Imperial Oil Limited (IMO) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017shares
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	IMO
Entity Registrant Name	IMPERIAL OIL LTD
Entity Central Index Key	49,938
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	847,599,011

Consolidated statement of incom

Consolidated statement of income - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues and other income
Operating revenues	[1],[2]	CAD 6,958	CAD 5,174
Investment and other income (note 3)		198	48
Total revenues and other income		7,156	5,222
Expenses
Exploration		22	17
Purchases of crude oil and products	[3]	4,333	2,986
Production and manufacturing	[4]	1,375	1,271
Selling and general	[4]	206	270
Federal excise tax		394	388
Depreciation and depletion		392	424
Financing costs (note 5)		14	15
Total expenses		6,736	5,371
Income (loss) before income taxes		420	(149)
Income taxes		87	(48)
Net income (loss)		CAD 333	CAD (101)
Per-share information (Canadian dollars)
Net income (loss) per common share - basic (note 8)		CAD 0.39	CAD (0.12)
Net income (loss) per common share - diluted (note 8)		0.39	(0.12)
Dividends per common share		CAD 0.15	CAD 0.14
[1]	Amounts from related parties included in operating revenues. 1,037 563
[2]	Included export sales to the United States of $899 million (2016 - $797 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.
[3]	Amounts to related parties included in purchases of crude oil and products. 609 631
[4]	Amounts to related parties included in production and manufacturing and selling and general expenses. 141 104

Consolidated statement of inco3

Consolidated statement of income (Parenthetical) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Amounts from related parties included in operating revenues	CAD 1,037	CAD 563
Amounts to related parties included in purchases of crude oil and products	609	631
Amounts to related parties included in production and manufacturing and selling and general expenses	CAD 141	CAD 104

Consolidated statement of compr

Consolidated statement of comprehensive income - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss)	CAD 333	CAD (101)
Other comprehensive income (loss), net of income taxes
Post-retirement benefits liability adjustment (excluding amortization)	41	100
Amortization of post-retirement benefits liability adjustment included in net periodic benefit costs	36	41
Total other comprehensive income (loss)	77	141
Comprehensive income (loss)	CAD 410	CAD 40

Consolidated balance sheet

Consolidated balance sheet - CAD CAD in Millions		Mar. 31, 2017		Dec. 31, 2016
Current assets
Cash		CAD 672	[1]	CAD 391
Accounts receivable, less estimated doubtful accounts	[2]	1,745		2,023
Inventories of crude oil and products		1,032		949
Materials, supplies and prepaid expenses		457		468
Total current assets		3,906		3,831
Investments and long-term receivables		1,014		1,030
Property, plant and equipment,		53,620		53,515
less accumulated depreciation and depletion		(17,557)		(17,182)
Property, plant and equipment, net		36,063		36,333
Goodwill		186		186
Other assets, including intangibles, net		241		274
Total assets		41,410		41,654
Current liabilities
Notes and loans payable	[3]	202		202
Accounts payable and accrued liabilities (note 7)	[2]	2,983		3,193
Income taxes payable		24		488
Total current liabilities		3,209		3,883
Long-term debt (note 6)	[4]	5,026		5,032
Other long-term obligations (note 7)	[5]	3,620		3,656
Deferred income tax liabilities		4,251		4,062
Total liabilities		16,106		16,633
Shareholders' equity
Common shares at stated value	[6]	1,566		1,566
Earnings reinvested		25,558		25,352
Accumulated other comprehensive income (loss) (note 9)		(1,820)		(1,897)
Total shareholders' equity		25,304		25,021
Total liabilities and shareholders' equity		CAD 41,410		CAD 41,654
[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 net amounts receivable from related parties of $318 million (2016 - $172 million).
[3]	Notes and loans payable included amounts to related parties of $75 million (2016 - $75 million).
[4]	Long-term debt included amounts to related parties of $4,447 million (2016 - $4,447 million).
[5]	Other long-term obligations included amounts to related parties of $93 million (2016 - $104 million).
[6]	Number of common shares authorized and outstanding were 1,100 million and 848 million, respectively (2016 - 1,100 million and 848 million, respectively).

Consolidated balance sheet (Par

Consolidated balance sheet (Parenthetical) - CAD CAD in Millions	Mar. 31, 2017	Dec. 31, 2016
Amounts receivable (payable) from (to) related parties	CAD 318	CAD 172
Due to related parties, current	CAD 75	CAD 75
Common shares authorized	1,100,000,000	1,100,000,000
Common shares outstanding	848,000,000	848,000,000
Long-term debt
Due to related parties	CAD 4,447	CAD 4,447
Other long-term obligations
Due to related parties	CAD 93	CAD 104

Consolidated statement of cash

Consolidated statement of cash flows - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income (loss)		CAD 333	CAD (101)
Adjustments for non-cash items:
Depreciation and depletion		392	424
(Gain) loss on asset sales (note 3)	[1]	(182)	(30)
Deferred income taxes and other		200	(82)
Changes in operating assets and liabilities:
Accounts receivable		278	(58)
Inventories, materials, supplies and prepaid expenses		(72)	(32)
Income taxes payable		(464)	(9)
Accounts payable and accrued liabilities		(210)	(189)
All other items - net	[2]	79	126
Cash flows from (used in) operating activities		354	49
Investing activities
Additions to property, plant and equipment		(122)	(391)
Proceeds from asset sales (note 3)		183	33
Cash flows from (used in) investing activities		61	(358)
Financing activities
Short-term debt - net			(108)
Long-term debt - additions (note 6)			495
Reduction in capitalized lease obligations		(7)	(7)
Dividends paid		(127)	(119)
Cash flows from (used in) financing activities		(134)	261
Increase (decrease) in cash		281	(48)
Cash at beginning of period		391	203
Cash at end of period	[3]	CAD 672	CAD 155
[1]	First quarter included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario.
[2]	Included contribution to registered pension plans. (40 ) (31)
[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 cash8

Consolidated statement of cash flows (Parenthetical) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Included contribution to registered pension plans	CAD (40)	CAD (31)

Basis of financial statement pr

Basis of financial statement preparation	3 Months Ended
	Mar. 31, 2017
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 (GAAP) 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 (SEC) in the company’s 2016 annual report on Form 10-K. The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the three months ended March 31, 2017, 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, 2017
Business segments	2. Business segments Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) 1,711 980 4,974 3,940 273 254 Intersegment sales 618 479 309 225 67 44 Investment and other income (note 3) 5 19 191 29 1 - 2,334 1,478 5,474 4,194 341 298 Expenses Exploration 22 17 - - - - Purchases of crude oil and products 1,116 818 4,009 2,757 201 159 Production and manufacturing 973 909 349 315 53 47 Selling and general 3 1 188 238 22 22 Federal excise tax - - 394 388 - - Depreciation and depletion 336 357 48 61 3 2 Financing costs (note 5) 4 (3 ) - - - - Total expenses 2,454 2,099 4,988 3,759 279 230 Income (loss) before income taxes (120 ) (621 ) 486 435 62 68 Income taxes (34 ) (173 ) 106 115 17 19 Net income (loss) (86 ) (448 ) 380 320 45 49 Cash flows from (used in) operating activities 308 (482 ) 56 469 (23 ) 60 Capital and exploration expenditures 103 346 34 43 4 6 Total assets as at March 31 35,898 37,086 4,251 5,368 391 394 Three Months to March 31 Corporate and Other Eliminations Consolidated millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) - - - - 6,958 5,174 Intersegment sales - - (994 ) (748 ) - - Investment and other income (note 3) 1 - - - 198 48 1 - (994 ) (748 ) 7,156 5,222 Expenses Exploration - - - - 22 17 Purchases of crude oil and products - - (993 ) (748 ) 4,333 2,986 Production and manufacturing - - - - 1,375 1,271 Selling and general (6 ) 9 (1 ) - 206 270 Federal excise tax - - - - 394 388 Depreciation and depletion 5 4 - - 392 424 Financing costs (note 5) 10 18 - - 14 15 Total expenses 9 31 (994 ) (748 ) 6,736 5,371 Income (loss) before income taxes (8 ) (31 ) - - 420 (149) Income taxes (2 ) (9 ) - - 87 (48) Net income (loss) (6 ) (22 ) - - 333 (101) Cash flows from (used in) operating activities 13 2 - - 354 49 Capital and exploration expenditures 12 13 - - 153 408 Total assets as at March 31 1,128 643 (258 ) (306 ) 41,410 43,185 (a) Included export sales to the United States of $899 million (2016 - $797 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 acquisitions.

Investment and other income

Investment and other income	3 Months Ended
	Mar. 31, 2017
Investment and other income	3. Investment and other income Investment and other income included gains and losses on asset sales as follows: Three Months millions of Canadian dollars 2017 2016 Proceeds from asset sales 183 33 Book value of assets sold 1 3 Gain (loss) on asset sales, before tax (a) 182 30 Gain (loss) on asset sales, after tax (a) 158 24 (a) First quarter included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario.

Employee retirement benefits

Employee retirement benefits	3 Months Ended
	Mar. 31, 2017
Employee retirement benefits	4. Employee retirement benefits The components of net benefit cost were as follows: Three Months millions of Canadian dollars 2017 2016 Pension benefits: Current service cost 55 51 Interest cost 79 79 Expected return on plan assets (101) (99) Amortization of prior service cost 3 2 Amortization of actuarial loss (gain) 44 41 Net periodic benefit cost 80 74 Other post-retirement benefits: Current service cost 4 4 Interest cost 6 7 Amortization of actuarial loss (gain) 2 3 Net periodic benefit cost 12 14

Financing costs and additional

Financing costs and additional notes and loans payable information	3 Months Ended
	Mar. 31, 2017
Financing costs and additional notes and loans payable information	5. Financing costs and additional notes and loans payable information Three Months millions of Canadian dollars 2017 2016 Debt-related interest 22 31 Capitalized interest (12) (13) Net interest expense 10 18 Other interest 4 (3) Total financing costs 14 15

Long-term debt

Long-term debt	3 Months Ended
	Mar. 31, 2017
Long-term debt	6. Long-term As at As at millions of Canadian dollars 2017 2016 Long-term debt 4,447 4,447 Capital leases 579 585 Total long-term debt 5,026 5,032

Other long-term obligations

Other long-term obligations	3 Months Ended
	Mar. 31, 2017
Other long-term obligations	7. Other long-term As at As at millions of Canadian dollars 2017 2016 Employee retirement benefits (a) 1,516 1,645 Asset retirement obligations and other environmental liabilities (b) 1,564 1,544 Share-based incentive compensation liabilities 126 139 Other obligations 414 328 Total other long-term obligations 3,620 3,656 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2016 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $108 million in current liabilities (2016 - $108 million).

Net income (loss) per-share

Net income (loss) per-share	3 Months Ended
	Mar. 31, 2017
Net income (loss) per-share	8. Net income (loss) per-share Three Months 2017 2016 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 333 (101) Weighted average number of common shares outstanding (millions of shares) 847.6 847.6 Net income (loss) per common share (dollars) 0.39 (0.12) Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 333 (101) Weighted average number of common shares outstanding (millions of shares) 847.6 847.6 Effect of employee share-based awards (millions of shares) 2.7 2.8 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 850.3 850.4 Net income (loss) per common share (dollars) 0.39 (0.12)

Other comprehensive income (los

Other comprehensive income (loss) information	3 Months Ended
	Mar. 31, 2017
Other comprehensive income (loss) information	9. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2017 2016 Balance at January 1 (1,897) (1,828) Post-retirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 41 100 Amounts reclassified from accumulated other comprehensive income 36 41 Balance at March 31 (1,820) (1,687) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Three Months to millions of Canadian dollars 2017 2016 Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost (a) (49) (46) (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 (loss): Three Months to millions of Canadian dollars 2017 2016 Post-retirement benefits liability adjustments: Post-retirement benefits liability adjustment (excluding amortization) 16 37 Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost 13 5 Total 29 42

Recently issued accounting stan

Recently issued accounting standards	3 Months Ended
	Mar. 31, 2017
Recently issued accounting standards	10. Recently issued accounting standards In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard, Revenue from Contracts with Customers In February 2016, the FASB issued a new standard, Leases In March 2017, the FASB issued an Accounting Standards Update, 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

Business segments (Tables)

Business segments (Tables)	3 Months Ended
	Mar. 31, 2017
Business Segments	Three Months to March 31 Upstream Downstream Chemical millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) 1,711 980 4,974 3,940 273 254 Intersegment sales 618 479 309 225 67 44 Investment and other income (note 3) 5 19 191 29 1 - 2,334 1,478 5,474 4,194 341 298 Expenses Exploration 22 17 - - - - Purchases of crude oil and products 1,116 818 4,009 2,757 201 159 Production and manufacturing 973 909 349 315 53 47 Selling and general 3 1 188 238 22 22 Federal excise tax - - 394 388 - - Depreciation and depletion 336 357 48 61 3 2 Financing costs (note 5) 4 (3 ) - - - - Total expenses 2,454 2,099 4,988 3,759 279 230 Income (loss) before income taxes (120 ) (621 ) 486 435 62 68 Income taxes (34 ) (173 ) 106 115 17 19 Net income (loss) (86 ) (448 ) 380 320 45 49 Cash flows from (used in) operating activities 308 (482 ) 56 469 (23 ) 60 Capital and exploration expenditures 103 346 34 43 4 6 Total assets as at March 31 35,898 37,086 4,251 5,368 391 394 Three Months to March 31 Corporate and Other Eliminations Consolidated millions of Canadian dollars 2017 2016 2017 2016 2017 2016 Revenues and other income Operating revenues (a) - - - - 6,958 5,174 Intersegment sales - - (994 ) (748 ) - - Investment and other income (note 3) 1 - - - 198 48 1 - (994 ) (748 ) 7,156 5,222 Expenses Exploration - - - - 22 17 Purchases of crude oil and products - - (993 ) (748 ) 4,333 2,986 Production and manufacturing - - - - 1,375 1,271 Selling and general (6 ) 9 (1 ) - 206 270 Federal excise tax - - - - 394 388 Depreciation and depletion 5 4 - - 392 424 Financing costs (note 5) 10 18 - - 14 15 Total expenses 9 31 (994 ) (748 ) 6,736 5,371 Income (loss) before income taxes (8 ) (31 ) - - 420 (149) Income taxes (2 ) (9 ) - - 87 (48) Net income (loss) (6 ) (22 ) - - 333 (101) Cash flows from (used in) operating activities 13 2 - - 354 49 Capital and exploration expenditures 12 13 - - 153 408 Total assets as at March 31 1,128 643 (258 ) (306 ) 41,410 43,185 (a) Included export sales to the United States of $899 million (2016 - $797 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 acquisitions.

Investment and other income (Ta

Investment and other income (Tables)	3 Months Ended
	Mar. 31, 2017
Gains and Losses on Asset Sales	Investment and other income included gains and losses on asset sales as follows: Three Months millions of Canadian dollars 2017 2016 Proceeds from asset sales 183 33 Book value of assets sold 1 3 Gain (loss) on asset sales, before tax (a) 182 30 Gain (loss) on asset sales, after tax (a) 158 24 (a) First quarter included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario.

Employee retirement benefits (T

Employee retirement benefits (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Components of Net Benefit Cost	The components of net benefit cost were as follows: Three Months millions of Canadian dollars 2017 2016 Pension benefits: Current service cost 55 51 Interest cost 79 79 Expected return on plan assets (101) (99) Amortization of prior service cost 3 2 Amortization of actuarial loss (gain) 44 41 Net periodic benefit cost 80 74 Other post-retirement benefits: Current service cost 4 4 Interest cost 6 7 Amortization of actuarial loss (gain) 2 3 Net periodic benefit cost 12 14

Financing costs and additiona22

Financing costs and additional notes and loans payable information (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Financing Costs	Three Months millions of Canadian dollars 2017 2016 Debt-related interest 22 31 Capitalized interest (12) (13) Net interest expense 10 18 Other interest 4 (3) Total financing costs 14 15

Long-term debt (Tables)

Long-term debt (Tables)	3 Months Ended
	Mar. 31, 2017
Long-Term Debt	As at As at millions of Canadian dollars 2017 2016 Long-term debt 4,447 4,447 Capital leases 579 585 Total long-term debt 5,026 5,032

Other long-term obligations (Ta

Other long-term obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Other Long-Term Obligations	As at As at millions of Canadian dollars 2017 2016 Employee retirement benefits (a) 1,516 1,645 Asset retirement obligations and other environmental liabilities (b) 1,564 1,544 Share-based incentive compensation liabilities 126 139 Other obligations 414 328 Total other long-term obligations 3,620 3,656 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2016 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $108 million in current liabilities (2016 - $108 million).

Net income (loss) per-share (Ta

Net income (loss) per-share (Tables)	3 Months Ended
	Mar. 31, 2017
Calculation of Basic and Diluted Earnings Per Share	Three Months 2017 2016 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 333 (101) Weighted average number of common shares outstanding (millions of shares) 847.6 847.6 Net income (loss) per common share (dollars) 0.39 (0.12) Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 333 (101) Weighted average number of common shares outstanding (millions of shares) 847.6 847.6 Effect of employee share-based awards (millions of shares) 2.7 2.8 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 850.3 850.4 Net income (loss) per common share (dollars) 0.39 (0.12)

Other comprehensive income (l26

Other comprehensive income (loss) information (Tables)	3 Months Ended
	Mar. 31, 2017
Changes in Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2017 2016 Balance at January 1 (1,897) (1,828) Post-retirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 41 100 Amounts reclassified from accumulated other comprehensive income 36 41 Balance at March 31 (1,820) (1,687)
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before-Tax Income (Expense)	Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2017 2016 Balance at January 1 (1,897) (1,828) Post-retirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 41 100 Amounts reclassified from accumulated other comprehensive income 36 41 Balance at March 31 (1,820) (1,687) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Three Months to millions of Canadian dollars 2017 2016 Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost (a) (49) (46) (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 (Loss)	Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2017 2016 Balance at January 1 (1,897) (1,828) Post-retirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 41 100 Amounts reclassified from accumulated other comprehensive income 36 41 Balance at March 31 (1,820) (1,687) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax Three Months to millions of Canadian dollars 2017 2016 Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost (a) (49) (46) (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 (loss): Three Months to millions of Canadian dollars 2017 2016 Post-retirement benefits liability adjustments: Post-retirement benefits liability adjustment (excluding amortization) 16 37 Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost 13 5 Total 29 42

Business Segments (Detail)

Business Segments (Detail) - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues and other income
Operating revenues	[1],[2]	CAD 6,958	CAD 5,174
Investment and other income (note 3)		198	48
Total revenues and other income		7,156	5,222
Expenses
Exploration		22	17
Purchases of crude oil and products	[3]	4,333	2,986
Production and manufacturing	[4]	1,375	1,271
Selling and general	[4]	206	270
Federal excise tax		394	388
Depreciation and depletion		392	424
Financing costs (note 5)		14	15
Total expenses		6,736	5,371
Income (loss) before income taxes		420	(149)
Income taxes		87	(48)
Net income (loss)		333	(101)
Cash flows from (used in) operating activities		354	49
Capital and exploration expenditures	[5]	153	408
Total assets		41,410	43,185	CAD 41,654
Corporate and Other
Revenues and other income
Investment and other income (note 3)		1
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME		1
Expenses
Selling and general		(6)	9
Depreciation and depletion		5	4
Financing costs (note 5)		10	18
Total expenses		9	31
Income (loss) before income taxes		(8)	(31)
Income taxes		(2)	(9)
Net income (loss)		(6)	(22)
Cash flows from (used in) operating activities		13	2
Capital and exploration expenditures	[5]	12	13
Total assets		1,128	643
Upstream
Revenues and other income
Operating revenues	[2]	1,711	980
Intersegment sales		618	479
Investment and other income (note 3)		5	19
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME		2,334	1,478
Expenses
Exploration		22	17
Purchases of crude oil and products		1,116	818
Production and manufacturing		973	909
Selling and general		3	1
Depreciation and depletion		336	357
Financing costs (note 5)		4	(3)
Total expenses		2,454	2,099
Income (loss) before income taxes		(120)	(621)
Income taxes		(34)	(173)
Net income (loss)		(86)	(448)
Cash flows from (used in) operating activities		308	(482)
Capital and exploration expenditures	[5]	103	346
Total assets		35,898	37,086
Downstream
Revenues and other income
Operating revenues	[2]	4,974	3,940
Intersegment sales		309	225
Investment and other income (note 3)		191	29
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME		5,474	4,194
Expenses
Purchases of crude oil and products		4,009	2,757
Production and manufacturing		349	315
Selling and general		188	238
Federal excise tax		394	388
Depreciation and depletion		48	61
Total expenses		4,988	3,759
Income (loss) before income taxes		486	435
Income taxes		106	115
Net income (loss)		380	320
Cash flows from (used in) operating activities		56	469
Capital and exploration expenditures	[5]	34	43
Total assets		4,251	5,368
Chemical
Revenues and other income
Operating revenues	[2]	273	254
Intersegment sales		67	44
Investment and other income (note 3)		1
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME		341	298
Expenses
Purchases of crude oil and products		201	159
Production and manufacturing		53	47
Selling and general		22	22
Depreciation and depletion		3	2
Total expenses		279	230
Income (loss) before income taxes		62	68
Income taxes		17	19
Net income (loss)		45	49
Cash flows from (used in) operating activities		(23)	60
Capital and exploration expenditures	[5]	4	6
Total assets		391	394
Consolidation, Eliminations
Revenues and other income
Intersegment sales		(994)	(748)
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME		(994)	(748)
Expenses
Purchases of crude oil and products		(993)	(748)
Selling and general		(1)
Total expenses		(994)	(748)
Total assets		CAD (258)	CAD (306)
[1]	Amounts from related parties included in operating revenues. 1,037 563
[2]	Included export sales to the United States of $899 million (2016 - $797 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment.
[3]	Amounts to related parties included in purchases of crude oil and products. 609 631
[4]	Amounts to related parties included in production and manufacturing and selling and general expenses. 141 104
[5]	Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to capital leases, additional investments and acquisitions.

Business Segments (Parenthetica

Business Segments (Parenthetical) (Detail) - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Operating revenues	[1],[2]	CAD 6,958	CAD 5,174
United States Exports
Segment Reporting Information [Line Items]
Operating revenues		CAD 899	CAD 797
[1]	Amounts from related parties included in operating revenues. 1,037 563
[2]	Included export sales to the United States of $899 million (2016 - $797 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 Sales

Gains and Losses on Asset Sales (Detail) - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Investment And Other Income [Line Items]
Proceeds from asset sales		CAD 183	CAD 33
Book value of assets sold		1	3
Gain (loss) on asset sales, before tax	[1]	182	30
Gain (loss) on asset sales, after tax	[1]	CAD 158	CAD 24
[1]	First quarter included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario.

Gains and Losses on Asset Sal30

Gains and Losses on Asset Sales (Parenthetical) (Detail) - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Investment And Other Income [Line Items]
Gain (loss) on asset sales, before tax	[1]	CAD 182	CAD 30
Gain (loss) on asset sales, after tax	[1]	158	CAD 24
Surplus Property
Investment And Other Income [Line Items]
Gain (loss) on asset sales, before tax		174
Gain (loss) on asset sales, after tax		CAD 151
[1]	First quarter included a gain of $174 million ($151 million after tax) for the sale of a surplus property in Ontario.

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost (Detail) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension benefits
Defined Benefit Plan Disclosure [Line Items]
Current service cost	CAD 55	CAD 51
Interest cost	79	79
Expected return on plan assets	(101)	(99)
Amortization of prior service cost	3	2
Amortization of actuarial loss (gain)	44	41
Net periodic benefit cost	80	74
Other post-retirement benefits
Defined Benefit Plan Disclosure [Line Items]
Current service cost	4	4
Interest cost	6	7
Amortization of actuarial loss (gain)	2	3
Net periodic benefit cost	CAD 12	CAD 14

Financing Costs and Additiona32

Financing Costs and Additional Notes and Loans Payable Information (Detail) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Debt-related interest	CAD 22	CAD 31
Capitalized interest	(12)	(13)
Net interest expense	10	18
Other interest	4	(3)
Total financing costs	CAD 14	CAD 15

Long-Term Debt (Detail)

Long-Term Debt (Detail) - CAD CAD in Millions		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt		CAD 4,447	CAD 4,447
Capital leases		579	585
Total long-term debt	[1]	CAD 5,026	CAD 5,032
[1]	Long-term debt included amounts to related parties of $4,447 million (2016 - $4,447 million).

Other Long-Term Obligations (De

Other Long-Term Obligations (Detail) - CAD CAD in Millions		Mar. 31, 2017	Dec. 31, 2016
Schedule of Other Liabilities [Line Items]
Employee retirement benefits	[1]	CAD 1,516	CAD 1,645
Asset retirement obligations and other environmental liabilities	[2]	1,564	1,544
Share-based incentive compensation liabilities		126	139
Other obligations		414	328
Total other long-term obligations	[3]	CAD 3,620	CAD 3,656
[1]	Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2016 - $58 million).
[2]	Total asset retirement obligations and other environmental liabilities also included $108 million in current liabilities (2016 - $108 million).
[3]	Other long-term obligations included amounts to related parties of $93 million (2016 - $104 million).

Other Long-Term Obligations (Pa

Other Long-Term Obligations (Parenthetical) (Detail) - CAD CAD in Millions	Mar. 31, 2017	Dec. 31, 2016
Schedule of Other Liabilities [Line Items]
Employee retirement benefit obligations in current liabilities	CAD 58	CAD 58
Asset retirement obligations and other environmental liabilities in current liabilities	CAD 108	CAD 108

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Detail) - CAD CAD / shares in Units, shares in Millions, CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income (loss) per common share - basic
Net income (loss)	CAD 333	CAD (101)
Weighted average number of common shares outstanding (millions of shares)	847.6	847.6
Net income (loss) per common share (dollars)	CAD 0.39	CAD (0.12)
Net income (loss) per common share - diluted
Net income (loss)	CAD 333	CAD (101)
Weighted average number of common shares outstanding (millions of shares)	847.6	847.6
Effect of employee share-based awards (millions of shares)	2.7	2.8
Weighted average number of common shares outstanding, assuming dilution (millions of shares)	850.3	850.4
Net income (loss) per common share (dollars)	CAD 0.39	CAD (0.12)

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at January 1	CAD (1,897)	CAD (1,828)
Current period change excluding amounts reclassified from accumulated other comprehensive income	41	100
Amounts reclassified from accumulated other comprehensive income	36	41
Balance at March 31	CAD (1,820)	CAD (1,687)

Amounts Reclassified Out of Acc

Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD CAD in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
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	[1]	CAD (49)	CAD (46)
[1]	This accumulated other comprehensive income component is included in the computation of net periodic benefit cost (note 4).

Income Tax Expense (Credit) for

Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD CAD in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Post-retirement benefits liability adjustment (excluding amortization)	CAD 16	CAD 37
Amortization of post-retirement benefits liability adjustment included in net periodic benefit cost	13	5
Total	CAD 29	CAD 42