71 | |||
Closing foreign exchange rate | $ / $ | 75.20% | ||||
2025 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 3.37 | ||||
2026 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 76.14 | 100.85 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2026 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.05 | ||||
2027 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 77.66 | 102.86 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2027 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.13 | ||||
2028 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 79.22 | 104.93 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2028 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.21 | ||||
2029 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 80.80 | 107.02 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2029 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.30 | ||||
2030 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 82.42 | 109.17 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2030 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.38 | ||||
2031 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 84.06 | 111.34 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2031 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.47 | ||||
2032 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 85.74 | 113.56 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2032 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.56 | ||||
2033 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 87.46 | 115.84 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2033 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.65 | ||||
2034 | WTI Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | 89.21 | 118.16 | |||
Closing foreign exchange rate | $ / $ | 75.50% | ||||
2034 | AECO Natural Gas Derivative Contracts – Canadian Dollar | |||||
Disclosure of reconciliation of changes in goodwill [line items] | |||||
Forecast benchmark, commodity prices | $ / MMbtu | 4.74 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Long-term compensation liability | $ 37.5 | $ 49.1 |
Lease liability | 40.5 | 24.9 |
Decommissioning liability | 40 | 41.6 |
Other current liabilities | $ 118 | $ 115.6 |
Long-term Debt - Reconciliation
Long-term Debt - Reconciliation Long Term Debt (Details) $ in Millions, $ in Millions | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | $ 3,566.3 | $ 1,441.5 | $ 1,970.2 | |
Long-term debt due within one year | 380 | 538.7 | ||
Long-term debt due beyond one year | 3,186.3 | 902.8 | ||
Revolving bank debt | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank debt | 1,932.9 | 0 | ||
Term Loan | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Senior guaranteed notes | 750 | 0 | ||
Senior guaranteed notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Senior guaranteed notes | 883.4 | $ 1,441.5 | ||
Long-term debt due beyond one year | $ 105 | $ 589.5 |
Long-term Debt - Bank Debt (Det
Long-term Debt - Bank Debt (Details) $ in Millions | Dec. 31, 2023 CAD ($) bank | Dec. 21, 2023 CAD ($) bank | May 10, 2023 CAD ($) bank | Dec. 31, 2022 CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Credit facility, maximum borrowing capacity | $ 2,760 | |||
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 | $ 26.2 | $ 1.8 | ||
Syndicated Unsecured Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Credit facility, maximum borrowing capacity | $ 2,260 | $ 400 | ||
Number of banks | bank | 11 | |||
Unsecured Operating Credit Facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Credit facility, maximum borrowing capacity | $ 100 | |||
Number of banks | bank | 1 | 10 | ||
Term Loan | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Number of banks | bank | 12 | |||
Non-current debt instruments issued | $ 750 |
Long-term Debt - Senior Guarant
Long-term Debt - Senior Guaranteed Noted (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | $ 3,186,300,000 | $ 902,800,000 | ||
Borrowings | 3,566,300,000 | 1,441,500,000 | $ 1,970,200,000 | |
Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 711,900,000 | |||
Due within one year | 316,400,000 | |||
Due beyond one year | 395,500,000 | |||
Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 95,700,000 | |||
Due within one year | 0 | |||
Due beyond one year | 95,700,000 | |||
Senior guaranteed notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | $ 589,500,000 | 105,000,000 | ||
Senior guaranteed notes | 883,400,000 | 1,441,500,000 | ||
Current notes and debentures issued and current portion of non-current notes and debentures issued | 380,000,000 | 538,700,000 | ||
Non-current portion of non-current notes and debentures issued | 503,400,000 | 902,800,000 | ||
Senior guaranteed notes | Cross Currency Derivative Contract Swap 2018 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 517,000,000 | |||
Principal | $ 606,900,000 | |||
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% | ||
Senior guaranteed notes | $ 0 | 83,200,000 | ||
4.12% Interest, Maturing 4/11/2023 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
4.12% Interest, Maturing 4/11/2023 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
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% | ||
Senior guaranteed notes | $ 0 | 80,000,000 | ||
3.58% Interest, Maturing 4/11/2023 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
3.58% Interest, Maturing 4/11/2023 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
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% | ||
Senior guaranteed notes | $ 0 | 10,000,000 | ||
4.11% Interest, Maturing 6/12/2023 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
4.11% Interest, Maturing 6/12/2023 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | $ 0 | |||
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% | ||
Senior guaranteed notes | $ 0 | 365,500,000 | ||
3.78% Interest, Maturing 6/12/2023 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
3.78% Interest, Maturing 6/12/2023 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
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% | ||
Senior guaranteed notes | $ 40,000,000 | 40,000,000 | ||
3.85% Interest, Maturing 6/20/2024 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 40,000,000 | |||
3.85% Interest, Maturing 6/20/2024 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | $ 0 | |||
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% | ||
Senior guaranteed notes | $ 340,000,000 | 348,500,000 | ||
3.75% Interest, Maturing 6/20/2024 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 276,400,000 | |||
3.75% Interest, Maturing 6/20/2024 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | $ 0 | |||
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% | ||
Senior guaranteed notes | $ 108,300,000 | 111,000,000 | ||
4.30% Interest, Maturing 4/11/2025 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 67,900,000 | |||
4.30% Interest, Maturing 4/11/2025 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 39,600,000 | |||
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% | ||
Senior guaranteed notes | $ 65,000,000 | 65,000,000 | ||
3.94% Interest, Maturing 4/22/2025 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 65,000,000 | |||
3.94% Interest, Maturing 4/22/2025 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | $ 0 | |||
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% | ||
Senior guaranteed notes | $ 303,700,000 | 311,300,000 | ||
4.08% Interest, Maturing 4/22/2025 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 262,600,000 | |||
4.08% Interest, Maturing 4/22/2025 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | $ 29,700,000 | |||
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% | ||
Senior guaranteed notes | $ 26,400,000 | $ 27,000,000 | ||
4.18% Interest, Maturing 4/22/2027 | Senior guaranteed notes, Hedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | 0 | |||
4.18% Interest, Maturing 4/22/2027 | Senior guaranteed notes, Unhedged | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Principal due on maturity | $ 26,400,000 |
Leases - Right-of-Use Assets (D
Leases - Right-of-Use Assets (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | $ 200.6 | $ 161.5 |
Accumulated depreciation | (97.8) | (83.4) |
Right-of-use asset | 102.8 | 78.1 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 78.1 | |
Acquisitions through business combinations | 4.3 | |
Additions | 38.2 | |
Dispositions | (1) | |
Depreciation | (16.8) | |
Net carrying amount, end of year | 102.8 | 78.1 |
Sublease income | 3.7 | 3.6 |
Other Income (Loss) | ||
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Sublease income | 3.7 | |
Office | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | 124.8 | 121.9 |
Accumulated depreciation | (65.1) | (55.4) |
Right-of-use asset | 59.7 | 66.5 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 66.5 | |
Acquisitions through business combinations | 3 | |
Additions | 0.8 | |
Dispositions | (0.1) | |
Depreciation | (10.5) | |
Net carrying amount, end of year | 59.7 | 66.5 |
Fleet Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | 37.2 | 28.5 |
Accumulated depreciation | (23) | (20.4) |
Right-of-use asset | 14.2 | 8.1 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 8.1 | |
Acquisitions through business combinations | 0.6 | |
Additions | 10.6 | |
Dispositions | (0.9) | |
Depreciation | (4.2) | |
Net carrying amount, end of year | 14.2 | 8.1 |
Other | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use asset at cost | 38.6 | 11.1 |
Accumulated depreciation | (9.7) | (7.6) |
Right-of-use asset | 28.9 | 3.5 |
Right-Of-Use Assets, Net Carrying Amount Rollforward [Roll Forward] | ||
Net carrying amount, beginning of year | 3.5 | |
Acquisitions through business combinations | 0.7 | |
Additions | 26.8 | |
Dispositions | 0 | |
Depreciation | (2.1) | |
Net carrying amount, end of year | $ 28.9 | $ 3.5 |
Leases - Lease Liability (Detai
Leases - Lease Liability (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lease Liability, Period Increase (Decrease) Rollforward [Roll Forward] | ||
Additions | $ 38.2 | $ 3.8 |
Lease liability, beginning of year | 124.1 | 141.4 |
Acquisitions through business combinations | 4.3 | 0 |
Dispositions | (1.1) | 0 |
Financing | 5.2 | 5.7 |
Payments on lease liability | (26) | (26.1) |
Other | 0 | (0.7) |
Lease liability, end of year | 144.7 | 124.1 |
Expected to be incurred within one year | 40.5 | 24.9 |
Expected to be incurred beyond one year | 104.2 | 99.2 |
Expense relating to variable lease payments not included in measurement of lease liabilities | 1.7 | 1.5 |
Expense relating to short-term leases for which recognition exemption has been used | $ 0.8 | $ 0.8 |
Leases - Undiscounted Lease Pay
Leases - Undiscounted Lease Payments Maturity Schedule (Details) $ in Millions | Dec. 31, 2023 CAD ($) |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | $ 162.1 |
1 year | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | 41.8 |
2 to 3 years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | 59.6 |
4 to 5 years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | 35.5 |
More than 5 years | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Undiscounted cash flows related to lease liability | $ 25.2 |
Other Long-term Liabilities (De
Other Long-term Liabilities (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Non-current Liabilities From Share-based Payment Transactions | $ (31) | $ (40.8) |
Decommissioning Liability (Deta
Decommissioning Liability (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provisions for Changes in Decommissioning Liability [Roll Forward] | ||
Expected to be incurred within one year | $ (40) | $ (41.6) |
Decommissioning liability | 566.4 | 633.9 |
Decommissioning liability, undiscounted cash flows | $ 847.7 | $ 894.9 |
Discount rate applied to cash flow projections | 3.02% | 3.28% |
Inflation rate used to extrapolate cash flow projections | 1.62% | 2.09% |
Decommissioning liability | ||
Provisions for Changes in Decommissioning Liability [Roll Forward] | ||
Decommissioning liability, beginning of year | $ 675.5 | $ 918.8 |
Liabilities incurred | 19.8 | 21.6 |
Liabilities acquired through capital acquisitions | 40.1 | 3.4 |
Liabilities disposed through capital dispositions | (18.2) | (46.7) |
Liabilities settled | (45.4) | (43.1) |
Revaluation of acquired decommissioning liabilities | 38.5 | 3.8 |
Change in estimates | (3) | (11.4) |
Change in discount and inflation rate estimates | (19.6) | (163) |
Accretion | 22.7 | 19.2 |
Reclassified as liabilities associated with assets held for sale | (104) | (28.4) |
Foreign exchange | 0 | 1.3 |
Decommissioning liability, end of year | 606.4 | 675.5 |
Expected to be incurred within one year | (40) | (41.6) |
Decommissioning liability | 633.9 | |
Proceeds from government subsidy programs | 5.4 | 23 |
Provision for decommissioning, restoration and rehabilitation costs | $ 606.4 | $ 675.5 |
Shareholders' Capital (Details)
Shareholders' Capital (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Mar. 07, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Amount | |||
Redemption of restricted shares | $ 2.4 | $ 2.6 | |
Common shares repurchased for cancellation | (349.9) | (294.2) | |
Shareholders’ capital | $ 17,052.7 | $ 16,419.3 | |
Percent of public float | 10% | ||
Shareholders’ capital | |||
Number of shares | |||
Common shares, beginning of year (in shares) | 550,888,983 | 579,484,032 | |
Issued on corporate acquisitions (in shares) | 53,202,339 | 0 | |
Issued for cash (in shares) | 48,550,000 | 0 | |
Issued on redemption of restricted stock (in shares) | 1,436,017 | 1,713,730 | |
Issued on exercise of stock options (in shares) | 464,051 | 1,038,321 | |
Common shares repurchased (in shares) | (54,605,659) | (34,611,900) | (31,347,100) |
Common shares, end of year (in shares) | 619,929,490 | 550,888,983 | |
Amount | |||
Common shares, beginning of year | $ 16,675.8 | $ 16,963.4 | |
Issued on capital acquisition | 493 | 0 | |
Issued for cash | 500.1 | 0 | |
Redemption of restricted shares | 4.9 | 5.2 | |
Issued on exercise of stock options | 0.7 | 1.4 | |
Common shares repurchased for cancellation | 349.9 | 294.2 | |
Common shares, end of year | 17,324.6 | 16,675.8 | |
Cumulative share issue costs, net of tax | (271.9) | (256.5) | |
Shareholders’ capital | $ 17,052.7 | $ 16,419.3 |
Deficit (Details)
Deficit (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of reserves within equity [line items] | ||
Deficit | $ (10,202.5) | $ (10,563.3) |
Accumulated earnings (deficit) | ||
Disclosure of reserves within equity [line items] | ||
Deficit | (2,130.3) | (2,700.6) |
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 | 18.2 | 15.8 |
Accumulated dividends | ||
Disclosure of reserves within equity [line items] | ||
Deficit | $ (8,098.8) | $ (7,886.9) |
Capital Management (Details)
Capital Management (Details) $ in Millions | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) |
Capital Management [Abstract] | |||
Long-term debt | $ 3,566.3 | $ 1,441.5 | $ 1,970.2 |
Adjusted working capital (surplus) deficiency | 196.3 | (95.1) | |
Unrealized foreign exchange on translation of hedged US dollar long-term debt | (24.5) | (191.7) | |
Net debt | 3,738.1 | 1,154.7 | |
Shareholders’ equity | 6,867.5 | 6,493.4 | $ 5,405.3 |
Total capitalization | $ 10,605.6 | $ 7,648.1 | |
Net debt to adjusted cash flow from operations ratio | 1.6 | 0.5 |
Capital Management - Cash Flows
Capital Management - Cash Flows to Adjusted Funds Flow from Operations (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Capital Management [Abstract] | ||
Cash flow from operating activities | $ 2,195.7 | $ 2,192.2 |
Changes in non-cash working capital | 54.9 | 15 |
Transaction costs | 48.5 | 5.1 |
Decommissioning expenditures | 40 | 20.1 |
Adjusted funds flow from operations | $ 2,339.1 | $ 2,232.4 |
Commodity Derivative Gains (L_3
Commodity Derivative Gains (Losses) (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Unrealized gains | $ (56.9) | $ 171 | |
Commodity derivative gains (losses) | 163.8 | (473.4) | [1] |
Commodity Contract | |||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Realized gains (losses) | 15.5 | (641.8) | |
Unrealized gains | 148.3 | 168.4 | |
Commodity derivative gains (losses) | $ 163.8 | $ (473.4) | |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Other Income (Details)
Other Income (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Analysis of income and expense [abstract] | |||
Gain (loss) on capital dispositions | $ (0.7) | $ 26.1 | |
Government grant for decommissioning expenditures | 5.4 | 23 | |
Sublease income | 3.7 | 3.6 | |
Other | 5 | 6.3 | |
Other income | $ 13.4 | $ 59 | [1] |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Interest Expense (Details)
Interest Expense (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Interest | $ 126 | $ 64.7 |
Unrealized (gain) loss on interest derivative contracts | 3.4 | (1.1) |
Interest expense | $ 129.4 | $ 63.6 |
Foreign Exchange Gain (Loss) (D
Foreign Exchange Gain (Loss) (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Foreign exchange gain (loss) | $ 10 | $ (18.8) | [1] |
CCS - Principal and foreign exchange swaps | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Realized gain (loss) | 151.8 | 63.8 | |
CCS - US Dollar Long-term Debt Maturities And Interest Payments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Realized gain (loss) | 16.8 | (94.3) | |
US Dollar Long-Term Debt Maturities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrealized gain (loss) | (153.6) | 4.4 | |
Other Foreign Currency Translation | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrealized gain (loss) | $ (5) | $ 7.3 | |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Income Taxes - Provision for in
Income Taxes - Provision for income taxes (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Current tax: | |||
Canada | $ (0.7) | $ 0 | |
Current tax recovery | (0.7) | 0 | [1] |
Deferred tax expense: | |||
Canada | 254.4 | 415.1 | |
Deferred | 254.4 | 415.1 | [1] |
Income tax expense | $ 253.7 | $ 415.1 | |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Income Taxes - Income Tax Rate
Income Taxes - Income Tax Rate Reconciliation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Abstract] | ||
Net income before tax from continuing operations | $ 1,053.1 | $ 1,561.8 |
Statutory income tax rate | 24.58% | 24.82% |
Expected provision for income taxes | $ 258.9 | $ 387.6 |
Change in corporate tax rates and tax rate variance | (5.6) | 1.6 |
Derecognition (recognition) of deferred tax assets | 0.5 | (0.7) |
Non-deductible capital losses (non-taxable capital gains) | 0.1 | (0.2) |
Non-deductible disposition of goodwill | 0.1 | 1.9 |
Other | (0.3) | 24.9 |
Income tax expense | $ 253.7 | $ 415.1 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Asset (liability) (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Abstract] | |||
Deferred income tax assets | $ 0 | $ 278.8 | |
Deferred income tax liabilities | (643) | (77.3) | |
Net deferred income tax asset (liability) | $ (643) | $ 201.5 | $ 570.1 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities, Net (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax asset (liability) | $ (643) | $ 201.5 | $ 570.1 |
To be settled within one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax asset (liability) | (1.7) | 19.6 | |
To be settled beyond one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred income tax asset (liability) | $ (641.3) | $ 181.9 |
Income Taxes - Deferred Tax Rol
Income Taxes - Deferred Tax Rollforward (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | $ 643 | $ (201.5) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (590.1) | 19.3 |
(Charged) / credited to earnings | (254.4) | (387.9) |
Net deferred income tax liabilities at the end of the period | (201.5) | (570.1) |
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 | (564) | (974.7) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (342.4) | 19.3 |
(Charged) / credited to earnings | (68.3) | (184.3) |
Net deferred income tax liabilities at the end of the period | (974.7) | (1,139.7) |
Decommissioning liability | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | (146.6) | (167.4) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (1.6) | 0 |
(Charged) / credited to earnings | (19.2) | (62.2) |
Net deferred income tax liabilities at the end of the period | (167.4) | (229.6) |
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 | (315.8) | (744.6) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (348.2) | 0 |
(Charged) / credited to earnings | (80.6) | (69.6) |
Net deferred income tax liabilities at the end of the period | (744.6) | (814.2) |
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) | (2.1) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0 | 0 |
(Charged) / credited to earnings | 11.3 | (39) |
Net deferred income tax liabilities at the end of the period | (2.1) | (41.1) |
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) | (30.7) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 0.6 | 0 |
(Charged) / credited to earnings | 3.7 | (4.6) |
Net deferred income tax liabilities at the end of the period | (30.7) | (35.3) |
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 | (53.2) | (29.9) |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | 6.8 | 19.3 |
(Charged) / credited to earnings | 16.5 | (8.9) |
Net deferred income tax liabilities at the end of the period | (29.9) | (19.5) |
Deferred income tax liabilities: | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 1,207 | 773.2 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (247.7) | 0 |
(Charged) / credited to earnings | (186.1) | (203.6) |
Net deferred income tax liabilities at the end of the period | 773.2 | 569.6 |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred income tax liabilities at the beginning of the period | 1,127.2 | 743.1 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (244.2) | 0 |
(Charged) / credited to earnings | (139.9) | (209.7) |
Net deferred income tax liabilities at the end of the period | 743.1 | 533.4 |
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 | 55 | 10.8 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (2.9) | 0 |
(Charged) / credited to earnings | (41.3) | 2.6 |
Net deferred income tax liabilities at the end of the period | 10.8 | 13.4 |
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 | 24.8 | 19.3 |
Changes in deferred tax liability (asset) [abstract] | ||
(Charges) / credits due to acquisitions & other | (0.6) | 0 |
(Charged) / credited to earnings | (4.9) | 3.5 |
Net deferred income tax liabilities at the end of the period | $ 19.3 | $ 22.8 |
Income Taxes - Tax Pools (Detai
Income Taxes - Tax Pools (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax pools | $ 10,600.7 | $ 8,711 |
Operating loss carryforward | 1,310 | 1,360 |
Operating loss carryforwards that will expire in the years 2026 through 2039 | 2,320 | 2,300 |
Operating loss carryforwards that will expire in the years 2029 through 2037 | 1,520 | |
Operating loss carryforwards that will not expire | 802.2 | |
Unrealized losses | 2,320 | 507.2 |
Other temporary differences | 69 | 69 |
Canada | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax pools | 8,281 | 5,685.8 |
United States | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax pools | $ 2,319.7 | $ 3,025.2 |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Shares Activitiy (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Share-based Payment Arrangements [Roll Forward] | ||
Redeemed (in shares) | (1,918,407) | |
Balance, end of year (in shares) | 3,224,260 | |
Share Based Payment Arrangements, Weighted Average Exercise Price [Roll Forward] | ||
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 4.74 | |
Restricted Shares | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 2,244,738 | 3,267,717 |
Granted (in shares) | 718,566 | 710,819 |
Redeemed (in shares) | (1,436,017) | (1,718,906) |
Forfeited (in shares) | (146,602) | (14,892) |
Balance, end of year (in shares) | 1,380,685 | 2,244,738 |
Employee Share Value Plan | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 5,274,478 | 8,329,291 |
Granted (in shares) | 1,626,590 | 1,288,598 |
Redeemed (in shares) | (3,721,568) | (3,691,820) |
Forfeited (in shares) | (519,434) | (651,591) |
Balance, end of year (in shares) | 2,660,066 | 5,274,478 |
Performance Stock Units | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 2,713,176 | 3,214,620 |
Granted (in shares) | 888,834 | 904,469 |
Redeemed (in shares) | (1,627,028) | (1,405,913) |
Forfeited (in shares) | (351,734) | 0 |
Balance, end of year (in shares) | 1,623,248 | 2,713,176 |
Deferred Share Units | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 1,745,879 | 1,556,780 |
Granted (in shares) | 231,464 | 208,693 |
Redeemed (in shares) | (248,920) | (19,594) |
Forfeited (in shares) | 0 | 0 |
Balance, end of year (in shares) | 1,728,423 | 1,745,879 |
Stock Option Plan | ||
Share-based Payment Arrangements [Roll Forward] | ||
Balance, beginning of year (in shares) | 3,889,130 | |
Redeemed (in shares) | (629,013) | |
Forfeited (in shares) | (35,857) | |
Balance, end of year (in shares) | 3,224,260 | 3,889,130 |
Share Based Payment Arrangements, Weighted Average Exercise Price [Roll Forward] | ||
Beginning Balance, Weighted average exercise price (in dollars per share) | $ / shares | $ 4.43 | |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | 2.92 | |
Forfeited, Weighted average exercise price (in dollars per share) | $ / shares | 3.43 | |
Ending Balance, Weighted average exercise price (in dollars per share) | $ / shares | $ 4.74 | $ 4.43 |
Share-based Compensation - Sc_2
Share-based Compensation - Schedule of Summarized Information on Options Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares | |
Disclosure of classes of share capital [line items] | ||
Weighted average exercise price per share for options outstanding (in dollars per share) | 3,224,260 | |
Weighted average remaining term (in years) | 2 years 6 months 18 days | |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 4.74 | |
Number of stock options exercisable (in shares) | 1,918,407 | |
Weighted average exercise price per share for options exercisable (in dollars per share) | $ / shares | $ 6.65 | |
Stock Option Plan | ||
Disclosure of classes of share capital [line items] | ||
Weighted average exercise price per share for options outstanding (in dollars per share) | 3,224,260 | 3,889,130 |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 2.92 | |
Number of stock options exercisable (in shares) | 629,013 | |
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) | 1,541,362 | |
Weighted average remaining term (in years) | 3 years 3 months | |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 1.09 | |
Number of stock options exercisable (in shares) | 505,996 | |
Weighted average exercise price per share for options exercisable (in dollars per share) | $ / shares | $ 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) | 254,950 | |
Weighted average remaining term (in years) | 2 years 3 months 7 days | |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 3.94 | |
Number of stock options exercisable (in shares) | 245,820 | |
Weighted average exercise price per share for options exercisable (in dollars per share) | $ / shares | $ 3.99 | |
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) | 438,417 | |
Weighted average remaining term (in years) | 3 years 8 months 12 days | |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 6.01 | |
Number of stock options exercisable (in shares) | 177,060 | |
Weighted average exercise price per share for options exercisable (in dollars per share) | $ / shares | $ 7.15 | |
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) | 989,531 | |
Weighted average remaining term (in years) | 1 year 7 days | |
Exercised, Weighted average exercise price (in dollars per share) | $ / shares | $ 10.06 | |
Number of stock options exercisable (in shares) | 989,531 | |
Weighted average exercise price per share for options exercisable (in dollars per share) | $ / shares | $ 10.06 |
Share-based Compensation - Stoc
Share-based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2022 shares $ / shares | |
Share-based Payment Arrangements [Abstract] | |
Stock Options Balance, beginning of year (in shares) | shares | 5,839,464 |
Stock Options Exercised (in shares) | shares | (1,446,571) |
Stock Options Forfeited (in shares) | shares | (398,610) |
Stock Options Expired (in shares) | shares | (105,153) |
Stock Options Balance, end of year (in shares) | shares | 3,889,130 |
Weighted average exercise price Balance, beginning of year (in dollars per share) | $ / shares | $ 4.04 |
Weighted average exercise price Exercised (in dollars per share) | $ / shares | 3.16 |
Weighted average exercise price Forfeited (in dollars per share) | $ / shares | 2.06 |
Weighted average exercise price Expired (in dollars per share) | $ / shares | 9.22 |
Weighted average exercise price Balance, end of year (in dollars per share) | $ / shares | $ 4.43 |
Share-based Compensation - Narr
Share-based Compensation - Narrative (Details) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangements [Abstract] | ||
Weighted average share price | $ 9.73 | $ 9.52 |
Share-based compensation | $ 40.4 | $ 75.6 |
Share-based compensation expense capitalized from continuing operations | 5.4 | 13.3 |
Share-based compensation expense capitalized | (5.7) | (14.7) |
Current portion of long-term compensation liability | (37.5) | (49.1) |
Non-current Liabilities From Share-based Payment Transactions | $ (31) | $ (40.8) |
Per Share Amounts (Details)
Per Share Amounts (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings per share [abstract] | ||
Weighted average shares – basic (in shares) | 545,644,234 | 566,710,644 |
Dilutive impact of share-based compensation (in shares) | 2,684,473 | 4,357,422 |
Weighted average shares – diluted (in shares) | 548,328,707 | 571,068,066 |
Financial Instruments and Der_3
Financial Instruments and Derivatives - Carrying Amount and Fair Value of Financial Instruments (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, carrying value | $ 255 | $ 235.3 |
Financial assets, at fair value | 255 | 235.3 |
Financial liabilities, carrying value | 938.6 | 1,450.2 |
Financial liabilities, at fair value | 908.2 | 1,381.6 |
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 |
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 | 255 | 235.3 |
Financial liabilities, at fair value | 908.2 | 1,381.6 |
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 | 55.2 | 8.7 |
Financial liabilities, at fair value | 55.2 | 8.7 |
Derivatives | Quoted prices in active markets for identical assets (Level 1) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Derivatives | Significant other observable inputs (Level 2) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 55.2 | 8.7 |
Derivatives | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Senior guaranteed notes | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial liabilities, carrying value | 883.4 | 1,441.5 |
Financial liabilities, at fair value | 853 | 1,372.9 |
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 | 853 | 1,372.9 |
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 | 255 | 235.3 |
Financial assets, at fair value | 255 | 235.3 |
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 | 255 | 235.3 |
Derivatives | Significant unobservable inputs (Level 3) | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||
Financial assets, at fair value | $ 0 | $ 0 |
Financial Instruments and Der_4
Financial Instruments and Derivatives - Derivatives Assets and Liabilities (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Assets and Liabilities, At Fair Value [Roll Forward] | ||
Derivative assets, beginning of year | $ 226.6 | $ 55.6 |
Acquisitions through business combinations | 12 | |
Dispositions | 19 | |
Unrealized change in fair value | (56.9) | 171 |
Foreign exchange | (0.9) | |
Derivative assets, end of year | 199.8 | 226.6 |
Derivative assets, end of year | 255 | 235.3 |
Derivative liabilities, end of year | (55.2) | (8.7) |
Commodity contracts | ||
Derivative Assets and Liabilities, At Fair Value [Roll Forward] | ||
Derivative assets, beginning of year | 14 | (154.4) |
Acquisitions through business combinations | 12 | |
Dispositions | 19 | |
Unrealized change in fair value | 129.4 | 168.4 |
Foreign exchange | (0.9) | |
Derivative assets, end of year | 173.5 | 14 |
Derivative assets, end of year | 176.5 | 22.6 |
Derivative liabilities, end of year | (3) | (8.6) |
Interest rate swap contract | ||
Derivative Assets and Liabilities, At Fair Value [Roll Forward] | ||
Derivative assets, beginning of year | 6.7 | 5.6 |
Acquisitions through business combinations | 0 | |
Dispositions | 0 | |
Unrealized change in fair value | (3.4) | 1.1 |
Foreign exchange | 0 | |
Derivative assets, end of year | 3.3 | 6.7 |
Derivative assets, end of year | 3.3 | 6.7 |
Derivative liabilities, end of year | 0 | 0 |
Foreign exchange | ||
Derivative Assets and Liabilities, At Fair Value [Roll Forward] | ||
Derivative assets, beginning of year | 175 | 170.6 |
Acquisitions through business combinations | 0 | |
Dispositions | 0 | |
Unrealized change in fair value | (153.6) | 4.4 |
Foreign exchange | 0 | |
Derivative assets, end of year | 21.4 | 175 |
Derivative assets, end of year | 72.2 | 175.1 |
Derivative liabilities, end of year | (50.8) | (0.1) |
Equity Contracts | ||
Derivative Assets and Liabilities, At Fair Value [Roll Forward] | ||
Derivative assets, beginning of year | 30.9 | 33.8 |
Acquisitions through business combinations | 0 | |
Dispositions | 0 | |
Unrealized change in fair value | (29.3) | (2.9) |
Foreign exchange | 0 | |
Derivative assets, end of year | 1.6 | 30.9 |
Derivative assets, end of year | 3 | 30.9 |
Derivative liabilities, end of year | $ (1.4) | $ 0 |
Financial Instruments and Der_5
Financial Instruments and Derivatives - Offsetting (Details) - Derivatives - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Financial Assets | ||
Gross amount | $ 258.4 | $ 246.3 |
Amount offset | (3.4) | (11) |
Net amount | 255 | 235.3 |
Offsetting Financial Liabilities | ||
Gross amount | (58.6) | (19.7) |
Amount offset | 3.4 | 11 |
Net amount | (55.2) | (8.7) |
Gross amount assets (liabilities) | 199.8 | 226.6 |
Net amount assets (liabilities) | $ 199.8 | $ 226.6 |
Financial Instruments and Der_6
Financial Instruments and Derivatives - Commodity Price Risk (Details) - Commodity price risk - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 10% | 10% |
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 | $ (134.4) | $ (40.3) |
Possible decrease in risk variable, impact on pre-tax earnings | 135.5 | 38.8 |
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 | (25.4) | (3.1) |
Possible decrease in risk variable, impact on pre-tax earnings | 25.8 | 3.2 |
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 | 15.5 | 2.6 |
Possible decrease in risk variable, impact on pre-tax earnings | $ (15.5) | $ (2.6) |
Financial Instruments and Der_7
Financial Instruments and Derivatives - Interest Rate Risk (Details) - Interest rate risk - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 1% | |
Possible change in risk variable, impact on pre-tax earnings | $ 26,800,000 | $ 0 |
Financial Instruments and Der_8
Financial Instruments and Derivatives - Foreign Exchange Risk (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 | $ 265.1 | $ 124.6 |
Possible decrease in risk variable, impact on pre-tax earnings | (265.1) | (124.6) |
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 | (254.8) | (123.7) |
Possible decrease in risk variable, impact on pre-tax earnings | 254.8 | 123.7 |
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 | 14.1 | 4.3 |
Possible decrease in risk variable, impact on pre-tax earnings | $ (14.1) | $ (4.3) |
Foreign exchange | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 10% | 10% |
Financial Instruments and Der_9
Financial Instruments and Derivatives - Equity Contract Risk (Details) - Equity price risk - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Possible change in risk variable percent | 50% | 50% |
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 | $ 12.7 | $ 26.8 |
Possible decrease in risk variable, impact on pre-tax earnings | $ (12.7) | $ (26.8) |
Financial Instruments and De_10
Financial Instruments and Derivatives - Credit Risk (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Expected credit loss, percent | 0.83% | 0.93% |
Credit risk | Investment grade | ||
Disclosure of credit risk exposure [line items] | ||
Concentration percentage | 98% | |
Credit risk | More than 90 days | Trade receivables | ||
Disclosure of credit risk exposure [line items] | ||
Concentration percentage | 4% | 4% |
Financial Instruments and De_11
Financial Instruments and Derivatives - Liquidity Risk (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Letter of credit amount outstanding | $ 26.2 | $ 1.8 | |
Cash | 17.3 | 289.9 | $ 13.5 |
Liquidity risk | |||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Undrawn borrowing facilities | 801.1 | ||
Accounts payable and accrued liabilities | 634.9 | 448.2 | |
Dividends payable | 56.8 | 99.4 | |
Derivative liabilities | 3.2 | 12.6 | |
Senior guaranteed notes | 846.3 | 1,329.7 | |
Bank debt | 3,355.1 | ||
Liquidity risk | 1 year | |||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 634.9 | 448.2 | |
Dividends payable | 56.8 | 99.4 | |
Derivative liabilities | 0 | 12.6 | |
Senior guaranteed notes | 342.8 | 486.6 | |
Bank debt | 236.3 | ||
Liquidity risk | 2 to 3 years | |||
Disclosure Of Maturity Analysis For Derivative And Non-derivative Financial Liabilities [Line Items] | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Dividends payable | 0 | 0 | |
Derivative liabilities | 3.2 | 0 | |
Senior guaranteed notes | 476.5 | 816.2 | |
Bank debt | 3,118.8 | ||
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 | |
Dividends payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Senior guaranteed notes | 27 | 26.9 | |
Bank debt | 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 | |
Dividends payable | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Senior guaranteed notes | 0 | $ 0 | |
Bank debt | $ 0 |
Financial Instruments and De_12
Financial Instruments and Derivatives - Financial Derivatives (Details) $ in Millions, $ in Millions | Dec. 31, 2023 USD ($) $ / bbl bbl / d $ / MMBTU shares $ / bbl $ / GJ MMBTU / d GJ / d | Dec. 31, 2023 CAD ($) $ / bbl bbl / d $ / MMBTU shares $ / bbl $ / GJ MMBTU / d GJ / d | Dec. 31, 2022 shares | Dec. 31, 2021 shares |
Disclosure of detailed information about financial instruments [line items] | ||||
Number of shares | shares | 3,889,130 | 5,839,464 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2024 | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | bbl / d | 15,414 | 15,414 | ||
Average swap price | $ / bbl | 102.02 | 102.02 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2024 | Forward contract | Collar, Sold Call Price | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | bbl / d | 28,488 | 28,488 | ||
Average swap price | $ / bbl | 114.40 | 114.40 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2024 | Forward contract | Collar, Bought Put Price | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Average swap price | $ / bbl | 97.52 | 97.52 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2025 | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | bbl / d | 1,513 | 1,513 | ||
Average swap price | $ / bbl | 95.13 | 95.13 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2025 | Forward contract | Collar, Sold Call Price | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | bbl / d | 0 | 0 | ||
Average swap price | $ / bbl | 0 | 0 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar 2025 | Forward contract | Collar, Bought Put Price | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Average swap price | $ / bbl | 0 | 0 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar Jan 2024 to June 2024 | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | bbl / d | 5,000 | 5,000 | ||
WTI Crude Oil Derivative Contracts – Canadian Dollar July 2024 to December 2024 | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Average swap price | $ / bbl | 102.68 | 102.68 | ||
WTI Crude Oil Derivative Contracts – US Dollar January 2024 - March 2024 | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | bbl / d | 10,050 | 10,050 | ||
Average swap price | $ / bbl | 82.44 | 82.44 | ||
AECO Natural Gas Derivative Contracts – Canadian Dollar January 2024 - October 2024 | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | GJ / d | 31,403 | 31,403 | ||
Average swap price | $ / GJ | 3.33 | 3.33 | ||
NYMEX Natural Gas Derivative Contracts – US Dollar One | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | MMBTU / d | 31,027 | 31,027 | ||
Average swap price | $ / MMBTU | 3.44 | 3.44 | ||
NYMEX Natural Gas Derivative Contracts – US Dollar One | Sold Call Price | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | MMBTU / d | 60,000 | 60,000 | ||
Average swap price | $ / MMBTU | 4.21 | 4.21 | ||
NYMEX Natural Gas Derivative Contracts – US Dollar One | Bought Put Price | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Average swap price | $ / MMBTU | 3.14 | 3.14 | ||
NYMEX Natural Gas Derivative Contracts – US Dollar Two | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | MMBTU / d | 51,000 | 51,000 | ||
Average swap price | $ / MMBTU | 3.43 | 3.43 | ||
NYMEX Natural Gas Derivative Contracts – US Dollar Two | Sold Call Price | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | MMBTU / d | 45,000 | 45,000 | ||
Average swap price | $ / MMBTU | 4.01 | 4.01 | ||
NYMEX Natural Gas Derivative Contracts – US Dollar Two | Bought Put Price | Forward contract | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Average swap price | $ / MMBTU | 3.33 | 3.33 | ||
WTI Crude Oil Differential Derivative Contracts – Canadian Dollar | Interest Rate Derivative Contracts Swap - One | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | MMBTU / d | 151,257 | 151,257 | ||
Average swap price | $ / MMBTU | (1.10) | (1.10) | ||
WTI Crude Oil Differential Derivative Contracts – Canadian Dollar | Interest Rate Derivative Contracts Swap - Two | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Nominal amount of hedging instrument | MMBTU / d | 150,000 | 150,000 | ||
Average swap price | $ / MMBTU | (1.12) | (1.12) | ||
January 2024 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 783 | |||
Fixed annual rate | 7.18% | 7.18% | ||
January 2024 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 1,075.6 | |||
Fixed annual rate | 6.69% | 6.69% | ||
January 2024 - March 2024 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 635 | |||
Fixed annual rate | 7.17% | 7.17% | ||
January 2024 - March 2024 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 847.6 | |||
Fixed annual rate | 6.78% | 6.78% | ||
January 2024 - June 2024 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 257.5 | |||
Fixed annual rate | 3.75% | 3.75% | ||
January 2024 - June 2024 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 276.4 | |||
Fixed annual rate | 4.03% | 4.03% | ||
January 2024 - April 2025 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 52 | |||
Fixed annual rate | 4.30% | 4.30% | ||
January 2024 - April 2025 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 67.9 | |||
Fixed annual rate | 3.98% | 3.98% | ||
January 2024 - April 2025 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 207.5 | |||
Fixed annual rate | 4.08% | 4.08% | ||
January 2024 - April 2025 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 262.6 | |||
Fixed annual rate | 4.13% | 4.13% | ||
January 2024 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 64.1 | |||
January 2024 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 48 | |||
June 2024 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | 40.5 | |||
June 2024 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | 30 | |||
December 2024 | Receive | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | 40.5 | |||
December 2024 | Pay | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 30 | |||
January 2024 - March 2024 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 11.8 | |||
Number of shares | shares | 1,549,947 | 1,549,947 | ||
January 2024 - March 2025 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Notional amount | $ 12 | |||
Number of shares | shares | 1,207,754 | 1,207,754 |
Related Party Transactions (Det
Related Party Transactions (Details) - Key management personnel of entity or parent - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Key management personnel compensation, short-term benefits | $ 7.3 | $ 6.1 |
Key management personnel compensation, share-based | $ 19.4 | $ 24.2 |
Commitments (Details)
Commitments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | $ 54.9 |
Gas processing | 737.7 |
Transportation | 1,348.6 |
Total contractual commitments | 2,141.2 |
Sublease income | (16.7) |
1 year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 15.8 |
Gas processing | 115.6 |
Transportation | 186.1 |
Total contractual commitments | 317.5 |
2 to 3 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 19.7 |
Gas processing | 193.4 |
Transportation | 361.5 |
Total contractual commitments | 574.6 |
4 to 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 11.5 |
Gas processing | 147.9 |
Transportation | 276.5 |
Total contractual commitments | 435.9 |
More than 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Operating | 7.9 |
Gas processing | 280.8 |
Transportation | 524.5 |
Total contractual commitments | $ 813.2 |
Significant Subsidiaries (Detai
Significant Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
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 |
Hammerhead Resources ULC | |
Disclosure of subsidiaries [line items] | |
Name of subsidiary | Hammerhead Resources ULC |
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 |
Supplemental Disclosures - Comp
Supplemental Disclosures - Comprehensive Income Statement Presentation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | $ 140.2 | $ 150.9 |
Operating | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | 64 | 56.3 |
General and administrative | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | 66.8 | 58.7 |
Share-based compensation | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||
Total compensation expense | $ 9.4 | $ 35.9 |
Supplemental Disclosures - Cash
Supplemental Disclosures - Cash Flow Statement Presentation (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Accounts receivable | $ 66.7 | $ (11.3) |
Prepaids and deposits | (2.2) | (13.9) |
Accounts payable and accrued liabilities | (97.8) | (3.5) |
Other current liabilities | (11.8) | 8.6 |
Other long-term liabilities | (9.8) | 5.1 |
Changes in non-cash working capital: | (54.9) | (15) |
Investing activities | ||
Accounts receivable | 0 | 0.2 |
Other current assets | (60.5) | (18.7) |
Accounts payable and accrued liabilities | 56.3 | (7.6) |
Changes in non-cash working capital: | (4.2) | (26.1) |
Financing activities | ||
Prepaids and deposits | (12.6) | (44.2) |
Accounts payable and accrued liabilities | (2) | 4 |
Dividends declared | (42.6) | 55.9 |
Change in non-cash working capital | $ (57.2) | $ 15.7 |
Supplemental Disclosures - Ca_2
Supplemental Disclosures - Cash Flow Supplemental Information (Details) - CAD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Dividends Payable [Roll Forward] | ||
Dividends payable at the beginning of the period | $ 99.4 | $ 43.5 |
Dividends paid | (254.5) | (144.7) |
Dividends declared | 211.9 | 200.6 |
Dividends payable at the end of the period | 56.8 | 99.4 |
Long-term Debt [Roll Forward] | ||
Long-term debt beginning of the period | 1,441.5 | 1,970.2 |
Increase in bank debt, net | 2,675.1 | (338.5) |
Repayment of senior guaranteed notes and acquired long-term debt | (897.9) | (281.8) |
Realized gain on cross currency swap maturity | 147.7 | 63.8 |
Acquisitions through business combinations | 363.8 | |
Foreign exchange | (163.9) | 27.8 |
Long-term debt end of the period | 3,566.3 | 1,441.5 |
Lease Liability [Roll Forward] | ||
Lease liability, beginning of year | 124.1 | 141.4 |
Payments of lease liabilities | (20.8) | (20.4) |
Additions | 38.2 | 3.8 |
Other | 0 | (0.7) |
Acquisitions through business combinations | 4.3 | 0 |
Dispositions | (1.1) | 0 |
Lease liability, end of year | $ 144.7 | $ 124.1 |
Oil and Gas Sales (Details)
Oil and Gas Sales (Details) - CAD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | $ 3,189.9 | $ 3,512.3 | [1] |
Oil and gas sales | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 3,499 | 3,847 | [1] |
Oil and gas sales | Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 3,499 | 3,847 | |
Oil and gas sales | U.S. | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 612.9 | 646.1 | |
Oil and gas sales | Canada and United States | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 4,111.9 | 4,493.1 | |
Crude oil sales | Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 3,082.5 | 3,319.1 | |
Crude oil sales | U.S. | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 569.6 | 553.3 | |
NGL sales | Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 180.2 | 224.8 | |
NGL sales | U.S. | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 27 | 55.2 | |
Natural gas sales | Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 236.3 | 303.1 | |
Natural gas sales | U.S. | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | $ 16.3 | $ 37.6 | |
[1] Comparative period revised to reflect current period presentation. See Note 9 - "Discontinued Operations" for additional information. |
Subsequent Events (Details)
Subsequent Events (Details) - CAD ($) $ in Millions | Jan. 26, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of non-adjusting events after reporting period [line items] | |||
Decommissioning liability | $ 566.4 | $ 633.9 | |
Southern Alberta Assets | Other disposals of assets | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Consideration, net | $ (38.1) | ||
Deferred consideration receivable | 25 | ||
Decommissioning liability | $ 92.4 |