Debt And Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2018

Debt and credit facilities are comprised of:

($ millions)	December 31 2018	December 31 2017

Commercial paper(1)	3 231	2 136


(1)	The commercial paper is supported by a revolving credit facility with a syndicate of lenders. The company is authorized to issue commercial paper to a maximum of $5.0 billion having a term not to exceed 365 days. The weighted average interest rate as at December 31, 2018 was 2.88% (December 31, 2017 – 1.56%).

Long-Term Debt

($ millions)		December 31 2018		December 31 2017

Fixed-term debt(2)(3)

	7.75% Notes, due 2019 (US$140)(4)	191		288

	3.10% Series 5 Medium Term Notes, due 2021	749		749

	9.25% Debentures, due 2021 (US$300)	431		406

	9.40% Notes, due 2021 (US$220)(4)(5)	315		298

	4.50% Notes, due 2022 (US$182)(4)	234		212

	3.60% Notes, due 2024 (US$750)	1 020		936

	3.00% Series 5 Medium Term Notes, due 2026	698		698

	7.875% Debentures, due 2026 (US$275)	393		365

	8.20% Notes, due 2027 (US$59)(4)	87		81

	7.00% Debentures, due 2028 (US$250)	346		319

	7.15% Notes, due 2032 (US$500)	681		626

	5.35% Notes, due 2033 (US$300)	379		344

	5.95% Notes, due 2034 (US$500)	680		625

	5.95% Notes, due 2035 (US$600)	786		718

	5.39% Series 4 Medium Term Notes, due 2037	599		599

	6.50% Notes, due 2038 (US$1 150)	1 565		1 439

	6.80% Notes, due 2038 (US$900)	1 249		1 151

	6.85% Notes, due 2039 (US$750)	1 021		938

	6.00% Notes, due 2042 (US$152)(4)	158		140

	4.34% Series 5 Medium Term Notes, due 2046	300		300

	4.00% Notes, due 2047 (US$750)(6)	1 018		936

Total unsecured long-term debt		12 900		12 168

Finance leases(7)		1 260		1 319

Deferred financing costs		(41	)	(44	)

		14 119		13 443

Current portion of long-term debt

	Finance leases	(38	)	(71	)

	Long-term debt	(191	)	—

		(229	)	(71	)

Total long-term debt		13 890		13 372

(2) The value of debt includes the unamortized balance of premiums or discounts.

(3) Certain securities are redeemable at the option of the company.

(4) Debt acquired through the acquisition of Canadian Oil Sands Limited (COS).

(5) Subsequent to the acquisition of COS, Moody's Investors Service downgraded COS long-term senior debt rating from Baa3 (negative outlook) to Ba3 (stable outlook). This triggered a change in the coupon rate of the note from 7.9% to 9.4%.

(6) During the fourth quarter of 2017, the company issued US$750 million of senior unsecured notes maturing on November 15, 2047. The notes have a coupon of 4.00% and were priced at $99.498 per note for an effective yield of 4.029%. Interest is paid semi-annually.

(7) Interest rates range from 2.9% to 16.5% and maturity dates range from 2027 to 2062.

Scheduled principal repayments for finance leases, short term debt and long term debt

($ millions)		Repayment

2019		3 459

2020		39

2021		1 501

2022		295

2023		53

Thereafter		12 108

		17 455

Summary of available and unutilized credit facilities

($ millions)	2018

Fully revolving and expires in 2021	4 000

Fully revolving and expires in 2020	2 729

Fully revolving and expires in 2019/2020	1 537

Can be terminated at any time at the option of the lenders	132

Total credit facilities	8 398

Credit facilities supporting outstanding commercial paper	(3 231	)

Credit facilities supporting standby letters of credit(1)	(1 269	)

Total unutilized credit facilities(2)	3 898

(1) To reduce costs, the company supported certain credit facilities with $108 million cash collateral as at December 31, 2018 (December 31, 2017 – $733 million).

(2) Available credit facilities for liquidity purposes at December 31, 2018 decreased to $3.608 billion, compared to $4.489 billion at December 31, 2017.