v3.8.0.1
Financial Instruments And Risk Management (Tables)
12 Months Ended
Dec. 31, 2017
Financial Instruments And Risk Management [Abstract]  
Commodity Price Positions



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



Notional Volumes

 

 

Term

Average Price

 

 

 

 

 

 

Fair Value

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Oil and NGL Contracts

 

 

 

 

 

 

US$/bbl

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Price Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

WTI Fixed Price

71.2 

 

Mbbls/d

2018

 

 

53.28 

 

 

 

$

(152)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

WTI Three-Way Options

 

 

 

 

 

 

 

 

 

 

 

 

 

Sold call / bought put / sold put

16.0 

 

Mbbls/d

2018

54.49 

/

47.17 

/

36.88 

 

 

(35)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

WTI Costless Collars

 

 

 

 

 

 

 

 

 

 

 

 

 

Sold call / bought put

10.0 

 

Mbbls/d

2018

57.08 

/

45.00 

 

 

 

 

(16)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Basis Contracts (1)

 

 

 

2018 - 2020

 

 

 

 

 

 

 

(41)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Crude Oil and NGLs Fair Value Position

 

 

 

 

 

 

 

 

 

 

 

(244)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Contracts

 

 

 

 

 

 

US$/Mcf

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Price Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX Fixed Price

673 

 

MMcf/d

2018

 

 

3.07 

 

 

 

 

59 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

NYMEX Call Options

 

 

 

 

 

 

 

 

 

 

 

 

 

Sold call price

230 

 

MMcf/d

2018

 

 

3.75 

 

 

 

 

(3)

 

Sold call price

230 

 

MMcf/d

2019

 

 

3.75 

 

 

 

 

(6)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Basis Contracts (2)

 

 

 

2018

 

 

 

 

 

 

 

118 

 



 

 

 

2019

 

 

 

 

 

 

 

107 

 



 

 

 

2020

 

 

 

 

 

 

 

83 

 



 

 

 

2021 - 2023

 

 

 

 

 

 

 

58 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Fair Value Position

 

 

 

 

 

 

 

 

 

 

 

416 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Other Derivative Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Position

 

 

 

 

 

 

 

 

 

 

 

(19)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Position (3)

 

 

 

2018

 

 

 

 

 

 

 

30 

 

Total Fair Value Position

 

 

 

 

 

 

 

 

 

 

$

183 

 



Earnings Impact Of Realized And Unrealized Gains (Losses) On Risk Management Positions



 

 

 

 

 

 

 



 

 

 

 

 

 

 

For the years ended December 31

 

2017 

 

 

2016 

 

2015 



 

 

 

 

 

 

 

Realized Gains (Losses) on Risk Management

 

 

 

 

 

 

 

Commodity and Other Derivatives:

 

 

 

 

 

 

 

Revenues (1)

$

40 

 

$

361 

$

917 

Transportation and processing

 

(4)

 

 

(8)

 

(16)

Foreign Currency Derivatives:

 

 

 

 

 

 

 

Foreign exchange

 

15 

 

 

 -

 

 -



$

51 

 

$

353 

$

901 



 

 

 

 

 

 

 

Unrealized Gains (Losses) on Risk Management

 

 

 

 

 

 

 

Commodity and Other Derivatives:

 

 

 

 

 

 

 

Revenues (2)

$

442 

 

$

(636)

$

(325)

Transportation and processing

 

 -

 

$

22 

 

(6)

Foreign Currency Derivatives:

 

 

 

 

 

 

 

Foreign exchange

 

32 

 

 

(1)

 

 -



$

474 

 

$

(615)

$

(331)



 

 

 

 

 

 

 

Total Realized and Unrealized Gains (Losses) on Risk Management, net

 

 

 

 

 

 

 

Commodity and Other Derivatives:

 

 

 

 

 

 

 

Revenues (1) (2)

$

482 

 

$

(275)

$

592 

Transportation and processing

 

(4)

 

 

14 

 

(22)

Foreign Currency Derivatives:

 

 

 

 

 

 

 

Foreign exchange

 

47 

 

 

(1)

 

 -



$

525 

 

$

(262)

$

570 



Reconciliation Of Unrealized Risk Management Positions



 

 

 

 

 

 

 

 

 

 



 

2017

 

 

 

 

 

2016 

 

2015 



 

Fair Value

 

 

Total
Unrealized
Gain (Loss)

 

 

Total
Unrealized
Gain (Loss)

 

Total
Unrealized
Gain (Loss)



 

 

 

 

 

 

 

 

 

 

Fair Value of Contracts, Beginning of Year

$

(292)

 

 

 

 

 

 

 

 

Change in Fair Value of Contracts in Place at Beginning of Year

 

 

 

 

 

 

 

 

 

 

and Contracts Entered into During the Year

 

525 

 

$

525 

 

$

(262)

$

570 

Settlement of Other Derivative Contracts

 

 

 

 

 

 

 

 

 

Fair Value of Other Derivative Contracts Entered into During the Year

 

(6)

 

 

 

 

 

 

 

 

Fair Value of Contracts Realized During the Year

 

(51)

 

 

(51)

 

 

(353)

 

(901)

Fair Value of Contracts, End of Year

$

183 

 

$

474 

 

$

(615)

$

(331)



Unrealized Risk Management Position



 

 

 

 

 

As at December 31

 

2017 

 

 

2016 



 

 

 

 

 

Risk Management Assets

 

 

 

 

 

Current

$

205 

 

$

 -

Long-term

 

246 

 

 

16 



 

451 

 

 

16 



 

 

 

 

 

Risk Management Liabilities

 

 

 

 

 

Current

 

236 

 

 

254 

Long-term

 

13 

 

 

35 



 

249 

 

 

289 



 

 

 

 

 

Other Derivative Contracts

 

 

 

 

 

Current in accounts payable and accrued liabilities

 

 

 

Long-term in other liabilities and provisions

 

14 

 

 

14 

Net Risk Management Assets (Liabilities) and Other Derivative Contracts

$

183 

 

$

(292)



Summary of Unrealized Risk Management Positions - By Product



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at December 31

2017

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 



Risk Management

 

 

 

 

 

 

 

 

Risk Management

 

 

 

 

 

 



 

Asset

 

 

Liability

 

 

Net

 

 

Asset

 

Liability

 

Net

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Price Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crude oil and NGLs

$

 -

 

$

244 

 

$

(244)

 

$

$

100 

$

(98)

 

Natural gas

 

420 

 

 

 

 

416 

 

 

14 

 

188 

 

(174)

 

Other Positions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other derivative contracts

 

 -

 

 

19 

 

 

(19)

 

 

 -

 

19 

 

(19)

 

Foreign currency contracts

 

31 

 

 

 

 

30 

 

 

 -

 

 

(1)

 

Total Fair Value Position

$

451 

 

$

268 

 

$

183 

 

$

16 

$

308 

$

(292)