Interactive Analyst Center




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Non-IFRS Financial Measures

FEC discloses several financial measures that do not have any standardized meaning prescribed under International Financial Reporting Standards (“IFRS”). These financial measures include Netback, Consolidated EBITDA and Operating EBITDA. These non-IFRS financial measures are included because management uses this information to analyze operating performance, leverage and liquidity. Therefore, these measures should not be considered in isolation or as a substitute for or superior to measures of performance prepared in accordance with IRFS. The non-IFRS information used by FEC may not be comparable to non-IFRS information used by other companies. FEC and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formed from the provided third party pricing data.

Management believes that Netback is a useful measure to assess the net profit after all the costs associated with bringing one barrel of oil to the market.  It is also commonly used by the oil and gas industry to analyze financial and operating performances expressed as profit per barrel.


  • Operating Netback represents realized price per barrel plus realized gain or loss on financial derivatives, less production costs, transportation cost and diluent cost, and shows how efficient FEC is at extracting and selling its product.
  • Consolidated Netback represents Operating Netback plus the results from corporate investments such as the FEC’s pipeline investments that are in addition to oil and gas production and the take-or-pay tariffs paid on disrupted pipelines.
  • Cash Netback represents Consolidated Netback less corporate cash expenses (general and administrative expenses and cash finance costs).
  • Management believes that EBITDA is a common measure used to assess profitability before the impact of different financing methods, income taxes, depreciation and impairment of capital assets and amortization of intangible assets.
  • Operating EBITDA represents the operating results of the FEC’s primary business, excluding the effects of capital structure, other investments (infrastructure assets), non-cash items that depend on accounting policy choices, and one-time items that are not expected to recur.
  • Consolidated EBITDA excludes items of a nonrecurring nature (one-time items), or that could make the period-over-period comparison of results from operations less meaningful, but includes results from the FEC’s other investments (infrastructure assets).


For additional information on non-IFRS financial measures, please see our Management Discussion and Analysis for the year and quarter ended December 31, 2016, which is on our website at and posted on SEDAR at