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Debt and Capital Structure (Tables) | 12 Months Ended
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Dec. 31, 2022
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
As at December 31, | Notes |  | 2022 |  | 2021
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | 115 |  | 79
Total Debt Principal |  |  | 115 |  | 79
B) Long-Term Debt
As at December 31, | Notes |  | 2022 |  | 2021
Committed Credit Facility (1) | i |  | — |  | —
U.S. Dollar Denominated Unsecured Notes | ii |  | 6,537 |  | 9,363
Canadian Dollar Unsecured Notes | ii |  | 2,000 |  | 2,750
Total Debt Principal |  |  | 8,537 |  | 12,113
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 154 |  | 272
Long-Term Debt |  |  | 8,691 |  | 12,385
(1)The committed credit facility may include Bankers’ Acceptances, secured overnight financing rate loans, prime rate loans and U.S. base rate loans.
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes |
| 2022 |  | 2021
| US$ Principal |  | US$ Principal
U.S. Dollar Unsecured Notes |  |  |
3.95% due April 15, 2022 | — |  | 500
3.00% due August 15, 2022 | — |  | 500
3.80% due September 15, 2023 | 115 |  | 335
4.00% due April 15, 2024 | 269 |  | 481
5.38% due July 15, 2025 | 533 |  | 334
4.25% due April 15, 2027 | 589 |  | —
4.40% due April 15, 2029 | 510 |  | —
6.75% due November 15, 2039 | 455 |  | —
4.45% due September 15, 2042 | 58 |  | —
5.20% due September 15, 2043 | 29 |  | —
| 2,558 |  | 2,150
| C$ Principal |  | C$ Principal
Canadian Dollar Unsecured Notes |  |  |
3.55% due March 12, 2025 | 750 |  | —
The principal amounts of the Company’s outstanding unsecured notes are:
| 2022 |  | 2021
As at December 31, | US$ Principal |  | C$ Principal and Equivalent |  | US$ Principal |  | C$ Principal and Equivalent
U.S. Dollar Denominated Unsecured Notes |  |  |  |  |  |  |
3.80% due September 15, 2023 | — |  | — |  | 115 |  | 146
4.00% due April 15, 2024 | — |  | — |  | 269 |  | 341
5.38% due July 15, 2025 | 133 |  | 181 |  | 666 |  | 844
4.25% due April 15, 2027 | 373 |  | 505 |  | 962 |  | 1,220
4.40% due April 15, 2029 | 240 |  | 324 |  | 750 |  | 951
2.65% due January 15, 2032 | 500 |  | 677 |  | 500 |  | 634
5.25% due June 15, 2037 | 583 |  | 790 |  | 583 |  | 739
6.80% due September 15, 2037 | 387 |  | 524 |  | 387 |  | 490
6.75% due November 15, 2039 | 935 |  | 1,267 |  | 1,390 |  | 1,763
4.45% due September 15, 2042 | 97 |  | 131 |  | 155 |  | 197
5.20% due September 15, 2043 | 29 |  | 39 |  | 58 |  | 73
5.40% due June 15, 2047 | 800 |  | 1,083 |  | 800 |  | 1,014
3.75% due February 15, 2052 | 750 |  | 1,016 |  | 750 |  | 951
| 4,827 |  | 6,537 |  | 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 |  |  | 8,537 |  |  |  | 12,113
Mandatory Debt Payments |
| U.S. Dollar Unsecured Notes |  | Canadian Dollar Unsecured Notes |  | Total
As at December 31, 2022 | US$ Principal |  | C$ Principal Equivalent |  | C$ Principal |  | C$ Principal and Equivalent
2023 | — |  | — |  | — |  | —
2024 | — |  | — |  | — |  | —
2025 | 133 |  | 181 |  | — |  | 181
2026 | — |  | — |  | — |  | —
2027 | 373 |  | 505 |  | 750 |  | 1,255
Thereafter | 4,321 |  | 5,851 |  | 1,250 |  | 7,101
| 4,827 |  | 6,537 |  | 2,000 |  | 8,537
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
As at December 31, | 2022 |  | 2021 |  | 2020
Short-Term Borrowings | 115 |  | 79 |  | 121
Current Portion of Long-Term Debt | — |  | — |  | —
Long-Term Portion of Long-Term Debt | 8,691 |  | 12,385 |  | 7,441
Total Debt | 8,806 |  | 12,464 |  | 7,562
Less: Cash and Cash Equivalents | (4,524) |  | (2,873) |  | (378)
Net Debt | 4,282 |  | 9,591 |  | 7,184
Net Earnings (Loss) | 6,450 |  | 587 |  | (2,379)
Add (Deduct): |  |  |  |  |
Finance Costs | 820 |  | 1,082 |  | 536
Interest Income | (81) |  | (23) |  | (9)
Income Tax Expense (Recovery) | 2,281 |  | 728 |  | (851)
Depreciation, Depletion and Amortization | 4,679 |  | 5,886 |  | 3,464
E&E Asset Write-downs | 64 |  | 18 |  | 91
(Income) Loss From Equity-Accounted Affiliates | (15) |  | (57) |  | —
Unrealized (Gain) Loss on Risk Management | (126) |  | 2 |  | 56
Foreign Exchange (Gain) Loss, Net | 343 |  | (174) |  | (181)
Revaluation (Gains) | (549) |  | — |  | —
Re-measurement of Contingent Payments | 162 |  | 575 |  | (80)
(Gain) Loss on Divestiture of Assets | (269) |  | (229) |  | (81)
Other (Income) Loss, Net | (532) |  | (309) |  | 40
Adjusted EBITDA (1) | 13,227 |  | 8,086 |  | 606
Net Debt to Adjusted EBITDA | 0.3x |  | 1.2x |  | 11.9x
(1)Calculated on a trailing twelve-month basis.
Disclosure Of Net Debt To Adjusted Funds Flow | Net Debt to Adjusted Funds F low
As at December 31, | 2022 |  | 2021 |  | 2020
Net Debt | 4,282 |  | 9,591 |  | 7,184
Cash From (Used in) Operating Activities | 11,403 |  | 5,919 |  | 273
(Add) Deduct: |  |  |  |  |
Settlement of Decommissioning Liabilities | (150) |  | (102) |  | (42)
Net Change in Non-Cash Working Capital | 575 |  | (1,227) |  | 198
Adjusted Funds Flow (1) | 10,978 |  | 7,248 |  | 117
Net Debt to Adjusted Funds Flow | 0.4x |  | 1.3x |  | 61.4x
(1) Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
As at December 31, | 2022 |  | 2021 |  | 2020
Net Debt | 4,282 |  | 9,591 |  | 7,184
Shareholders’ Equity | 27,576 |  | 23,596 |  | 16,707
Capitalization | 31,858 |  | 33,187 |  | 23,891
Net Debt to Capitalization | 13 | % |  | 29 | % |  | 30 | %

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