XML 48 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Financial Instruments [Abstract] |
Long-Term Debt | Long-Term Debt
|  | 2024 |  | 2023
Canadian dollar denominated debt, unsecured |  |  |  |
Medium-term notes |  |  |  |
3.55% debentures due June 3, 2024 |  | $ | — |  |  | $ | 320 |
3.42% debentures due December 1, 2026 |  | 441 |  |  | 441 |
2.50% debentures due January 17, 2028 |  | 225 |  |  | 225 |
4.15% debentures due December 15, 2031 |  | 500 |  |  | — |
4.85% debentures due May 30, 2047 |  | 300 |  |  | 300 |
|  | 1,466 |  |  | 1,286 |
US dollar denominated debt, unsecured |  |  |  |
Bank credit facilities (December 31, 2024 – US$3,393 million; December 31, 2023 – US$nil) |  | 4,888 |  |  | — |
Commercial paper (December 31, 2024 – US$467 million; December 31, 2023 – US$nil) |  | 672 |  |  | — |
US dollar debt securities |  |  |  |
3.80% due April 15, 2024 (US$500 million) |  | — |  |  | 660 |
3.90% due February 1, 2025 (US$600 million) |  | 864 |  |  | 792 |
2.05% due July 15, 2025 (US$600 million) |  | 864 |  |  | 792 |
3.85% due June 1, 2027 (US$1,250 million) |  | 1,801 |  |  | 1,651 |
5.00% due December 15, 2029 (US$750 million) |  | 1,080 |  |  | — |
2.95% due July 15, 2030 (US$500 million) |  | 720 |  |  | 660 |
7.20% due January 15, 2032 (US$400 million) |  | 576 |  |  | 528 |
6.45% due June 30, 2033 (US$350 million) |  | 504 |  |  | 462 |
5.40% due December 15, 2034 (US$750 million) |  | 1,080 |  |  | — |
5.85% due February 1, 2035 (US$350 million) |  | 504 |  |  | 462 |
6.50% due February 15, 2037 (US$450 million) |  | 649 |  |  | 594 |
6.25% due March 15, 2038 (US$1,100 million) |  | 1,585 |  |  | 1,453 |
6.75% due February 1, 2039 (US$400 million) |  | 576 |  |  | 528 |
4.95% due June 1, 2047 (US$750 million) |  | 1,080 |  |  | 991 |
|  | 17,443 |  |  | 9,573 |
Long-term debt before transaction costs and original issue discounts, net |  | 18,909 |  |  | 10,859 |
Less: original issue discounts, net (1) |  | 12 |  |  | 11 |
transaction costs (1) (2) |  | 78 |  |  | 49 |
|  | 18,819 |  |  | 10,799 |
Less: current portion of commercial paper |  | 672 |  |  | — |
current portion of long-term debt (1) (2) |  | 1,728 |  |  | 980 |
|  | $ | 16,419 |  |  | $ | 9,819 |
(1)The Company has included unamortized original issue discounts and premiums, and directly attributable transaction costs in the carrying amount of the outstanding debt. (2)Transaction costs primarily represent underwriting commissions charged as a percentage of the related debt offerings, as well as legal, rating agency, and other professional fees. BANK CREDIT FACILITIES AND COMMERCIAL PAPER As at December 31, 2024, the Company had undrawn revolving bank credit facilities of $4,562 million. Additionally, the Company had in place a fully drawn term credit facility of $4,000 million. Details of these facilities are described below. The Company also has certain other dedicated credit facilities supporting letters of credit. As at December 31, 2024, the Company had $672 million drawn under its commercial paper program, and reserves capacity under its revolving bank credit facilities for amounts outstanding under this program. ▪a $100 million demand credit facility; ▪a $500 million revolving credit facility, maturing February 2026; ▪a $2,425 million revolving syndicated credit facility, maturing June 2027; ▪a $4,000 million non-revolving term credit facility, maturing December 2027; and ▪a $2,425 million revolving syndicated credit facility, maturing June 2028. During 2024, the Company extended its $2,425 million revolving syndicated credit facility originally maturing June 2025 to June 2028. During 2024 and in connection with the acquisition of Chevron's assets, the Company entered into a $4,000 million non-revolving term credit facility maturing December 2027. During 2023, the Company extended its $500 million revolving credit facility from February 2024 to February 2025. During 2024, the Company extended its $500 million revolving credit facility from February 2025 to February 2026. During 2023, the Company extended its $2,425 million revolving syndicated credit facility, originally maturing June 2024 to June 2027. Borrowings under the Company's credit facilities may be made by way of pricing referenced to CORRA, SOFR, US base rate or Canadian prime rate. The Company’s borrowings under its US commercial paper program are authorized up to a maximum US$2,500 million. The Company’s weighted average interest rate on bank credit facilities and commercial paper outstanding for the year ended December 31, 2024 was 5.4% (December 31, 2023 – N/A), and on total long-term debt outstanding for the year ended December 31, 2024 was 4.9% (December 31, 2023 – 4.8%). As at December 31, 2024, letters of credit and guarantees aggregating to $1,542 million were outstanding (December 31, 2023 – $446 million). MEDIUM-TERM NOTES During 2024, the Company issued, by private placement, $500 million of 4.15% medium-term notes due December 2031. During 2024, the Company repaid $320 million of 3.55% medium-term notes. During 2023, the Company repaid $405 million of 1.45% medium-term notes. During 2023, the Company filed a base shelf prospectus that allows for the offer for sale from time to time of up to $3,000 million of medium-term notes in Canada, which expires in August 2025. If issued, these securities may be offered in amounts and at prices, including interest rates, to be determined based on market conditions at the time of issuance. During 2024, no medium-term notes were issued in Canada under the base shelf prospectus. US DOLLAR DEBT SECURITIES During 2024, the Company issued, by private placement, US$750 million of 5.00% notes due December 2029 and US$750 million of 5.40% notes due December 2034. During 2024, the Company repaid US$500 million of 3.80% US dollar debt securities. Subsequent to December 31, 2024, the Company repaid US$600 million of 3.90% US dollar debt securities due February 2025. During 2023, the Company filed a base shelf prospectus that allows for the offer for sale from time to time of up to US$3,000 million of debt securities in the United States, which expires in August 2025. If issued, these securities may be offered in amounts and at prices, including interest rates, to be determined based on market conditions at the time of issuance. During 2024, no US dollar debt securities were issued in the United States under the base shelf prospectus. SCHEDULED DEBT REPAYMENTS Scheduled debt repayments are as follows:
Year | Repayment
2025 | $ | 2,400 |
2026 | $ | 941 |
2027 | $ | 5,905 |
2028 | $ | 509 |
2029 | $ | 1,080 |
Thereafter | $ | 8,074 |

X
- Definition Financial Instruments [Abstract] + References No definition available. + Details
Name: | cnq_FinancialInstrumentsAbstract
Namespace Prefix: | cnq_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfBorrowingsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration