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Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2022

Debt and Credit Facilities

Schedule of short and long term debt

Short-Term Debt

​	​	​	​	​
​		December 31		December 31
($ millions)	​	2022	​	2021
Commercial paper(1)		2 807		1 284

(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, 2022 was 4.93% (December 31, 2021 - 0.33%).

Long-Term Debt

​	​	​	​	​	​
​		December 31		December 31
($ millions)	​	2022	​	2021
Fixed-term debt(2)(3)	​	​	​	​	​
4.50% Notes, due 2022 (US$182)(4)		-		231	​
2.80% Notes, due 2023 (US$450)	​	-	​	569	​
3.10% Notes, due 2025 (US$550)	​	-	​	696	​
3.00% Series 5 Medium Term Notes, due 2026		115		699	​
7.875% Debentures, due 2026 (US$275)		381		359	​
8.20% Notes, due 2027 (US$59)(4)		61		78	​
7.00% Debentures, due 2028 (US$250)		342		320	​
3.10% Series 6 Medium Term Notes, due 2029	​	79	​	748	​
5.00% Series 7 Medium Term Notes, due 2030	​	154	​	1 247	​
7.15% Notes, due 2032 (US$500)		676		631	​
5.35% Notes, due 2033 (US$300)		161		355	​
5.95% Notes, due 2034 (US$500)		675		630	​
5.95% Notes, due 2035 (US$600)		268		731	​
5.39% Series 4 Medium Term Notes, due 2037		279		599	​
6.50% Notes, due 2038 (US$1 150)		1 553		1 451	​
6.80% Notes, due 2038 (US$900)		1 235		1 156	​
6.85% Notes, due 2039 (US$750)		1 013		946	​
6.00% Notes, due 2042 (US$152)(4)		35		149	​
4.34% Series 5 Medium Term Notes, due 2046	​	300	​	300	​
4.00% Notes, due 2047 (US$750)		1 011		945	​
3.95% Series 8 Medium Term Notes, due 2051	​	493	​	493	​
3.75% Notes, due 2051 (US$750)		1 009		945	​
Total unsecured long-term debt		9 840		14 278	​
​	​	​	​	​	​
Lease liabilities(5)	​	3 012	​	2 850	​
Deferred financing costs		(40)		(58)	​
​		12 812		17 070	​
Current portion of long-term debt and lease liabilities	​	​	​	​	​
Lease liabilities	​	(317)	​	(310)	​
Long-term debt	​	-	​	(231)	​
​		(317)		(541)	​
Total long-term lease liabilities	​	2 695	​	2 540	​
Total long-term debt		9 800		13 989	​

(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) Interest rates range from 0.4% to 13.4% and maturity dates range from 2023 to 2062.

​

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

Scheduled principal repayments as at December 31, 2022 for lease liabilities, short-term debt and long-term debt are as follows:

​	​	​	​
($ millions)		Repayment
2023		3 124	​
2024		264	​
2025		241	​
2026		691	​
2027		244	​
Thereafter		11 101	​
​		15 665	​

​

Summary of available and unutilized credit facilities

A summary of available and unutilized credit facilities is as follows:

​	​	​	​
($ millions)		2022
Fully revolving and expires in 2026		3 000	​
Fully revolving and expires in 2025		2 707	​
Can be terminated at any time at the option of the lenders		1 520	​
Total credit facilities		7 227	​
Credit facilities supporting outstanding commercial paper		(2 807)	​
Credit facilities supporting standby letters of credit		(1 148)	​
Total unutilized credit facilities(1)		3 272	​

​

(1) Available credit facilities for liquidity purposes at December 31, 2022 decreased to $2.900 billion, compared to $4.247 billion at December 31, 2021.

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