Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | Ovintiv Inc. | ||
Entity Central Index Key | 0001792580 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 259,821,141 | ||
Trading Symbol | OVV | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 6,907,265,769 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Shares | ||
Security Exchange Name | NYSE | ||
Entity File Number | 001-39191 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 84-4427672 | ||
Entity Address, Address Line One | Suite 1700 | ||
Entity Address, Address Line Two | 370 17th Street | ||
Entity Address, City or Town | Denver | ||
Entity Address, State or Province | CO | ||
Entity Address, Country | US | ||
Entity Address, Postal Zip Code | 80202 | ||
City Area Code | 303 | ||
Local Phone Number | 623-2300 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of registrantās definitive proxy statement (āProxy Statementā) for the registrantās 2020 annual meeting of stockholders to be held April 29, 2020 (to be filed with the Securities and Exchange Commission prior to AprilĀ 29,Ā 2020) are incorporated by reference in Part III of this Annual Report on Form 10-K. |
Consolidated Statement of Earni
Consolidated Statement of Earnings - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues | ||||
Product and service revenues | $ 7,013 | $ 5,457 | $ 3,892 | |
Gains (losses) on risk management, net | (361) | 415 | 482 | |
Sublease revenues | 74 | 67 | 69 | |
Total Revenues | 6,726 | 5,939 | 4,443 | |
Operating Expenses | ||||
Production, mineral and other taxes | 254 | 147 | 112 | |
Transportation and processing | 1,558 | 1,083 | 845 | |
Operating | 732 | 454 | 506 | |
Purchased product | 1,043 | 1,100 | 788 | |
Depreciation, depletion and amortization | 2,015 | 1,272 | 833 | |
Accretion of asset retirement obligation | 37 | 32 | 37 | |
Administrative | 489 | 157 | 254 | |
Total Operating Expenses | 6,128 | 4,245 | 3,375 | |
Operating Income (Loss) | 598 | 1,694 | 1,068 | |
Other (Income) Expenses | ||||
Interest | 382 | 351 | 363 | |
Foreign exchange (gain) loss, net | (119) | 168 | (279) | |
(Gain) loss on divestitures, net | (3) | (5) | (404) | |
Other (gains) losses, net | 23 | 17 | (42) | |
Total Other (Income) Expenses | 283 | 531 | (362) | |
Net Earnings (Loss) Before Income Tax | 315 | 1,163 | 1,430 | |
Income tax expense (recovery) | 81 | 94 | 603 | |
Net Earnings (Loss) | $ 234 | $ 1,069 | $ 827 | |
Net Earnings (Loss) per Common Share | ||||
Basic & Diluted | [1] | $ 0.90 | $ 5.57 | $ 4.25 |
Weighted Average Common Shares Outstanding (millions) | ||||
Basic & Diluted | [1] | 261.2 | 192 | 194.6 |
[1] | Net earnings (loss) per common share and weighted average common shares outstanding reflect the Share Consolidation as described in NoteĀ 1. Accordingly, the comparative periods have been restated. |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Earnings (Loss) | $ 234 | $ 1,069 | $ 827 |
Other Comprehensive Income (Loss), Net of Tax | |||
Foreign currency translation adjustment | 28 | (53) | (171) |
Pension and other post-employment benefit plans | 20 | 9 | 3 |
Other Comprehensive Income (Loss) | 48 | (44) | (168) |
Comprehensive Income (Loss) | $ 282 | $ 1,025 | $ 659 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Assets | |||
Cash and cash equivalents | $ 190 | $ 1,058 | |
Accounts receivable and accrued revenues | 1,235 | 789 | |
Risk management | 148 | 554 | |
Income tax receivable | 296 | 275 | |
Total Current Assets | 1,869 | 2,676 | |
Oil and natural gas properties, based on full cost accounting | |||
Proved properties | 51,210 | 41,241 | |
Unproved properties | 3,714 | 3,730 | |
Other | 904 | 2,122 | |
Property, plant and equipment | 55,828 | 47,093 | |
Less: Accumulated depreciation, depletion and amortization | (40,637) | (38,121) | |
Property, plant and equipment, net | 15,191 | 8,972 | |
Other Assets | 1,213 | 147 | |
Risk Management | 2 | 161 | |
Deferred Income Taxes | 601 | 835 | |
Goodwill | 2,611 | 2,553 | |
Total Assets | 21,487 | 15,344 | |
Current Liabilities | |||
Accounts payable and accrued liabilities | 2,239 | 1,490 | |
Current portion of operating lease liabilities | 78 | 0 | |
Income tax payable | 1 | 1 | |
Risk management | 114 | 25 | |
Current portion of long-term debt | 0 | 500 | |
Total Current Liabilities | 2,432 | 2,016 | |
Long-Term Debt | 6,974 | 3,698 | |
Operating Lease Liabilities | 977 | 0 | |
Other Liabilities and Provisions | 464 | 1,769 | |
Risk Management | 68 | 22 | |
Asset Retirement Obligation | 425 | 365 | |
Deferred Income Taxes | 217 | 27 | |
Total Liabilities | 11,557 | 7,897 | |
Commitments and Contingencies | |||
Shareholdersā Equity | |||
Share capital 2019 issued and outstanding: 259.8 million shares (2018: 190.5 million shares) | [1] | 7,061 | 4,656 |
Paid in surplus | 1,402 | 1,358 | |
Retained earnings | 421 | 435 | |
Accumulated other comprehensive income | 1,046 | 998 | |
Total Shareholdersā Equity | 9,930 | 7,447 | |
Total Liabilities and Shareholders' Equity | $ 21,487 | $ 15,344 | |
[1] | Common shares outstanding, for the current and prior period, reflect the Share Consolidation as described in Note 1. |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - shares shares in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common Stock, Shares, Issued | 259.8 | 190.5 |
Common Stock, Shares, Outstanding | 259.8 | 190.5 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Shareholders' Equity - USD ($) $ in Millions | Total | Substantial Issuer Bid [Member] | Normal Course Issuer Bid [Member] | Share Capital [Member] | Share Capital [Member]Substantial Issuer Bid [Member] | Share Capital [Member]Normal Course Issuer Bid [Member] | Paid In Surplus [Member] | Paid In Surplus [Member]Substantial Issuer Bid [Member] | Retained Earnings (Accumulated Deficit) [Member] | Retained Earnings (Accumulated Deficit) [Member]Normal Course Issuer Bid [Member] | Accumulated Other Comprehensive Income [Member] | |
Balance, Beginning of Period at Dec. 31, 2016 | $ 6,126 | $ 4,756 | $ 1,358 | $ (1,198) | $ 1,210 | |||||||
Net Earnings (Loss) | 827 | 827 | ||||||||||
Dividends on Common Shares | [1] | (58) | (58) | |||||||||
Common Shares Purchased | 0 | |||||||||||
Common Shares Issued Under Dividend Reinvestment Plan | 0.6 | 1 | ||||||||||
Common Shares Issued | 0 | |||||||||||
Other Comprehensive Income (Loss) | (168) | (168) | ||||||||||
Balance, End of Period at Dec. 31, 2017 | 6,728 | 4,757 | 1,358 | (429) | 1,042 | |||||||
Net Earnings (Loss) | 1,069 | 1,069 | ||||||||||
Dividends on Common Shares | [1] | (57) | (57) | |||||||||
Common Shares Purchased | (102) | $ (250) | $ (102) | $ (148) | ||||||||
Common Shares Issued Under Dividend Reinvestment Plan | 0.6 | 1 | ||||||||||
Common Shares Issued | 0 | |||||||||||
Other Comprehensive Income (Loss) | (44) | (44) | ||||||||||
Balance, End of Period at Dec. 31, 2018 | 7,447 | 4,656 | 1,358 | 435 | 998 | |||||||
Net Earnings (Loss) | 234 | 234 | ||||||||||
Dividends on Common Shares | [1] | (102) | (102) | |||||||||
Common Shares Purchased | (1,073) | $ (213) | $ (1,037) | $ (257) | $ (816) | $ 44 | $ (221) | |||||
Common Shares Issued Under Dividend Reinvestment Plan | 0 | |||||||||||
Common Shares Issued | 3,478 | 3,478 | ||||||||||
Other Comprehensive Income (Loss) | 48 | 48 | ||||||||||
Impact of Adoption of Topic 842 | 75 | 75 | ||||||||||
Balance, End of Period at Dec. 31, 2019 | $ 9,930 | $ 7,061 | $ 1,402 | $ 421 | $ 1,046 | |||||||
[1] | Dividends per share reflect the Share Consolidation as described in Note 1. On a pre-Share Consolidation basis, dividends were $0.075 per share for the year ended December 31, 2019 (2018 - $0.06 per share; 2017 - $0.06 per share). |
Consolidated Statement Of Cha_2
Consolidated Statement Of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends on Common Shares, per share | $ 0.375 | $ 0.30 | $ 0.30 |
Pre-Share Consolidation Basis [Member] | |||
Dividends on Common Shares, per share | $ 0.075 | $ 0.06 | $ 0.06 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net earnings (loss) | $ 234 | $ 1,069 | $ 827 |
Depreciation, depletion and amortization | 2,015 | 1,272 | 833 |
Accretion of asset retirement obligation | 37 | 32 | 37 |
Deferred income taxes | 94 | 149 | 666 |
Unrealized (gain) loss on risk management | 730 | (519) | (442) |
Unrealized foreign exchange (gain) loss | (23) | 233 | (291) |
Foreign exchange on settlements | (96) | (46) | 24 |
(Gain) loss on divestitures, net | (3) | (5) | (404) |
Other | (57) | (70) | 93 |
Net change in other assets and liabilities | (97) | (60) | (40) |
Net change in non-cash working capital | 87 | 245 | (253) |
Cash From (Used in) Operating Activities | 2,921 | 2,300 | 1,050 |
Investing Activities | |||
Capital expenditures | (2,626) | (1,975) | (1,796) |
Acquisitions | (65) | (17) | (54) |
Corporate acquisition, net of cash and restricted cash acquired | 94 | 0 | 0 |
Proceeds from divestitures | 197 | 493 | 736 |
Net change in investments and other | (156) | (56) | 77 |
Cash From (Used in) Investing Activities | (2,556) | (1,555) | (1,037) |
Financing Activities | |||
Net issuance (repayment) of revolving long-term debt | 698 | 0 | 0 |
Repayment of long-term debt | (500) | 0 | 0 |
Purchase of common shares | (1,250) | (250) | 0 |
Dividends on common shares | (102) | (56) | (57) |
Finance lease payments and other financing arrangements | (84) | (90) | (82) |
Cash From (Used in) Financing Activities | (1,238) | (396) | (139) |
Foreign Exchange Gain (Loss) on Cash, Cash Equivalents and Restricted Cash Held in Foreign Currency | 5 | (10) | 11 |
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (868) | 339 | (115) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 1,058 | 719 | 834 |
Cash, Cash Equivalents and Restricted Cash, End of Year | 190 | 1,058 | 719 |
Cash, End of Year | 44 | 52 | 51 |
Cash Equivalents, End of Year | 146 | 1,006 | 668 |
Restricted Cash, End of Year | $ 0 | $ 0 | $ 0 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies A) NATURE OF OPERATIONS On January 24, 2020, Encana Corporation (āEncanaā) completed a corporate reorganization, which included a plan of arrangement (the āArrangementā) that involved, among other things, a share consolidation by Encana on the basis of one post-consolidation share for each five B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of the Company and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. The Companyās financial results are consolidated in Canadian dollars; however, the Company has adopted the U.S. dollar as its reporting currency to facilitate a more direct comparison to other North American oil and gas companies. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. The Arrangement, as described above, will be accounted for as a reorganization of entities under common control. Accordingly, the resulting transactions will be recognized using historical carrying amounts. On January 24, 2020, Ovintiv became the reporting entity upon completion of the Reorganization. As the Share Consolidation described above was completed prior to the issuance of these Consolidated Financial Statements, common shares and per-share amounts disclosed herein reflect the post-Share Consolidation shares unless otherwise specified. Following the U.S. Domestication, on January 24, 2020, the functional currency of Ovintiv Inc. became U.S. dollars, and accordingly, the financial results will be consolidated and reported in U.S. dollars. C) PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements include the accounts of the Company and entities in which it holds a controlling interest. D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to foreign operations are included in accumulated other comprehensive income (āAOCIā). Recognition of accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Companyās investment in the foreign operation. For financial statement presentation, assets and liabilities are translated into the reporting currency at period end exchange rates, while revenues and expenses are translated using average rates over the period. Gains and losses relating to the financial statement translation are included in AOCI. Following the U.S. Domestication, the functional currency of Ovintiv Inc. became U.S. dollars, and accordingly, the financial results will be consolidated and reported in U.S. dollars. E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: ā¢ Estimates of proved reserves used for depletion and ceiling test impairment calculations ā¢ Estimated fair value of long-term assets used for impairment calculations ā¢ Fair value of reporting units used for the assessment of goodwill ā¢ Estimates of future taxable earnings used to assess the realizable value of deferred tax assets ā¢ Estimates of incremental borrowing rates and lease terms used in the measurement of right-of-use (āROUā) assets and lease liabilities ā¢ Fair value of asset retirement costs and related obligations ā¢ Fair value of derivative instruments ā¢ Fair value attributed to assets acquired and liabilities assumed in business combinations ā¢ Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate ā¢ Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount ā¢ Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions ā¢ Accruals for legal claims, environmental risks and exposures F) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers associated with the Companyās oil, NGLs and natural gas and third party processing and gathering are recognized when control of the good or service is transferred to the customer, and title or risk of loss transfers to the customer. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Variable consideration is estimated and included in the transaction price, unless the variable consideration is constrained. For product sales, the performance obligations are satisfied at a point in time when the product is delivered to the customer and control is transferred. Payment from the customer is due when the product is delivered to the custody point. Revenues for product sales are presented on an after-royalties basis. For arrangements to gather and process natural gas for third parties, performance obligations are satisfied over time as the service is provided to the customer. Payment from the customer is due when the customer receives the benefit of the service and the product is delivered to the custody point or plant tailgate. Revenues associated with services provided where the Company acts as agent are recorded on a net basis. G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by the Company for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by the Company for taxes on the valuation of upstream assets and reserves are recognized when incurred. H) TRANSPORTATION AND PROCESSING Costs paid by the Company for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided. I) OPERATING Operating costs paid by the Company, net of amounts capitalized, are recognized for oil and natural gas properties in which the Company has a working interest. J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in Canada and the U.S. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. The Company accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Managementās best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Defined benefit pension plan expenses include the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. All components of the net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. K) INCOME TAXES The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholdersā equity, in which case the income taxes are recognized directly in shareholdersā equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. The Company considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense. L) EARNINGS PER SHARE AMOUNTS Basic net earnings per common share is computed by dividing the net earnings by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share amounts are calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue common shares were exercised, fully vested, or converted to common shares. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase common shares at the average market price. M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities. N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM The Company uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost center basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost center are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of the Companyās oil and natural gas properties within each country cost center is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of a country cost center exceeds the country cost center ceiling. The carrying amount of a cost center includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The cost center ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12-month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost center, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Companyās proved reserves quantities are sold in a particular country cost center. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years. Assets under construction are not subject to depreciation until put into use. Land is carried at cost. O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with major development projects is capitalized during the construction phase. P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred. Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are the Companyās country cost centers. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of the reporting unit. If the carrying amount of the reporting unit, including goodwill, is higher than its related fair value then goodwill is written down to the reporting unitās implied fair value of goodwill. The implied fair value of goodwill is determined by deducting the fair value of the reporting unitās assets and liabilities from the fair value of the reporting unit as if the reporting entity had been acquired in a business combination. Any excess of the carrying value of goodwill over the implied fair value of goodwill is recognized as an impairment and charged to net earnings. Subsequent measurement of goodwill is at cost less any accumulated impairments. R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value. S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, an offshore production platform, processing plants, and restoring land or seabed at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Companyās credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation. T) STOCK-BASED COMPENSATION Stock-based compensation arrangements are accounted for at fair value. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholdersā equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. Compensation costs are recognized over the vesting period using the accelerated attribution method for awards with a graded vesting feature. Forfeitures are estimated based on the Companyās historical turnover rates. U) LEASES Leases for the right to use an asset are classified as either an operating or finance lease. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized in the Consolidated Balance Sheet for all operating and finance leases. The Company has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case the Companyās incremental borrowing rate is used. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drillings plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease ROU assets and liabilities are subsequently measured at the present value of the lease payments not yet paid and discounted at the initial discount rate at commencement of the lease, less any impairments to the ROU asset. Operating lease expense and revenue from subleases are recognized in the Consolidated Statement of Earnings on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the estimated useful life of the asset if the lessee is reasonably certain to exercise a purchase option or ownership of the leased asset transfers at the end of the lease term, otherwise the leased assets are amortized over the lease term. Amortization of finance lease ROU assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain costs associated with office and building leases. Variable lease payments are recognized when incurred. Lease and non-lease components are accounted for as a single lease component for compression, coolers and office subleases. V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future amounts to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: ā¢ Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. ā¢ Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. ā¢ Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities reported in the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 15. Fair value information related to pension plan assets is included in Note 23. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 24. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions. W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by the Company to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil, NGLs and Realized gains or losses recognized from other derivative contracts related to certain payment obligations are presented in revenues as the obligations are settled. Unrealized gains and losses recognized are presented in revenues, and transportation and processing expense accordingly, at the end of each respective reporting period based on the changes in fair value of the contracts. X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. Y) RECENT ACCOUNTING PRONOUNCEMENTS Changes in Accounting Policies and Practices On January 1, 2019, the Company adopted ASC Topic 842, Leases (āTopic 842ā) and related amendments, using the modified retrospective approach recognizing a cumulative effect adjustment at the beginning of the reporting period in which Topic 842 was applied. Results for reporting the periods beginning after January 1, 2019, are presented in accordance with Topic 842, while prior periods have not been restated and are reported in accordance with ASC Topic 840, Leases (āTopic 840ā). On transition, the Company elected certain practical expedients permitted under Topic 842 which include: ā¢ No reassessment of the classification of leases previously assessed under Topic 840, whether expired or existing contracts contain leases, or initial direct costs of existing leases; and ā¢ Application of Topic 842 prospectively to all new or modified land easements after January 1, 2019. The Company also elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less. The policy and disclosures required under Topic 842 are included in Note 14, Leases. In accordance with Topic 842, the Company recognized a ROU asset and corresponding lease liability for all operating leases in the Consolidated Balance Sheet, other than leases with lease terms of 12 months or less. Prior to the adoption of Topic 842, operating leases were not recognized in the Consolidated Balance Sheet. There was no impact to finance leases on transition to Topic 842. The impact from recognizing operating leases on the Companyās Consolidated Balance Sheet is as follows: Restated Reported as at Impact of Balances as at (US$ millions) December 31, 2018 Adoption January 1, 2019 Property, Plant and Equipment, at cost: Oil and natural gas properties, based on full cost accounting Proved properties $ 41,241 $ - $ 41,241 Unproved properties 3,730 - 3,730 Other 2,122 (1,261 ) 861 Property, plant and equipment 47,093 (1,261 ) 45,832 Less: accumulated depreciation, depletion and amortization (38,121 ) 128 (37,993 ) Property, plant and equipment, net 8,972 (1,133 ) (1 ) 7,839 Other Assets 147 1,015 (1), (2 ) 1,162 Deferred Income Taxes 835 (28 ) 807 Total Assets 15,344 (146 ) 15,198 Current Liabilities Accounts payable and accrued liabilities 1,490 (12 ) (1 ) 1,478 Current portion of operating lease liabilities - 67 (2 ) 67 Income tax payable 1 - 1 Risk management 25 - 25 Current portion of long-term debt 500 - 500 2,016 55 2,071 Operating Lease Liabilities - 948 (2 ) 948 Other Liabilities and Provisions 1,769 (1,224 ) (1 ) 545 Total Liabilities 7,897 (221 ) 7,676 Retained Earnings 435 75 (1 ) 510 Total Shareholdersā Equity 7,447 75 7,522 Total Liabilities and Shareholdersā Equity $ 15,344 $ (146 ) $ 15,198 (1) In accordance with Topic 840, the Company accounted for The Bow office building as a failed sales leaseback and at the effective date of January 1, 2019, The Bow office building remained as such. On transition to Topic 842, the Company re-assessed whether a sale would have occurred at the effective date and determined that a sale occurred. As a result, the Company derecognized the asset and financing liability resulting from the failed sale leaseback transaction measured under Topic 840, recognizing the difference as an adjustment to retained earnings in the Consolidated Balance Sheet. Upon transition to Topic 842, The Bow office building was determined to be an operating lease for which a ROU asset and corresponding liability was recorded at the present value of remaining minimum lease payments. (2) ROU assets for operating leases were measured at the amount equal to the lease liability and the unamortized balance of any lease incentives prior to the transition date. The lease liabilities for operating leases were measured at the present value of the remaining minimum lease payments outstanding as at January 1, 2019. Although Topic 842 did not have a material impact on the Consolidated Statements of Earnings or Cash Flows, the change in the accounting of The Bow office building resulted in: i) operating lease expense under Topic 842 reported in administrative expense, whereas for the comparative periods presented under Topic 840, the Company presented in cash used in operating activities under Topic 842, whereas for the comparative periods presented under Topic 840, interest and financing cash outflows are presented in cash used in operating activities and cash used in financing activities, respectively, in the Consolidated Statement of Cash Flows. On January 1, 2019, the Company the Company New Standards Issued Not Yet Adopted On January 1, 2020, Ovintiv will adopt the following ASUs issued by the FASB, which are not expected to have a material impact on the Consolidated Financial Statements: ā¢ ASU 2017-04, āSimplifying the Test for Goodwill Impairmentā. The amendment eliminates the second step of the goodwill impairment test which requires the Company to measure the impairment based on the excess amount of the carrying value of the reporting unitās goodwill over the implied fair value of its goodwill. Under this amendment, the goodwill impairment will be measured based on the excess amount of the reporting unitās carrying value over its respective fair value. The amendment will be applied prospectively at the date of adoption. ā¢ ASU 2016-13, āFinancial Instruments - Credit Losses: Measurement of Credit Losses on Financi |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segmented Information | 2. Segmented Information The Companyās reportable segments are determined based on the following operations and geographic locations: ā¢ USA Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the U.S. cost center. ā¢ Canadian Operations includes the exploration for, development of, and production of oil, NGLs and natural gas and other related activities within the Canadian cost center. ā¢ China Operations included the exploration for, development of, and production of oil and other related activities within the China cost center. The Company terminated its production sharing contract with China National Offshore Oil Corporation (āCNOOCā) and exited its China Operations effective July 31, 2019. ā¢ Market Optimization is primarily responsible for the sale of the Companyās proprietary production. These results are reported in the USA and Canadian Operations. Market optimization activities include third party purchases and sales of product to provide operational flexibility and cost mitigation for transportation commitments, product type, delivery points and customer diversification. These activities are reflected in the Market Optimization segment. Market Optimization sells substantially all of the Companyās upstream production to third-party customers. Transactions between segments are based on market values and are eliminated on consolidation. Corporate and Other mainly includes unrealized gains or losses recorded on derivative financial instruments. Once the instruments are settled, the realized gains and losses are recorded in the reporting segment to which the derivative instruments relate. Corporate and Other also includes amounts related to sublease rentals. As of February 14, 2019, the Companyās segmented results reflect the business combination as discussed in Note 8. Results of Operations Segment Information USA Operations Canadian Operations China Operations (1) For the years ended December 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues Product and service revenues $ 4,163 $ 2,512 $ 1,860 $ 1,654 $ 1,721 $ 1,169 $ 37 $ - $ - Gains (losses) on risk management, net 158 (199 ) 18 211 100 22 - - - Sublease revenues - - - - - - - - - Total Revenues 4,321 2,313 1,878 1,865 1,821 1,191 37 - - Operating Expenses Production, mineral and other taxes 238 131 92 16 16 20 - - - Transportation and processing 466 124 164 859 828 578 - - - Operating 566 305 331 125 118 122 16 - - Depreciation, depletion and amortization 1,593 860 530 383 361 236 - - - Total Operating Expenses 2,863 1,420 1,117 1,383 1,323 956 16 - - Operating Income (Loss) $ 1,458 $ 893 $ 761 $ 482 $ 498 $ 235 $ 21 $ - $ - Market Optimization Corporate & Other Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues Product and service revenues $ 1,159 $ 1,224 $ 863 $ - $ - $ - $ 7,013 $ 5,457 $ 3,892 Gains (losses) on risk management, net - (5 ) - (730 ) 519 442 (361 ) 415 482 Sublease revenues - - - 74 67 69 74 67 69 Total Revenues 1,159 1,219 863 (656 ) 586 511 6,726 5,939 4,443 Operating Expenses Production, mineral and other taxes - - - - - - 254 147 112 Transportation and processing 233 131 103 - - - 1,558 1,083 845 Operating 28 16 35 (3 ) 15 18 732 454 506 Purchased product 1,043 1,100 788 - - - 1,043 1,100 788 Depreciation, depletion and amortization - 1 1 39 50 66 2,015 1,272 833 Accretion of asset retirement obligation - - - 37 32 37 37 32 37 Administrative - - - 489 157 254 489 157 254 Total Operating Expenses 1,304 1,248 927 562 254 375 6,128 4,245 3,375 Operating Income (Loss) $ (145 ) $ (29 ) $ (64 ) $ (1,218 ) $ 332 $ 136 598 1,694 1,068 Other (Income) Expenses Interest 382 351 363 Foreign exchange (gain) loss, net (119 ) 168 (279 ) (Gain) loss on divestitures, net (3 ) (5 ) (404 ) Other (gains) losses, net 23 17 (42 ) Total Other (Income) Expenses 283 531 (362 ) Net Earnings (Loss) Before Income Tax 315 1,163 1,430 Income tax expense (recovery) 81 94 603 Net Earnings (Loss) $ 234 $ 1,069 $ 827 (1) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the years ended December 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues $ 7,489 $ 5,724 $ 3,939 $ (6,330 ) $ (4,505 ) $ (3,076 ) $ 1,159 $ 1,219 $ 863 Operating Expenses Transportation and processing 635 457 291 (402 ) (326 ) (188 ) 233 131 103 Operating 28 16 35 - - - 28 16 35 Purchased product 6,973 5,279 3,676 (5,930 ) (4,179 ) (2,888 ) 1,043 1,100 788 Depreciation, depletion and amortization - 1 1 - - - - 1 1 Operating Income (Loss) $ (147 ) $ (29 ) $ (64 ) $ 2 $ - $ - $ (145 ) $ (29 ) $ (64 ) Revenues by Geographic Region United States Canada For the years ended December 31 2019 2018 2017 2019 2018 2017 Revenues Product revenues Oil $ 3,329 $ 2,093 $ 1,360 $ 10 $ 7 $ 7 NGLs 452 289 193 870 863 481 Natural gas 380 126 296 756 826 662 Other revenues (1) 966 1,058 773 287 262 189 Gains (losses) on risk management, net (142 ) 216 (40 ) (219 ) 199 522 Total Revenues $ 4,985 $ 3,782 $ 2,582 $ 1,704 $ 2,157 $ 1,861 China (2) Total 2019 2018 2017 2019 2018 2017 Revenues Product revenues Oil $ 37 $ - $ - $ 3,376 $ 2,100 $ 1,367 NGLs - - - 1,322 1,152 674 Natural gas - - - 1,136 952 958 Other revenues (1) - - - 1,253 1,320 962 Gains (losses) on risk management, net - - - (361 ) 415 482 Total Revenues $ 37 $ - $ - $ 6,726 $ 5,939 $ 4,443 ( 1) Includes market optimization and other revenues such as purchased product sold to third parties, sublease revenues and gathering and processing services provided to third parties. (2) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. Export Sales Sales of oil, NGLs and natural gas produced or purchased in Canada delivered to customers outside of Canada were $150 million for the year ended December 31, 2019 (2018 - $135 million; 2017 - $64 million). Major Customers In connection with the marketing and sale of the Companyās own and purchased oil, NGLs and natural gas for the year ended December 31, 2019, the Company had one customer which individually accounted for more than 10 percent of the Companyās product revenues. Sales to this customer, secured by a financial institution with an investment grade credit rating, totaled approximately $866 million which comprised $866 million in the United States and nil in Canada (2018 - one customer with sales of approximately $752 million; 2017 - two customers with sales of approximately $709 million and $412 million, respectively). Capital Expenditures by Segment For the years ended December 31 2019 2018 2017 USA Operations $ 2,134 $ 1,332 $ 1,358 Canadian Operations 480 632 426 Market Optimization 2 - 1 Corporate & Other 10 11 11 $ 2,626 $ 1,975 $ 1,796 Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at December 31 2019 2018 2019 2018 2019 2018 USA Operations $ 1,938 $ 1,913 $ 13,757 $ 6,591 $ 16,613 $ 9,104 Canadian Operations 673 640 1,205 999 2,122 1,852 Market Optimization - - 2 1 253 295 Corporate & Other - - 227 1,381 2,499 4,093 $ 2,611 $ 2,553 $ 15,191 $ 8,972 $ 21,487 $ 15,344 Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2019 2018 2019 2018 2019 2018 United States $ 1,938 $ 1,913 $ 13,825 $ 6,669 $ 16,996 $ 10,108 Canada 673 640 1,366 2,303 4,457 5,211 Other Countries - - - - 34 25 $ 2,611 $ 2,553 $ 15,191 $ 8,972 $ 21,487 $ 15,344 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues from Contracts with Customers | 3 . Revenues from Contracts with Customers The following table summarizes the Companyās revenues from contracts with customers. Revenues USA Operations Canadian Operations China Operations (1) For the years ended December 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues from Customers Product revenues (2) Oil $ 3,341 $ 2,099 $ 1,373 $ 10 $ 7 $ 7 $ 37 $ - $ - NGLs 454 290 193 878 870 485 - - - Natural gas 379 126 305 774 849 680 - - - Service revenues Gathering and processing 2 4 11 5 6 9 - - - Product and Service Revenues $ 4,176 $ 2,519 $ 1,882 $ 1,667 $ 1,732 $ 1,181 $ 37 $ - $ - Market Optimization Corporate & Other Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues from Customers Product revenues (2) Oil $ 249 $ 89 $ 115 $ - $ - $ - $ 3,637 $ 2,195 $ 1,495 NGLs 7 8 10 - - - 1,339 1,168 688 Natural gas 877 1,109 704 - - - 2,030 2,084 1,689 Service revenues Gathering and processing - - - - - - 7 10 20 Product and Service Revenues $ 1,133 $ 1,206 $ 829 $ - $ - $ - $ 7,013 $ 5,457 $ 3,892 (1) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. ( 2 ) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Companyās operating segments. The Companyās revenues from contracts with customers consists of product sales including oil, NGLs and natural gas, as well as the provision of gathering and processing services to third parties. The Company had no contract asset or liability balances during the periods presented. For the year ended December 31, 2019, receivables and accrued revenues from contracts with customers were $1,095 million (2018 - $662 million). Product sales are sold under short-term contracts with terms that are less than one year at either fixed or market index prices or under long-term contracts exceeding one year at market index prices. The Companyās gathering and processing services are provided on an interruptible basis with transaction prices that are for fixed prices and/or variable consideration. Variable consideration received is related to recovery of plant operating costs or escalation of the fixed price based on a consumer price index. As the service contracts are interruptible, with service provided on an āas availableā basis, there are no unsatisfied performance obligations remaining at December 31, 2019. As at December 31, 2019, all remaining performance obligations are priced at market index prices or are variable volume delivery contracts. As such, the variable consideration is allocated entirely to the wholly unsatisfied performance obligation or promise to deliver units of production, and revenue is recognized at the amount for which the Company has the right to invoice the product delivered. As the period between when the product sales are transferred and the Company receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. In addition, the Company does not disclose unsatisfied performance obligations for customer contracts with terms less than 12 months. |
Interest
Interest | 12 Months Ended |
Dec. 31, 2019 | |
Interest Expense [Abstract] | |
Interest | 4 . Interest For the years ended December 31 2019 2018 2017 Interest Expense on: Debt $ 359 $ 267 $ 267 The Bow office building (See Note 1) - 63 63 Finance leases (See Note 14) 13 16 20 Other 10 5 13 $ 382 $ 351 $ 363 Upon adoption of Topic 842 on January 1, 2019, The Bow office building was determined to be an operating lease with lease costs recognized in administrative expense. Previously, payments related to The Bow were recognized as interest expense and principal repayments. See Notes 1 and 14 for further information. |
Foreign Exchange (Gain) Loss, N
Foreign Exchange (Gain) Loss, Net | 12 Months Ended |
Dec. 31, 2019 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | 5 . Foreign Exchange (Gain) Loss, Net For the years ended December 31 2019 2018 2017 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ (207 ) $ 358 $ (243 ) Translation of U.S. dollar risk management contracts issued from Canada (12 ) 24 (44 ) Translation of intercompany notes 196 (149 ) (4 ) (23 ) 233 (291 ) Foreign Exchange on Settlements of: U.S. dollar financing debt issued from Canada (25 ) 3 14 U.S. dollar risk management contracts issued from Canada (3 ) (10 ) (15 ) Intercompany notes (71 ) (49 ) 10 Other Monetary Revaluations 3 (9 ) 3 $ (119 ) $ 168 $ (279 ) The unrealized foreign exchange (gain) loss on translation of U.S. dollar financing debt issued from Canada for the year ended December 31, 2017 disclosed in the table above included an out-of-period adjustment in respect of unrealized losses on a foreign-denominated finance lease obligation since December 2013. The cumulative impact recognized within foreign exchange (gain) loss in the Companyās Consolidated Statement of Earnings for the year ended December 31, 2017 was $68 million, before tax ($47 million, after tax). The Company determined that the adjustment was not material to the Consolidated Financial Statements for the year ended December 31, 2017 or any prior periods. Following the completion of the Reorganization, including the U.S. Domestication, on January 24, 2020 as described in Note 1, the U.S. dollar denominated unsecured notes issued by Encana Corporation from Canada were assumed by Ovintiv Inc., a company incorporated in Delaware with a U.S. dollar functional currency. Accordingly, these U.S. dollar denominated unsecured notes, along with certain intercompany notes, will no longer attract foreign exchange translation gains or losses. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6 . Income Taxes The provision for income taxes is as follows: For the years ended December 31 2019 2018 2017 Current Tax United States $ 3 $ 4 $ (9 ) Canada (16 ) (62 ) (59 ) Other Countries - 3 5 Total Current Tax Expense (Recovery) (13 ) (55 ) (63 ) Deferred Tax United States 147 195 611 Canada (53 ) (46 ) 55 Other Countries - - - Total Deferred Tax Expense (Recovery) 94 149 666 Income Tax Expense (Recovery) $ 81 $ 94 $ 603 During the years ended December 31, 2019, 2018 and 2017, the current income tax recovery was primarily due to the resolution of certain tax items relating to prior taxation years. On June 28, 2019, Alberta Bill 3, the Job Creation Tax Cut (Alberta Corporate Tax Amendment) Act, was signed into law resulting in a reduction of the Alberta corporate tax rate from 12 percent to 11 percent effective July 1, 2019, with further one percent rate reductions to take effect every year on January 1 until the general corporate tax rate is eight percent on January 1, 2022. During the year ended December 31, 2019, the deferred tax expense of $94 million includes an adjustment of $55 million resulting from the re-measurement of the Companyās deferred tax position due to the Alberta corporate tax rate reduction. On December 22, 2017, U.S. Tax Reform was signed into law making significant changes to the U.S. tax code, including a reduction of the U.S. federal corporate tax rate from 35 percent to 21 percent. During the year ended December 31, 2017, the deferred tax expense of $666 million included a provisional tax adjustment of $327 million resulting from the re-measurement of the Companyās tax position due to U.S. Tax Reform. The adjustment of $327 million included a $26 million valuation allowance re-measurement with respect to U.S. foreign tax credits and U.S. charitable donations. As at December 31, 2018, the Company had completed its assessment of the income tax effects in respect of the provisional adjustment related to U.S. Tax Reform and there was no change to the amount recognized in 2017. The following table reconciles income taxes calculated at the Canadian statutory rate with the actual income taxes: For the years ended December 31 2019 2018 2017 Net Earnings (Loss) Before Income Tax United States $ 585 $ 929 $ 476 Canada (280 ) 19 512 Other Countries 10 215 442 Total Net Earnings (Loss) Before Income Tax 315 1,163 1,430 Canadian Statutory Rate (1) 26.6 % 27.0 % 27.0 % Expected Income Tax 84 314 386 Effect on Taxes Resulting From: Income tax related to foreign operations (18 ) (106 ) (73 ) Statutory rate difference 11 - - Effect of legislative changes 55 - 299 Non-taxable capital (gains) losses (11 ) 22 (39 ) Tax differences on divestitures and transactions - - 77 Partnership tax allocations in excess of funding (20 ) (68 ) (54 ) Amounts in respect of prior periods (23 ) (54 ) (49 ) Change in valuation allowance (7 ) 8 54 Other 10 (22 ) 2 $ 81 $ 94 $ 603 Effective Tax Rate 25.7 % 8.1 % 42.2 % (1) Following the U.S. Domestication as described in Note 1, the applicable statutory tax rate will be the U.S. federal income tax rate. The effective tax rate of 25.7 percent for the year ended December 31, 2019 is lower than the Canadian statutory rate of 26.6 percent primarily due to partnership tax allocations in excess of funding as well as the resolution of certain tax items relating to prior taxation years, partially offset by the re-measurement of the Companyās deferred tax position resulting from the Alberta corporate tax rate reduction discussed above. For the year ended December 31, 2018, the effective tax rate of 8.1 percent is lower than the Canadian statutory rate of 27 percent primarily due to the impact of foreign jurisdictional tax rates relative to the Canadian statutory tax rate applied to jurisdictional earnings, partnership tax allocations in excess of funding and the successful resolution of certain tax items relating to prior taxation years. For the year ended December 31, 2017, the effective tax rate was 42.2 percent, which was higher than the Canadian statutory tax rate of 27 percent primarily due to U.S. Tax Reform, which increased the Companyās effective tax rate by 22.9 percent, and the successful resolution of certain tax items relating to prior taxation years. The net deferred income tax asset (liability) consists of: As at December 31 2019 2018 Deferred Income Tax Assets Property, plant and equipment $ 168 $ 278 Risk management 8 - Compensation plans 46 66 Interest and other deferred deductions 32 79 Unrealized foreign exchange losses - 6 Non-capital and net capital losses carried forward (1) 1,703 1,107 Foreign tax credits 198 198 Other 14 38 Less: valuation allowance (215 ) (195 ) Deferred Income Tax Liabilities Property, plant and equipment (1,554 ) (591 ) Risk management (4 ) (168 ) Unrealized foreign exchange gains (2 ) - Other (10 ) (10 ) Net Deferred Income Tax Asset $ 384 $ 808 (1) The U.S. Domestication as described in Note 1, does not impact the availability of the U.S. and Canadian losses carried forward to future years. As at December 31, 2019, the Company has recorded a valuation allowance against U.S. foreign tax credits, U.S. charitable donations, and federal and state losses in the amounts of $156 million (2018 - $156 million), $2 million (2018 - $3 million) and $57 million (2018 - $30 million), respectively, and Canadian unrealized foreign exchange losses in the amount of nil (2018 - $6 million) as it is more likely than not that these benefits will not be realized based on expected future taxable earnings as determined in accordance with the Companyās accounting policies. The valuation allowance change of $27 million for federal and state losses was recognized as part of the purchase price allocation for the Newfield Exploration Company acquisition described in Note 8. The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2019 2018 Deferred Income Tax Assets United States $ 2 $ 287 Canada 599 548 601 835 Deferred Income Tax Liabilities United States (189 ) - Canada (28 ) (27 ) (217 ) (27 ) Net Deferred Income Tax Asset $ 384 $ 808 Tax basis, loss carryforwards, charitable donations and tax credits available are as follows: As at December 31 2019 Expiration Date United States Tax basis $ 6,960 Indefinite Non-capital losses (Federal) 5,754 2020-2039 (1) Charitable donations 9 2020 - 2024 Foreign tax credits 198 2020 - 2024 Canada Tax pools $ 1,652 Indefinite Net capital losses 10 Indefinite Non-capital losses 1,636 2027 - 2039 Charitable donations 3 2022 (1) Includes non-capital losses of $1,120 million which have an indefinite expiration date. As at December 31, 2019, approximately $16 million (2018 - $10 million) of the Companyās unremitted earnings from its foreign subsidiaries were considered to be permanently reinvested and, accordingly, the Company has not recognized a deferred income tax liability in respect of such earnings. If such earnings were to be remitted, the Company may be subject to income taxes and foreign withholding taxes. However, determination of any potential amount of unrecognized deferred income tax liabilities is not practicable. During 2019, nil (2018 - $3.4 billion) of unremitted earnings of certain foreign subsidiaries were repatriated, using existing tax attributes, with nominal tax expense. The following table presents changes in the balance of the Companyās unrecognized tax benefits excluding interest: For the years ended December 31 2019 2018 Balance, Beginning of Year $ (248 ) $ (306 ) Additions for tax positions taken in the current year - (4 ) Additions for tax positions of prior years (1 ) (2 ) Reductions for tax positions of prior years 4 - Lapse of statute of limitations 34 19 Settlements - 22 Foreign currency translation (11 ) 23 Balance, End of Year $ (222 ) $ (248 ) The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: As at December 31 2019 2018 Other Liabilities and Provisions (See Note 16) $ (159 ) $ (167 ) Deferred Income Tax Asset (63 ) (81 ) Balance, End of Year $ (222 ) $ (248 ) If recognized, all of the Companyās unrecognized tax benefits as at December 31, 2019 would affect the Companyās effective income tax rate. The Company does not anticipate that the amount of unrecognized tax benefits will significantly change during the next 12 months. The Company recognizes interest accrued in respect of unrecognized tax benefits in interest expense. During 2019, the Company recognized an expense of nil (2018 - recovery of $11 million; 2017 - expense of $12 million) in interest expense. As at December 31, 2019, the Company had a liability of $5 million (2018 - $5 million) for interest accrued in respect of unrecognized tax benefits. Included below is a summary of the tax years, by jurisdiction, that remain statutorily open for examination by the taxing authorities. Jurisdiction Taxation Year United States - Federal 2016 - 2019 United States - State 2015 - 2019 Canada - Federal 2012 - 2019 Canada - Provincial 2012 - 2019 Other 2019 The Company and its subsidiaries file income tax returns primarily in the United States and Canada. Issues in dispute for audited years and audits for subsequent years are ongoing and in various stages of completion. |
Accounts Receivable And Accrued
Accounts Receivable And Accrued Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable and Accrued Revenues | 7 . Accounts Receivable and Accrued Revenues As at December 31 2019 2018 Trade Receivables and Accrued Revenues Oil, NGLs and natural gas $ 765 $ 319 Midstream and marketing 353 365 Derivative financial instruments 7 36 Corporate and other 24 15 Total Trade Receivables and Accrued Revenues 1,149 735 Prepaids 48 15 Deposits and Other 41 44 1,238 794 Allowance for Doubtful Accounts (3 ) (5 ) $ 1,235 $ 789 The Companyās trade receivables balance primarily consists of oil, NGLs and natural gas sales receivables, marketing revenues and joint interest receivables. Trade receivables are non-interest bearing. In determining the recoverability of trade receivables, the Company considers the age of the outstanding receivable and the credit worthiness of the counterparties. The Company charges uncollectible trade receivables to the allowance for doubtful accounts when it is determined no longer collectible. See Note 25 for further information about credit risk. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination | 8 . Business Combination Newfield Exploration Company Acquisition On February 13, 2019, the Company completed the business combination with Newfield Exploration Company, a Delaware corporation (āNewfieldā), pursuant to its Agreement and Plan of Merger with Newfield (the āMergerā). As a result of the Merger, Newfield stockholders received 2.6719 Encana common shares, on a pre-Share Consolidation basis, for each share of Newfield common stock that was issued and outstanding immediately prior to the effective date of the Merger. The Company issued approximately 543.4 million Encana common shares, on a pre-Share Consolidation basis, representing a value of $3.5 billion and paid approximately $5 million in cash in respect of Newfieldās cash-settled incentive awards. Following the acquisition, Newfieldās senior notes totaling $2.45 billion remained outstanding. Transaction costs of approximately $33 million were included in other (gains) losses, net. Newfieldās operations focused on the exploration and development of oil and gas properties located in Anadarko and Arkoma in Oklahoma, Bakken in North Dakota and Uinta in Utah, as well as offshore oil assets located in China. The assets acquired generated revenues of $2,100 million and net earnings of $101 million for the period from February 14, 2019 to December 31, 2019. The results of Newfieldās operations have been included in the Companyās Consolidated Financial Statements as of February 14, 2019. Purchase Price Allocation The transaction was accounted for under the acquisition method, which requires that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date, with any excess of the purchase price over the estimated fair value of identified net assets acquired recorded as goodwill. The purchase price allocation represents the consideration paid and the fair values of the assets acquired, and liabilities assumed as of the acquisition date. Purchase Price Allocation Consideration: Fair value of Encana's common shares issued (1) $ 3,478 Fair value of Newfield liability awards paid in cash (2) 5 Total Consideration $ 3,483 Assets Acquired: Cash and cash equivalents $ 46 Accounts receivable and accrued revenues 486 Other current assets 50 Proved properties 5,903 Unproved properties 838 Other property, plant and equipment 22 Restricted cash 53 Other assets 105 Goodwill (3) 25 Liabilities Assumed: Accounts payable and accrued liabilities (3) (795 ) Long-term debt (2,603 ) Operating lease liabilities (76 ) Other long-term liabilities (3) (65 ) Asset retirement obligation (184 ) Deferred income taxes (3) (322 ) Total Purchase Price $ 3,483 (1) The fair value was based on the NYSE closing price of the pre-Share Consolidation Encana common shares of $6.40 on February 13, 2019. (2) The fair value was based on a price of $6.50 per notional unit which was determined using a volume-weighted average of the trading price of pre-Share Consolidation Encana common shares on the NYSE on each of the five consecutive trading days ending on the trading day that was three trading days prior to February 13, 2019. (3) Since the completion of the business combination on February 13, 2019, additional information related to pre-acquisition liabilities and contingencies was obtained resulting in a measurement period adjustment. Changes in the fair value estimates comprised an increase in other liabilities of $16 million, of which approximately $11 million is presented in accounts payable and accrued liabilities and $5 million is presented in other long-term liabilities, a decrease in deferred tax liabilities of $4 million and a corresponding increase in goodwill of $12 million. The Company used the income approach valuation technique for the fair value of assets acquired and liabilities assumed. The carrying amounts of cash and cash equivalents, accounts receivable and accrued revenues, restricted cash, other current assets, and accounts payable and accrued liabilities approximate their fair values due to their nature and/or the short-term maturity of the instruments. The fair values of long-term debt, ROU assets and operating lease liabilities were categorized within Level 2 of the fair value hierarchy and were determined using quoted prices and rates from an available pricing source. The fair values of the proved and unproved properties, other property, plant and equipment, other assets, other long-term liabilities and asset retirement obligation were categorized within Level 3 and were determined using relevant market assumptions, including discount rates, future commodity prices and costs, timing of development activities, projections of oil and gas reserves, and estimates for abandonment and reclamation. Goodwill arose from the Newfield acquisition primarily from the requirement to recognize deferred taxes on the difference between the fair value of the assets acquired and liabilities assumed and the respective carry-over tax basis. Goodwill is not amortized and is not deductible for tax purposes. Unaudited Pro Forma Financial Information The following unaudited pro forma financial information combines the historical financial results of the Company with Newfield and has been prepared as though the acquisition had occurred on January 1, 2018. The pro forma information is not intended to reflect the actual results of operations that would have occurred if the business combination had been completed at the date indicated. In addition, the pro forma information is not intended to be a projection of the Companyās results of operations for any future period. Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred of approximately $71 million and severance payments made to employees which totaled $138 million for the year ended December 31, 2019. The pro forma financial information does not include any cost savings or other synergies that may result from the Merger or any costs that have been incurred to integrate the assets. For the years ended December 31 (US$ millions, except per share amounts) 2019 2018 Revenues $ 7,005 $ 8,481 Net Earnings (Loss) $ 376 $ 1,786 Net Earnings (Loss) per Common Share (1) Basic & Diluted $ 1.44 $ 5.94 (1) Net earnings (loss) per common share reflect the Share Consolidation as described in Note 1. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions And Divestitures [Abstract] | |
Acquisitions and Divestitures | 9 . Acquisitions and Divestitures For the years ended December 31 2019 2018 2017 Acquisitions USA Operations $ 65 $ - $ 23 Canadian Operations - 17 31 Total Acquisitions 65 17 54 Divestitures USA Operations (196 ) (438 ) (695 ) Canadian Operations (1 ) (55 ) (41 ) Total Divestitures (197 ) (493 ) (736 ) Net Acquisitions & (Divestitures) $ (132 ) $ (476 ) $ (682 ) ACQUISITIONS Acquisitions in 2019 in the USA Operations primarily included seismic purchases, water rights and property purchases with oil and liquids rich potential. Acquisitions in 2018 and 2017 in the USA and Canadian Operations primarily included property purchases with oil and liquids rich potential. DIVESTITURES In 2019, amounts received from the sale of assets were $197 million (2018 - $493 million; 2017 - $736 million). Amounts received from the Companyās divestiture transactions have been deducted from the respective U.S. and Canadian full cost pools, except for divestitures that result in a significant alteration between capitalized costs and proved reserves in a country cost center. For divestitures that result in a gain or loss and constitute a business, goodwill is allocated to the divestiture. USA Operations In 2019, divestitures in the USA Operations primarily included the sale of the Arkoma natural gas assets located in Oklahoma. In 2018, divestitures in the USA Operations primarily included the sale of the San Juan assets located in northwestern New Mexico. In 2017, divestitures in the USA Operations primarily included the sale of the Piceance natural gas assets located in northwestern Colorado for proceeds of approximately $605 million, after closing and other adjustments, and the sale of the Tuscaloosa Marine Shale assets in Mississippi and Louisiana. For the year ended December 31, 2017, the Company recognized a gain of approximately $406 million, before tax, on the sale of the Companyās Piceance assets in the U.S. cost center and allocated goodwill of $216 million to the transaction. Canadian Operations In 2018, divestitures in the Canadian Operations primarily included the sale of certain Pipestone assets located in Alberta. In 2017, divestitures in the Canadian Operations primarily included the sale of certain properties that did not complement the Companyās existing portfolio of assets. |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant And Equipment, Net | 10 . Property, Plant and Equipment, Net As at December 31 2019 2018 Cost Accumulated DD&A Net Cost Accumulated DD&A Net USA Operations Proved properties $ 35,870 $ (25,623 ) $ 10,247 $ 27,189 $ (24,099 ) $ 3,090 Unproved properties 3,491 - 3,491 3,493 - 3,493 Other 19 - 19 8 - 8 39,380 (25,623 ) 13,757 30,690 (24,099 ) 6,591 Canadian Operations Proved properties 15,284 (14,320 ) 964 13,996 (13,261 ) 735 Unproved properties 223 - 223 237 - 237 Other 18 - 18 27 - 27 15,525 (14,320 ) 1,205 14,260 (13,261 ) 999 Market Optimization 9 (7 ) 2 7 (6 ) 1 Corporate & Other 914 (687 ) 227 2,136 (755 ) 1,381 $ 55,828 $ (40,637 ) $ 15,191 $ 47,093 $ (38,121 ) $ 8,972 USA and Canadian Operationsā property, plant and equipment include internal costs directly related to exploration, development and construction activities of $228 million, which have been capitalized during the year ended December 31, 2019 (2018 - $147 million). For the years ended December 31, 2019, December 31, 2018 and December 31, 2017, the Company did not recognize any ceiling test impairments in the U.S. or Canadian cost centers. The 12-month average trailing prices used in the ceiling test calculations reflect benchmark prices adjusted for basis differentials to determine local reference prices, transportation costs and tariffs, heat content and quality. The benchmark prices are disclosed in Note 29. Finance Lease Arrangements The Company has two lease arrangements that are accounted for as finance leases, which include an office building and an offshore production platform. As at December 31, 2019, the total carrying value of assets under finance lease was $37 million (2018 - $41 million), net of accumulated amortization of $677 million (2018 - $650 million). Long-term liabilities for the finance lease arrangements are included in other liabilities and provisions in the Consolidated Balance Sheet and are disclosed in Note 16. Other Arrangement As at December 31, 2018, Corporate and Other property, plant and equipment and total assets include a carrying value of $1,133 million related to The Bow office building. Upon adoption of Topic 842 on January 1, 2019, The Bow office building was determined to be an operating lease as discussed in Note 1. As at December 31, 2019, other assets included a ROU asset of $906 million related to The Bow office building. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | 1 1 . Other Assets As at December 31 2019 2018 Operating Lease ROU Assets (See Note 14) $ 1,047 $ - Long-Term Investments 28 22 Long-Term Receivables 81 79 Deferred Charges 6 9 Other 51 37 $ 1,213 $ 147 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 1 2 . Goodwill As at December 31 2019 2018 United States Balance, beginning of year $ 1,913 $ 1,913 Additions during the year (See Note 8) 25 - Balance, end of year 1,938 1,913 Canada Balance, beginning of year 640 696 Foreign currency translation adjustment 33 (56 ) Balance, end of year 673 640 Total Goodwill $ 2,611 $ 2,553 During 2019, the Company recognized goodwill of $25 million in conjunction with the Newfield acquisition in the United States as described in Note 8. The change in the Canada goodwill balance reflects movements due to foreign currency translation. During 2018, the Company had no additions or dispositions relating to goodwill. Goodwill was assessed for impairment as at December 31, 2019 and December 31, 2018. The fair values of the United States and Canada reporting units were determined to be greater than the respective carrying values of the reporting units. Accordingly, no goodwill impairments were recognized. The Company has not recognized any historical cumulative goodwill impairments. |
Accounts Payable And Accrued Li
Accounts Payable And Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable And Accrued Liabilities | 1 3 . Accounts Payable and Accrued Liabilities As at December 31 2019 2018 Trade Payables $ 355 $ 233 Capital Accruals 351 277 Royalty and Production Accruals 598 311 Other Accruals 534 295 Interest Payable 83 69 Current Portion of Long-Term Incentive Costs (See Note 22) 40 131 Current Portion of Finance Lease Obligations (See Note 14) 89 84 Current Portion of Asset Retirement Obligation (See Note 17) 189 90 $ 2,239 $ 1,490 Payables and accruals are non-interest bearing. Interest payable represents amounts accrued related to unsecured notes as disclosed in Note 15. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 14 . Leases Operating leases include drilling rigs, compressors, marine vessels, camps, office and buildings, certain land easements and various equipment utilized in the development and production of oil, NGLs and natural gas. Finance leases include an office building and an offshore production platform. Subleases relate to office and building leases. The tables below summarize the Companyās operating and finance lease costs and include ROU assets and lease liabilities, amounts recognized in net earnings during the period and other lease information. As at December 31 (US$ millions, unless otherwise specified) 2019 Consolidated Balance Sheet (1) Operating Lease ROU Assets, in Other Assets $ 1,047 Finance Lease ROU Assets, in Other Property Plant and Equipment 37 Operating Lease Liabilities: Current 78 Long-term 977 Finance Lease Liabilities: Current, in accounts payable and accrued liabilities 89 Long-term, in other liabilities and provisions 121 Weighted Average Discount Rate Operating leases 5.41% Finance leases 5.97% Weighted Average Remaining Lease Term Operating leases 16.3 years Finance leases 3.2 years (1) Total ROU assets and liabilities are recorded at the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. For the year ended December 31 2019 Lease Costs (1) Operating Lease Costs, Excluding Short-Term Leases $ 181 Finance Lease Costs: Amortization of ROU assets 4 Interest on lease liabilities 13 Total Finance Lease Costs 17 Short-Term Lease Costs 340 Variable Lease Costs 13 Sublease Income: Operating lease income 56 Variable lease income 18 Other Information (2) Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating cash outflows from operating leases 217 Investing cash outflows from operating leases 296 Operating cash outflows from finance leases 13 Financing cash outflows from finance leases 84 Supplemental Non-Cash Information: New ROU operating lease assets and liabilities 20 (1) Lease costs include amounts capitalized into property, plant and equipment in the Consolidated Balance Sheet and lease expense recognized in the Consolidated Statement of Earnings. (2) Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Lease contracts include rights to extend leases after the initial term, ranging from month-to-month to less than 10 years. Operating lease expense is reflected in the Consolidated Statement of Earnings as follows: For the year ended December 31 2019 Operating Lease Expense Transportation and processing $ 3 Operating 107 Administrative (1) 116 Total Operating Lease Expense $ 226 (1) Includes $92 million for the year ended December 31, 2019, related to The Bow office building. For the years ended December 31, 2018 and 2017, total operating lease expense recorded in the Consolidated Statement of Earnings was $83 million and $80 million, respectively, and did not include The Bow office building. See Notes 1 and 4 for further information on The Bow office building. The following table outlines the Companyās future lease payments and lease liabilities related to the Companyās operating and finance leases as at December 31, 2019: 2020 2021 2022 2023 2024 Thereafter Total Operating Leases (1) Expected Future Lease Payments $ 133 $ 117 $ 101 $ 88 $ 86 $ 1,101 $ 1,626 Less: Discounting 571 Present Value of Future Operating Lease Payments $ 1,055 Sublease Income (undiscounted) $ (41 ) $ (42 ) $ (37 ) $ (37 ) $ (37 ) $ (529 ) $ (723 ) Finance Leases Expected Future Lease Payments $ 99 $ 87 $ 8 $ 8 $ 8 $ 22 $ 232 Less: Discounting 22 Present Value of Future Finance Lease Payments $ 210 Sublease Income (undiscounted) (2) $ (8 ) $ (8 ) $ (8 ) $ (7 ) $ (7 ) $ (17 ) $ (55 ) (1) Lease payments are presented based on the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. (2) Classified as operating lease. There are no commitments for leases with terms greater than one year that have not yet commenced at December 31, 2019. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 1 5 . Long-Term Debt As at December 31 Note 2019 2018 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ 698 $ - U.S. Unsecured Notes: B 6.50% due May 15, 2019 - 500 3.90% due November 15, 2021 600 600 5.75% due January 30, 2022 (See Note 8) 750 - 5.625% due July 1, 2024 (See Note 8) 1,000 - 5.375% due January 1, 2026 (See Note 8) 700 - 8.125% due September 15, 2030 300 300 7.20% due November 1, 2031 350 350 7.375% due November 1, 2031 500 500 6.50% due August 15, 2034 750 750 6.625% due August 15, 2037 462 462 6.50% due February 1, 2038 505 505 5.15% due November 15, 2041 244 244 Total Principal F 6,859 4,211 Increase in Value of Debt Acquired C 149 22 Unamortized Debt Discounts and Issuance Costs D (34 ) (35 ) Total Long-Term Debt $ 6,974 $ 4,198 Current Portion E $ - $ 500 Long-Term Portion 6,974 3,698 $ 6,974 $ 4,198 A) REVOLVING CREDIT AND TERM LOAN BORROWINGS At December 31, 2019, the Company had in place committed revolving U.S. dollar denominated bank credit facilities totaling $4.0 billion which included $2.5 billion on a revolving bank credit facility for Encana Corporation and $1.5 billion on a revolving bank credit facility for a U.S. subsidiary. The facilities are extendible from time to time, but not more than once per year July 2022 At December 31, 2019, the Company had $698 million of commercial paper outstanding under its U.S. CP program maturing at various dates with a weighted average interest rate of approximately 2.28 percent. These amounts are supported by Encana Corporationās $2.5 billion revolving credit facility, which is unsecured and bears interest at the lendersā rates for Canadian prime, U.S. base rate, Bankersā Acceptances or LIBOR, plus applicable margins. The U.S. subsidiary facility, which remained unused as at December 31, 2019, bears interest at either the lendersā U.S. base rate or LIBOR, plus applicable margins. The Company is subject to a financial covenant in its credit facility agreements whereby financing debt to adjusted capitalization cannot exceed 60 percent. Financing debt primarily includes total long-term debt and finance lease obligations. Adjusted capitalization is calculated as the sum of total financing debt, shareholdersā equity and a $7.7 billion equity adjustment for cumulative historical ceiling test impairments recorded in conjunction with the Companyās January 1, 2012 adoption of U.S. GAAP. As at December 31, 2019, the Company is in compliance with all financial covenants. Standby fees paid in 2019 relating to revolving credit and term loan agreements were approximately $11 million (2018 - $15 million; 2017 - $15 million). Subsequent to the Reorganization as described in Note 1, the Encana Corporation and U.S. subsidiary bank credit facilities noted above were replaced with committed revolving U.S. dollar denominated bank credit facilities totaling $4.0 billion, which included a $2.5 billion revolving bank credit facility for Ovintiv Inc. and a $1.5 billion revolving bank credit facility for a Canadian subsidiary. These facilities mature in July 2024 B) UNSECURED NOTES Shelf Prospectuses Encana renewed its shelf prospectus in Canada in 2018 and filed a shelf registration statement in the U.S. in 2017, whereby the Company may issue from time to time debt securities, common shares, Class A preferred shares, subscription receipts, warrants, units, share purchase contracts and share purchase units in Canada and/or the U.S. At December 31, 2019, $6.0 billion was accessible under the Canadian shelf prospectus. U.S. Unsecured Notes Unsecured notes include medium-term notes and senior notes that are issued from time to time under trust indentures and have equal priority with respect to the payment of both principal and interest. C) INCREASE IN VALUE OF DEBT ACQUIRED Certain of the notes and debentures of the Company were acquired in business combinations and were accounted for at their fair value at the dates of acquisition. The difference between the fair value and the principal amount of the debt is being amortized over the remaining life of the outstanding debt acquired, which has a weighted average remaining life of approximately six years. D) UNAMORTIZED DEBT DISCOUNTS AND ISSUANCE COSTS Long-term debt premiums and discounts are capitalized within long-term debt and are being amortized using the effective interest method. During 2019 and 2018, no debt premiums or discounts were capitalized. Issuance costs are amortized over the term of the related debt. E) CURRENT PORTION OF LONG-TERM DEBT As at December 31, 2019, the current portion of long-term debt was nil (2018 - $500 million). F) MANDATORY DEBT PAYMENTS Principal Interest As at December 31 Amount Amount 2020 $ - $ 377 2021 600 377 2022 1,448 332 2023 - 305 2024 1,000 305 Thereafter 3,811 2,179 Total $ 6,859 $ 3,875 The revolving credit facilities are fully revolving for a period of up to five years. Based on the maturity dates of the credit facilities at December 31, 2019, the payments are included in 2022. As at December 31, 2019, total long-term debt had a carrying value of $6,974 million and a fair value of $7,657 million (2018 - carrying value of $4,198 million and a fair value of $4,511 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end. |
Other Liabilities And Provision
Other Liabilities And Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities And Provisions | 1 6 . Other Liabilities and Provisions As at December 31 2019 2018 The Bow Office Building $ - $ 1,224 Finance Lease Obligations (See Note 14) 121 211 Unrecognized Tax Benefits (See Note 6) 159 167 Pensions and Other Post-Employment Benefits (See Note 23) 119 105 Long-Term Incentive Costs (See Note 22) 38 34 Other Derivative Contracts (See Notes 24, 25) 7 10 Other 20 18 $ 464 $ 1,769 Upon adoption of Topic 842 on January 1, 2019, The Bow office building was determined to be an operating lease. See Notes 1 and 14 for further information. |
Asset Retirement Obligation
Asset Retirement Obligation | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | 1 7 . Asset Retirement Obligation As at December 31 2019 2018 Asset Retirement Obligation, Beginning of Year $ 455 $ 514 Liabilities Incurred 15 17 Liabilities Acquired (See Note 8) 184 - Liabilities Settled and Divested (141 ) (56 ) Change in Estimated Future Cash Outflows 47 (20 ) Accretion Expense 37 32 Foreign Currency Translation 17 (32 ) Asset Retirement Obligation, End of Year $ 614 $ 455 Current Portion (See Note 13) $ 189 $ 90 Long-Term Portion 425 365 $ 614 $ 455 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Class Of Stock Disclosures [Abstract] | |
Share Capital | 1 8 . Share Capital AUTHORIZED As at December 31, 2019, the Company was authorized to issue an unlimited number of no par value common shares and Class A Preferred Shares limited to a number equal to not more than 20 percent of the issued and outstanding number of common shares at the time of issuance. No Class A Preferred Shares were outstanding. Subsequent to the Reorganization, the Company is authorized to issue 775 million shares of common stock, par value $0.01 per share, and 25 million shares of preferred stock, par value $0.01 per share. ISSUED AND OUTSTANDING As at December 31 2019 2018 2017 Number (1) (millions) Amount Number (1) (millions) Amount Number (1) (millions) Amount Common Shares Outstanding, Beginning of Year 190.5 $ 4,656 194.6 $ 4,757 194.6 $ 4,756 Common Shares Purchased (39.4 ) (1,073 ) (4.1 ) (102 ) - - Common Shares Issued 108.7 3,478 - - - - Common Shares Issued Under Dividend Reinvestment Plan - - - 1 - 1 Common Shares Outstanding, End of Year 259.8 $ 7,061 190.5 $ 4,656 194.6 $ 4,757 (1) Number of common shares reflects the Share Consolidation as described in Note 1. Accordingly, the comparative periods have been restated. On February 13, 2019, the Company completed the acquisition of all the issued and outstanding shares of common stock of Newfield whereby Encana issued approximately 543.4 million common shares, on a pre-Share Consolidation basis, to Newfield shareholders (approximately 108.7 million post-Share Consolidation shares), representing a pre-Share Consolidation exchange ratio of 2.6719 Encana common shares for each share of Newfield common stock held. See Note 8 for further information on the business combination. Upon completion of the Reorganization as described in Note 1, the amount recognized in share capital as at December 31, 2019 in excess of Ovintivās established par value will be reclassified to paid in surplus. Accordingly, approximately $7,058 million will be reclassified in 2020. SUBSTANTIAL ISSUER BID On June 10, 2019, the Company announced its intention to purchase, for cancellation, up to $213 million of Encana common shares through a substantial issuer bid (āSIBā) which commenced on July 8, 2019. On August 29, 2019, the Company purchased approximately 47.3 million Encana common shares at a price of $4.50 per share, on a pre-Share Consolidation basis (approximately 9.5 million post-Share Consolidation shares at a converted price of $22.50 per share), for an aggregate purchase price of approximately $ 213 million, of which $ 257 million was charged to share capital and $ 44 million was credited to paid in surplus. The purchase was made in accordance with the terms and conditions of the SIB, with consideration allocated to share capital equivalent to the average carrying amount of the shares, with the excess of the carrying amount over the purchase consideration credited to paid in surplus. NORMAL COURSE ISSUER BID On February 27, 2019, the Company announced that the TSX accepted the Companyās notice of intention to purchase, for cancellation, up to approximately 149.4 million Encana common shares, During the year ended December 31, 2019, the Company purchased approximately 149.4 million Encana common shares, All purchases were made in accordance with the NCIB at prevailing market prices plus brokerage fees, with consideration allocated to share capital up to the average carrying amount of the shares, with any excess allocated to retained earnings. For the year ended December 31, 2018, the Company purchased approximately 20.7 million Encana common shares, on a pre-Share Consolidation basis (approximately 4.1 million post-Share Consolidation shares), under the previous NCIB which was in place from February 28, 2018 to February 27, 2019 for total consideration of approximately $250 million. Of the amount paid, $102 million was charged to share capital and $148 million was charged to retained earnings. DIVIDEND REINVESTMENT PLAN On February 28, 2019, the Company suspended its dividend reinvestment plan (āDRIPā) and in conjunction with the Reorganization as described in Note 1, the DRIP was terminated. During the year ended December 31, 2018, Encana issued 69,329 common shares on a pre-Share Consolidation basis (approximately 13,866 post-Share Consolidation shares), totaling $0.6 million under the DRIP. During the year ended December 31, 2017, Encana issued 58,480 common shares on a pre-Share Consolidation basis (approximately 11,696 post-Share Consolidation shares), totaling $0.6 million. DIVIDENDS During the year ended December 31, 2019, on a pre-Share Consolidation basis, the Company declared and paid dividends of $0.075 per Encana common share, totaling $102 million (2018 - $0.06 per Encana common share, totaling $57 million; 2017 - $0.06 per Encana common share, totaling $58 million). On a post-Share Consolidation basis, the dividends declared and paid were $0.375 per common share in 2019 and $0.30 per common share in 2018 and 2017, respectively. On a pre-Share Consolidation basis, the Companyās quarterly dividend payment was $0.01875 per Encana common share in 2019 and $0.015 per common share in 2018 and 2017, respectively. On a post-Share Consolidation basis, the Companyās quarterly dividend payment was $0.09375 per common share in 2019 and $0.075 per common share in 2018 and 2017, respectively. For the year ended December 31, 2018, the dividends paid included $0.6 million in Encana common shares, as disclosed above, which were issued in lieu of cash dividends under the DRIP (2017 - $0.6 million). On February 19, 2020, the Board of Directors declared a dividend of $0.09375 per share of Ovintiv common stock payable on March 31, 2020 to common stockholders of record as of March 13, 2020. EARNINGS PER COMMON SHARE The following table presents the computation of net earnings (loss) per common share: For the years ended December 31 (US$ millions, except per share amounts) 2019 2018 2017 Net Earnings (Loss) $ 234 $ 1,069 $ 827 Number of Common Shares (1) Weighted average common shares outstanding - Basic 261.2 192.0 194.6 Effect of dilutive securities - - - Weighted Average Common Shares Outstanding - Diluted 261.2 192.0 194.6 Net Earnings (Loss) per Common Share (1) Basic & Diluted $ 0.90 $ 5.57 $ 4.25 (1) Net earnings (loss) per common share and weighted average common shares outstanding reflect the Share Consolidation as described in Note 1. Accordingly, the comparative periods have been restated. STOCK OPTION PLAN The Company has share-based compensation plans that allow employees to purchase shares of common stock of the Company. Option exercise prices are not less than the market value of the shares of common stock on the date the options are granted. Options granted are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire seven years after the date granted. Options granted before February 2015 expire five years after the date granted. All options outstanding as at December 31, 2019 have associated Tandem Stock Appreciation Rights (āTSARsā) attached. In lieu of exercising the option, the associated TSARs give the option holder the right to receive a cash payment equal to the excess of the market price of the Companyās shares of common stock at the time of the exercise over the original grant price. In addition, certain stock options granted are performance-based. The Performance TSARs vest and expire under the same terms and conditions as the underlying option. Vesting is also subject to the Company attaining prescribed performance relative to predetermined key measures. Historically, most holders of options with TSARs have elected to exercise their stock options as a Stock Appreciation Right (āSARā) in exchange for a cash payment. As a result, outstanding TSARs are not considered potentially dilutive securities. See Note 22 for further information on the Companyās outstanding and exercisable TSARs and Performance TSARs. At December 31, 2019, there were 36.8 million Encana common shares, on a pre-Share Consolidation basis (7.4 million shares on a post-Share Consolidation basis), reserved for issuance under stock option plans and the Companyās other stock-based compensation plans. RESTRICTED SHARE UNITS The Company has a share-based compensation plan whereby eligible employees and Directors are granted Restricted Share Units (āRSUsā). A RSU is a conditional grant to receive the equivalent of a share of common stock upon vesting of the RSUs and in accordance with the terms and conditions of the compensation plan and grant agreements. The Company currently settles vested RSUs in cash. As a result, RSUs are currently not considered potentially dilutive securities. See Note 22 for further information on the Companyās outstanding RSUs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income | 1 9 . Accumulated Other Comprehensive Income For the years ended December 31 2019 2018 2017 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 976 $ 1,029 $ 1,200 Change in Foreign Currency Translation Adjustment 28 (53 ) (171 ) Balance, End of Year $ 1,004 $ 976 $ 1,029 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 22 $ 13 $ 10 Other Comprehensive Income Before Reclassifications: Net actuarial gains and (losses) (See Note 23) 58 14 7 Income taxes (12 ) (3 ) (2 ) Net prior service costs from plan amendment (See Note 23) (31 ) - - Income taxes 6 - - Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 23) (2 ) (1 ) - Income taxes - - - Reclassification of net prior service costs to net earnings (See Note 23) 1 (1 ) (1 ) Income taxes - - - Curtailment in net defined periodic benefit cost (See Note 23) - - (1 ) Income taxes - - - Balance, End of Year $ 42 $ 22 $ 13 Total Accumulated Other Comprehensive Income $ 1,046 $ 998 $ 1,042 During the year ended December 31, 2019, the Company amended the other post-employment benefits arrangements in conjunction with the integration of the Newfield business acquired. The plan amendment resulted in an increase to pension liabilities with a corresponding loss recognized in other comprehensive income. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | |
Variable Interest Entities | 20 . Variable Interest Entities Veresen Midstream Limited Partnership Veresen Midstream Limited Partnership (āVMLPā) provides gathering, compression and processing services under various agreements related to the Companyās development of liquids and natural gas production in the Montney play. As at December 31, 2019, VMLP provides approximately 1,206 MMcf/d of natural gas gathering and compression and 939 MMcf/d of natural gas processing under long-term service agreements with remaining terms ranging from 12 to 26 years and have various renewal terms providing up to a potential maximum of 10 years. The Company has determined that VMLP is a VIE and that the Company holds variable interests in VMLP. The Company is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly impact VMLPās economic performance. These key activities relate to the construction, operation, maintenance and marketing of the assets owned by VMLP. The variable interests arise from certain terms under the various long-term service agreements and include: i) a take or pay for volumes in certain agreements; ii) an operating fee of which a portion can be converted into a fixed fee once VMLP assumes operatorship of certain assets; and iii) a potential payout of minimum costs in certain agreements. The potential payout of minimum costs will be assessed in the eighth year of the assetsā service period and is based on whether there is an overall shortfall of total system cash flows from natural gas gathered and compressed under certain agreements. The potential payout amount can be reduced in the event VMLP markets unutilized capacity to third party users. The Company is not required to provide any financial support or guarantees to VMLP. As a result of the Companyās involvement with VMLP, the maximum total exposure, which represents the potential exposure to the Company in the event the assets under the agreements are deemed worthless, is estimated to be $2,091 million as at December 31, 2019. The estimate comprises the take or pay volume commitments and the potential payout of minimum costs. The take or pay volume commitments associated with certain gathering and processing assets are included in Note 2 7 under Transportation and Processing. The potential payout requirement is highly uncertain as the amount is contingent on future production estimates, pace of development and the amount of capacity contracted to third parties. As at December 31, 201 9 , there were no accounts payable and accrued liabilities outstanding related to the take or pay commitment. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | 21 . Restructuring Charges In February 2019, in conjunction with the Newfield business combination as described in Note 8, the Company announced workforce reductions to better align staffing levels and the organizational structure with the Companyās strategy. During 2019, the Company incurred total restructuring charges of $138 million, before tax, primarily related to severance costs. As at December 31, 2019, $8 million remained accrued and is expected to be paid in 2020. Restructuring charges are included in administrative expense presented in the Corporate and Other segment in the Consolidated Statement of Earnings. For the years ended December 31 2019 2018 2017 Severance and Benefits $ 133 $ - $ - Outplacement, Moving and Other Expenses 5 - - Restructuring Expenses $ 138 $ - $ - As at December 31 2019 2018 2017 Outstanding Restructuring Accrual, Beginning of Year $ - $ - $ 7 Current Year Restructuring Expenses Incurred 138 - - Restructuring Costs Paid (130 ) - (7 ) Outstanding Restructuring Accrual, End of Year (1) $ 8 $ - $ - (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Compensation Plans | 2 2 . Compensation Plans The Company has a number of compensation arrangements under which the Company awards various types of long-term incentive grants to eligible employees and Directors. They may include TSARs, SARs, Performance Share Units (āPSUsā), Deferred Share Units (āDSUsā) and RSUs. These compensation arrangements are share-based. The Company accounts for TSARs, SARs, PSUs, and RSUs as cash-settled share-based payment transactions and, accordingly, accrues compensation costs over the vesting period based on the fair value of the rights determined using the Black-Scholes-Merton and other fair value models. The following weighted average assumptions were used to determine the fair value of the share units outstanding: US$ Share Units As at December 31 2019 2018 2017 Risk Free Interest Rate 1.69% 1.85% 1.67% Dividend Yield 1.60% 1.04% 0.45% Expected Volatility Rate (1) 44.98% 51.28% 57.87% Expected Term 2.8 yrs 1.4 yrs 1.4 yrs Market Share Price - Pre-Share Consolidation US$4.69 US$5.78 US$13.33 Market Share Price - Post-Share Consolidation (See Note 1) US$23.45 US$28.90 US$66.65 (1) Volatility was estimated using historical rates. C$ Share Units As at December 31 2019 2018 2017 Risk Free Interest Rate 1.69% 1.85% 1.67% Dividend Yield 1.64% 0.99% 0.46% Expected Volatility Rate (1) 43.61% 48.68% 54.10% Expected Term 2.4 yrs 1.8 yrs 1.5 yrs Market Share Price - Pre-Share Consolidation C$6.08 C$7.88 C$16.77 Market Share Price - Post-Share Consolidation (See Note 1) C$30.40 C$39.40 C$83.85 (1) Volatility was estimated using historical rates. The Company has recognized the following share-based compensation costs: For the years ended December 31 2019 2018 2017 Total Compensation Costs of Transactions Classified as Cash-Settled $ 59 $ (65 ) $ 165 Less: Total Share-Based Compensation Costs Capitalized (20 ) 19 (55 ) Total Share-Based Compensation Expense (Recovery) $ 39 $ (46 ) $ 110 Recognized on the Consolidated Statement of Earnings in: Operating $ 16 $ (13 ) $ 34 Administrative 23 (33 ) 76 $ 39 $ (46 ) $ 110 As at December 31, 2019, the liability for share-based payment transactions totaled $78 million (2018 - $165 million), of which $40 million (2018 - $131 million) is recognized in accounts payable and accrued liabilities and $38 million (2018 - $34 million) is recognized in other liabilities and provisions in the Consolidated Balance Sheet. As at December 31 2019 2018 2017 Liability for Cash-Settled Share-Based Payment Transactions: Unvested $ 65 $ 148 $ 274 Vested 13 17 53 $ 78 $ 165 $ 327 The following sections outline certain information related to the Companyās compensation plans as at December 31, 2019. All outstanding and exercisable units presented in the following sections, as well as the weighted average exercise prices, reflect the Share Consolidation as described in Note 1. A) TANDEM STOCK APPRECIATION RIGHTS All options to purchase common shares issued to eligible Canadian-based employees under the Companyās Stock Option Plan have associated TSARs attached. In lieu of exercising the option, the associated TSARs give the option holder the right to receive a cash payment equal to the excess of the market price of the Companyās common shares at the time of exercise over the original grant price. TSARs granted vest and are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire seven years after the date granted. TSARs granted before February 2015 expired five years after the date granted. The following tables summarize information related to the TSARs: As at December 31 2019 2018 (thousands of units) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding, Beginning of Year 2,073 67.23 3,054 74.35 Granted 249 44.83 174 68.80 Exercised - SARs (8 ) 27.80 (74 ) 37.20 Exercised - Options - - - - Forfeited (21 ) 76.32 (62 ) 78.00 Expired (687 ) 102.73 (1,019 ) 90.30 Outstanding, End of Year 1,606 48.65 2,073 67.23 Exercisable, End of Year 1,179 45.89 1,459 75.10 As at December 31, 2019 Outstanding TSARs Exercisable TSARs Range of Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Exercise Price (C$) 0.00 to 49.99 950 3.97 32.18 705 27.80 50.00 to 99.99 656 3.37 72.51 474 72.79 1,606 3.73 48.65 1,179 45.89 During the year, the Company recorded a reduction of compensation costs of $6 million related to the TSARs As at December 31, 2019, there was approximately $0.3 million of unrecognized compensation costs (2018 - $0.2 million) related to unvested TSARs. The costs are expected to be recognized over a weighted average period of 1.9 years. B ) STOCK APPRECIATION RIGHTS U.S. dollar denominated SARs are granted to eligible U.S.-based employees, which entitle the employee to receive a payment equal to the excess of the market price of the Companyās common shares at the time of exercise over the original grant price of the right. SARs granted vest and are exercisable at 30 percent of the number granted after one year, an additional 30 percent of the number granted after two years, are fully exercisable after three years and expire seven years after the date granted. SARs granted before February 2015 expired five years after the date granted. The Company currently settles vested SARs in cash. The following tables summarize information related to the U.S. dollar denominated SARs: As at December 31 2019 2018 (thousands of units) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding, Beginning of Year 820 67.08 1,269 71.25 Granted 344 34.29 75 55.10 Exercised (5 ) 20.30 (88 ) 29.45 Forfeited (18 ) 91.59 (61 ) 54.40 Expired (352 ) 95.67 (375 ) 89.70 Outstanding, End of Year 789 39.84 820 67.08 Exercisable, End of Year 378 41.92 621 75.95 As at December 31, 2019 Outstanding SARs Exercisable SARs Range of Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Exercise Price (US$) 0.00 to 49.99 513 5.23 29.67 170 20.30 50.00 to 99.99 276 2.95 58.76 208 59.53 789 4.43 39.84 378 41.92 During the year, the Company recorded compensation costs of nil related to the SARs (2018 - a reduction of compensation costs of $12 million; 2017 - compensation costs of $6 million). As at December 31, 2019, there was approximately $0.7 million of unrecognized compensation costs (2018 - $0.3 million) related to unvested U.S. dollar denominated SARs. The costs are expected to be recognized over a weighted average period of 1.9 years. C ) PERFORMANCE SHARE UNITS PSUs are granted to eligible employees, which entitle the employee to receive, upon vesting, a payment equal to the value of one common share for each PSU held, subject to the terms and conditions of the PSU Plan. PSUs vest three years from the date granted, provided the employee remains actively employed with the Company on the vesting date. The Company currently settles vested PSUs in cash. Based on the performance assessment, up to a maximum of two times the original PSU grant may be eligible to vest in respect of the year being measured. The respective proportion of the original PSU grant deemed eligible to vest for each year will be valued and the notional cash value deposited to a PSU account, with payout deferred to the final vesting date. The ultimate value of the PSUs will depend upon the Companyās performance relative to predetermined strategic milestones as well as the performance of a specified peer group over a three-year The following table summarizes information related to the PSUs: (thousands of units) U.S. Dollar Denominated Outstanding PSUs Canadian Dollar Denominated Outstanding PSUs As at December 31 2019 2018 2019 2018 Unvested and Outstanding, Beginning of Year 652 675 1,190 1,200 Granted 767 182 787 320 Vested and Released (643 ) (158 ) (1,150 ) (323 ) Units, in Lieu of Dividends 11 4 12 7 Forfeited (14 ) (51 ) (29 ) (14 ) Unvested and Outstanding, End of Year 773 652 810 1,190 During the year, the Company recorded compensation costs of $25 million related to the outstanding PSUs (2018 - compensation costs of $10 million; 2017 - compensation costs of $48 million). As at December 31, 2019, there was approximately $19 million of unrecognized compensation costs (2018 - $16 million) related to unvested PSUs. The costs are expected to be recognized over a weighted average period of 1.4 years. D ) DEFERRED SHARE UNITS The Company has in place a program whereby Directors and certain key employees are issued DSUs, which vest immediately, are equivalent in value to a common share and are settled in cash. Under the DSU Plan, employees have the option to convert either 25 or 50 percent of their annual High Performance Results (āHPRā) award into DSUs. The number of DSUs converted is based on the value of the award divided by the closing value of the Companyās share price at the end of the performance period of the HPR award. For both Directors and employees, DSUs can only be redeemed following departure from the Company in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15 th The following table summarizes information related to the DSUs: (thousands of units) Canadian Dollar Denominated Outstanding DSUs As at December 31 2019 2018 Outstanding, Beginning of Year 191 179 Granted 13 7 Converted from HPR awards 11 4 Units, in Lieu of Dividends 3 1 Redeemed (1 ) - Outstanding, End of Year 217 191 During the year, the Company recorded a reduction of compensation costs of $1 million related to the outstanding DSUs (2018 - reduction of compensation costs of $6 million; 2017 - compensation costs of $3 million). E ) RESTRICTED SHARE UNITS RSUs are granted to eligible employees and Directors. An RSU is a conditional grant to receive the equivalent of a common share upon vesting of the RSUs and in accordance with the terms and conditions of the RSU Plans and grant agreements. RSUs issued to employees vest three years from the date granted, provided the employee remains actively employed with the Company on the vesting date. The Company currently settles RSUs granted to eligible employees and Directors in cash. The following table summarizes information related to the RSUs: (thousands of units) U.S Dollar Denominated Outstanding RSUs Canadian Dollar Denominated Outstanding RSUs As at December 31 2019 2018 2019 2018 Unvested and Outstanding, Beginning of Year 2,118 2,107 2,175 2,206 Granted 1,456 548 768 516 Units, in Lieu of Dividends 33 14 25 14 Vested and Released (1,165 ) (453 ) (1,203 ) (510 ) Forfeited (172 ) (98 ) (96 ) (51 ) Unvested and Outstanding, End of Year 2,270 2,118 1,669 2,175 During the year, the Company recorded compensation costs of $41 million related to the outstanding RSUs (2018 - a reduction of compensation costs of $22 million; 2017 - compensation costs of $98 million). As at December 31, 2019, there was approximately $39 million of unrecognized compensation costs (2018 -$30 million) related to unvested RSUs. The costs are expected to be recognized over a weighted average period of 1.5 years. |
Pension and Other Post-Employme
Pension and Other Post-Employment Benefits | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Pension and Other Post-Employment Benefits | 2 3 . Pension and Other Post-Employment Benefits The Company sponsors defined benefit and defined contribution plans, providing pension and other post-employment benefits (āOPEBā) to its employees in the U.S. and Canada. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. The average remaining service period of active employees participating in the defined benefit pension plan is six years and the average remaining life expectancy of inactive employees is 13 years. The average remaining service period of the active employees participating in the OPEB plan is eight years. The Company is required to file an actuarial valuation of its pension plans with the provincial regulator at least every three years, or more frequently if directed by the regulator. The most recent filing was dated December 31, 2017 and the next required filing is expected to be as at December 31, 2020. The following tables set forth changes in the benefit obligations and fair value of plan assets for the Companyās defined benefit pension and other post-employment benefit plans for the years ended December 31, 2019 and 2018, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2019 and 2018. Defined Benefits OPEB As at December 31 2019 2018 2019 2018 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 196 $ 226 $ 73 $ 85 Service Cost 1 1 10 7 Interest Cost 7 7 4 3 Actuarial (Gains) Losses 10 (7 ) (52 ) (15 ) Exchange Differences 9 (17 ) 1 (2 ) Employee Contributions - - 1 1 Benefits Paid (14 ) (14 ) (9 ) (6 ) Plan Acquisition - - 24 - Plan Amendment - - 31 - Curtailment - - 4 - Projected Benefit Obligation, End of Year $ 209 $ 196 $ 87 $ 73 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 182 $ 210 $ - $ - Actual Return on Plan Assets 23 - - - Exchange Differences 9 (16 ) - - Employee Contributions - - 1 1 Employer Contributions - 2 8 5 Benefits Paid (14 ) (14 ) (9 ) (6 ) Transfers to Defined Contribution Plan - - - - Fair Value of Plan Assets, End of Year $ 200 $ 182 $ - $ - Funded Status of Plan Assets, End of Year $ (9 ) $ (14 ) $ (87 ) $ (73 ) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 12 $ 4 $ - $ - Current Liabilities - - (9 ) (6 ) Non-Current Liabilities (21 ) (18 ) (78 ) (67 ) Total $ (9 ) $ (14 ) $ (87 ) $ (73 ) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 21 $ 28 $ (97 ) $ (48 ) Net Prior Service Costs (5 ) (5 ) 26 (4 ) Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 16 $ 23 $ (71 ) $ (52 ) The accumulated defined benefit obligation for all defined benefit plans was $295 million as at December 31, 2019 (2018 - $267 million). The following table sets forth the defined benefit plans with accumulated benefit obligation and projected benefit obligation in excess of the fair value of the plan assets: Defined Benefits OPEB As at December 31 2019 2018 2019 2018 Projected Benefit Obligation $ (72 ) $ (67 ) $ (87 ) $ (73 ) Accumulated Benefit Obligation (72 ) (66 ) (87 ) (73 ) Fair Value of Plan Assets 51 49 - - Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Defined Benefits OPEB As at December 31 2019 2018 2019 2018 Discount Rate 3.00% 3.50 % 2.95% 4.04 % Rates of Increase in Compensation Levels 3.09% 3.12 % 6.27% 6.27 % The following sets forth total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Net Defined Periodic Benefit Cost $ 2 $ 1 $ - $ 16 $ 7 $ 3 Defined Contribution Plan Expense 29 24 24 - - - Total Benefit Plans Expense $ 31 $ 25 $ 24 $ 16 $ 7 $ 3 Of the total benefit plans expense, $31 million (2018 - $23 million; 2017 - $25 million) was included in operating expense and $9 million (2018 - $9 million; 2017 - $8 million) was included in administrative expense. Excluding service costs, net defined periodic benefit costs of $7 million (2018 - nil; 2017 - curtailment of $6 million) were recorded in other (gains) losses, net. The net defined periodic benefit cost is as follows: Defined Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Service Cost $ 1 $ 1 $ 1 $ 10 $ 7 $ 8 Interest Cost 7 7 7 4 3 3 Expected Return on Plan Assets (7 ) (8 ) (9 ) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses 1 1 1 (3 ) (2 ) (1 ) Amortization of net prior service costs - - - 1 (1 ) (1 ) Curtailment from net prior service costs - - - - - (1 ) Curtailment - - - 4 - (5 ) Total Net Defined Periodic Benefit Cost (1) $ 2 $ 1 $ - $ 16 $ 7 $ 3 (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. The amounts recognized in other comprehensive income are as follows: Defined Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Net Actuarial (Gains) Losses $ (6 ) $ 1 $ 1 $ (52 ) $ (15 ) $ (8 ) Net Prior Service Costs from Plan Amendment - - - 31 - - Amortization of Net Actuarial Gains and (Losses) (1 ) (1 ) (1 ) 3 2 1 Amortization of Net Prior Service Costs - - - (1 ) 1 1 Curtailment of Net Prior Service Costs - - - - - 1 Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ (7 ) $ - $ - $ (19 ) $ (12 ) $ (5 ) Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ (5 ) $ - $ - $ (15 ) $ (9 ) $ (3 ) The estimated net actuarial gains and net prior service costs for the pension and other post-retirement plans that will be amortized from accumulated other comprehensive income into the defined periodic benefit plan expense in 2020 is $8 million. Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Defined Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Discount Rate 3.50 % 3.25 % 3.50 % 4.16 % 3.46 % 3.76 % Long-Term Rate of Return on Plan Assets 4.00 % 4.25 % 5.25 % - - - Rates of Increase in Compensation Levels 3.12 % 3.49 % 3.49 % 6.53 % 6.36 % 6.10 % The Companyās assumed health care cost trend rates are as follows: For the years ended December 31 2019 2018 2017 Health Care Cost Trend Rate for Next Year 6.61 % 6.99 % 6.98 % Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00 % 5.00 % 5.00 % Year that the Rate Reaches the Ultimate Trend Rate 2026 2026 2025 A one percent change in the assumed health care cost trend rate over the projected period would have the following effects: 1% Increase 1% Decrease Effect on Total of Service and Interest Cost Components $ 2 $ (2 ) Effect on Other Post-Retirement Benefit Obligations $ 3 $ (3 ) The Company expects to contribute $6 million to its defined benefit pension plans in 2020. The Companyās OPEB plans are funded on an as required basis. The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Pension Payments Other Benefit Payments 2020 $ 14 $ 9 2021 14 9 2022 14 9 2023 13 8 2024 13 8 2025 - 2029 62 28 The Companyās registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2019 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 26 $ - $ - $ 26 Fixed Income - Canadian Bond Funds - 105 - 105 Equity - International - 69 - 69 Fair Value of Plan Assets, End of Year $ 26 $ 174 $ - $ 200 As at December 31 2018 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 26 $ - $ - $ 26 Fixed Income - Canadian Bond Funds - 96 - 96 Equity - International - 60 - 60 Fair Value of Plan Assets, End of Year $ 26 $ 156 $ - $ 182 Fixed Income investments consist of Canadian bonds issued by investment grade companies. Equity investments consist of international securities, including securities held in the U.S. The fair values of these securities are based on dealer quotes, quoted market prices and net asset values. During 2018, Real Estate and Other consisted mainly of commercial properties and was valued based on a discounted cash flow model. As at December 31, 2019 and 2018, Real Estate and Other had a balance of nil. A summary in changes in Level 3 fair value measurements is presented below: Real Estate and Other As at December 31 2019 2018 Balance, Beginning of Year $ - $ 11 Purchases, Sales and Settlements Purchases and sales - - Settlements - (10 ) Actual Return on Plan Assets Relating to assets sold during the reporting period - (1 ) Relating to assets still held at the reporting date - - Transfers In and Out of Level 3 - - Balance, End of Year $ - $ - Registered pension plan assets were invested by the Company in the following as at December 31, 2019: 68 percent Bonds (2018 - 69 percent), and 32 percent U.S. and Foreign Equity (2018 - 31 percent). The expected long-term rate of return is 3.75 percent. The expected rate of return on pension plan assets is based on historical and projected rates of return for each asset class in the plan investment portfolio. The actual return on plan assets was $23 million (2018 - nil). The asset allocation structure is subject to diversification requirements and constraints, which reduce risk by limiting exposure to individual equity investment, credit rating categories and foreign currency exposure. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2 4 . Fair Value Measurements The fair values of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of those instruments. The fair values of restricted cash and marketable securities included in other assets approximate their carrying amounts due to the nature of the instruments held. Fair value information related to pension plan assets is included in Note 23. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts, as discussed further in Note 25. These items are carried at fair value in the Consolidated Balance Sheet and are classified within the three levels of the fair value hierarchy in the following tables. There have been no significant transfers between the hierarchy levels during the period. Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues, and foreign exchange gains and losses according to their purpose. As at December 31, 2019 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 202 $ - $ 202 $ (67 ) $ 135 Long-term assets - 6 - 6 (4 ) 2 Foreign Currency Derivatives: Current assets - 13 - 13 - 13 Risk Management Liabilities Commodity Derivatives: Current liabilities $ 1 $ 139 $ 41 $ 181 $ (67 ) $ 114 Long-term liabilities - 61 11 72 (4 ) 68 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 2 $ - $ 2 $ - $ 2 Long-term in other liabilities and provisions - 7 - 7 - 7 As at December 31, 2018 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 492 $ 139 $ 631 $ (77 ) $ 554 Long-term assets - 177 - 177 (16 ) 161 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 81 $ - $ 81 $ (77 ) $ 4 Long-term liabilities - 38 - 38 (16 ) 22 Foreign Currency Derivatives: Current liabilities - 21 - 21 - 21 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 4 $ - $ 4 $ - $ 4 Long-term in other liabilities and provisions - 10 - 10 - 10 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. The Companyās Level 1 and Level 2 risk management a ssets and liabilities consist of commodity fixed price contracts, NYMEX fixed price swaptions, NYMEX three-way options, NYMEX costless collars, NYMEX call options, foreign currency swaps and basis swaps with terms to 202 5 . Level 2 also includes financial guarantee contracts as discussed in Note 2 5 . The fair values of these contracts are based on a market approach and are estimated using inputs which are either directly or indirectly observable from active markets, such as exchange and other published prices, broker quotes and observable trading activity throughout the term of the instruments . Level 3 Fair Value Measurements As at December 31, 2019, the Companyās Level 3 risk management assets and liabilities consist of WTI three-way options, WTI costless collars and WTI sold payer swaptions with terms to 2021. The WTI three-way options are a combination of a sold call, bought put and a sold put. The WTI costless collars are a combination of a sold call and a bought put. These contracts allow the Company to participate in the upside of commodity prices to the ceiling of the call option and provide the Company with complete (collars) or partial (three-way) downside price protection through the put options. The sold payer swaptions give the counterparty the right to extend to 2021 certain 2020 WTI fixed price swaps. The fair values of these contracts are based on the income approach and are modelled using observable and unobservable inputs such as implied volatility. The unobservable inputs are obtained from third parties whenever possible and reviewed by the Company for reasonableness. A summary of changes in Level 3 fair value measurements is presented below: Risk Management 2019 2018 Balance, Beginning of Year $ 139 $ (51 ) Total Gains (Losses) (123 ) 97 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements (68 ) 93 Transfers Out of Level 3 (1) - - Balance, End of Year $ (52 ) $ 139 Change in Unrealized Gains (Losses) Related to Assets and Liabilities Held at End of Year $ (52 ) $ 139 (1) The Companyās policy is to recognize transfers out of Level 3 on the date of the event of change in circumstances that caused the transfer. Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below: As at December 31 Valuation Technique Unobservable Input 2019 2018 Risk Management - WTI Options Option Model Implied Volatility 18% - 65% 29% - 73% A 10 percent increase or decrease in implied volatility for the WTI options would cause an approximate corresponding $8 million (2018 - $6 million) increase or decrease to net risk management assets and liabilities. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Risk Management | 2 5 . Financial Instruments and Risk Management A) FINANCIAL INSTRUMENTS The Companyās financial assets and liabilities are recognized in cash and cash equivalents, accounts receivable and accrued revenues, other assets, accounts payable and accrued liabilities, risk management assets and liabilities, long-term debt, and other liabilities and provisions. B) RISK MANAGEMENT ACTIVITIES The Company uses derivative financial instruments to manage its exposure to cash flow variability from commodity prices and fluctuating foreign currency exchange rates. The Company does not apply hedge accounting to any of its derivative financial instruments. As a result, gains and losses from changes in the fair value are recognized in net earnings. COMMODITY PRICE RISK Commodity price risk arises from the effect that fluctuations in future commodity prices may have on future cash flows. To partially mitigate exposure to commodity price risk, the Company has entered into various derivative financial instruments. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Crude Oil and NGLs - To partially mitigate crude oil and NGL commodity price risk, the Company uses WTI-based contracts such as fixed price contracts, fixed price swaptions, options and costless collars. The Company has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. Natural Gas - To partially mitigate natural gas commodity price risk, the Company uses NYMEX-based contracts such as fixed price contracts, fixed price swaptions, options and costless collars. The Company has also entered into basis swaps to manage against widening price differentials between various production areas and benchmark price points. FOREIGN EXCHANGE RISK Foreign exchange risk arises from changes in foreign currency exchange rates that may affect the fair value or future cash flows of the Companyās financial assets or liabilities. To partially mitigate the effect of foreign exchange fluctuations on future commodity revenues and expenses, the Company may enter into foreign currency derivative contracts. As at December 31, 2019, the Company has entered into $425 million notional U.S. dollar denominated currency swaps at an average exchange rate of US$0.7483 to C$1, which mature monthly throughout 2020. RISK MANAGEMENT POSITIONS AS AT DECEMBER 31, 201 9 Notional Volumes Term Average Price Fair Value Crude Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 70.0 Mbbls/d 2020 57.56 $ (22 ) Propane Fixed Price 12.0 Mbbls/d 2020 21.34 10 Butane Fixed Price 8.0 Mbbls/d 2020 23.54 (4 ) Iso-Butane Fixed Price 3.5 Mbbls/d 2020 24.36 (3 ) WTI Fixed Price Swaptions (1) 10.0 Mbbls/d 2021 58.00 (11 ) WTI Three-Way Options Sold call / bought put / sold put 80.0 Mbbls/d 2020 61.68 / 53.44 / 43.44 (43 ) WTI Costless Collars Sold call / bought put 15.0 Mbbls/d 2020 68.71 / 50.00 2 Basis Contracts (2) 2020 (41 ) Crude Oil and NGLs Fair Value Position (112 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 803 MMcf/d 2020 2.65 107 NYMEX Fixed Price Swaptions (3) 330 MMcf/d 2021 2.56 (15 ) NYMEX Three-Way Options Sold call / bought put / sold put 330 MMcf/d 2020 2.72 / 2.60 / 2.25 22 NYMEX Costless Collars Sold call / bought put 55 MMcf/d 2020 2.88 / 2.50 6 NYMEX Call Options Sold call price 230 MMcf/d 2020 3.25 7 Basis Contracts (4) 2020 (11 ) 2021 (13 ) 2022 - 2025 (27 ) Natural Gas Fair Value Position 76 Net Premiums Received on Unexpired Options (9 ) Other Derivative Contracts Fair Value Position (9 ) Foreign Currency Contracts Fair Value Position (5) 2020 13 Total Fair Value Position and Net Premiums Received $ (41 ) (1) WTI Fixed Price Swaptions give the counterparty the option to extend certain 2020 Fixed Price swaps to 2021. ( 2 ) The Company has entered into crude oil and NGL differential swaps associated with Midland, Magellan East Houston, Belvieu, Conway, Brent, Edmonton Condensate and WTI. ( 3 ) NYMEX Fixed Price Swaptions give the counterparty the option to extend certain 2020 Fixed Price swaps to 2021. (4) The Company has entered into natural gas basis swaps associated with AECO, Dawn, Chicago, Malin, Waha, Houston Ship Channel and NYMEX. (5) The Company has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. EARNINGS IMPACT OF REALIZED AND UNREALIZED GAINS (LOSSES) ON RISK MANAGEMENT POSITIONS For the years ended December 31 2019 2018 2017 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 369 $ (104 ) $ 40 Transportation and processing - - (4 ) Foreign Currency Derivatives: Foreign exchange 3 10 15 $ 372 $ (94 ) $ 51 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ (730 ) $ 519 $ 442 Foreign Currency Derivatives: Foreign exchange 34 (51 ) 32 $ (696 ) $ 468 $ 474 Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (361 ) $ 415 $ 482 Transportation and processing - - (4 ) Foreign Currency Derivatives: Foreign exchange 37 (41 ) 47 $ (324 ) $ 374 $ 525 (1) Includes a realized gain of $6 million for the year ended December 31, 2019 (2018 - gain of $7 million; 2017 - gain of $7 million) related to other derivative contracts. (2) Includes an unrealized loss of $1 million for the year ended December 31, 2019 (2018 - loss of $2 million; 2017 - loss of $2 million) related to other derivative contracts. RECONCILIATION OF UNREALIZED RISK MANAGEMENT POSITIONS FROM JANUARY 1 TO DECEMBER 31 2019 2018 2017 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ 654 Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Year (324 ) $ (324 ) $ 374 $ 525 Settlement of Other Derivative Contracts 6 Amortization of Option Premiums During the Year (5 ) Fair Value of Contracts Realized During the Year (372 ) (372 ) 94 (51 ) Fair Value of Contracts Outstanding $ (41 ) $ (696 ) $ 468 $ 474 Risk management assets and liabilities arise from the use of derivative financial instruments and are measured at fair value. See Note 24 for a discussion of fair value measurements. UNREALIZED RISK MANAGEMENT POSITIONS As at December 31 2019 2018 Risk Management Assets Current $ 148 $ 554 Long-term 2 161 150 715 Risk Management Liabilities Current 114 25 Long-term 68 22 182 47 Other Derivative Contracts Current in accounts payable and accrued liabilities 2 4 Long-term in other liabilities and provisions 7 10 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (41 ) $ 654 SUMMARY OF UNREALIZED RISK MANAGEMENT POSITIONS As at December 31 2019 2018 Risk Management Risk Management Asset Liability Net Asset Liability Net Commodity Price Positions Crude oil and NGLs $ 4 $ 116 $ (112 ) $ 380 $ 13 $ 367 Natural gas 133 66 67 335 13 322 Other Positions Other derivative contracts - 9 (9 ) - 14 (14 ) Foreign currency contracts 13 - 13 - 21 (21 ) Total Fair Value Position $ 150 $ 191 $ (41 ) $ 715 $ 61 $ 654 C) CREDIT RISK Credit risk arises from the potential that the Company may incur a loss if a counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. While exchange-traded contracts are subject to nominal credit risk due to the financial safeguards established by the NYSE and the TSX, over-the-counter traded contracts expose the Company to counterparty credit risk. This credit risk exposure is mitigated through the use of credit policies approved by the Board of Directors governing the Companyās credit portfolio including credit practices that limit transactions according to counterpartiesā credit quality. Mitigation strategies may include master netting arrangements, requesting collateral, purchasing credit insurance, and/or transacting credit derivatives. The Company executes commodity derivative financial instruments under master agreements that have netting provisions that provide for offsetting payables against receivables. As a result of netting provisions, the Companyās maximum exposure to loss under derivative financial instruments due to credit risk is limited to the net amounts due from the counterparties under the derivative contracts, as disclosed in Note 24. As at December 31, 2019, the Company had no significant credit derivatives in place and held no collateral. As at December 31, 2019, cash equivalents include high-grade, short-term securities, placed primarily with financial institutions and companies with strong investment grade ratings. Any foreign currency agreements entered into are with major financial institutions that have investment grade credit ratings. A substantial portion of the Companyās accounts receivable are with customers and working interest owners in the oil and gas industry and are subject to normal industry credit risks. As at December 31, 2019, approximately 95 percent (2018 - 97 percent) of the Companyās accounts receivable and financial derivative credit exposures were with investment grade counterparties. As at December 31, 2019, the Company had six counterparties whose net settlement position individually accounted for more than 10 percent of the fair value of the outstanding in-the-money net risk management contracts by counterparty. These counterparties accounted for 26 percent, 13 percent, 12 percent, 12 percent, 11 percent and 11 percent of the fair value of the outstanding in-the-money net risk management contracts. As at December 31, 2018, the Company had four counterparties whose net settlement position accounted for 30 percent, 13 percent 12 percent and 10 percent of the fair value of the outstanding in-the-money net risk management contracts. During 2015 and 2017, the Company entered into agreements resulting from divestitures, which may require the Company to fulfill certain payment obligations on the take or pay volume commitments assumed by the purchasers. The circumstances that would require the Company to perform under the agreements include events where a purchaser fails to make payment to the guaranteed party and/or a purchaser is subject to an insolvency event. The agreements have remaining terms from two to five years with a fair value recognized of $9 million as at December 31, 2019 (2018 - $14 million). The maximum potential amount of undiscounted future payments is $129 million as at December 31, 2019, and is considered unlikely. |
Supplementary Information
Supplementary Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary Information | 2 6 . Supplementary Information Supplemental disclosures to the Consolidated Statement of Cash Flows are presented below: A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2019 2018 2017 Operating Activities Accounts receivable and accrued revenues $ 109 $ (150 ) $ (21 ) Accounts payable and accrued liabilities (44 ) 141 (226 ) Current portion of operating lease liabilities 49 - - Income tax receivable and payable (27 ) 254 (6 ) $ 87 $ 245 $ (253 ) B) NON-CASH ACTIVITIES For the years ended December 31 2019 2018 2017 Non-Cash Investing Activities Asset retirement obligation incurred (See Note 17) $ 15 $ 17 $ 11 Asset retirement obligation change in estimated future cash outflows (See Note 17) 47 (20 ) 88 Property, plant and equipment accruals (78 ) (16 ) 19 Capitalized long-term incentives (27 ) (47 ) 55 Property additions/dispositions (swaps) 159 210 194 New ROU operating lease assets and liabilities (See Note 14) (20 ) - - Non-Cash Financing Activities Common shares issued in conjunction with the Newfield business combination (See Note 8) $ (3,478 ) $ - $ - Common shares issued under dividend reinvestment plan (See Note 18) - 1 1 C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2019 2018 2017 Interest Paid $ 415 $ 367 $ 370 Income Taxes (Recovered), net of Amounts Paid $ (22 ) $ (246 ) $ (77 ) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 2 7 . Commitments and Contingencies COMMITMENTS The following table outlines the Companyās commitments as at December 31, 2019: Expected Future Payments (undiscounted) 2020 2021 2022 2023 2024 Thereafter Total Transportation and Processing $ 734 $ 679 $ 642 $ 528 $ 419 $ 2,163 $ 5,165 Drilling and Field Services 90 6 - - - - 96 Building Leases 14 15 11 7 7 8 62 Total $ 838 $ 700 $ 653 $ 535 $ 426 $ 2,171 $ 5,323 Associated with the adoption of Topic 842, all operating leases were recognized in the Consolidated Balance Sheet. Accordingly, operating leases with terms greater than one year are not included in the commitments table above. The table above includes short-term leases with contract terms less than 12 months, such as drilling rigs and field office leases, as well as non-lease operating cost components associated with building leases. See Notes 1 and 14 for additional disclosures on leases. Included within transportation and processing in the table above are certain commitments associated with midstream service agreements with VMLP as described in Note 20. Divestiture transactions can reduce certain commitments disclosed above. CONTINGENCIES The Company is involved in various legal claims and actions arising in the normal course of the Companyās operations. Although the outcome of these claims cannot be predicted with certainty, the Company does not expect these matters to have a material adverse effect on the Companyās financial position, cash flows or results of operations. Managementās assessment of these matters may change in the future as certain of these matters are in early stages or are subject to a number of uncertainties. For material matters that the Company believes an unfavorable outcome is reasonably possible, the Company discloses the nature and a range of potential exposures. If an unfavorable outcome were to occur, there exists the possibility of a material impact on the Companyās consolidated net earnings or loss for the period in which the effect becomes reasonably estimable. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. Such accruals are based on the Companyās information known about the matters, estimates of the outcomes of such matters and experience in handling similar matters. In conjunction with the acquisition of Newfield as described in Note 8, various legal claims and actions arising in the normal course of Newfieldās operations were assumed by the Company. On March 29, 2019, Newfield and its wholly-owned subsidiary entered into an Agreement and Mutual Release with Sapura Energy Berhad, formerly known as SapuraKencana Petroleum Berhad, and Sapura Exploration and Production Inc., formerly known as SapuraKencana Energy Inc. (collectively, āSapuraā) to settle arbitration claims arising from Sapuraās purchase of Newfieldās Malaysian business in February 2014. Under the Agreement and Mutual Release, Newfield and its wholly-owned subsidiary paid Sapura $22.5 million. The settlement amount including legal fees was included in the purchase price allocation as part of the current liabilities assumed by the Company at the acquisition date. Although the outcome of any remaining legal claims and actions assumed by the Company following the acquisition of Newfield cannot be predicted with certainty, the Company does not expect these matters to have a material adverse effect on the Companyās financial position, cash flows or results of operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 2 8 . Subsequent Events On January 24, 2020 the Company completed the previously announced Reorganization as described in Note 1. Subsequently, Ovintiv Inc. and its subsidiaries continue to carry on the business previously conducted by Encana and its subsidiaries prior to the completion of the Reorganization. Refer to Notes 5, 15 and 18 for certain transactions and impacts associated with the Reorganization. |
Supplementary Oil And Gas Infor
Supplementary Oil And Gas Information | 12 Months Ended |
Dec. 31, 2019 | |
Extractive Industries [Abstract] | |
Supplementary Oil And Gas Information | 2 9 . Supplementary Oil and Gas Information (unaudited) The unaudited supplementary information on oil and gas exploration and production activities for 2019, 2018 and 2017 has been presented in accordance with the FASBās ASC Topic 932, āExtractive Activities - Oil and Gasā and the SECās final rule, āModernization of Oil and Gas Reportingā. Disclosures by geographic area include the United States and Canada. Proved Oil and Gas Reserves The following reserves disclosures reflect estimates of proved reserves, proved developed reserves, and proved undeveloped reserves, net of third-party royalty interests of oil, NGLs and natural gas owned at each year end and changes in proved reserves during each of the last three years. The Companyās estimates of proved reserves are made using available geological and reservoir data as well as production performance data. These estimates are reviewed annually by internal reservoir engineers and revised, either upward or downward, as warranted by additional data. The results of infill drilling are treated as positive revisions due to increases to expected recovery. Other revisions are due to changes in, among other things, development plans, reservoir performance, commodity prices, economic conditions, and government restrictions. Estimates of proved reserves are inherently imprecise and are continually subject to revision based on production history, results of additional exploration and development, price changes and other factors. The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI ($/bbl) Edmonton Condensate (C$/bbl) Henry Hub ($/MMBtu) AECO (C$/MMBtu) Reserves Pricing (1) 2019 55.93 68.80 2.58 1.76 2018 65.56 79.59 3.10 1.49 2017 51.34 67.65 2.98 2.32 (1) All prices were held constant in all future years when estimating net revenues and reserves. PROVED RESERVES (1) (12-MONTH AVERAGE TRAILING PRICES) Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) United States Canada Total United States Canada Total United States Canada Total 2017 Beginning of year 155.6 - 155.6 56.4 94.0 150.4 1,093 1,810 2,902 789.7 Revisions and improved recovery (2) (16.0 ) 0.2 (15.8 ) (3.6 ) (14.6 ) (18.1 ) (27 ) (31 ) (58 ) (43.6 ) Extensions and discoveries 84.9 0.2 85.1 26.5 46.4 72.9 144 727 871 303.1 Purchase of reserves in place 0.8 - 0.8 0.4 - 0.4 2 - 2 1.5 Sale of reserves in place (5.4 ) - (5.4 ) (3.6 ) (0.2 ) (3.8 ) (729 ) (65 ) (795 ) (141.6 ) Production (27.7 ) (0.2 ) (27.8 ) (8.7 ) (10.6 ) (19.3 ) (97 ) (306 ) (403 ) (114.3 ) End of year 192.3 0.2 192.5 67.5 115.0 182.5 384 2,135 2,519 794.9 Developed 104.7 0.2 104.9 41.6 40.5 82.1 243 1,082 1,325 407.8 Undeveloped 87.7 - 87.7 25.8 74.5 100.3 141 1,053 1,195 387.1 Total 192.3 0.2 192.5 67.5 115.0 182.5 384 2,135 2,519 794.9 2018 Beginning of year 192.3 0.2 192.5 67.5 115.0 182.5 384 2,135 2,519 794.9 Revisions and improved recovery (2) 19.5 0.2 19.7 14.2 (17.4 ) (3.2 ) 37 249 285 64.1 Extensions and discoveries 162.4 - 162.4 48.6 78.9 127.4 233 885 1,118 476.2 Purchase of reserves in place 21.3 - 21.3 7.7 - 7.7 39 - 39 35.5 Sale of reserves in place (11.4 ) - (11.4 ) (5.1 ) - (5.1 ) (40 ) - (40 ) (23.1 ) Production (32.7 ) (0.1 ) (32.8 ) (10.6 ) (18.0 ) (28.5 ) (55 ) (368 ) (423 ) (131.9 ) End of year 351.5 0.2 351.8 122.3 158.5 280.8 598 2,901 3,499 1,215.7 Developed 150.6 0.2 150.9 59.4 60.8 120.2 295 1,707 2,002 604.7 Undeveloped 200.9 - 200.9 62.8 97.8 160.6 302 1,195 1,497 611.0 Total 351.5 0.2 351.8 122.3 158.5 280.8 598 2,901 3,499 1,215.7 2019 Beginning of year 351.5 0.2 351.8 122.3 158.5 280.8 598 2,901 3,499 1,215.7 Revisions and improved recovery (2) (56.4 ) 0.8 (55.6 ) 3.1 (20.2 ) (17.1 ) (31 ) (484 ) (515 ) (158.7 ) Extensions and discoveries 230.2 0.4 230.6 96.0 62.4 158.4 521 777 1,298 605.3 Purchase of reserves in place 262.0 - 262.0 217.2 - 217.2 1,904 - 1,904 796.6 Sale of reserves in place (5.1 ) - (5.1 ) (0.5 ) - (0.5 ) (351 ) - (351 ) (64.1 ) Production (59.8 ) (0.2 ) (60.0 ) (28.6 ) (21.6 ) (50.2 ) (200 ) (376 ) (576 ) (206.2 ) End of year 722.4 1.3 723.7 409.4 179.1 588.5 2,441 2,818 5,259 2,188.8 Developed 291.0 1.2 292.2 211.3 68.4 279.8 1,375 1,439 2,815 1,041.1 Undeveloped 431.4 0.1 431.5 198.1 110.7 308.8 1,066 1,378 2,444 1,147.7 Total 722.4 1.3 723.7 409.4 179.1 588.5 2,441 2,818 5,259 2,188.8 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates. Definitions: a. āProvedā oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations. b. āDevelopedā oil and gas reserves are reserves of any category that are expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well. c. āUndevelopedā oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Total Proved reserves increased 973.1 ā¢ Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to changes in the approved development plan of 97.5 MMBOE and lower 12-month average trailing oil and NGL prices of 118.4 MMBOE, partially offset by positive performance revisions of 57.3 MMBOE resulting from well performance and development strategy. ā¢ Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 605.3 MMBOE due to the extension of proved acreage primarily from successful drilling and delineation in the Permian, Anadarko, Montney, Eagle Ford, Bakken and Duvernay assets. ā¢ Purchases of 796.6 MMBOE were primarily in the acquisition of Newfield Exploration. ā¢ Sale of reserves in place decreased proved developed reserves by 64.1 MMBOE primarily due to the divestiture of the Arkoma asset located in Oklahoma. Total Proved reserves increased 420.8 MMBOE including production of 131.9 MMBOE in 2018 due to the following: ā¢ Revisions and improved recovery of oil, NGLs and natural gas were 64.1 MMBOE primarily due to positive forecast changes of 133.7 MMBOE and higher 12-month average trailing oil and NGL prices of 9.4 MMBOE, partially offset by proved reserves removed due to changes in the approved development plan of 79.0 MMBOE. ā¢ Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 476.2 MMBOE due to the extension of proved acreage primarily from successful drilling and delineation in the Permian, Montney, Eagle Ford and Duvernay assets ā¢ Purchases of 35.5 MMBOE were primarily in the Permian asset. ā¢ Sale of reserves in place decreased proved developed reserves by 23.1 MMBOE primarily due to the divestiture of the San Juan assets located in northwestern New Mexico. Total Proved reserves increased 5.2 MMBOE including production of 114.3 MMBOE in 2017 due to the following: ā¢ Revisions and improved recovery of oil, NGLs and natural gas were negative primarily due to negative revisions of 83.3 MMBOE resulting from changes in the approved development plan, which was partially offset by positive revisions of 32.6 MMBOE due to higher 12-month average trailing oil, NGL and natural gas prices. ā¢ Extensions and discoveries of oil, NGLs and natural gas increased proved reserves by 303.1 MMBOE due to the extension of proved acreage primarily from successful drilling in the Permian, Montney and Eagle Ford assets. ā¢ Sale of reserves in place decreased proved developed reserves by 141.6 MMBOE primarily due to the divestiture of the Piceance assets located in northwestern Colorado. STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES In calculating the standardized measure of discounted future net cash flows, constant price and cost assumptions were applied to the Companyās annual future production from proved reserves to determine cash inflows. Estimates of future net cash flows from proved reserves are computed based on the average beginning-of-the-month prices during the 12-month period for the year. Future production and development costs include estimates for abandonment and dismantlement costs associated with asset retirement obligations and assume the continuation of existing economic, operating and regulatory conditions. Future income taxes are calculated by applying statutory income tax rates to future pre-tax cash flows after provision for the tax cost of the oil and natural gas properties based upon existing laws and regulations. The effect of tax credits is also considered in determining the income tax expense. The discount was computed by application of a 10 percent discount factor to the future net cash flows. The Company cautions that the discounted future net cash flows relating to proved oil and gas reserves are an indication of neither the fair market value of the Companyās oil and gas properties, nor the future net cash flows expected to be generated from such properties. The discounted future net cash flows do not include the fair market value of exploratory properties and probable or possible oil and gas reserves, nor is consideration given to the effect of anticipated future changes in oil and natural gas prices, development, asset retirement and production costs, and possible changes to tax and royalty regulations. The prescribed discount rate of 10 percent may not appropriately reflect future interest rates. United States Canada 2019 2018 2017 2019 2018 2017 Future Cash Inflows $ 46,076 $ 26,305 $ 11,459 $ 10,404 $ 12,463 $ 7,850 Less Future: Production costs 13,064 6,399 3,661 4,791 5,231 3,516 Development costs 10,795 4,751 3,042 3,024 2,641 2,058 Income taxes 2,262 1,673 - - 586 76 Future Net Cash Flows 19,955 13,482 4,756 2,589 4,005 2,200 Less 10% annual discount for estimated timing of cash flows 9,914 6,532 2,025 1,014 1,351 618 Discounted Future Net Cash Flows $ 10,041 $ 6,950 $ 2,731 $ 1,575 $ 2,654 $ 1,582 Total 2019 2018 2017 Future Cash Inflows $ 56,480 $ 38,768 $ 19,309 Less Future: Production costs 17,855 11,630 7,177 Development costs 13,819 7,392 5,100 Income taxes 2,262 2,259 76 Future Net Cash Flows 22,544 17,487 6,956 Less 10% annual discount for estimated timing of cash flows 10,928 7,883 2,643 Discounted Future Net Cash Flows $ 11,616 $ 9,604 $ 4,313 CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES United States Canada 2019 2018 2017 2019 2018 2017 Balance, Beginning of Year $ 6,950 $ 2,731 $ 1,236 $ 2,654 $ 1,582 $ 439 Changes Resulting From: Sales of oil and gas produced during the year (3,051 ) (1,753 ) (1,291 ) (865 ) (859 ) (471 ) Discoveries and extensions, net of related costs 2,893 3,300 1,141 544 1,130 582 Purchases of proved reserves in place 5,581 468 13 - - - Sales and transfers of proved reserves in place (931 ) (202 ) (413 ) - - (12 ) Net change in prices and production costs (2,471 ) 1,642 2,183 (1,008 ) 407 893 Revisions to quantity estimates (850 ) 526 (203 ) (550 ) 121 (22 ) Accretion of discount 749 273 124 297 164 44 Development costs incurred during the year 2,115 1,315 1,366 545 665 454 Changes in estimated future development costs (885 ) (824 ) (1,433 ) (364 ) (303 ) (279 ) Other - 16 8 1 15 7 Net change in income taxes (59 ) (542 ) - 321 (268 ) (53 ) Balance, End of Year $ 10,041 $ 6,950 $ 2,731 $ 1,575 $ 2,654 $ 1,582 Total 2019 2018 2017 Balance, Beginning of Year $ 9,604 $ 4,313 $ 1,675 Changes Resulting From: Sales of oil and gas produced during the year (3,916 ) (2,612 ) (1,762 ) Discoveries and extensions, net of related costs 3,437 4,430 1,723 Purchases of proved reserves in place 5,581 468 13 Sales and transfers of proved reserves in place (931 ) (202 ) (425 ) Net change in prices and production costs (3,479 ) 2,049 3,076 Revisions to quantity estimates (1,400 ) 647 (225 ) Accretion of discount 1,046 437 168 Development costs incurred during the year 2,660 1,980 1,820 Changes in estimated future development costs (1,249 ) (1,127 ) (1,712 ) Other 1 31 15 Net change in income taxes 262 (810 ) (53 ) Balance, End of Year $ 11,616 $ 9,604 $ 4,313 RESULTS OF OPERATIONS The following table sets forth revenue and direct cost information relating to the Companyās oil and gas exploration and production activities. United States Canada 2019 2018 2017 2019 2018 2017 Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing $ 3,855 $ 2,189 $ 1,714 $ 1,006 $ 993 $ 613 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation 819 445 438 162 157 164 Depreciation, depletion and amortization 1,593 860 530 383 361 236 Operating Income (Loss) 1,443 884 746 461 475 213 Income Taxes 352 191 161 111 128 58 Results of Operations $ 1,091 $ 693 $ 585 $ 350 $ 347 $ 155 China (1) Total 2019 2018 2017 2019 2018 2017 Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing $ 37 $ - $ - $ 4,898 $ 3,182 $ 2,327 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation 17 - - 998 602 602 Depreciation, depletion and amortization - - - 1,976 1,221 766 Operating Income (Loss) 20 - - 1,924 1,359 959 Income Taxes 4 - - 467 319 219 Results of Operations $ 16 $ - $ - $ 1,457 $ 1,040 $ 740 (1) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. CAPITALIZED COSTS Capitalized costs include the cost of properties, equipment and facilities for oil and natural gas producing activities. Capitalized costs for proved properties include costs for oil and natural gas leaseholds where proved reserves have been identified, development wells and related equipment and facilities, including development wells in progress. Capitalized costs for unproved properties include costs for acquiring oil and gas leaseholds where no proved reserves have been identified. United States Canada 2019 2018 2017 2019 2018 2017 Proved Oil and Gas Properties $ 35,870 $ 27,189 $ 25,610 $ 15,284 $ 13,996 $ 14,555 Unproved Oil and Gas Properties 3,491 3,493 4,169 223 237 311 Total Capital Cost 39,361 30,682 29,779 15,507 14,233 14,866 Accumulated DD&A 25,623 24,099 23,240 14,320 13,261 14,047 Net Capitalized Costs $ 13,738 $ 6,583 $ 6,539 $ 1,187 $ 972 $ 819 Other Total 2019 2018 2017 2019 2018 2017 Proved Oil and Gas Properties $ 56 $ 56 $ 63 $ 51,210 $ 41,241 $ 40,228 Unproved Oil and Gas Properties - - - 3,714 3,730 4,480 Total Capital Cost 56 56 63 54,924 44,971 44,708 Accumulated DD&A 56 56 63 39,999 37,416 37,350 Net Capitalized Costs $ - $ - $ - $ 14,925 $ 7,555 $ 7,358 COSTS INCURRED Costs incurred includes both capitalized costs and costs charged to expense when incurred. Costs incurred also includes internal costs directly related to acquisition, exploration, and development activities, new asset retirement costs established in the current year as well as increases or decreases to the asset retirement obligations resulting from changes to cost estimates during the year. United States Canada 2019 2018 2017 2019 2018 2017 Acquisition Costs Unproved $ 5 $ - $ 21 $ - $ 17 $ 31 Proved 60 - 2 - - - Total Acquisition Costs 65 - 23 - 17 31 Exploration Costs 5 2 4 - 1 1 Development Costs 2,129 1,330 1,354 480 631 425 Total Costs Incurred $ 2,199 $ 1,332 $ 1,381 $ 480 $ 649 $ 457 Total 2019 2018 2017 Acquisition Costs Unproved $ 5 $ 17 $ 52 Proved 60 - 2 Total Acquisition Costs 65 17 54 Exploration Costs 5 3 5 Development Costs 2,609 1,961 1,779 Total Costs Incurred $ 2,679 $ 1,981 $ 1,838 COSTS NOT SUBJECT TO DEPLETION OR AMORTIZATION Upstream costs in respect of significant unproved properties are excluded from the country cost centerās depletable base as follows: As at December 31 2019 2018 United States $ 3,491 $ 3,493 Canada 223 237 $ 3,714 $ 3,730 The following is a summary of the costs related to unproved properties as at December 31, 2019: 2019 2018 2017 Prior to 2017 Total Acquisition Costs $ 948 $ 223 $ 240 $ 2,162 $ 3,573 Exploration Costs 3 18 2 118 141 $ 951 $ 241 $ 242 $ 2,280 $ 3,714 Acquisition costs primarily include costs incurred to acquire or lease properties. Exploration costs primarily include costs related to geological and geophysical studies and costs of drilling and equipping exploratory wells. Ultimate recoverability of these costs and the timing of inclusion within the applicable country cost centerās depletable base is dependent upon either the finding of proved oil, NGL and natural gas reserves, expiration of leases or recognition of impairments. Included in the $3.7 billion of oil and gas properties not subject to depletion or amortization are acquired leasehold and mineral costs of approximately $3.5 billion related to the acquisition of Permian, Anadarko, Bakken and Uinta. These acquisition costs are associated with acquired acreage for which proved reserves have yet to be assigned from future development. The Company continually assesses the development timeline of the acquired acreage. The timing and amount of the transfer of property acquisition costs into the depletable base are based on several factors and may be subject to changes over time from drilling plans, drilling results, availability of capital, project economics and other assessments of the property. The inclusion of these acquisition costs in the depletable base is expected to occur within three to eight years. The remaining costs excluded from depletion are related to properties which are not individually significant. |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Supplemental Quarterly Financial Information | 30 . Supplemental Quarterly Financial Information (unaudited) The following summarizes quarterly financial data for the fiscal years of 2019 and 2018: 2019 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 Revenues $ 1,565 $ 1,871 $ 2,055 $ 1,235 Operating Income (Loss) (28 ) 315 538 (227 ) Net Earnings (Loss) Before Income Tax $ (68 ) $ 192 $ 497 $ (306 ) Income Tax Expense (Recovery) (62 ) 43 161 (61 ) Net Earnings (Loss) $ (6 ) $ 149 $ 336 $ (245 ) Net Earnings (Loss) per Common Share - Basic & Diluted (1) $ (0.02 ) $ 0.56 $ 1.22 $ (1.00 ) 2018 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 Revenues $ 2,381 $ 1,262 $ 983 $ 1,313 Operating Income (Loss) 1,354 119 (116 ) 337 Net Earnings (Loss) Before Income Tax $ 1,179 $ 45 $ (221 ) $ 160 Income Tax Expense (Recovery) 149 6 (70 ) 9 Net Earnings (Loss) $ 1,030 $ 39 $ (151 ) $ 151 Net Earnings (Loss) per Common Share - Basic & Diluted (1) $ 5.41 $ 0.20 $ (0.79 ) $ 0.78 (1) Net earnings (loss) per common share reflects the Share Consolidation as described in Note 1. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | B) BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of the Company and are presented in conformity with U.S. GAAP and the rules and regulations of the SEC. In these Consolidated Financial Statements, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars. The Companyās financial results are consolidated in Canadian dollars; however, the Company has adopted the U.S. dollar as its reporting currency to facilitate a more direct comparison to other North American oil and gas companies. All references to US$ or to $ are to United States dollars and references to C$ are to Canadian dollars. The Arrangement, as described above, will be accounted for as a reorganization of entities under common control. Accordingly, the resulting transactions will be recognized using historical carrying amounts. On January 24, 2020, Ovintiv became the reporting entity upon completion of the Reorganization. As the Share Consolidation described above was completed prior to the issuance of these Consolidated Financial Statements, common shares and per-share amounts disclosed herein reflect the post-Share Consolidation shares unless otherwise specified. Following the U.S. Domestication, on January 24, 2020, the functional currency of Ovintiv Inc. became U.S. dollars, and accordingly, the financial results will be consolidated and reported in U.S. dollars. |
Principles Of Consolidation | C) PRINCIPLES OF CONSOLIDATION The Consolidated Financial Statements include the accounts of the Company and entities in which it holds a controlling interest. |
Foreign Currency Translation | D) FOREIGN CURRENCY TRANSLATION Monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rates of exchange in effect at the period end date. Any gains or losses are recorded in the Consolidated Statement of Earnings. Foreign currency revenues and expenses are translated at the rates of exchange in effect at the time of the transaction. Assets and liabilities of foreign operations are translated at period end exchange rates, while the related revenues and expenses are translated using average rates during the period. Translation gains and losses relating to foreign operations are included in accumulated other comprehensive income (āAOCIā). Recognition of accumulated translation gains and losses into net earnings occurs upon complete or substantially complete liquidation of the Companyās investment in the foreign operation. For financial statement presentation, assets and liabilities are translated into the reporting currency at period end exchange rates, while revenues and expenses are translated using average rates over the period. Gains and losses relating to the financial statement translation are included in AOCI. Following the U.S. Domestication, the functional currency of Ovintiv Inc. became U.S. dollars, and accordingly, the financial results will be consolidated and reported in U.S. dollars. |
Use Of Estimates | E) USE OF ESTIMATES Preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires Management to make informed estimates and assumptions and use judgments that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Such estimates primarily relate to unsettled transactions and events as of the date of the Consolidated Financial Statements. Accordingly, actual results may differ from estimated amounts as future events occur. Significant items subject to estimates and assumptions are: ā¢ Estimates of proved reserves used for depletion and ceiling test impairment calculations ā¢ Estimated fair value of long-term assets used for impairment calculations ā¢ Fair value of reporting units used for the assessment of goodwill ā¢ Estimates of future taxable earnings used to assess the realizable value of deferred tax assets ā¢ Estimates of incremental borrowing rates and lease terms used in the measurement of right-of-use (āROUā) assets and lease liabilities ā¢ Fair value of asset retirement costs and related obligations ā¢ Fair value of derivative instruments ā¢ Fair value attributed to assets acquired and liabilities assumed in business combinations ā¢ Tax interpretations, regulations and legislation in the various jurisdictions in which the Company and its subsidiaries operate ā¢ Accruals for long-term performance-based compensation arrangements, including whether or not the performance criteria will be met and measurement of the ultimate payout amount ā¢ Recognized values of pension assets and obligations, as well as the pension costs charged to net earnings, depend on certain actuarial and economic assumptions ā¢ Accruals for legal claims, environmental risks and exposures |
Revenues from Contracts with Customers | F) REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers associated with the Companyās oil, NGLs and natural gas and third party processing and gathering are recognized when control of the good or service is transferred to the customer, and title or risk of loss transfers to the customer. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Variable consideration is estimated and included in the transaction price, unless the variable consideration is constrained. For product sales, the performance obligations are satisfied at a point in time when the product is delivered to the customer and control is transferred. Payment from the customer is due when the product is delivered to the custody point. Revenues for product sales are presented on an after-royalties basis. For arrangements to gather and process natural gas for third parties, performance obligations are satisfied over time as the service is provided to the customer. Payment from the customer is due when the customer receives the benefit of the service and the product is delivered to the custody point or plant tailgate. Revenues associated with services provided where the Company acts as agent are recorded on a net basis. |
Production, Mineral and Other Taxes | G) PRODUCTION, MINERAL AND OTHER TAXES Costs paid by the Company for taxes based on production or revenues from oil, NGLs and natural gas are recognized when the product is produced. Costs paid by the Company for taxes on the valuation of upstream assets and reserves are recognized when incurred. |
Transportation and Processing | H) TRANSPORTATION AND PROCESSING Costs paid by the Company for the transportation and processing of oil, NGLs and natural gas are recognized when the product is delivered and the services made available or provided. |
Operating | I) OPERATING Operating costs paid by the Company, net of amounts capitalized, are recognized for oil and natural gas properties in which the Company has a working interest. |
Employee Benefit Plans | J) EMPLOYEE BENEFIT PLANS The Company sponsors defined contribution and defined benefit plans, providing pension and other post-employment benefits to its employees in Canada and the U.S. As of January 1, 2003, the defined benefit pension plan was closed to new entrants. Pension expense for the defined contribution pension plan is recorded as the benefits are earned by the employees covered by the plans. The Company accrues for its obligations under its employee defined benefit plans, net of plan assets. The cost of defined benefit pensions and other post-employment benefits is actuarially determined using the projected benefit method based on length of service and reflects Managementās best estimate of salary escalation, mortality rates, retirement ages of employees and expected future health care costs. The expected return on plan assets is based on historical and projected rates of return for assets in the investment plan portfolio. The actual return is based on the fair value of plan assets. The projected benefit obligation is discounted using the market interest rate on high-quality corporate debt instruments as at the measurement date. Defined benefit pension plan expenses include the cost of pension benefits earned during the current year, the interest cost on pension obligations, the expected return on pension plan assets, the amortization of adjustments arising from pension plan amendments, the amortization of net prior service costs, and the amortization of the excess of the net actuarial gains or losses over 10 percent of the greater of the benefit obligation and the fair value of plan assets. Amortization is on a straight-line basis over a period covering the expected average remaining service lives of employees covered by the plans. All components of the net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. |
Income Taxes | K) INCOME TAXES The Company follows the liability method of accounting for income taxes. Under this method, deferred income taxes are recorded for the effect of any temporary difference between the accounting and income tax basis of an asset or liability, using the enacted income tax rates and laws expected to apply when the assets are realized and liabilities are settled. Current income taxes are measured at the amount expected to be recoverable from or payable to the taxing authorities based on the income tax rates and laws enacted at the end of the reporting period. The effect of a change in the enacted tax rates or laws is recognized in net earnings in the period of enactment. Income taxes are recognized in net earnings except to the extent that they relate to items recognized directly in shareholdersā equity, in which case the income taxes are recognized directly in shareholdersā equity. Deferred income tax assets are assessed routinely for realizability. If it is more likely than not that deferred tax assets will not be realized, a valuation allowance is recorded to reduce the deferred tax assets. The Company considers available positive and negative evidence when assessing the realizability of deferred tax assets including historic and expected future taxable earnings, available tax planning strategies and carry forward periods. The assumptions used in determining expected future taxable earnings are consistent with those used in the goodwill impairment assessment. The Company recognizes the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. A recognized tax position is initially and subsequently measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement with a taxing authority. Liabilities for unrecognized tax benefits that are not expected to be settled within the next 12 months are included in other liabilities and provisions. Interest related to unrecognized tax benefits is recognized in interest expense. |
Earnings Per Share Amounts | L) EARNINGS PER SHARE AMOUNTS Basic net earnings per common share is computed by dividing the net earnings by the weighted average number of common shares outstanding during the period. Diluted net earnings per common share amounts are calculated giving effect to the potential dilution that would occur if stock options were exercised or other contracts to issue common shares were exercised, fully vested, or converted to common shares. The treasury stock method is used to determine the dilutive effect of stock options and other dilutive instruments. The treasury stock method assumes that proceeds received from the exercise of in-the-money stock options and other dilutive instruments are used to repurchase common shares at the average market price. |
Cash and Cash Equivalents | M) CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and short-term investments, such as money market deposits or similar type instruments, with a maturity of three months or less when purchased. Outstanding disbursements issued in excess of applicable bank account balances are excluded from cash and cash equivalents and are recorded in accounts payable and accrued liabilities. |
Property, Plant and Equipment | N) PROPERTY, PLANT AND EQUIPMENT UPSTREAM The Company uses the full cost method of accounting for its acquisition, exploration and development activities. Accordingly, all costs directly associated with the acquisition of, the exploration for, and the development of oil, NGLs and natural gas reserves, including costs of undeveloped leaseholds, dry holes and related equipment, are capitalized on a country-by-country cost center basis. Capitalized costs exclude costs relating to production, general overhead or similar activities. Capitalized costs accumulated within each cost center are depleted using the unit-of-production method based on proved reserves. Depletion is calculated using the capitalized costs, including estimated retirement costs, plus the undiscounted future expenditures, based on current costs, to be incurred in developing proved reserves. Costs associated with unproved properties are excluded from the depletion calculation until it is determined that proved reserves are attributable or impairment has occurred. Unproved properties are assessed separately for impairment on a quarterly basis. Costs that have been impaired are included in the costs subject to depletion within the full cost pool. Under the full cost method of accounting, the carrying amount of the Companyās oil and natural gas properties within each country cost center is subject to a ceiling test at the end of each quarter. A ceiling test impairment is recognized in net earnings when the carrying amount of a country cost center exceeds the country cost center ceiling. The carrying amount of a cost center includes capitalized costs of proved oil and natural gas properties, net of accumulated depletion and the related deferred income taxes. The cost center ceiling is the sum of the estimated after-tax future net cash flows from proved reserves, using the 12-month average trailing prices and unescalated future development and production costs, discounted at 10 percent, plus unproved property costs. The 12-month average trailing price is calculated as the average of the price on the first day of each month within the trailing 12-month period. Any excess of the carrying amount over the calculated ceiling amount is recognized as an impairment in net earnings. Proceeds from the divestiture of properties are normally deducted from the full cost pool without recognition of a gain or loss unless the deduction significantly alters the relationship between capitalized costs and proved reserves in the cost center, in which case a gain or loss is recognized in net earnings. Generally, a gain or loss on a divestiture would be recognized when 25 percent or more of the Companyās proved reserves quantities are sold in a particular country cost center. For divestitures that result in the recognition of a gain or loss on the sale and constitute a business, goodwill is allocated to the divestiture. CORPORATE Costs associated with office furniture, fixtures, leasehold improvements, information technology and aircraft are carried at cost and depreciated on a straight-line basis over the estimated service lives of the assets, which range from three to 25 years. Assets under construction are not subject to depreciation until put into use. Land is carried at cost. |
Capitalization Of Costs | O) CAPITALIZATION OF COSTS Expenditures related to renewals or betterments that improve the productive capacity or extend the life of an asset are capitalized. Maintenance and repairs are expensed as incurred. Interest on borrowings associated with major development projects is capitalized during the construction phase. |
Business Combinations | P) BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax bases. Any excess of the purchase price over the fair value of the net assets acquired is recognized as goodwill. Any deficiency of the purchase price below the fair value of the net assets acquired is recorded as a gain in net earnings. Associated transaction costs are expensed when incurred. |
Goodwill | Q) GOODWILL Goodwill represents the excess of purchase price over fair value of net assets acquired and is assessed for impairment at least annually at December 31. Goodwill and all other assets and liabilities are allocated to reporting units, which are the Companyās country cost centers. To assess impairment, the carrying amount of each reporting unit is determined and compared to the fair value of the reporting unit. If the carrying amount of the reporting unit, including goodwill, is higher than its related fair value then goodwill is written down to the reporting unitās implied fair value of goodwill. The implied fair value of goodwill is determined by deducting the fair value of the reporting unitās assets and liabilities from the fair value of the reporting unit as if the reporting entity had been acquired in a business combination. Any excess of the carrying value of goodwill over the implied fair value of goodwill is recognized as an impairment and charged to net earnings. Subsequent measurement of goodwill is at cost less any accumulated impairments. |
Impairment Of Long-Term Assets | R) IMPAIRMENT OF LONG-TERM ASSETS The carrying value of long-term assets, excluding goodwill and upstream assets included in property, plant and equipment, is assessed for impairment when indicators suggest that the carrying value of an asset or asset group may not be recoverable. If the carrying amount exceeds the sum of the undiscounted cash flows expected to result from the continued use and eventual disposition of the asset or asset group, an impairment is recognized for the excess of the carrying amount over its estimated fair value. |
Asset Retirement Obligation | S) ASSET RETIREMENT OBLIGATION Asset retirement obligations are those legal obligations where the Company will be required to retire tangible long-lived assets such as producing well sites, an offshore production platform, processing plants, and restoring land or seabed at the end of oil and gas production operations. The asset retirement obligation is initially measured at its fair value and recorded as a liability with an offsetting retirement cost that is capitalized as part of the related long-lived asset in the Consolidated Balance Sheet. The estimated fair value is measured by reference to the expected future cash flows required to satisfy the obligation, discounted at the Companyās credit-adjusted risk-free rate. Changes in the estimated obligation resulting from revisions to estimated timing or amount of future cash flows are recognized as a change in the asset retirement obligation and the related asset retirement cost. Amortization of asset retirement costs are included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Increases in the asset retirement obligations resulting from the passage of time are recorded as accretion of asset retirement obligation in the Consolidated Statement of Earnings. Actual expenditures incurred are charged against the accumulated asset retirement obligation. |
Stock-Based Compensation | T) STOCK-BASED COMPENSATION Stock-based compensation arrangements are accounted for at fair value. Fair values are determined using observable share prices and/or pricing models such as the Black-Scholes-Merton option-pricing model. For equity-settled stock-based compensation plans, fair values are determined at the grant date and are recognized over the vesting period as compensation costs with a corresponding credit to shareholdersā equity. For cash-settled stock-based compensation plans, fair values are determined at each reporting date and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. Compensation costs are recognized over the vesting period using the accelerated attribution method for awards with a graded vesting feature. Forfeitures are estimated based on the Companyās historical turnover rates. |
Leases | U) LEASES Leases for the right to use an asset are classified as either an operating or finance lease. Upon commencement of the lease, a ROU asset and corresponding lease liability are recognized in the Consolidated Balance Sheet for all operating and finance leases. The Company has elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. Upon commencement of the lease, ROU assets are recognized based on the initial measurement of the lease liability and adjusted for any lease payments made before commencement date of the lease, less any lease incentives and including any initial direct costs incurred. Lease liabilities are initially measured at the present value of future minimum lease payments over the lease term. The discount rate used to determine the present value is the rate implicit in the lease unless that rate cannot be determined, in which case the Companyās incremental borrowing rate is used. Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Factors used to assess reasonable certainty of rights to extend or terminate a lease include current and forecasted drillings plans, anticipated changes in development strategies, historical practice in extending similar contracts and current market conditions. Operating lease ROU assets and liabilities are subsequently measured at the present value of the lease payments not yet paid and discounted at the initial discount rate at commencement of the lease, less any impairments to the ROU asset. Operating lease expense and revenue from subleases are recognized in the Consolidated Statement of Earnings on a straight-line basis over the lease term. Finance lease ROU assets are amortized on a straight-line basis over the estimated useful life of the asset if the lessee is reasonably certain to exercise a purchase option or ownership of the leased asset transfers at the end of the lease term, otherwise the leased assets are amortized over the lease term. Amortization of finance lease ROU assets is included in depreciation, depletion and amortization in the Consolidated Statement of Earnings. Variable lease payments include changes in index rates, mobilization and demobilization costs related to oil and gas equipment and certain costs associated with office and building leases. Variable lease payments are recognized when incurred. Lease and non-lease components are accounted for as a single lease component for compression, coolers and office subleases. |
Fair Value Measurements | V) FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques include the market, income and cost approach. The market approach uses information generated by market transactions involving identical or comparable assets or liabilities; the income approach converts estimated future amounts to a present value; the cost approach is based on the amount that currently would be required to replace an asset. Inputs used in determining fair value are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. The three input levels of the fair value hierarchy are as follows: ā¢ Level 1 - Inputs represent quoted prices in active markets for identical assets or liabilities, such as exchange-traded commodity derivatives. ā¢ Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other market corroborated inputs. ā¢ Level 3 - Inputs that are not observable from objective sources, such as forward prices supported by little or no market activity or internally developed estimates of future cash flows used in a present value model. In determining fair value, the Company utilizes the most observable inputs available. If a fair value measurement reflects inputs at multiple levels within the hierarchy, the fair value measurement is characterized based on the lowest level of input that is significant to the fair value measurement. The carrying amount of cash and cash equivalents, accounts receivable and accrued revenues, and accounts payable and accrued liabilities reported in the Consolidated Balance Sheet approximates fair value. The fair value of long-term debt is disclosed in Note 15. Fair value information related to pension plan assets is included in Note 23. Recurring fair value measurements are performed for risk management assets and liabilities and other derivative contracts as discussed in Note 24. Certain non-financial assets and liabilities are initially measured at fair value, such as asset retirement obligations and assets and liabilities acquired in business combinations or certain non-monetary exchange transactions. |
Risk Management Assets And Liabilities | W) RISK MANAGEMENT ASSETS AND LIABILITIES Risk management assets and liabilities are derivative financial instruments used by the Company to manage economic exposure to market risks relating to commodity prices, foreign currency exchange rates and interest rates. The use of these derivative instruments is governed under formal policies and is subject to limits established by the Board of Directors. Derivative instruments that do not qualify for the normal purchases and sales exemption are measured at fair value with changes in fair value recognized in net earnings. The fair values recorded in the Consolidated Balance Sheet reflect netting the asset and liability positions where counterparty master netting arrangements contain provisions for net settlement. Realized gains or losses from financial derivatives related to oil, NGLs and Realized gains or losses recognized from other derivative contracts related to certain payment obligations are presented in revenues as the obligations are settled. Unrealized gains and losses recognized are presented in revenues, and transportation and processing expense accordingly, at the end of each respective reporting period based on the changes in fair value of the contracts. |
Commitments And Contingencies | X) COMMITMENTS AND CONTINGENCIES Liabilities for loss contingencies arising from claims, assessments, litigation, environmental and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted as additional information becomes available or circumstances change. |
Recent Accounting Pronouncements | Y) RECENT ACCOUNTING PRONOUNCEMENTS Changes in Accounting Policies and Practices On January 1, 2019, the Company adopted ASC Topic 842, Leases (āTopic 842ā) and related amendments, using the modified retrospective approach recognizing a cumulative effect adjustment at the beginning of the reporting period in which Topic 842 was applied. Results for reporting the periods beginning after January 1, 2019, are presented in accordance with Topic 842, while prior periods have not been restated and are reported in accordance with ASC Topic 840, Leases (āTopic 840ā). On transition, the Company elected certain practical expedients permitted under Topic 842 which include: ā¢ No reassessment of the classification of leases previously assessed under Topic 840, whether expired or existing contracts contain leases, or initial direct costs of existing leases; and ā¢ Application of Topic 842 prospectively to all new or modified land easements after January 1, 2019. The Company also elected the short-term lease exemption, which does not require a ROU asset or lease liability to be recognized in the Consolidated Balance Sheet when the lease term is 12 months or less. The policy and disclosures required under Topic 842 are included in Note 14, Leases. In accordance with Topic 842, the Company recognized a ROU asset and corresponding lease liability for all operating leases in the Consolidated Balance Sheet, other than leases with lease terms of 12 months or less. Prior to the adoption of Topic 842, operating leases were not recognized in the Consolidated Balance Sheet. There was no impact to finance leases on transition to Topic 842. The impact from recognizing operating leases on the Companyās Consolidated Balance Sheet is as follows: Restated Reported as at Impact of Balances as at (US$ millions) December 31, 2018 Adoption January 1, 2019 Property, Plant and Equipment, at cost: Oil and natural gas properties, based on full cost accounting Proved properties $ 41,241 $ - $ 41,241 Unproved properties 3,730 - 3,730 Other 2,122 (1,261 ) 861 Property, plant and equipment 47,093 (1,261 ) 45,832 Less: accumulated depreciation, depletion and amortization (38,121 ) 128 (37,993 ) Property, plant and equipment, net 8,972 (1,133 ) (1 ) 7,839 Other Assets 147 1,015 (1), (2 ) 1,162 Deferred Income Taxes 835 (28 ) 807 Total Assets 15,344 (146 ) 15,198 Current Liabilities Accounts payable and accrued liabilities 1,490 (12 ) (1 ) 1,478 Current portion of operating lease liabilities - 67 (2 ) 67 Income tax payable 1 - 1 Risk management 25 - 25 Current portion of long-term debt 500 - 500 2,016 55 2,071 Operating Lease Liabilities - 948 (2 ) 948 Other Liabilities and Provisions 1,769 (1,224 ) (1 ) 545 Total Liabilities 7,897 (221 ) 7,676 Retained Earnings 435 75 (1 ) 510 Total Shareholdersā Equity 7,447 75 7,522 Total Liabilities and Shareholdersā Equity $ 15,344 $ (146 ) $ 15,198 (1) In accordance with Topic 840, the Company accounted for The Bow office building as a failed sales leaseback and at the effective date of January 1, 2019, The Bow office building remained as such. On transition to Topic 842, the Company re-assessed whether a sale would have occurred at the effective date and determined that a sale occurred. As a result, the Company derecognized the asset and financing liability resulting from the failed sale leaseback transaction measured under Topic 840, recognizing the difference as an adjustment to retained earnings in the Consolidated Balance Sheet. Upon transition to Topic 842, The Bow office building was determined to be an operating lease for which a ROU asset and corresponding liability was recorded at the present value of remaining minimum lease payments. (2) ROU assets for operating leases were measured at the amount equal to the lease liability and the unamortized balance of any lease incentives prior to the transition date. The lease liabilities for operating leases were measured at the present value of the remaining minimum lease payments outstanding as at January 1, 2019. Although Topic 842 did not have a material impact on the Consolidated Statements of Earnings or Cash Flows, the change in the accounting of The Bow office building resulted in: i) operating lease expense under Topic 842 reported in administrative expense, whereas for the comparative periods presented under Topic 840, the Company presented in cash used in operating activities under Topic 842, whereas for the comparative periods presented under Topic 840, interest and financing cash outflows are presented in cash used in operating activities and cash used in financing activities, respectively, in the Consolidated Statement of Cash Flows. On January 1, 2019, the Company the Company New Standards Issued Not Yet Adopted On January 1, 2020, Ovintiv will adopt the following ASUs issued by the FASB, which are not expected to have a material impact on the Consolidated Financial Statements: ā¢ ASU 2017-04, āSimplifying the Test for Goodwill Impairmentā. The amendment eliminates the second step of the goodwill impairment test which requires the Company to measure the impairment based on the excess amount of the carrying value of the reporting unitās goodwill over the implied fair value of its goodwill. Under this amendment, the goodwill impairment will be measured based on the excess amount of the reporting unitās carrying value over its respective fair value. The amendment will be applied prospectively at the date of adoption. ā¢ ASU 2016-13, āFinancial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instrumentsā under Topic 326. The standard amends the impairment model which requires utilizing a forward-looking expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables. The standard requires entities to consider a broader range of information to estimate expected credit losses, resulting in earlier recognition of credit losses. The standard will be applied using the modified retrospective approach. The Company estimates the impact from adoption will result in a non-cash cumulative adjustment to retained earnings of less than $10 million, net of tax, on the Consolidated Balance Sheet. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Schedule of Impacts from Recognizing Operating Leases on Consolidated Balance Sheet | The impact from recognizing operating leases on the Companyās Consolidated Balance Sheet is as follows: Restated Reported as at Impact of Balances as at (US$ millions) December 31, 2018 Adoption January 1, 2019 Property, Plant and Equipment, at cost: Oil and natural gas properties, based on full cost accounting Proved properties $ 41,241 $ - $ 41,241 Unproved properties 3,730 - 3,730 Other 2,122 (1,261 ) 861 Property, plant and equipment 47,093 (1,261 ) 45,832 Less: accumulated depreciation, depletion and amortization (38,121 ) 128 (37,993 ) Property, plant and equipment, net 8,972 (1,133 ) (1 ) 7,839 Other Assets 147 1,015 (1), (2 ) 1,162 Deferred Income Taxes 835 (28 ) 807 Total Assets 15,344 (146 ) 15,198 Current Liabilities Accounts payable and accrued liabilities 1,490 (12 ) (1 ) 1,478 Current portion of operating lease liabilities - 67 (2 ) 67 Income tax payable 1 - 1 Risk management 25 - 25 Current portion of long-term debt 500 - 500 2,016 55 2,071 Operating Lease Liabilities - 948 (2 ) 948 Other Liabilities and Provisions 1,769 (1,224 ) (1 ) 545 Total Liabilities 7,897 (221 ) 7,676 Retained Earnings 435 75 (1 ) 510 Total Shareholdersā Equity 7,447 75 7,522 Total Liabilities and Shareholdersā Equity $ 15,344 $ (146 ) $ 15,198 (1) In accordance with Topic 840, the Company accounted for The Bow office building as a failed sales leaseback and at the effective date of January 1, 2019, The Bow office building remained as such. On transition to Topic 842, the Company re-assessed whether a sale would have occurred at the effective date and determined that a sale occurred. As a result, the Company derecognized the asset and financing liability resulting from the failed sale leaseback transaction measured under Topic 840, recognizing the difference as an adjustment to retained earnings in the Consolidated Balance Sheet. Upon transition to Topic 842, The Bow office building was determined to be an operating lease for which a ROU asset and corresponding liability was recorded at the present value of remaining minimum lease payments. (2) ROU assets for operating leases were measured at the amount equal to the lease liability and the unamortized balance of any lease incentives prior to the transition date. The lease liabilities for operating leases were measured at the present value of the remaining minimum lease payments outstanding as at January 1, 2019. |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Results of Operations Segment Information USA Operations Canadian Operations China Operations (1) For the years ended December 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues Product and service revenues $ 4,163 $ 2,512 $ 1,860 $ 1,654 $ 1,721 $ 1,169 $ 37 $ - $ - Gains (losses) on risk management, net 158 (199 ) 18 211 100 22 - - - Sublease revenues - - - - - - - - - Total Revenues 4,321 2,313 1,878 1,865 1,821 1,191 37 - - Operating Expenses Production, mineral and other taxes 238 131 92 16 16 20 - - - Transportation and processing 466 124 164 859 828 578 - - - Operating 566 305 331 125 118 122 16 - - Depreciation, depletion and amortization 1,593 860 530 383 361 236 - - - Total Operating Expenses 2,863 1,420 1,117 1,383 1,323 956 16 - - Operating Income (Loss) $ 1,458 $ 893 $ 761 $ 482 $ 498 $ 235 $ 21 $ - $ - Market Optimization Corporate & Other Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues Product and service revenues $ 1,159 $ 1,224 $ 863 $ - $ - $ - $ 7,013 $ 5,457 $ 3,892 Gains (losses) on risk management, net - (5 ) - (730 ) 519 442 (361 ) 415 482 Sublease revenues - - - 74 67 69 74 67 69 Total Revenues 1,159 1,219 863 (656 ) 586 511 6,726 5,939 4,443 Operating Expenses Production, mineral and other taxes - - - - - - 254 147 112 Transportation and processing 233 131 103 - - - 1,558 1,083 845 Operating 28 16 35 (3 ) 15 18 732 454 506 Purchased product 1,043 1,100 788 - - - 1,043 1,100 788 Depreciation, depletion and amortization - 1 1 39 50 66 2,015 1,272 833 Accretion of asset retirement obligation - - - 37 32 37 37 32 37 Administrative - - - 489 157 254 489 157 254 Total Operating Expenses 1,304 1,248 927 562 254 375 6,128 4,245 3,375 Operating Income (Loss) $ (145 ) $ (29 ) $ (64 ) $ (1,218 ) $ 332 $ 136 598 1,694 1,068 Other (Income) Expenses Interest 382 351 363 Foreign exchange (gain) loss, net (119 ) 168 (279 ) (Gain) loss on divestitures, net (3 ) (5 ) (404 ) Other (gains) losses, net 23 17 (42 ) Total Other (Income) Expenses 283 531 (362 ) Net Earnings (Loss) Before Income Tax 315 1,163 1,430 Income tax expense (recovery) 81 94 603 Net Earnings (Loss) $ 234 $ 1,069 $ 827 (1) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. |
Schedule of Marketing Intersegment Eliminations | Intersegment Information Market Optimization Marketing Sales Upstream Eliminations Total For the years ended December 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues $ 7,489 $ 5,724 $ 3,939 $ (6,330 ) $ (4,505 ) $ (3,076 ) $ 1,159 $ 1,219 $ 863 Operating Expenses Transportation and processing 635 457 291 (402 ) (326 ) (188 ) 233 131 103 Operating 28 16 35 - - - 28 16 35 Purchased product 6,973 5,279 3,676 (5,930 ) (4,179 ) (2,888 ) 1,043 1,100 788 Depreciation, depletion and amortization - 1 1 - - - - 1 1 Operating Income (Loss) $ (147 ) $ (29 ) $ (64 ) $ 2 $ - $ - $ (145 ) $ (29 ) $ (64 ) |
Revenue by Geographic Region | Revenues by Geographic Region United States Canada For the years ended December 31 2019 2018 2017 2019 2018 2017 Revenues Product revenues Oil $ 3,329 $ 2,093 $ 1,360 $ 10 $ 7 $ 7 NGLs 452 289 193 870 863 481 Natural gas 380 126 296 756 826 662 Other revenues (1) 966 1,058 773 287 262 189 Gains (losses) on risk management, net (142 ) 216 (40 ) (219 ) 199 522 Total Revenues $ 4,985 $ 3,782 $ 2,582 $ 1,704 $ 2,157 $ 1,861 China (2) Total 2019 2018 2017 2019 2018 2017 Revenues Product revenues Oil $ 37 $ - $ - $ 3,376 $ 2,100 $ 1,367 NGLs - - - 1,322 1,152 674 Natural gas - - - 1,136 952 958 Other revenues (1) - - - 1,253 1,320 962 Gains (losses) on risk management, net - - - (361 ) 415 482 Total Revenues $ 37 $ - $ - $ 6,726 $ 5,939 $ 4,443 ( 1) Includes market optimization and other revenues such as purchased product sold to third parties, sublease revenues and gathering and processing services provided to third parties. (2) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. |
Capital Expenditures by Segment | Capital Expenditures by Segment For the years ended December 31 2019 2018 2017 USA Operations $ 2,134 $ 1,332 $ 1,358 Canadian Operations 480 632 426 Market Optimization 2 - 1 Corporate & Other 10 11 11 $ 2,626 $ 1,975 $ 1,796 |
Goodwill, Property, Plant and Equipment and Total Assets by Segment | Goodwill, Property, Plant and Equipment and Total Assets by Segment Goodwill Property, Plant and Equipment Total Assets As at December 31 2019 2018 2019 2018 2019 2018 USA Operations $ 1,938 $ 1,913 $ 13,757 $ 6,591 $ 16,613 $ 9,104 Canadian Operations 673 640 1,205 999 2,122 1,852 Market Optimization - - 2 1 253 295 Corporate & Other - - 227 1,381 2,499 4,093 $ 2,611 $ 2,553 $ 15,191 $ 8,972 $ 21,487 $ 15,344 |
Goodwill, Property, Plant and Equipment and Total Assets by Geographical Region | Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region Goodwill Property, Plant and Equipment Total Assets As at December 31 2019 2018 2019 2018 2019 2018 United States $ 1,938 $ 1,913 $ 13,825 $ 6,669 $ 16,996 $ 10,108 Canada 673 640 1,366 2,303 4,457 5,211 Other Countries - - - - 34 25 $ 2,611 $ 2,553 $ 15,191 $ 8,972 $ 21,487 $ 15,344 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation Of Revenue [Abstract] | |
Disaggregation of Revenue | Revenues USA Operations Canadian Operations China Operations (1) For the years ended December 31 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues from Customers Product revenues (2) Oil $ 3,341 $ 2,099 $ 1,373 $ 10 $ 7 $ 7 $ 37 $ - $ - NGLs 454 290 193 878 870 485 - - - Natural gas 379 126 305 774 849 680 - - - Service revenues Gathering and processing 2 4 11 5 6 9 - - - Product and Service Revenues $ 4,176 $ 2,519 $ 1,882 $ 1,667 $ 1,732 $ 1,181 $ 37 $ - $ - Market Optimization Corporate & Other Consolidated 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues from Customers Product revenues (2) Oil $ 249 $ 89 $ 115 $ - $ - $ - $ 3,637 $ 2,195 $ 1,495 NGLs 7 8 10 - - - 1,339 1,168 688 Natural gas 877 1,109 704 - - - 2,030 2,084 1,689 Service revenues Gathering and processing - - - - - - 7 10 20 Product and Service Revenues $ 1,133 $ 1,206 $ 829 $ - $ - $ - $ 7,013 $ 5,457 $ 3,892 (1) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. ( 2 ) Includes revenues from production and revenues of product purchased from third parties, but excludes intercompany marketing fees transacted between the Companyās operating segments. |
Interest (Tables)
Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest Expense [Abstract] | |
Schedule of Interest Expense | For the years ended December 31 2019 2018 2017 Interest Expense on: Debt $ 359 $ 267 $ 267 The Bow office building (See Note 1) - 63 63 Finance leases (See Note 14) 13 16 20 Other 10 5 13 $ 382 $ 351 $ 363 |
Foreign Exchange (Gain) Loss,_2
Foreign Exchange (Gain) Loss, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Foreign Currency [Abstract] | |
Foreign Exchange (Gain) Loss, Net | For the years ended December 31 2019 2018 2017 Unrealized Foreign Exchange (Gain) Loss on: Translation of U.S. dollar financing debt issued from Canada $ (207 ) $ 358 $ (243 ) Translation of U.S. dollar risk management contracts issued from Canada (12 ) 24 (44 ) Translation of intercompany notes 196 (149 ) (4 ) (23 ) 233 (291 ) Foreign Exchange on Settlements of: U.S. dollar financing debt issued from Canada (25 ) 3 14 U.S. dollar risk management contracts issued from Canada (3 ) (10 ) (15 ) Intercompany notes (71 ) (49 ) 10 Other Monetary Revaluations 3 (9 ) 3 $ (119 ) $ 168 $ (279 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Provision For Income Taxes | The provision for income taxes is as follows: For the years ended December 31 2019 2018 2017 Current Tax United States $ 3 $ 4 $ (9 ) Canada (16 ) (62 ) (59 ) Other Countries - 3 5 Total Current Tax Expense (Recovery) (13 ) (55 ) (63 ) Deferred Tax United States 147 195 611 Canada (53 ) (46 ) 55 Other Countries - - - Total Deferred Tax Expense (Recovery) 94 149 666 Income Tax Expense (Recovery) $ 81 $ 94 $ 603 |
Income Taxes Reconciliation | The following table reconciles income taxes calculated at the Canadian statutory rate with the actual income taxes: For the years ended December 31 2019 2018 2017 Net Earnings (Loss) Before Income Tax United States $ 585 $ 929 $ 476 Canada (280 ) 19 512 Other Countries 10 215 442 Total Net Earnings (Loss) Before Income Tax 315 1,163 1,430 Canadian Statutory Rate (1) 26.6 % 27.0 % 27.0 % Expected Income Tax 84 314 386 Effect on Taxes Resulting From: Income tax related to foreign operations (18 ) (106 ) (73 ) Statutory rate difference 11 - - Effect of legislative changes 55 - 299 Non-taxable capital (gains) losses (11 ) 22 (39 ) Tax differences on divestitures and transactions - - 77 Partnership tax allocations in excess of funding (20 ) (68 ) (54 ) Amounts in respect of prior periods (23 ) (54 ) (49 ) Change in valuation allowance (7 ) 8 54 Other 10 (22 ) 2 $ 81 $ 94 $ 603 Effective Tax Rate 25.7 % 8.1 % 42.2 % (1) Following the U.S. Domestication as described in Note 1, the applicable statutory tax rate will be the U.S. federal income tax rate. |
Components of Net Deferred Income Tax Asset (Liability) | The net deferred income tax asset (liability) consists of: As at December 31 2019 2018 Deferred Income Tax Assets Property, plant and equipment $ 168 $ 278 Risk management 8 - Compensation plans 46 66 Interest and other deferred deductions 32 79 Unrealized foreign exchange losses - 6 Non-capital and net capital losses carried forward (1) 1,703 1,107 Foreign tax credits 198 198 Other 14 38 Less: valuation allowance (215 ) (195 ) Deferred Income Tax Liabilities Property, plant and equipment (1,554 ) (591 ) Risk management (4 ) (168 ) Unrealized foreign exchange gains (2 ) - Other (10 ) (10 ) Net Deferred Income Tax Asset $ 384 $ 808 (1) The U.S. Domestication as described in Note 1, does not impact the availability of the U.S. and Canadian losses carried forward to future years. |
Net Deferred Income Tax Asset (Liability) by Jurisdiction | The net deferred income tax asset (liability) for the following jurisdictions is reflected in the Consolidated Balance Sheet as follows: As at December 31 2019 2018 Deferred Income Tax Assets United States $ 2 $ 287 Canada 599 548 601 835 Deferred Income Tax Liabilities United States (189 ) - Canada (28 ) (27 ) (217 ) (27 ) Net Deferred Income Tax Asset $ 384 $ 808 |
Schedule of Tax Basis, Loss Carryforwards, Charitable Donations and Tax Credits Available | Tax basis, loss carryforwards, charitable donations and tax credits available are as follows: As at December 31 2019 Expiration Date United States Tax basis $ 6,960 Indefinite Non-capital losses (Federal) 5,754 2020-2039 (1) Charitable donations 9 2020 - 2024 Foreign tax credits 198 2020 - 2024 Canada Tax pools $ 1,652 Indefinite Net capital losses 10 Indefinite Non-capital losses 1,636 2027 - 2039 Charitable donations 3 2022 (1) Includes non-capital losses of $1,120 million which have an indefinite expiration date. |
Changes in Balance of Unrecognized Tax Benefits Excluding Interest | The following table presents changes in the balance of the Companyās unrecognized tax benefits excluding interest: For the years ended December 31 2019 2018 Balance, Beginning of Year $ (248 ) $ (306 ) Additions for tax positions taken in the current year - (4 ) Additions for tax positions of prior years (1 ) (2 ) Reductions for tax positions of prior years 4 - Lapse of statute of limitations 34 19 Settlements - 22 Foreign currency translation (11 ) 23 Balance, End of Year $ (222 ) $ (248 ) |
Unrecognized Tax Benefit Reflected In Balance Sheet | The unrecognized tax benefit is reflected in the Consolidated Balance Sheet as follows: As at December 31 2019 2018 Other Liabilities and Provisions (See Note 16) $ (159 ) $ (167 ) Deferred Income Tax Asset (63 ) (81 ) Balance, End of Year $ (222 ) $ (248 ) |
Tax Years Subject to Examination, by Jurisdiction | Included below is a summary of the tax years, by jurisdiction, that remain statutorily open for examination by the taxing authorities. Jurisdiction Taxation Year United States - Federal 2016 - 2019 United States - State 2015 - 2019 Canada - Federal 2012 - 2019 Canada - Provincial 2012 - 2019 Other 2019 |
Accounts Receivable And Accru_2
Accounts Receivable And Accrued Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable and Accrued Revenues | As at December 31 2019 2018 Trade Receivables and Accrued Revenues Oil, NGLs and natural gas $ 765 $ 319 Midstream and marketing 353 365 Derivative financial instruments 7 36 Corporate and other 24 15 Total Trade Receivables and Accrued Revenues 1,149 735 Prepaids 48 15 Deposits and Other 41 44 1,238 794 Allowance for Doubtful Accounts (3 ) (5 ) $ 1,235 $ 789 |
Business Combination (Tables)
Business Combination (Tables) - Newfield Exploration Company [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Purchase Price Allocations | The transaction was accounted for under the acquisition method, which requires that the assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date, with any excess of the purchase price over the estimated fair value of identified net assets acquired recorded as goodwill. The purchase price allocation represents the consideration paid and the fair values of the assets acquired, and liabilities assumed as of the acquisition date. Purchase Price Allocation Consideration: Fair value of Encana's common shares issued (1) $ 3,478 Fair value of Newfield liability awards paid in cash (2) 5 Total Consideration $ 3,483 Assets Acquired: Cash and cash equivalents $ 46 Accounts receivable and accrued revenues 486 Other current assets 50 Proved properties 5,903 Unproved properties 838 Other property, plant and equipment 22 Restricted cash 53 Other assets 105 Goodwill (3) 25 Liabilities Assumed: Accounts payable and accrued liabilities (3) (795 ) Long-term debt (2,603 ) Operating lease liabilities (76 ) Other long-term liabilities (3) (65 ) Asset retirement obligation (184 ) Deferred income taxes (3) (322 ) Total Purchase Price $ 3,483 (1) The fair value was based on the NYSE closing price of the pre-Share Consolidation Encana common shares of $6.40 on February 13, 2019. (2) The fair value was based on a price of $6.50 per notional unit which was determined using a volume-weighted average of the trading price of pre-Share Consolidation Encana common shares on the NYSE on each of the five consecutive trading days ending on the trading day that was three trading days prior to February 13, 2019. (3) Since the completion of the business combination on February 13, 2019, additional information related to pre-acquisition liabilities and contingencies was obtained resulting in a measurement period adjustment. Changes in the fair value estimates comprised an increase in other liabilities of $16 million, of which approximately $11 million is presented in accounts payable and accrued liabilities and $5 million is presented in other long-term liabilities, a decrease in deferred tax liabilities of $4 million and a corresponding increase in goodwill of $12 million. |
Schedule of Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information combines the historical financial results of the Company with Newfield and has been prepared as though the acquisition had occurred on January 1, 2018. The pro forma information is not intended to reflect the actual results of operations that would have occurred if the business combination had been completed at the date indicated. In addition, the pro forma information is not intended to be a projection of the Companyās results of operations for any future period. Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred of approximately $71 million and severance payments made to employees which totaled $138 million for the year ended December 31, 2019. The pro forma financial information does not include any cost savings or other synergies that may result from the Merger or any costs that have been incurred to integrate the assets. For the years ended December 31 (US$ millions, except per share amounts) 2019 2018 Revenues $ 7,005 $ 8,481 Net Earnings (Loss) $ 376 $ 1,786 Net Earnings (Loss) per Common Share (1) Basic & Diluted $ 1.44 $ 5.94 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions And Divestitures [Abstract] | |
Schedule of Net Acquisitions & (Divestitures) | For the years ended December 31 2019 2018 2017 Acquisitions USA Operations $ 65 $ - $ 23 Canadian Operations - 17 31 Total Acquisitions 65 17 54 Divestitures USA Operations (196 ) (438 ) (695 ) Canadian Operations (1 ) (55 ) (41 ) Total Divestitures (197 ) (493 ) (736 ) Net Acquisitions & (Divestitures) $ (132 ) $ (476 ) $ (682 ) |
Property, Plant And Equipment_2
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | As at December 31 2019 2018 Cost Accumulated DD&A Net Cost Accumulated DD&A Net USA Operations Proved properties $ 35,870 $ (25,623 ) $ 10,247 $ 27,189 $ (24,099 ) $ 3,090 Unproved properties 3,491 - 3,491 3,493 - 3,493 Other 19 - 19 8 - 8 39,380 (25,623 ) 13,757 30,690 (24,099 ) 6,591 Canadian Operations Proved properties 15,284 (14,320 ) 964 13,996 (13,261 ) 735 Unproved properties 223 - 223 237 - 237 Other 18 - 18 27 - 27 15,525 (14,320 ) 1,205 14,260 (13,261 ) 999 Market Optimization 9 (7 ) 2 7 (6 ) 1 Corporate & Other 914 (687 ) 227 2,136 (755 ) 1,381 $ 55,828 $ (40,637 ) $ 15,191 $ 47,093 $ (38,121 ) $ 8,972 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | As at December 31 2019 2018 Operating Lease ROU Assets (See Note 14) $ 1,047 $ - Long-Term Investments 28 22 Long-Term Receivables 81 79 Deferred Charges 6 9 Other 51 37 $ 1,213 $ 147 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | As at December 31 2019 2018 United States Balance, beginning of year $ 1,913 $ 1,913 Additions during the year (See Note 8) 25 - Balance, end of year 1,938 1,913 Canada Balance, beginning of year 640 696 Foreign currency translation adjustment 33 (56 ) Balance, end of year 673 640 Total Goodwill $ 2,611 $ 2,553 |
Accounts Payable And Accrued _2
Accounts Payable And Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As at December 31 2019 2018 Trade Payables $ 355 $ 233 Capital Accruals 351 277 Royalty and Production Accruals 598 311 Other Accruals 534 295 Interest Payable 83 69 Current Portion of Long-Term Incentive Costs (See Note 22) 40 131 Current Portion of Finance Lease Obligations (See Note 14) 89 84 Current Portion of Asset Retirement Obligation (See Note 17) 189 90 $ 2,239 $ 1,490 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Operating and Finance Lease Costs | The tables below summarize the Companyās operating and finance lease costs and include ROU assets and lease liabilities, amounts recognized in net earnings during the period and other lease information. As at December 31 (US$ millions, unless otherwise specified) 2019 Consolidated Balance Sheet (1) Operating Lease ROU Assets, in Other Assets $ 1,047 Finance Lease ROU Assets, in Other Property Plant and Equipment 37 Operating Lease Liabilities: Current 78 Long-term 977 Finance Lease Liabilities: Current, in accounts payable and accrued liabilities 89 Long-term, in other liabilities and provisions 121 Weighted Average Discount Rate Operating leases 5.41% Finance leases 5.97% Weighted Average Remaining Lease Term Operating leases 16.3 years Finance leases 3.2 years (1) Total ROU assets and liabilities are recorded at the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. For the year ended December 31 2019 Lease Costs (1) Operating Lease Costs, Excluding Short-Term Leases $ 181 Finance Lease Costs: Amortization of ROU assets 4 Interest on lease liabilities 13 Total Finance Lease Costs 17 Short-Term Lease Costs 340 Variable Lease Costs 13 Sublease Income: Operating lease income 56 Variable lease income 18 Other Information (2) Cash Paid for Amounts Included in the Measurement of Lease Liabilities: Operating cash outflows from operating leases 217 Investing cash outflows from operating leases 296 Operating cash outflows from finance leases 13 Financing cash outflows from finance leases 84 Supplemental Non-Cash Information: New ROU operating lease assets and liabilities 20 (1) Lease costs include amounts capitalized into property, plant and equipment in the Consolidated Balance Sheet and lease expense recognized in the Consolidated Statement of Earnings. (2) Rights to extend or terminate a lease are included in the lease term when there is reasonable certainty the right will be exercised. Lease contracts include rights to extend leases after the initial term, ranging from month-to-month to less than 10 years. |
Schedule Operating Lease Expense | Operating lease expense is reflected in the Consolidated Statement of Earnings as follows: For the year ended December 31 2019 Operating Lease Expense Transportation and processing $ 3 Operating 107 Administrative (1) 116 Total Operating Lease Expense $ 226 (1) Includes $92 million for the year ended December 31, 2019, related to The Bow office building. |
Schedule of Future Lease Payments and Lease Liabilities Related to Operating and Finance Leases | The following table outlines the Companyās future lease payments and lease liabilities related to the Companyās operating and finance leases as at December 31, 2019: 2020 2021 2022 2023 2024 Thereafter Total Operating Leases (1) Expected Future Lease Payments $ 133 $ 117 $ 101 $ 88 $ 86 $ 1,101 $ 1,626 Less: Discounting 571 Present Value of Future Operating Lease Payments $ 1,055 Sublease Income (undiscounted) $ (41 ) $ (42 ) $ (37 ) $ (37 ) $ (37 ) $ (529 ) $ (723 ) Finance Leases Expected Future Lease Payments $ 99 $ 87 $ 8 $ 8 $ 8 $ 22 $ 232 Less: Discounting 22 Present Value of Future Finance Lease Payments $ 210 Sublease Income (undiscounted) (2) $ (8 ) $ (8 ) $ (8 ) $ (7 ) $ (7 ) $ (17 ) $ (55 ) (1) Lease payments are presented based on the gross contractual amount. A portion of the future lease payments will be recovered from other working interest owners based on their proportionate share when incurred. (2) Classified as operating lease. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt | As at December 31 Note 2019 2018 U.S. Dollar Denominated Debt Revolving credit and term loan borrowings A $ 698 $ - U.S. Unsecured Notes: B 6.50% due May 15, 2019 - 500 3.90% due November 15, 2021 600 600 5.75% due January 30, 2022 (See Note 8) 750 - 5.625% due July 1, 2024 (See Note 8) 1,000 - 5.375% due January 1, 2026 (See Note 8) 700 - 8.125% due September 15, 2030 300 300 7.20% due November 1, 2031 350 350 7.375% due November 1, 2031 500 500 6.50% due August 15, 2034 750 750 6.625% due August 15, 2037 462 462 6.50% due February 1, 2038 505 505 5.15% due November 15, 2041 244 244 Total Principal F 6,859 4,211 Increase in Value of Debt Acquired C 149 22 Unamortized Debt Discounts and Issuance Costs D (34 ) (35 ) Total Long-Term Debt $ 6,974 $ 4,198 Current Portion E $ - $ 500 Long-Term Portion 6,974 3,698 $ 6,974 $ 4,198 |
Mandatory Debt Payments | Principal Interest As at December 31 Amount Amount 2020 $ - $ 377 2021 600 377 2022 1,448 332 2023 - 305 2024 1,000 305 Thereafter 3,811 2,179 Total $ 6,859 $ 3,875 The revolving credit facilities are fully revolving for a period of up to five years. Based on the maturity dates of the credit facilities at December 31, 2019, the payments are included in 2022. |
Other Liabilities And Provisi_2
Other Liabilities And Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities and Provisions | As at December 31 2019 2018 The Bow Office Building $ - $ 1,224 Finance Lease Obligations (See Note 14) 121 211 Unrecognized Tax Benefits (See Note 6) 159 167 Pensions and Other Post-Employment Benefits (See Note 23) 119 105 Long-Term Incentive Costs (See Note 22) 38 34 Other Derivative Contracts (See Notes 24, 25) 7 10 Other 20 18 $ 464 $ 1,769 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change In Asset Retirement Obligation | As at December 31 2019 2018 Asset Retirement Obligation, Beginning of Year $ 455 $ 514 Liabilities Incurred 15 17 Liabilities Acquired (See Note 8) 184 - Liabilities Settled and Divested (141 ) (56 ) Change in Estimated Future Cash Outflows 47 (20 ) Accretion Expense 37 32 Foreign Currency Translation 17 (32 ) Asset Retirement Obligation, End of Year $ 614 $ 455 Current Portion (See Note 13) $ 189 $ 90 Long-Term Portion 425 365 $ 614 $ 455 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class Of Stock Disclosures [Abstract] | |
Schedule of Common Stock Issued and Outstanding | As at December 31 2019 2018 2017 Number (1) (millions) Amount Number (1) (millions) Amount Number (1) (millions) Amount Common Shares Outstanding, Beginning of Year 190.5 $ 4,656 194.6 $ 4,757 194.6 $ 4,756 Common Shares Purchased (39.4 ) (1,073 ) (4.1 ) (102 ) - - Common Shares Issued 108.7 3,478 - - - - Common Shares Issued Under Dividend Reinvestment Plan - - - 1 - 1 Common Shares Outstanding, End of Year 259.8 $ 7,061 190.5 $ 4,656 194.6 $ 4,757 (1) Number of common shares reflects the Share Consolidation as described in Note 1. Accordingly, the comparative periods have been restated. |
Earnings Per Common Share | For the years ended December 31 (US$ millions, except per share amounts) 2019 2018 2017 Net Earnings (Loss) $ 234 $ 1,069 $ 827 Number of Common Shares (1) Weighted average common shares outstanding - Basic 261.2 192.0 194.6 Effect of dilutive securities - - - Weighted Average Common Shares Outstanding - Diluted 261.2 192.0 194.6 Net Earnings (Loss) per Common Share (1) Basic & Diluted $ 0.90 $ 5.57 $ 4.25 (1) Net earnings (loss) per common share and weighted average common shares outstanding reflect the Share Consolidation as described in Note 1. Accordingly, the comparative periods have been restated. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | For the years ended December 31 2019 2018 2017 Foreign Currency Translation Adjustment Balance, Beginning of Year $ 976 $ 1,029 $ 1,200 Change in Foreign Currency Translation Adjustment 28 (53 ) (171 ) Balance, End of Year $ 1,004 $ 976 $ 1,029 Pension and Other Post-Employment Benefit Plans Balance, Beginning of Year $ 22 $ 13 $ 10 Other Comprehensive Income Before Reclassifications: Net actuarial gains and (losses) (See Note 23) 58 14 7 Income taxes (12 ) (3 ) (2 ) Net prior service costs from plan amendment (See Note 23) (31 ) - - Income taxes 6 - - Amounts Reclassified from Other Comprehensive Income: Reclassification of net actuarial (gains) and losses to net earnings (See Note 23) (2 ) (1 ) - Income taxes - - - Reclassification of net prior service costs to net earnings (See Note 23) 1 (1 ) (1 ) Income taxes - - - Curtailment in net defined periodic benefit cost (See Note 23) - - (1 ) Income taxes - - - Balance, End of Year $ 42 $ 22 $ 13 Total Accumulated Other Comprehensive Income $ 1,046 $ 998 $ 1,042 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring Costs Expensed | For the years ended December 31 2019 2018 2017 Severance and Benefits $ 133 $ - $ - Outplacement, Moving and Other Expenses 5 - - Restructuring Expenses $ 138 $ - $ - |
Schedule of Change in Restructuring Accrual | As at December 31 2019 2018 2017 Outstanding Restructuring Accrual, Beginning of Year $ - $ - $ 7 Current Year Restructuring Expenses Incurred 138 - - Restructuring Costs Paid (130 ) - (7 ) Outstanding Restructuring Accrual, End of Year (1) $ 8 $ - $ - (1) Included in accounts payable and accrued liabilities in the Consolidated Balance Sheet. |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Weighted Average Assumptions Used to Fair Value Share Units | US$ Share Units As at December 31 2019 2018 2017 Risk Free Interest Rate 1.69% 1.85% 1.67% Dividend Yield 1.60% 1.04% 0.45% Expected Volatility Rate (1) 44.98% 51.28% 57.87% Expected Term 2.8 yrs 1.4 yrs 1.4 yrs Market Share Price - Pre-Share Consolidation US$4.69 US$5.78 US$13.33 Market Share Price - Post-Share Consolidation (See Note 1) US$23.45 US$28.90 US$66.65 (1) Volatility was estimated using historical rates. C$ Share Units As at December 31 2019 2018 2017 Risk Free Interest Rate 1.69% 1.85% 1.67% Dividend Yield 1.64% 0.99% 0.46% Expected Volatility Rate (1) 43.61% 48.68% 54.10% Expected Term 2.4 yrs 1.8 yrs 1.5 yrs Market Share Price - Pre-Share Consolidation C$6.08 C$7.88 C$16.77 Market Share Price - Post-Share Consolidation (See Note 1) C$30.40 C$39.40 C$83.85 (1) Volatility was estimated using historical rates. |
Amounts Recognized For Share-Based Payment Transactions | For the years ended December 31 2019 2018 2017 Total Compensation Costs of Transactions Classified as Cash-Settled $ 59 $ (65 ) $ 165 Less: Total Share-Based Compensation Costs Capitalized (20 ) 19 (55 ) Total Share-Based Compensation Expense (Recovery) $ 39 $ (46 ) $ 110 Recognized on the Consolidated Statement of Earnings in: Operating $ 16 $ (13 ) $ 34 Administrative 23 (33 ) 76 $ 39 $ (46 ) $ 110 |
Liability for Share-Based Payment Transactions | As at December 31 2019 2018 2017 Liability for Cash-Settled Share-Based Payment Transactions: Unvested $ 65 $ 148 $ 274 Vested 13 17 53 $ 78 $ 165 $ 327 |
Schedule of Nonvested Performance Based Units Activity | (thousands of units) U.S. Dollar Denominated Outstanding PSUs Canadian Dollar Denominated Outstanding PSUs As at December 31 2019 2018 2019 2018 Unvested and Outstanding, Beginning of Year 652 675 1,190 1,200 Granted 767 182 787 320 Vested and Released (643 ) (158 ) (1,150 ) (323 ) Units, in Lieu of Dividends 11 4 12 7 Forfeited (14 ) (51 ) (29 ) (14 ) Unvested and Outstanding, End of Year 773 652 810 1,190 |
Schedule of Outstanding Deferred Share Units | (thousands of units) Canadian Dollar Denominated Outstanding DSUs As at December 31 2019 2018 Outstanding, Beginning of Year 191 179 Granted 13 7 Converted from HPR awards 11 4 Units, in Lieu of Dividends 3 1 Redeemed (1 ) - Outstanding, End of Year 217 191 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | (thousands of units) U.S Dollar Denominated Outstanding RSUs Canadian Dollar Denominated Outstanding RSUs As at December 31 2019 2018 2019 2018 Unvested and Outstanding, Beginning of Year 2,118 2,107 2,175 2,206 Granted 1,456 548 768 516 Units, in Lieu of Dividends 33 14 25 14 Vested and Released (1,165 ) (453 ) (1,203 ) (510 ) Forfeited (172 ) (98 ) (96 ) (51 ) Unvested and Outstanding, End of Year 2,270 2,118 1,669 2,175 |
Tandem Stock Appreciation Rights (TSARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity | As at December 31 2019 2018 (thousands of units) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding TSARs Weighted Average Exercise Price (C$) Outstanding, Beginning of Year 2,073 67.23 3,054 74.35 Granted 249 44.83 174 68.80 Exercised - SARs (8 ) 27.80 (74 ) 37.20 Exercised - Options - - - - Forfeited (21 ) 76.32 (62 ) 78.00 Expired (687 ) 102.73 (1,019 ) 90.30 Outstanding, End of Year 1,606 48.65 2,073 67.23 Exercisable, End of Year 1,179 45.89 1,459 75.10 |
Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range | As at December 31, 2019 Outstanding TSARs Exercisable TSARs Range of Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (C$) Number of TSARs (thousands of units) Weighted Average Exercise Price (C$) 0.00 to 49.99 950 3.97 32.18 705 27.80 50.00 to 99.99 656 3.37 72.51 474 72.79 1,606 3.73 48.65 1,179 45.89 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity | As at December 31 2019 2018 (thousands of units) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding SARs Weighted Average Exercise Price (US$) Outstanding, Beginning of Year 820 67.08 1,269 71.25 Granted 344 34.29 75 55.10 Exercised (5 ) 20.30 (88 ) 29.45 Forfeited (18 ) 91.59 (61 ) 54.40 Expired (352 ) 95.67 (375 ) 89.70 Outstanding, End of Year 789 39.84 820 67.08 Exercisable, End of Year 378 41.92 621 75.95 |
Schedule of Share-based Compensation, Shares Authorized Under Stock Option Plans, by Exercise Price Range | As at December 31, 2019 Outstanding SARs Exercisable SARs Range of Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (US$) Number of SARs (thousands of units) Weighted Average Exercise Price (US$) 0.00 to 49.99 513 5.23 29.67 170 20.30 50.00 to 99.99 276 2.95 58.76 208 59.53 789 4.43 39.84 378 41.92 |
Pension and Other Post-Employ_2
Pension and Other Post-Employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | |
Changes In Benefit Obligation And Fair Value Of Plan Assets | The following tables set forth changes in the benefit obligations and fair value of plan assets for the Companyās defined benefit pension and other post-employment benefit plans for the years ended December 31, 2019 and 2018, as well as the funded status of the plans and amounts recognized in the Consolidated Financial Statements as at December 31, 2019 and 2018. Defined Benefits OPEB As at December 31 2019 2018 2019 2018 Change in Benefit Obligations Projected Benefit Obligation, Beginning of Year $ 196 $ 226 $ 73 $ 85 Service Cost 1 1 10 7 Interest Cost 7 7 4 3 Actuarial (Gains) Losses 10 (7 ) (52 ) (15 ) Exchange Differences 9 (17 ) 1 (2 ) Employee Contributions - - 1 1 Benefits Paid (14 ) (14 ) (9 ) (6 ) Plan Acquisition - - 24 - Plan Amendment - - 31 - Curtailment - - 4 - Projected Benefit Obligation, End of Year $ 209 $ 196 $ 87 $ 73 Change in Plan Assets Fair Value of Plan Assets, Beginning of Year $ 182 $ 210 $ - $ - Actual Return on Plan Assets 23 - - - Exchange Differences 9 (16 ) - - Employee Contributions - - 1 1 Employer Contributions - 2 8 5 Benefits Paid (14 ) (14 ) (9 ) (6 ) Transfers to Defined Contribution Plan - - - - Fair Value of Plan Assets, End of Year $ 200 $ 182 $ - $ - Funded Status of Plan Assets, End of Year $ (9 ) $ (14 ) $ (87 ) $ (73 ) Total Recognized Amounts in the Consolidated Balance Sheet Consist of: Other Assets $ 12 $ 4 $ - $ - Current Liabilities - - (9 ) (6 ) Non-Current Liabilities (21 ) (18 ) (78 ) (67 ) Total $ (9 ) $ (14 ) $ (87 ) $ (73 ) Total Recognized Amounts in Accumulated Other Comprehensive Income Consist of: Net Actuarial (Gains) Losses $ 21 $ 28 $ (97 ) $ (48 ) Net Prior Service Costs (5 ) (5 ) 26 (4 ) Total Recognized in Accumulated Other Comprehensive Income, Before Tax $ 16 $ 23 $ (71 ) $ (52 ) |
Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value | The following table sets forth the defined benefit plans with accumulated benefit obligation and projected benefit obligation in excess of the fair value of the plan assets: Defined Benefits OPEB As at December 31 2019 2018 2019 2018 Projected Benefit Obligation $ (72 ) $ (67 ) $ (87 ) $ (73 ) Accumulated Benefit Obligation (72 ) (66 ) (87 ) (73 ) Fair Value of Plan Assets 51 49 - - |
Weighted Average Assumptions Used | Following are the weighted average assumptions used by the Company in determining the defined benefit pension and other post-employment benefit obligations: Defined Benefits OPEB As at December 31 2019 2018 2019 2018 Discount Rate 3.00% 3.50 % 2.95% 4.04 % Rates of Increase in Compensation Levels 3.09% 3.12 % 6.27% 6.27 % |
Total Benefit Plans Expense Recognized | The following sets forth total benefit plans expense recognized by the Company: Pension Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Net Defined Periodic Benefit Cost $ 2 $ 1 $ - $ 16 $ 7 $ 3 Defined Contribution Plan Expense 29 24 24 - - - Total Benefit Plans Expense $ 31 $ 25 $ 24 $ 16 $ 7 $ 3 |
Schedule of Net Defined Periodic Benefit Cost | The net defined periodic benefit cost is as follows: Defined Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Service Cost $ 1 $ 1 $ 1 $ 10 $ 7 $ 8 Interest Cost 7 7 7 4 3 3 Expected Return on Plan Assets (7 ) (8 ) (9 ) - - - Amounts Reclassified from Accumulated Other Comprehensive Income: Amortization of net actuarial (gains) and losses 1 1 1 (3 ) (2 ) (1 ) Amortization of net prior service costs - - - 1 (1 ) (1 ) Curtailment from net prior service costs - - - - - (1 ) Curtailment - - - 4 - (5 ) Total Net Defined Periodic Benefit Cost (1) $ 2 $ 1 $ - $ 16 $ 7 $ 3 (1) The components of total net defined periodic benefit cost, excluding the service cost component, are included in other (gains) losses, net. |
Recognized Amounts In Other Comprehensive Income | The amounts recognized in other comprehensive income are as follows: Defined Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Net Actuarial (Gains) Losses $ (6 ) $ 1 $ 1 $ (52 ) $ (15 ) $ (8 ) Net Prior Service Costs from Plan Amendment - - - 31 - - Amortization of Net Actuarial Gains and (Losses) (1 ) (1 ) (1 ) 3 2 1 Amortization of Net Prior Service Costs - - - (1 ) 1 1 Curtailment of Net Prior Service Costs - - - - - 1 Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax $ (7 ) $ - $ - $ (19 ) $ (12 ) $ (5 ) Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax $ (5 ) $ - $ - $ (15 ) $ (9 ) $ (3 ) |
Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post Retirement Benefit Cost | Following are the weighted average assumptions used by the Company in determining the net periodic pension and other post-retirement benefit costs: Defined Benefits OPEB For the years ended December 31 2019 2018 2017 2019 2018 2017 Discount Rate 3.50 % 3.25 % 3.50 % 4.16 % 3.46 % 3.76 % Long-Term Rate of Return on Plan Assets 4.00 % 4.25 % 5.25 % - - - Rates of Increase in Compensation Levels 3.12 % 3.49 % 3.49 % 6.53 % 6.36 % 6.10 % |
Assumed Health Care Cost Trend Rates | The Companyās assumed health care cost trend rates are as follows: For the years ended December 31 2019 2018 2017 Health Care Cost Trend Rate for Next Year 6.61 % 6.99 % 6.98 % Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) 5.00 % 5.00 % 5.00 % Year that the Rate Reaches the Ultimate Trend Rate 2026 2026 2025 |
One Percent Change In Assumed Health Care Cost Trend Rate Over Projected Period | A one percent change in the assumed health care cost trend rate over the projected period would have the following effects: 1% Increase 1% Decrease Effect on Total of Service and Interest Cost Components $ 2 $ (2 ) Effect on Other Post-Retirement Benefit Obligations $ 3 $ (3 ) |
Estimate Of Benefit Payments For The Next 10 Years | The following provides an estimate of benefit payments for the next 10 years. These estimates reflect benefit increases due to continuing employee service. Defined Benefit Pension Payments Other Benefit Payments 2020 $ 14 $ 9 2021 14 9 2022 14 9 2023 13 8 2024 13 8 2025 - 2029 62 28 |
Schedule of Allocation of Plan Assets | The Companyās registered and other defined benefit pension plan assets are presented by investment asset category and input level within the fair value hierarchy as follows: As at December 31 2019 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 26 $ - $ - $ 26 Fixed Income - Canadian Bond Funds - 105 - 105 Equity - International - 69 - 69 Fair Value of Plan Assets, End of Year $ 26 $ 174 $ - $ 200 As at December 31 2018 Level 1 Level 2 Level 3 Total Investments: Cash and Cash Equivalents $ 26 $ - $ - $ 26 Fixed Income - Canadian Bond Funds - 96 - 96 Equity - International - 60 - 60 Fair Value of Plan Assets, End of Year $ 26 $ 156 $ - $ 182 |
Real Estate and Other Investments | A summary in changes in Level 3 fair value measurements is presented below: Real Estate and Other As at December 31 2019 2018 Balance, Beginning of Year $ - $ 11 Purchases, Sales and Settlements Purchases and sales - - Settlements - (10 ) Actual Return on Plan Assets Relating to assets sold during the reporting period - (1 ) Relating to assets still held at the reporting date - - Transfers In and Out of Level 3 - - Balance, End of Year $ - $ - |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis | Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues, and foreign exchange gains and losses according to their purpose. As at December 31, 2019 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 202 $ - $ 202 $ (67 ) $ 135 Long-term assets - 6 - 6 (4 ) 2 Foreign Currency Derivatives: Current assets - 13 - 13 - 13 Risk Management Liabilities Commodity Derivatives: Current liabilities $ 1 $ 139 $ 41 $ 181 $ (67 ) $ 114 Long-term liabilities - 61 11 72 (4 ) 68 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 2 $ - $ 2 $ - $ 2 Long-term in other liabilities and provisions - 7 - 7 - 7 As at December 31, 2018 Level 1 Quoted Prices in Active Markets Level 2 Other Observable Inputs Level 3 Significant Unobservable Inputs Total Fair Value Netting (1) Carrying Amount Risk Management Assets Commodity Derivatives: Current assets $ - $ 492 $ 139 $ 631 $ (77 ) $ 554 Long-term assets - 177 - 177 (16 ) 161 Risk Management Liabilities Commodity Derivatives: Current liabilities $ - $ 81 $ - $ 81 $ (77 ) $ 4 Long-term liabilities - 38 - 38 (16 ) 22 Foreign Currency Derivatives: Current liabilities - 21 - 21 - 21 Other Derivative Contracts Current in accounts payable and accrued liabilities $ - $ 4 $ - $ 4 $ - $ 4 Long-term in other liabilities and provisions - 10 - 10 - 10 (1) Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement. |
Summary Of Changes In Level 3 Fair Value Measurements | A summary of changes in Level 3 fair value measurements is presented below: Risk Management 2019 2018 Balance, Beginning of Year $ 139 $ (51 ) Total Gains (Losses) (123 ) 97 Purchases, Sales, Issuances and Settlements: Purchases, sales and issuances - - Settlements (68 ) 93 Transfers Out of Level 3 (1) - - Balance, End of Year $ (52 ) $ 139 Change in Unrealized Gains (Losses) Related to Assets and Liabilities Held at End of Year $ (52 ) $ 139 (1) The Companyās policy is to recognize transfers out of Level 3 on the date of the event of change in circumstances that caused the transfer. |
Quantitative Information About Unobservable Inputs Used In Level 3 | Quantitative information about unobservable inputs used in Level 3 fair value measurements is presented below: As at December 31 Valuation Technique Unobservable Input 2019 2018 Risk Management - WTI Options Option Model Implied Volatility 18% - 65% 29% - 73% |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Risk Management Positions | Notional Volumes Term Average Price Fair Value Crude Oil and NGL Contracts US$/bbl Fixed Price Contracts WTI Fixed Price 70.0 Mbbls/d 2020 57.56 $ (22 ) Propane Fixed Price 12.0 Mbbls/d 2020 21.34 10 Butane Fixed Price 8.0 Mbbls/d 2020 23.54 (4 ) Iso-Butane Fixed Price 3.5 Mbbls/d 2020 24.36 (3 ) WTI Fixed Price Swaptions (1) 10.0 Mbbls/d 2021 58.00 (11 ) WTI Three-Way Options Sold call / bought put / sold put 80.0 Mbbls/d 2020 61.68 / 53.44 / 43.44 (43 ) WTI Costless Collars Sold call / bought put 15.0 Mbbls/d 2020 68.71 / 50.00 2 Basis Contracts (2) 2020 (41 ) Crude Oil and NGLs Fair Value Position (112 ) Natural Gas Contracts US$/Mcf Fixed Price Contracts NYMEX Fixed Price 803 MMcf/d 2020 2.65 107 NYMEX Fixed Price Swaptions (3) 330 MMcf/d 2021 2.56 (15 ) NYMEX Three-Way Options Sold call / bought put / sold put 330 MMcf/d 2020 2.72 / 2.60 / 2.25 22 NYMEX Costless Collars Sold call / bought put 55 MMcf/d 2020 2.88 / 2.50 6 NYMEX Call Options Sold call price 230 MMcf/d 2020 3.25 7 Basis Contracts (4) 2020 (11 ) 2021 (13 ) 2022 - 2025 (27 ) Natural Gas Fair Value Position 76 Net Premiums Received on Unexpired Options (9 ) Other Derivative Contracts Fair Value Position (9 ) Foreign Currency Contracts Fair Value Position (5) 2020 13 Total Fair Value Position and Net Premiums Received $ (41 ) (1) WTI Fixed Price Swaptions give the counterparty the option to extend certain 2020 Fixed Price swaps to 2021. ( 2 ) The Company has entered into crude oil and NGL differential swaps associated with Midland, Magellan East Houston, Belvieu, Conway, Brent, Edmonton Condensate and WTI. ( 3 ) NYMEX Fixed Price Swaptions give the counterparty the option to extend certain 2020 Fixed Price swaps to 2021. (4) The Company has entered into natural gas basis swaps associated with AECO, Dawn, Chicago, Malin, Waha, Houston Ship Channel and NYMEX. (5) The Company has entered into U.S. dollar denominated fixed-for-floating average currency swaps to protect against fluctuations between the Canadian and U.S. dollars. |
Earnings Impact of Realized and Unrealized Gains (Losses) on Risk Management Positions | For the years ended December 31 2019 2018 2017 Realized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (1) $ 369 $ (104 ) $ 40 Transportation and processing - - (4 ) Foreign Currency Derivatives: Foreign exchange 3 10 15 $ 372 $ (94 ) $ 51 Unrealized Gains (Losses) on Risk Management Commodity and Other Derivatives: Revenues (2) $ (730 ) $ 519 $ 442 Foreign Currency Derivatives: Foreign exchange 34 (51 ) 32 $ (696 ) $ 468 $ 474 Total Realized and Unrealized Gains (Losses) on Risk Management, net Commodity and Other Derivatives: Revenues (1) (2) $ (361 ) $ 415 $ 482 Transportation and processing - - (4 ) Foreign Currency Derivatives: Foreign exchange 37 (41 ) 47 $ (324 ) $ 374 $ 525 (1) Includes a realized gain of $6 million for the year ended December 31, 2019 (2018 - gain of $7 million; 2017 - gain of $7 million) related to other derivative contracts. (2) Includes an unrealized loss of $1 million for the year ended December 31, 2019 (2018 - loss of $2 million; 2017 - loss of $2 million) related to other derivative contracts. |
Reconciliation of Unrealized Risk Management Positions | 2019 2018 2017 Fair Value Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Total Unrealized Gain (Loss) Fair Value of Contracts, Beginning of Year $ 654 Change in Fair Value of Contracts in Place at Beginning of Year and Contracts Entered into During the Year (324 ) $ (324 ) $ 374 $ 525 Settlement of Other Derivative Contracts 6 Amortization of Option Premiums During the Year (5 ) Fair Value of Contracts Realized During the Year (372 ) (372 ) 94 (51 ) Fair Value of Contracts Outstanding $ (41 ) $ (696 ) $ 468 $ 474 |
Unrealized Risk Management Positions | As at December 31 2019 2018 Risk Management Assets Current $ 148 $ 554 Long-term 2 161 150 715 Risk Management Liabilities Current 114 25 Long-term 68 22 182 47 Other Derivative Contracts Current in accounts payable and accrued liabilities 2 4 Long-term in other liabilities and provisions 7 10 Net Risk Management Assets (Liabilities) and Other Derivative Contracts $ (41 ) $ 654 |
Summary of Unrealized Risk Management Positions - By Product | As at December 31 2019 2018 Risk Management Risk Management Asset Liability Net Asset Liability Net Commodity Price Positions Crude oil and NGLs $ 4 $ 116 $ (112 ) $ 380 $ 13 $ 367 Natural gas 133 66 67 335 13 322 Other Positions Other derivative contracts - 9 (9 ) - 14 (14 ) Foreign currency contracts 13 - 13 - 21 (21 ) Total Fair Value Position $ 150 $ 191 $ (41 ) $ 715 $ 61 $ 654 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Net Change in Non-Cash Working Capital | A) NET CHANGE IN NON-CASH WORKING CAPITAL For the years ended December 31 2019 2018 2017 Operating Activities Accounts receivable and accrued revenues $ 109 $ (150 ) $ (21 ) Accounts payable and accrued liabilities (44 ) 141 (226 ) Current portion of operating lease liabilities 49 - - Income tax receivable and payable (27 ) 254 (6 ) $ 87 $ 245 $ (253 ) |
Non-Cash Activities | B) NON-CASH ACTIVITIES For the years ended December 31 2019 2018 2017 Non-Cash Investing Activities Asset retirement obligation incurred (See Note 17) $ 15 $ 17 $ 11 Asset retirement obligation change in estimated future cash outflows (See Note 17) 47 (20 ) 88 Property, plant and equipment accruals (78 ) (16 ) 19 Capitalized long-term incentives (27 ) (47 ) 55 Property additions/dispositions (swaps) 159 210 194 New ROU operating lease assets and liabilities (See Note 14) (20 ) - - Non-Cash Financing Activities Common shares issued in conjunction with the Newfield business combination (See Note 8) $ (3,478 ) $ - $ - Common shares issued under dividend reinvestment plan (See Note 18) - 1 1 |
Supplementary Cash Flow Information | C) SUPPLEMENTARY CASH FLOW INFORMATION For the years ended December 31 2019 2018 2017 Interest Paid $ 415 $ 367 $ 370 Income Taxes (Recovered), net of Amounts Paid $ (22 ) $ (246 ) $ (77 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | The following table outlines the Companyās commitments as at December 31, 2019: Expected Future Payments (undiscounted) 2020 2021 2022 2023 2024 Thereafter Total Transportation and Processing $ 734 $ 679 $ 642 $ 528 $ 419 $ 2,163 $ 5,165 Drilling and Field Services 90 6 - - - - 96 Building Leases 14 15 11 7 7 8 62 Total $ 838 $ 700 $ 653 $ 535 $ 426 $ 2,171 $ 5,323 |
Supplementary Oil And Gas Inf_2
Supplementary Oil And Gas Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Extractive Industries [Abstract] | |
12 Month Average Trailing Prices | The following reference prices were utilized in the determination of reserves and future net revenue: Oil & NGLs Natural Gas WTI ($/bbl) Edmonton Condensate (C$/bbl) Henry Hub ($/MMBtu) AECO (C$/MMBtu) Reserves Pricing (1) 2019 55.93 68.80 2.58 1.76 2018 65.56 79.59 3.10 1.49 2017 51.34 67.65 2.98 2.32 (1) All prices were held constant in all future years when estimating net revenues and reserves. |
Net Proved Reserves | Oil (MMbbls) NGLs (MMbbls) Natural Gas (Bcf) Total (MMBOE) United States Canada Total United States Canada Total United States Canada Total 2017 Beginning of year 155.6 - 155.6 56.4 94.0 150.4 1,093 1,810 2,902 789.7 Revisions and improved recovery (2) (16.0 ) 0.2 (15.8 ) (3.6 ) (14.6 ) (18.1 ) (27 ) (31 ) (58 ) (43.6 ) Extensions and discoveries 84.9 0.2 85.1 26.5 46.4 72.9 144 727 871 303.1 Purchase of reserves in place 0.8 - 0.8 0.4 - 0.4 2 - 2 1.5 Sale of reserves in place (5.4 ) - (5.4 ) (3.6 ) (0.2 ) (3.8 ) (729 ) (65 ) (795 ) (141.6 ) Production (27.7 ) (0.2 ) (27.8 ) (8.7 ) (10.6 ) (19.3 ) (97 ) (306 ) (403 ) (114.3 ) End of year 192.3 0.2 192.5 67.5 115.0 182.5 384 2,135 2,519 794.9 Developed 104.7 0.2 104.9 41.6 40.5 82.1 243 1,082 1,325 407.8 Undeveloped 87.7 - 87.7 25.8 74.5 100.3 141 1,053 1,195 387.1 Total 192.3 0.2 192.5 67.5 115.0 182.5 384 2,135 2,519 794.9 2018 Beginning of year 192.3 0.2 192.5 67.5 115.0 182.5 384 2,135 2,519 794.9 Revisions and improved recovery (2) 19.5 0.2 19.7 14.2 (17.4 ) (3.2 ) 37 249 285 64.1 Extensions and discoveries 162.4 - 162.4 48.6 78.9 127.4 233 885 1,118 476.2 Purchase of reserves in place 21.3 - 21.3 7.7 - 7.7 39 - 39 35.5 Sale of reserves in place (11.4 ) - (11.4 ) (5.1 ) - (5.1 ) (40 ) - (40 ) (23.1 ) Production (32.7 ) (0.1 ) (32.8 ) (10.6 ) (18.0 ) (28.5 ) (55 ) (368 ) (423 ) (131.9 ) End of year 351.5 0.2 351.8 122.3 158.5 280.8 598 2,901 3,499 1,215.7 Developed 150.6 0.2 150.9 59.4 60.8 120.2 295 1,707 2,002 604.7 Undeveloped 200.9 - 200.9 62.8 97.8 160.6 302 1,195 1,497 611.0 Total 351.5 0.2 351.8 122.3 158.5 280.8 598 2,901 3,499 1,215.7 2019 Beginning of year 351.5 0.2 351.8 122.3 158.5 280.8 598 2,901 3,499 1,215.7 Revisions and improved recovery (2) (56.4 ) 0.8 (55.6 ) 3.1 (20.2 ) (17.1 ) (31 ) (484 ) (515 ) (158.7 ) Extensions and discoveries 230.2 0.4 230.6 96.0 62.4 158.4 521 777 1,298 605.3 Purchase of reserves in place 262.0 - 262.0 217.2 - 217.2 1,904 - 1,904 796.6 Sale of reserves in place (5.1 ) - (5.1 ) (0.5 ) - (0.5 ) (351 ) - (351 ) (64.1 ) Production (59.8 ) (0.2 ) (60.0 ) (28.6 ) (21.6 ) (50.2 ) (200 ) (376 ) (576 ) (206.2 ) End of year 722.4 1.3 723.7 409.4 179.1 588.5 2,441 2,818 5,259 2,188.8 Developed 291.0 1.2 292.2 211.3 68.4 279.8 1,375 1,439 2,815 1,041.1 Undeveloped 431.4 0.1 431.5 198.1 110.7 308.8 1,066 1,378 2,444 1,147.7 Total 722.4 1.3 723.7 409.4 179.1 588.5 2,441 2,818 5,259 2,188.8 (1) Numbers may not add due to rounding. (2) Changes in reserve estimates resulting from application of improved recovery techniques are included in revisions of previous estimates. |
Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | United States Canada 2019 2018 2017 2019 2018 2017 Future Cash Inflows $ 46,076 $ 26,305 $ 11,459 $ 10,404 $ 12,463 $ 7,850 Less Future: Production costs 13,064 6,399 3,661 4,791 5,231 3,516 Development costs 10,795 4,751 3,042 3,024 2,641 2,058 Income taxes 2,262 1,673 - - 586 76 Future Net Cash Flows 19,955 13,482 4,756 2,589 4,005 2,200 Less 10% annual discount for estimated timing of cash flows 9,914 6,532 2,025 1,014 1,351 618 Discounted Future Net Cash Flows $ 10,041 $ 6,950 $ 2,731 $ 1,575 $ 2,654 $ 1,582 Total 2019 2018 2017 Future Cash Inflows $ 56,480 $ 38,768 $ 19,309 Less Future: Production costs 17,855 11,630 7,177 Development costs 13,819 7,392 5,100 Income taxes 2,262 2,259 76 Future Net Cash Flows 22,544 17,487 6,956 Less 10% annual discount for estimated timing of cash flows 10,928 7,883 2,643 Discounted Future Net Cash Flows $ 11,616 $ 9,604 $ 4,313 |
Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves | United States Canada 2019 2018 2017 2019 2018 2017 Balance, Beginning of Year $ 6,950 $ 2,731 $ 1,236 $ 2,654 $ 1,582 $ 439 Changes Resulting From: Sales of oil and gas produced during the year (3,051 ) (1,753 ) (1,291 ) (865 ) (859 ) (471 ) Discoveries and extensions, net of related costs 2,893 3,300 1,141 544 1,130 582 Purchases of proved reserves in place 5,581 468 13 - - - Sales and transfers of proved reserves in place (931 ) (202 ) (413 ) - - (12 ) Net change in prices and production costs (2,471 ) 1,642 2,183 (1,008 ) 407 893 Revisions to quantity estimates (850 ) 526 (203 ) (550 ) 121 (22 ) Accretion of discount 749 273 124 297 164 44 Development costs incurred during the year 2,115 1,315 1,366 545 665 454 Changes in estimated future development costs (885 ) (824 ) (1,433 ) (364 ) (303 ) (279 ) Other - 16 8 1 15 7 Net change in income taxes (59 ) (542 ) - 321 (268 ) (53 ) Balance, End of Year $ 10,041 $ 6,950 $ 2,731 $ 1,575 $ 2,654 $ 1,582 Total 2019 2018 2017 Balance, Beginning of Year $ 9,604 $ 4,313 $ 1,675 Changes Resulting From: Sales of oil and gas produced during the year (3,916 ) (2,612 ) (1,762 ) Discoveries and extensions, net of related costs 3,437 4,430 1,723 Purchases of proved reserves in place 5,581 468 13 Sales and transfers of proved reserves in place (931 ) (202 ) (425 ) Net change in prices and production costs (3,479 ) 2,049 3,076 Revisions to quantity estimates (1,400 ) 647 (225 ) Accretion of discount 1,046 437 168 Development costs incurred during the year 2,660 1,980 1,820 Changes in estimated future development costs (1,249 ) (1,127 ) (1,712 ) Other 1 31 15 Net change in income taxes 262 (810 ) (53 ) Balance, End of Year $ 11,616 $ 9,604 $ 4,313 |
Results Of Operations | The following table sets forth revenue and direct cost information relating to the Companyās oil and gas exploration and production activities. United States Canada 2019 2018 2017 2019 2018 2017 Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing $ 3,855 $ 2,189 $ 1,714 $ 1,006 $ 993 $ 613 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation 819 445 438 162 157 164 Depreciation, depletion and amortization 1,593 860 530 383 361 236 Operating Income (Loss) 1,443 884 746 461 475 213 Income Taxes 352 191 161 111 128 58 Results of Operations $ 1,091 $ 693 $ 585 $ 350 $ 347 $ 155 China (1) Total 2019 2018 2017 2019 2018 2017 Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing $ 37 $ - $ - $ 4,898 $ 3,182 $ 2,327 Less: Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation 17 - - 998 602 602 Depreciation, depletion and amortization - - - 1,976 1,221 766 Operating Income (Loss) 20 - - 1,924 1,359 959 Income Taxes 4 - - 467 319 219 Results of Operations $ 16 $ - $ - $ 1,457 $ 1,040 $ 740 (1) The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. |
Capitalized Costs | United States Canada 2019 2018 2017 2019 2018 2017 Proved Oil and Gas Properties $ 35,870 $ 27,189 $ 25,610 $ 15,284 $ 13,996 $ 14,555 Unproved Oil and Gas Properties 3,491 3,493 4,169 223 237 311 Total Capital Cost 39,361 30,682 29,779 15,507 14,233 14,866 Accumulated DD&A 25,623 24,099 23,240 14,320 13,261 14,047 Net Capitalized Costs $ 13,738 $ 6,583 $ 6,539 $ 1,187 $ 972 $ 819 Other Total 2019 2018 2017 2019 2018 2017 Proved Oil and Gas Properties $ 56 $ 56 $ 63 $ 51,210 $ 41,241 $ 40,228 Unproved Oil and Gas Properties - - - 3,714 3,730 4,480 Total Capital Cost 56 56 63 54,924 44,971 44,708 Accumulated DD&A 56 56 63 39,999 37,416 37,350 Net Capitalized Costs $ - $ - $ - $ 14,925 $ 7,555 $ 7,358 |
Costs Incurred | United States Canada 2019 2018 2017 2019 2018 2017 Acquisition Costs Unproved $ 5 $ - $ 21 $ - $ 17 $ 31 Proved 60 - 2 - - - Total Acquisition Costs 65 - 23 - 17 31 Exploration Costs 5 2 4 - 1 1 Development Costs 2,129 1,330 1,354 480 631 425 Total Costs Incurred $ 2,199 $ 1,332 $ 1,381 $ 480 $ 649 $ 457 Total 2019 2018 2017 Acquisition Costs Unproved $ 5 $ 17 $ 52 Proved 60 - 2 Total Acquisition Costs 65 17 54 Exploration Costs 5 3 5 Development Costs 2,609 1,961 1,779 Total Costs Incurred $ 2,679 $ 1,981 $ 1,838 |
Costs Not Subject To Depletion Or Amortization | Upstream costs in respect of significant unproved properties are excluded from the country cost centerās depletable base as follows: As at December 31 2019 2018 United States $ 3,491 $ 3,493 Canada 223 237 $ 3,714 $ 3,730 The following is a summary of the costs related to unproved properties as at December 31, 2019: 2019 2018 2017 Prior to 2017 Total Acquisition Costs $ 948 $ 223 $ 240 $ 2,162 $ 3,573 Exploration Costs 3 18 2 118 141 $ 951 $ 241 $ 242 $ 2,280 $ 3,714 |
Supplemental Quarterly Financ_2
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Supplemental Quarterly Financial Information | The following summarizes quarterly financial data for the fiscal years of 2019 and 2018: 2019 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 Revenues $ 1,565 $ 1,871 $ 2,055 $ 1,235 Operating Income (Loss) (28 ) 315 538 (227 ) Net Earnings (Loss) Before Income Tax $ (68 ) $ 192 $ 497 $ (306 ) Income Tax Expense (Recovery) (62 ) 43 161 (61 ) Net Earnings (Loss) $ (6 ) $ 149 $ 336 $ (245 ) Net Earnings (Loss) per Common Share - Basic & Diluted (1) $ (0.02 ) $ 0.56 $ 1.22 $ (1.00 ) 2018 (US$ millions, except per share amounts) Q4 Q3 Q2 Q1 Revenues $ 2,381 $ 1,262 $ 983 $ 1,313 Operating Income (Loss) 1,354 119 (116 ) 337 Net Earnings (Loss) Before Income Tax $ 1,179 $ 45 $ (221 ) $ 160 Income Tax Expense (Recovery) 149 6 (70 ) 9 Net Earnings (Loss) $ 1,030 $ 39 $ (151 ) $ 151 Net Earnings (Loss) per Common Share - Basic & Diluted (1) $ 5.41 $ 0.20 $ (0.79 ) $ 0.78 (1) Net earnings (loss) per common share reflects the Share Consolidation as described in Note 1. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narative) (Details) - USD ($) $ in Millions | Jan. 24, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Result from estimated impact in non-cash cumulative adjustment to retained earnings | $ 75 | ||
Corporate [Member] | Minimum [Member] | |||
Assets estimated service lives | 3 years | ||
Corporate [Member] | Maximum [Member] | |||
Assets estimated service lives | 25 years | ||
Subsequent Event [Member] | |||
Share consolidation ratio | 20.00% | ||
Consolidation share conversion, description | one post-consolidation share for each five pre-consolidation shares | ||
Issued and outstanding common shares in exchange for common stock, ratio | 100.00% | ||
Common stock exchange, description | one-for-one basis | ||
Subsequent Event [Member] | Maximum [Member] | ASU 2016-13 [Member] | |||
Result from estimated impact in non-cash cumulative adjustment to retained earnings | $ 10 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Impacts from Recognizing Operating Leases on Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Oil and natural gas properties, based on full cost accounting | |||||
Proved properties | $ 51,210 | $ 41,241 | $ 41,241 | ||
Unproved properties | 3,714 | 3,730 | 3,730 | ||
Other | 904 | 861 | 2,122 | ||
Property, plant and equipment | 55,828 | 45,832 | 47,093 | ||
Less: Accumulated depreciation, depletion and amortization | (40,637) | (37,993) | (38,121) | ||
Property, plant and equipment, net | 15,191 | 7,839 | 8,972 | ||
Other Assets | 1,213 | 1,162 | 147 | ||
Deferred Income Taxes | 601 | 807 | 835 | ||
Total Assets | 21,487 | 15,198 | 15,344 | ||
Current Liabilities | |||||
Accounts payable and accrued liabilities | 2,239 | 1,478 | 1,490 | ||
Current portion of operating lease liabilities | 78 | 67 | 0 | ||
Income tax payable | 1 | 1 | 1 | ||
Risk management | 114 | 25 | 25 | ||
Current portion of long-term debt | 0 | 500 | 500 | ||
Total Current Liabilities | 2,432 | 2,071 | 2,016 | ||
Operating Lease Liabilities | 977 | 948 | 0 | ||
Other Liabilities and Provisions | 464 | 545 | 1,769 | ||
Total Liabilities | 11,557 | 7,676 | 7,897 | ||
Retained Earnings | 421 | 510 | 435 | ||
Total Shareholdersā Equity | 9,930 | 7,522 | 7,447 | $ 6,728 | $ 6,126 |
Total Liabilities and Shareholdersā Equity | $ 21,487 | 15,198 | $ 15,344 | ||
Impact of Adoption [Member] | Topic 842 [Member] | |||||
Oil and natural gas properties, based on full cost accounting | |||||
Proved properties | 0 | ||||
Unproved properties | 0 | ||||
Other | (1,261) | ||||
Property, plant and equipment | (1,261) | ||||
Less: Accumulated depreciation, depletion and amortization | 128 | ||||
Property, plant and equipment, net | (1,133) | ||||
Other Assets | 1,015 | ||||
Deferred Income Taxes | (28) | ||||
Total Assets | (146) | ||||
Current Liabilities | |||||
Accounts payable and accrued liabilities | (12) | ||||
Current portion of operating lease liabilities | 67 | ||||
Income tax payable | 0 | ||||
Risk management | 0 | ||||
Current portion of long-term debt | 0 | ||||
Total Current Liabilities | 55 | ||||
Operating Lease Liabilities | 948 | ||||
Other Liabilities and Provisions | (1,224) | ||||
Total Liabilities | (221) | ||||
Retained Earnings | 75 | ||||
Total Shareholdersā Equity | 75 | ||||
Total Liabilities and Shareholdersā Equity | $ (146) |
Segmented Information (Segment
Segmented Information (Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Product and service revenues | $ 7,013 | $ 5,457 | $ 3,892 | ||||||||
Gains (losses) on risk management, net | (361) | 415 | 482 | ||||||||
Sublease revenues | 74 | 67 | 69 | ||||||||
Total Revenues | $ 1,565 | $ 1,871 | $ 2,055 | $ 1,235 | $ 2,381 | $ 1,262 | $ 983 | $ 1,313 | 6,726 | 5,939 | 4,443 |
Production, mineral and other taxes | 254 | 147 | 112 | ||||||||
Transportation and processing | 1,558 | 1,083 | 845 | ||||||||
Operating | 732 | 454 | 506 | ||||||||
Purchased product | 1,043 | 1,100 | 788 | ||||||||
Depreciation, depletion and amortization | 2,015 | 1,272 | 833 | ||||||||
Accretion of asset retirement obligation | 37 | 32 | 37 | ||||||||
Administrative | 489 | 157 | 254 | ||||||||
Total Operating Expenses | 6,128 | 4,245 | 3,375 | ||||||||
Operating Income (Loss) | (28) | 315 | 538 | (227) | 1,354 | 119 | (116) | 337 | 598 | 1,694 | 1,068 |
Interest | 382 | 351 | 363 | ||||||||
Foreign exchange (gain) loss, net | (119) | 168 | (279) | ||||||||
(Gain) loss on divestitures, net | (3) | (5) | (404) | ||||||||
Other (gains) losses, net | 23 | 17 | (42) | ||||||||
Total Other (Income) Expenses | 283 | 531 | (362) | ||||||||
Net Earnings (Loss) Before Income Tax | (68) | 192 | 497 | (306) | 1,179 | 45 | (221) | 160 | 315 | 1,163 | 1,430 |
Income tax expense (recovery) | (62) | 43 | 161 | (61) | 149 | 6 | (70) | 9 | 81 | 94 | 603 |
Net Earnings (Loss) | $ (6) | $ 149 | $ 336 | $ (245) | $ 1,030 | $ 39 | $ (151) | $ 151 | 234 | 1,069 | 827 |
Corporate & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product and service revenues | 0 | 0 | 0 | ||||||||
Gains (losses) on risk management, net | (730) | 519 | 442 | ||||||||
Sublease revenues | 74 | 67 | 69 | ||||||||
Total Revenues | (656) | 586 | 511 | ||||||||
Production, mineral and other taxes | 0 | 0 | 0 | ||||||||
Transportation and processing | 0 | 0 | 0 | ||||||||
Operating | (3) | 15 | 18 | ||||||||
Purchased product | 0 | 0 | 0 | ||||||||
Depreciation, depletion and amortization | 39 | 50 | 66 | ||||||||
Accretion of asset retirement obligation | 37 | 32 | 37 | ||||||||
Administrative | 489 | 157 | 254 | ||||||||
Total Operating Expenses | 562 | 254 | 375 | ||||||||
Operating Income (Loss) | (1,218) | 332 | 136 | ||||||||
USA Operations [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product and service revenues | 4,163 | 2,512 | 1,860 | ||||||||
Gains (losses) on risk management, net | 158 | (199) | 18 | ||||||||
Sublease revenues | 0 | 0 | 0 | ||||||||
Total Revenues | 4,321 | 2,313 | 1,878 | ||||||||
Production, mineral and other taxes | 238 | 131 | 92 | ||||||||
Transportation and processing | 466 | 124 | 164 | ||||||||
Operating | 566 | 305 | 331 | ||||||||
Depreciation, depletion and amortization | 1,593 | 860 | 530 | ||||||||
Total Operating Expenses | 2,863 | 1,420 | 1,117 | ||||||||
Operating Income (Loss) | 1,458 | 893 | 761 | ||||||||
Canadian Operations [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product and service revenues | 1,654 | 1,721 | 1,169 | ||||||||
Gains (losses) on risk management, net | 211 | 100 | 22 | ||||||||
Sublease revenues | 0 | 0 | 0 | ||||||||
Total Revenues | 1,865 | 1,821 | 1,191 | ||||||||
Production, mineral and other taxes | 16 | 16 | 20 | ||||||||
Transportation and processing | 859 | 828 | 578 | ||||||||
Operating | 125 | 118 | 122 | ||||||||
Depreciation, depletion and amortization | 383 | 361 | 236 | ||||||||
Total Operating Expenses | 1,383 | 1,323 | 956 | ||||||||
Operating Income (Loss) | 482 | 498 | 235 | ||||||||
China Operations [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product and service revenues | 37 | 0 | 0 | ||||||||
Gains (losses) on risk management, net | 0 | 0 | 0 | ||||||||
Sublease revenues | 0 | 0 | 0 | ||||||||
Total Revenues | 37 | 0 | 0 | ||||||||
Production, mineral and other taxes | 0 | 0 | 0 | ||||||||
Transportation and processing | 0 | 0 | 0 | ||||||||
Operating | 16 | 0 | 0 | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
Total Operating Expenses | 16 | 0 | 0 | ||||||||
Operating Income (Loss) | 21 | 0 | 0 | ||||||||
Market Optimization [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product and service revenues | 1,159 | 1,224 | 863 | ||||||||
Gains (losses) on risk management, net | 0 | (5) | 0 | ||||||||
Sublease revenues | 0 | 0 | 0 | ||||||||
Total Revenues | 1,159 | 1,219 | 863 | ||||||||
Production, mineral and other taxes | 0 | 0 | 0 | ||||||||
Transportation and processing | 233 | 131 | 103 | ||||||||
Operating | 28 | 16 | 35 | ||||||||
Purchased product | 1,043 | 1,100 | 788 | ||||||||
Depreciation, depletion and amortization | 0 | 1 | 1 | ||||||||
Accretion of asset retirement obligation | 0 | 0 | 0 | ||||||||
Administrative | 0 | 0 | 0 | ||||||||
Total Operating Expenses | 1,304 | 1,248 | 927 | ||||||||
Operating Income (Loss) | $ (145) | $ (29) | $ (64) |
Segmented Information (Schedule
Segmented Information (Schedule of Marketing Intersegment Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Information [Line Items] | |||||||||||
Revenues | $ 1,565 | $ 1,871 | $ 2,055 | $ 1,235 | $ 2,381 | $ 1,262 | $ 983 | $ 1,313 | $ 6,726 | $ 5,939 | $ 4,443 |
Transportation and processing | 1,558 | 1,083 | 845 | ||||||||
Operating | 732 | 454 | 506 | ||||||||
Purchased product | 1,043 | 1,100 | 788 | ||||||||
Depreciation, depletion and amortization | 2,015 | 1,272 | 833 | ||||||||
Operating Income (Loss) | $ (28) | $ 315 | $ 538 | $ (227) | $ 1,354 | $ 119 | $ (116) | $ 337 | 598 | 1,694 | 1,068 |
Market Optimization [Member] | Operating Segments [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 1,159 | 1,219 | 863 | ||||||||
Transportation and processing | 233 | 131 | 103 | ||||||||
Operating | 28 | 16 | 35 | ||||||||
Purchased product | 1,043 | 1,100 | 788 | ||||||||
Depreciation, depletion and amortization | 0 | 1 | 1 | ||||||||
Operating Income (Loss) | (145) | (29) | (64) | ||||||||
Market Optimization [Member] | Reportable Subsegments [Member] | Marketing Sales [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 7,489 | 5,724 | 3,939 | ||||||||
Transportation and processing | 635 | 457 | 291 | ||||||||
Operating | 28 | 16 | 35 | ||||||||
Purchased product | 6,973 | 5,279 | 3,676 | ||||||||
Depreciation, depletion and amortization | 0 | 1 | 1 | ||||||||
Operating Income (Loss) | (147) | (29) | (64) | ||||||||
Market Optimization [Member] | Intersubsegment Eliminations [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | (6,330) | (4,505) | (3,076) | ||||||||
Transportation and processing | (402) | (326) | (188) | ||||||||
Operating | 0 | 0 | 0 | ||||||||
Purchased product | (5,930) | (4,179) | (2,888) | ||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | ||||||||
Operating Income (Loss) | $ 2 | $ 0 | $ 0 |
Segmented Information (Revenue
Segmented Information (Revenue by Geographic Region) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | $ 7,013 | $ 5,457 | $ 3,892 | ||||||||
Other revenues | 1,253 | 1,320 | 962 | ||||||||
Gains (losses) on risk management, net | (361) | 415 | 482 | ||||||||
Total Revenues | $ 1,565 | $ 1,871 | $ 2,055 | $ 1,235 | $ 2,381 | $ 1,262 | $ 983 | $ 1,313 | 6,726 | 5,939 | 4,443 |
United States [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Other revenues | 966 | 1,058 | 773 | ||||||||
Gains (losses) on risk management, net | (142) | 216 | (40) | ||||||||
Total Revenues | 4,985 | 3,782 | 2,582 | ||||||||
Canada [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Other revenues | 287 | 262 | 189 | ||||||||
Gains (losses) on risk management, net | (219) | 199 | 522 | ||||||||
Total Revenues | 1,704 | 2,157 | 1,861 | ||||||||
China [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Other revenues | 0 | 0 | 0 | ||||||||
Gains (losses) on risk management, net | 0 | 0 | 0 | ||||||||
Total Revenues | 37 | 0 | 0 | ||||||||
Oil [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 3,376 | 2,100 | 1,367 | ||||||||
Oil [Member] | United States [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 3,329 | 2,093 | 1,360 | ||||||||
Oil [Member] | Canada [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 10 | 7 | 7 | ||||||||
Oil [Member] | China [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 37 | 0 | 0 | ||||||||
Natural Gas Liquids [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 1,322 | 1,152 | 674 | ||||||||
Natural Gas Liquids [Member] | United States [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 452 | 289 | 193 | ||||||||
Natural Gas Liquids [Member] | Canada [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 870 | 863 | 481 | ||||||||
Natural Gas Liquids [Member] | China [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 0 | 0 | 0 | ||||||||
Natural Gas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 1,136 | 952 | 958 | ||||||||
Natural Gas [Member] | United States [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 380 | 126 | 296 | ||||||||
Natural Gas [Member] | Canada [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | 756 | 826 | 662 | ||||||||
Natural Gas [Member] | China [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Product revenues | $ 0 | $ 0 | $ 0 |
Segmented Information (Narrativ
Segmented Information (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 1,565 | $ 1,871 | $ 2,055 | $ 1,235 | $ 2,381 | $ 1,262 | $ 983 | $ 1,313 | $ 6,726 | $ 5,939 | $ 4,443 |
Major Customers Accounting For More Than 10 Percent of Revenues [member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Major Customers | one | one | two | ||||||||
First Major Customer Accounting For More Than 10 Percent of Revenues [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 866 | $ 752 | $ 709 | ||||||||
Second Major Customer Accounting For More Than 10 Percent of Revenues [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 412 | ||||||||||
Canada [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 1,704 | 2,157 | 1,861 | ||||||||
Canada [Member] | Customers Outside of Canada [member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 150 | 135 | 64 | ||||||||
Canada [Member] | First Major Customer Accounting For More Than 10 Percent of Revenues [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 0 | ||||||||||
United States [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | 4,985 | $ 3,782 | $ 2,582 | ||||||||
United States [Member] | First Major Customer Accounting For More Than 10 Percent of Revenues [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Total Revenues | $ 866 |
Segmented Information (Capital
Segmented Information (Capital Expenditures by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 2,626 | $ 1,975 | $ 1,796 |
Operating Segments [Member] | Canadian Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 480 | 632 | 426 |
Operating Segments [Member] | USA Operations [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 2,134 | 1,332 | 1,358 |
Operating Segments [Member] | Market Optimization [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 2 | 0 | 1 |
Corporate & Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 10 | $ 11 | $ 11 |
Segmented Information (Goodwill
Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | $ 2,611 | $ 2,553 | |
Property, Plant and Equipment | 15,191 | $ 7,839 | 8,972 |
Total Assets | 21,487 | $ 15,198 | 15,344 |
Operating Segments [Member] | Canadian Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 673 | 640 | |
Property, Plant and Equipment | 1,205 | 999 | |
Total Assets | 2,122 | 1,852 | |
Operating Segments [Member] | USA Operations [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 1,938 | 1,913 | |
Property, Plant and Equipment | 13,757 | 6,591 | |
Total Assets | 16,613 | 9,104 | |
Operating Segments [Member] | Market Optimization [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 0 | 0 | |
Property, Plant and Equipment | 2 | 1 | |
Total Assets | 253 | 295 | |
Corporate & Other [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Goodwill | 0 | 0 | |
Property, Plant and Equipment | 227 | 1,381 | |
Total Assets | $ 2,499 | $ 4,093 |
Segmented Information (Goodwi_2
Segmented Information (Goodwill, Property, Plant and Equipment and Total Assets by Geographic Region) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | $ 2,611 | $ 2,553 | ||
Property, Plant and Equipment | 15,191 | $ 7,839 | 8,972 | |
Total Assets | 21,487 | $ 15,198 | 15,344 | |
Canada [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | 673 | 640 | $ 696 | |
Property, Plant and Equipment | 1,366 | 2,303 | ||
Total Assets | 4,457 | 5,211 | ||
United States [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | 1,938 | 1,913 | $ 1,913 | |
Property, Plant and Equipment | 13,825 | 6,669 | ||
Total Assets | 16,996 | 10,108 | ||
Other Countries [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Goodwill | 0 | 0 | ||
Property, Plant and Equipment | 0 | 0 | ||
Total Assets | $ 34 | $ 25 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Product revenues | $ 7,013 | $ 5,457 | $ 3,892 |
Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 4,176 | 2,519 | 1,882 |
Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 1,667 | 1,732 | 1,181 |
Operating Segments [Member] | China Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 37 | 0 | 0 |
Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 1,133 | 1,206 | 829 |
Corporate & Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Oil [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 3,376 | 2,100 | 1,367 |
Oil [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 3,637 | 2,195 | 1,495 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 3,341 | 2,099 | 1,373 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 10 | 7 | 7 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | China Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 37 | 0 | 0 |
Oil [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 249 | 89 | 115 |
Oil [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural Gas Liquids [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 1,322 | 1,152 | 674 |
Natural Gas Liquids [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 1,339 | 1,168 | 688 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 454 | 290 | 193 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 878 | 870 | 485 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | China Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural Gas Liquids [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 7 | 8 | 10 |
Natural Gas Liquids [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural Gas [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 1,136 | 952 | 958 |
Natural Gas [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 2,030 | 2,084 | 1,689 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 379 | 126 | 305 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 774 | 849 | 680 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | China Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural Gas [Member] | Operating Segments [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 877 | 1,109 | 704 |
Natural Gas [Member] | Corporate & Other [Member] | Product Revenues Including Sale of Product Purchased from Third Parties [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural gas gathering and compression [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 7 | 10 | 20 |
Natural gas gathering and compression [Member] | Operating Segments [Member] | USA Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 2 | 4 | 11 |
Natural gas gathering and compression [Member] | Operating Segments [Member] | Canadian Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 5 | 6 | 9 |
Natural gas gathering and compression [Member] | Operating Segments [Member] | China Operations Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural gas gathering and compression [Member] | Operating Segments [Member] | Market Optimization Excluding Intercompany Segment Transactions [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | 0 | 0 | 0 |
Natural gas gathering and compression [Member] | Corporate & Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Product revenues | $ 0 | $ 0 | $ 0 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contract With Customer [Abstract] | |||
Contract with Customer, Asset, Net | $ 0 | $ 0 | $ 0 |
Contract with Customer, Liability | 0 | 0 | $ 0 |
Receivables & Accrued Revenues from Contracts with Customers | 1,095 | $ 662 | |
Revenue, Remaining Performance Obligation | $ 0 | ||
Description of payment terms | As the period between when the product sales are transferred and the Company receives payments is generally 30 to 60 days, there is no financing element associated with customer contracts. |
Interest (Details)
Interest (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Expense [Abstract] | |||
Interest Expense on Debt | $ 359 | $ 267 | $ 267 |
The Bow office building (See Note 1) | 0 | 63 | 63 |
Finance leases (See Note 14) | 13 | 16 | 20 |
Other | 10 | 5 | 13 |
Interest | $ 382 | $ 351 | $ 363 |
Foreign Exchange (Gain) Loss,_3
Foreign Exchange (Gain) Loss, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | $ (23) | $ 233 | $ (291) |
Foreign Exchange (Gain) Loss, Net | (119) | 168 | (279) |
Translation Of U.S. Dollar Debt Issued From Canada [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | (207) | 358 | (243) |
Foreign Exchange on Settlements | (25) | 3 | 14 |
Translation Of U.S. Dollar Risk Management Contracts Issued From Canada [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | (12) | 24 | (44) |
Foreign Exchange on Settlements | (3) | (10) | (15) |
Translation of Intercompany Notes [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Unrealized foreign exchange (gain) loss | 196 | (149) | (4) |
Foreign Exchange on Settlements | (71) | (49) | 10 |
Other Monetary Revaluations [Member] | |||
Schedule Of Foreign Exchange Transactions [Line Items] | |||
Foreign Exchange on Settlements | $ 3 | $ (9) | $ 3 |
Foreign Exchange (Gain) Loss,_4
Foreign Exchange (Gain) Loss, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||
Foreign exchange (gain) loss, net | $ (119) | $ 168 | $ (279) |
Translation Of U.S. Dollar Debt Issued From Canada [Member] | |||
Quantifying Misstatement in Current Year Financial Statements [Line Items] | |||
Immaterial Error Correction | The unrealized foreign exchange (gain) loss on translation of U.S. dollar financing debt issued from Canada for the year ended December 31, 2017 disclosed in the table above included an out-of-period adjustment in respect of unrealized losses on a foreign-denominated finance lease obligation since December 2013. The cumulative impact recognized within foreign exchange (gain) loss in the Companyās Consolidated Statement of Earnings for the year ended December 31, 2017 was $68 million, before tax ($47 million, after tax). The Company determined that the adjustment was not material to the Consolidated Financial Statements for the year ended December 31, 2017 or any prior periods. | ||
Foreign exchange (gain) loss, net | 68 | ||
Quantifying Misstatement in Current Year Financial Statements, Amount, after Tax | $ 47 |
Income Taxes (Provision For Inc
Income Taxes (Provision For Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Current Tax Expense (Recovery) | $ (13) | $ (55) | $ (63) | ||||||||
Total Deferred Tax Expense (Recovery) | 94 | 149 | 666 | ||||||||
Income Tax Expense (Recovery) | $ (62) | $ 43 | $ 161 | $ (61) | $ 149 | $ 6 | $ (70) | $ 9 | 81 | 94 | 603 |
United States [Member] | |||||||||||
Total Current Tax Expense (Recovery) | 3 | 4 | (9) | ||||||||
Total Deferred Tax Expense (Recovery) | 147 | 195 | 611 | ||||||||
Canada [Member] | |||||||||||
Total Current Tax Expense (Recovery) | (16) | (62) | (59) | ||||||||
Total Deferred Tax Expense (Recovery) | (53) | (46) | 55 | ||||||||
Other Countries [Member] | |||||||||||
Total Current Tax Expense (Recovery) | 0 | 3 | 5 | ||||||||
Total Deferred Tax Expense (Recovery) | $ 0 | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Jan. 01, 2022 | Jan. 01, 2021 | Jan. 01, 2020 | Jul. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Line Items] | ||||||||
Deferred income taxes | $ 94,000,000 | $ 149,000,000 | $ 666,000,000 | |||||
Effect of legislative changes | $ 55,000,000 | $ 0 | $ 299,000,000 | |||||
Effective Tax Rate | 25.70% | 8.10% | 42.20% | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 22.90% | |||||||
Valuation Allowance | $ 215,000,000 | $ 195,000,000 | ||||||
Undistributed Earnings from Foreign Subsidiaries | 16,000,000 | 10,000,000 | ||||||
Foreign earnings repatriated | 0 | 3,400,000,000 | ||||||
Unrecognized Tax Benefit, interest expense | 0 | 11,000,000 | $ 12,000,000 | |||||
Unrecognized Tax Benefit, Liability for accrued interest | 5,000,000 | $ 5,000,000 | ||||||
Unremitted Earnings Permanently Reinvested [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Undistributed earnings from foreign subsidiaries, unrecognized | 0 | |||||||
Alberta [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Statutory Tax Rate | 11.00% | 12.00% | ||||||
Effect of legislative changes | 55,000,000 | |||||||
Alberta [Member] | Tax Legislation [Member] | Tax Rate Changes [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Statutory Tax Rate | 8.00% | |||||||
Provincial tax rate reduction from Job Creation Tax Cut | 1.00% | 1.00% | 1.00% | |||||
United States [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Deferred income taxes | 147,000,000 | $ 195,000,000 | 611,000,000 | |||||
Effect of legislative changes | 0 | $ 327,000,000 | ||||||
Statutory Tax Rate | 21.00% | 35.00% | ||||||
United States [Member] | Tax Legislation [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation Allowance, Increase (Decrease), Amount | $ 26,000,000 | |||||||
United States [Member] | Foreign Tax Credits [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation Allowance | 156,000,000 | 156,000,000 | ||||||
United States [Member] | Charitable Donations [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation Allowance | 2,000,000 | 3,000,000 | ||||||
United States [Member] | Federal and State Losses [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation Allowance | 57,000,000 | 30,000,000 | ||||||
United States [Member] | Federal and State Losses [Member] | Newfield Exploration Company [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation Allowance | 27,000,000 | |||||||
Canada [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Deferred income taxes | $ (53,000,000) | $ (46,000,000) | $ 55,000,000 | |||||
Statutory Tax Rate | 26.60% | 27.00% | 27.00% | |||||
Canada [Member] | Unrealized Foreign Exchange Losses [Member] | ||||||||
Income Tax Disclosure [Line Items] | ||||||||
Valuation Allowance | $ 0 | $ 6,000,000 |
Income Taxes (Income Taxes Reco
Income Taxes (Income Taxes Reconciliation) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Reconciliation [Line Items] | ||||||||||||
Total Net Earnings (Loss) Before Income Tax | $ (68,000,000) | $ 192,000,000 | $ 497,000,000 | $ (306,000,000) | $ 1,179,000,000 | $ 45,000,000 | $ (221,000,000) | $ 160,000,000 | $ 315,000,000 | $ 1,163,000,000 | $ 1,430,000,000 | |
Canadian Statutory Rate | [1] | 26.60% | 27.00% | 27.00% | ||||||||
Expected Income Tax | $ 84,000,000 | $ 314,000,000 | $ 386,000,000 | |||||||||
Income tax related to foreign operations | (18,000,000) | (106,000,000) | (73,000,000) | |||||||||
Statutory rate difference | 11,000,000 | 0 | 0 | |||||||||
Effect of legislative changes | 55,000,000 | 0 | 299,000,000 | |||||||||
Non-taxable capital (gains) losses | (11,000,000) | 22,000,000 | (39,000,000) | |||||||||
Tax differences on divestitures and transactions | 0 | 0 | 77,000,000 | |||||||||
Partnership tax allocations in excess of funding | (20,000,000) | (68,000,000) | (54,000,000) | |||||||||
Amounts in respect of prior periods | (23,000,000) | (54,000,000) | (49,000,000) | |||||||||
Change in valuation allowance | (7,000,000) | 8,000,000 | 54,000,000 | |||||||||
Other | 10,000,000 | (22,000,000) | 2,000,000 | |||||||||
Income Tax Expense (Recovery) | $ (62,000,000) | $ 43,000,000 | $ 161,000,000 | $ (61,000,000) | $ 149,000,000 | $ 6,000,000 | $ (70,000,000) | $ 9,000,000 | $ 81,000,000 | $ 94,000,000 | $ 603,000,000 | |
Effective Tax Rate | 25.70% | 8.10% | 42.20% | |||||||||
United States [Member] | ||||||||||||
Income Tax Reconciliation [Line Items] | ||||||||||||
Total Net Earnings (Loss) Before Income Tax | $ 585,000,000 | $ 929,000,000 | $ 476,000,000 | |||||||||
Effect of legislative changes | 0 | 327,000,000 | ||||||||||
Canada [Member] | ||||||||||||
Income Tax Reconciliation [Line Items] | ||||||||||||
Total Net Earnings (Loss) Before Income Tax | (280,000,000) | 19,000,000 | 512,000,000 | |||||||||
Other Countries [Member] | ||||||||||||
Income Tax Reconciliation [Line Items] | ||||||||||||
Total Net Earnings (Loss) Before Income Tax | $ 10,000,000 | $ 215,000,000 | $ 442,000,000 | |||||||||
[1] | Following the U.S. Domestication as described in Note 1, the applicable statutory tax rate will be the U.S. federal income tax rate. |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Income Tax Asset (Liability)) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Deferred Income Tax Assets, Property, plant and equipment | $ 168 | $ 278 | |
Deferred Income Tax Assets, Risk management | 8 | 0 | |
Deferred Income Tax Assets, Compensation plans | 46 | 66 | |
Deferred Income Tax Assets, Interest and other deferred deductions | 32 | 79 | |
Deferred Tax Assets, Unrealized Currency Losses | 0 | 6 | |
Deferred Income Tax Assets, Non-capital and net capital losses carried forward | [1] | 1,703 | 1,107 |
Deferred Income Tax Assets, Foreign tax credits | 198 | 198 | |
Deferred Income Tax Assets, Other | 14 | 38 | |
Deferred Income Tax Assets, Valuation allowance | (215) | (195) | |
Deferred Income Tax Liabilities , Property, plant and equipment | (1,554) | (591) | |
Deferred Income Tax Liabilities , Risk management | (4) | (168) | |
Deferred Income Tax Liabilities , Unrealized foreign exchange gains | (2) | 0 | |
Deferred Income Tax Liabilities , Other | (10) | (10) | |
Net Deferred Income Tax Asset | $ 384 | $ 808 | |
[1] | The U.S. Domestication as described in Note 1, does not impact the availability of the U.S. and Canadian losses carried forward to future years. |
Income Taxes (Net Deferred Inco
Income Taxes (Net Deferred Income Tax Asset (Liability) by Jurisdiction) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Deferred Income Taxes Assets | $ 601 | $ 807 | $ 835 |
Deferred Income Tax Liabilities | (217) | (27) | |
Net Deferred Income Tax Asset | 384 | 808 | |
United States [Member] | |||
Deferred Income Taxes Assets | 2 | 287 | |
Deferred Income Tax Liabilities | (189) | 0 | |
Canada [Member] | |||
Deferred Income Taxes Assets | 599 | 548 | |
Deferred Income Tax Liabilities | $ (28) | $ (27) |
Income Taxes (Schedule of Tax B
Income Taxes (Schedule of Tax Basis, Loss Carryforwards, Charitable Donations and Tax Credits Available) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Canada [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Basis / Pools | $ 1,652 | |
Canada [Member] | Domestic Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses (Federal) | $ 1,636 | |
Canada [Member] | Domestic Tax Authority [Member] | Minimum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses (Federal), Expiration Dates | Dec. 31, 2027 | |
Canada [Member] | Domestic Tax Authority [Member] | Maximum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses (Federal), Expiration Dates | Dec. 31, 2039 | |
Canada [Member] | Capital Loss Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Gross Amount | $ 10 | |
Canada [Member] | Charitable Donations [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Gross Amount | $ 3 | |
Other Tax Carryforward, Expiration Dates | Dec. 31, 2022 | |
United States [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Basis / Pools | $ 6,960 | |
Non-capital losses (Federal) | $ 5,754 | |
United States [Member] | Minimum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses (Federal), Expiration Dates | Dec. 31, 2020 | [1] |
United States [Member] | Maximum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses (Federal), Expiration Dates | Dec. 31, 2039 | [1] |
United States [Member] | Charitable Donations [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Gross Amount | $ 9 | |
United States [Member] | Charitable Donations [Member] | Minimum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Expiration Dates | Dec. 31, 2020 | |
United States [Member] | Charitable Donations [Member] | Maximum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Expiration Dates | Dec. 31, 2024 | |
United States [Member] | Foreign Tax Credits [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Gross Amount | $ 198 | |
United States [Member] | Foreign Tax Credits [Member] | Minimum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Expiration Dates | Dec. 31, 2020 | |
United States [Member] | Foreign Tax Credits [Member] | Maximum [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Other Tax Carryforward, Expiration Dates | Dec. 31, 2024 | |
[1] | Includes non-capital losses of $1,120 million which have an indefinite expiration date. |
Income Taxes (Schedule of Tax_2
Income Taxes (Schedule of Tax Basis, Loss Carryforwards, Charitable Donations and Tax Credits Available) (Parenthetical) (Details) $ in Millions | Dec. 31, 2019USD ($) |
United States [Member] | |
Tax Credit Carryforward [Line Items] | |
Operating loss carryforwards indefinite expiration period | $ 1,120 |
Income Taxes (Changes in Balanc
Income Taxes (Changes in Balance of Unrecognized Tax Benefits Excluding Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits, Beginning Balance | $ (248) | $ (306) |
Additions for tax positions taken in the current year | 0 | (4) |
Additions for tax positions of prior years | (1) | (2) |
Reductions for tax positions of prior years | 4 | 0 |
Lapse of statute of limitations | 34 | 19 |
Settlements | 0 | 22 |
Foreign currency translation | (11) | 23 |
Unrecognized Tax Benefits, Ending Balance | $ (222) | $ (248) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefit Reflected In Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ (222) | $ (248) | $ (306) |
Other Liabilities and Provisions [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | (159) | (167) | |
Deferred Income Tax Assets [Member] | |||
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits | $ (63) | $ (81) |
Income Taxes (Summary Of Tax Ye
Income Taxes (Summary Of Tax Years By Jurisdiction) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Other Countries [Member] | Other Taxing Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2019 |
Minimum [Member] | United States [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2016 |
Minimum [Member] | United States [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2015 |
Minimum [Member] | Canada [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2012 |
Minimum [Member] | Canada [Member] | Domestic Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2012 |
Maximum [Member] | United States [Member] | Internal Revenue Service (IRS) [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2019 |
Maximum [Member] | United States [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2019 |
Maximum [Member] | Canada [Member] | Provincial/State [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2019 |
Maximum [Member] | Canada [Member] | Domestic Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Taxation Year | 2019 |
Accounts Receivable And Accru_3
Accounts Receivable And Accrued Revenues (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade Receivable and Accrued Revenues | $ 1,149 | $ 735 |
Prepaids | 48 | 15 |
Deposits and Other | 41 | 44 |
Accounts Receivable and Accrued Revenues, Gross | 1,238 | 794 |
Allowance for Doubtful Accounts | (3) | (5) |
Accounts Receivable and Accrued Revenues | 1,235 | 789 |
Oil, NGLs and natural gas receivable [Member] | ||
Trade Receivable and Accrued Revenues | 765 | 319 |
Midstream and marketing receivable [Member] | ||
Trade Receivable and Accrued Revenues | 353 | 365 |
Derivative financial instruments receivable [Member] | ||
Trade Receivable and Accrued Revenues | 7 | 36 |
Corporate and other receivable [Member] | ||
Trade Receivable and Accrued Revenues | $ 24 | $ 15 |
Business Combination (Narrative
Business Combination (Narrative) (Details) - Newfield Exploration Company [Member] shares in Millions, $ in Millions | Feb. 13, 2019USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | ||||
Business acquisition completed date | Feb. 13, 2019 | |||
Payments to acquire businesses | $ 3,483 | |||
Business acquisition, payment in cash | [1] | 5 | ||
Business acquisition transaction costs | 33 | |||
Business acquisition assets acquired generated revenues | $ 2,100 | |||
Business acquisition, assets acquired net earnings | $ 101 | |||
Business acquisition related costs | $ 71 | |||
Business acquisition severance payments | $ 138 | |||
Senior Notes [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, senior notes remain outstanding | $ 2,450 | |||
Pre-Share Consolidation Basis [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition Stock Exchange Ratio | 2.6719 | |||
Business acquisition, number of shares issued | shares | 543.4 | |||
[1] | The fair value was based on a price of $6.50 per notional unit which was determined using a volume-weighted average of the trading price of pre-Share Consolidation Encana common shares on the NYSE on each of the five consecutive trading days ending on the trading day that was three trading days prior to FebruaryĀ 13,Ā 2019. |
Business Combination - Schedule
Business Combination - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Millions | Feb. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets Acquired: | ||||
Goodwill | $ 2,611 | $ 2,553 | ||
Newfield Exploration Company [Member] | ||||
Consideration: | ||||
Fair value of Encana's common shares issued | [1] | $ 3,478 | ||
Business acquisition, payment in cash | [2] | 5 | ||
Total Consideration | 3,483 | |||
Assets Acquired: | ||||
Cash and cash equivalents | 46 | |||
Accounts receivable and accrued revenues | 486 | |||
Other current assets | 50 | |||
Restricted cash | 53 | |||
Other assets | 105 | |||
Goodwill | [3] | 25 | ||
Liabilities Assumed: | ||||
Accounts payable and accrued liabilities | [3] | (795) | ||
Long-term debt | (2,603) | |||
Operating lease liabilities | (76) | |||
Other long-term liabilities | [3] | (65) | ||
Asset retirement obligation | (184) | |||
Deferred income taxes | [3] | (322) | ||
Total Purchase Price | 3,483 | |||
Proved Properties [Member] | Newfield Exploration Company [Member] | ||||
Assets Acquired: | ||||
Property, plant and equipment, net | 5,903 | |||
Unproved Properties [Member] | Newfield Exploration Company [Member] | ||||
Assets Acquired: | ||||
Property, plant and equipment, net | 838 | |||
Other Property, Plant and Equipment [Member] | Newfield Exploration Company [Member] | ||||
Assets Acquired: | ||||
Property, plant and equipment, net | $ 22 | |||
[1] | The fair value was based on the NYSE closing price of the pre-Share Consolidation Encana common shares of $6.40 on February 13, 2019. | |||
[2] | The fair value was based on a price of $6.50 per notional unit which was determined using a volume-weighted average of the trading price of pre-Share Consolidation Encana common shares on the NYSE on each of the five consecutive trading days ending on the trading day that was three trading days prior to FebruaryĀ 13,Ā 2019. | |||
[3] | Since the completion of the business combination on February 13, 2019, additional information related to pre-acquisition liabilities and contingencies was obtained resulting in a measurement period adjustment. Changes in the fair value estimates comprised an increase in other liabilities of $16 million, of which approximately $11 million is presented in accounts payable and accrued liabilities and $5 million is presented in other long-term liabilities, a decrease in deferred tax liabilities of $4 million and a corresponding increase in goodwill of $12 million. |
Business Combination - Schedu_2
Business Combination - Schedule of Purchase Price Allocations (Parenthetical) (Details) - Newfield Exploration Company [Member] $ / shares in Units, $ in Millions | Feb. 13, 2019USD ($)$ / shares |
Business Acquisition [Line Items] | |
Business acquisition price per share | $ / shares | $ 6.40 |
Business acquisition Fair value notional share price | $ / shares | $ 6.50 |
Business acquisition consecutive trading days | 5 days |
Increase in other liabilities | $ 16 |
Decrease in deferred tax liabilities | 4 |
Increase in goodwill | 12 |
Accounts Payable and Accrued Liabilities [Member] | |
Business Acquisition [Line Items] | |
Increase in other liabilities | 11 |
Other Long-term Liabilities [Member] | |
Business Acquisition [Line Items] | |
Increase in other liabilities | $ 5 |
Business Combination - Schedu_3
Business Combination - Schedule of Unaudited Pro Forma Financial Information (Details) - Newfield Exploration Company [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Revenues | $ 7,005 | $ 8,481 |
Net Earnings (Loss) | $ 376 | $ 1,786 |
Net Earnings (Loss) per Common Share | ||
Basic & Diluted | $ 1.44 | $ 5.94 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | $ 65 | $ 17 | $ 54 |
Divestitures | (197) | (493) | (736) |
Net Acquisitions and Divestitures | (132) | (476) | (682) |
Operating Segments [Member] | Canadian Operations [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | 0 | 17 | 31 |
Divestitures | (1) | (55) | (41) |
Operating Segments [Member] | USA Operations [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Acquisitions | 65 | 0 | 23 |
Divestitures | $ (196) | $ (438) | $ (695) |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquisitions and Divestitures [Line Items] | |||
Proceeds from divestitures | $ 197 | $ 493 | $ 736 |
Gain (Loss) on Disposition of Assets | 3 | 5 | 404 |
Goodwill allocated to divestiture | 0 | ||
USA Operations [Member] | Operating Segments [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Proceeds from divestitures | $ 196 | $ 438 | 695 |
USA Operations [Member] | Operating Segments [Member] | Piceance Assets [Member] | |||
Acquisitions and Divestitures [Line Items] | |||
Proceeds from divestitures | 605 | ||
Gain (Loss) on Disposition of Assets | 406 | ||
Goodwill allocated to divestiture | $ 216 |
Property, Plant And Equipment_3
Property, Plant And Equipment, Net (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | $ 55,828 | $ 45,832 | $ 47,093 |
Less: Accumulated depreciation, depletion and amortization | (40,637) | (37,993) | (38,121) |
Property, plant and equipment, net | 15,191 | $ 7,839 | 8,972 |
Operating Segments [Member] | USA Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 39,380 | 30,690 | |
Less: Accumulated depreciation, depletion and amortization | (25,623) | (24,099) | |
Property, plant and equipment, net | 13,757 | 6,591 | |
Operating Segments [Member] | Canadian Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 15,525 | 14,260 | |
Less: Accumulated depreciation, depletion and amortization | (14,320) | (13,261) | |
Property, plant and equipment, net | 1,205 | 999 | |
Operating Segments [Member] | Market Optimization [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 2 | 1 | |
Corporate & Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 227 | 1,381 | |
Proved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 35,870 | 27,189 | |
Less: Accumulated depreciation, depletion and amortization | (25,623) | (24,099) | |
Property, plant and equipment, net | 10,247 | 3,090 | |
Proved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 15,284 | 13,996 | |
Less: Accumulated depreciation, depletion and amortization | (14,320) | (13,261) | |
Property, plant and equipment, net | 964 | 735 | |
Unproved Properties [Member] | Operating Segments [Member] | USA Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 3,491 | 3,493 | |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 | |
Property, plant and equipment, net | 3,491 | 3,493 | |
Unproved Properties [Member] | Operating Segments [Member] | Canadian Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 223 | 237 | |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 | |
Property, plant and equipment, net | 223 | 237 | |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | USA Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 19 | 8 | |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 | |
Property, plant and equipment, net | 19 | 8 | |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Canadian Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 18 | 27 | |
Less: Accumulated depreciation, depletion and amortization | 0 | 0 | |
Property, plant and equipment, net | 18 | 27 | |
Other Capitalized Property Plant and Equipment [Member] | Operating Segments [Member] | Market Optimization [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 9 | 7 | |
Less: Accumulated depreciation, depletion and amortization | (7) | (6) | |
Property, plant and equipment, net | 2 | 1 | |
Other Capitalized Property Plant and Equipment [Member] | Corporate & Other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Cost | 914 | 2,136 | |
Less: Accumulated depreciation, depletion and amortization | (687) | (755) | |
Property, plant and equipment, net | $ 227 | $ 1,381 |
Property, Plant And Equipment_4
Property, Plant And Equipment, Net (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)Lease | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Internal Costs Capitalized | $ 228 | $ 147 | ||
Property, Plant and Equipment, Net | 15,191 | 8,972 | $ 7,839 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 40,637 | 38,121 | $ 37,993 | |
Number of finance lease arrangements | Lease | 2 | |||
ROU assets | $ 1,047 | 0 | ||
Assets Held under Capital Leases [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net | 37 | 41 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 677 | 650 | ||
Bow Office Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Net | 1,133 | |||
ROU assets | 906 | |||
Operating Segments [Member] | USA Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments | 0 | 0 | $ 0 | |
Property, Plant and Equipment, Net | 13,757 | 6,591 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 25,623 | 24,099 | ||
Operating Segments [Member] | Canadian Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairments | 0 | 0 | $ 0 | |
Property, Plant and Equipment, Net | 1,205 | 999 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 14,320 | $ 13,261 |
Other Assets (Schedule of Other
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | |||
Operating Lease ROU Assets | $ 1,047 | $ 0 | |
Long-Term Investments | 28 | 22 | |
Long-Term Receivables | 81 | 79 | |
Deferred Charges | 6 | 9 | |
Other | 51 | 37 | |
Other Assets | $ 1,213 | $ 1,162 | $ 147 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 2,553 | |
Additions During the Year | $ 0 | |
Goodwill, Ending Balance | 2,611 | 2,553 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 640 | 696 |
Foreign currency translation adjustment | 33 | (56) |
Goodwill, Ending Balance | 673 | 640 |
United States [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 1,913 | 1,913 |
Additions During the Year | 25 | 0 |
Goodwill, Ending Balance | $ 1,938 | $ 1,913 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Millions | Feb. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | |||
Addition of goodwill | $ 0 | ||
Goodwill allocated to divestiture | 0 | ||
Goodwill Impairment | $ 0 | $ 0 | |
Historical Cumulative Goodwill Impairments | $ 0 | ||
Newfield Exploration Company [Member] | |||
Goodwill [Line Items] | |||
Addition of goodwill | $ 25 |
Accounts Payable And Accrued _3
Accounts Payable And Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | |||
Trade Payables | $ 355 | $ 233 | |
Capital Accruals | 351 | 277 | |
Royalty and Production Accruals | 598 | 311 | |
Other Accruals | 534 | 295 | |
Interest Payable | 83 | 69 | |
Current Portion of Long-Term Incentive Costs | 40 | 131 | |
Current Portion of Finance Lease Obligations | 89 | 84 | |
Current Portion of Asset Retirement Obligation | 189 | 90 | |
Accounts Payable and Accrued Liabilities | $ 2,239 | $ 1,478 | $ 1,490 |
Leases (Summary of Operating An
Leases (Summary of Operating And Finance Lease Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Operating Lease ROU Assets, in Other Assets | $ 1,047 | $ 0 | ||
Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List | us-gaap:OtherAssetsNoncurrent | |||
Finance Lease ROU Assets, in Other Property Plant and Equipment | $ 37 | |||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentOther | |||
Operating Lease Liabilities, Current | $ 78 | 0 | $ 67 | |
Operating Lease Liabilities, Long-term | 977 | 0 | $ 948 | |
Finance Lease Liabilities, Current, in accounts payable and accrued liabilities | $ 89 | 84 | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |||
Finance Lease Liabilities, Long-term, in other liabilities and provisions | $ 121 | 211 | ||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | |||
Weighted Average Discount Rate | ||||
Operating leases | 5.41% | |||
Finance leases | 5.97% | |||
Weighted Average Remaining Lease Term | ||||
Operating leases | 16 years 3 months 18 days | |||
Finance leases | 3 years 2 months 12 days | |||
Lease Costs: | ||||
Operating Lease Costs, Excluding Short-Term Leases | $ 181 | |||
Finance Lease Costs: | ||||
Amortization of ROU assets | 4 | |||
Interest on lease liabilities | 13 | 16 | $ 20 | |
Total Finance Lease Costs | 17 | |||
Short-Term Lease Costs | 340 | |||
Variable Lease Costs | 13 | |||
Sublease Income: | ||||
Operating lease income | 56 | |||
Variable lease income | 18 | |||
Cash Paid for Amounts Included in the Measurement of Lease Liabilities: | ||||
Operating cash outflows from operating leases | 217 | |||
Investing cash outflows from operating leases | 296 | |||
Operating cash outflows from finance leases | 13 | |||
Financing cash outflows from finance leases | 84 | 90 | 82 | |
Supplemental Non-Cash Information: | ||||
New ROU operating lease assets and liabilities | $ 20 | $ 0 | $ 0 |
Leases (Summary of Operating _2
Leases (Summary of Operating And Finance Lease Costs) (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Lessee, operating and finance lease, option to extend lease, term | 10 years |
Leases (Schedule of Operating L
Leases (Schedule of Operating Lease Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease Expense | |||
Total Operating Lease Expense | $ 226 | $ 83 | $ 80 |
Transportation and Processing [Member] | |||
Operating Lease Expense | |||
Total Operating Lease Expense | 3 | ||
Operating [Member] | |||
Operating Lease Expense | |||
Total Operating Lease Expense | 107 | ||
Administrative [Member] | |||
Operating Lease Expense | |||
Total Operating Lease Expense | $ 116 |
Leases (Schedule of Operating_2
Leases (Schedule of Operating Lease Expense) (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease Expense [Line Items] | |||
Total Operating Lease Expense | $ 226 | $ 83 | $ 80 |
Administrative [Member] | |||
Operating Lease Expense [Line Items] | |||
Total Operating Lease Expense | 116 | ||
Administrative [Member] | Bow Office Building [Member] | |||
Operating Lease Expense [Line Items] | |||
Total Operating Lease Expense | $ 92 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease expense | $ 226 | $ 83 | $ 80 |
Leases (Schedule of Future Leas
Leases (Schedule of Future Lease Payments and Lease Liabilities Related to Operating and Finance Leases) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leases | |
Expected Future Operating Lease Payments 2020 | $ 133 |
Expected Future Operating Lease Payments 2021 | 117 |
Expected Future Operating Lease Payments 2022 | 101 |
Expected Future Operating Lease Payments 2023 | 88 |
Expected Future Operating Lease Payments 2024 | 86 |
Expected Future Operating Lease Payments thereafter | 1,101 |
Expected Future Operating Lease Payments,Total | 1,626 |
Less: Discounting | 571 |
Present Value of Future Operating Lease Payments Total | 1,055 |
Sublease Income (undiscounted) 2020 | (41) |
Sublease Income (undiscounted) 2021 | (42) |
Sublease Income (undiscounted) 2022 | (37) |
Sublease Income (undiscounted) 2023 | (37) |
Sublease Income (undiscounted) 2024 | (37) |
Sublease Income (undiscounted) Thereafter | (529) |
Sublease Income (undiscounted) Total | (723) |
Finance Leases | |
Expected Future Finance Lease Payments, 2020 | 99 |
Expected Future Finance Lease Payments, 2021 | 87 |
Expected Future Finance Lease Payments, 2022 | 8 |
Expected Future Finance Lease Payments, 2023 | 8 |
Expected Future Finance Lease Payments, 2024 | 8 |
Expected Future Finance Lease Payments, Thereafter | 22 |
Expected Future Finance Lease Payments, Total | 232 |
Less: Discounting | 22 |
Present Value of Future Finance Lease Payments Total | 210 |
Sublease Income (undiscounted) 2020 | (8) |
Sublease Income (undiscounted) 2021 | (8) |
Sublease Income (undiscounted) 2022 | (8) |
Sublease Income (undiscounted) 2023 | (7) |
Sublease Income (undiscounted) 2024 | (7) |
Sublease Income (undiscounted) Thereafter | (17) |
Sublease Income (undiscounted) Total | $ (55) |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Debt Instrument [Line Items] | |||
Revolving credit and term loan borrowings | $ 698 | $ 0 | |
Total Principal | 6,859 | 4,211 | |
Increase in Value of Debt Acquired | 149 | 22 | |
Unamortized Debt Discounts and Issuance Costs | (34) | (35) | |
Total Long-Term Debt | 6,974 | 4,198 | |
Current Portion | 0 | 500 | $ 500 |
Long-Term Debt | 6,974 | 3,698 | |
6.50% Unsecured Notes [Member] | Unsecured Notes, Due May 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 0 | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |
Debt Instrument, Maturity Date | May 15, 2019 | May 15, 2019 | |
6.50% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 750 | $ 750 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |
Debt Instrument, Maturity Date | Aug. 15, 2034 | Aug. 15, 2034 | |
6.50% Unsecured Notes [Member] | Unsecured Notes, Due February 1, 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 505 | $ 505 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |
Debt Instrument, Maturity Date | Feb. 1, 2038 | Feb. 1, 2038 | |
3.90% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 600 | $ 600 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | 3.90% | |
Debt Instrument, Maturity Date | Nov. 15, 2021 | Nov. 15, 2021 | |
5.75% Unsecured Notes [Member] | Unsecured Notes, Due January 30, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 750 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | |
Debt Instrument, Maturity Date | Jan. 30, 2022 | Jan. 30, 2022 | |
5.625% Unsecured Notes [Member] | Unsecured Notes, Due July 1, 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 1,000 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.625% | 5.625% | |
Debt Instrument, Maturity Date | Jul. 1, 2024 | Jul. 1, 2024 | |
5.375% Unsecured Notes [Member] | Unsecured Notes, Due Jan 1, 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 700 | $ 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | |
Debt Instrument, Maturity Date | Jan. 1, 2026 | Jan. 1, 2026 | |
8.125% Unsecured Notes [Member] | Unsecured Notes, Due September 15, 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 300 | $ 300 | |
Debt Instrument, Interest Rate, Stated Percentage | 8.125% | 8.125% | |
Debt Instrument, Maturity Date | Sep. 15, 2030 | Sep. 15, 2030 | |
7.20% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 350 | $ 350 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 7.20% | |
Debt Instrument, Maturity Date | Nov. 1, 2031 | Nov. 1, 2031 | |
7.375% Unsecured Notes [Member] | Unsecured Notes, Due November 1, 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 500 | $ 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.375% | 7.375% | |
Debt Instrument, Maturity Date | Nov. 1, 2031 | Nov. 1, 2031 | |
6.625% Unsecured Notes [Member] | Unsecured Notes, Due August 15, 2037 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 462 | $ 462 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | 6.625% | |
Debt Instrument, Maturity Date | Aug. 15, 2037 | Aug. 15, 2037 | |
5.15% Unsecured Notes [Member] | Unsecured Notes, Due November 15, 2041 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured Debt | $ 244 | $ 244 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% | |
Debt Instrument, Maturity Date | Nov. 15, 2041 | Nov. 15, 2041 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Jan. 25, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 |
Debt Instrument [Line Items] | |||||
Outstanding commercial paper | $ 698,000,000 | $ 0 | |||
Standby Fees | 11,000,000 | 15,000,000 | $ 15,000,000 | ||
Shelf Prospectus Remaining Borrowing Capacity | $ 6,000,000,000 | ||||
Amortization of Debt Remaining Life In Years | 6 years | ||||
Debt premium or discount capitalized | $ 0 | 0 | |||
Current portion of long-term debt | 0 | 500,000,000 | $ 500,000,000 | ||
Long-term Debt Carrying Value | 6,974,000,000 | 4,198,000,000 | |||
Long-term Debt, Fair Value | $ 7,657,000,000 | $ 4,511,000,000 | |||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 2.28% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000,000 | ||||
Expiration Date - Line of Credit | Jul. 31, 2022 | ||||
Maximum Number of Extensions Per Year | 1 | ||||
Maximum Period of Years Line of Credit Can Extended | 5 years | ||||
Additional Period In Days Added To Extension | 90 days | ||||
Equity Adjustment, Cumulative Historical Ceiling Test Impairment | $ 7,700,000,000 | ||||
Revolving Credit Facility Term | 5 years | ||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000,000 | ||||
Expiration Date - Line of Credit | Jul. 31, 2024 | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Financing Debt-to-Adjusted Capitalization, Percentage | 0.60 | ||||
Revolving Credit Facility [Member] | Parent Company [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000,000 | ||||
Revolving Credit Facility [Member] | Parent Company [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000,000 | ||||
Revolving Credit Facility [Member] | Subsidiary Issuer [Member] | United States [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 | ||||
Revolving Credit Facility [Member] | Subsidiary Issuer [Member] | Canada [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000,000 |
Long-Term Debt (Schedule Of Man
Long-Term Debt (Schedule Of Mandatory Debt Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt Maturity, Mandatory Repayment, Next Twelve Months | $ 0 | |
Debt Maturity, Mandatory Repayment, In Two Years | 600 | |
Debt Maturity, Mandatory Repayment, In Three Years | 1,448 | |
Debt Maturity, Mandatory Repayment, In Four Years | 0 | |
Debt Maturity, Mandatory Repayment, In Five Years | 1,000 | |
Debt Maturity, Mandatory Repayment, After Five Years | 3,811 | |
Total Principal | 6,859 | $ 4,211 |
Interest Payments on Remaining Long-term Debt, Next Twelve Months | 377 | |
Interest Payments on Remaining Long-term Debt in Year two | 377 | |
Interest Payments on Remaining Long-term Debt in Year Three | 332 | |
Interest Payments on Remaining Long-term Debt in Year Four | 305 | |
Interest Payments on Remaining Long-term Debt in Year Five | 305 | |
Interest Payments on Remaining Long-term Debt, After Five Years | 2,179 | |
Total Interest Payments on Remaining Long-term Debt | $ 3,875 |
Other Liabilities And Provisi_3
Other Liabilities And Provisions (Schedule Of Other Liabilities And Provisions) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities And Provisions [Line Items] | ||||
The Bow Office Building | $ 0 | $ 1,224 | ||
Obligation under Finance Lease | 121 | 211 | ||
Unrecognized Tax Benefits | 222 | 248 | $ 306 | |
Pensions and Other Post-Employment Benefits (See Note 23) | 119 | 105 | ||
Long-Term Incentives | 38 | 34 | ||
Other Derivative Contracts, Liabilities | 9 | 14 | ||
Other | 20 | 18 | ||
Other Liabilities and Provisions | 464 | $ 545 | 1,769 | |
Other Liabilities and Provisions [Member] | ||||
Other Liabilities And Provisions [Line Items] | ||||
Unrecognized Tax Benefits | 159 | 167 | ||
Other Derivative Contracts, Liabilities | $ 7 | $ 10 |
Asset Retirement Obligation (Sc
Asset Retirement Obligation (Schedule of Change In Asset Retirement Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |||
Asset Retirement Obligation, Beginning of Year | $ 455 | $ 514 | |
Liabilities Incurred | 15 | 17 | $ 11 |
Liabilities Acquired (See Note 8) | 184 | 0 | |
Liabilities Settled and Divested | (141) | (56) | |
Change in Estimated Future Cash Outflows | 47 | (20) | 88 |
Accretion of asset retirement obligation | 37 | 32 | 37 |
Foreign Currency Translation | 17 | (32) | |
Asset Retirement Obligation, End of Year | $ 614 | $ 455 | $ 514 |
Asset Retirement Obligation (_2
Asset Retirement Obligation (Schedule Of Asset Retirement Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Current Portion (See Note 13) | $ 189 | $ 90 | |
Long-Term Portion | 425 | 365 | |
Asset Retirement Obligation, Total | $ 614 | $ 455 | $ 514 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) | Feb. 19, 2020$ / shares | Aug. 29, 2019USD ($)$ / sharesshares | Feb. 13, 2019shares | Dec. 31, 2019$ / sharesshares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Sep. 30, 2018$ / shares | Jun. 30, 2018$ / shares | Mar. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Jan. 25, 2020USD ($)$ / sharesshares | Jun. 10, 2019USD ($) | Feb. 27, 2019shares | |
Class Of Stock [Line Items] | ||||||||||||||||||||||
Percentage of issued and outstanding shares equal to not more than authorized shares | 20.00% | |||||||||||||||||||||
Preferred shares outstanding | shares | 0 | 0 | ||||||||||||||||||||
Common Shares Purchased, Shares | shares | 39,400,000 | 4,100,000 | 0 | |||||||||||||||||||
Common Shares Purchased, value | $ | $ 1,073,000,000 | $ 102,000,000 | $ 0 | |||||||||||||||||||
Payments for Repurchase of Common Stock | $ | $ 1,250,000,000 | $ 250,000,000 | $ 0 | |||||||||||||||||||
Common Shares Issued under Dividend Reinvestment Plan, Shares | shares | 0 | 13,866 | 11,696 | |||||||||||||||||||
Common Shares Issued Under Dividend Reinvestment Plan | $ | $ 0 | $ 600,000 | $ 600,000 | |||||||||||||||||||
Dividends on Common Shares | $ | [1] | $ 102,000,000 | $ 57,000,000 | $ 58,000,000 | ||||||||||||||||||
Common Stock, Dividends, Per Share, Paid | $ / shares | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.09375 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.375 | $ 0.30 | $ 0.30 | |||||||
Dividends, Common Shares Issued In Lieu of Cash, Value | $ | $ 600,000 | $ 600,000 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.375 | $ 0.30 | $ 0.30 | |||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 7,400,000 | 7,400,000 | ||||||||||||||||||||
TSARs and SARs [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Years After Grant Date Rights Expire | 7 years | |||||||||||||||||||||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Vesting Rights Percentage | 30.00% | |||||||||||||||||||||
Years After Rights Granted First Portion Of Rights Vest | 1 year | |||||||||||||||||||||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Vesting Rights Percentage | 30.00% | |||||||||||||||||||||
Years After Grant Date Additional Thirty Percent Granted Vest | 2 years | |||||||||||||||||||||
TSARs and SARs [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Years After Grant Date Rights Fully Vest | 3 years | |||||||||||||||||||||
TSARs and SARs, Granted Prior to February 2015 [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Years After Grant Date Rights Expire | 5 years | |||||||||||||||||||||
Share Capital [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Issued Under Dividend Reinvestment Plan | $ | $ 1,000,000 | $ 1,000,000 | ||||||||||||||||||||
Retained Earnings (Accumulated Deficit) [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Dividends on Common Shares | $ | [1] | $ 102,000,000 | $ 57,000,000 | $ 58,000,000 | ||||||||||||||||||
Substantial Issuer Bid [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock Repurchase Program, Authorized Amount to be Repurchased | $ | $ 213,000,000 | |||||||||||||||||||||
Common Shares Purchased, Shares | shares | 9,500,000 | |||||||||||||||||||||
Common stock purchase price | $ / shares | $ 22.50 | |||||||||||||||||||||
Common Shares Purchased, value | $ | $ 213,000,000 | 213,000,000 | ||||||||||||||||||||
Substantial Issuer Bid [Member] | Share Capital [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, value | $ | 257,000,000 | 257,000,000 | ||||||||||||||||||||
Substantial Issuer Bid [Member] | Paid In Surplus [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, value | $ | $ 44,000,000 | $ (44,000,000) | ||||||||||||||||||||
Normal Course Issuer Bid [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, Shares | shares | 29,900,000 | 4,100,000 | ||||||||||||||||||||
Common Shares Purchased, value | $ | $ 1,037,000,000 | $ 250,000,000 | ||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 29,900,000 | |||||||||||||||||||||
Payments for Repurchase of Common Stock | $ | 1,037,000,000 | 250,000,000 | ||||||||||||||||||||
Normal Course Issuer Bid [Member] | Share Capital [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, value | $ | 816,000,000 | 102,000,000 | ||||||||||||||||||||
Normal Course Issuer Bid [Member] | Retained Earnings (Accumulated Deficit) [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, value | $ | $ 221,000,000 | $ 148,000,000 | ||||||||||||||||||||
Pre-Share Consolidation Basis [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Issued under Dividend Reinvestment Plan, Shares | shares | 69,329 | 58,480 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Paid | $ / shares | $ 0.01875 | $ 0.01875 | $ 0.01875 | $ 0.01875 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.015 | $ 0.075 | $ 0.06 | $ 0.06 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 36,800,000 | 36,800,000 | ||||||||||||||||||||
Pre-Share Consolidation Basis [Member] | Substantial Issuer Bid [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, Shares | shares | 47,300,000 | |||||||||||||||||||||
Common stock purchase price | $ / shares | $ 4.50 | |||||||||||||||||||||
Pre-Share Consolidation Basis [Member] | Normal Course Issuer Bid [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common Shares Purchased, Shares | shares | 149,400,000 | 20,700,000 | ||||||||||||||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 149,400,000 | |||||||||||||||||||||
Newfield Exploration Company [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | shares | 108,700,000 | |||||||||||||||||||||
Newfield Exploration Company [Member] | Pre-Share Consolidation Basis [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | shares | 543,400,000 | |||||||||||||||||||||
Business Acquisition Stock Exchange Ratio | 2.6719 | |||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||||||||||
Common stock, shares authorized | shares | 775,000,000 | |||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | |||||||||||||||||||||
Preferred stock, shares authorized | shares | 25,000,000 | |||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | |||||||||||||||||||||
Share capital reclassified to paid in surplus | $ | $ 7,058,000,000 | |||||||||||||||||||||
Dividends Payable, Date Declared | Feb. 19, 2020 | |||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.09375 | |||||||||||||||||||||
Dividends Payable, Date to be Paid | Mar. 31, 2020 | |||||||||||||||||||||
Dividends Payable, Date of Record | Mar. 13, 2020 | |||||||||||||||||||||
[1] | Dividends per share reflect the Share Consolidation as described in Note 1. On a pre-Share Consolidation basis, dividends were $0.075 per share for the year ended December 31, 2019 (2018 - $0.06 per share; 2017 - $0.06 per share). |
Share Capital (Schedule of Comm
Share Capital (Schedule of Common Stock Issued and Outstanding) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class Of Stock Disclosures [Abstract] | |||
Common Shares Outstanding, Beginning of Year, Shares | 190,500,000 | 194,600,000 | 194,600,000 |
Common Shares Purchased, Shares | (39,400,000) | (4,100,000) | 0 |
Stock Issued During Period, Shares, New Issues | 108,700,000 | 0 | 0 |
Common Shares Issued under Dividend Reinvestment Plan, Shares | 0 | 13,866 | 11,696 |
Common Shares Outstanding, End of Year, Shares | 259,800,000 | 190,500,000 | 194,600,000 |
Common Shares Outstanding, Beginning of Year | $ 4,656 | $ 4,757 | $ 4,756 |
Common Shares Purchased, Value | (1,073) | (102) | 0 |
Stock Issued During Period, Value, New Issues | 3,478 | 0 | 0 |
Common Shares Issued Under Dividend Reinvestment Plan | 0 | 0.6 | 0.6 |
Common Shares Outstanding, End of Year | $ 7,061 | $ 4,656 | $ 4,757 |
Share Capital (Earnings Per Com
Share Capital (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||
Class Of Stock Disclosures [Abstract] | ||||||||||||||||||||||
Net Earnings (Loss) | $ (6) | $ 149 | $ 336 | $ (245) | $ 1,030 | $ 39 | $ (151) | $ 151 | $ 234 | $ 1,069 | $ 827 | |||||||||||
Weighted average common shares outstanding - Basic | 261.2 | 192 | 194.6 | |||||||||||||||||||
Effect of dilutive securities | 0 | 0 | 0 | |||||||||||||||||||
Weighted Average Common Shares Outstanding - Diluted | 261.2 | 192 | 194.6 | |||||||||||||||||||
Net Earnings (Loss) per Common Share Basic & Diluted | $ (0.02) | [1] | $ 0.56 | [1] | $ 1.22 | [1] | $ (1) | [1] | $ 5.41 | [1] | $ 0.20 | [1] | $ (0.79) | [1] | $ 0.78 | [1] | $ 0.90 | [2] | $ 5.57 | [2] | $ 4.25 | [2] |
[1] | Net earnings (loss) per common share reflects the Share Consolidation as described in Note 1. | |||||||||||||||||||||
[2] | Net earnings (loss) per common share and weighted average common shares outstanding reflect the Share Consolidation as described in NoteĀ 1. Accordingly, the comparative periods have been restated. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |||
Balance, Beginning of Year | $ 976 | $ 1,029 | $ 1,200 |
Change in Foreign Currency Translation Adjustment | 28 | (53) | (171) |
Balance, End of Year | 1,004 | 976 | 1,029 |
Balance, Beginning of Year | 22 | 13 | 10 |
Other Comprehensive Income Before Reclassifications: | |||
Net actuarial gains and (losses) | 58 | 14 | 7 |
Income taxes | (12) | (3) | (2) |
Net prior service costs from plan amendment | (31) | 0 | 0 |
Income taxes | 6 | 0 | 0 |
Amounts Reclassified from Other Comprehensive Income: | |||
Reclassification of net actuarial (gains) and losses to net earnings | (2) | (1) | 0 |
Income taxes | 0 | 0 | 0 |
Reclassification of net prior service costs to net earnings | 1 | (1) | (1) |
Income taxes | 0 | 0 | 0 |
Curtailment in net defined periodic benefit cost | 0 | 0 | (1) |
Income taxes | 0 | 0 | 0 |
Balance, End of Year | 42 | 22 | 13 |
Total Accumulated Other Comprehensive Income | $ 1,046 | $ 998 | $ 1,042 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)MMcf | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | |||
Accounts Payable and Accrued Liabilities, Current | $ 2,239 | $ 1,478 | $ 1,490 |
Veresen Midstream Limited Partnership [Member] | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Financial Support, Term of Assessment | 8 years | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 2,091 | ||
Veresen Midstream Limited Partnership [Member] | Take or Pay Commitment [Member] | |||
Variable Interest Entity [Line Items] | |||
Accounts Payable and Accrued Liabilities, Current | $ 0 | ||
Veresen Midstream Limited Partnership [Member] | Minimum [Member] | |||
Variable Interest Entity [Line Items] | |||
Length of Remaining Terms, In Years | 12 years | ||
Veresen Midstream Limited Partnership [Member] | Maximum [Member] | |||
Variable Interest Entity [Line Items] | |||
Length of Remaining Terms, In Years | 26 years | ||
Length of Renewal Term, in Years | 10 years | ||
Veresen Midstream Limited Partnership [Member] | Natural gas gathering and compression [Member] | |||
Variable Interest Entity [Line Items] | |||
Contracted Capacity Volumes | MMcf | 1,206 | ||
Veresen Midstream Limited Partnership [Member] | Natural gas processing [Member] | |||
Variable Interest Entity [Line Items] | |||
Contracted Capacity Volumes | MMcf | 939 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |||||
Restructuring Charges | $ 138 | $ 0 | $ 0 | ||
Restructuring and Related Activities, Initiation Date | Feb. 1, 2019 | ||||
Restructuring Reserve | $ 8 | $ 0 | $ 0 | $ 7 |
Restructuring Charges (Restruct
Restructuring Charges (Restructuring Costs Expensed) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |||
Severance and Benefits | $ 133 | $ 0 | $ 0 |
Outplacement, Moving and Other Expenses | 5 | 0 | 0 |
Restructuring Expenses | $ 138 | $ 0 | $ 0 |
Restructuring Charges (Schedule
Restructuring Charges (Schedule of Change in Restructuring Accrual) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Charges [Abstract] | |||
Outstanding Restructuring Accrual, Beginning of Year | $ 0 | $ 0 | $ 7 |
Current Year Restructuring Expenses Incurred | 138 | 0 | 0 |
Restructuring Costs Paid | (130) | 0 | (7) |
Outstanding Restructuring Accrual, End of Year | $ 8 | $ 0 | $ 0 |
Compensation Plans (Schedule of
Compensation Plans (Schedule of Weighted Average Assumptions Used to Fair Value Share Units) (Details) | 12 Months Ended | |||||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
United States Of America Dollars [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.69% | 1.85% | 1.67% | |||
Fair Value Assumptions, Dividend Yield | 1.60% | 1.04% | 0.45% | |||
Fair Value Assumptions, Expected Volatility Rate | 44.98% | 51.28% | 57.87% | |||
Fair Value Assumptions, Expected Term | 2 years 9 months 18 days | 1 year 4 months 24 days | 1 year 4 months 24 days | |||
Market Share Price | $ 23.45 | $ 28.90 | $ 66.65 | |||
United States Of America Dollars [Member] | Pre-Share Consolidation Basis [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Market Share Price | $ 4.69 | $ 5.78 | $ 13.33 | |||
Canadian Dollar [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.69% | 1.85% | 1.67% | |||
Fair Value Assumptions, Dividend Yield | 1.64% | 0.99% | 0.46% | |||
Fair Value Assumptions, Expected Volatility Rate | 43.61% | 48.68% | 54.10% | |||
Fair Value Assumptions, Expected Term | 2 years 4 months 24 days | 1 year 9 months 18 days | 1 year 6 months | |||
Market Share Price | $ 30.40 | $ 39.40 | $ 83.85 | |||
Canadian Dollar [Member] | Pre-Share Consolidation Basis [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Market Share Price | $ 6.08 | $ 7.88 | $ 16.77 |
Compensation Plans (Amounts Rec
Compensation Plans (Amounts Recognized For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Costs of Transactions Classified as Cash-Settled | $ 59 | $ (65) | $ 165 |
Less: Total Share-Based Compensation Costs Capitalized | (20) | 19 | (55) |
Total Share-Based Compensation Expense | 39 | (46) | 110 |
Operating Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Share-Based Compensation Expense | 16 | (13) | 34 |
Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Share-Based Compensation Expense | $ 23 | $ (33) | $ 76 |
Compensation Plans (Narrative)
Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Liability for cash-settled share-based payment transactions | $ 78 | $ 165 | $ 327 |
Liability for share-based payment recognized in accounts payable and accrued liabilities | 40 | 131 | |
Liability for share-based payment recognized in other liabilities and provisions | $ 38 | 34 | |
Tandem Stock Appreciation Rights (TSARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 7 years | ||
Total compensation costs | $ (6) | (35) | 12 |
Share-based compensation, unvested award, unrecognized compensation costs | $ 0.3 | 0.2 | |
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period | 1 year 10 months 24 days | ||
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights percentage | 30.00% | ||
Vesting period | 1 year | ||
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights percentage | 30.00% | ||
Vesting period | 2 years | ||
Tandem Stock Appreciation Rights (TSARs) [Member] | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
TSARs Granted Before February 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 5 years | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 7 years | ||
Total compensation costs | $ 0 | (12) | 6 |
Stock Appreciation Rights (SARs) [Member] | United States Of America Dollars [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation, unvested award, unrecognized compensation costs | $ 0.7 | 0.3 | |
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period | 1 year 10 months 24 days | ||
Stock Appreciation Rights (SARs) [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights percentage | 30.00% | ||
Vesting period | 1 year | ||
Stock Appreciation Rights (SARs) [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights percentage | 30.00% | ||
Vesting period | 2 years | ||
Stock Appreciation Rights (SARs) [Member] | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
SARs Granted Before February 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 5 years | ||
Performance Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Total compensation costs | $ 25 | 10 | 48 |
Share-based compensation, unvested award, unrecognized compensation costs | $ 19 | 16 | |
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period | 1 year 4 months 24 days | ||
Maximum multiplication of original performance stock units granted may be awarded | 2 | ||
Award performance measurement period | 3 years | ||
Deferred Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation costs | $ (1) | (6) | 3 |
Share based compensation arrangement by share based payment award redemption description | For both Directors and employees, DSUs can only be redeemed following departure from the Company in accordance with the terms of the respective DSU Plan and must be redeemed prior to December 15th of the year following the departure from the Company. | ||
Deferred Share Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion percentage of high performance results awards into deferred share units | 25.00% | ||
Deferred Share Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Conversion percentage of high performance results awards into deferred share units | 50.00% | ||
Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total compensation costs | $ 41 | (22) | $ 98 |
Share-based compensation, unvested award, unrecognized compensation costs | $ 39 | $ 30 | |
Share-based compensation, unvested award, unrecognized compensation costs expected to recognize over a weighted average period | 1 year 6 months | ||
Restricted Share Units [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Share Units [Member] | Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Settlement period | 3 years |
Compensation Plans (Liability F
Compensation Plans (Liability For Share-Based Payment Transactions) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Liability for Unvested Cash-Settled Share-Based Payment Transactions | $ 65 | $ 148 | $ 274 |
Liability for Vested Cash-Settled Share-Based Payment Transactions | 13 | 17 | 53 |
Liability for Cash-Settled Share-Based Payment Transactions | $ 78 | $ 165 | $ 327 |
Compensation Plans (Schedule _2
Compensation Plans (Schedule of Outstanding Tandem Stock Appreciation Rights) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Beginning of Year | 2,073 | 3,054 |
Granted | 249 | 174 |
Exercised - SARs | (8) | (74) |
Exercised - Options | 0 | 0 |
Forfeited | (21) | (62) |
Expired | (687) | (1,019) |
Outstanding, End of Year | 1,606 | 2,073 |
Exercisable, End of Year | 1,179 | 1,459 |
Weighted Average Exercise Price, Beginning of Year | $ 67.23 | $ 74.35 |
Grants, Weighted Average Exercise Price | 44.83 | 68.80 |
Exercised - SARs, Weighted Average Exercise Price | 27.80 | 37.20 |
Exercised - options, Weighted Average Exercise Price | 0 | 0 |
Forfeited, Weighted Average Exercise Price | 76.32 | 78 |
Expired, Weighted Average Exercise Price | 102.73 | 90.30 |
Weighted Average Exercise Price, End of Year | 48.65 | 67.23 |
Weighted Average Exercise Price of Exercisable, End of Year | $ 45.89 | $ 75.10 |
Compensation Plans (Range of Ex
Compensation Plans (Range of Exercise Price of Tandem Stock Appreciation Rights) (Details) - Tandem Stock Appreciation Rights (TSARs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding Number | 1,606 | 2,073 | 3,054 |
Weighted Average Remaining Contractual Life (years) | 3 years 8 months 23 days | ||
Outstanding, Weighted Average Exercise Price | $ 48.65 | $ 67.23 | $ 74.35 |
Exercisable Number | 1,179 | 1,459 | |
Exercisable, Weighted Average Exercise Price | $ 45.89 | $ 75.10 | |
0.00 to 49.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price, Lower Range Limit | 0 | ||
Exercise Price, Upper Range Limit | $ 49.99 | ||
Outstanding Number | 950 | ||
Weighted Average Remaining Contractual Life (years) | 3 years 11 months 19 days | ||
Outstanding, Weighted Average Exercise Price | $ 32.18 | ||
Exercisable Number | 705 | ||
Exercisable, Weighted Average Exercise Price | $ 27.80 | ||
50.00 to 99.99 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price, Lower Range Limit | 50 | ||
Exercise Price, Upper Range Limit | $ 99.99 | ||
Outstanding Number | 656 | ||
Weighted Average Remaining Contractual Life (years) | 3 years 4 months 13 days | ||
Outstanding, Weighted Average Exercise Price | $ 72.51 | ||
Exercisable Number | 474 | ||
Exercisable, Weighted Average Exercise Price | $ 72.79 |
Compensation Plans (Schedule _3
Compensation Plans (Schedule of Outstanding Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) [Member] - United States Of America Dollars [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Beginning of Year | 820 | 1,269 |
Granted | 344 | 75 |
Exercised | (5) | (88) |
Forfeited | (18) | (61) |
Expired | (352) | (375) |
Outstanding, End of Year | 789 | 820 |
Exercisable, End of Year | 378 | 621 |
Weighted Average Exercise Price, Beginning of Year | $ 67.08 | $ 71.25 |
Grants, Weighted Average Exercise Price | 34.29 | 55.10 |
Exercised, Weighted Average Exercise Price | 20.30 | 29.45 |
Forfeited, Weighted Average Exercise Price | 91.59 | 54.40 |
Expired, Weighted Average Exercise Price | 95.67 | 89.70 |
Weighted Average Exercise Price, End of Year | 39.84 | 67.08 |
Weighted Average Exercise Price of Exercisable, End of Year | $ 41.92 | $ 75.95 |
Compensation Plans (Range of _2
Compensation Plans (Range of Exercise Price of Stock Appreciation Rights) (Details) - Stock Appreciation Rights (SARs) [Member] - United States Of America Dollars [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Number | 789 | 820 | 1,269 |
Weighted Average Remaining Contractual Life (years) | 4 years 5 months 4 days | ||
Outstanding, Weighted Average Exercise Price | $ 39.84 | $ 67.08 | $ 71.25 |
Exercisable Number | 378 | 621 | |
Exercisable, Weighted Average Exercise Price | $ 41.92 | $ 75.95 | |
0.00 to 49.99 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price, Lower Range Limit | 0 | ||
Exercise Price, Upper Range Limit | $ 49.99 | ||
Outstanding Number | 513 | ||
Weighted Average Remaining Contractual Life (years) | 5 years 2 months 23 days | ||
Outstanding, Weighted Average Exercise Price | $ 29.67 | ||
Exercisable Number | 170 | ||
Exercisable, Weighted Average Exercise Price | $ 20.30 | ||
50.00 to 99.99 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price, Lower Range Limit | 50 | ||
Exercise Price, Upper Range Limit | $ 99.99 | ||
Outstanding Number | 276 | ||
Weighted Average Remaining Contractual Life (years) | 2 years 11 months 12 days | ||
Outstanding, Weighted Average Exercise Price | $ 58.76 | ||
Exercisable Number | 208 | ||
Exercisable, Weighted Average Exercise Price | $ 59.53 |
Compensation Plans (Schedule _4
Compensation Plans (Schedule of Outstanding Performance Share Units) (Details) - Performance Share Units [Member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United States Of America Dollars [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested and Outstanding, Beginning of Year | 652 | 675 |
Granted | 767 | 182 |
Vested and Released | (643) | (158) |
Units, in Lieu of Dividends | 11 | 4 |
Forfeited | (14) | (51) |
Unvested and Outstanding, End of Year | 773 | 652 |
Canadian Dollar [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested and Outstanding, Beginning of Year | 1,190 | 1,200 |
Granted | 787 | 320 |
Vested and Released | (1,150) | (323) |
Units, in Lieu of Dividends | 12 | 7 |
Forfeited | (29) | (14) |
Unvested and Outstanding, End of Year | 810 | 1,190 |
Compensation Plans (Schedule _5
Compensation Plans (Schedule of Outstanding Deferred Share Units) (Details) - Deferred Share Units [Member] - Canadian Dollar [Member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, Beginning of Year | 191 | 179 |
Granted | 13 | 7 |
Converted from HPR awards | 11 | 4 |
Units, in Lieu of Dividends | 3 | 1 |
Redeemed | (1) | 0 |
Outstanding, End of Year | 217 | 191 |
Compensation Plans (Schedule _6
Compensation Plans (Schedule of Outstanding Restricted Share Units) (Details) - Restricted Share Units [Member] - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
United States Of America Dollars [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested and Outstanding, Beginning of Year | 2,118 | 2,107 |
Granted | 1,456 | 548 |
Units, in Lieu of Dividends | 33 | 14 |
Vested and Released | (1,165) | (453) |
Forfeited | (172) | (98) |
Unvested and Outstanding, End of Year | 2,270 | 2,118 |
Canadian Dollar [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested and Outstanding, Beginning of Year | 2,175 | 2,206 |
Granted | 768 | 516 |
Units, in Lieu of Dividends | 25 | 14 |
Vested and Released | (1,203) | (510) |
Forfeited | (96) | (51) |
Unvested and Outstanding, End of Year | 1,669 | 2,175 |
Pension and Other Post-Employ_3
Pension and Other Post-Employment Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Average Remaining Life Expectancy of Inactive Employees in Defined Benefit Plan, In Years | 13 years | ||
Accumulated Benefit Obligation | $ 295 | $ 267 | |
Estimated Net Actuarial gains And Net Prior Service Costs For The Plans That Will Be Amortized From Accumulated Other Comprehensive Income Into Net Benefit Plan Expense | 8 | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 6 | ||
Fair Value of Plan Assets | $ 200 | $ 182 | |
Long-Term Rate of Return on Plan Assets | 3.75% | ||
Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 68.00% | 69.00% | |
Real Estate And Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 | |
U.S. and Foreign Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 32.00% | 31.00% | |
Operating Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Expense | $ 31 | $ 23 | $ 25 |
Administrative Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Expense | 9 | 9 | 8 |
Other Nonoperating Income (Expense) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and Other Postretirement Benefit Expense | $ 7 | 0 | 6 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average Remaining Service Period Of Active Participates In Plan In Years | 6 years | ||
Pension and Other Postretirement Benefit Expense | $ 31 | 25 | 24 |
Fair Value of Plan Assets | $ 200 | $ 182 | $ 210 |
Long-Term Rate of Return on Plan Assets | 4.00% | 4.25% | 5.25% |
Actual Return on Plan Assets | $ 23 | $ 0 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Average Remaining Service Period Of Active Participates In Plan In Years | 8 years | ||
Pension and Other Postretirement Benefit Expense | $ 16 | 7 | $ 3 |
Fair Value of Plan Assets | $ 0 | $ 0 | $ 0 |
Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Actual Return on Plan Assets | $ 0 | $ 0 |
Pension and Other Post-Employ_4
Pension and Other Post-Employment Benefits (Changes In Benefit Obligation And Fair Value Of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets, Beginning of Year | $ 182 | ||
Fair Value of Plan Assets, End of Year | 200 | $ 182 | |
Non-Current Liabilities | (119) | (105) | |
Defined Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation, Beginning of Year | 196 | 226 | |
Service Cost | 1 | 1 | $ 1 |
Interest Cost | 7 | 7 | 7 |
Actuarial (Gains) Losses | 10 | (7) | |
Exchange Differences | 9 | (17) | |
Employee Contributions | 0 | 0 | |
Benefits Paid | (14) | (14) | |
Plan Acquisition | 0 | 0 | |
Plan Amendment | 0 | 0 | |
Curtailment | 0 | 0 | |
Projected Benefit Obligation, End of Year | 209 | 196 | 226 |
Fair Value of Plan Assets, Beginning of Year | 182 | 210 | |
Actual Return on Plan Assets | 23 | 0 | |
Exchange Differences | 9 | (16) | |
Employee Contributions | 0 | 0 | |
Employer Contributions | 0 | 2 | |
Benefits Paid | (14) | (14) | |
Transfers to Defined Contribution Plan | 0 | 0 | |
Fair Value of Plan Assets, End of Year | 200 | 182 | 210 |
Funded Status of Plan Assets, End of Year | (9) | (14) | |
Other Assets | 12 | 4 | |
Current Liabilities | 0 | 0 | |
Non-Current Liabilities | (21) | (18) | |
Total | (9) | (14) | |
Net Actuarial (Gains) Losses | 21 | 28 | |
Net Prior Service Costs | (5) | (5) | |
Total Recognized in Accumulated Other Comprehensive Income, Before Tax | 16 | 23 | |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected Benefit Obligation, Beginning of Year | 73 | 85 | |
Service Cost | 10 | 7 | 8 |
Interest Cost | 4 | 3 | 3 |
Actuarial (Gains) Losses | (52) | (15) | |
Exchange Differences | 1 | (2) | |
Employee Contributions | 1 | 1 | |
Benefits Paid | (9) | (6) | |
Plan Acquisition | 24 | 0 | |
Plan Amendment | 31 | 0 | |
Curtailment | 4 | 0 | |
Projected Benefit Obligation, End of Year | 87 | 73 | 85 |
Fair Value of Plan Assets, Beginning of Year | 0 | 0 | |
Actual Return on Plan Assets | 0 | 0 | |
Exchange Differences | 0 | 0 | |
Employee Contributions | 1 | 1 | |
Employer Contributions | 8 | 5 | |
Benefits Paid | (9) | (6) | |
Transfers to Defined Contribution Plan | 0 | 0 | |
Fair Value of Plan Assets, End of Year | 0 | 0 | $ 0 |
Funded Status of Plan Assets, End of Year | (87) | (73) | |
Other Assets | 0 | 0 | |
Current Liabilities | (9) | (6) | |
Non-Current Liabilities | (78) | (67) | |
Total | (87) | (73) | |
Net Actuarial (Gains) Losses | (97) | (48) | |
Net Prior Service Costs | 26 | (4) | |
Total Recognized in Accumulated Other Comprehensive Income, Before Tax | $ (71) | $ (52) |
Pension and Other Post-Employ_5
Pension and Other Post-Employment Benefits (Accumulated Benefit Obligation And Projected Benefit Obligation In Excess Of The Plan Assets Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation | $ (72) | $ (67) |
Accumulated Benefit Obligation | (72) | (66) |
Fair Value of Plan Assets | 51 | 49 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected Benefit Obligation | (87) | (73) |
Accumulated Benefit Obligation | (87) | (73) |
Fair Value of Plan Assets | $ 0 | $ 0 |
Pension and Other Post-Employ_6
Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.00% | 3.50% |
Rates of Increase in Compensation Levels | 3.09% | 3.12% |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 2.95% | 4.04% |
Rates of Increase in Compensation Levels | 6.27% | 6.27% |
Pension and Other Post-Employ_7
Pension and Other Post-Employment Benefits (Total Benefit Plan Expense Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Defined Periodic Benefit Cost | $ 2 | $ 1 | $ 0 |
Defined Contribution Plan Expense | 29 | 24 | 24 |
Total Benefit Plans Expense | 31 | 25 | 24 |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Defined Periodic Benefit Cost | 16 | 7 | 3 |
Defined Contribution Plan Expense | 0 | 0 | 0 |
Total Benefit Plans Expense | $ 16 | $ 7 | $ 3 |
Pension and Other Post-Employ_8
Pension and Other Post-Employment Benefits (Defined Periodic Pension And OPEB Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 1 | $ 1 | $ 1 |
Interest Cost | 7 | 7 | 7 |
Expected Return on Plan Assets | (7) | (8) | (9) |
Amortization of net actuarial (gains) and losses | 1 | 1 | 1 |
Amortization of net prior service costs | 0 | 0 | 0 |
Curtailment from net prior service costs | 0 | 0 | 0 |
Curtailment | 0 | 0 | 0 |
Total Net Defined Periodic Benefit Cost | 2 | 1 | 0 |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 10 | 7 | 8 |
Interest Cost | 4 | 3 | 3 |
Expected Return on Plan Assets | 0 | 0 | 0 |
Amortization of net actuarial (gains) and losses | (3) | (2) | (1) |
Amortization of net prior service costs | 1 | (1) | (1) |
Curtailment from net prior service costs | 0 | 0 | (1) |
Curtailment | 4 | 0 | (5) |
Total Net Defined Periodic Benefit Cost | $ 16 | $ 7 | $ 3 |
Pension and Other Post-Employ_9
Pension and Other Post-Employment Benefits (Recognized Amounts In Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of Net Actuarial Gains and (Losses) | $ 2 | $ 1 | $ 0 |
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax | (20) | (9) | (3) |
Defined Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Actuarial (Gains) Losses | (6) | 1 | 1 |
Net Prior Service Costs from Plan Amendment | 0 | 0 | 0 |
Amortization of Net Actuarial Gains and (Losses) | (1) | (1) | (1) |
Amortization of Net Prior Service Costs | 0 | 0 | 0 |
Curtailment of Net Prior Service Costs | 0 | 0 | 0 |
Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax | (7) | 0 | 0 |
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax | (5) | 0 | 0 |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net Actuarial (Gains) Losses | (52) | (15) | (8) |
Net Prior Service Costs from Plan Amendment | 31 | 0 | 0 |
Amortization of Net Actuarial Gains and (Losses) | 3 | 2 | 1 |
Amortization of Net Prior Service Costs | (1) | 1 | 1 |
Curtailment of Net Prior Service Costs | 0 | 0 | 1 |
Total Amounts Recognized in Other Comprehensive (Income) Loss, Before Tax | (19) | (12) | (5) |
Total Amounts Recognized in Other Comprehensive (Income) Loss, After Tax | $ (15) | $ (9) | $ (3) |
Pension and Other Post-Emplo_10
Pension and Other Post-Employment Benefits (Weighted Average Assumptions Used In Determining Net Periodic Pension And Other Post-Retirement Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Long-Term Rate of Return on Plan Assets | 3.75% | ||
Defined Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.50% | 3.25% | 3.50% |
Long-Term Rate of Return on Plan Assets | 4.00% | 4.25% | 5.25% |
Rates of Increase in Compensation Levels | 3.12% | 3.49% | 3.49% |
OPEB [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 4.16% | 3.46% | 3.76% |
Long-Term Rate of Return on Plan Assets | 0.00% | 0.00% | 0.00% |
Rates of Increase in Compensation Levels | 6.53% | 6.36% | 6.10% |
Pension and Other Post-Emplo_11
Pension and Other Post-Employment Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Health Care Cost Trend Rate for Next Year | 6.61% | 6.99% | 6.98% |
Rate to Which the Cost Trend Rate is Assumed to Decline (Ultimate Trend Rate) | 5.00% | 5.00% | 5.00% |
Year that the Rate Reaches the Ultimate Trend Rate | 2026 | 2026 | 2025 |
Pension and Other Post-Emplo_12
Pension and Other Post-Employment Benefits (One Percent Change In Assumed Health Care Cost Trend Rate Over Projected Period) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Effect on Total of Service and Interest Cost Components, 1% Increase | $ 2 |
Effect on Total of Service and Interest Cost Components, 1% Decrease | (2) |
Effect on Other Post-Retirement Benefit Obligations, 1% Increase | 3 |
Effect on Other Post-Retirement Benefit Obligations, 1% Decrease | $ (3) |
Pension and Other Post-Emplo_13
Pension and Other Post-Employment Benefits (Estimate Of Benefit Payments For The Next 10 Years) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 14 |
2021 | 14 |
2022 | 14 |
2023 | 13 |
2024 | 13 |
2025 - 2029 | 62 |
OPEB [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 9 |
2021 | 9 |
2022 | 9 |
2023 | 8 |
2024 | 8 |
2025 - 2029 | $ 28 |
Pension and Other Post-Emplo_14
Pension and Other Post-Employment Benefits (Plan Assets By Investment Asset Category And Fair Value Input Level) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | $ 200 | $ 182 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 26 | 26 |
Fixed Income - Canadian Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 105 | 96 |
Foreign Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 69 | 60 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 26 | 26 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 26 | 26 |
Level 1 [Member] | Fixed Income - Canadian Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 1 [Member] | Foreign Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 174 | 156 |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 2 [Member] | Fixed Income - Canadian Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 105 | 96 |
Level 2 [Member] | Foreign Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 69 | 60 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 3 [Member] | Fixed Income - Canadian Bond Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 3 [Member] | Foreign Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, End of Year | $ 0 | $ 0 |
Pension and Other Post-Emplo_15
Pension and Other Post-Employment Benefits (Real Estate And Other Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | $ 182 | |
Fair Value of Plan Assets, End of Year | 200 | $ 182 |
Real Estate And Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | 0 | |
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | 0 | |
Fair Value of Plan Assets, End of Year | 0 | 0 |
Level 3 [Member] | Real Estate And Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning of Year | 0 | 11 |
Purchases and sales | 0 | 0 |
Settlements | 0 | (10) |
Relating to assets sold during the reporting period | 0 | (1) |
Relating to assets still held at the reporting date | 0 | 0 |
Transfers In and Out of Level 3 | 0 | 0 |
Fair Value of Plan Assets, End of Year | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Net, Current | $ 148 | $ 554 | |
Risk Management Assets, Net, Long-term | 2 | 161 | |
Risk Management Liabilities, Net, Current | 114 | $ 25 | 25 |
Risk Management Liabilities, Net, Long-term | 68 | 22 | |
Guarantor Obligations, Current Carrying Value | 9 | 14 | |
Other Liabilities and Provisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 7 | 10 | |
Other Liabilities and Provisions [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 0 | 0 | |
Other Liabilities and Provisions [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 7 | 10 | |
Other Liabilities and Provisions [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 0 | 0 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 2 | 4 | |
Accounts Payable and Accrued Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 0 | 0 | |
Accounts Payable and Accrued Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 2 | 4 | |
Accounts Payable and Accrued Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 0 | 0 | |
Commodity Derivatives [Member] | Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 202 | 631 | |
Risk Management Assets, Gross Liabilities | (67) | (77) | |
Risk Management Assets, Net, Current | 135 | 554 | |
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 0 | 0 | |
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 202 | 492 | |
Commodity Derivatives [Member] | Other Current Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 0 | 139 | |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 6 | 177 | |
Risk Management Assets, Gross Liabilities | (4) | (16) | |
Risk Management Assets, Net, Long-term | 2 | 161 | |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 0 | 0 | |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 6 | 177 | |
Commodity Derivatives [Member] | Other Noncurrent Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 0 | 0 | |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 181 | 81 | |
Risk Management Liabilities, Gross Assets | (67) | (77) | |
Risk Management Liabilities, Net, Current | 114 | 4 | |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 1 | 0 | |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 139 | 81 | |
Commodity Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 41 | 0 | |
Commodity Derivatives [Member] | Other Liabilities and Provisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 72 | 38 | |
Risk Management Liabilities, Gross Assets | (4) | (16) | |
Risk Management Liabilities, Net, Long-term | 68 | 22 | |
Commodity Derivatives [Member] | Other Liabilities and Provisions [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 0 | 0 | |
Commodity Derivatives [Member] | Other Liabilities and Provisions [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 61 | 38 | |
Commodity Derivatives [Member] | Other Liabilities and Provisions [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 11 | 0 | |
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 13 | ||
Risk Management Assets, Gross Liabilities | 0 | ||
Risk Management Assets, Net, Current | 13 | ||
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 0 | ||
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | 13 | ||
Foreign Currency Derivatives [Member] | Other Current Assets [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Assets, Gross assets | $ 0 | ||
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 21 | ||
Risk Management Liabilities, Gross Assets | 0 | ||
Risk Management Liabilities, Net, Current | 21 | ||
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 0 | ||
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | 21 | ||
Foreign Currency Derivatives [Member] | Other Current Liabilities [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Risk Management Liabilities, Gross liabilities | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Changes In Level 3 Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Abstract] | ||
Balance, Beginning Balance | $ 139 | $ (51) |
Total Gains (Losses) | (123) | 97 |
Purchases, sales and issuances | 0 | 0 |
Settlements | (68) | 93 |
Transfers Out of Level 3 | 0 | 0 |
Balance, Ending Balance | (52) | 139 |
Change in Unrealized Gains (Losses) Related to Assets and Liabilities Held at End of Year | $ (52) | $ 139 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Unobservable Inputs Used In Level 3) (Details) - WTI Options [Member] - Option Model | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs Commodity Price Volatility | 18.00% | 29.00% |
Maximum [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair Value Inputs Commodity Price Volatility | 65.00% | 73.00% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Ten Percent Change in Implied Volatility [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Increase (Decrease) in Risk Management Assets and Liabilities | $ 8 | $ 6 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)contractitem$ / $ | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Foreign currency swap, contract amount outstanding | $ 425,000,000 | ||
Derivative, average forward exchange rate | $ / $ | 0.7483 | ||
Realized Gain (Loss) on Derivatives | $ 372,000,000 | $ (94,000,000) | $ 51,000,000 |
Unrealized Gain (Loss) on Derivatives | $ (696,000,000) | $ 468,000,000 | 474,000,000 |
Number of credit risk derivatives held | contract | 0 | ||
Collateral balances | $ 0 | ||
Concentration risk, percentage | 95.00% | 97.00% | |
Number of counterparties with more than 10% of fair value of outstanding risk management contracts | item | 6 | 4 | |
Guarantor Obligations, Term | two to five years | ||
Guarantor Obligations, Current Carrying Value | $ 9,000,000 | $ 14,000,000 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 129,000,000 | ||
Counterparty One [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 26.00% | 30.00% | |
Counterparty Two [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 13.00% | 13.00% | |
Counterparty Three [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 12.00% | 12.00% | |
Counterparty Four [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 12.00% | 10.00% | |
Counterparty Five [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 11.00% | ||
Counterparty Six [Member] | |||
Derivative [Line Items] | |||
Percent Of The Fair Value Of Outstanding In The Money Net Risk Management Contracts | 11.00% | ||
Revenue [Member] | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | $ 369,000,000 | $ (104,000,000) | 40,000,000 |
Unrealized Gain (Loss) on Derivatives | (730,000,000) | 519,000,000 | 442,000,000 |
Other Derivative Contracts [Member] | Revenue [Member] | |||
Derivative [Line Items] | |||
Realized Gain (Loss) on Derivatives | 6,000,000 | 7,000,000 | 7,000,000 |
Unrealized Gain (Loss) on Derivatives | $ (1,000,000) | $ (2,000,000) | $ (2,000,000) |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Risk Management Positions) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)$ / bbl$ / McfMMcfMBbls | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | ||
Net Premiums Received on Unexpired Options | $ (9) | |
Other Derivative Contracts, Net | (9) | $ (14) |
Foreign Currency Swaps, at Fair value, Net | 13 | $ (21) |
Total Fair Value Position and Net Premiums Received | $ (41) | |
Currency Swap [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2020 | |
Oil [Member] | WTI Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 70 | |
Average Price, Fixed Price Contracts | $ / bbl | 57.56 | |
Price Risk Derivatives, at Fair Value, Net | $ (22) | |
Term | Dec. 31, 2020 | |
Oil [Member] | WTI Fixed Price Swaptions [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 10 | |
Average Price, Fixed Price Contracts | $ / bbl | 58 | |
Price Risk Derivatives, at Fair Value, Net | $ (11) | |
Term | Dec. 31, 2021 | |
Oil [Member] | WTI Three-Way Options, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 80 | |
Price Risk Derivatives, at Fair Value, Net | $ (43) | |
Term | Dec. 31, 2020 | |
Oil [Member] | WTI Three-Way Options, Maturing Next Twelve Months [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 61.68 | |
Oil [Member] | WTI Three-Way Options, Maturing Next Twelve Months [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 43.44 | |
Oil [Member] | WTI Three-Way Options, Maturing Next Twelve Months [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 53.44 | |
Oil [Member] | West Texas Intermediate Costless Collars Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 15 | |
Price Risk Derivatives, at Fair Value, Net | $ 2 | |
Term | Dec. 31, 2020 | |
Oil [Member] | West Texas Intermediate Costless Collars Maturing Next Twelve Months [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 68.71 | |
Oil [Member] | West Texas Intermediate Costless Collars Maturing Next Twelve Months [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / bbl | 50 | |
Oil [Member] | Basis Contracts, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (41) | |
Term | Dec. 31, 2020 | |
Natural Gas Liquids [Member] | Propane Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 12 | |
Average Price, Fixed Price Contracts | $ / bbl | 21.34 | |
Price Risk Derivatives, at Fair Value, Net | $ 10 | |
Term | Dec. 31, 2020 | |
Natural Gas Liquids [Member] | Iso-Butane Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 3.5 | |
Average Price, Fixed Price Contracts | $ / bbl | 24.36 | |
Price Risk Derivatives, at Fair Value, Net | $ (3) | |
Term | Dec. 31, 2020 | |
Natural Gas Liquids [Member] | Butane Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MBbls | 8 | |
Average Price, Fixed Price Contracts | $ / bbl | 23.54 | |
Price Risk Derivatives, at Fair Value, Net | $ (4) | |
Term | Dec. 31, 2020 | |
Oil and NGLs [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (112) | |
Natural Gas [Member] | Fair Value Position Excluding Unexpired Options [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | 76 | |
Natural Gas [Member] | Basis Contracts, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (11) | |
Term | Dec. 31, 2020 | |
Natural Gas [Member] | NYMEX Fixed Price, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 803 | |
Average Price, Fixed Price Contracts | $ / Mcf | 2.65 | |
Price Risk Derivatives, at Fair Value, Net | $ 107 | |
Term | Dec. 31, 2020 | |
Natural Gas [Member] | NYMEX Fixed Price Swaptions [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 330 | |
Average Price, Fixed Price Contracts | $ / Mcf | 2.56 | |
Price Risk Derivatives, at Fair Value, Net | $ (15) | |
Term | Dec. 31, 2021 | |
Natural Gas [Member] | NYMEX Three-Way Options, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 330 | |
Price Risk Derivatives, at Fair Value, Net | $ 22 | |
Term | Dec. 31, 2020 | |
Natural Gas [Member] | NYMEX Three-Way Options, Maturing Next Twelve Months [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.72 | |
Natural Gas [Member] | NYMEX Three-Way Options, Maturing Next Twelve Months [Member] | Sold [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.25 | |
Natural Gas [Member] | NYMEX Three-Way Options, Maturing Next Twelve Months [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.60 | |
Natural Gas [Member] | NYMEX Costless Collars, Maturing Next Twelve Months [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 55 | |
Price Risk Derivatives, at Fair Value, Net | $ 6 | |
Term | Dec. 31, 2020 | |
Natural Gas [Member] | NYMEX Costless Collars, Maturing Next Twelve Months [Member] | Sold [Member] | Call Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.88 | |
Natural Gas [Member] | NYMEX Costless Collars, Maturing Next Twelve Months [Member] | Bought [Member] | Put Option [Member] | ||
Derivative [Line Items] | ||
Average Price, Options/Collars | $ / Mcf | 2.50 | |
Natural Gas [Member] | NYMEX Call Options, Maturing Next Twelve Months [Member] | Sold [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volumes/day | MMcf | 230 | |
Price Risk Derivatives, at Fair Value, Net | $ 7 | |
Term | Dec. 31, 2020 | |
Average Price, Options/Collars | $ / Mcf | 3.25 | |
Natural Gas [Member] | Basis Contracts, Maturing In Two Years [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (13) | |
Term | Dec. 31, 2021 | |
Natural Gas [Member] | Basis Contracts, Maturing After Three Years [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivatives, at Fair Value, Net | $ (27) | |
Minimum [Member] | Natural Gas [Member] | Basis Contracts, Maturing After Three Years [Member] | ||
Derivative [Line Items] | ||
Term | Jan. 1, 2022 | |
Maximum [Member] | Natural Gas [Member] | Basis Contracts, Maturing After Three Years [Member] | ||
Derivative [Line Items] | ||
Term | Dec. 31, 2025 |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Earnings Impact of Realized and Unrealized Gains (Losses) On Risk Management Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | $ 372 | $ (94) | $ 51 |
Unrealized Gain (Loss) on Derivatives | (696) | 468 | 474 |
Realized and Unrealized Gain (Loss) on Risk Management | (324) | 374 | 525 |
Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | 369 | (104) | 40 |
Unrealized Gain (Loss) on Derivatives | (730) | 519 | 442 |
Realized and Unrealized Gain (Loss) on Risk Management | (361) | 415 | 482 |
Transportation and Processing [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | 0 | 0 | (4) |
Realized and Unrealized Gain (Loss) on Risk Management | 0 | 0 | (4) |
Foreign Currency Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized Gain (Loss) on Derivatives | 3 | 10 | 15 |
Unrealized Gain (Loss) on Derivatives | 34 | (51) | 32 |
Realized and Unrealized Gain (Loss) on Risk Management | $ 37 | $ (41) | $ 47 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Reconciliation of Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Fair Value of Contracts, Beginning of Year | $ 654 | ||
Settlement of Other Derivative Contracts | 6 | ||
Amortization of Option Premiums During the Year | (5) | ||
Fair Value of Contracts Realized During the Year | (372) | $ 94 | $ (51) |
Fair Value of Contracts Outstanding | (41) | ||
Unrealized Gain (Loss) on Derivatives | (696) | 468 | 474 |
Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Increase (Decrease) in Derivative Assets and Liabilities | $ (324) | $ 374 | $ 525 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Unrealized Risk Management Positions) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | |||
Risk Management, Current asset | $ 148 | $ 554 | |
Risk Management, Long-term asset | 2 | 161 | |
Risk Management, Total asset | 150 | 715 | |
Risk Management, Current liability | 114 | $ 25 | 25 |
Risk Management, Long-term liability | 68 | 22 | |
Risk Management, Total liability | 182 | 47 | |
Guarantor Obligations, Current Carrying Value | 9 | 14 | |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | (41) | 654 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 2 | 4 | |
Other Liabilities and Provisions [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Guarantor Obligations, Current Carrying Value | $ 7 | $ 10 |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Summary of Unrealized Risk Management Position by Product) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Other Derivative Contracts, Assets | $ 0 | $ 0 |
Foreign Currency Swaps, Assets, at Fair Value | 13 | 0 |
Risk Management and Other Derivative Guarantee Assets, at Fair Value | 150 | 715 |
Other Derivative Contracts, Liabilities | 9 | 14 |
Foreign Currency Swaps, Liabilities, at Fair Value | 0 | 21 |
Risk Management and Other Derivative Guarantee Liabilities, at Fair Value | 191 | 61 |
Other Derivative Contracts, Net | (9) | (14) |
Foreign Currency Swaps, at Fair value, Net | 13 | (21) |
Risk Management and Other Derivative Guarantee, at Fair Value, Net | (41) | 654 |
Crude Oil and NGLs [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Assets, at Fair Value | 4 | 380 |
Price Risk Derivative Liabilities, at Fair Value | 116 | 13 |
Price Risk Derivatives, at Fair Value, Net | (112) | 367 |
Natural Gas [Member] | ||
Derivative [Line Items] | ||
Price Risk Derivative Assets, at Fair Value | 133 | 335 |
Price Risk Derivative Liabilities, at Fair Value | 66 | 13 |
Price Risk Derivatives, at Fair Value, Net | $ 67 | $ 322 |
Supplementary Information (Net
Supplementary Information (Net Change in Non-Cash Working Capital) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable and accrued revenues | $ 109 | $ (150) | $ (21) |
Accounts payable and accrued liabilities | (44) | 141 | (226) |
Current portion of operating lease liabilities | 49 | 0 | 0 |
Income tax receivable and payable | (27) | 254 | (6) |
Net change in non-cash working capital | $ 87 | $ 245 | $ (253) |
Supplementary Information (Non-
Supplementary Information (Non-Cash Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Asset retirement obligation incurred | $ 15 | $ 17 | $ 11 |
Change in Estimated Future Cash Outflows | 47 | (20) | 88 |
Property, plant and equipment accruals | (78) | (16) | 19 |
Capitalized long-term incentives | (27) | (47) | 55 |
Property additions/dispositions | 159 | 210 | 194 |
New ROU operating lease assets and liabilities (See Note 14) | (20) | 0 | 0 |
Common shares issued under dividend reinvestment plan | 0 | 0.6 | 0.6 |
Newfield Exploration Company [Member] | |||
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Common shares issued in conjunction with the Newfield business combination (See Note 8) | $ (3,478) | $ 0 | $ 0 |
Supplemental Information (Suppl
Supplemental Information (Supplementary Cash Flow Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest Paid | $ 415 | $ 367 | $ 370 |
Income Taxes (Recovered), net of Amounts Paid | $ (22) | $ (246) | $ (77) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2019USD ($) |
Long-term Commitment [Line Items] | |
Building Leases, Future Minimum Payments Due, Current Year | $ 14 |
Building Leases, Future Minimum Payments, Due in Two Years | 15 |
Building Leases, Future Minimum Payments, Due in Three Years | 11 |
Building Leases, Future Minimum Payments, Due in Four Years | 7 |
Building Leases, Future Minimum Payments, Due in Five Years | 7 |
Building Leases, Future Minimum Payments, Due Thereafter | 8 |
Building Leases, Future Minimum Payments Due | 62 |
Total Commitment, Due in Next Twelve Months | 838 |
Total Commitment, Due in Second Year | 700 |
Total Commitment, Due in Third Year | 653 |
Total Commitment, Due in Fourth Year | 535 |
Total Commitment, Due in Fifth Year | 426 |
Total Commitment, Due Thereafter | 2,171 |
Total Commitment | 5,323 |
Transportation And Processing Commitments [Member] | |
Long-term Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 734 |
Purchase Obligation, Due in Second Year | 679 |
Purchase Obligation, Due in Third Year | 642 |
Purchase Obligation, Due in Fourth Year | 528 |
Purchase Obligation, Due in Fifth Year | 419 |
Purchase Obligation, Due Thereafter | 2,163 |
Purchase Obligation | 5,165 |
Drilling And Field Services Commitments [Member] | |
Long-term Commitment [Line Items] | |
Purchase Obligation, Due in Next Twelve Months | 90 |
Purchase Obligation, Due in Second Year | 6 |
Purchase Obligation, Due in Third Year | 0 |
Purchase Obligation, Due in Fourth Year | 0 |
Purchase Obligation, Due in Fifth Year | 0 |
Purchase Obligation, Due Thereafter | 0 |
Purchase Obligation | $ 96 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Newfield Exploration Company [Member] | |
Long-term Commitment [Line Items] | |
Legal settlements paid | $ 22.5 |
Supplementary Oil And Gas Inf_3
Supplementary Oil And Gas Information (Twelve Month Average Trailing Prices) (Details) | 12 Months Ended | ||
Dec. 31, 2019$ / bbl$ / bbl$ / MMBTU$ / MMBTU | Dec. 31, 2018$ / bbl$ / bbl$ / MMBTU$ / MMBTU | Dec. 31, 2017$ / bbl$ / bbl$ / MMBTU$ / MMBTU | |
Oil and NGLs [Member] | WTI [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | $ / bbl | 55.93 | 65.56 | 51.34 |
Oil and NGLs [Member] | Edmonton Condensate [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | $ / bbl | 68.80 | 79.59 | 67.65 |
Natural Gas [Member] | Henry Hub [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | $ / MMBTU | 2.58 | 3.10 | 2.98 |
Natural Gas [Member] | AECO [Member] | |||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | |||
Reference Price | $ / MMBTU | 1.76 | 1.49 | 2.32 |
Supplementary Oil And Gas Inf_4
Supplementary Oil And Gas Information (Net Proved Reserves) (Details) | 12 Months Ended | ||
Dec. 31, 2019MMBblsBcf | Dec. 31, 2018MMBblsBcf | Dec. 31, 2017MMBblsBcf | |
Reserve Quantities [Line Items] | |||
Beginning of year | 1,215.7 | 794.9 | 789.7 |
Revisions and improved recovery | (158.7) | 64.1 | (43.6) |
Extensions and discoveries | 605.3 | 476.2 | 303.1 |
Purchase of reserves in place | 796.6 | 35.5 | 1.5 |
Sale of reserves in place | (64.1) | (23.1) | (141.6) |
Production | (206.2) | (131.9) | (114.3) |
End of year | 2,188.8 | 1,215.7 | 794.9 |
Developed | 1,041.1 | 604.7 | 407.8 |
Undeveloped | 1,147.7 | 611 | 387.1 |
Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | 351.8 | 192.5 | 155.6 |
Revisions and improved recovery | (55.6) | 19.7 | (15.8) |
Extensions and discoveries | 230.6 | 162.4 | 85.1 |
Purchase of reserves in place | 262 | 21.3 | 0.8 |
Sale of reserves in place | (5.1) | (11.4) | (5.4) |
Production | (60) | (32.8) | (27.8) |
End of year | 723.7 | 351.8 | 192.5 |
Developed | 292.2 | 150.9 | 104.9 |
Undeveloped | 431.5 | 200.9 | 87.7 |
Natural Gas Liquids [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | 280.8 | 182.5 | 150.4 |
Revisions and improved recovery | (17.1) | (3.2) | (18.1) |
Extensions and discoveries | 158.4 | 127.4 | 72.9 |
Purchase of reserves in place | 217.2 | 7.7 | 0.4 |
Sale of reserves in place | (0.5) | (5.1) | (3.8) |
Production | (50.2) | (28.5) | (19.3) |
End of year | 588.5 | 280.8 | 182.5 |
Developed | 279.8 | 120.2 | 82.1 |
Undeveloped | 308.8 | 160.6 | 100.3 |
Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | Bcf | 3,499 | 2,519 | 2,902 |
Revisions and improved recovery | Bcf | (515) | 285 | (58) |
Extensions and discoveries | Bcf | 1,298 | 1,118 | 871 |
Purchase of reserves in place | Bcf | 1,904 | 39 | 2 |
Sale of reserves in place | Bcf | (351) | (40) | (795) |
Production | Bcf | (576) | (423) | (403) |
End of year | Bcf | 5,259 | 3,499 | 2,519 |
Developed | Bcf | 2,815 | 2,002 | 1,325 |
Undeveloped | Bcf | 2,444 | 1,497 | 1,195 |
United States [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | 351.5 | 192.3 | 155.6 |
Revisions and improved recovery | (56.4) | 19.5 | (16) |
Extensions and discoveries | 230.2 | 162.4 | 84.9 |
Purchase of reserves in place | 262 | 21.3 | 0.8 |
Sale of reserves in place | (5.1) | (11.4) | (5.4) |
Production | (59.8) | (32.7) | (27.7) |
End of year | 722.4 | 351.5 | 192.3 |
Developed | 291 | 150.6 | 104.7 |
Undeveloped | 431.4 | 200.9 | 87.7 |
United States [Member] | Natural Gas Liquids [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | 122.3 | 67.5 | 56.4 |
Revisions and improved recovery | 3.1 | 14.2 | (3.6) |
Extensions and discoveries | 96 | 48.6 | 26.5 |
Purchase of reserves in place | 217.2 | 7.7 | 0.4 |
Sale of reserves in place | (0.5) | (5.1) | (3.6) |
Production | (28.6) | (10.6) | (8.7) |
End of year | 409.4 | 122.3 | 67.5 |
Developed | 211.3 | 59.4 | 41.6 |
Undeveloped | 198.1 | 62.8 | 25.8 |
United States [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | Bcf | 598 | 384 | 1,093 |
Revisions and improved recovery | Bcf | (31) | 37 | (27) |
Extensions and discoveries | Bcf | 521 | 233 | 144 |
Purchase of reserves in place | Bcf | 1,904 | 39 | 2 |
Sale of reserves in place | Bcf | (351) | (40) | (729) |
Production | Bcf | (200) | (55) | (97) |
End of year | Bcf | 2,441 | 598 | 384 |
Developed | Bcf | 1,375 | 295 | 243 |
Undeveloped | Bcf | 1,066 | 302 | 141 |
Canada [Member] | Oil [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | 0.2 | 0.2 | 0 |
Revisions and improved recovery | 0.8 | 0.2 | 0.2 |
Extensions and discoveries | 0.4 | 0 | 0.2 |
Purchase of reserves in place | 0 | 0 | 0 |
Sale of reserves in place | 0 | 0 | 0 |
Production | (0.2) | (0.1) | (0.2) |
End of year | 1.3 | 0.2 | 0.2 |
Developed | 1.2 | 0.2 | 0.2 |
Undeveloped | 0.1 | 0 | 0 |
Canada [Member] | Natural Gas Liquids [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | 158.5 | 115 | 94 |
Revisions and improved recovery | (20.2) | (17.4) | (14.6) |
Extensions and discoveries | 62.4 | 78.9 | 46.4 |
Purchase of reserves in place | 0 | 0 | 0 |
Sale of reserves in place | 0 | 0 | (0.2) |
Production | (21.6) | (18) | (10.6) |
End of year | 179.1 | 158.5 | 115 |
Developed | 68.4 | 60.8 | 40.5 |
Undeveloped | 110.7 | 97.8 | 74.5 |
Canada [Member] | Natural Gas [Member] | |||
Reserve Quantities [Line Items] | |||
Beginning of year | Bcf | 2,901 | 2,135 | 1,810 |
Revisions and improved recovery | Bcf | (484) | 249 | (31) |
Extensions and discoveries | Bcf | 777 | 885 | 727 |
Purchase of reserves in place | Bcf | 0 | 0 | 0 |
Sale of reserves in place | Bcf | 0 | 0 | (65) |
Production | Bcf | (376) | (368) | (306) |
End of year | Bcf | 2,818 | 2,901 | 2,135 |
Developed | Bcf | 1,439 | 1,707 | 1,082 |
Undeveloped | Bcf | 1,378 | 1,195 | 1,053 |
Supplementary Oil And Gas Inf_5
Supplementary Oil And Gas Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)MMBbls | Dec. 31, 2018USD ($)MMBbls | Dec. 31, 2017MMBbls | |
Reserve Quantities [Line Items] | |||
Proved Developed and Undeveloped Reserves, Net, Period Increase (Decrease) | 973.1 | 420.8 | 5.2 |
Proved Developed and Undeveloped Reserves, Production | 206.2 | 131.9 | 114.3 |
Revisions of previous estimates | (158.7) | 64.1 | (43.6) |
Extensions and discoveries | 605.3 | 476.2 | 303.1 |
Purchase of reserves in place | 796.6 | 35.5 | 1.5 |
Sale of reserves in place | 64.1 | 23.1 | 141.6 |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ | $ 3,714 | $ 3,730 | |
Permian, Anadarko, Bakken and Uinta Assets [Member] | |||
Reserve Quantities [Line Items] | |||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ | $ 3,500 | ||
Permian, Anadarko, Bakken and Uinta Assets [Member] | Minimum [Member] | |||
Reserve Quantities [Line Items] | |||
Anticipated Timing of Inclusion of Costs In Amortization base, In Years | 3 years | ||
Permian, Anadarko, Bakken and Uinta Assets [Member] | Maximum [Member] | |||
Reserve Quantities [Line Items] | |||
Anticipated Timing of Inclusion of Costs In Amortization base, In Years | 8 years | ||
Performance Revisions [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions of previous estimates | 57.3 | ||
Proved Developed [Member] | |||
Reserve Quantities [Line Items] | |||
Sale of reserves in place | 64.1 | 23.1 | 141.6 |
Change Due to Change in Approved Development Plan [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions of previous estimates | (97.5) | (79) | (83.3) |
Change Due To Changes In Prices [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions of previous estimates | 32.6 | ||
Change Due To Changes In Prices [Member] | Oil and NGLs [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions of previous estimates | (118.4) | 9.4 | |
Forecast Changes [Member] | |||
Reserve Quantities [Line Items] | |||
Revisions of previous estimates | 133.7 |
Supplementary Oil And Gas Inf_6
Supplementary Oil And Gas Information (Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves-Before Discounting) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future Cash Inflows | $ 56,480 | $ 38,768 | $ 19,309 | |
Production costs | 17,855 | 11,630 | 7,177 | |
Development costs | 13,819 | 7,392 | 5,100 | |
Income taxes | 2,262 | 2,259 | 76 | |
Future Net Cash Flows | 22,544 | 17,487 | 6,956 | |
Less 10% annual discount for estimated timing of cash flows | 10,928 | 7,883 | 2,643 | |
Discounted Future Net Cash Flows | 11,616 | 9,604 | 4,313 | $ 1,675 |
United States [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future Cash Inflows | 46,076 | 26,305 | 11,459 | |
Production costs | 13,064 | 6,399 | 3,661 | |
Development costs | 10,795 | 4,751 | 3,042 | |
Income taxes | 2,262 | 1,673 | 0 | |
Future Net Cash Flows | 19,955 | 13,482 | 4,756 | |
Less 10% annual discount for estimated timing of cash flows | 9,914 | 6,532 | 2,025 | |
Discounted Future Net Cash Flows | 10,041 | 6,950 | 2,731 | 1,236 |
Canada [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Future Cash Inflows | 10,404 | 12,463 | 7,850 | |
Production costs | 4,791 | 5,231 | 3,516 | |
Development costs | 3,024 | 2,641 | 2,058 | |
Income taxes | 0 | 586 | 76 | |
Future Net Cash Flows | 2,589 | 4,005 | 2,200 | |
Less 10% annual discount for estimated timing of cash flows | 1,014 | 1,351 | 618 | |
Discounted Future Net Cash Flows | $ 1,575 | $ 2,654 | $ 1,582 | $ 439 |
Supplementary Oil And Gas Inf_7
Supplementary Oil And Gas Information (Changes In Standardized Measure Of Discounted Future Net Cash Flows Relating To Proved Oil And Gas Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Balance, Beginning of Year | $ 9,604 | $ 4,313 | $ 1,675 |
Sales of oil and gas produced during the year | (3,916) | (2,612) | (1,762) |
Discoveries and extensions, net of related costs | 3,437 | 4,430 | 1,723 |
Purchases of proved reserves in place | 5,581 | 468 | 13 |
Sales and transfers of proved reserves in place | (931) | (202) | (425) |
Net change in prices and production costs | (3,479) | 2,049 | 3,076 |
Revisions to quantity estimates | (1,400) | 647 | (225) |
Accretion of discount | 1,046 | 437 | 168 |
Development costs incurred during the year | 2,660 | 1,980 | 1,820 |
Changes in estimated future development costs | (1,249) | (1,127) | (1,712) |
Other | 1 | 31 | 15 |
Net change in income taxes | 262 | (810) | (53) |
Balance, End of Year | 11,616 | 9,604 | 4,313 |
United States [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Balance, Beginning of Year | 6,950 | 2,731 | 1,236 |
Sales of oil and gas produced during the year | (3,051) | (1,753) | (1,291) |
Discoveries and extensions, net of related costs | 2,893 | 3,300 | 1,141 |
Purchases of proved reserves in place | 5,581 | 468 | 13 |
Sales and transfers of proved reserves in place | (931) | (202) | (413) |
Net change in prices and production costs | (2,471) | 1,642 | 2,183 |
Revisions to quantity estimates | (850) | 526 | (203) |
Accretion of discount | 749 | 273 | 124 |
Development costs incurred during the year | 2,115 | 1,315 | 1,366 |
Changes in estimated future development costs | (885) | (824) | (1,433) |
Other | 0 | 16 | 8 |
Net change in income taxes | (59) | (542) | 0 |
Balance, End of Year | 10,041 | 6,950 | 2,731 |
Canada [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Balance, Beginning of Year | 2,654 | 1,582 | 439 |
Sales of oil and gas produced during the year | (865) | (859) | (471) |
Discoveries and extensions, net of related costs | 544 | 1,130 | 582 |
Purchases of proved reserves in place | 0 | 0 | 0 |
Sales and transfers of proved reserves in place | 0 | 0 | (12) |
Net change in prices and production costs | (1,008) | 407 | 893 |
Revisions to quantity estimates | (550) | 121 | (22) |
Accretion of discount | 297 | 164 | 44 |
Development costs incurred during the year | 545 | 665 | 454 |
Changes in estimated future development costs | (364) | (303) | (279) |
Other | 1 | 15 | 7 |
Net change in income taxes | 321 | (268) | (53) |
Balance, End of Year | $ 1,575 | $ 2,654 | $ 1,582 |
Supplementary Oil And Gas Inf_8
Supplementary Oil And Gas Information (Results Of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||
Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing | $ 4,898 | $ 3,182 | $ 2,327 | |
Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation | 998 | 602 | 602 | |
Depreciation, depletion and amortization | 1,976 | 1,221 | 766 | |
Operating Income (Loss) | 1,924 | 1,359 | 959 | |
Income Taxes | 467 | 319 | 219 | |
Results of Operations | 1,457 | 1,040 | 740 | |
United States [Member] | ||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||
Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing | 3,855 | 2,189 | 1,714 | |
Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation | 819 | 445 | 438 | |
Depreciation, depletion and amortization | 1,593 | 860 | 530 | |
Operating Income (Loss) | 1,443 | 884 | 746 | |
Income Taxes | 352 | 191 | 161 | |
Results of Operations | 1,091 | 693 | 585 | |
Canada [Member] | ||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||
Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing | 1,006 | 993 | 613 | |
Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation | 162 | 157 | 164 | |
Depreciation, depletion and amortization | 383 | 361 | 236 | |
Operating Income (Loss) | 461 | 475 | 213 | |
Income Taxes | 111 | 128 | 58 | |
Results of Operations | 350 | 347 | 155 | |
China [Member] | ||||
Results of Operations for Oil and Gas Producing Activities, by Geographic Area [Line Items] | ||||
Oil, NGL and Natural Gas Revenues, Net of Transportation and Processing | [1] | 37 | 0 | 0 |
Operating costs, production, mineral and other taxes, and accretion of asset retirement obligation | [1] | 17 | 0 | 0 |
Depreciation, depletion and amortization | [1] | 0 | 0 | 0 |
Operating Income (Loss) | [1] | 20 | 0 | 0 |
Income Taxes | [1] | 4 | 0 | 0 |
Results of Operations | [1] | $ 16 | $ 0 | $ 0 |
[1] | The Company terminated its production sharing contract with CNOOC and exited its China Operations effective July 31, 2019. |
Supplementary Oil And Gas Inf_9
Supplementary Oil And Gas Information (Capitalized Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved Oil and Gas Properties | $ 51,210 | $ 41,241 | $ 40,228 |
Unproved Oil and Gas Properties | 3,714 | 3,730 | 4,480 |
Total Capital Cost | 54,924 | 44,971 | 44,708 |
Accumulated DD&A | 39,999 | 37,416 | 37,350 |
Net Capitalized Costs | 14,925 | 7,555 | 7,358 |
United States [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved Oil and Gas Properties | 35,870 | 27,189 | 25,610 |
Unproved Oil and Gas Properties | 3,491 | 3,493 | 4,169 |
Total Capital Cost | 39,361 | 30,682 | 29,779 |
Accumulated DD&A | 25,623 | 24,099 | 23,240 |
Net Capitalized Costs | 13,738 | 6,583 | 6,539 |
Canada [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved Oil and Gas Properties | 15,284 | 13,996 | 14,555 |
Unproved Oil and Gas Properties | 223 | 237 | 311 |
Total Capital Cost | 15,507 | 14,233 | 14,866 |
Accumulated DD&A | 14,320 | 13,261 | 14,047 |
Net Capitalized Costs | 1,187 | 972 | 819 |
Other Countries [Member] | |||
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items] | |||
Proved Oil and Gas Properties | 56 | 56 | 63 |
Unproved Oil and Gas Properties | 0 | 0 | 0 |
Total Capital Cost | 56 | 56 | 63 |
Accumulated DD&A | 56 | 56 | 63 |
Net Capitalized Costs | $ 0 | $ 0 | $ 0 |
Supplementary Oil And Gas In_10
Supplementary Oil And Gas Information (Costs Incurred) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Costs Incurred (Line Items) | |||
Unproved oil and gas properties | $ 5 | $ 17 | $ 52 |
Proved | 60 | 0 | 2 |
Total Acquisition Costs | 65 | 17 | 54 |
Exploration Costs | 5 | 3 | 5 |
Development Costs | 2,609 | 1,961 | 1,779 |
Total Costs Incurred | 2,679 | 1,981 | 1,838 |
United States [Member] | |||
Costs Incurred (Line Items) | |||
Unproved oil and gas properties | 5 | 0 | 21 |
Proved | 60 | 0 | 2 |
Total Acquisition Costs | 65 | 0 | 23 |
Exploration Costs | 5 | 2 | 4 |
Development Costs | 2,129 | 1,330 | 1,354 |
Total Costs Incurred | 2,199 | 1,332 | 1,381 |
Canada [Member] | |||
Costs Incurred (Line Items) | |||
Unproved oil and gas properties | 0 | 17 | 31 |
Proved | 0 | 0 | 0 |
Total Acquisition Costs | 0 | 17 | 31 |
Exploration Costs | 0 | 1 | 1 |
Development Costs | 480 | 631 | 425 |
Total Costs Incurred | $ 480 | $ 649 | $ 457 |
Supplementary Oil And Gas In_11
Supplementary Oil And Gas Information (Costs Not Subject to Depletion Or Amortization) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ 3,714 | $ 3,730 |
United States [Member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | 3,491 | 3,493 |
Canada [Member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative | $ 223 | $ 237 |
Supplementary Oil And Gas In_12
Supplementary Oil And Gas Information (Costs Related To Unproved Properties) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | $ 3,573 | |
Exploration Costs, Cumulative | 141 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 3,714 | $ 3,730 |
CurrentYear [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 948 | |
Exploration Costs, Cumulative | 3 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 951 | |
PriorYear [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 223 | |
Exploration Costs, Cumulative | 18 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 241 | |
Second Prior Year [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 240 | |
Exploration Costs, Cumulative | 2 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | 242 | |
Third Prior Year and Previous [member] | ||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||
Acquisition Costs, Cumulative | 2,162 | |
Exploration Costs, Cumulative | 118 | |
Capitalized Costs of Unproved Properties Excluded from Amortization, Cumulative, Total | $ 2,280 |
Supplemental Quarterly Financ_3
Supplemental Quarterly Financial Information (Supplementary Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||||||
Revenues | $ 1,565 | $ 1,871 | $ 2,055 | $ 1,235 | $ 2,381 | $ 1,262 | $ 983 | $ 1,313 | $ 6,726 | $ 5,939 | $ 4,443 | |||||||||||
Operating Income (Loss) | (28) | 315 | 538 | (227) | 1,354 | 119 | (116) | 337 | 598 | 1,694 | 1,068 | |||||||||||
Net Earnings (Loss) Before Income Tax | (68) | 192 | 497 | (306) | 1,179 | 45 | (221) | 160 | 315 | 1,163 | 1,430 | |||||||||||
Income Tax Expense (Recovery) | (62) | 43 | 161 | (61) | 149 | 6 | (70) | 9 | 81 | 94 | 603 | |||||||||||
Net Earnings (Loss) | $ (6) | $ 149 | $ 336 | $ (245) | $ 1,030 | $ 39 | $ (151) | $ 151 | $ 234 | $ 1,069 | $ 827 | |||||||||||
Net Earnings (Loss) per Common Share Basic & Diluted | $ (0.02) | [1] | $ 0.56 | [1] | $ 1.22 | [1] | $ (1) | [1] | $ 5.41 | [1] | $ 0.20 | [1] | $ (0.79) | [1] | $ 0.78 | [1] | $ 0.90 | [2] | $ 5.57 | [2] | $ 4.25 | [2] |
[1] | Net earnings (loss) per common share reflects the Share Consolidation as described in Note 1. | |||||||||||||||||||||
[2] | Net earnings (loss) per common share and weighted average common shares outstanding reflect the Share Consolidation as described in NoteĀ 1. Accordingly, the comparative periods have been restated. |