Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Trading Symbol | 'IMO |
Entity Registrant Name | 'IMPERIAL OIL LTD |
Entity Central Index Key | '0000049938 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 847,599,011 |
Consolidated_Statement_Of_Inco
Consolidated Statement Of Income (U.S. GAAP) (CAD) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ||||
Operating revenues | 8,577 | [1],[2],[3] | 8,319 | [1],[2],[3] | 24,470 | [1],[2],[4] | 23,265 | [1],[2],[4] |
Investment and other income (note 3) | 17 | 17 | 96 | 119 | ||||
TOTAL REVENUES AND OTHER INCOME | 8,594 | 8,336 | 24,566 | 23,384 | ||||
EXPENSES | ' | ' | ' | ' | ||||
Exploration | 30 | 21 | 74 | 67 | ||||
Purchases of crude oil and products | 5,484 | [5] | 5,026 | [5] | 15,460 | [5] | 14,057 | [5] |
Production and manufacturing | 1,325 | [6] | 1,074 | [6] | 3,974 | [6],[7] | 3,298 | [6],[7] |
Selling and general | 291 | 291 | 797 | 822 | ||||
Federal excise tax | 385 | [1] | 355 | [1] | 1,041 | [1] | 1,011 | [1] |
Depreciation and depletion | 223 | 183 | 860 | [7] | 551 | [7] | ||
Financing costs (note 5) | -1 | -1 | 1 | -1 | ||||
TOTAL EXPENSES | 7,737 | 6,949 | 22,207 | 19,805 | ||||
INCOME BEFORE INCOME TAXES | 857 | 1,387 | 2,359 | 3,579 | ||||
INCOME TAXES | 210 | 347 | 587 | 889 | ||||
NET INCOME | 647 | 1,040 | 1,772 | 2,690 | ||||
PER SHARE INFORMATION (Canadian dollars) | ' | ' | ' | ' | ||||
Net income per common share - basic (note 8) | 0.76 | 1.22 | 2.09 | 3.17 | ||||
Net income per common share - diluted (note 8) | 0.76 | 1.22 | 2.08 | 3.16 | ||||
Dividends per common share | 0.12 | 0.12 | 0.36 | 0.36 | ||||
[1] | Federal excise tax included in operating revenues 385 355 1,041 1,011 | |||||||
[2] | Amounts from related parties included in operating revenues 711 613 1,936 2,258 | |||||||
[3] | Includes export sales to the United States of $1,380 million (2012 - $1,177 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||
[4] | Includes export sales to the United States of $4,071 million (2012 - $3,215 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||
[5] | Amounts to related parties included in purchases of crude oil and products 1,018 914 3,544 2,469 | |||||||
[6] | Amounts to related parties included in production and manufacturing expenses 85 57 255 162 | |||||||
[7] | A second quarter 2013 charge in the Downstream segment of $355 million ($264 million, after-tax) associated with the company's decision to convert the Dartmouth refinery to a terminal included the write-down of refinery plant and equipment not included in the terminal conversion of $245 million, reported as part of depreciation and depletion expenses, and decommissioning, environmental and employee-related costs of $110 million, reported as part of production and manufacturing expenses. Amounts incurred at the end of the third quarter 2013 associated with decommissioning, environmental and employee-related costs were de minimis. |
Consolidated_Statement_Of_Inco1
Consolidated Statement Of Income (U.S. GAAP) (Parenthetical) (CAD) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Federal excise tax included in operating revenues | 385 | [1] | 355 | [1] | 1,041 | [1] | 1,011 | [1] |
Amounts from related parties included in operating revenues | 711 | 613 | 1,936 | 2,258 | ||||
Amounts to related parties included in purchases of crude oil and products | 1,018 | 914 | 3,544 | 2,469 | ||||
Amounts to related parties included in production and manufacturing expenses | 85 | 57 | 255 | 162 | ||||
[1] | Federal excise tax included in operating revenues 385 355 1,041 1,011 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (U.S. GAAP) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | 647 | 1,040 | 1,772 | 2,690 |
Other comprehensive income, net of income taxes | ' | ' | ' | ' |
Post-retirement benefit liability adjustment (excluding amortization) | ' | ' | -102 | -117 |
Amortization of post-retirement benefit liability adjustment included in net periodic benefit costs | 52 | 50 | 154 | 149 |
Total other comprehensive income/(loss) | 52 | 50 | 52 | 32 |
Comprehensive income | 699 | 1,090 | 1,824 | 2,722 |
Consolidated_Balance_Sheet_US_
Consolidated Balance Sheet (U.S. GAAP) (CAD) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ||
Cash | 76 | 482 | ||
Accounts receivable, less estimated doubtful accounts | 2,176 | 1,976 | ||
Inventories of crude oil and products | 1,176 | 827 | ||
Materials, supplies and prepaid expenses | 387 | 280 | ||
Deferred income tax assets | 625 | 527 | ||
Total current assets | 4,440 | 4,092 | ||
Long-term receivables, investments and other long-term assets | 1,325 | 1,090 | ||
Property, plant and equipment, | 45,647 | 38,765 | ||
less accumulated depreciation and depletion | -15,611 | -14,843 | ||
Property, plant and equipment, net | 30,036 | 23,922 | ||
Goodwill | 224 | 204 | ||
Other intangible assets, net | 56 | 56 | ||
TOTAL ASSETS | 36,081 | 29,364 | ||
Current liabilities | ' | ' | ||
Notes and loans payable | 1,831 | 472 | ||
Accounts payable and accrued liabilities (note 7) | 4,593 | [1] | 4,249 | [1] |
Income taxes payable | 577 | 1,184 | ||
Total current liabilities | 7,001 | 5,905 | ||
Long-term debt (note 6) | 4,383 | [2] | 1,175 | [2] |
Other long-term obligations (note 7) | 4,095 | 3,983 | ||
Deferred income tax liabilities | 2,706 | 1,924 | ||
TOTAL LIABILITIES | 18,185 | 12,987 | ||
SHAREHOLDERS' EQUITY | ' | ' | ||
Common shares at stated value | 1,566 | [3] | 1,566 | [3] |
Earnings reinvested | 18,733 | 17,266 | ||
Accumulated other comprehensive income (note 9) | -2,403 | -2,455 | ||
TOTAL SHAREHOLDERS' EQUITY | 17,896 | 16,377 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 36,081 | 29,364 | ||
[1] | Accounts payable and accrued liabilities included amounts receivable from related parties of $38 million (2012 - amounts receivable of $9 million). | |||
[2] | Long-term debt included amounts to related parties of $4,253 million (2012 - $1,040 million). | |||
[3] | Number of common shares authorized and outstanding were 1,100 million and 848 million, respectively (2012 - 1,100 million and 848 million, respectively). |
Consolidated_Balance_Sheet_US_1
Consolidated Balance Sheet (U.S. GAAP) (Parenthetical) (CAD) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Amounts receivable from related parties | 38 | 9 |
Due to related parties, noncurrent | 4,253 | 1,040 |
Common shares authorized | 1,100 | 1,100 |
Common shares outstanding | 848 | 848 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (U.S. GAAP) (CAD) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
OPERATING ACTIVITIES | ' | ' | ' | ' | ||||
Net income | 647 | 1,040 | 1,772 | 2,690 | ||||
Adjustment for non-cash items: | ' | ' | ' | ' | ||||
Depreciation and depletion | 223 | 183 | 860 | [1] | 551 | [1] | ||
(Gain)/loss on asset sales (note 3) | -5 | -2 | -60 | -86 | ||||
Deferred income taxes and other | 106 | 72 | 276 | 289 | ||||
Changes in operating assets and liabilities: | ' | ' | ' | ' | ||||
Accounts receivable | 51 | -220 | -166 | -81 | ||||
Inventories, materials, supplies and prepaid expenses | 46 | -293 | -451 | -487 | ||||
Income taxes payable | -485 | -231 | -607 | -143 | ||||
Accounts payable and accrued liabilities | -226 | 229 | 282 | 455 | ||||
All other items - net | -59 | [2] | -109 | [2] | -273 | [2] | -155 | [2] |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | 298 | 669 | 1,633 | 3,033 | ||||
INVESTING ACTIVITIES | ' | ' | ' | ' | ||||
Additions to property, plant and equipment and intangibles | -1,810 | -1,388 | -4,771 | -3,823 | ||||
Acquisition (note 10) | ' | ' | -1,602 | ' | ||||
Proceeds from asset sales | 6 | 70 | 68 | 209 | ||||
Repayment of loan from equity company | ' | ' | 4 | 8 | ||||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | -1,804 | -1,318 | -6,301 | -3,606 | ||||
FINANCING ACTIVITIES | ' | ' | ' | ' | ||||
Short-term debt - net | 325 | 75 | 1,359 | 75 | ||||
Long-term debt issued | 819 | 150 | 3,213 | 150 | ||||
Reduction in capitalized lease obligations | -2 | -1 | -5 | -3 | ||||
Issuance of common shares under stock option plan | ' | ' | ' | 43 | ||||
Common shares purchased | ' | ' | ' | -128 | ||||
Dividends paid | -102 | -102 | -305 | -297 | ||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 1,040 | 122 | 4,262 | -160 | ||||
INCREASE (DECREASE) IN CASH | -466 | -527 | -406 | -733 | ||||
CASH AT BEGINNING OF PERIOD | 542 | 996 | 482 | 1,202 | ||||
CASH AT END OF PERIOD | 76 | 469 | 76 | 469 | ||||
[1] | A second quarter 2013 charge in the Downstream segment of $355 million ($264 million, after-tax) associated with the company's decision to convert the Dartmouth refinery to a terminal included the write-down of refinery plant and equipment not included in the terminal conversion of $245 million, reported as part of depreciation and depletion expenses, and decommissioning, environmental and employee-related costs of $110 million, reported as part of production and manufacturing expenses. Amounts incurred at the end of the third quarter 2013 associated with decommissioning, environmental and employee-related costs were de minimis. | |||||||
[2] | Included contribution to registered pension plans (163 ) (171 ) (461 ) (415 ) |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (U.S. GAAP) (Parenthetical) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Included contribution to registered pension plans | -163 | -171 | -461 | -415 |
Basis_of_financial_statement_p
Basis of financial statement preparation | 9 Months Ended | |
Sep. 30, 2013 | ||
Basis of financial statement preparation | ' | |
1 | Basis of financial statement preparation | |
These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission in the company’s 2012 Annual Report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. The company’s exploration and production activities are accounted for under the “successful efforts” method. | ||
The results for the nine months ended September 30, 2013, are not necessarily indicative of the operations to be expected for the full year. | ||
All amounts are in Canadian dollars unless otherwise indicated. |
Business_Segments
Business Segments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||||||
2 | Business Segments | ||||||||||||||||||||||||||||
Third Quarter | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 1,786 | 1,056 | 6,469 | 6,963 | 322 | 300 | |||||||||||||||||||||||
Intersegment sales | 1,397 | 1,012 | 415 | 559 | 96 | 68 | |||||||||||||||||||||||
Investment and other income | 8 | 1 | 9 | 13 | - | 1 | |||||||||||||||||||||||
3,191 | 2,069 | 6,893 | 7,535 | 418 | 369 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 30 | 21 | - | - | - | - | |||||||||||||||||||||||
Purchases of crude oil and products | 1,307 | 593 | 5,789 | 5,818 | 295 | 254 | |||||||||||||||||||||||
Production and manufacturing | 880 | 671 | 396 | 357 | 50 | 46 | |||||||||||||||||||||||
Selling and general | 1 | - | 217 | 233 | 17 | 19 | |||||||||||||||||||||||
Federal excise tax | - | - | 385 | 355 | - | - | |||||||||||||||||||||||
Depreciation and depletion | 168 | 123 | 50 | 56 | 3 | 2 | |||||||||||||||||||||||
Financing costs | - | (1 | ) | (1 | ) | - | - | - | |||||||||||||||||||||
TOTAL EXPENSES | 2,386 | 1,407 | 6,836 | 6,819 | 365 | 321 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 805 | 662 | 57 | 716 | 53 | 48 | |||||||||||||||||||||||
INCOME TAXES | 201 | 164 | 11 | 180 | 14 | 11 | |||||||||||||||||||||||
NET INCOME | 604 | 498 | 46 | 536 | 39 | 37 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 601 | 210 | (315 | ) | 458 | 7 | 44 | ||||||||||||||||||||||
CAPEX (b) | 1,765 | 1,376 | 51 | 27 | 3 | 1 | |||||||||||||||||||||||
Third Quarter | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | - | - | - | - | 8,577 | 8,319 | |||||||||||||||||||||||
Intersegment sales | - | - | (1,908 | ) | (1,639 | ) | - | - | |||||||||||||||||||||
Investment and other income | - | 2 | - | - | 17 | 17 | |||||||||||||||||||||||
- | 2 | (1,908 | ) | (1,639 | ) | 8,594 | 8,336 | ||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | - | - | - | - | 30 | 21 | |||||||||||||||||||||||
Purchases of crude oil and products | - | - | (1,907 | ) | (1,639 | ) | 5,484 | 5,026 | |||||||||||||||||||||
Production and manufacturing | - | - | (1 | ) | - | 1,325 | 1,074 | ||||||||||||||||||||||
Selling and general | 56 | 39 | - | - | 291 | 291 | |||||||||||||||||||||||
Federal excise tax | - | - | - | - | 385 | 355 | |||||||||||||||||||||||
Depreciation and depletion | 2 | 2 | - | - | 223 | 183 | |||||||||||||||||||||||
Financing costs | - | - | - | - | (1 | ) | (1 | ) | |||||||||||||||||||||
TOTAL EXPENSES | 58 | 41 | (1,908 | ) | (1,639 | ) | 7,737 | 6,949 | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES | (58 | ) | (39 | ) | - | - | 857 | 1,387 | |||||||||||||||||||||
INCOME TAXES | (16 | ) | (8 | ) | - | - | 210 | 347 | |||||||||||||||||||||
NET INCOME | (42 | ) | (31 | ) | - | - | 647 | 1,040 | |||||||||||||||||||||
Cash flows from (used in) operating activities | 5 | (43 | ) | - | - | 298 | 669 | ||||||||||||||||||||||
CAPEX (b) | 21 | 5 | - | - | 1,840 | 1,409 | |||||||||||||||||||||||
(a) | Includes export sales to the United States of $1,380 million (2012 - $1,177 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||||||||||||||||||||||
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant, equipment and intangibles, additions to capital leases and acquisition. | ||||||||||||||||||||||||||||
Nine Months to September 30 | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 4,392 | 3,524 | 19,120 | 18,750 | 958 | 991 | |||||||||||||||||||||||
Intersegment sales | 3,344 | 3,054 | 1,603 | 1,947 | 240 | 219 | |||||||||||||||||||||||
Investment and other income | 55 | 42 | 39 | 68 | - | 1 | |||||||||||||||||||||||
7,791 | 6,620 | 20,762 | 20,765 | 1,198 | 1,211 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 74 | 67 | - | - | - | - | |||||||||||||||||||||||
Purchases of crude oil and products | 3,030 | 2,354 | 16,788 | 16,073 | 826 | 850 | |||||||||||||||||||||||
Production and manufacturing (c) | 2,508 | 1,963 | 1,312 | 1,197 | 157 | 138 | |||||||||||||||||||||||
Selling and general | 4 | 2 | 651 | 696 | 49 | 52 | |||||||||||||||||||||||
Federal excise tax | - | - | 1,041 | 1,011 | - | - | |||||||||||||||||||||||
Depreciation and depletion (c) | 443 | 371 | 401 | 164 | 9 | 9 | |||||||||||||||||||||||
Financing costs | - | -1 | 1 | - | - | - | |||||||||||||||||||||||
TOTAL EXPENSES | 6,059 | 4,756 | 20,194 | 19,141 | 1,041 | 1,049 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,732 | 1,864 | 568 | 1,624 | 157 | 162 | |||||||||||||||||||||||
INCOME TAXES | 431 | 464 | 141 | 401 | 41 | 41 | |||||||||||||||||||||||
NET INCOME | 1,301 | 1,400 | 427 | 1,223 | 116 | 121 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 1,065 | 1,696 | 420 | 1,236 | 122 | 90 | |||||||||||||||||||||||
CAPEX (b) | 6,272 | 3,793 | 128 | 80 | 6 | 3 | |||||||||||||||||||||||
Total assets as at September 30 | 29,693 | 20,727 | 6,159 | 7,089 | 374 | 365 | |||||||||||||||||||||||
Nine Months to September 30 | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | - | - | - | - | 24,470 | 23,265 | |||||||||||||||||||||||
Intersegment sales | - | - | -5,187 | -5,220 | - | - | |||||||||||||||||||||||
Investment and other income | 2 | 8 | - | - | 96 | 119 | |||||||||||||||||||||||
2 | 8 | -5,187 | -5,220 | 24,566 | 23,384 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | - | - | - | - | 74 | 67 | |||||||||||||||||||||||
Purchases of crude oil and products | - | - | -5,184 | -5,220 | 15,460 | 14,057 | |||||||||||||||||||||||
Production and manufacturing (c) | - | - | -3 | - | 3,974 | 3,298 | |||||||||||||||||||||||
Selling and general | 93 | 72 | - | - | 797 | 822 | |||||||||||||||||||||||
Federal excise tax | - | - | - | - | 1,041 | 1,011 | |||||||||||||||||||||||
Depreciation and depletion (c) | 7 | 7 | - | - | 860 | 551 | |||||||||||||||||||||||
Financing costs | - | - | - | - | 1 | -1 | |||||||||||||||||||||||
TOTAL EXPENSES | 100 | 79 | -5,187 | -5,220 | 22,207 | 19,805 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | -98 | -71 | - | - | 2,359 | 3,579 | |||||||||||||||||||||||
INCOME TAXES | -26 | -17 | - | - | 587 | 889 | |||||||||||||||||||||||
NET INCOME | -72 | -54 | - | - | 1,772 | 2,690 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 26 | 11 | - | - | 1,633 | 3,033 | |||||||||||||||||||||||
CAPEX (b) | 47 | 14 | - | - | 6,453 | 3,890 | |||||||||||||||||||||||
Total assets as at September 30 | 364 | 713 | -509 | -423 | 36,081 | 28,471 | |||||||||||||||||||||||
(a) | Includes export sales to the United States of $4,071 million (2012 - $3,215 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||||||||||||||||||||||
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant, equipment and intangibles, additions to capital leases and acquisition. | ||||||||||||||||||||||||||||
(c) | A second quarter 2013 charge in the Downstream segment of $355 million ($264 million, after-tax) associated with the company’s decision to convert the Dartmouth refinery to a terminal included the write-down of refinery plant and equipment not included in the terminal conversion of $245 million, reported as part of depreciation and depletion expenses, and decommissioning, environmental and employee-related costs of $110 million, reported as part of production and manufacturing expenses. Amounts incurred at the end of the third quarter 2013 associated with decommissioning, environmental and employee-related costs were de minimis. |
Investment_and_other_income
Investment and other income | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investment and other income | ' | ||||||||||||||||||
3 | Investment and other income | ||||||||||||||||||
Investment and other income included gains and losses on asset sales as follows: | |||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Proceeds from asset sales | 6 | 70 | 68 | 209 | |||||||||||||||
Book value of assets sold | 1 | 68 | 8 | 123 | |||||||||||||||
Gain/(loss) on asset sales, before tax | 5 | 2 | 60 | 86 | |||||||||||||||
Gain/(loss) on asset sales, after tax | 5 | 1 | 46 | 67 |
Employee_retirement_benefits
Employee retirement benefits | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Employee retirement benefits | ' | ||||||||||||||||||
4 | Employee retirement benefits | ||||||||||||||||||
The components of net benefit cost were as follows: | |||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Pension benefits: | |||||||||||||||||||
Current service cost | 46 | 40 | 136 | 120 | |||||||||||||||
Interest cost | 71 | 72 | 211 | 216 | |||||||||||||||
Expected return on plan assets | (85 | ) | (72 | ) | (248 | ) | (216 | ) | |||||||||||
Amortization of prior service cost | 6 | 6 | 17 | 17 | |||||||||||||||
Amortization of actuarial loss | 61 | 59 | 182 | 177 | |||||||||||||||
Net benefit cost | 99 | 105 | 298 | 314 | |||||||||||||||
Other post-retirement benefits: | |||||||||||||||||||
Current service cost | 3 | 2 | 8 | 6 | |||||||||||||||
Interest cost | 5 | 5 | 16 | 16 | |||||||||||||||
Amortization of actuarial loss | 3 | 2 | 8 | 6 | |||||||||||||||
Net benefit cost | 11 | 9 | 32 | 28 |
Financing_costs
Financing costs | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Financing costs | ' | ||||||||||||||||||
5 | Financing costs | ||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Debt related interest | 21 | 5 | 47 | 14 | |||||||||||||||
Capitalized interest | (21) | (5 | ) | (47) | (14 | ) | |||||||||||||
Net interest expense | - | - | - | - | |||||||||||||||
Other interest | (1) | (1 | ) | 1 | (1 | ) | |||||||||||||
Total financing costs | (1) | (1 | ) | 1 | (1 | ) |
Longterm_debt
Long-term debt | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Long-term debt | ' | ||||||||||
6 | Long-term debt | ||||||||||
As at | As at | ||||||||||
Sept. 30 | Dec 31 | ||||||||||
millions of dollars | 2013 | 2012 | |||||||||
Long-term debt | 4,253 | 1,040 | |||||||||
Capital leases | 130 | 135 | |||||||||
Total long-term debt | 4,383 | 1,175 | |||||||||
In the third quarter of 2013, the company increased its long-term debt by $819 million by drawing on its existing facility with an affiliated company of Exxon Mobil Corporation and increased short-term debt by $325 million by issuing additional commercial paper. | |||||||||||
Subsequent to the third quarter of 2013, the company increased its total debt outstanding by $123 million by drawing on existing facilities. The increased debt was used to finance normal operations and major projects. | |||||||||||
In the first quarter of 2013, the company increased the amount of its existing stand-by long term bank credit facility from $300 million to $500 million. In the third quarter of 2013, the company extended the maturity date of this facility to August 2015. The company has not drawn on the facility. | |||||||||||
In the first quarter of 2013, to further support the commercial paper program, the company entered into an unsecured committed bank credit facility in the amount of $250 million that matures in March 2014. In the second quarter, the amount of this facility increased to $500 million. The company has not drawn on the facility. |
Other_longterm_obligations
Other long-term obligations | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Other long-term obligations | ' | ||||||||||
7 | Other long-term obligations | ||||||||||
As at | As at | ||||||||||
Sept. 30 | Dec 31 | ||||||||||
millions of dollars | 2013 | 2012 | |||||||||
Employee retirement benefits (a) | 2,424 | 2,717 | |||||||||
Asset retirement obligations and other environmental liabilities (b) | 1,231 | 957 | |||||||||
Share-based incentive compensation liabilities | 186 | 117 | |||||||||
Other obligations | 254 | 192 | |||||||||
Total other long-term obligations | 4,095 | 3,983 | |||||||||
(a) | Total recorded employee retirement benefits obligations also included $52 million in current liabilities (2012 - $52 million). | ||||||||||
(b) | Total asset retirement obligations and other environmental liabilities also included $168 million in current liabilities (2012 - $168 million). |
Net_income_per_share
Net income per share | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Net income per share | ' | ||||||||||||||||||
8 | Net income per share | ||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net income per common share - basic | |||||||||||||||||||
Net income (millions of dollars) | 647 | 1,040 | 1,772 | 2,690 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.8 | |||||||||||||||
Net income per common share (dollars) | 0.76 | 1.22 | 2.09 | 3.17 | |||||||||||||||
Net income per common share - diluted | |||||||||||||||||||
Net income (millions of dollars) | 647 | 1,040 | 1,772 | 2,690 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.8 | |||||||||||||||
Effect of share-based awards (millions of shares) | 3.4 | 3.8 | 3.2 | 3.6 | |||||||||||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 851.0 | 851.4 | 850.8 | 851.4 | |||||||||||||||
Net income per common share (dollars) | 0.76 | 1.22 | 2.08 | 3.16 |
Other_comprehensive_income_inf
Other comprehensive income information | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Other comprehensive income information | ' | ||||||||||||||||||
9 | Other comprehensive income information | ||||||||||||||||||
Changes in accumulated other comprehensive income: | |||||||||||||||||||
millions of dollars | 2013 | 2012 | |||||||||||||||||
Balance at January 1 | (2,455) | (2,238) | |||||||||||||||||
Post-retirement benefits liability adjustment: | |||||||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | (102) | (117) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 154 | 149 | |||||||||||||||||
Balance at September 30 | (2,403) | (2,206) | |||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income - | |||||||||||||||||||
before-tax income/(expense): | |||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||
to September 30 | |||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Amortization of post-retirement benefit liability adjustment included in net periodic benefit cost (a) | (70 | ) | (67 | ) | (207 | ) | (200) | ||||||||||||
(a) | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4). | ||||||||||||||||||
Income tax expense/(credit) for components of other comprehensive income: | |||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Post-retirement benefits liability adjustments: | |||||||||||||||||||
Post-retirement benefits liability adjustment (excluding amortization) | - | - | (35 | ) | (40) | ||||||||||||||
Amortization of post-retirement benefit liability adjustment included in net periodic benefit cost | 18 | 17 | 53 | 51 | |||||||||||||||
18 | 17 | 18 | 11 |
Acquisition
Acquisition | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Acquisition | ' | ||||||
10. | Acquisition | ||||||
Description of the Transaction: On February 26, 2013, ExxonMobil Canada acquired Celtic Exploration Ltd. (“Celtic”). Immediately following the acquisition, Imperial acquired a 50-percent interest in Celtic’s assets and liabilities from ExxonMobil Canada for $1,608 million, financed by a combination of related party and third party debt (see note 6 for further details). Concurrently, a general partnership was formed to hold and operate the assets of Celtic. The name of the general partnership was changed to XTO Energy Canada (“XTO Canada”). XTO Canada is involved in the exploration for, production of, and transportation and sale of natural gas and crude oil, condensate and natural gas liquids. | |||||||
Recording of Assets Acquired and Liabilities Assumed: Imperial used the acquisition method of accounting to record its pro-rata share of the assets acquired and liabilities assumed. This method requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date. The following table summarizes the assets acquired and liabilities assumed: | |||||||
millions of dollars | |||||||
Cash | 6 | ||||||
Accounts receivable | 38 | ||||||
Materials, supplies and prepaid expenses | 5 | ||||||
Property, plant and equipment (a) | 2,045 | ||||||
Goodwill (b) | 20 | ||||||
Total assets acquired | 2,114 | ||||||
Accounts payable and accrued liabilities | 62 | ||||||
Deferred income tax liabilities (c) | 377 | ||||||
Other long-term obligations | 67 | ||||||
Total liabilities assumed | 506 | ||||||
Net assets acquired | 1,608 | ||||||
(a) | Property, plant and equipment were measured primarily using an income approach. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The significant inputs included Celtic resources, assumed future production profiles, commodity prices (mainly based on observable market inputs), risk adjusted discount rate of 10 percent, inflation of 2 percent and assumptions on the timing and amount of future development and operating costs. The property, plant and equipment additions were segmented to the Upstream business, with all of the assets in Canada. | ||||||
(b) | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized in the Upstream reporting unit. Goodwill is not amortized and is not deductible for tax purposes. | ||||||
(c) | Deferred income taxes reflect the future tax consequences on the temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The deferred income taxes recorded as part of the acquisition were: | ||||||
millions of dollars | |||||||
Property, plant and equipment | 414 | ||||||
Total deferred income tax liabilities | 414 | ||||||
Asset retirement obligations | (17 | ) | |||||
Other | (20 | ) | |||||
Total deferred income tax assets | (37 | ) | |||||
Net deferred income tax liabilities | 377 | ||||||
Actual and Pro Forma Impact of the Acquisition: | |||||||
Revenues for XTO Canada from the acquisition date included in the company’s consolidated financial statement of income for the nine months ended September 30, 2013 were $53 million. After-tax earnings for XTO Canada from the acquisition date through September 30, 2013 were de minimis. | |||||||
Transaction costs related to the acquisition were expensed as incurred and were de minimis in the nine months ended September 30, 2013. | |||||||
Pro forma revenues, earnings and basic and diluted earnings per share information as if the acquisition had occurred at the beginning of 2013 or the comparable prior reporting period is not presented, since the effect on Imperial’s consolidated third quarter 2013 and the nine months ended September 30, 2013 financial results or the comparable prior reporting periods, would not have been material. |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||||||
Third Quarter | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 1,786 | 1,056 | 6,469 | 6,963 | 322 | 300 | |||||||||||||||||||||||
Intersegment sales | 1,397 | 1,012 | 415 | 559 | 96 | 68 | |||||||||||||||||||||||
Investment and other income | 8 | 1 | 9 | 13 | - | 1 | |||||||||||||||||||||||
3,191 | 2,069 | 6,893 | 7,535 | 418 | 369 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 30 | 21 | - | - | - | - | |||||||||||||||||||||||
Purchases of crude oil and products | 1,307 | 593 | 5,789 | 5,818 | 295 | 254 | |||||||||||||||||||||||
Production and manufacturing | 880 | 671 | 396 | 357 | 50 | 46 | |||||||||||||||||||||||
Selling and general | 1 | - | 217 | 233 | 17 | 19 | |||||||||||||||||||||||
Federal excise tax | - | - | 385 | 355 | - | - | |||||||||||||||||||||||
Depreciation and depletion | 168 | 123 | 50 | 56 | 3 | 2 | |||||||||||||||||||||||
Financing costs | - | (1 | ) | (1 | ) | - | - | - | |||||||||||||||||||||
TOTAL EXPENSES | 2,386 | 1,407 | 6,836 | 6,819 | 365 | 321 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 805 | 662 | 57 | 716 | 53 | 48 | |||||||||||||||||||||||
INCOME TAXES | 201 | 164 | 11 | 180 | 14 | 11 | |||||||||||||||||||||||
NET INCOME | 604 | 498 | 46 | 536 | 39 | 37 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 601 | 210 | (315 | ) | 458 | 7 | 44 | ||||||||||||||||||||||
CAPEX (b) | 1,765 | 1,376 | 51 | 27 | 3 | 1 | |||||||||||||||||||||||
Third Quarter | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | - | - | - | - | 8,577 | 8,319 | |||||||||||||||||||||||
Intersegment sales | - | - | (1,908 | ) | (1,639 | ) | - | - | |||||||||||||||||||||
Investment and other income | - | 2 | - | - | 17 | 17 | |||||||||||||||||||||||
- | 2 | (1,908 | ) | (1,639 | ) | 8,594 | 8,336 | ||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | - | - | - | - | 30 | 21 | |||||||||||||||||||||||
Purchases of crude oil and products | - | - | (1,907 | ) | (1,639 | ) | 5,484 | 5,026 | |||||||||||||||||||||
Production and manufacturing | - | - | (1 | ) | - | 1,325 | 1,074 | ||||||||||||||||||||||
Selling and general | 56 | 39 | - | - | 291 | 291 | |||||||||||||||||||||||
Federal excise tax | - | - | - | - | 385 | 355 | |||||||||||||||||||||||
Depreciation and depletion | 2 | 2 | - | - | 223 | 183 | |||||||||||||||||||||||
Financing costs | - | - | - | - | (1 | ) | (1 | ) | |||||||||||||||||||||
TOTAL EXPENSES | 58 | 41 | (1,908 | ) | (1,639 | ) | 7,737 | 6,949 | |||||||||||||||||||||
INCOME BEFORE INCOME TAXES | (58 | ) | (39 | ) | - | - | 857 | 1,387 | |||||||||||||||||||||
INCOME TAXES | (16 | ) | (8 | ) | - | - | 210 | 347 | |||||||||||||||||||||
NET INCOME | (42 | ) | (31 | ) | - | - | 647 | 1,040 | |||||||||||||||||||||
Cash flows from (used in) operating activities | 5 | (43 | ) | - | - | 298 | 669 | ||||||||||||||||||||||
CAPEX (b) | 21 | 5 | - | - | 1,840 | 1,409 | |||||||||||||||||||||||
(a) | Includes export sales to the United States of $1,380 million (2012 - $1,177 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||||||||||||||||||||||
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant, equipment and intangibles, additions to capital leases and acquisition. | ||||||||||||||||||||||||||||
Nine Months to September 30 | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 4,392 | 3,524 | 19,120 | 18,750 | 958 | 991 | |||||||||||||||||||||||
Intersegment sales | 3,344 | 3,054 | 1,603 | 1,947 | 240 | 219 | |||||||||||||||||||||||
Investment and other income | 55 | 42 | 39 | 68 | - | 1 | |||||||||||||||||||||||
7,791 | 6,620 | 20,762 | 20,765 | 1,198 | 1,211 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 74 | 67 | - | - | - | - | |||||||||||||||||||||||
Purchases of crude oil and products | 3,030 | 2,354 | 16,788 | 16,073 | 826 | 850 | |||||||||||||||||||||||
Production and manufacturing (c) | 2,508 | 1,963 | 1,312 | 1,197 | 157 | 138 | |||||||||||||||||||||||
Selling and general | 4 | 2 | 651 | 696 | 49 | 52 | |||||||||||||||||||||||
Federal excise tax | - | - | 1,041 | 1,011 | - | - | |||||||||||||||||||||||
Depreciation and depletion (c) | 443 | 371 | 401 | 164 | 9 | 9 | |||||||||||||||||||||||
Financing costs | - | -1 | 1 | - | - | - | |||||||||||||||||||||||
TOTAL EXPENSES | 6,059 | 4,756 | 20,194 | 19,141 | 1,041 | 1,049 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,732 | 1,864 | 568 | 1,624 | 157 | 162 | |||||||||||||||||||||||
INCOME TAXES | 431 | 464 | 141 | 401 | 41 | 41 | |||||||||||||||||||||||
NET INCOME | 1,301 | 1,400 | 427 | 1,223 | 116 | 121 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 1,065 | 1,696 | 420 | 1,236 | 122 | 90 | |||||||||||||||||||||||
CAPEX (b) | 6,272 | 3,793 | 128 | 80 | 6 | 3 | |||||||||||||||||||||||
Total assets as at September 30 | 29,693 | 20,727 | 6,159 | 7,089 | 374 | 365 | |||||||||||||||||||||||
Nine Months to September 30 | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | - | - | - | - | 24,470 | 23,265 | |||||||||||||||||||||||
Intersegment sales | - | - | -5,187 | -5,220 | - | - | |||||||||||||||||||||||
Investment and other income | 2 | 8 | - | - | 96 | 119 | |||||||||||||||||||||||
2 | 8 | -5,187 | -5,220 | 24,566 | 23,384 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | - | - | - | - | 74 | 67 | |||||||||||||||||||||||
Purchases of crude oil and products | - | - | -5,184 | -5,220 | 15,460 | 14,057 | |||||||||||||||||||||||
Production and manufacturing (c) | - | - | -3 | - | 3,974 | 3,298 | |||||||||||||||||||||||
Selling and general | 93 | 72 | - | - | 797 | 822 | |||||||||||||||||||||||
Federal excise tax | - | - | - | - | 1,041 | 1,011 | |||||||||||||||||||||||
Depreciation and depletion (c) | 7 | 7 | - | - | 860 | 551 | |||||||||||||||||||||||
Financing costs | - | - | - | - | 1 | -1 | |||||||||||||||||||||||
TOTAL EXPENSES | 100 | 79 | -5,187 | -5,220 | 22,207 | 19,805 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | -98 | -71 | - | - | 2,359 | 3,579 | |||||||||||||||||||||||
INCOME TAXES | -26 | -17 | - | - | 587 | 889 | |||||||||||||||||||||||
NET INCOME | -72 | -54 | - | - | 1,772 | 2,690 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 26 | 11 | - | - | 1,633 | 3,033 | |||||||||||||||||||||||
CAPEX (b) | 47 | 14 | - | - | 6,453 | 3,890 | |||||||||||||||||||||||
Total assets as at September 30 | 364 | 713 | -509 | -423 | 36,081 | 28,471 | |||||||||||||||||||||||
(a) | Includes export sales to the United States of $4,071 million (2012 - $3,215 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||||||||||||||||||||||
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant, equipment and intangibles, additions to capital leases and acquisition. | ||||||||||||||||||||||||||||
(c) | A second quarter 2013 charge in the Downstream segment of $355 million ($264 million, after-tax) associated with the company’s decision to convert the Dartmouth refinery to a terminal included the write-down of refinery plant and equipment not included in the terminal conversion of $245 million, reported as part of depreciation and depletion expenses, and decommissioning, environmental and employee-related costs of $110 million, reported as part of production and manufacturing expenses. Amounts incurred at the end of the third quarter 2013 associated with decommissioning, environmental and employee-related costs were de minimis. |
Investment_and_other_income_Ta
Investment and other income (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Gains And Losses On Asset Sales | ' | ||||||||||||||||||
Investment and other income included gains and losses on asset sales as follows: | |||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Proceeds from asset sales | 6 | 70 | 68 | 209 | |||||||||||||||
Book value of assets sold | 1 | 68 | 8 | 123 | |||||||||||||||
Gain/(loss) on asset sales, before tax | 5 | 2 | 60 | 86 | |||||||||||||||
Gain/(loss) on asset sales, after tax | 5 | 1 | 46 | 67 |
Employee_retirement_benefits_T
Employee retirement benefits (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Schedule Of Components Of Net Benefit Cost | ' | ||||||||||||||||||
The components of net benefit cost were as follows: | |||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Pension benefits: | |||||||||||||||||||
Current service cost | 46 | 40 | 136 | 120 | |||||||||||||||
Interest cost | 71 | 72 | 211 | 216 | |||||||||||||||
Expected return on plan assets | (85 | ) | (72 | ) | (248 | ) | (216 | ) | |||||||||||
Amortization of prior service cost | 6 | 6 | 17 | 17 | |||||||||||||||
Amortization of actuarial loss | 61 | 59 | 182 | 177 | |||||||||||||||
Net benefit cost | 99 | 105 | 298 | 314 | |||||||||||||||
Other post-retirement benefits: | |||||||||||||||||||
Current service cost | 3 | 2 | 8 | 6 | |||||||||||||||
Interest cost | 5 | 5 | 16 | 16 | |||||||||||||||
Amortization of actuarial loss | 3 | 2 | 8 | 6 | |||||||||||||||
Net benefit cost | 11 | 9 | 32 | 28 |
Financing_costs_Tables
Financing costs (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Schedule Of Financing Costs | ' | ||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Debt related interest | 21 | 5 | 47 | 14 | |||||||||||||||
Capitalized interest | (21) | (5 | ) | (47) | (14 | ) | |||||||||||||
Net interest expense | - | - | - | - | |||||||||||||||
Other interest | (1) | (1 | ) | 1 | (1 | ) | |||||||||||||
Total financing costs | (1) | (1 | ) | 1 | (1 | ) |
Longterm_debt_Tables
Long-term debt (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Long-Term Debt | ' | ||||||||||
As at | As at | ||||||||||
Sept. 30 | Dec 31 | ||||||||||
millions of dollars | 2013 | 2012 | |||||||||
Long-term debt | 4,253 | 1,040 | |||||||||
Capital leases | 130 | 135 | |||||||||
Total long-term debt | 4,383 | 1,175 |
Other_longterm_obligations_Tab
Other long-term obligations (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Other Long-Term Obligations | ' | ||||||||||
As at | As at | ||||||||||
Sept. 30 | Dec 31 | ||||||||||
millions of dollars | 2013 | 2012 | |||||||||
Employee retirement benefits (a) | 2,424 | 2,717 | |||||||||
Asset retirement obligations and other environmental liabilities (b) | 1,231 | 957 | |||||||||
Share-based incentive compensation liabilities | 186 | 117 | |||||||||
Other obligations | 254 | 192 | |||||||||
Total other long-term obligations | 4,095 | 3,983 | |||||||||
(a) | Total recorded employee retirement benefits obligations also included $52 million in current liabilities (2012 - $52 million). | ||||||||||
(b) | Total asset retirement obligations and other environmental liabilities also included $168 million in current liabilities (2012 - $168 million). |
Net_income_per_share_Tables
Net income per share (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Net Income Per Share | ' | ||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Net income per common share - basic | |||||||||||||||||||
Net income (millions of dollars) | 647 | 1,040 | 1,772 | 2,690 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.8 | |||||||||||||||
Net income per common share (dollars) | 0.76 | 1.22 | 2.09 | 3.17 | |||||||||||||||
Net income per common share - diluted | |||||||||||||||||||
Net income (millions of dollars) | 647 | 1,040 | 1,772 | 2,690 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.8 | |||||||||||||||
Effect of share-based awards (millions of shares) | 3.4 | 3.8 | 3.2 | 3.6 | |||||||||||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 851.0 | 851.4 | 850.8 | 851.4 | |||||||||||||||
Net income per common share (dollars) | 0.76 | 1.22 | 2.08 | 3.16 |
Other_comprehensive_income_inf1
Other comprehensive income information (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
Changes in accumulated other comprehensive income: | |||||||||||||||||||
millions of dollars | 2013 | 2012 | |||||||||||||||||
Balance at January 1 | (2,455) | (2,238) | |||||||||||||||||
Post-retirement benefits liability adjustment: | |||||||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | (102) | (117) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 154 | 149 | |||||||||||||||||
Balance at September 30 | (2,403) | (2,206) | |||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income Before-Tax Income/(Expense) | ' | ||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income - | |||||||||||||||||||
before-tax income/(expense): | |||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||
to September 30 | |||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Amortization of post-retirement benefit liability adjustment included in net periodic benefit cost (a) | (70 | ) | (67 | ) | (207 | ) | (200) | ||||||||||||
(a) | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4). | ||||||||||||||||||
Schedule Of Income Tax Expense/(Credit) For Components Of Other Comprehensive Income | ' | ||||||||||||||||||
Income tax expense/(credit) for components of other comprehensive income: | |||||||||||||||||||
Nine Months | |||||||||||||||||||
Third Quarter | to September 30 | ||||||||||||||||||
millions of dollars | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Post-retirement benefits liability adjustments: | |||||||||||||||||||
Post-retirement benefits liability adjustment (excluding amortization) | - | - | (35 | ) | (40) | ||||||||||||||
Amortization of post-retirement benefit liability adjustment included in net periodic benefit cost | 18 | 17 | 53 | 51 | |||||||||||||||
18 | 17 | 18 | 11 |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Summary of Assets Acquired and Liabilities Assumed | ' | ||||||
The following table summarizes the assets acquired and liabilities assumed: | |||||||
millions of dollars | |||||||
Cash | 6 | ||||||
Accounts receivable | 38 | ||||||
Materials, supplies and prepaid expenses | 5 | ||||||
Property, plant and equipment (a) | 2,045 | ||||||
Goodwill (b) | 20 | ||||||
Total assets acquired | 2,114 | ||||||
Accounts payable and accrued liabilities | 62 | ||||||
Deferred income tax liabilities (c) | 377 | ||||||
Other long-term obligations | 67 | ||||||
Total liabilities assumed | 506 | ||||||
Net assets acquired | 1,608 | ||||||
(a) | Property, plant and equipment were measured primarily using an income approach. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The significant inputs included Celtic resources, assumed future production profiles, commodity prices (mainly based on observable market inputs), risk adjusted discount rate of 10 percent, inflation of 2 percent and assumptions on the timing and amount of future development and operating costs. The property, plant and equipment additions were segmented to the Upstream business, with all of the assets in Canada. | ||||||
(b) | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized in the Upstream reporting unit. Goodwill is not amortized and is not deductible for tax purposes. | ||||||
(c) | Deferred income taxes reflect the future tax consequences on the temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The deferred income taxes recorded as part of the acquisition were: | ||||||
millions of dollars | |||||||
Property, plant and equipment | 414 | ||||||
Total deferred income tax liabilities | 414 | ||||||
Asset retirement obligations | (17 | ) | |||||
Other | (20 | ) | |||||
Total deferred income tax assets | (37 | ) | |||||
Net deferred income tax liabilities | 377 |
Business_Segments_Detail
Business Segments (Detail) (CAD) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 8,577 | [1],[2],[3] | 8,319 | [1],[2],[3] | 24,470 | [1],[2],[4] | 23,265 | [1],[2],[4] | ' |
Investment and other income | 17 | 17 | 96 | 119 | ' | ||||
TOTAL REVENUES AND OTHER INCOME | 8,594 | 8,336 | 24,566 | 23,384 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Exploration | 30 | 21 | 74 | 67 | ' | ||||
Purchases of crude oil and products | 5,484 | [5] | 5,026 | [5] | 15,460 | [5] | 14,057 | [5] | ' |
Production and manufacturing | 1,325 | [6] | 1,074 | [6] | 3,974 | [6],[7] | 3,298 | [6],[7] | ' |
Selling and general | 291 | 291 | 797 | 822 | ' | ||||
Federal excise tax | 385 | [1] | 355 | [1] | 1,041 | [1] | 1,011 | [1] | ' |
Depreciation and depletion | 223 | 183 | 860 | [7] | 551 | [7] | ' | ||
Financing costs | -1 | -1 | 1 | -1 | ' | ||||
TOTAL EXPENSES | 7,737 | 6,949 | 22,207 | 19,805 | ' | ||||
INCOME BEFORE INCOME TAXES | 857 | 1,387 | 2,359 | 3,579 | ' | ||||
INCOME TAXES | 210 | 347 | 587 | 889 | ' | ||||
Net income | 647 | 1,040 | 1,772 | 2,690 | ' | ||||
Cash flows from (used in) operating activities | 298 | 669 | 1,633 | 3,033 | ' | ||||
CAPEX | 1,840 | [8] | 1,409 | [8] | 6,453 | [8] | 3,890 | [8] | ' |
Total assets as at September 30 | 36,081 | 28,471 | 36,081 | 28,471 | 29,364 | ||||
Upstream | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 1,786 | [3] | 1,056 | [3] | 4,392 | [4] | 3,524 | [4] | ' |
Intersegment sales | 1,397 | 1,012 | 3,344 | 3,054 | ' | ||||
Investment and other income | 8 | 1 | 55 | 42 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 3,191 | 2,069 | 7,791 | 6,620 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Exploration | 30 | 21 | 74 | 67 | ' | ||||
Purchases of crude oil and products | 1,307 | 593 | 3,030 | 2,354 | ' | ||||
Production and manufacturing | 880 | 671 | 2,508 | [7] | 1,963 | [7] | ' | ||
Selling and general | 1 | ' | 4 | 2 | ' | ||||
Depreciation and depletion | 168 | 123 | 443 | [7] | 371 | [7] | ' | ||
Financing costs | ' | -1 | ' | -1 | ' | ||||
TOTAL EXPENSES | 2,386 | 1,407 | 6,059 | 4,756 | ' | ||||
INCOME BEFORE INCOME TAXES | 805 | 662 | 1,732 | 1,864 | ' | ||||
INCOME TAXES | 201 | 164 | 431 | 464 | ' | ||||
Net income | 604 | 498 | 1,301 | 1,400 | ' | ||||
Cash flows from (used in) operating activities | 601 | 210 | 1,065 | 1,696 | ' | ||||
CAPEX | 1,765 | [8] | 1,376 | [8] | 6,272 | [8] | 3,793 | [8] | ' |
Total assets as at September 30 | 29,693 | 20,727 | 29,693 | 20,727 | ' | ||||
Downstream | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 6,469 | [3] | 6,963 | [3] | 19,120 | [4] | 18,750 | [4] | ' |
Intersegment sales | 415 | 559 | 1,603 | 1,947 | ' | ||||
Investment and other income | 9 | 13 | 39 | 68 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 6,893 | 7,535 | 20,762 | 20,765 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Purchases of crude oil and products | 5,789 | 5,818 | 16,788 | 16,073 | ' | ||||
Production and manufacturing | 396 | 357 | 1,312 | [7] | 1,197 | [7] | ' | ||
Selling and general | 217 | 233 | 651 | 696 | ' | ||||
Federal excise tax | 385 | 355 | 1,041 | 1,011 | ' | ||||
Depreciation and depletion | 50 | 56 | 401 | [7] | 164 | [7] | ' | ||
Financing costs | -1 | ' | 1 | ' | ' | ||||
TOTAL EXPENSES | 6,836 | 6,819 | 20,194 | 19,141 | ' | ||||
INCOME BEFORE INCOME TAXES | 57 | 716 | 568 | 1,624 | ' | ||||
INCOME TAXES | 11 | 180 | 141 | 401 | ' | ||||
Net income | 46 | 536 | 427 | 1,223 | ' | ||||
Cash flows from (used in) operating activities | -315 | 458 | 420 | 1,236 | ' | ||||
CAPEX | 51 | [8] | 27 | [8] | 128 | [8] | 80 | [8] | ' |
Total assets as at September 30 | 6,159 | 7,089 | 6,159 | 7,089 | ' | ||||
Chemical | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 322 | [3] | 300 | [3] | 958 | [4] | 991 | [4] | ' |
Intersegment sales | 96 | 68 | 240 | 219 | ' | ||||
Investment and other income | ' | 1 | ' | 1 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 418 | 369 | 1,198 | 1,211 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Purchases of crude oil and products | 295 | 254 | 826 | 850 | ' | ||||
Production and manufacturing | 50 | 46 | 157 | [7] | 138 | [7] | ' | ||
Selling and general | 17 | 19 | 49 | 52 | ' | ||||
Depreciation and depletion | 3 | 2 | 9 | [7] | 9 | [7] | ' | ||
TOTAL EXPENSES | 365 | 321 | 1,041 | 1,049 | ' | ||||
INCOME BEFORE INCOME TAXES | 53 | 48 | 157 | 162 | ' | ||||
INCOME TAXES | 14 | 11 | 41 | 41 | ' | ||||
Net income | 39 | 37 | 116 | 121 | ' | ||||
Cash flows from (used in) operating activities | 7 | 44 | 122 | 90 | ' | ||||
CAPEX | 3 | [8] | 1 | [8] | 6 | [8] | 3 | [8] | ' |
Total assets as at September 30 | 374 | 365 | 374 | 365 | ' | ||||
Corporate and other | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Investment and other income | ' | 2 | 2 | 8 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | ' | 2 | 2 | 8 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Selling and general | 56 | 39 | 93 | 72 | ' | ||||
Depreciation and depletion | 2 | 2 | 7 | [7] | 7 | [7] | ' | ||
TOTAL EXPENSES | 58 | 41 | 100 | 79 | ' | ||||
INCOME BEFORE INCOME TAXES | -58 | -39 | -98 | -71 | ' | ||||
INCOME TAXES | -16 | -8 | -26 | -17 | ' | ||||
Net income | -42 | -31 | -72 | -54 | ' | ||||
Cash flows from (used in) operating activities | 5 | -43 | 26 | 11 | ' | ||||
CAPEX | 21 | [8] | 5 | [8] | 47 | [8] | 14 | [8] | ' |
Total assets as at September 30 | 364 | 713 | 364 | 713 | ' | ||||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Intersegment sales | -1,908 | -1,639 | -5,187 | -5,220 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | -1,908 | -1,639 | -5,187 | -5,220 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Purchases of crude oil and products | -1,907 | -1,639 | -5,184 | -5,220 | ' | ||||
Production and manufacturing | -1 | ' | -3 | [7] | ' | ' | |||
TOTAL EXPENSES | -1,908 | -1,639 | -5,187 | -5,220 | ' | ||||
Total assets as at September 30 | -509 | -423 | -509 | -423 | ' | ||||
[1] | Federal excise tax included in operating revenues 385 355 1,041 1,011 | ||||||||
[2] | Amounts from related parties included in operating revenues 711 613 1,936 2,258 | ||||||||
[3] | Includes export sales to the United States of $1,380 million (2012 - $1,177 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[4] | Includes export sales to the United States of $4,071 million (2012 - $3,215 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[5] | Amounts to related parties included in purchases of crude oil and products 1,018 914 3,544 2,469 | ||||||||
[6] | Amounts to related parties included in production and manufacturing expenses 85 57 255 162 | ||||||||
[7] | A second quarter 2013 charge in the Downstream segment of $355 million ($264 million, after-tax) associated with the company's decision to convert the Dartmouth refinery to a terminal included the write-down of refinery plant and equipment not included in the terminal conversion of $245 million, reported as part of depreciation and depletion expenses, and decommissioning, environmental and employee-related costs of $110 million, reported as part of production and manufacturing expenses. Amounts incurred at the end of the third quarter 2013 associated with decommissioning, environmental and employee-related costs were de minimis. | ||||||||
[8] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant, equipment and intangibles, additions to capital leases and acquisition. |
Business_Segments_Parenthetica
Business Segments (Parenthetical) (Detail) (CAD) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 8,577 | [1],[2],[3] | ' | 8,319 | [1],[2],[3] | 24,470 | [1],[2],[4] | 23,265 | [1],[2],[4] |
Write-down of refinery plant and equipment reported as depreciation and depletion expenses | ' | 245 | ' | ' | ' | ||||
Decommissioning, environmental and employee-related costs reported as production and manufacturing expenses | ' | 110 | ' | ' | ' | ||||
Pre Tax | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Charges related to conversion of refinery to terminal | ' | 355 | ' | ' | ' | ||||
After Tax | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Charges related to conversion of refinery to terminal | ' | 264 | ' | ' | ' | ||||
United States Exports | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Operating revenues | 1,380 | ' | 1,177 | 4,071 | 3,215 | ||||
[1] | Federal excise tax included in operating revenues 385 355 1,041 1,011 | ||||||||
[2] | Amounts from related parties included in operating revenues 711 613 1,936 2,258 | ||||||||
[3] | Includes export sales to the United States of $1,380 million (2012 - $1,177 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[4] | Includes export sales to the United States of $4,071 million (2012 - $3,215 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. |
Gains_and_Losses_on_Asset_Sale
Gains and Losses on Asset Sales (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment And Other Income [Line Items] | ' | ' | ' | ' |
Proceeds from asset sales | 6 | 70 | 68 | 209 |
Book value of assets sold | 1 | 68 | 8 | 123 |
Gain/(loss) on asset sales, before tax | 5 | 2 | 60 | 86 |
Gain/(loss) on asset sales, after tax | 5 | 1 | 46 | 67 |
Components_Of_Net_Benefit_Cost
Components Of Net Benefit Cost (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current service cost | 46 | 40 | 136 | 120 |
Interest cost | 71 | 72 | 211 | 216 |
Expected return on plan assets | -85 | -72 | -248 | -216 |
Amortization of prior service cost | 6 | 6 | 17 | 17 |
Amortization of actuarial loss | 61 | 59 | 182 | 177 |
Net benefit cost | 99 | 105 | 298 | 314 |
Other post-retirement benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current service cost | 3 | 2 | 8 | 6 |
Interest cost | 5 | 5 | 16 | 16 |
Amortization of actuarial loss | 3 | 2 | 8 | 6 |
Net benefit cost | 11 | 9 | 32 | 28 |
Financing_Costs_Detail
Financing Costs (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Debt related interest | 21 | 5 | 47 | 14 |
Capitalized interest | -21 | -5 | -47 | -14 |
Net interest expense | ' | ' | ' | ' |
Other interest | -1 | -1 | 1 | -1 |
Total financing costs | -1 | -1 | 1 | -1 |
Long_Term_Debt_Detail
Long Term Debt (Detail) (CAD) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 4,253 | 1,040 | ||
Capital leases | 130 | 135 | ||
Total long-term debt | 4,383 | [1] | 1,175 | [1] |
[1] | Long-term debt included amounts to related parties of $4,253 million (2012 - $1,040 million). |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (CAD) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | Nov. 05, 2013 |
Unsecured committed bank credit facility | Unsecured committed bank credit facility | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in long term debt | 819 | 150 | 3,213 | 150 | ' | ' | ' | ' | ' |
Increase in short term debt | 325 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in total debt | ' | ' | ' | ' | ' | ' | ' | ' | 123 |
Debt instrument, maturity date | 31-Aug-15 | ' | ' | ' | ' | ' | 31-Mar-14 | ' | ' |
Line of Credit maximum borrowing capacity | ' | ' | ' | ' | 500 | 300 | 250 | 500 | ' |
Other_LongTerm_Obligations_Det
Other Long-Term Obligations (Detail) (CAD) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Schedule of Other Liabilities [Line Items] | ' | ' | ||
Employee retirement benefits | 2,424 | [1] | 2,717 | [1] |
Asset retirement obligations and other environmental liabilities | 1,231 | [2] | 957 | [2] |
Share-based incentive compensation liabilities | 186 | 117 | ||
Other obligations | 254 | 192 | ||
Total other long-term obligations | 4,095 | 3,983 | ||
[1] | Total recorded employee retirement benefits obligations also included $52 million in current liabilities (2012 - $52 million). | |||
[2] | Total asset retirement obligations and other environmental liabilities also included $168 million in current liabilities (2012 - $168 million). |
Other_LongTerm_Obligations_Par
Other Long-Term Obligations (Parenthetical) (Detail) (CAD) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Other Liabilities [Line Items] | ' | ' |
Employee retirement benefits obligations in current liabilities | 52 | 52 |
Asset retirement obligations and other environmental liabilities in current liabilities | 168 | 168 |
Net_Income_Per_Share_Detail
Net Income Per Share (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income per common share - basic | ' | ' | ' | ' |
Net income (millions of dollars) | 647 | 1,040 | 1,772 | 2,690 |
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.8 |
Net income per common share (dollars) | 0.76 | 1.22 | 2.09 | 3.17 |
Net income per common share - diluted | ' | ' | ' | ' |
Net income (millions of dollars) | 647 | 1,040 | 1,772 | 2,690 |
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.8 |
Effect of share-based awards (millions of shares) | 3.4 | 3.8 | 3.2 | 3.6 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 851 | 851.4 | 850.8 | 851.4 |
Net income per common share (dollars) | 0.76 | 1.22 | 2.08 | 3.16 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance at January 1 | ' | ' | -2,455 | -2,238 |
Current period change excluding amounts reclassified from accumulated other comprehensive income | ' | ' | -102 | -117 |
Amounts reclassified from accumulated other comprehensive income | 52 | 50 | 154 | 149 |
Balance at September 30 | -2,403 | -2,206 | -2,403 | -2,206 |
Amounts_Reclassified_from_Accu
Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) (Reclassification Adjustment out of Accumulated Other Comprehensive Income, CAD) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Amortization of post-retirement benefit liability adjustment included in net periodic benefit cost | -70 | [1] | -67 | [1] | -207 | [1] | -200 | [1] |
[1] | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4). |
Income_Tax_ExpenseCredit_For_C
Income Tax Expense/(Credit) For Components Of Other Comprehensive Income (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Post-retirement benefits liability adjustment (excluding amortization) | ' | ' | -35 | -40 |
Amortization of post-retirement benefit liability adjustment included in net periodic benefit cost | 18 | 17 | 53 | 51 |
Total post-retirement benefits liability adjustment | 18 | 17 | 18 | 11 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (Celtic, CAD) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Feb. 26, 2013 | Sep. 30, 2013 |
Celtic | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Consideration paid for acquisition | 1,608 | ' |
Ownership interest acquired | 50.00% | ' |
Revenues | ' | 53 |
Summary_of_Assets_Acquired_and
Summary of Assets Acquired and Liabilities Assumed (Detail) (CAD) | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 26, 2013 | |
In Millions, unless otherwise specified | Celtic | |||
Business Acquisition [Line Items] | ' | ' | ' | |
Cash | ' | ' | 6 | |
Accounts receivable | ' | ' | 38 | |
Materials, supplies and prepaid expenses | ' | ' | 5 | |
Property, plant and equipment | ' | ' | 2,045 | [1] |
Goodwill | 224 | 204 | 20 | [2] |
Total assets acquired | ' | ' | 2,114 | |
Accounts payable and accrued liabilities | ' | ' | 62 | |
Deferred income tax liabilities | ' | ' | 377 | [3] |
Other long-term obligations | ' | ' | 67 | |
Total liabilities assumed | ' | ' | 506 | |
Net assets acquired | ' | ' | 1,608 | |
[1] | Property, plant and equipment were measured primarily using an income approach. The fair value measurements of the oil and gas assets were based, in part, on significant inputs not observable in the market and thus represent a Level 3 measurement. The significant inputs included Celtic resources, assumed future production profiles, commodity prices (mainly based on observable market inputs), risk adjusted discount rate of 10 percent, inflation of 2 percent and assumptions on the timing and amount of future development and operating costs. The property, plant and equipment additions were segmented to the Upstream business, with all of the assets in Canada. | |||
[2] | Goodwill was the excess of the consideration transferred over the net assets recognized and represents the future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill was recognized in the Upstream reporting unit. Goodwill is not amortized and is not deductible for tax purposes. | |||
[3] | Deferred income taxes reflect the future tax consequences on the temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes. The deferred income taxes recorded as part of the acquisition were: millions of dollars Property, plant and equipment 414 Total deferred income tax liabilities 414 Asset retirement obligations (17 ) Other (20 ) Total deferred income tax assets (37 ) Net deferred income tax liabilities 377 |
Summary_of_Assets_Acquired_and1
Summary of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (CAD) | 1 Months Ended |
In Millions, unless otherwise specified | Feb. 26, 2013 |
Business Acquisition [Line Items] | ' |
Risk adjusted discount rate | 10.00% |
Inflation rate | 2.00% |
Celtic | ' |
Business Acquisition [Line Items] | ' |
Property, plant and equipment | 414 |
Total deferred income tax liabilities | 414 |
Asset retirement obligations | -17 |
Other | -20 |
Total deferred income tax assets | -37 |
Net deferred income tax liabilities | 377 |