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Long-term debt (Tables) | 12 Months Ended
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Dec. 31, 2014
Long-Term Debt |
millions of dollars |  | As at Dec. 31 2014 |  |  | As at Dec. 31 2013 |
Long-term debt (a) |  |  | 4,746 |  |  |  | 4,316 |
Capital leases (b) |  |  | 167 |  |  |  | 128 |
Total long-term debt |  |  | 4,913 |  |  |  | 4,444 |
| (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 $6.25 billion 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 1.2 percent in 2014.
| (b) | Capital leases are primarily associated with transportation facilities and services agreements. The average imputed rate was 7.0 percent in 2014 (2013 – 7.0 percent). Total capitalized lease obligations also include $22 million in current liabilities (2013 - $7 million). Principal payments on capital leases of approximately $19 million per year are due in each of the next four years after December 31, 2015.

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