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v3.22.2

Debt and Capital Structure (Tables) | 6 Months Ended
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Jun. 30, 2022
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
As at | Notes |  | June 30, 2022 |  | December 31, 2021
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | — |  | 79
Sunrise Uncommitted Demand Credit Facility | iii |  | — |  | —
Total Debt Principal |  |  | — |  | 79
B) Long-Term Debt
As at | Notes |  | June 30, 2022 |  | December 31, 2021
Committed Credit Facility (1) | i |  | — |  | —
U.S. Dollar Denominated Unsecured Notes | ii |  | 9,021 |  | 9,363
Canadian Dollar Unsecured Notes | ii |  | 2,000 |  | 2,750
Total Debt Principal |  |  | 11,021 |  | 12,113
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 207 |  | 272
Long-Term Debt |  |  | 11,228 |  | 12,385
(1)Committed credit facility may include Bankers’ Acceptances, London Interbank Offered Rate based loans, prime rate loans and U.S. base rate loans.
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes | The principal amounts of the Company’s outstanding unsecured notes are:
| June 30, 2022 |  | December 31, 2021
| US$ Principal |  | C$ Principal and Equivalent |  | US$ Principal |  | C$ Principal and Equivalent
U.S. Dollar Unsecured Notes |  |  |  |  |  |  |
3.80% due September 15, 2023 | — |  | — |  | 115 |  | 146
4.00% due April 15, 2024 | — |  | — |  | 269 |  | 341
5.38% due July 15, 2025 | 666 |  | 858 |  | 666 |  | 844
4.25% due April 15, 2027 | 962 |  | 1,239 |  | 962 |  | 1,220
4.40% due April 15, 2029 | 750 |  | 967 |  | 750 |  | 951
2.65% due January 15, 2032 | 500 |  | 644 |  | 500 |  | 634
5.25% due June 15, 2037 | 583 |  | 751 |  | 583 |  | 739
6.80% due September 15, 2037 | 387 |  | 498 |  | 387 |  | 490
6.75% due November 15, 2039 | 1,390 |  | 1,792 |  | 1,390 |  | 1,763
4.45% due September 15, 2042 | 155 |  | 200 |  | 155 |  | 197
5.20% due September 15, 2043 | 58 |  | 74 |  | 58 |  | 73
5.40% due June 15, 2047 | 800 |  | 1,031 |  | 800 |  | 1,014
3.75% due February 15, 2052 | 750 |  | 967 |  | 750 |  | 951
| 7,001 |  | 9,021 |  | 7,385 |  | 9,363
Canadian Dollar Unsecured Notes |  |  |  |  |  |  |
3.55% due March 12, 2025 | — |  | — |  | — |  | 750
3.60% due March 10, 2027 | — |  | 750 |  | — |  | 750
3.50% due February 7, 2028 | — |  | 1,250 |  | — |  | 1,250
| — |  | 2,000 |  | — |  | 2,750
Total Unsecured Notes | 7,001 |  | 11,021 |  | 7,385 |  | 12,113
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
As at | June 30, 2022 |  | December 31, 2021
Short-Term Borrowings | — |  | 79
Current Portion of Long-Term Debt | — |  | —
Long-Term Portion of Long-Term Debt | 11,228 |  | 12,385
Total Debt | 11,228 |  | 12,464
Less: Cash and Cash Equivalents | (3,693) |  | (2,873)
Net Debt | 7,535 |  | 9,591
Net Earnings (Loss) | 4,200 |  | 587
Add (Deduct): |  |  |
Finance Costs | 1,030 |  | 1,082
Interest Income | (39) |  | (23)
Income Tax Expense (Recovery) | 1,926 |  | 728
Depreciation, Depletion and Amortization | 5,967 |  | 5,886
E&E Write-down | (2) |  | 18
Share of (Income) Loss From Equity-Accounted Affiliates | (32) |  | (57)
Unrealized (Gain) Loss on Risk Management | (321) |  | 2
Foreign Exchange (Gain) Loss, Net | 205 |  | (174)
Re-measurement of Contingent Payment | 390 |  | 575
(Gain) Loss on Divestitures of Assets | (461) |  | (229)
Other (Income) Loss, Net | (616) |  | (309)
Adjusted EBITDA (1) | 12,247 |  | 8,086
Net Debt to Adjusted EBITDA | 0.6x |  | 1.2x
(1) Calculated on a trailing twelve-month basis.
Disclosure Of Net To Adjusted Funds Flow Explanatory | Net Debt to Adjusted Funds Flow
As at | June 30, 2022 |  | December 31, 2021
Net Debt | 7,535 |  | 9,591
Cash From (Used in) Operating Activities | 8,666 |  | 5,919
(Add) Deduct: |  |  |
Settlement of Decommissioning Liabilities | (119) |  | (102)
Net Change in Non-Cash Working Capital | (1,186) |  | (1,227)
Adjusted Funds Flow (1) | 9,971 |  | 7,248
Net Debt to Adjusted Funds Flow | 0.8x |  | 1.3x
(1) Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
As at | June 30, 2022 |  | December 31, 2021
Net Debt | 7,535 |  | 9,591
Shareholders’ Equity | 26,275 |  | 23,596
Capitalization | 33,810 |  | 33,187
Net Debt to Capitalization | 22 | % |  | 29 | %

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