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Long-term debt | 12 Months Ended
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Dec. 31, 2013
Long-term debt | 14. Long-term debt
millions of dollars |  | As at Dec. 31 2013 |  |  | As at Dec. 31 2012 |
Long-term debt (a) |  |  | 4,316 |  |  |  | 1,040 |
Capital leases (b) |  |  | 128 |  |  |  | 135 |
Total long-term debt |  |  | 4,444 |  |  |  | 1,175 |
(a) | Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate loan from ExxonMobil to the company of up to $5 billion (Canadian) at interest equivalent to Canadian market rates. The agreement is effective until July 31, 2020, cancelable if ExxonMobil provides at least 370 days advance written notice. Average effective rate for the loan was 1.3 percent in 2013.
(b) | Capitalized lease obligations primarily relate to capital leases for pipeline transportation and marine services agreements. The average imputed rate was 7.0 percent in 2013 (2012 – 9.6 percent). Total capitalized lease obligations also include $7 million in current liabilities (2012 - $7 million). Principal payments on capital leases of approximately $7 million per year are due in each of the next four years after December 31, 2014.
In the first quarter of 2013, the company increased the amount of its existing stand-by long term bank credit facility from $300 million to $500 million. In the third quarter, the company extended the maturity date of this facility to August 2015. The company has not drawn on the facility. In January 2014, the company increased the capacity of its existing floating rate loan facility with an affiliated company of ExxonMobil from $5 billion to $6.25 billion. All other terms and conditions of the agreement remained unchanged.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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