Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ||||
Operating revenues | 9,641 | [1],[2],[3] | 8,577 | [1],[2],[3] | 28,237 | [1],[2],[4] | 24,470 | [1],[2],[4] |
Investment and other income (note 3) | 17 | 17 | 696 | 96 | ||||
TOTAL REVENUES AND OTHER INCOME | 9,658 | 8,594 | 28,933 | 24,566 | ||||
EXPENSES | ' | ' | ' | ' | ||||
Exploration | 14 | 30 | 52 | 74 | ||||
Purchases of crude oil and products | 6,100 | [5] | 5,484 | [5] | 17,677 | [5] | 15,460 | [5] |
Production and manufacturing | 1,358 | [6] | 1,325 | [6] | 4,224 | [6],[7] | 3,974 | [6],[7] |
Selling and general | 254 | 291 | 825 | 797 | ||||
Federal excise tax | 412 | [2] | 385 | [2] | 1,165 | [2] | 1,041 | [2] |
Depreciation and depletion | 276 | 223 | 836 | [7] | 860 | [7] | ||
Financing costs (note 5) | -1 | -1 | 3 | 1 | ||||
TOTAL EXPENSES | 8,413 | 7,737 | 24,782 | 22,207 | ||||
INCOME BEFORE INCOME TAXES | 1,245 | 857 | 4,151 | 2,359 | ||||
INCOME TAXES | 309 | 210 | 1,037 | 587 | ||||
NET INCOME | 936 | 647 | 3,114 | 1,772 | ||||
PER SHARE INFORMATION (Canadian dollars) | ' | ' | ' | ' | ||||
Net income per common share - basic (note 8) | 1.1 | 0.76 | 3.67 | 2.09 | ||||
Net income per common share - diluted (note 8) | 1.1 | 0.76 | 3.66 | 2.08 | ||||
Dividends per common share | 0.13 | 0.12 | 0.39 | 0.36 | ||||
[1] | Amounts from related parties included in operating revenues 1,201 711 2,759 1,936 | |||||||
[2] | Federal excise tax included in operating revenues 412 385 1,165 1,041 | |||||||
[3] | Included export sales to the United States of $2,092 million (2013 - $1,380 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||
[4] | Included export sales to the United States of $4,888 million (2013 - $4,071 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 1,111 1,018 2,939 3,544 | |||||||
[6] | Amounts to related parties included in production and manufacturing expenses 93 85 268 255 | |||||||
[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 related to the project at the end of the third quarter 2014 associated with decommissioning, environmental and employee-related costs were $79 million. |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Federal excise tax included in operating revenues | 412 | [1] | 385 | [1] | 1,165 | [1] | 1,041 | [1] |
Amounts from related parties included in operating revenues | 1,201 | 711 | 2,759 | 1,936 | ||||
Amounts to related parties included in purchases of crude oil and products | 1,111 | 1,018 | 2,939 | 3,544 | ||||
Amounts to related parties included in production and manufacturing expenses | 93 | 85 | 268 | 255 | ||||
[1] | Federal excise tax included in operating revenues 412 385 1,165 1,041 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
NET INCOME | 936 | 647 | 3,114 | 1,772 |
Other comprehensive income, net of income taxes | ' | ' | ' | ' |
Post-retirement benefit liability adjustment (excluding amortization) | ' | ' | -38 | -102 |
Amortization of post-retirement benefit liability adjustment included in net periodic benefit costs | 34 | 52 | 109 | 154 |
Total other comprehensive income/(loss) | 34 | 52 | 71 | 52 |
Comprehensive income | 970 | 699 | 3,185 | 1,824 |
Consolidated_Balance_Sheet_US_
Consolidated Balance Sheet (U.S. GAAP) (CAD) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ||
Cash | 43 | 272 | ||
Accounts receivable, less estimated doubtful accounts | 2,301 | [1] | 2,084 | [1] |
Inventories of crude oil and products | 1,107 | 1,030 | ||
Materials, supplies and prepaid expenses | 396 | 342 | ||
Deferred income tax assets | 618 | 559 | ||
Total current assets | 4,465 | 4,287 | ||
Long-term receivables, investments and other long-term assets | 1,379 | 1,332 | ||
Property, plant and equipment, | 49,263 | 47,165 | ||
less accumulated depreciation and depletion | -15,141 | -15,845 | ||
Property, plant and equipment, net | 34,122 | 31,320 | ||
Goodwill | 224 | 224 | ||
Other intangible assets, net | 52 | 55 | ||
TOTAL ASSETS | 40,242 | 37,218 | ||
Current liabilities | ' | ' | ||
Notes and loans payable | 1,759 | [2] | 1,843 | [2] |
Accounts payable and accrued liabilities (note 7) | 4,571 | [1] | 4,518 | [1] |
Income taxes payable | 698 | 727 | ||
Total current liabilities | 7,028 | 7,088 | ||
Long-term debt (note 6) | 4,443 | [3] | 4,444 | [3] |
Other long-term obligations (note 7) | 2,817 | 3,091 | ||
Deferred income tax liabilities | 3,575 | 3,071 | ||
TOTAL LIABILITIES | 17,863 | 17,694 | ||
SHAREHOLDERS' EQUITY | ' | ' | ||
Common shares at stated value | 1,566 | [4] | 1,566 | [4] |
Earnings reinvested | 22,463 | 19,679 | ||
Accumulated other comprehensive income (note 9) | -1,650 | -1,721 | ||
TOTAL SHAREHOLDERS' EQUITY | 22,379 | 19,524 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 40,242 | 37,218 | ||
[1] | Accounts receivable, less estimated doubtful accounts included amounts receivable from related parties of $79 million (2013 - accounts payable and accrued liabilities included amounts payable to related parties of $170 million). | |||
[2] | Notes and loans payable included amounts to related parties of $75 million (2013 - $75 million). | |||
[3] | Long-term debt included amounts to related parties of $4,316 million (2013 - $4,316 million). | |||
[4] | Number of common shares authorized and outstanding were 1,100 million and 848 million, respectively (2013 - 1,100 million and 848 million, respectively). |
Consolidated_Balance_Sheet_US_1
Consolidated Balance Sheet (U.S. GAAP) (Parenthetical) (CAD) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Due to related parties, current | 75 | 75 |
Amounts (payable) receivable from related parties | 79 | -170 |
Due to related parties, noncurrent | 4,316 | 4,316 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
OPERATING ACTIVITIES | ' | ' | ' | ' | ||||
NET INCOME | 936 | 647 | 3,114 | 1,772 | ||||
Adjustments for non-cash items: | ' | ' | ' | ' | ||||
Depreciation and depletion | 276 | 223 | 836 | [1] | 860 | [1] | ||
(Gain)/loss on asset sales (note 3) | -4 | [2] | -5 | [2] | -664 | [2] | -60 | [2] |
Deferred income taxes and other | 185 | 106 | 411 | 276 | ||||
Changes in operating assets and liabilities: | ' | ' | ' | ' | ||||
Accounts receivable | 104 | 51 | -217 | -166 | ||||
Inventories, materials, supplies and prepaid expenses | 42 | 46 | -131 | -451 | ||||
Income taxes payable | -12 | -485 | -29 | -607 | ||||
Accounts payable and accrued liabilities | -216 | -226 | -20 | 282 | ||||
All other items - net | -81 | [3] | -59 | [3] | 14 | [3] | -273 | [3] |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | 1,230 | 298 | 3,314 | 1,633 | ||||
INVESTING ACTIVITIES | ' | ' | ' | ' | ||||
Additions to property, plant and equipment | -1,351 | -1,810 | -3,852 | -4,771 | ||||
Acquisition | ' | ' | ' | -1,602 | ||||
Proceeds from asset sales | 7 | [2] | 6 | [2] | 814 | [2] | 68 | [2] |
Additional investments | -35 | ' | -79 | ' | ||||
Repayment of loan from equity company | ' | ' | ' | 4 | ||||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | -1,379 | -1,804 | -3,117 | -6,301 | ||||
FINANCING ACTIVITIES | ' | ' | ' | ' | ||||
Short-term debt - net | 135 | 325 | -88 | 1,359 | ||||
Long-term debt issued | ' | 819 | ' | 3,213 | ||||
Reduction in capitalized lease obligations | -3 | -2 | -7 | -5 | ||||
Dividends paid | -111 | -102 | -331 | -305 | ||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 21 | 1,040 | -426 | 4,262 | ||||
INCREASE (DECREASE) IN CASH | -128 | -466 | -229 | -406 | ||||
CASH AT BEGINNING OF PERIOD | 171 | 542 | 272 | 482 | ||||
CASH AT END OF PERIOD | 43 | 76 | 43 | 76 | ||||
[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 related to the project at the end of the third quarter 2014 associated with decommissioning, environmental and employee-related costs were $79 million. | |||||||
[2] | The nine months ended September 30, 2014 included gains of $638 million ($478 million, after tax) from the sale of the company's interest in producing conventional assets located in Boundary Lake, Cynthia/West Pembina and Rocky Mountain House. | |||||||
[3] | Included contribution to registered pension plans (95 ) (163) (267 ) (461) |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Included contribution to registered pension plans | -95 | -163 | -267 | -461 |
Basis_of_financial_statement_p
Basis of financial statement preparation | 9 Months Ended | |
Sep. 30, 2014 | ||
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 2013 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, 2014, 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, 2014 | |||||||||||||||||||||||||||||
Business segments | ' | ||||||||||||||||||||||||||||
2 | Business segments | ||||||||||||||||||||||||||||
Third Quarter | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 2,365 | 1,786 | 6,912 | 6,469 | 364 | 322 | |||||||||||||||||||||||
Intersegment sales | 1,077 | 1,397 | 318 | 415 | 93 | 96 | |||||||||||||||||||||||
Investment and other income | 2 | 8 | 14 | 9 | — | — | |||||||||||||||||||||||
3,444 | 3,191 | 7,244 | 6,893 | 457 | 418 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 14 | 30 | — | — | — | — | |||||||||||||||||||||||
Purchases of crude oil and products | 1,590 | 1,307 | 5,701 | 5,789 | 296 | 295 | |||||||||||||||||||||||
Production and manufacturing | 917 | 880 | 389 | 396 | 52 | 50 | |||||||||||||||||||||||
Selling and general | (1 | ) | 1 | 234 | 217 | 17 | 17 | ||||||||||||||||||||||
Federal excise tax | — | — | 412 | 385 | — | — | |||||||||||||||||||||||
Depreciation and depletion | 219 | 168 | 52 | 50 | 3 | 3 | |||||||||||||||||||||||
Financing costs | (1 | ) | — | — | (1) | — | — | ||||||||||||||||||||||
TOTAL EXPENSES | 2,738 | 2,386 | 6,788 | 6,836 | 368 | 365 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 706 | 805 | 456 | 57 | 89 | 53 | |||||||||||||||||||||||
INCOME TAXES | 174 | 201 | 113 | 11 | 23 | 14 | |||||||||||||||||||||||
NET INCOME | 532 | 604 | 343 | 46 | 66 | 39 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 1,072 | 601 | 114 | (315) | 77 | 7 | |||||||||||||||||||||||
CAPEX (b) | 1,280 | 1,765 | 127 | 51 | 7 | 3 | |||||||||||||||||||||||
Third Quarter | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | — | — | — | — | 9,641 | 8,577 | |||||||||||||||||||||||
Intersegment sales | — | — | (1,488 | ) | (1,908) | — | — | ||||||||||||||||||||||
Investment and other income | 1 | — | — | — | 17 | 17 | |||||||||||||||||||||||
1 | — | (1,488 | ) | (1,908) | 9,658 | 8,594 | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | — | — | — | — | 14 | 30 | |||||||||||||||||||||||
Purchases of crude oil and products | — | — | (1,487 | ) | (1,907) | 6,100 | 5,484 | ||||||||||||||||||||||
Production and manufacturing | — | — | — | (1) | 1,358 | 1,325 | |||||||||||||||||||||||
Selling and general | 5 | 56 | (1 | ) | — | 254 | 291 | ||||||||||||||||||||||
Federal excise tax | — | — | — | — | 412 | 385 | |||||||||||||||||||||||
Depreciation and depletion | 2 | 2 | — | — | 276 | 223 | |||||||||||||||||||||||
Financing costs | — | — | — | — | (1 | ) | (1) | ||||||||||||||||||||||
TOTAL EXPENSES | 7 | 58 | (1,488 | ) | (1,908) | 8,413 | 7,737 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | (6 | ) | (58) | — | — | 1,245 | 857 | ||||||||||||||||||||||
INCOME TAXES | (1 | ) | (16) | — | — | 309 | 210 | ||||||||||||||||||||||
NET INCOME | (5 | ) | (42) | — | — | 936 | 647 | ||||||||||||||||||||||
Cash flows from (used in) operating activities | (33 | ) | 5 | — | — | 1,230 | 298 | ||||||||||||||||||||||
CAPEX (b) | 20 | 21 | — | — | 1,434 | 1,840 | |||||||||||||||||||||||
(a) | Included export sales to the United States of $2,092 million (2013 - $1,380 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, additional investments and acquisition. | ||||||||||||||||||||||||||||
Nine Months to September 30 | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 6,671 | 4,392 | 20,458 | 19,120 | 1,108 | 958 | |||||||||||||||||||||||
Intersegment sales | 3,188 | 3,344 | 1,118 | 1,603 | 310 | 240 | |||||||||||||||||||||||
Investment and other income | 658 | 55 | 34 | 39 | — | — | |||||||||||||||||||||||
10,517 | 7,791 | 21,610 | 20,762 | 1,418 | 1,198 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 52 | 74 | — | — | — | — | |||||||||||||||||||||||
Purchases of crude oil and products | 4,425 | 3,030 | 16,898 | 16,788 | 966 | 826 | |||||||||||||||||||||||
Production and manufacturing (c) | 2,933 | 2,508 | 1,125 | 1,312 | 166 | 157 | |||||||||||||||||||||||
Selling and general | 2 | 4 | 658 | 651 | 53 | 49 | |||||||||||||||||||||||
Federal excise tax | — | — | 1,165 | 1,041 | — | — | |||||||||||||||||||||||
Depreciation and depletion (c) | 657 | 443 | 162 | 401 | 9 | 9 | |||||||||||||||||||||||
Financing costs | 3 | — | — | 1 | — | — | |||||||||||||||||||||||
TOTAL EXPENSES | 8,072 | 6,059 | 20,008 | 20,194 | 1,194 | 1,041 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 2,445 | 1,732 | 1,602 | 568 | 224 | 157 | |||||||||||||||||||||||
INCOME TAXES | 604 | 431 | 405 | 141 | 58 | 41 | |||||||||||||||||||||||
NET INCOME | 1,841 | 1,301 | 1,197 | 427 | 166 | 116 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 2,062 | 1,065 | 1,074 | 420 | 154 | 122 | |||||||||||||||||||||||
CAPEX (b) | 3,680 | 6,272 | 310 | 128 | 15 | 6 | |||||||||||||||||||||||
Total assets as at September 30 | 33,799 | 29,693 | 6,027 | 6,159 | 381 | 374 | |||||||||||||||||||||||
Nine Months to September 30 | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | — | — | — | — | 28,237 | 24,470 | |||||||||||||||||||||||
Intersegment sales | — | — | (4,616 | ) | (5,187) | — | — | ||||||||||||||||||||||
Investment and other income | 4 | 2 | — | — | 696 | 96 | |||||||||||||||||||||||
4 | 2 | (4,616 | ) | (5,187) | 28,933 | 24,566 | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | — | — | — | — | 52 | 74 | |||||||||||||||||||||||
Purchases of crude oil and products | — | — | (4,612 | ) | (5,184) | 17,677 | 15,460 | ||||||||||||||||||||||
Production and manufacturing (c) | — | — | — | (3) | 4,224 | 3,974 | |||||||||||||||||||||||
Selling and general | 116 | 93 | (4 | ) | — | 825 | 797 | ||||||||||||||||||||||
Federal excise tax | — | — | — | — | 1,165 | 1,041 | |||||||||||||||||||||||
Depreciation and depletion (c) | 8 | 7 | — | — | 836 | 860 | |||||||||||||||||||||||
Financing costs | — | — | — | — | 3 | 1 | |||||||||||||||||||||||
TOTAL EXPENSES | 124 | 100 | (4,616 | ) | (5,187) | 24,782 | 22,207 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | (120 | ) | (98) | — | — | 4,151 | 2,359 | ||||||||||||||||||||||
INCOME TAXES | (30 | ) | (26) | — | — | 1,037 | 587 | ||||||||||||||||||||||
NET INCOME | (90 | ) | (72) | — | — | 3,114 | 1,772 | ||||||||||||||||||||||
Cash flows from (used in) operating activities | 24 | 26 | — | — | 3,314 | 1,633 | |||||||||||||||||||||||
CAPEX (b) | 61 | 47 | — | — | 4,066 | 6,453 | |||||||||||||||||||||||
Total assets as at September 30 | 426 | 364 | (391 | ) | (509) | 40,242 | 36,081 | ||||||||||||||||||||||
(a) | Included export sales to the United States of $4,888 million (2013 - $4,071 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, additional investments 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 related to the project at the end of the third quarter 2014 associated with decommissioning, environmental and employee-related costs were $79 million. |
Investment_and_other_income
Investment and other income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Investment and other income | ' | ||||||||||||||||
3 | Investment and other income | ||||||||||||||||
Investment and other income included gains and losses on asset sales as follows: | |||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||
to September 30 | |||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from asset sales (a) | 7 | 6 | 814 | 68 | |||||||||||||
Book value of assets sold | 3 | 1 | 150 | 8 | |||||||||||||
Gain/(loss) on asset sales, before tax (a) | 4 | 5 | 664 | 60 | |||||||||||||
Gain/(loss) on asset sales, after tax (a) | 2 | 5 | 498 | 46 | |||||||||||||
(a) | The nine months ended September 30, 2014 included gains of $638 million ($478 million, after tax) from the sale of the company’s interest in producing conventional assets located in Boundary Lake, Cynthia/West Pembina and Rocky Mountain House. |
Employee_retirement_benefits
Employee retirement benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Employee retirement benefits | ' | ||||||||||||||||
4 | Employee retirement benefits | ||||||||||||||||
The components of net benefit cost were as follows: | |||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||
to September 30 | |||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Pension benefits: | |||||||||||||||||
Current service cost | 37 | 46 | 114 | 136 | |||||||||||||
Interest cost | 82 | 71 | 241 | 211 | |||||||||||||
Expected return on plan assets | (95) | (85) | (277) | (248) | |||||||||||||
Amortization of prior service cost | 6 | 6 | 17 | 17 | |||||||||||||
Amortization of actuarial loss | 39 | 61 | 125 | 182 | |||||||||||||
Net benefit cost | 69 | 99 | 220 | 298 | |||||||||||||
Other post-retirement benefits: | |||||||||||||||||
Current service cost | 3 | 3 | 8 | 8 | |||||||||||||
Interest cost | 7 | 5 | 19 | 16 | |||||||||||||
Amortization of actuarial loss | 1 | 3 | 5 | 8 | |||||||||||||
Net benefit cost | 11 | 11 | 32 | 32 | |||||||||||||
Financing_costs_and_additional
Financing costs and additional notes and loans payable information | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Financing costs and additional notes and loans payable information | ' | ||||||||||||||||||
5 | Financing costs and additional notes and loans payable information | ||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||
to September 30 | |||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Debt-related interest | 20 | 21 | 61 | 47 | |||||||||||||||
Capitalized interest | (20 | ) | (21) | (61 | ) | (47) | |||||||||||||
Net interest expense | — | — | — | — | |||||||||||||||
Other interest | (1 | ) | (1) | 3 | 1 | ||||||||||||||
Total financing costs | (1 | ) | (1) | 3 | 1 | ||||||||||||||
In the first quarter of 2014, the company extended the maturity date of its existing $500 million 364-day short-term unsecured committed bank credit facility to March 2015. The company has not drawn on the facility. |
Longterm_debt
Long-term debt | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Long-term debt | ' | ||||||||||||
6 | Long-term debt | ||||||||||||
millions of dollars | As at | As at | |||||||||||
Sept 30 | Dec 31 | ||||||||||||
2014 | 2013 | ||||||||||||
Long-term debt | 4,316 | 4,316 | |||||||||||
Capital leases | 127 | 128 | |||||||||||
Total long-term debt | 4,443 | 4,444 | |||||||||||
In January 2014, the company increased the capacity of its existing floating rate loan facility with an affiliated company of ExxonMobil from $5 billion to $6.25 billion. | |||||||||||||
In the third quarter of 2014, the company extended the maturity date of its existing $500 million stand-by long-term bank credit facility to August 2016. The company has not drawn on the facility. |
Other_longterm_obligations
Other long-term obligations | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Other long-term obligations | ' | ||||||||||||
7 | Other long-term obligations | ||||||||||||
millions of dollars | As at | As at | |||||||||||
Sept 30 | Dec 31 | ||||||||||||
2014 | 2013 | ||||||||||||
Employee retirement benefits (a) | 1,237 | 1,448 | |||||||||||
Asset retirement obligations and other environmental liabilities (b) | 1,139 | 1,258 | |||||||||||
Share-based incentive compensation liabilities | 222 | 140 | |||||||||||
Other obligations | 219 | 245 | |||||||||||
Total other long-term obligations | 2,817 | 3,091 | |||||||||||
(a) | Total recorded employee retirement benefits obligations also included $53 million in current liabilities (2013 - $53 million). | ||||||||||||
(b) | Total asset retirement obligations and other environmental liabilities also included $157 million in current liabilities (2013 - $154 million). |
Net_income_per_share
Net income per share | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Net income per share | ' | ||||||||||||||||||
8 | Net income per share | ||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||
to September 30 | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net income per common share - basic | |||||||||||||||||||
Net income (millions of dollars) | 936 | 647 | 3,114 | 1,772 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.6 | |||||||||||||||
Net income per common share (dollars) | 1.10 | 0.76 | 3.67 | 2.09 | |||||||||||||||
Net income per common share - diluted | |||||||||||||||||||
Net income (millions of dollars) | 936 | 647 | 3,114 | 1,772 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.6 | |||||||||||||||
Effect of share-based awards (millions of shares) | 3.3 | 3.4 | 3.1 | 3.2 | |||||||||||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 850.9 | 851.0 | 850.7 | 850.8 | |||||||||||||||
Net income per common share (dollars) | 1.10 | 0.76 | 3.66 | 2.08 |
Other_comprehensive_income_inf
Other comprehensive income information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Other comprehensive income information | ' | ||||||||||||||||||||
9 | Other comprehensive income information | ||||||||||||||||||||
Changes in accumulated other comprehensive income: | |||||||||||||||||||||
millions of dollars | 2014 | 2013 | |||||||||||||||||||
Balance at January 1 | (1,721) | (2,455) | |||||||||||||||||||
Post-retirement benefits liability adjustment: | |||||||||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | (38) | (102) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 109 | 154 | |||||||||||||||||||
Balance at September 30 | (1,650) | (2,403) | |||||||||||||||||||
Amounts reclassified out of accumulated other comprehensive income - | |||||||||||||||||||||
before-tax income/(expense): | |||||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||||
to September 30 | |||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost (a) | (46 | ) | (70) | (147 | ) | (207) | |||||||||||||||
(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: | |||||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||||
to September 30 | |||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Post-retirement benefits liability adjustments: | |||||||||||||||||||||
Post-retirement benefits liability adjustment (excluding amortization) | — | — | (13) | (35) | |||||||||||||||||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | 12 | 18 | 38 | 53 | |||||||||||||||||
12 | 18 | 25 | 18 | ||||||||||||||||||
Business_segments_Tables
Business segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||||||
Third Quarter | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 2,365 | 1,786 | 6,912 | 6,469 | 364 | 322 | |||||||||||||||||||||||
Intersegment sales | 1,077 | 1,397 | 318 | 415 | 93 | 96 | |||||||||||||||||||||||
Investment and other income | 2 | 8 | 14 | 9 | — | — | |||||||||||||||||||||||
3,444 | 3,191 | 7,244 | 6,893 | 457 | 418 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 14 | 30 | — | — | — | — | |||||||||||||||||||||||
Purchases of crude oil and products | 1,590 | 1,307 | 5,701 | 5,789 | 296 | 295 | |||||||||||||||||||||||
Production and manufacturing | 917 | 880 | 389 | 396 | 52 | 50 | |||||||||||||||||||||||
Selling and general | (1 | ) | 1 | 234 | 217 | 17 | 17 | ||||||||||||||||||||||
Federal excise tax | — | — | 412 | 385 | — | — | |||||||||||||||||||||||
Depreciation and depletion | 219 | 168 | 52 | 50 | 3 | 3 | |||||||||||||||||||||||
Financing costs | (1 | ) | — | — | (1) | — | — | ||||||||||||||||||||||
TOTAL EXPENSES | 2,738 | 2,386 | 6,788 | 6,836 | 368 | 365 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 706 | 805 | 456 | 57 | 89 | 53 | |||||||||||||||||||||||
INCOME TAXES | 174 | 201 | 113 | 11 | 23 | 14 | |||||||||||||||||||||||
NET INCOME | 532 | 604 | 343 | 46 | 66 | 39 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 1,072 | 601 | 114 | (315) | 77 | 7 | |||||||||||||||||||||||
CAPEX (b) | 1,280 | 1,765 | 127 | 51 | 7 | 3 | |||||||||||||||||||||||
Third Quarter | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | — | — | — | — | 9,641 | 8,577 | |||||||||||||||||||||||
Intersegment sales | — | — | (1,488 | ) | (1,908) | — | — | ||||||||||||||||||||||
Investment and other income | 1 | — | — | — | 17 | 17 | |||||||||||||||||||||||
1 | — | (1,488 | ) | (1,908) | 9,658 | 8,594 | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | — | — | — | — | 14 | 30 | |||||||||||||||||||||||
Purchases of crude oil and products | — | — | (1,487 | ) | (1,907) | 6,100 | 5,484 | ||||||||||||||||||||||
Production and manufacturing | — | — | — | (1) | 1,358 | 1,325 | |||||||||||||||||||||||
Selling and general | 5 | 56 | (1 | ) | — | 254 | 291 | ||||||||||||||||||||||
Federal excise tax | — | — | — | — | 412 | 385 | |||||||||||||||||||||||
Depreciation and depletion | 2 | 2 | — | — | 276 | 223 | |||||||||||||||||||||||
Financing costs | — | — | — | — | (1 | ) | (1) | ||||||||||||||||||||||
TOTAL EXPENSES | 7 | 58 | (1,488 | ) | (1,908) | 8,413 | 7,737 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | (6 | ) | (58) | — | — | 1,245 | 857 | ||||||||||||||||||||||
INCOME TAXES | (1 | ) | (16) | — | — | 309 | 210 | ||||||||||||||||||||||
NET INCOME | (5 | ) | (42) | — | — | 936 | 647 | ||||||||||||||||||||||
Cash flows from (used in) operating activities | (33 | ) | 5 | — | — | 1,230 | 298 | ||||||||||||||||||||||
CAPEX (b) | 20 | 21 | — | — | 1,434 | 1,840 | |||||||||||||||||||||||
(a) | Included export sales to the United States of $2,092 million (2013 - $1,380 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, additional investments and acquisition. | ||||||||||||||||||||||||||||
Nine Months to September 30 | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | 6,671 | 4,392 | 20,458 | 19,120 | 1,108 | 958 | |||||||||||||||||||||||
Intersegment sales | 3,188 | 3,344 | 1,118 | 1,603 | 310 | 240 | |||||||||||||||||||||||
Investment and other income | 658 | 55 | 34 | 39 | — | — | |||||||||||||||||||||||
10,517 | 7,791 | 21,610 | 20,762 | 1,418 | 1,198 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | 52 | 74 | — | — | — | — | |||||||||||||||||||||||
Purchases of crude oil and products | 4,425 | 3,030 | 16,898 | 16,788 | 966 | 826 | |||||||||||||||||||||||
Production and manufacturing (c) | 2,933 | 2,508 | 1,125 | 1,312 | 166 | 157 | |||||||||||||||||||||||
Selling and general | 2 | 4 | 658 | 651 | 53 | 49 | |||||||||||||||||||||||
Federal excise tax | — | — | 1,165 | 1,041 | — | — | |||||||||||||||||||||||
Depreciation and depletion (c) | 657 | 443 | 162 | 401 | 9 | 9 | |||||||||||||||||||||||
Financing costs | 3 | — | — | 1 | — | — | |||||||||||||||||||||||
TOTAL EXPENSES | 8,072 | 6,059 | 20,008 | 20,194 | 1,194 | 1,041 | |||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 2,445 | 1,732 | 1,602 | 568 | 224 | 157 | |||||||||||||||||||||||
INCOME TAXES | 604 | 431 | 405 | 141 | 58 | 41 | |||||||||||||||||||||||
NET INCOME | 1,841 | 1,301 | 1,197 | 427 | 166 | 116 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 2,062 | 1,065 | 1,074 | 420 | 154 | 122 | |||||||||||||||||||||||
CAPEX (b) | 3,680 | 6,272 | 310 | 128 | 15 | 6 | |||||||||||||||||||||||
Total assets as at September 30 | 33,799 | 29,693 | 6,027 | 6,159 | 381 | 374 | |||||||||||||||||||||||
Nine Months to September 30 | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||||||
Operating revenues (a) | — | — | — | — | 28,237 | 24,470 | |||||||||||||||||||||||
Intersegment sales | — | — | (4,616 | ) | (5,187) | — | — | ||||||||||||||||||||||
Investment and other income | 4 | 2 | — | — | 696 | 96 | |||||||||||||||||||||||
4 | 2 | (4,616 | ) | (5,187) | 28,933 | 24,566 | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
Exploration | — | — | — | — | 52 | 74 | |||||||||||||||||||||||
Purchases of crude oil and products | — | — | (4,612 | ) | (5,184) | 17,677 | 15,460 | ||||||||||||||||||||||
Production and manufacturing (c) | — | — | — | (3) | 4,224 | 3,974 | |||||||||||||||||||||||
Selling and general | 116 | 93 | (4 | ) | — | 825 | 797 | ||||||||||||||||||||||
Federal excise tax | — | — | — | — | 1,165 | 1,041 | |||||||||||||||||||||||
Depreciation and depletion (c) | 8 | 7 | — | — | 836 | 860 | |||||||||||||||||||||||
Financing costs | — | — | — | — | 3 | 1 | |||||||||||||||||||||||
TOTAL EXPENSES | 124 | 100 | (4,616 | ) | (5,187) | 24,782 | 22,207 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | (120 | ) | (98) | — | — | 4,151 | 2,359 | ||||||||||||||||||||||
INCOME TAXES | (30 | ) | (26) | — | — | 1,037 | 587 | ||||||||||||||||||||||
NET INCOME | (90 | ) | (72) | — | — | 3,114 | 1,772 | ||||||||||||||||||||||
Cash flows from (used in) operating activities | 24 | 26 | — | — | 3,314 | 1,633 | |||||||||||||||||||||||
CAPEX (b) | 61 | 47 | — | — | 4,066 | 6,453 | |||||||||||||||||||||||
Total assets as at September 30 | 426 | 364 | (391 | ) | (509) | 40,242 | 36,081 | ||||||||||||||||||||||
(a) | Included export sales to the United States of $4,888 million (2013 - $4,071 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, additional investments 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 related to the project at the end of the third quarter 2014 associated with decommissioning, environmental and employee-related costs were $79 million. |
Investment_and_other_income_Ta
Investment and other income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Gains and Losses on Asset Sales | ' | ||||||||||||||||
Investment and other income included gains and losses on asset sales as follows: | |||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||
to September 30 | |||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Proceeds from asset sales (a) | 7 | 6 | 814 | 68 | |||||||||||||
Book value of assets sold | 3 | 1 | 150 | 8 | |||||||||||||
Gain/(loss) on asset sales, before tax (a) | 4 | 5 | 664 | 60 | |||||||||||||
Gain/(loss) on asset sales, after tax (a) | 2 | 5 | 498 | 46 | |||||||||||||
(a) | The nine months ended September 30, 2014 included gains of $638 million ($478 million, after tax) from the sale of the company’s interest in producing conventional assets located in Boundary Lake, Cynthia/West Pembina and Rocky Mountain House. |
Employee_retirement_benefits_T
Employee retirement benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Schedule of Components of Net Benefit Cost | ' | ||||||||||||||||
The components of net benefit cost were as follows: | |||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||
to September 30 | |||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Pension benefits: | |||||||||||||||||
Current service cost | 37 | 46 | 114 | 136 | |||||||||||||
Interest cost | 82 | 71 | 241 | 211 | |||||||||||||
Expected return on plan assets | (95) | (85) | (277) | (248) | |||||||||||||
Amortization of prior service cost | 6 | 6 | 17 | 17 | |||||||||||||
Amortization of actuarial loss | 39 | 61 | 125 | 182 | |||||||||||||
Net benefit cost | 69 | 99 | 220 | 298 | |||||||||||||
Other post-retirement benefits: | |||||||||||||||||
Current service cost | 3 | 3 | 8 | 8 | |||||||||||||
Interest cost | 7 | 5 | 19 | 16 | |||||||||||||
Amortization of actuarial loss | 1 | 3 | 5 | 8 | |||||||||||||
Net benefit cost | 11 | 11 | 32 | 32 | |||||||||||||
Financing_costs_and_additional1
Financing costs and additional notes and loans payable information (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Schedule Of Financing Costs | ' | ||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||
to September 30 | |||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Debt-related interest | 20 | 21 | 61 | 47 | |||||||||||||||
Capitalized interest | (20 | ) | (21) | (61 | ) | (47) | |||||||||||||
Net interest expense | — | — | — | — | |||||||||||||||
Other interest | (1 | ) | (1) | 3 | 1 | ||||||||||||||
Total financing costs | (1 | ) | (1) | 3 | 1 | ||||||||||||||
Longterm_debt_Tables
Long-term debt (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Long-Term Debt | ' | ||||||||||||
millions of dollars | As at | As at | |||||||||||
Sept 30 | Dec 31 | ||||||||||||
2014 | 2013 | ||||||||||||
Long-term debt | 4,316 | 4,316 | |||||||||||
Capital leases | 127 | 128 | |||||||||||
Total long-term debt | 4,443 | 4,444 | |||||||||||
Other_longterm_obligations_Tab
Other long-term obligations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Other Long-Term Obligations | ' | ||||||||||||
millions of dollars | As at | As at | |||||||||||
Sept 30 | Dec 31 | ||||||||||||
2014 | 2013 | ||||||||||||
Employee retirement benefits (a) | 1,237 | 1,448 | |||||||||||
Asset retirement obligations and other environmental liabilities (b) | 1,139 | 1,258 | |||||||||||
Share-based incentive compensation liabilities | 222 | 140 | |||||||||||
Other obligations | 219 | 245 | |||||||||||
Total other long-term obligations | 2,817 | 3,091 | |||||||||||
(a) | Total recorded employee retirement benefits obligations also included $53 million in current liabilities (2013 - $53 million). | ||||||||||||
(b) | Total asset retirement obligations and other environmental liabilities also included $157 million in current liabilities (2013 - $154 million). |
Net_income_per_share_Tables
Net income per share (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||
to September 30 | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Net income per common share - basic | |||||||||||||||||||
Net income (millions of dollars) | 936 | 647 | 3,114 | 1,772 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.6 | |||||||||||||||
Net income per common share (dollars) | 1.10 | 0.76 | 3.67 | 2.09 | |||||||||||||||
Net income per common share - diluted | |||||||||||||||||||
Net income (millions of dollars) | 936 | 647 | 3,114 | 1,772 | |||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.6 | |||||||||||||||
Effect of share-based awards (millions of shares) | 3.3 | 3.4 | 3.1 | 3.2 | |||||||||||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 850.9 | 851.0 | 850.7 | 850.8 | |||||||||||||||
Net income per common share (dollars) | 1.10 | 0.76 | 3.66 | 2.08 |
Other_comprehensive_income_inf1
Other comprehensive income information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Changes in accumulated other comprehensive income: | |||||||||||||||||||||
millions of dollars | 2014 | 2013 | |||||||||||||||||||
Balance at January 1 | (1,721) | (2,455) | |||||||||||||||||||
Post-retirement benefits liability adjustment: | |||||||||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | (38) | (102) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 109 | 154 | |||||||||||||||||||
Balance at September 30 | (1,650) | (2,403) | |||||||||||||||||||
Amounts Reclassified Out of 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 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost (a) | (46 | ) | (70) | (147 | ) | (207) | |||||||||||||||
(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: | |||||||||||||||||||||
Third Quarter | Nine Months | ||||||||||||||||||||
to September 30 | |||||||||||||||||||||
millions of dollars | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Post-retirement benefits liability adjustments: | |||||||||||||||||||||
Post-retirement benefits liability adjustment (excluding amortization) | — | — | (13) | (35) | |||||||||||||||||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | 12 | 18 | 38 | 53 | |||||||||||||||||
12 | 18 | 25 | 18 | ||||||||||||||||||
Business_Segments_Detail
Business Segments (Detail) (CAD) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 9,641 | [1],[2],[3] | 8,577 | [1],[2],[3] | 28,237 | [1],[2],[4] | 24,470 | [1],[2],[4] | ' |
Investment and other income | 17 | 17 | 696 | 96 | ' | ||||
TOTAL REVENUES AND OTHER INCOME | 9,658 | 8,594 | 28,933 | 24,566 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Exploration | 14 | 30 | 52 | 74 | ' | ||||
Purchases of crude oil and products | 6,100 | [5] | 5,484 | [5] | 17,677 | [5] | 15,460 | [5] | ' |
Production and manufacturing | 1,358 | [6] | 1,325 | [6] | 4,224 | [6],[7] | 3,974 | [6],[7] | ' |
Selling and general | 254 | 291 | 825 | 797 | ' | ||||
Federal excise tax | 412 | [2] | 385 | [2] | 1,165 | [2] | 1,041 | [2] | ' |
Depreciation and depletion | 276 | 223 | 836 | [7] | 860 | [7] | ' | ||
Financing costs | -1 | -1 | 3 | 1 | ' | ||||
TOTAL EXPENSES | 8,413 | 7,737 | 24,782 | 22,207 | ' | ||||
INCOME BEFORE INCOME TAXES | 1,245 | 857 | 4,151 | 2,359 | ' | ||||
INCOME TAXES | 309 | 210 | 1,037 | 587 | ' | ||||
NET INCOME | 936 | 647 | 3,114 | 1,772 | ' | ||||
Cash flows from (used in) operating activities | 1,230 | 298 | 3,314 | 1,633 | ' | ||||
CAPEX | 1,434 | [8] | 1,840 | [8] | 4,066 | [8] | 6,453 | [8] | ' |
Total assets as at September 30 | 40,242 | 36,081 | 40,242 | 36,081 | 37,218 | ||||
Upstream | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 2,365 | [3] | 1,786 | [3] | 6,671 | [4] | 4,392 | [4] | ' |
Intersegment sales | 1,077 | 1,397 | 3,188 | 3,344 | ' | ||||
Investment and other income | 2 | 8 | 658 | 55 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 3,444 | 3,191 | 10,517 | 7,791 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Exploration | 14 | 30 | 52 | 74 | ' | ||||
Purchases of crude oil and products | 1,590 | 1,307 | 4,425 | 3,030 | ' | ||||
Production and manufacturing | 917 | 880 | 2,933 | [7] | 2,508 | [7] | ' | ||
Selling and general | -1 | 1 | 2 | 4 | ' | ||||
Depreciation and depletion | 219 | 168 | 657 | [7] | 443 | [7] | ' | ||
Financing costs | -1 | ' | 3 | ' | ' | ||||
TOTAL EXPENSES | 2,738 | 2,386 | 8,072 | 6,059 | ' | ||||
INCOME BEFORE INCOME TAXES | 706 | 805 | 2,445 | 1,732 | ' | ||||
INCOME TAXES | 174 | 201 | 604 | 431 | ' | ||||
NET INCOME | 532 | 604 | 1,841 | 1,301 | ' | ||||
Cash flows from (used in) operating activities | 1,072 | 601 | 2,062 | 1,065 | ' | ||||
CAPEX | 1,280 | [8] | 1,765 | [8] | 3,680 | [8] | 6,272 | [8] | ' |
Total assets as at September 30 | 33,799 | 29,693 | 33,799 | 29,693 | ' | ||||
Downstream | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 6,912 | [3] | 6,469 | [3] | 20,458 | [4] | 19,120 | [4] | ' |
Intersegment sales | 318 | 415 | 1,118 | 1,603 | ' | ||||
Investment and other income | 14 | 9 | 34 | 39 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 7,244 | 6,893 | 21,610 | 20,762 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Purchases of crude oil and products | 5,701 | 5,789 | 16,898 | 16,788 | ' | ||||
Production and manufacturing | 389 | 396 | 1,125 | [7] | 1,312 | [7] | ' | ||
Selling and general | 234 | 217 | 658 | 651 | ' | ||||
Federal excise tax | 412 | 385 | 1,165 | 1,041 | ' | ||||
Depreciation and depletion | 52 | 50 | 162 | [7] | 401 | [7] | ' | ||
Financing costs | ' | -1 | ' | 1 | ' | ||||
TOTAL EXPENSES | 6,788 | 6,836 | 20,008 | 20,194 | ' | ||||
INCOME BEFORE INCOME TAXES | 456 | 57 | 1,602 | 568 | ' | ||||
INCOME TAXES | 113 | 11 | 405 | 141 | ' | ||||
NET INCOME | 343 | 46 | 1,197 | 427 | ' | ||||
Cash flows from (used in) operating activities | 114 | -315 | 1,074 | 420 | ' | ||||
CAPEX | 127 | [8] | 51 | [8] | 310 | [8] | 128 | [8] | ' |
Total assets as at September 30 | 6,027 | 6,159 | 6,027 | 6,159 | ' | ||||
Chemical | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Operating revenues | 364 | [3] | 322 | [3] | 1,108 | [4] | 958 | [4] | ' |
Intersegment sales | 93 | 96 | 310 | 240 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 457 | 418 | 1,418 | 1,198 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Purchases of crude oil and products | 296 | 295 | 966 | 826 | ' | ||||
Production and manufacturing | 52 | 50 | 166 | [7] | 157 | [7] | ' | ||
Selling and general | 17 | 17 | 53 | 49 | ' | ||||
Depreciation and depletion | 3 | 3 | 9 | [7] | 9 | [7] | ' | ||
TOTAL EXPENSES | 368 | 365 | 1,194 | 1,041 | ' | ||||
INCOME BEFORE INCOME TAXES | 89 | 53 | 224 | 157 | ' | ||||
INCOME TAXES | 23 | 14 | 58 | 41 | ' | ||||
NET INCOME | 66 | 39 | 166 | 116 | ' | ||||
Cash flows from (used in) operating activities | 77 | 7 | 154 | 122 | ' | ||||
CAPEX | 7 | [8] | 3 | [8] | 15 | [8] | 6 | [8] | ' |
Total assets as at September 30 | 381 | 374 | 381 | 374 | ' | ||||
Corporate and Other | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Investment and other income | 1 | ' | 4 | 2 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 1 | ' | 4 | 2 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Selling and general | 5 | 56 | 116 | 93 | ' | ||||
Depreciation and depletion | 2 | 2 | 8 | [7] | 7 | [7] | ' | ||
TOTAL EXPENSES | 7 | 58 | 124 | 100 | ' | ||||
INCOME BEFORE INCOME TAXES | -6 | -58 | -120 | -98 | ' | ||||
INCOME TAXES | -1 | -16 | -30 | -26 | ' | ||||
NET INCOME | -5 | -42 | -90 | -72 | ' | ||||
Cash flows from (used in) operating activities | -33 | 5 | 24 | 26 | ' | ||||
CAPEX | 20 | [8] | 21 | [8] | 61 | [8] | 47 | [8] | ' |
Total assets as at September 30 | 426 | 364 | 426 | 364 | ' | ||||
Consolidation, Eliminations | ' | ' | ' | ' | ' | ||||
REVENUES AND OTHER INCOME | ' | ' | ' | ' | ' | ||||
Intersegment sales | -1,488 | -1,908 | -4,616 | -5,187 | ' | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | -1,488 | -1,908 | -4,616 | -5,187 | ' | ||||
EXPENSES | ' | ' | ' | ' | ' | ||||
Purchases of crude oil and products | -1,487 | -1,907 | -4,612 | -5,184 | ' | ||||
Production and manufacturing | ' | -1 | ' | -3 | [7] | ' | |||
Selling and general | -1 | ' | -4 | ' | ' | ||||
TOTAL EXPENSES | -1,488 | -1,908 | -4,616 | -5,187 | ' | ||||
Total assets as at September 30 | -391 | -509 | -391 | -509 | ' | ||||
[1] | Amounts from related parties included in operating revenues 1,201 711 2,759 1,936 | ||||||||
[2] | Federal excise tax included in operating revenues 412 385 1,165 1,041 | ||||||||
[3] | Included export sales to the United States of $2,092 million (2013 - $1,380 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[4] | Included export sales to the United States of $4,888 million (2013 - $4,071 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 1,111 1,018 2,939 3,544 | ||||||||
[6] | Amounts to related parties included in production and manufacturing expenses 93 85 268 255 | ||||||||
[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 related to the project at the end of the third quarter 2014 associated with decommissioning, environmental and employee-related costs were $79 million. | ||||||||
[8] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant, equipment and intangibles, additions to capital leases, additional investments and acquisition. |
Business_Segments_Parenthetica
Business Segments (Parenthetical) (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating revenues | 9,641 | [1],[2],[3] | 8,577 | [1],[2],[3] | 28,237 | [1],[2],[4] | 24,470 | [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 | ||||
Amount incurred related to decommissioning, environmental and employee related cost | 79 | ' | ' | ' | ||||
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 | 2,092 | 1,380 | 4,888 | 4,071 | ||||
[1] | Amounts from related parties included in operating revenues 1,201 711 2,759 1,936 | |||||||
[2] | Federal excise tax included in operating revenues 412 385 1,165 1,041 | |||||||
[3] | Included export sales to the United States of $2,092 million (2013 - $1,380 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||
[4] | Included export sales to the United States of $4,888 million (2013 - $4,071 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Investment And Other Income [Line Items] | ' | ' | ' | ' | ||||
Proceeds from asset sales | 7 | [1] | 6 | [1] | 814 | [1] | 68 | [1] |
Book value of assets sold | 3 | 1 | 150 | 8 | ||||
Gain/(loss) on asset sales, before tax | 4 | [1] | 5 | [1] | 664 | [1] | 60 | [1] |
Gain/(loss) on asset sales, after tax | 2 | [1] | 5 | [1] | 498 | [1] | 46 | [1] |
[1] | The nine months ended September 30, 2014 included gains of $638 million ($478 million, after tax) from the sale of the company's interest in producing conventional assets located in Boundary Lake, Cynthia/West Pembina and Rocky Mountain House. |
Gains_and_Losses_on_Asset_Sale1
Gains and Losses on Asset Sales (Parenthetical) (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Investment And Other Income [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) on asset sales, before tax | 4 | [1] | 5 | [1] | 664 | [1] | 60 | [1] |
Gain/(loss) on asset sales, after tax | 2 | [1] | 5 | [1] | 498 | [1] | 46 | [1] |
Conventional Assets | ' | ' | ' | ' | ||||
Investment And Other Income [Line Items] | ' | ' | ' | ' | ||||
Gain/(loss) on asset sales, before tax | ' | ' | 638 | ' | ||||
Gain/(loss) on asset sales, after tax | ' | ' | 478 | ' | ||||
[1] | The nine months ended September 30, 2014 included gains of $638 million ($478 million, after tax) from the sale of the company's interest in producing conventional assets located in Boundary Lake, Cynthia/West Pembina and Rocky Mountain House. |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current service cost | 37 | 46 | 114 | 136 |
Interest cost | 82 | 71 | 241 | 211 |
Expected return on plan assets | -95 | -85 | -277 | -248 |
Amortization of prior service cost | 6 | 6 | 17 | 17 |
Amortization of actuarial loss | 39 | 61 | 125 | 182 |
Net benefit cost | 69 | 99 | 220 | 298 |
Other post-retirement benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current service cost | 3 | 3 | 8 | 8 |
Interest cost | 7 | 5 | 19 | 16 |
Amortization of actuarial loss | 1 | 3 | 5 | 8 |
Net benefit cost | 11 | 11 | 32 | 32 |
Recovered_Sheet1
Financing Costs and Additional Notes and Loans Payable Information (Detail) (CAD) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Debt-related interest | 20 | 21 | 61 | 47 |
Capitalized interest | -20 | -21 | -61 | -47 |
Net interest expense | ' | ' | ' | ' |
Other interest | -1 | -1 | 3 | 1 |
Total financing costs | -1 | -1 | 3 | 1 |
Recovered_Sheet2
Financing Costs and Additional Notes and Loans Payable Information - Additional Information (Detail) (Unsecured committed bank credit facility, CAD) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Unsecured committed bank credit facility | ' |
Financing Activities [Line Items] | ' |
Debt instrument, maturity date | 31-Mar-15 |
Line of Credit maximum borrowing capacity | 500 |
Long_Term_Debt_Detail
Long Term Debt (Detail) (CAD) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Long-term debt | 4,316 | 4,316 | ||
Capital leases | 127 | 128 | ||
Total long-term debt | 4,443 | [1] | 4,444 | [1] |
[1] | Long-term debt included amounts to related parties of $4,316 million (2013 - $4,316 million). |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (CAD) | Jan. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Floating Rate Loan Facility | Floating Rate Loan Facility | Revolving demand loan |
Exxon Mobil | Exxon Mobil | ||
Line of Credit Facility [Line Items] | ' | ' | ' |
Line of Credit maximum borrowing capacity | 6,250 | 5,000 | 500 |
Debt instrument, maturity date | ' | ' | 31-Aug-16 |
Other_LongTerm_Obligations_Det
Other Long-Term Obligations (Detail) (CAD) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule of Other Liabilities [Line Items] | ' | ' | ||
Employee retirement benefits | 1,237 | [1] | 1,448 | [1] |
Asset retirement obligations and other environmental liabilities | 1,139 | [2] | 1,258 | [2] |
Share-based incentive compensation liabilities | 222 | 140 | ||
Other obligations | 219 | 245 | ||
Total other long-term obligations | 2,817 | 3,091 | ||
[1] | Total recorded employee retirement benefits obligations also included $53 million in current liabilities (2013 - $53 million). | |||
[2] | Total asset retirement obligations and other environmental liabilities also included $157 million in current liabilities (2013 - $154 million). |
Other_LongTerm_Obligations_Par
Other Long-Term Obligations (Parenthetical) (Detail) (CAD) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Other Liabilities [Line Items] | ' | ' |
Employee retirement benefits obligations in current liabilities | 53 | 53 |
Asset retirement obligations and other environmental liabilities in current liabilities | 157 | 154 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income per common share - basic | ' | ' | ' | ' |
NET INCOME | 936 | 647 | 3,114 | 1,772 |
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.6 |
Net income per common share (dollars) | 1.1 | 0.76 | 3.67 | 2.09 |
Net income per common share - diluted | ' | ' | ' | ' |
NET INCOME | 936 | 647 | 3,114 | 1,772 |
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | 847.6 | 847.6 |
Effect of share-based awards (millions of shares) | 3.3 | 3.4 | 3.1 | 3.2 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 850.9 | 851 | 850.7 | 850.8 |
Net income per common share (dollars) | 1.1 | 0.76 | 3.66 | 2.08 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Balance at January 1 | ' | ' | -1,721 | -2,455 |
Current period change excluding amounts reclassified from accumulated other comprehensive income | ' | ' | -38 | -102 |
Amounts reclassified from accumulated other comprehensive income | 34 | 52 | 109 | 154 |
Balance at September 30 | -1,650 | -2,403 | -1,650 | -2,403 |
Amounts_Reclassified_Out_of_Ac
Amounts Reclassified Out of 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | -46 | [1] | -70 | [1] | -147 | [1] | -207 | [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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Post-retirement benefits liability adjustment (excluding amortization) | ' | ' | -13 | -35 |
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | 12 | 18 | 38 | 53 |
Total | 12 | 18 | 25 | 18 |