Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Mar-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | IMO |
Entity Registrant Name | IMPERIAL OIL LTD |
Entity Central Index Key | 49938 |
Current Fiscal Year End Date | -19 |
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 | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
REVENUES AND OTHER INCOME | ||||
Operating revenues | 6,170 | [1],[2],[3] | 9,197 | [1],[2],[3] |
Investment and other income (note 3) | 33 | 29 | ||
TOTAL REVENUES AND OTHER INCOME | 6,203 | 9,226 | ||
EXPENSES | ||||
Exploration | 17 | 21 | ||
Purchases of crude oil and products | 3,305 | [4] | 5,542 | [4] |
Production and manufacturing | 1,359 | [5] | 1,476 | [5] |
Selling and general | 264 | 275 | ||
Federal excise tax | 377 | [1] | 370 | [1] |
Depreciation and depletion | 317 | 280 | ||
Financing costs (note 5) | 3 | 2 | ||
TOTAL EXPENSES | 5,642 | 7,966 | ||
INCOME BEFORE INCOME TAXES | 561 | 1,260 | ||
INCOME TAXES | 140 | 314 | ||
NET INCOME | 421 | 946 | ||
PER SHARE INFORMATION (Canadian dollars) | ||||
Net income per common share - basic (note 8) | 0.5 | 1.12 | ||
Net income per common share - diluted (note 8) | 0.5 | 1.11 | ||
Dividends per common share | 0.13 | 0.13 | ||
[1] | Federal excise tax included in operating revenues 377 370 | |||
[2] | Amounts from related parties included in operating revenues 638 816 | |||
[3] | Included export sales to the United States of $801 million (2014 - $1,426 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment | |||
[4] | Amounts to related parties included in purchases of crude oil and products 686 770 | |||
[5] | Amounts to related parties included in production and manufacturing expenses 102 86 |
Consolidated_Statement_Of_Inco1
Consolidated Statement Of Income (U.S. GAAP) (Parenthetical) (CAD) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Federal excise tax included in operating revenues | 377 | [1] | 370 | [1] |
Amounts from related parties included in operating revenues | 638 | 816 | ||
Amounts to related parties included in purchases of crude oil and products | 686 | 770 | ||
Amounts to related parties included in production and manufacturing expenses | 102 | 86 | ||
[1] | Federal excise tax included in operating revenues 377 370 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (U.S. GAAP) (CAD) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
NET INCOME | 421 | 946 |
Other comprehensive income, net of income taxes | ||
Post-retirement benefit liability adjustment (excluding amortization) | -176 | -38 |
Amortization of post-retirement benefit liability adjustment included in net periodic benefit costs | 42 | 38 |
Total other comprehensive income/(loss) | -134 | |
Comprehensive income | 287 | 946 |
Consolidated_Balance_Sheet_US_
Consolidated Balance Sheet (U.S. GAAP) (CAD) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Current assets | ||||
Cash | 60 | [1] | 215 | |
Accounts receivable, less estimated doubtful accounts | 1,752 | [2] | 1,539 | [2] |
Inventories of crude oil and products | 1,050 | 1,121 | ||
Materials, supplies and prepaid expenses | 466 | 380 | ||
Deferred income tax assets | 267 | 314 | ||
Total current assets | 3,595 | 3,569 | ||
Long-term receivables, investments and other long-term assets | 1,467 | 1,406 | ||
Property, plant and equipment, | 51,818 | 50,911 | ||
less accumulated depreciation and depletion | -15,557 | -15,337 | ||
Property, plant and equipment, net | 36,261 | 35,574 | ||
Goodwill | 224 | 224 | ||
Other intangible assets, net | 61 | 57 | ||
TOTAL ASSETS | 41,608 | 40,830 | ||
Current liabilities | ||||
Notes and loans payable | 1,938 | [3] | 1,978 | [3] |
Accounts payable and accrued liabilities (note 7) | 3,583 | [2] | 3,969 | [2] |
Income taxes payable | 218 | 34 | ||
Total current liabilities | 5,739 | 5,981 | ||
Long-term debt (note 6) | 5,610 | [4] | 4,913 | [4] |
Other long-term obligations (note 7) | 3,784 | [5] | 3,565 | [5] |
Deferred income tax liabilities | 3,768 | 3,841 | ||
TOTAL LIABILITIES | 18,901 | 18,300 | ||
SHAREHOLDERS' EQUITY | ||||
Common shares at stated value | 1,566 | [6] | 1,566 | [6] |
Earnings reinvested | 23,334 | 23,023 | ||
Accumulated other comprehensive income (note 9) | -2,193 | -2,059 | ||
TOTAL SHAREHOLDERS' EQUITY | 22,707 | 22,530 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 41,608 | 40,830 | ||
[1] | Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased | |||
[2] | Accounts receivable, less estimated doubtful accounts included amounts receivable from related parties of $54 million (2014 - accounts payable and accrued liabilities included amounts payable to related parties of $174 million) | |||
[3] | Notes and loans payable included amounts to related parties of $75 million (2014 - $75 million) | |||
[4] | Long-term debt included amounts to related parties of $5,463 million (2014 - $4,746 million) | |||
[5] | Other long-term obligations include amounts to related parties of $105 million (2014 - $96 million) | |||
[6] | Number of common shares authorized and outstanding were 1,100 million and 848 million, respectively (2014 - 1,100 million and 848 million, respectively) |
Consolidated_Balance_Sheet_US_1
Consolidated Balance Sheet (U.S. GAAP) (Parenthetical) (CAD) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Due to related parties, current | 75 | 75 |
Amounts (payable) receivable from related parties | 54 | -174 |
Common shares authorized | 1,100 | 1,100 |
Common shares outstanding | 848 | 848 |
Long-term debt | ||
Due to related parties | 5,463 | 4,746 |
Other long-term debt | ||
Due to related parties | 105 | 96 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (U.S. GAAP) (CAD) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
OPERATING ACTIVITIES | ||||
NET INCOME | 421 | 946 | ||
Adjustments for non-cash items: | ||||
Depreciation and depletion | 317 | 280 | ||
(Gain)/loss on asset sales (note 3) | -26 | -20 | ||
Deferred income taxes and other | 18 | 5 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | -213 | -654 | ||
Inventories, materials, supplies and prepaid expenses | -15 | -28 | ||
Income taxes payable | 184 | 92 | ||
Accounts payable and accrued liabilities | -386 | 435 | ||
All other items - net | -19 | [1] | 29 | [1] |
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES | 281 | 1,085 | ||
INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | -1,011 | -1,206 | ||
Proceeds associated with asset sales | 25 | [2] | 75 | [2] |
Additional investments | -16 | -12 | ||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | -1,002 | -1,143 | ||
FINANCING ACTIVITIES | ||||
Short-term debt - net | -39 | |||
Long-term debt issued | 717 | |||
Reduction in capitalized lease obligations | -2 | -2 | ||
Dividends paid | -110 | -110 | ||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | 566 | -112 | ||
INCREASE (DECREASE) IN CASH | -155 | -170 | ||
CASH AT BEGINNING OF PERIOD | 215 | 272 | ||
CASH AT END OF PERIOD | 60 | [3] | 102 | [3] |
[1] | Included contribution to registered pension plans (63 ) (76 ) | |||
[2] | 2014 included $50 million deposit for the sale of producing conventional assets which closed in the second quarter of 2014 | |||
[3] | Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (U.S. GAAP) (Parenthetical) (CAD) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Included contribution to registered pension plans | -63 | -76 |
Deposit for a potential asset sale | 50 |
Basis_of_financial_statement_p
Basis of financial statement preparation | 3 Months Ended | |
Mar. 31, 2015 | ||
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 2014 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 three months ended March 31, 2015, 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 | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Business segments | 2 | Business segments | |||||||||||||||||||||||
Three Months to March 31 | Upstream | Downstream | Chemical | ||||||||||||||||||||||
millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||
Operating revenues (a) | 1,212 | 2,197 | 4,669 | 6,645 | 289 | 355 | |||||||||||||||||||
Intersegment sales | 598 | 1,068 | 256 | 430 | 59 | 102 | |||||||||||||||||||
Investment and other income | 2 | 13 | 30 | 13 | 1 | 1 | |||||||||||||||||||
1,812 | 3,278 | 4,955 | 7,088 | 349 | 458 | ||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||
Exploration | 17 | 21 | - | - | - | - | |||||||||||||||||||
Purchases of crude oil and products | 838 | 1,405 | 3,195 | 5,416 | 182 | 319 | |||||||||||||||||||
Production and manufacturing | 950 | 1,029 | 356 | 386 | 53 | 61 | |||||||||||||||||||
Selling and general | - | 2 | 221 | 210 | 22 | 17 | |||||||||||||||||||
Federal excise tax | - | - | 377 | 370 | - | - | |||||||||||||||||||
Depreciation and depletion | 259 | 222 | 52 | 52 | 3 | 3 | |||||||||||||||||||
Financing costs | 3 | 2 | - | - | - | - | |||||||||||||||||||
TOTAL EXPENSES | 2,067 | 2,681 | 4,201 | 6,434 | 260 | 400 | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | (255 | ) | 597 | 754 | 654 | 89 | 58 | ||||||||||||||||||
INCOME TAXES | (66 | ) | 145 | 189 | 166 | 23 | 15 | ||||||||||||||||||
NET INCOME | (189 | ) | 452 | 565 | 488 | 66 | 43 | ||||||||||||||||||
Cash flows from (used in) operating activities | (251 | ) | 357 | 514 | 712 | 55 | 3 | ||||||||||||||||||
CAPEX (b) | 890 | 1,163 | 125 | 48 | 12 | 2 | |||||||||||||||||||
Total assets as at March 31 | 35,655 | 32,326 | 5,600 | 6,043 | 387 | 401 | |||||||||||||||||||
Three Months to March 31 | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||
millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||
Operating revenues (a) | - | - | - | - | 6,170 | 9,197 | |||||||||||||||||||
Intersegment sales | - | - | (913 | ) | (1,600 | ) | - | - | |||||||||||||||||
Investment and other income | - | 2 | - | - | 33 | 29 | |||||||||||||||||||
- | 2 | (913 | ) | (1,600 | ) | 6,203 | 9,226 | ||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||
Exploration | - | - | - | - | 17 | 21 | |||||||||||||||||||
Purchases of crude oil and products | - | - | (910 | ) | (1,598 | ) | 3,305 | 5,542 | |||||||||||||||||
Production and manufacturing | - | - | - | - | 1,359 | 1,476 | |||||||||||||||||||
Selling and general | 24 | 48 | (3 | ) | (2 | ) | 264 | 275 | |||||||||||||||||
Federal excise tax | - | - | - | - | 377 | 370 | |||||||||||||||||||
Depreciation and depletion | 3 | 3 | - | - | 317 | 280 | |||||||||||||||||||
Financing costs | - | - | - | - | 3 | 2 | |||||||||||||||||||
TOTAL EXPENSES | 27 | 51 | (913 | ) | (1,600 | ) | 5,642 | 7,966 | |||||||||||||||||
INCOME BEFORE INCOME TAXES | (27 | ) | (49 | ) | - | - | 561 | 1,260 | |||||||||||||||||
INCOME TAXES | (6 | ) | (12 | ) | - | - | 140 | 314 | |||||||||||||||||
NET INCOME | (21 | ) | (37 | ) | - | - | 421 | 946 | |||||||||||||||||
Cash flows from (used in) operating activities | (37 | ) | 13 | - | - | 281 | 1,085 | ||||||||||||||||||
CAPEX (b) | 23 | 21 | - | - | 1,050 | 1,234 | |||||||||||||||||||
Total assets as at March 31 | 439 | 448 | (473 | ) | (473 | ) | 41,608 | 38,745 | |||||||||||||||||
(a) | Included export sales to the United States of $801 million (2014 - $1,426 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 and equipment, additions to capital leases, additional investments and acquisition |
Investment_and_other_income
Investment and other income | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Investment and other income | 3 | Investment and other income | |||||||
Investment and other income included gains and losses on asset sales as follows: | |||||||||
Three Months | |||||||||
to March 31 | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Proceeds from asset sales | 25 | 25 | |||||||
Book value of assets sold (a) | (1 | ) | 5 | ||||||
Gain/(loss) on asset sales, before tax | 26 | 20 | |||||||
Gain/(loss) on asset sales, after tax | 23 | 16 | |||||||
(a) 2015 includes $3 million associated with the wind up of a capital lease |
Employee_retirement_benefits
Employee retirement benefits | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Employee retirement benefits | 4 | Employee retirement benefits | |||||||
The components of net benefit cost were as follows: | |||||||||
Three Months | |||||||||
to March 31 | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Pension benefits: | |||||||||
Current service cost | 51 | 38 | |||||||
Interest cost | 77 | 79 | |||||||
Expected return on plan assets | (97 | ) | (91 | ) | |||||
Amortization of prior service cost | 4 | 6 | |||||||
Amortization of actuarial loss | 50 | 43 | |||||||
Net benefit cost | 85 | 75 | |||||||
Other post-retirement benefits: | |||||||||
Current service cost | 4 | 3 | |||||||
Interest cost | 6 | 6 | |||||||
Amortization of actuarial loss | 3 | 2 | |||||||
Net benefit cost | 13 | 11 |
Financing_costs_and_additional
Financing costs and additional notes and loans payable information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Financing costs and additional notes and loans payable information | 5 | Financing costs and additional notes and loans payable information | |||||||
Three Months to | |||||||||
March 31 | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Debt-related interest | 23 | 21 | |||||||
Capitalized interest | (23 | ) | (21 | ) | |||||
Net interest expense | - | - | |||||||
Other interest | 3 | 2 | |||||||
Total financing costs | 3 | 2 | |||||||
In the first quarter of 2015, the company extended the maturity date of its existing $500 million 364-day short-term unsecured committed bank credit facility to March 2016. The company has not drawn on the facility. |
Longterm_debt
Long-term debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Long-term debt | 6 | Long-term debt | |||||||
As at | As at | ||||||||
Mar 31 | Dec 31 | ||||||||
millions of dollars | 2015 | 2014 | |||||||
Long-term debt | 5,463 | 4,746 | |||||||
Capital leases | 147 | 167 | |||||||
Total long-term debt | 5,610 | 4,913 | |||||||
In the first quarter of 2015, the company increased its long-term debt by $717 million by drawing on an existing facility with an affiliated company of Exxon Mobil Corporation. The increased debt was used to finance normal operations and capital projects. |
Other_longterm_obligations
Other long-term obligations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other long-term obligations | 7 | Other long-term obligations | |||||||
As at | As at | ||||||||
Mar 31 | Dec 31 | ||||||||
millions of dollars | 2015 | 2014 | |||||||
Employee retirement benefits (a) | 1,936 | 1,739 | |||||||
Asset retirement obligations and other environmental liabilities (b) | 1,330 | 1,325 | |||||||
Share-based incentive compensation liabilities | 172 | 154 | |||||||
Other obligations | 346 | 347 | |||||||
Total other long-term obligations | 3,784 | 3,565 | |||||||
(a) | Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2014 - $58 million) | ||||||||
(b) | Total asset retirement obligations and other environmental liabilities also included $143 million in current liabilities (2014 - $143 million) |
Net_income_per_share
Net income per share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Net income per share | 8 | Net income per share | |||||||
Three Months | |||||||||
to March 31 | |||||||||
2015 | 2014 | ||||||||
Net income per common share - basic | |||||||||
Net income (millions of dollars) | 421 | 946 | |||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | |||||||
Net income per common share (dollars) | 0.5 | 1.12 | |||||||
Net income per common share - diluted | |||||||||
Net income (millions of dollars) | 421 | 946 | |||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | |||||||
Effect of share-based awards (millions of shares) | 2.9 | 2.9 | |||||||
Weighted average number of common shares outstanding, | 850.5 | 850.5 | |||||||
assuming dilution (millions of shares) | |||||||||
Net income per common share (dollars) | 0.5 | 1.11 |
Other_comprehensive_income_inf
Other comprehensive income information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other comprehensive income information | 9 | Other comprehensive income information | |||||||
Changes in accumulated other comprehensive income: | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Balance at January 1 | (2,059 | ) | (1,721 | ) | |||||
Post-retirement benefits liability adjustment: | |||||||||
Current period change excluding amounts reclassified | (176 | ) | (38 | ) | |||||
from accumulated other comprehensive income | |||||||||
Amounts reclassified from accumulated other comprehensive income | 42 | 38 | |||||||
Balance at March 31 | (2,193 | ) | (1,721 | ) | |||||
Amounts reclassified out of accumulated other comprehensive income - | |||||||||
before-tax income/(expense): | |||||||||
Three Months to | |||||||||
31-Mar | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Amortization of post-retirement benefits liability adjustment | (57 | ) | (51 | ) | |||||
included in net periodic benefit cost (a) | |||||||||
(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: | |||||||||
Three Months to | |||||||||
31-Mar | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Post-retirement benefits liability adjustments: | |||||||||
Post-retirement benefits liability adjustment (excluding amortization) | (61 | ) | (13 | ) | |||||
Amortization of post-retirement benefits liability adjustment | 15 | 13 | |||||||
included in net periodic benefit cost | |||||||||
(46 | ) | - |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended | |
Mar. 31, 2015 | ||
Recently Issued Accounting Standards | 10 | Recently Issued Accounting Standards |
In May 2014, the Financial Accounting Standards Board issued a new standard, Revenue from Contracts with Customers. The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements. The standard is required to be adopted beginning January 1, 2017. Imperial is evaluating the standard and its effect on the company's financial statements. |
Business_segments_Tables
Business segments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Business Segments | |||||||||||||||||||||||||
Three Months to March 31 | Upstream | Downstream | Chemical | ||||||||||||||||||||||
millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||
Operating revenues (a) | 1,212 | 2,197 | 4,669 | 6,645 | 289 | 355 | |||||||||||||||||||
Intersegment sales | 598 | 1,068 | 256 | 430 | 59 | 102 | |||||||||||||||||||
Investment and other income | 2 | 13 | 30 | 13 | 1 | 1 | |||||||||||||||||||
1,812 | 3,278 | 4,955 | 7,088 | 349 | 458 | ||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||
Exploration | 17 | 21 | - | - | - | - | |||||||||||||||||||
Purchases of crude oil and products | 838 | 1,405 | 3,195 | 5,416 | 182 | 319 | |||||||||||||||||||
Production and manufacturing | 950 | 1,029 | 356 | 386 | 53 | 61 | |||||||||||||||||||
Selling and general | - | 2 | 221 | 210 | 22 | 17 | |||||||||||||||||||
Federal excise tax | - | - | 377 | 370 | - | - | |||||||||||||||||||
Depreciation and depletion | 259 | 222 | 52 | 52 | 3 | 3 | |||||||||||||||||||
Financing costs | 3 | 2 | - | - | - | - | |||||||||||||||||||
TOTAL EXPENSES | 2,067 | 2,681 | 4,201 | 6,434 | 260 | 400 | |||||||||||||||||||
INCOME BEFORE INCOME TAXES | (255 | ) | 597 | 754 | 654 | 89 | 58 | ||||||||||||||||||
INCOME TAXES | (66 | ) | 145 | 189 | 166 | 23 | 15 | ||||||||||||||||||
NET INCOME | (189 | ) | 452 | 565 | 488 | 66 | 43 | ||||||||||||||||||
Cash flows from (used in) operating activities | (251 | ) | 357 | 514 | 712 | 55 | 3 | ||||||||||||||||||
CAPEX (b) | 890 | 1,163 | 125 | 48 | 12 | 2 | |||||||||||||||||||
Total assets as at March 31 | 35,655 | 32,326 | 5,600 | 6,043 | 387 | 401 | |||||||||||||||||||
Three Months to March 31 | Corporate and Other | Eliminations | Consolidated | ||||||||||||||||||||||
millions of dollars | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
REVENUES AND OTHER INCOME | |||||||||||||||||||||||||
Operating revenues (a) | - | - | - | - | 6,170 | 9,197 | |||||||||||||||||||
Intersegment sales | - | - | (913 | ) | (1,600 | ) | - | - | |||||||||||||||||
Investment and other income | - | 2 | - | - | 33 | 29 | |||||||||||||||||||
- | 2 | (913 | ) | (1,600 | ) | 6,203 | 9,226 | ||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||
Exploration | - | - | - | - | 17 | 21 | |||||||||||||||||||
Purchases of crude oil and products | - | - | (910 | ) | (1,598 | ) | 3,305 | 5,542 | |||||||||||||||||
Production and manufacturing | - | - | - | - | 1,359 | 1,476 | |||||||||||||||||||
Selling and general | 24 | 48 | (3 | ) | (2 | ) | 264 | 275 | |||||||||||||||||
Federal excise tax | - | - | - | - | 377 | 370 | |||||||||||||||||||
Depreciation and depletion | 3 | 3 | - | - | 317 | 280 | |||||||||||||||||||
Financing costs | - | - | - | - | 3 | 2 | |||||||||||||||||||
TOTAL EXPENSES | 27 | 51 | (913 | ) | (1,600 | ) | 5,642 | 7,966 | |||||||||||||||||
INCOME BEFORE INCOME TAXES | (27 | ) | (49 | ) | - | - | 561 | 1,260 | |||||||||||||||||
INCOME TAXES | (6 | ) | (12 | ) | - | - | 140 | 314 | |||||||||||||||||
NET INCOME | (21 | ) | (37 | ) | - | - | 421 | 946 | |||||||||||||||||
Cash flows from (used in) operating activities | (37 | ) | 13 | - | - | 281 | 1,085 | ||||||||||||||||||
CAPEX (b) | 23 | 21 | - | - | 1,050 | 1,234 | |||||||||||||||||||
Total assets as at March 31 | 439 | 448 | (473 | ) | (473 | ) | 41,608 | 38,745 | |||||||||||||||||
(a) | Included export sales to the United States of $801 million (2014 - $1,426 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 and equipment, additions to capital leases, additional investments and acquisition |
Investment_and_other_income_Ta
Investment and other income (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Gains and Losses on Asset Sales | Investment and other income included gains and losses on asset sales as follows: | ||||||||
Three Months | |||||||||
to March 31 | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Proceeds from asset sales | 25 | 25 | |||||||
Book value of assets sold (a) | (1 | ) | 5 | ||||||
Gain/(loss) on asset sales, before tax | 26 | 20 | |||||||
Gain/(loss) on asset sales, after tax | 23 | 16 | |||||||
(a) 2015 includes $3 million associated with the wind up of a capital lease |
Employee_retirement_benefits_T
Employee retirement benefits (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Schedule of Components of Net Benefit Cost | The components of net benefit cost were as follows: | ||||||||
Three Months | |||||||||
to March 31 | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Pension benefits: | |||||||||
Current service cost | 51 | 38 | |||||||
Interest cost | 77 | 79 | |||||||
Expected return on plan assets | (97 | ) | (91 | ) | |||||
Amortization of prior service cost | 4 | 6 | |||||||
Amortization of actuarial loss | 50 | 43 | |||||||
Net benefit cost | 85 | 75 | |||||||
Other post-retirement benefits: | |||||||||
Current service cost | 4 | 3 | |||||||
Interest cost | 6 | 6 | |||||||
Amortization of actuarial loss | 3 | 2 | |||||||
Net benefit cost | 13 | 11 |
Financing_costs_and_additional1
Financing costs and additional notes and loans payable information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Schedule Of Financing Costs | |||||||||
Three Months to | |||||||||
March 31 | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Debt-related interest | 23 | 21 | |||||||
Capitalized interest | (23 | ) | (21 | ) | |||||
Net interest expense | - | - | |||||||
Other interest | 3 | 2 | |||||||
Total financing costs | 3 | 2 | |||||||
Longterm_debt_Tables
Long-term debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Long-Term Debt | |||||||||
As at | As at | ||||||||
Mar 31 | Dec 31 | ||||||||
millions of dollars | 2015 | 2014 | |||||||
Long-term debt | 5,463 | 4,746 | |||||||
Capital leases | 147 | 167 | |||||||
Total long-term debt | 5,610 | 4,913 | |||||||
Other_longterm_obligations_Tab
Other long-term obligations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Long-Term Obligations | |||||||||
As at | As at | ||||||||
Mar 31 | Dec 31 | ||||||||
millions of dollars | 2015 | 2014 | |||||||
Employee retirement benefits (a) | 1,936 | 1,739 | |||||||
Asset retirement obligations and other environmental liabilities (b) | 1,330 | 1,325 | |||||||
Share-based incentive compensation liabilities | 172 | 154 | |||||||
Other obligations | 346 | 347 | |||||||
Total other long-term obligations | 3,784 | 3,565 | |||||||
(a) | Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2014 - $58 million) | ||||||||
(b) | Total asset retirement obligations and other environmental liabilities also included $143 million in current liabilities (2014 - $143 million) |
Net_income_per_share_Tables
Net income per share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Calculation of Basic and Diluted Earnings Per Share | |||||||||
Three Months | |||||||||
to March 31 | |||||||||
2015 | 2014 | ||||||||
Net income per common share - basic | |||||||||
Net income (millions of dollars) | 421 | 946 | |||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | |||||||
Net income per common share (dollars) | 0.5 | 1.12 | |||||||
Net income per common share - diluted | |||||||||
Net income (millions of dollars) | 421 | 946 | |||||||
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 | |||||||
Effect of share-based awards (millions of shares) | 2.9 | 2.9 | |||||||
Weighted average number of common shares outstanding, | 850.5 | 850.5 | |||||||
assuming dilution (millions of shares) | |||||||||
Net income per common share (dollars) | 0.5 | 1.11 |
Other_comprehensive_income_inf1
Other comprehensive income information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Changes in Accumulated Other Comprehensive Income | Changes in accumulated other comprehensive income: | ||||||||
millions of dollars | 2015 | 2014 | |||||||
Balance at January 1 | (2,059 | ) | (1,721 | ) | |||||
Post-retirement benefits liability adjustment: | |||||||||
Current period change excluding amounts reclassified | (176 | ) | (38 | ) | |||||
from accumulated other comprehensive income | |||||||||
Amounts reclassified from accumulated other comprehensive income | 42 | 38 | |||||||
Balance at March 31 | (2,193 | ) | (1,721 | ) | |||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income Before-Tax Income/(Expense) | Amounts reclassified out of accumulated other comprehensive income - | ||||||||
before-tax income/(expense): | |||||||||
Three Months to | |||||||||
31-Mar | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Amortization of post-retirement benefits liability adjustment | (57 | ) | (51 | ) | |||||
included in net periodic benefit cost (a) | |||||||||
(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: | ||||||||
Three Months to | |||||||||
31-Mar | |||||||||
millions of dollars | 2015 | 2014 | |||||||
Post-retirement benefits liability adjustments: | |||||||||
Post-retirement benefits liability adjustment (excluding amortization) | (61 | ) | (13 | ) | |||||
Amortization of post-retirement benefits liability adjustment | 15 | 13 | |||||||
included in net periodic benefit cost | |||||||||
(46 | ) | - |
Business_Segments_Detail
Business Segments (Detail) (CAD) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | ||
REVENUES AND OTHER INCOME | |||||
Operating revenues | 6,170 | [1],[2],[3] | 9,197 | [1],[2],[3] | |
Investment and other income | 33 | 29 | |||
TOTAL REVENUES AND OTHER INCOME | 6,203 | 9,226 | |||
EXPENSES | |||||
Exploration | 17 | 21 | |||
Purchases of crude oil and products | 3,305 | [4] | 5,542 | [4] | |
Production and manufacturing | 1,359 | [5] | 1,476 | [5] | |
Selling and general | 264 | 275 | |||
Federal excise tax | 377 | [1] | 370 | [1] | |
Depreciation and depletion | 317 | 280 | |||
Financing costs | 3 | 2 | |||
TOTAL EXPENSES | 5,642 | 7,966 | |||
INCOME BEFORE INCOME TAXES | 561 | 1,260 | |||
INCOME TAXES | 140 | 314 | |||
NET INCOME | 421 | 946 | |||
Cash flows from (used in) operating activities | 281 | 1,085 | |||
CAPEX | 1,050 | [6] | 1,234 | [6] | |
Total assets as at March 31 | 41,608 | 38,745 | 40,830 | ||
Upstream | |||||
REVENUES AND OTHER INCOME | |||||
Operating revenues | 1,212 | [3] | 2,197 | [3] | |
Intersegment sales | 598 | 1,068 | |||
Investment and other income | 2 | 13 | |||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 1,812 | 3,278 | |||
EXPENSES | |||||
Exploration | 17 | 21 | |||
Purchases of crude oil and products | 838 | 1,405 | |||
Production and manufacturing | 950 | 1,029 | |||
Selling and general | 2 | ||||
Depreciation and depletion | 259 | 222 | |||
Financing costs | 3 | 2 | |||
TOTAL EXPENSES | 2,067 | 2,681 | |||
INCOME BEFORE INCOME TAXES | -255 | 597 | |||
INCOME TAXES | -66 | 145 | |||
NET INCOME | -189 | 452 | |||
Cash flows from (used in) operating activities | -251 | 357 | |||
CAPEX | 890 | [6] | 1,163 | [6] | |
Total assets as at March 31 | 35,655 | 32,326 | |||
Downstream | |||||
REVENUES AND OTHER INCOME | |||||
Operating revenues | 4,669 | [3] | 6,645 | [3] | |
Intersegment sales | 256 | 430 | |||
Investment and other income | 30 | 13 | |||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 4,955 | 7,088 | |||
EXPENSES | |||||
Purchases of crude oil and products | 3,195 | 5,416 | |||
Production and manufacturing | 356 | 386 | |||
Selling and general | 221 | 210 | |||
Federal excise tax | 377 | 370 | |||
Depreciation and depletion | 52 | 52 | |||
TOTAL EXPENSES | 4,201 | 6,434 | |||
INCOME BEFORE INCOME TAXES | 754 | 654 | |||
INCOME TAXES | 189 | 166 | |||
NET INCOME | 565 | 488 | |||
Cash flows from (used in) operating activities | 514 | 712 | |||
CAPEX | 125 | [6] | 48 | [6] | |
Total assets as at March 31 | 5,600 | 6,043 | |||
Chemical | |||||
REVENUES AND OTHER INCOME | |||||
Operating revenues | 289 | [3] | 355 | [3] | |
Intersegment sales | 59 | 102 | |||
Investment and other income | 1 | 1 | |||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 349 | 458 | |||
EXPENSES | |||||
Purchases of crude oil and products | 182 | 319 | |||
Production and manufacturing | 53 | 61 | |||
Selling and general | 22 | 17 | |||
Depreciation and depletion | 3 | 3 | |||
TOTAL EXPENSES | 260 | 400 | |||
INCOME BEFORE INCOME TAXES | 89 | 58 | |||
INCOME TAXES | 23 | 15 | |||
NET INCOME | 66 | 43 | |||
Cash flows from (used in) operating activities | 55 | 3 | |||
CAPEX | 12 | [6] | 2 | [6] | |
Total assets as at March 31 | 387 | 401 | |||
Corporate and Other | |||||
REVENUES AND OTHER INCOME | |||||
Investment and other income | 2 | ||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 2 | ||||
EXPENSES | |||||
Selling and general | 24 | 48 | |||
Depreciation and depletion | 3 | 3 | |||
TOTAL EXPENSES | 27 | 51 | |||
INCOME BEFORE INCOME TAXES | -27 | -49 | |||
INCOME TAXES | -6 | -12 | |||
NET INCOME | -21 | -37 | |||
Cash flows from (used in) operating activities | -37 | 13 | |||
CAPEX | 23 | [6] | 21 | [6] | |
Total assets as at March 31 | 439 | 448 | |||
Consolidation, Eliminations | |||||
REVENUES AND OTHER INCOME | |||||
Intersegment sales | -913 | -1,600 | |||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | -913 | -1,600 | |||
EXPENSES | |||||
Purchases of crude oil and products | -910 | -1,598 | |||
Selling and general | -3 | -2 | |||
TOTAL EXPENSES | -913 | -1,600 | |||
Total assets as at March 31 | -473 | -473 | |||
[1] | Federal excise tax included in operating revenues 377 370 | ||||
[2] | Amounts from related parties included in operating revenues 638 816 | ||||
[3] | Included export sales to the United States of $801 million (2014 - $1,426 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment | ||||
[4] | Amounts to related parties included in purchases of crude oil and products 686 770 | ||||
[5] | Amounts to related parties included in production and manufacturing expenses 102 86 | ||||
[6] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisition |
Business_Segments_Parenthetica
Business Segments (Parenthetical) (Detail) (CAD) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 6,170 | [1],[2],[3] | 9,197 | [1],[2],[3] |
United States Exports | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 801 | 1,426 | ||
[1] | Federal excise tax included in operating revenues 377 370 | |||
[2] | Amounts from related parties included in operating revenues 638 816 | |||
[3] | Included export sales to the United States of $801 million (2014 - $1,426 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 | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Investment And Other Income [Line Items] | ||||
Proceeds from asset sales | 25 | 25 | ||
Book value of assets sold | -1 | [1] | 5 | [1] |
Gain/(loss) on asset sales, before tax | 26 | 20 | ||
Gain/(loss) on asset sales, after tax | 23 | 16 | ||
[1] | 2015 includes $3 million associated with the wind up of a capital lease |
Gains_and_Losses_on_Asset_Sale1
Gains and Losses on Asset Sales (Parenthetical) (Detail) (CAD) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Investment And Other Income [Line Items] | |
Wind up of capital lease | 3 |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost (Detail) (CAD) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current service cost | 51 | 38 |
Interest cost | 77 | 79 |
Expected return on plan assets | -97 | -91 |
Amortization of prior service cost | 4 | 6 |
Amortization of actuarial loss | 50 | 43 |
Net benefit cost | 85 | 75 |
Other post-retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current service cost | 4 | 3 |
Interest cost | 6 | 6 |
Amortization of actuarial loss | 3 | 2 |
Net benefit cost | 13 | 11 |
Recovered_Sheet1
Financing Costs and Additional Notes and Loans Payable Information (Detail) (CAD) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Debt-related interest | 23 | 21 |
Capitalized interest | -23 | -21 |
Net interest expense | 0 | 0 |
Other interest | 3 | 2 |
Total financing costs | 3 | 2 |
Recovered_Sheet2
Financing Costs and Additional Notes and Loans Payable Information - Additional Information (Detail) (Unsecured committed bank credit facility, CAD) | 3 Months Ended |
Mar. 31, 2015 | |
Unsecured committed bank credit facility | |
Financing Activities [Line Items] | |
Line of Credit maximum borrowing capacity | 500,000,000 |
Debt instrument, maturity date | 31-Mar-16 |
Non-interest bearing, revolving demand loan, outstanding amount | 0 |
Long_Term_Debt_Detail
Long Term Debt (Detail) (CAD) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 5,463 | 4,746 | ||
Capital leases | 147 | 167 | ||
Total long-term debt | 5,610 | [1] | 4,913 | [1] |
[1] | Long-term debt included amounts to related parties of $5,463 million (2014 - $4,746 million) |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (Floating Rate Loan Facility, Exxon Mobil, CAD) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Floating Rate Loan Facility | Exxon Mobil | |
Line of Credit Facility [Line Items] | |
Proceed from drawing on existing facility | 717 |
Other_LongTerm_Obligations_Det
Other Long-Term Obligations (Detail) (CAD) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Schedule of Other Liabilities [Line Items] | ||||
Employee retirement benefits | 1,936 | [1] | 1,739 | [1] |
Asset retirement obligations and other environmental liabilities | 1,330 | [2] | 1,325 | [2] |
Share-based incentive compensation liabilities | 172 | 154 | ||
Other obligations | 346 | 347 | ||
Total other long-term obligations | 3,784 | [3] | 3,565 | [3] |
[1] | Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2014 - $58 million) | |||
[2] | Total asset retirement obligations and other environmental liabilities also included $143 million in current liabilities (2014 - $143 million) | |||
[3] | Other long-term obligations include amounts to related parties of $105 million (2014 - $96 million) |
Other_LongTerm_Obligations_Par
Other Long-Term Obligations (Parenthetical) (Detail) (CAD) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefits obligations in current liabilities | 58 | 58 |
Asset retirement obligations and other environmental liabilities in current liabilities | 143 | 143 |
Net_Income_Per_Share_Detail
Net Income Per Share (Detail) (CAD) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income per common share - basic | ||
NET INCOME | 421 | 946 |
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 |
Net income per common share (dollars) | 0.5 | 1.12 |
Net income per common share - diluted | ||
NET INCOME | 421 | 946 |
Weighted average number of common shares outstanding (millions of shares) | 847.6 | 847.6 |
Effect of share-based awards (millions of shares) | 2.9 | 2.9 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 850.5 | 850.5 |
Net income per common share (dollars) | 0.5 | 1.11 |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Detail) (CAD) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1 | -2,059 | -1,721 |
Current period change excluding amounts reclassified from accumulated other comprehensive income | -176 | -38 |
Amounts reclassified from accumulated other comprehensive income | 42 | 38 |
Balance at March 31 | -2,193 | -1,721 |
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 | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
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 | -57 | [1] | -51 | [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 | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Post-retirement benefits liability adjustment (excluding amortization) | -61 | -13 |
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost | 15 | 13 |
Total | -46 |