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Operating Margin by Segment
Reveals profitability across different business units, helping assess which areas are most cost-effective and contribute most to the bottom line.Upstream has become the firm’s primary and rising cash engine—margins strengthened with record production, cost cuts and the MEG lift—supporting buybacks and deleveraging. Downstream remains volatile: Q4 inventory/turnaround hits compressed results, but recent rebound reflects high refinery utilization and better market capture. Management’s ~70% normalized capture and exposure to WCS differentials mean downstream will continue to swing quarter-to-quarter, so near‑term net‑debt progress hinges on upstream execution and timely West White Rose first oil and synergy delivery.
Date | Upstream | Downstream |
|---|---|---|
Jun 30, 2026 | C$4.92B | C$953.00M |
Mar 31, 2026 | C$3.71B | C$734.00M |
Dec 31, 2025 | C$2.63B | C$149.00M |
Sep 30, 2025 | C$2.59B | C$364.00M |
Jun 30, 2025 | C$2.14B | -C$71.00M |
Mar 31, 2025 | C$3.05B | -C$237.00M |
Dec 31, 2024 | C$2.67B | -C$396.00M |
Sep 30, 2024 | C$2.73B | -C$323.00M |
Jun 30, 2024 | C$3.09B | -C$153.00M |
Mar 31, 2024 | C$2.63B | C$560.00M |