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Financial and derivative instruments (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Outstanding Derivative Positions | The net notional long/(short) position of derivative instruments was:
| As at Sep 30 | As at Dec 31
thousands of barrels | 2025 | 2024
Crude | (1,284) |  | 4,260 |
Products | (1,170) |  | (371) |
Derivative Instruments, Gain (Loss) | Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following line on a before-tax basis:
| Third Quarter | Nine Months to September 30
millions of Canadian dollars | 2025 |  | 2024 |  | 2025 |  | 2024 |
Revenues | 20 |  | (34) |  | 11 |  | (47) |
Summary of estimated fair value of financial instruments | The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement, were as follows:
At September 30, 2025
millions of Canadian dollars
| Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |  |  |  |
Derivative assets (a) | 14 |  | 30 |  | — |  | 44 |  | (12) |  | (2) |  | 30 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities (b) | 12 |  | 19 |  | — |  | 31 |  | (12) |  | — |  | 19 |
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2024
millions of Canadian dollars
| Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value
| Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |  |  |  |
Derivative assets (a) | 38 |  | 21 |  | — |  | 59 |  | (38) |  | — |  | 21 |
Liabilities |  |  |  |  |  |  |
Derivative liabilities (b) | 52 |  | 30 |  | — |  | 82 |  | (38) |  | (14) |  | 30 |
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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