Quantitative and qualitative disclosures about market risk
−Removed: Overall information about market risks for the three months ended March 31, 2020, does not differ materially from that discussed on page 27 of the company’s annual report on Form 10-K
+Added: Information about market risks for the six months ended June 30, 2020, does not differ materially from that discussed on page 55 of the company’s annual report on Form 10-K
for the year ended December 31, 2019.
−Removed: Current market conditions of production oversupply as well as demand reduction due to the COVID-19
−Removed: pandemic have led to a significant decrease in commodity prices.
−Removed: The company’s earnings sensitivities have changed in response to the recent decline in prices and continue to fluctuate given ongoing market uncertainty.
+Added: The following table details those earnings sensitivities that have been updated from the fiscal year-end to reflect current market conditions.
+Added: Earnings Sensitivities (a)
+Added: millions of Canadian dollars after tax
+Added: One dollar (U.S.) per barrel increase (decrease) in crude oil prices
+Added: Each sensitivity calculation shows the impact on net income resulting from a change in one factor, after tax and royalties and holding all other factors constant.
+Added: These sensitivities have been updated to reflect current conditions.
+Added: They may not apply proportionately to larger fluctuations.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.