Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net Earnings (Loss)	$ 3,930	$ 3,142
Depreciation, Depletion and Amortization	5,192	4,871
Deferred Income Tax Expense (Recovery)	(231)	(474)
Unrealized (Gain) Loss on Risk Management	(15)	12
Unrealized Foreign Exchange (Gain) Loss	(424)	550
Realized Foreign Exchange (Gain) Loss on Non-Operating Items	23	0
(Gain) Loss on Divestiture of Assets	(87)	(119)
Re-measurement of Contingent Payments	0	30
Unwinding of Discount on Decommissioning Liabilities	243	225
(Income) Loss From Equity-Accounted Affiliates	(53)	(66)
Distributions Received From Equity-Accounted Affiliates	135	172
Stock-Based Compensation, Net of Payments	163	(145)
Other	(5)	(34)
Settlement of Decommissioning Liabilities	(280)	(234)
Net Change in Non-Cash Working Capital	(363)	1,305
Cash From (Used in) Operating Activities	8,228	9,235
Investing Activities
Acquisitions, Net of Cash Acquired	(3,666)	(22)
Capital Investment	(4,907)	(5,015)
Proceeds From Divestitures	1,891	46
Acquisition of Ownership Interest in MEG Energy Corp.	(752)	0
Net Change in Investments and Other	(7)	(80)
Net Change in Non-Cash Working Capital	(236)	(55)
Cash From (Used in) Investing Activities	(7,677)	(5,126)
Net Cash Provided (Used) Before Financing Activities	551	4,109
Financing Activities
Net Issuance (Repayment) of Short-Term Borrowings	152	5
Issuance of Long-Term Debt	5,265	0
Repayment of Long-Term Debt	(2,324)	0
Principal Repayment of Leases	(350)	(299)
Net Proceeds (Repayment) on Repurchase Agreements	413	0
Common Shares Issued Under Stock Option Plans	16	52
Purchase of Common Shares Under NCIB	(1,995)	(1,445)
Purchase of Common Shares Under Employee Benefit Plan	(155)	(43)
Redemption of Preferred Shares	(350)	(250)
Proceeds From Exercise of Warrants	16	26
Dividends Paid	(1,437)	(1,551)
Cash From (Used in) Financing Activities	(749)	(3,505)
Effect of Foreign Exchange on Cash and Cash Equivalents	(155)	262
Increase (Decrease) in Cash and Cash Equivalents	(353)	866
Cash and Cash Equivalents, Beginning of Year	3,093	2,227
Cash and Cash Equivalents, End of Year	$ 2,740	$ 3,093

Consolidated Balance Sheets - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and Cash Equivalents	$ 2,740	$ 3,093
Accounts Receivable and Accrued Revenues	3,435	2,614
Income Tax Receivable	366	231
Inventories	3,349	4,496
Total Current Assets	9,890	10,434
Restricted Cash	256	241
Exploration and Evaluation Assets, Net	575	484
Property, Plant and Equipment, Net	45,260	38,568
Right-of-Use Assets, Net	2,153	1,950
Income Tax Receivable	25	25
Investments in Equity-Accounted Affiliates	295	399
Other Assets	464	451
Deferred Income Taxes	1,594	1,064
Goodwill	2,912	2,923
Total Assets	63,424	56,539
Current Liabilities
Accounts Payable and Accrued Liabilities	5,847	6,242
Income Tax Payable	98	396
Short-Term Borrowings	0	173
Long-Term Debt	0	192
Lease Liabilities	369	359
Total Current Liabilities	6,314	7,362
Long-Term Debt	11,032	7,342
Lease Liabilities	2,806	2,568
Decommissioning Liabilities	4,872	4,534
Other Liabilities	889	919
Deferred Income Taxes	5,873	4,045
Total Liabilities	31,786	26,770
Shareholders’ Equity	31,622	29,754
Non-Controlling Interest	16	15
Total Liabilities and Equity	63,424	56,539
Commitments and Contingencies