Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Document Transition Report | false |
Entity Central Index Key | 0000049938 |
Current Fiscal Year End Date | --12-31 |
Document Quarterly Report | true |
Entity Registrant Name | IMPERIAL OIL LIMITED |
Amendment Flag | false |
Entity Filer Category | Large Accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity File Number | 0-12014 |
Entity Small Business | false |
Entity Incorporation, State or Country Code | CA |
Entity Emerging Growth Company | false |
Entity Address, Address Line One | 505 Quarry Park Boulevard S.E. |
Entity Tax Identification Number | 98-0017682 |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | T2C 5N1 |
City Area Code | 800 |
Local Phone Number | 567-3776 |
Entity Common Stock, Shares Outstanding | 695,611,336 |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||||
Revenues and other income | |||||||||
Revenues | [1] | $ 10,214 | [2] | $ 5,937 | [2] | $ 25,213 | [3] | $ 16,267 | [3] |
Investment and other income (note 3) | 19 | 18 | 65 | 88 | |||||
Total revenues and other income | 10,233 | 5,955 | 25,278 | 16,355 | |||||
Expenses | |||||||||
Exploration | 2 | 2 | 6 | 6 | |||||
Purchases of crude oil and products (note 11) | [4] | 6,298 | 3,634 | 15,052 | 9,975 | ||||
Production and manufacturing | [5] | 1,525 | 1,246 | 4,579 | 4,098 | ||||
Selling and general | [5] | 180 | 150 | 569 | 499 | ||||
Federal excise tax and fuel charge | 535 | 470 | 1,404 | 1,290 | |||||
Depreciation and depletion (note 11) | 488 | 409 | 1,432 | 1,295 | |||||
Non-service pension and postretirement benefit | 11 | 31 | 32 | 91 | |||||
Financing (note 5) | [6] | 5 | 10 | 32 | 46 | ||||
Total expenses | 9,044 | 5,952 | 23,106 | 17,300 | |||||
Income (loss) before income taxes | 1,189 | 3 | 2,172 | (945) | |||||
Income taxes | 281 | 506 | (234) | ||||||
Net income (loss) | $ 908 | $ 3 | $ 1,666 | $ (711) | |||||
Per share information (Canadian dollars) | |||||||||
Net income (loss) per common share - basic (note 9) | $ 1.30 | $ 2.32 | $ (0.97) | ||||||
Net income (loss) per common share - diluted (note 9) | $ 1.29 | $ 2.31 | $ (0.97) | ||||||
[1] | Amounts from related parties included in revenues. 2,731 1,216 5,644 3,699 | ||||||||
[2] | Included export sales to the United States of $1,803 million (2020 - $1,227 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[3] | Included export sales to the United States of $4,916 million (2020 - $3,339 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | ||||||||
[4] | Amounts to related parties included in purchases of crude oil and products. 828 627 2,009 1,762 | ||||||||
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 95 107 317 428 | ||||||||
[6] | Amounts to related parties included in financing, (note 5). 4 12 25 50 |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amounts from related parties included in revenues. | $ 2,731 | $ 1,216 | $ 5,644 | $ 3,699 |
Amounts to related parties included in purchases of crude oil and products. | 828 | 627 | 2,009 | 1,762 |
Amounts to related parties included in production and manufacturing, and selling and general expenses. | 95 | 107 | 317 | 428 |
Amounts to related parties included in financing, (note 5). | $ 4 | $ 12 | $ 25 | $ 50 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |||
Net income (loss) | $ 908 | [1] | $ 3 | [1] | $ 1,666 | $ (711) |
Other comprehensive income (loss), net of income taxes | ||||||
Postretirement benefits liability adjustment (excluding amortization) | 54 | (114) | ||||
Amortization of postretirement benefits liability adjustment included in net periodic benefit costs | 33 | 34 | 99 | 102 | ||
Total other comprehensive income (loss) | 33 | 34 | 153 | (12) | ||
Comprehensive income (loss) | $ 941 | $ 37 | $ 1,819 | $ (723) | ||
[1] | In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes. |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | ||
Current assets | ||||
Cash | $ 1,875 | [1] | $ 771 | |
Accounts receivable - net | [2] | 3,871 | 1,919 | |
Inventories of crude oil and products | 1,405 | 1,161 | ||
Materials, supplies and prepaid expenses | 729 | 673 | ||
Total current assets | 7,880 | 4,524 | ||
Investments and long-term receivables | [3] | 753 | 781 | |
Property, plant and equipment, | 56,512 | 55,771 | ||
less accumulated depreciation and depletion | (25,134) | (23,737) | ||
Property, plant and equipment, net | 31,378 | 32,034 | ||
Goodwill (note 11) | 166 | 166 | ||
Other assets, including intangibles - net | 698 | 526 | ||
Total assets | 40,875 | 38,031 | ||
Current liabilities | ||||
Notes and loans payable | [4] | 122 | 227 | |
Accounts payable and accrued liabilities (note 7) | [2] | 5,558 | 3,153 | |
Income taxes payable | 269 | |||
Total current liabilities | 5,949 | 3,380 | ||
Long-term debt (note 6) | [5] | 5,060 | 4,957 | |
Other long-term obligations (note 7) | 4,352 | 4,100 | ||
Deferred income tax liabilities | 4,305 | 4,176 | ||
Total liabilities | 19,666 | 16,613 | ||
Shareholders' equity | ||||
Common shares at stated value (note 9) | [6] | 1,286 | 1,357 | |
Earnings reinvested | 21,759 | 22,050 | ||
Accumulated other comprehensive income (loss) (note 10) | (1,836) | (1,989) | ||
Total shareholders' equity | 21,209 | 21,418 | ||
Total liabilities and shareholders' equity | $ 40,875 | $ 38,031 | ||
[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 - net included net amounts receivable from related parties of $1,064 million (2020 - $384 million). | |||
[3] | Investments and long-term receivables included amounts from related parties of $299 million (2020 - $313 million). | |||
[4] | Notes and loans payable included amounts to related parties of $0 million (2020 - $111 million). | |||
[5] | Long-term debt included amounts to related parties of $4,447 million (2020 - $4,447 million). | |||
[6] | Number of common shares authorized and outstanding were 1,100 million and 696 million, respectively (2020 - 1,100 million and 734 million, respectively). |
Consolidated balance sheet (Par
Consolidated balance sheet (Parenthetical) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Amounts receivable (payable) from (to) related parties | $ 1,064 | $ 384 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 696,000,000 | 734,000,000 |
Investments and Long Term Receivables | ||
Due from related parties | $ 299 | $ 313 |
Long-term debt | ||
Due to related parties | 4,447 | 4,447 |
Notes and loans payable | ||
Due to related parties, current | $ 0 | $ 111 |
Consolidated statement of share
Consolidated statement of shareholders' equity - CAD ($) $ in Millions | Total | Common shares at stated value (note 9) | Earnings reinvested | Earnings reinvestedCumulative effect of accounting change | Accumulated other comprehensive income (loss) (note 10) | |
At beginning of period at Dec. 31, 2019 | $ 1,375 | $ 24,812 | $ (1,911) | |||
Net income (loss) for the period | $ (711) | (711) | ||||
Share purchases at stated value | (18) | |||||
Share purchases in excess of stated value | (256) | |||||
Dividends declared | (485) | |||||
Other comprehensive income (loss) | (12) | (12) | ||||
At end of period at Sep. 30, 2020 | 22,792 | 1,357 | 23,358 | $ (2) | (1,923) | |
At beginning of period at Dec. 31, 2019 | 1,375 | 24,812 | (1,911) | |||
Share purchases at stated value | (18) | |||||
At end of period at Dec. 31, 2020 | 21,418 | 1,357 | 22,050 | (1,989) | ||
At beginning of period at Jun. 30, 2020 | 1,357 | 23,516 | (1,957) | |||
Net income (loss) for the period | 3 | [1] | 3 | |||
Share purchases at stated value | ||||||
Share purchases in excess of stated value | ||||||
Dividends declared | (161) | |||||
Other comprehensive income (loss) | 34 | 34 | ||||
At end of period at Sep. 30, 2020 | 22,792 | 1,357 | 23,358 | (2) | (1,923) | |
At beginning of period at Dec. 31, 2020 | 21,418 | 1,357 | 22,050 | (1,989) | ||
Net income (loss) for the period | 1,666 | 1,666 | ||||
Share purchases at stated value | (71) | |||||
Share purchases in excess of stated value | (1,413) | |||||
Dividends declared | (544) | |||||
Other comprehensive income (loss) | 153 | 153 | ||||
At end of period at Sep. 30, 2021 | 21,209 | 1,286 | 21,759 | (1,836) | ||
At beginning of period at Jun. 30, 2021 | 1,302 | 21,336 | (1,869) | |||
Net income (loss) for the period | 908 | [1] | 908 | |||
Share purchases at stated value | (16) | |||||
Share purchases in excess of stated value | (297) | |||||
Dividends declared | (188) | |||||
Other comprehensive income (loss) | 33 | 33 | ||||
At end of period at Sep. 30, 2021 | $ 21,209 | $ 1,286 | $ 21,759 | $ (1,836) | ||
[1] | In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes. |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating activities | |||||
Net income (loss) | $ 908 | $ 3 | $ 1,666 | $ (711) | |
Adjustments for non-cash items: | |||||
Depreciation and depletion | 488 | 409 | 1,432 | 1,275 | |
Impairment of intangible assets (note 11) | 20 | ||||
(Gain) loss on asset sales (note 3) | (12) | (11) | (39) | (28) | |
Deferred income taxes and other | (120) | (11) | 16 | (210) | |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (708) | 134 | (1,952) | 967 | |
Inventories, materials, supplies and prepaid expenses | (199) | 142 | (300) | 60 | |
Income taxes payable | 227 | 269 | (106) | ||
Accounts payable and accrued liabilities | 1,123 | 66 | 2,362 | (1,008) | |
All other items - net | [1] | 240 | 143 | 390 | 223 |
Cash flows from (used in) operating activities | 1,947 | 875 | 3,844 | 482 | |
Investing activities | |||||
Additions to property, plant and equipment | (276) | (142) | (684) | (657) | |
Proceeds from asset sales (note 3) | 15 | 19 | 57 | 68 | |
Loans to equity companies - net | 2 | (2) | 14 | (16) | |
Cash flows from (used in) investing activities | (259) | (125) | (613) | (605) | |
Financing activities | |||||
Short-term debt - net | (75) | (111) | |||
Reduction in finance lease obligations (note 6) | (6) | (4) | (14) | (16) | |
Dividends paid | (195) | (162) | (518) | (488) | |
Common shares purchased (note 9) | (313) | (1,484) | (274) | ||
Cash flows from (used in) financing activities | (589) | (166) | (2,127) | (778) | |
Increase (decrease) in cash | 1,099 | 584 | 1,104 | (901) | |
Cash at beginning of period | 776 | 233 | 771 | 1,718 | |
Cash at end of period | [2] | $ 1,875 | $ 817 | $ 1,875 | $ 817 |
[1] | Included contributions to registered pension plans. (43) (59) (113) (159) | ||||
[2] | 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 cas_2
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Included contributions to registered pension plans | $ (43) | $ (59) | $ (113) | $ (159) |
Income taxes (paid) refunded | 32 | 107 | 60 | (45) |
Interest (paid), net of capitalization | $ (5) | $ (10) | $ (32) | $ (46) |
Basis of financial statement pr
Basis of financial statement preparation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of financial statement preparation | 1. Basis of financial statement preparation These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (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 2020 annual report on Form 10-K. In the o The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the nine months ended September 30, 2021, 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, 2021 | |
Business segments | 2. Business segments Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other income Revenues (a) 1,015 1,651 8,813 4,061 386 225 Intersegment sales (b) 3,137 658 366 321 91 43 Investment and other income (note 3) - (6) 18 24 - - 4,152 2,303 9,197 4,406 477 268 Expenses Exploration 2 2 - - - - Purchases of crude oil and products (b) 1,902 1,176 7,745 3,322 244 157 Production and manufacturing (note 11) 1,120 863 356 335 49 48 Selling and general - - 141 140 21 23 Federal excise tax and fuel charge - - 535 470 - - Depreciation and depletion (note 11) 439 361 39 37 4 5 Non-service pension and postretirement benefit - - - - - - Financing (note 5) - - - - - - Total expenses 3,463 2,402 8,816 4,304 318 233 Income (loss) before income taxes 689 (99) 381 102 159 35 Income taxes 165 (25) 88 25 38 8 Net income (loss) (b) 524 (74) 293 77 121 27 Cash flows from (used in) operating activities (b) 2,508 526 (733) 333 157 32 Capital and exploration expenditures (c) 151 78 120 50 2 4 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other income Revenues (a) - - - - 10,214 5,937 Intersegment sales (b) - - (3,594) (1,022) - - Investment and other income (note 3) 1 - - - 19 18 1 - (3,594) (1,022) 10,233 5,955 Expenses Exploration - - - - 2 2 Purchases of crude oil and products (b) - - (3,593) (1,021) 6,298 3,634 Production and manufacturing (note 11) - - - - 1,525 1,246 Selling and general 19 (12) (1) (1) 180 150 Federal excise tax and fuel charge - - - - 535 470 Depreciation and depletion (note 11) 6 6 - - 488 409 Non-service pension and postretirement benefit 11 31 - - 11 31 Financing (note 5) 5 10 - - 5 10 Total expenses 41 35 (3,594) (1,022) 9,044 5,952 Income (loss) before income taxes (40) (35) - - 1,189 3 Income taxes (10) (8) - - 281 - Net income (loss) (b) (30) (27) - - 908 3 Cash flows from (used in) operating activities (b) 15 (16) - - 1,947 875 Capital and exploration expenditures (c) 4 9 - - 277 141 (a) Included export sales to the United States of $1,803 million (2020 - $1,227 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) In the third quarter of 2021, the Downstream segment acquired a for There was no earnings impact and t o (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other inco m Revenues (a) 5,773 4,211 18,355 11,444 1,085 612 Intersegment sales (b) 5,800 1,642 1,927 1,013 223 114 Investment and other income (note 3) 6 4 51 66 1 1 11,579 5,857 20,333 12,523 1,309 727 Expenses Exploration 6 6 - - - - Purchases of crude oil and products (b) 5,780 3,338 16,525 8,987 693 416 Production and manufacturing (note 11) 3,395 2,855 1,039 1,086 145 157 Selling and general - - 416 456 68 69 Federal excise tax and fuel charge - - 1,404 1,290 - - Depreciation and depletion (note 11) 1,283 1,141 117 123 13 13 Non-service pension and postretirement benefit - - - - - - Financing (note 5) 1 - - - - - Total expenses 10,465 7,340 19,501 11,942 919 655 Income (loss) before income taxes 1,114 (1,483) 832 581 390 72 Income tax expense (benefit) 264 (357) 187 134 93 17 Net income (loss) (b) 850 (1,126) 645 447 297 55 Cash flows from (used in) operating activities (b) 3,634 22 (135) 443 330 75 Capital and exploration expenditures (c) 366 454 308 177 6 15 Total assets as at September 30 (b) (note 11) 29,540 32,941 8,239 4,590 488 417 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other income Revenues (a) - - - - 25,213 16,267 Intersegment sales (b) - - (7,950) (2,769) - - Investment and other income (note 3) 7 17 - - 65 88 7 17 (7,950) (2,769) 25,278 16,355 Expenses Exploration - - - - 6 6 Purchases of crude oil and products (b) - - (7,946) (2,766) 15 , 9,975 Production and manufacturing (note 11) - - - - 4,579 4,098 Selling and general 89 (23) (4) (3) 569 499 Federal excise tax and fuel charge - - - - 1,404 1,290 Depreciation and depletion (note 11) 19 18 - - 1,432 1,295 Non-service pension and postretirement benefit 32 91 - - 32 91 Financing (note 5) 31 46 - - 32 46 Total expenses 171 132 (7,950) (2,769) 23,106 17,300 Income (loss) before income taxes (164) (115) - - 2,172 (945) Income tax expense (benefit) (38) (28) - - 506 (234) Net income (loss) (b) (126) (87) - - 1,666 (711) Cash flows from (used in) operating activities (b) 15 (58) - - 3,844 482 Capital and exploration expenditures (c) 19 33 - - 699 679 Total assets as at September 30 (b) (note 11) 2,778 1,679 (170) (245) 40,875 39,382 (a) Included export sales to the United States of $4,916 million (2020 - $3,339 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for There was no earnings impact and t (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. |
Investment and other income
Investment and other income | 9 Months Ended |
Sep. 30, 2021 | |
Investment and other income | 3. Investment and other income Investment and other income included gains and losses on asset sales as follows: Nine Months Third Quarter to September 30 millions of Canadian dollars 2021 2020 2021 2020 Proceeds from asset sales 15 19 57 68 Book value of asset sales 3 8 18 40 Gain (loss) on asset sales, before tax 12 11 39 28 Gain (loss) on asset sales, after tax |
Employee retirement benefits
Employee retirement benefits | 9 Months Ended |
Sep. 30, 2021 | |
Employee retirement benefits | 4. Employee retirement benefits The components of net benefit cost were as follows: Nine Months Third Quarter to September 30 millions of Canadian dollars 2021 2020 2021 2020 Pension benefits: Current service cost 81 76 243 229 Interest cost 68 77 204 231 Expected return on plan assets (107 ) (97 ) (321 ) (293 ) Amortization of prior service cost 4 4 12 11 Amortization of actuarial loss (gain) 36 38 108 115 Net periodic benefit cost 82 98 246 293 Other postretirement benefits: Current service cost 7 6 21 18 Interest cost 6 6 17 18 Amortization of actuarial loss (gain) 4 3 12 9 Net periodic benefit cost |
Financing Costs
Financing Costs | 9 Months Ended |
Sep. 30, 2021 | |
Financing Costs | 5. Financing costs Nine Months Third Quarter to September 30 millions of Canadian dollars 2021 2020 2021 2020 Debt-related interest 9 19 50 79 Capitalized interest (4 ) (9 ) (19 ) (33 ) Net interest expense 5 10 31 46 Other interest - - 1 - Total financing During the second quarter of 2021, the company extended the maturity dates of two of its short-term lines of credit, totalling $750 million, to May 2023 credit to June 2022 During the third quarter of 2021, the c o |
Long-term debt
Long-term debt | 9 Months Ended |
Sep. 30, 2021 | |
Long-term debt | 6. Long-term debt As at As at millions of Canadian dollars 2021 2020 Long-term debt 4,447 4,447 Finance leases 613 510 Total long-term debt 5,060 4,957 |
Other long-term obligations
Other long-term obligations | 9 Months Ended |
Sep. 30, 2021 | |
Other long-term obligations | 7. Other long-term obligations As at As at millions of Canadian dollars 2021 2020 Employee retirement benefits (a) 2,013 2,105 Asset retirement obligations and other environmental liabilities (b) 1,711 1,676 Share-based incentive compensation liabilities 94 45 Operating lease liability (c) 164 95 Other obligations 370 179 Total other long-term obligations 4,352 4,100 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2020 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $100 million in current liabilities (2020 - $100 million). (c) Total operating lease liability also included $114 million in current liabilities (2020 - $97 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $1 million (2020 - $27 million). |
Financial and derivative instru
Financial and derivative instruments | 9 Months Ended |
Sep. 30, 2021 | |
Financial and derivative instruments | 8. Financial and derivative instruments Financial instruments The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At September 30, 2021 and December 31, 2020, the fair value of long-term debt ($4,447 million, excluding finance lease obligations) was primarily a level 2 measurement. Derivative instruments The company’s size, strong capital structure and the complementary nature of the Upstream, Downstream and Chemical businesses reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivative instruments to manage commodity price risk and for trading purposes. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line “Revenues”. The company does not designate derivative instruments as a hedge for hedge accounting purposes. Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial l i The net notional long/(short) position of derivative instruments was: (thousands of barrels) As at 2021 As at Dec 31 2020 Crude (6,410 ) (800 ) Products (1,070 ) (390 ) Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Third Quarter Nine Months millions of Canadian dollars 2021 2020 2021 2020 Revenues (21 ) 1 (30 ) (7 ) Purchases of crude oil and products - - (33 ) (18 ) Total (21 ) 1 (63 ) (25 ) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is a s millions of Canadian dollars At September 30, 2021 Fair value Effect of counterparty netting Effect of collateral netting Net carrying value Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 8 16 - 24 (14 ) - 10 Liabilities Derivative liabilities (b) 29 7 - 36 (14 ) (21 ) 1 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses” and “Accounts receivable - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. millions of Canadian dollars At December 31, 2020 Fair value Effect of netting Effect of collateral netting Net carrying value Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 2 - - 2 (2 ) - - Liabilities Derivative liabilities (b) 12 - - 12 (2 ) (10 ) - (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses” and “Accounts receivable - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. At September 30, 2021 and December 31, 2020, respectively, the company had $14 million and $5 million of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements. |
Common shares
Common shares | 9 Months Ended |
Sep. 30, 2021 | |
Common shares | 9. Common shares thousands of shares As of Sept 30 2021 As of Dec 31 2020 Authorized 1,100,000 1,100,000 Common shares outstanding 695,611 734,077 The current 12-month normal course issuer bid program came into effect June 29, 2021, under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 35,583,671 common shares (5 percent of the total shares on June 15, 2021) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below: Thousands of shares Millions of dollars Balance as at December 31, 2019 743,902 1,375 Issued under employee share-based awards 7 - Purchases at stated value (9,832 ) (18 ) Balance as at December 31, 2020 734,077 1,357 Issued under employee share-based awards - - Purchases at stated value (38,466 ) (71 ) Balance as at September 30, 2021 695,611 1,286 The following table provides the calculation of b a Third Quarter Nine Months to September 30 2021 2020 2021 2020 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 908 3 1,666 (711 ) Weighted average number of common shares outstanding (millions of shares) 700.0 734.1 719.4 735.7 Net income (loss) per common share (dollars) 1.30 - 2.32 (0.97 ) Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 908 3 1,666 (711 ) Weighted average number of common shares outstanding (millions of shares) 700.0 734.1 719.4 735.7 Effect of employee share-based awards (millions of shares) (a) 1.9 2.2 1.7 - Weighted average number of common shares outstanding, assuming dilution (millions of shares) 701.9 736.3 721.1 735.7 Net income (loss) per common share (dollars) 1.29 - 2.31 (0.97 ) Dividends per common share - declared (dollars) 0.27 0.22 0.76 0.66 (a) For nine months to September 30, 2020, the Net income (loss) per common share – diluted excludes the effect of 2.1 million employee share-based awards. Share-based awards have the potential to dilute basic earnings per share in the future. |
Other comprehensive income (los
Other comprehensive income (loss) information | 9 Months Ended |
Sep. 30, 2021 | |
Other comprehensive income (loss) information | 10. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2021 2020 Balance at January 1 (1,989 ) (1,911 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 54 (114 ) Amounts reclassified from accumulated other comprehensive income 99 102 Balance at September 30 (1,836 ) (1,923 ) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Third Quarter Nine Months to September 30 millions of Canadian dollars 2021 2020 2021 2020 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) (44) (45) (132) (135 ) (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): Third Quarter Nine Months millions of Canadian dollars 2021 2020 2021 2020 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) - - 17 (37 ) Amortization of postretirement benefits liability adjustment included in net periodic benefit cost 11 11 33 33 Total 11 11 50 (4 ) |
Miscellaneous financial informa
Miscellaneous financial information | 9 Months Ended |
Sep. 30, 2021 | |
Miscellaneous financial information | 11. Miscellaneous financial information At March 31, 2021, due to the termination of transportation services agreements related to a third-party pipeline project, the company recognized a liability of $62 million, previously reported as a contingent liability in Note 10 of Imperial’s Form 10-K. In connection with the same project, commitments under “Oth e The company has received subsidies as part of the Government of Canada’s COVID-19 Economic Response Plan. It was recognized as a reduction to expense and was included in the Consolidated statement of income, primarily as part of “Production and manufacturing” (2020 – $ million before tax, year-to-date). In the first quarter of 2020, with the change in economic conditions and the reduction in the company’s market capitalization, the company assessed its goodwill balances for impairment and recogniz e |
Business segments (Tables)
Business segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Segments | Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other income Revenues (a) 1,015 1,651 8,813 4,061 386 225 Intersegment sales (b) 3,137 658 366 321 91 43 Investment and other income (note 3) - (6) 18 24 - - 4,152 2,303 9,197 4,406 477 268 Expenses Exploration 2 2 - - - - Purchases of crude oil and products (b) 1,902 1,176 7,745 3,322 244 157 Production and manufacturing (note 11) 1,120 863 356 335 49 48 Selling and general - - 141 140 21 23 Federal excise tax and fuel charge - - 535 470 - - Depreciation and depletion (note 11) 439 361 39 37 4 5 Non-service pension and postretirement benefit - - - - - - Financing (note 5) - - - - - - Total expenses 3,463 2,402 8,816 4,304 318 233 Income (loss) before income taxes 689 (99) 381 102 159 35 Income taxes 165 (25) 88 25 38 8 Net income (loss) (b) 524 (74) 293 77 121 27 Cash flows from (used in) operating activities (b) 2,508 526 (733) 333 157 32 Capital and exploration expenditures (c) 151 78 120 50 2 4 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other income Revenues (a) - - - - 10,214 5,937 Intersegment sales (b) - - (3,594) (1,022) - - Investment and other income (note 3) 1 - - - 19 18 1 - (3,594) (1,022) 10,233 5,955 Expenses Exploration - - - - 2 2 Purchases of crude oil and products (b) - - (3,593) (1,021) 6,298 3,634 Production and manufacturing (note 11) - - - - 1,525 1,246 Selling and general 19 (12) (1) (1) 180 150 Federal excise tax and fuel charge - - - - 535 470 Depreciation and depletion (note 11) 6 6 - - 488 409 Non-service pension and postretirement benefit 11 31 - - 11 31 Financing (note 5) 5 10 - - 5 10 Total expenses 41 35 (3,594) (1,022) 9,044 5,952 Income (loss) before income taxes (40) (35) - - 1,189 3 Income taxes (10) (8) - - 281 - Net income (loss) (b) (30) (27) - - 908 3 Cash flows from (used in) operating activities (b) 15 (16) - - 1,947 875 Capital and exploration expenditures (c) 4 9 - - 277 141 (a) Included export sales to the United States of $1,803 million (2020 - $1,227 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) In the third quarter of 2021, the Downstream segment acquired a for There was no earnings impact and t o (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other inco m Revenues (a) 5,773 4,211 18,355 11,444 1,085 612 Intersegment sales (b) 5,800 1,642 1,927 1,013 223 114 Investment and other income (note 3) 6 4 51 66 1 1 11,579 5,857 20,333 12,523 1,309 727 Expenses Exploration 6 6 - - - - Purchases of crude oil and products (b) 5,780 3,338 16,525 8,987 693 416 Production and manufacturing (note 11) 3,395 2,855 1,039 1,086 145 157 Selling and general - - 416 456 68 69 Federal excise tax and fuel charge - - 1,404 1,290 - - Depreciation and depletion (note 11) 1,283 1,141 117 123 13 13 Non-service pension and postretirement benefit - - - - - - Financing (note 5) 1 - - - - - Total expenses 10,465 7,340 19,501 11,942 919 655 Income (loss) before income taxes 1,114 (1,483) 832 581 390 72 Income tax expense (benefit) 264 (357) 187 134 93 17 Net income (loss) (b) 850 (1,126) 645 447 297 55 Cash flows from (used in) operating activities (b) 3,634 22 (135) 443 330 75 Capital and exploration expenditures (c) 366 454 308 177 6 15 Total assets as at September 30 (b) (note 11) 29,540 32,941 8,239 4,590 488 417 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2021 2020 2021 2020 2021 2020 Revenues and other income Revenues (a) - - - - 25,213 16,267 Intersegment sales (b) - - (7,950) (2,769) - - Investment and other income (note 3) 7 17 - - 65 88 7 17 (7,950) (2,769) 25,278 16,355 Expenses Exploration - - - - 6 6 Purchases of crude oil and products (b) - - (7,946) (2,766) 15 , 9,975 Production and manufacturing (note 11) - - - - 4,579 4,098 Selling and general 89 (23) (4) (3) 569 499 Federal excise tax and fuel charge - - - - 1,404 1,290 Depreciation and depletion (note 11) 19 18 - - 1,432 1,295 Non-service pension and postretirement benefit 32 91 - - 32 91 Financing (note 5) 31 46 - - 32 46 Total expenses 171 132 (7,950) (2,769) 23,106 17,300 Income (loss) before income taxes (164) (115) - - 2,172 (945) Income tax expense (benefit) (38) (28) - - 506 (234) Net income (loss) (b) (126) (87) - - 1,666 (711) Cash flows from (used in) operating activities (b) 15 (58) - - 3,844 482 Capital and exploration expenditures (c) 19 33 - - 699 679 Total assets as at September 30 (b) (note 11) 2,778 1,679 (170) (245) 40,875 39,382 (a) Included export sales to the United States of $4,916 million (2020 - $3,339 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for There was no earnings impact and t (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. |
Investment and other income (Ta
Investment and other income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investment and other income | Investment and other income included gains and losses on asset sales as follows: Nine Months Third Quarter to September 30 millions of Canadian dollars 2021 2020 2021 2020 Proceeds from asset sales 15 19 57 68 Book value of asset sales 3 8 18 40 Gain (loss) on asset sales, before tax 12 11 39 28 Gain (loss) on asset sales, after tax |
Employee retirement benefits (T
Employee retirement benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Net Benefit Costs | The components of net benefit cost were as follows: Nine Months Third Quarter to September 30 millions of Canadian dollars 2021 2020 2021 2020 Pension benefits: Current service cost 81 76 243 229 Interest cost 68 77 204 231 Expected return on plan assets (107 ) (97 ) (321 ) (293 ) Amortization of prior service cost 4 4 12 11 Amortization of actuarial loss (gain) 36 38 108 115 Net periodic benefit cost 82 98 246 293 Other postretirement benefits: Current service cost 7 6 21 18 Interest cost 6 6 17 18 Amortization of actuarial loss (gain) 4 3 12 9 Net periodic benefit cost |
Financing Costs (Tables)
Financing Costs (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financing costs | Nine Months Third Quarter to September 30 millions of Canadian dollars 2021 2020 2021 2020 Debt-related interest 9 19 50 79 Capitalized interest (4 ) (9 ) (19 ) (33 ) Net interest expense 5 10 31 46 Other interest - - 1 - Total financing |
Long-term debt (Tables)
Long-term debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Long-Term Debt | As at As at millions of Canadian dollars 2021 2020 Long-term debt 4,447 4,447 Finance leases 613 510 Total long-term debt 5,060 4,957 |
Other long-term obligations (Ta
Other long-term obligations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Long-Term Obligations | As at As at millions of Canadian dollars 2021 2020 Employee retirement benefits (a) 2,013 2,105 Asset retirement obligations and other environmental liabilities (b) 1,711 1,676 Share-based incentive compensation liabilities 94 45 Operating lease liability (c) 164 95 Other obligations 370 179 Total other long-term obligations 4,352 4,100 (a) Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2020 - $58 million). (b) Total asset retirement obligations and other environmental liabilities also included $100 million in current liabilities (2020 - $100 million). (c) Total operating lease liability also included $114 million in current liabilities (2020 - $97 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $1 million (2020 - $27 million). |
Financial and derivative inst_2
Financial and derivative instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Net Long Short Position Of Derivative Instruments | The net notional long/(short) position of derivative instruments was: (thousands of barrels) As at 2021 As at Dec 31 2020 Crude (6,410 ) (800 ) Products (1,070 ) (390 ) |
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments | Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Third Quarter Nine Months millions of Canadian dollars 2021 2020 2021 2020 Revenues (21 ) 1 (30 ) (7 ) Purchases of crude oil and products - - (33 ) (18 ) Total (21 ) 1 (63 ) (25 ) |
Summary of estimated fair value of financial instruments | The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is a s millions of Canadian dollars At September 30, 2021 Fair value Effect of counterparty netting Effect of collateral netting Net carrying value Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 8 16 - 24 (14 ) - 10 Liabilities Derivative liabilities (b) 29 7 - 36 (14 ) (21 ) 1 (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses” and “Accounts receivable - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. millions of Canadian dollars At December 31, 2020 Fair value Effect of netting Effect of collateral netting Net carrying value Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 2 - - 2 (2 ) - - Liabilities Derivative liabilities (b) 12 - - 12 (2 ) (10 ) - (a) Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses” and “Accounts receivable - net”. (b) Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. |
Common shares (Tables)
Common shares (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Common Shares | thousands of shares As of Sept 30 2021 As of Dec 31 2020 Authorized 1,100,000 1,100,000 Common shares outstanding 695,611 734,077 |
Common Share Activities | The company’s common share activities are summarized below: Thousands of shares Millions of dollars Balance as at December 31, 2019 743,902 1,375 Issued under employee share-based awards 7 - Purchases at stated value (9,832 ) (18 ) Balance as at December 31, 2020 734,077 1,357 Issued under employee share-based awards - - Purchases at stated value (38,466 ) (71 ) Balance as at September 30, 2021 695,611 1,286 |
Calculation of Basic and Diluted Earnings Per Share | The following table provides the calculation of b a Third Quarter Nine Months to September 30 2021 2020 2021 2020 Net income (loss) per common share - basic Net income (loss) (millions of Canadian dollars) 908 3 1,666 (711 ) Weighted average number of common shares outstanding (millions of shares) 700.0 734.1 719.4 735.7 Net income (loss) per common share (dollars) 1.30 - 2.32 (0.97 ) Net income (loss) per common share - diluted Net income (loss) (millions of Canadian dollars) 908 3 1,666 (711 ) Weighted average number of common shares outstanding (millions of shares) 700.0 734.1 719.4 735.7 Effect of employee share-based awards (millions of shares) (a) 1.9 2.2 1.7 - Weighted average number of common shares outstanding, assuming dilution (millions of shares) 701.9 736.3 721.1 735.7 Net income (loss) per common share (dollars) 1.29 - 2.31 (0.97 ) Dividends per common share - declared (dollars) 0.27 0.22 0.76 0.66 (a) For nine months to September 30, 2020, the Net income (loss) per common share – diluted excludes the effect of 2.1 million employee share-based awards. Share-based awards have the potential to dilute basic earnings per share in the future. |
Other comprehensive income (l_2
Other comprehensive income (loss) information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2021 2020 Balance at January 1 (1,989 ) (1,911 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 54 (114 ) Amounts reclassified from accumulated other comprehensive income 99 102 Balance at September 30 (1,836 ) (1,923 ) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before-Tax Income (Expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Third Quarter Nine Months to September 30 millions of Canadian dollars 2021 2020 2021 2020 Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) (44) (45) (132) (135 ) (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) | Income tax expense (credit) for components of other comprehensive income (loss): Third Quarter Nine Months millions of Canadian dollars 2021 2020 2021 2020 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) - - 17 (37 ) Amortization of postretirement benefits liability adjustment included in net periodic benefit cost 11 11 33 33 Total 11 11 50 (4 ) |
Business Segments (Detail)
Business Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||||
Revenues and other income | ||||||||||
Revenues | [1] | $ 10,214 | [2] | $ 5,937 | [2] | $ 25,213 | [3] | $ 16,267 | [3] | |
Intersegment sales | ||||||||||
Investment and other income (note 3) | 19 | 18 | 65 | 88 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 10,233 | 5,955 | 25,278 | 16,355 | ||||||
Expenses | ||||||||||
Exploration | 2 | 2 | 6 | 6 | ||||||
Purchases of crude oil and products | [4] | 6,298 | 3,634 | 15,052 | 9,975 | |||||
Production and manufacturing (note 11) | [5] | 1,525 | 1,246 | 4,579 | 4,098 | |||||
Selling and general | [5] | 180 | 150 | 569 | 499 | |||||
Federal excise tax and fuel charge | 535 | 470 | 1,404 | 1,290 | ||||||
Depreciation and depletion (note 11) | 488 | 409 | 1,432 | 1,295 | ||||||
Non-service pension and postretirement benefit | 11 | 31 | 32 | 91 | ||||||
Financing (note 5) | [6] | 5 | 10 | 32 | 46 | |||||
Total expenses | 9,044 | 5,952 | 23,106 | 17,300 | ||||||
Income (loss) before income taxes | 1,189 | 3 | 2,172 | (945) | ||||||
Income tax expense (benefit) | 281 | 506 | (234) | |||||||
Net income (loss) | 908 | [7] | 3 | [7] | 1,666 | (711) | ||||
Cash flows from (used in) operating activities | 1,947 | 875 | 3,844 | 482 | ||||||
Capital and exploration expenditures | [8] | 277 | 141 | 699 | 679 | |||||
Total assets as at June 30 (note 11) | 40,875 | 39,382 | 40,875 | 39,382 | $ 38,031 | |||||
Consolidation, Eliminations | ||||||||||
Revenues and other income | ||||||||||
Revenues | [2] | [2] | [3] | [3] | ||||||
Intersegment sales | (3,594) | (1,022) | (7,950) | (2,769) | ||||||
Investment and other income (note 3) | 0 | |||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (3,594) | (1,022) | (7,950) | (2,769) | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | (3,593) | (1,021) | (7,946) | (2,766) | ||||||
Production and manufacturing (note 11) | ||||||||||
Selling and general | (1) | (1) | (4) | (3) | ||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion (note 11) | ||||||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | ||||||||||
Total expenses | (3,594) | (1,022) | (7,950) | (2,769) | ||||||
Income (loss) before income taxes | ||||||||||
Income tax expense (benefit) | ||||||||||
Net income (loss) | [7] | [7] | ||||||||
Cash flows from (used in) operating activities | ||||||||||
Capital and exploration expenditures | [8] | |||||||||
Total assets as at June 30 (note 11) | (170) | (245) | (170) | (245) | ||||||
Upstream | ||||||||||
Revenues and other income | ||||||||||
Revenues | 1,015 | [2] | 1,651 | [2] | 5,773 | [3] | 4,211 | [3] | ||
Intersegment sales | 3,137 | 658 | 5,800 | 1,642 | ||||||
Investment and other income (note 3) | (6) | 6 | 4 | |||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 4,152 | 2,303 | 11,579 | 5,857 | ||||||
Expenses | ||||||||||
Exploration | 2 | 2 | 6 | 6 | ||||||
Purchases of crude oil and products | 1,902 | 1,176 | 5,780 | 3,338 | ||||||
Production and manufacturing (note 11) | 1,120 | 863 | 3,395 | 2,855 | ||||||
Selling and general | ||||||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion (note 11) | 439 | 361 | 1,283 | 1,141 | ||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | 1 | |||||||||
Total expenses | 3,463 | 2,402 | 10,465 | 7,340 | ||||||
Income (loss) before income taxes | 689 | (99) | 1,114 | (1,483) | ||||||
Income tax expense (benefit) | 165 | (25) | 264 | (357) | ||||||
Net income (loss) | 524 | (74) | 850 | (1,126) | ||||||
Cash flows from (used in) operating activities | 2,508 | 526 | 3,634 | 22 | ||||||
Capital and exploration expenditures | [8] | 151 | 78 | 366 | 454 | |||||
Total assets as at June 30 (note 11) | 29,540 | 32,941 | 29,540 | 32,941 | ||||||
Downstream | ||||||||||
Revenues and other income | ||||||||||
Revenues | 8,813 | [2] | 4,061 | [2] | 18,355 | [3] | 11,444 | [3] | ||
Intersegment sales | 366 | 321 | 1,927 | 1,013 | ||||||
Investment and other income (note 3) | 18 | 24 | 51 | 66 | ||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 9,197 | 4,406 | 20,333 | 12,523 | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | 7,745 | 3,322 | 16,525 | 8,987 | ||||||
Production and manufacturing (note 11) | 356 | 335 | 1,039 | 1,086 | ||||||
Selling and general | 141 | 140 | 416 | 456 | ||||||
Federal excise tax and fuel charge | 535 | 470 | 1,404 | 1,290 | ||||||
Depreciation and depletion (note 11) | 39 | 37 | 117 | 123 | ||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | ||||||||||
Total expenses | 8,816 | 4,304 | 19,501 | 11,942 | ||||||
Income (loss) before income taxes | 381 | 102 | 832 | 581 | ||||||
Income tax expense (benefit) | 88 | 25 | 187 | 134 | ||||||
Net income (loss) | 293 | 77 | 645 | 447 | ||||||
Cash flows from (used in) operating activities | (733) | 333 | (135) | 443 | ||||||
Capital and exploration expenditures | [8] | 120 | 50 | 308 | 177 | |||||
Total assets as at June 30 (note 11) | 8,239 | 4,590 | 8,239 | 4,590 | ||||||
Chemical | ||||||||||
Revenues and other income | ||||||||||
Revenues | 386 | [2] | 225 | [2] | 1,085 | [3] | 612 | [3] | ||
Intersegment sales | 91 | 43 | 223 | 114 | ||||||
Investment and other income (note 3) | 1 | 1 | ||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 477 | 268 | 1,309 | 727 | ||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | 244 | 157 | 693 | 416 | ||||||
Production and manufacturing (note 11) | 49 | 48 | 145 | 157 | ||||||
Selling and general | 21 | 23 | 68 | 69 | ||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion (note 11) | 4 | 5 | 13 | 13 | ||||||
Non-service pension and postretirement benefit | ||||||||||
Financing (note 5) | ||||||||||
Total expenses | 318 | 233 | 919 | 655 | ||||||
Income (loss) before income taxes | 159 | 35 | 390 | 72 | ||||||
Income tax expense (benefit) | 38 | 8 | 93 | 17 | ||||||
Net income (loss) | 121 | 27 | 297 | 55 | ||||||
Cash flows from (used in) operating activities | 157 | 32 | 330 | 75 | ||||||
Capital and exploration expenditures | [8] | 2 | 4 | 6 | 15 | |||||
Total assets as at June 30 (note 11) | 488 | 417 | 488 | 417 | ||||||
Corporate and Other | ||||||||||
Revenues and other income | ||||||||||
Revenues | [2] | [2] | [3] | [3] | ||||||
Intersegment sales | ||||||||||
Investment and other income (note 3) | 1 | 7 | 17 | |||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 1 | 7 | 17 | |||||||
Expenses | ||||||||||
Exploration | ||||||||||
Purchases of crude oil and products | ||||||||||
Production and manufacturing (note 11) | ||||||||||
Selling and general | 19 | (12) | 89 | (23) | ||||||
Federal excise tax and fuel charge | ||||||||||
Depreciation and depletion (note 11) | 6 | 6 | 19 | 18 | ||||||
Non-service pension and postretirement benefit | 11 | 31 | 32 | 91 | ||||||
Financing (note 5) | 5 | 10 | 31 | 46 | ||||||
Total expenses | 41 | 35 | 171 | 132 | ||||||
Income (loss) before income taxes | (40) | (35) | (164) | (115) | ||||||
Income tax expense (benefit) | (10) | (8) | (38) | (28) | ||||||
Net income (loss) | (30) | [7] | (27) | [7] | (126) | (87) | ||||
Cash flows from (used in) operating activities | 15 | (16) | 15 | (58) | ||||||
Capital and exploration expenditures | [8] | 4 | 9 | 19 | 33 | |||||
Total assets as at June 30 (note 11) | $ 2,778 | $ 1,679 | $ 2,778 | $ 1,679 | ||||||
[1] | Amounts from related parties included in revenues. 2,731 1,216 5,644 3,699 | |||||||||
[2] | Included export sales to the United States of $1,803 million (2020 - $1,227 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. | |||||||||
[3] | Included export sales to the United States of $4,916 million (2020 - $3,339 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. 828 627 2,009 1,762 | |||||||||
[5] | Amounts to related parties included in production and manufacturing, and selling and general expenses. 95 107 317 428 | |||||||||
[6] | Amounts to related parties included in financing, (note 5). 4 12 25 50 | |||||||||
[7] | In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes. | |||||||||
[8] | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. |
Business Segments (Parenthetica
Business Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Inventory transfer | $ 444 | $ 444 | ||
United States Exports | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 1,803 | $ 1,227 | $ 4,916 | $ 3,339 |
Gains and Losses on Asset Sales
Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Investment And Other Income [Line Items] | ||||
Proceeds from asset sales | $ 15 | $ 19 | $ 57 | $ 68 |
Book value of asset sales | 3 | 8 | 18 | 40 |
Gain (loss) on asset sales, before tax | 12 | 11 | 39 | 28 |
Gain (loss) on asset sales, after tax | $ 10 | $ 10 | $ 34 | $ 25 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension benefits | ||||
Current service cost | $ 81 | $ 76 | $ 243 | $ 229 |
Interest cost | 68 | 77 | 204 | 231 |
Expected return on plan assets | (107) | (97) | (321) | (293) |
Amortization of prior service cost | 4 | 4 | 12 | 11 |
Amortization of actuarial loss (gain) | 36 | 38 | 108 | 115 |
Net periodic benefit cost | 82 | 98 | 246 | 293 |
Other postretirement benefits | ||||
Current service cost | 7 | 6 | 21 | 18 |
Interest cost | 6 | 6 | 17 | 18 |
Amortization of actuarial loss (gain) | 4 | 3 | 12 | 9 |
Net periodic benefit cost | $ 17 | $ 15 | $ 50 | $ 45 |
Financing Costs (Detail)
Financing Costs (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Debt-related interest | $ 9 | $ 19 | $ 50 | $ 79 | |
Capitalized interest | (4) | (9) | (19) | (33) | |
Net interest expense | 5 | 10 | 31 | 46 | |
Other interest | 0 | 0 | 1 | 0 | |
Total financing | [1] | $ 5 | $ 10 | $ 32 | $ 46 |
[1] | Amounts to related parties included in financing, (note 5). 4 12 25 50 |
Financing Costs - Additional In
Financing Costs - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Line of Credit Facility [Line Items] | ||
Interest bearing loan, maximum borrowing capacity | $ 1,300 | |
Repayments of Debt | $ 75 | |
Line Of Credit Facility Due May Two Thousand And Twenty Three [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, maturity date | May 31, 2023 | |
Interest bearing loan, maximum borrowing capacity | $ 750 | |
Short Term Line Of Credit Facility Due June Two Thousand And Twenty Two [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, maturity date | Jun. 30, 2022 | |
Interest bearing loan, maximum borrowing capacity | $ 300 |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 4,447 | $ 4,447 | |
Finance leases | 613 | 510 | |
Total long-term debt | [1] | $ 5,060 | $ 4,957 |
[1] | Long-term debt included amounts to related parties of $4,447 million (2020 - $4,447 million). |
Other Long-Term Obligations (De
Other Long-Term Obligations (Detail) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Other Liabilities [Line Items] | |||
Employee retirement benefits | [1] | $ 2,013 | $ 2,105 |
Asset retirement obligations and other environmental liabilities | [2] | 1,711 | 1,676 |
Share-based incentive compensation liabilities | 94 | 45 | |
Operating lease liability | [3] | 164 | 95 |
Other obligations | 370 | 179 | |
Total other long-term obligations | $ 4,352 | $ 4,100 | |
[1] | Total recorded employee retirement benefits obligations also included $58 million in current liabilities (2020 - $58 million). | ||
[2] | Total asset retirement obligations and other environmental liabilities also included $100 million in current liabilities (2020 - $100 million). | ||
[3] | Total operating lease liability also included $114 million in current liabilities (2020 - $97 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $1 million (2020 - $27 million). |
Other Long-Term Obligations (Pa
Other Long-Term Obligations (Parenthetical) (Detail) - CAD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | $ 58 | $ 58 |
Asset retirement obligations and other environmental liabilities in current liabilities | 100 | 100 |
Undiscounted Commitments | 1 | 27 |
Accounts Payable and Accrued Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Lease liability due within one year, Operating leases | $ 114 | $ 97 |
Financial and derivative inst_3
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl bbl in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Crude barrels [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (6,410) | (800) |
Products barrels [Member] | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount, Volume | (1,070) | (390) |
Summary of Realized and Unreali
Summary of Realized and Unrealized Gain or (Loss) on Derivative Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financial Instruments And Derivatives [Line Items] | ||||
Revenues | $ (21) | $ 1 | $ (30) | $ (7) |
Purchases of crude oil and products | (33) | (18) | ||
Total | $ (21) | $ 1 | $ (63) | $ (25) |
Financial and derivative inst_4
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | ||
Derivative Asset [Abstract] | ||||
Derivative Asset | [1] | $ 24 | $ 2 | |
Derivative Liability [Abstract] | ||||
Derivative liabilities | [2] | 36 | 12 | |
Effect of counterparty netting [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset | [1] | (14) | (2) | |
Derivative Liability [Abstract] | ||||
Derivative liabilities | [2] | (14) | (2) | |
Derivative fair value of derivative amount effect of collateral netting [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset | [1] | 0 | ||
Derivative Liability [Abstract] | ||||
Derivative liabilities | [2] | (21) | (10) | |
Net Carrying Value [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset | 10 | [1] | ||
Derivative Liability [Abstract] | ||||
Derivative liabilities | 1 | [2] | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset | [1] | 8 | 2 | |
Derivative Liability [Abstract] | ||||
Derivative liabilities | [2] | 29 | 12 | |
Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset | [1] | 16 | ||
Derivative Liability [Abstract] | ||||
Derivative liabilities | [2] | 7 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Asset [Abstract] | ||||
Derivative Asset | [1] | |||
Derivative Liability [Abstract] | ||||
Derivative liabilities | [2] | |||
[1] | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses” and “Accounts receivable - net”. | |||
[2] | Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. |
Financial and derivative inst_5
Financial and derivative instruments - Additional Information (Detail) - CAD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Instruments And Derivatives [Line Items] | ||
Long-term Debt, Fair Value | $ 4,447 | $ 4,447 |
Master netting arrangements [Member] | ||
Financial Instruments And Derivatives [Line Items] | ||
Derivative collateral receivable | $ 14 | $ 5 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - Share Repurchase Program Dated June Twenty First Two Thousand Twenty One [Member] - shares | Jun. 29, 2021 | Jun. 15, 2021 |
Class of Stock [Line Items] | ||
Normal course issuer bid share repurchase shares authorized | 35,583,671 | |
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | |
Normal course issuer bid share repurchase term, months | 12 months | |
Percent of total shares | 5.00% |
Summary of Common Shares (Detai
Summary of Common Shares (Detail) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 695,611,000 | 734,077,000 |
Common Share Activities (Detail
Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Class of Stock [Line Items] | ||||||
Common stock beginning balance, shares | 734,077 | |||||
Common stock, ending balance, shares | 695,611 | 695,611 | 734,077 | |||
Common stock beginning balance, value | [1] | $ 1,357 | ||||
Common stock, ending balance, value | [1] | $ 1,286 | $ 1,286 | $ 1,357 | ||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock beginning balance, shares | 734,077 | 743,902 | 743,902 | |||
Issued under employee share-based awards, shares | 7 | |||||
Purchases at stated value, shares | (38,466) | (9,832) | ||||
Common stock, ending balance, shares | 695,611 | 695,611 | 734,077 | |||
Common stock beginning balance, value | $ 1,357 | $ 1,375 | $ 1,375 | |||
Issued under employee share-based awards, value | ||||||
Purchases at stated value, value | $ (16) | (71) | $ (18) | (18) | ||
Common stock, ending balance, value | $ 1,286 | $ 1,286 | $ 1,357 | |||
[1] | Number of common shares authorized and outstanding were 1,100 million and 696 million, respectively (2020 - 1,100 million and 734 million, respectively). |
Calculation of basic and dilute
Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Net income (loss) per common share - basic | |||||||
Net income (loss) (millions of Canadian dollars) | $ 908 | [1] | $ 3 | [1] | $ 1,666 | $ (711) | |
Weighted average number of common shares outstanding (millions of shares) | 700 | 734.1 | 719.4 | 735.7 | |||
Net income (loss) per common share (dollars) | $ 1.30 | $ 2.32 | $ (0.97) | ||||
Net income (loss) per common share - diluted | |||||||
Net income (loss) (millions of Canadian dollars) | $ 908 | [1] | $ 3 | [1] | $ 1,666 | $ (711) | |
Weighted average number of common shares outstanding (millions of shares) | 700 | 734.1 | 719.4 | 735.7 | |||
Effect of employee share-based awards (millions of shares) | [2] | 1.9 | 2.2 | 1.7 | |||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 701.9 | 736.3 | 721.1 | 735.7 | |||
Net income (loss) per common share (dollars) | $ 1.29 | $ 2.31 | $ (0.97) | ||||
Dividends per common share - declared (dollars) | $ 0.27 | $ 0.22 | $ 0.76 | $ 0.66 | |||
[1] | In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for $444 million. There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes. | ||||||
[2] | For nine months to September 30, 2020, the Net income (loss) per common share – diluted excludes the effect of 2.1 million employee share-based awards. Share-based awards have the potential to dilute basic earnings per share in the future. |
Calculation of basic and dilu_2
Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Parenthetical) (Detail) shares in Millions | 9 Months Ended |
Sep. 30, 2020shares | |
Earnings Per Share [Abstract] | |
Effect of employee share-based awards excluded from computation | 2.1 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at January 1 | $ (1,989) | $ (1,911) | ||
Current period change excluding amounts reclassified from accumulated other comprehensive income | 54 | (114) | ||
Amounts reclassified from accumulated other comprehensive income | 33 | 34 | 99 | 102 |
Balance at September 30 | $ (1,836) | $ (1,923) | $ (1,836) | $ (1,923) |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost | $ (44) | $ (45) | $ (132) | $ (135) |
Income Tax Expense (Credit) for
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement benefits liability adjustment (excluding amortization) | $ 17 | $ (37) | ||
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost | 11 | 11 | 33 | 33 |
Total | $ 11 | $ 11 | $ 50 | $ (4) |
Miscellaneous Financial Infor_2
Miscellaneous Financial Information - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Additional Financial Information [Line Items] | |||||
Decrease in Long Term Purchase Commitment Amount | $ 2,900 | ||||
Liabilities | $ 19,666 | $ 16,613 | |||
Production And Manufacturing [Member] | Canada Emergency Wage Subsidy [Member] | |||||
Additional Financial Information [Line Items] | |||||
Amount received as part of the federal government subsidy program | $ 120 | ||||
Upstream [Member] | |||||
Additional Financial Information [Line Items] | |||||
Non-cash impairment of goodwill | $ 20 | ||||
Accounts payable and accrued liabilities | |||||
Additional Financial Information [Line Items] | |||||
Liabilities | $ 62 |