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v3.23.3

Debt and Capital Structure (Tables) | 9 Months Ended
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Sep. 30, 2023
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
|  |  | September 30, |  | December 31,
As at | Notes |  | 2023 |  | 2022
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | 14 |  | 115
Total Debt Principal |  |  | 14 |  | 115
B) Long-Term Debt
|  |  | September 30, |  | December 31,
As at |  |  | 2023 |  | 2022
Committed Credit Facility (1) |  |  | — |  | —
U.S. Dollar Denominated Unsecured Notes |  |  | 5,140 |  | 6,537
Canadian Dollar Unsecured Notes |  |  | 2,000 |  | 2,000
Total Debt Principal |  |  | 7,140 |  | 8,537
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 84 |  | 154
Long-Term Debt |  |  | 7,224 |  | 8,691
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes |
| US$ Principal |  |
U.S. Dollar Unsecured Notes |  |  |
4.40% due April 15, 2029 | 57 |  |
5.25% due June 15, 2037 | 250 |  |
6.80% due September 15, 2037 | 196 |  |
6.75% due November 15, 2039 | 283 |  |
4.45% due September 15, 2042 | 6 |  |
5.20% due September 15, 2043 | 2 |  |
5.40% due June 15, 2047 | 231 |  |
| 1,025 |  |
The principal amounts of the Company’s outstanding unsecured notes are:
| September 30, 2023 |  | December 31, 2022
| US$ Principal |  | C$ Principal and Equivalent |  | US$ Principal |  | C$ Principal and Equivalent
U.S. Dollar Unsecured Notes |  |  |  |  |  |  |
5.38% due July 15, 2025 | 133 |  | 181 |  | 133 |  | 181
4.25% due April 15, 2027 | 373 |  | 505 |  | 373 |  | 505
4.40% due April 15, 2029 | 183 |  | 247 |  | 240 |  | 324
2.65% due January 15, 2032 | 500 |  | 676 |  | 500 |  | 677
5.25% due June 15, 2037 | 333 |  | 450 |  | 583 |  | 790
6.80% due September 15, 2037 | 191 |  | 259 |  | 387 |  | 524
6.75% due November 15, 2039 | 652 |  | 881 |  | 935 |  | 1,267
4.45% due September 15, 2042 | 91 |  | 123 |  | 97 |  | 131
5.20% due September 15, 2043 | 27 |  | 36 |  | 29 |  | 39
5.40% due June 15, 2047 | 569 |  | 768 |  | 800 |  | 1,083
3.75% due February 15, 2052 | 750 |  | 1,014 |  | 750 |  | 1,016
| 3,802 |  | 5,140 |  | 4,827 |  | 6,537
Canadian Dollar Unsecured Notes |  |  |  |  |  |  |
3.60% due March 10, 2027 |  |  | 750 |  |  |  | 750
3.50% due February 7, 2028 |  |  | 1,250 |  |  |  | 1,250
|  |  | 2,000 |  |  |  | 2,000
Total Unsecured Notes |  |  | 7,140 |  |  |  | 8,537
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
| September 30, |  | December 31,
As at | 2023 |  | 2022
Short-Term Borrowings | 14 |  | 115
Current Portion of Long-Term Debt | — |  | —
Long-Term Portion of Long-Term Debt | 7,224 |  | 8,691
Total Debt | 7,238 |  | 8,806
Less: Cash and Cash Equivalents | (1,262) |  | (4,524)
Net Debt | 5,976 |  | 4,282
Net Earnings (Loss) | 4,150 |  | 6,450
Add (Deduct): |  |  |
Finance Costs | 682 |  | 820
Interest Income | (137) |  | (81)
Income Tax Expense (Recovery) | 953 |  | 2,281
Depreciation, Depletion and Amortization | 4,844 |  | 4,679
Exploration and Evaluation Asset Write-downs | 1 |  | 64
(Income) Loss From Equity-Accounted Affiliates | (27) |  | (15)
Unrealized (Gain) Loss on Risk Management | 50 |  | (126)
Foreign Exchange (Gain) Loss, Net | (56) |  | 343
Revaluation (Gain) Loss | 33 |  | (549)
Re-measurement of Contingent Payments | 103 |  | 162
(Gain) Loss on Divestiture of Assets | (36) |  | (269)
Other (Income) Loss, Net | (107) |  | (532)
Adjusted EBITDA (1) | 10,453 |  | 13,227
Net Debt to Adjusted EBITDA | 0.6x |  | 0.3x
(1)Calculated on a trailing twelve-month basis.
Disclosure Of Net To Adjusted Funds Flow Explanatory | Net Debt to Adjusted Funds Flow
| September 30, |  | December 31,
As at | 2023 |  | 2022
Net Debt | 5,976 |  | 4,282
Cash From (Used in) Operating Activities | 7,412 |  | 11,403
(Add) Deduct: |  |  |
Settlement of Decommissioning Liabilities | (206) |  | (150)
Net Change in Non-Cash Working Capital | (1,469) |  | 575
Adjusted Funds Flow (1) | 9,087 |  | 10,978
Net Debt to Adjusted Funds Flow | 0.7x |  | 0.4x
(1)Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
| September 30, |  | December 31,
As at | 2023 |  | 2022
Net Debt | 5,976 |  | 4,282
Shareholders’ Equity | 28,814 |  | 27,576
Capitalization | 34,790 |  | 31,858
Net Debt to Capitalization | 17 | % |  | 13 | %

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