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Debt and Capital Structure (Tables) | 9 Months Ended
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Sep. 30, 2024
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
|  |  | September 30, |  | December 31,
As at | Notes |  | 2024 |  | 2023
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | 101 |  | 179
Total Debt Principal |  |  | 101 |  | 179
B) Long-Term Debt
|  |  | September 30, |  | December 31,
As at |  |  | 2024 |  | 2023
Committed Credit Facility (1) |  |  | — |  | —
U.S. Dollar Denominated Unsecured Notes (2) |  |  | 5,132 |  | 5,028
Canadian Dollar Unsecured Notes |  |  | 2,000 |  | 2,000
Total Debt Principal |  |  | 7,132 |  | 7,028
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 67 |  | 80
Long-Term Debt |  |  | 7,199 |  | 7,108
Less: Current Portion |  |  | 180 |  | —
Long-Term Portion |  |  | 7,019 |  | 7,108
(1)The committed credit facility may include Canadian overnight repo rate average loans, secured overnight financing rate loans, prime rate loans and U.S. base rate loans. (2)Total U.S. dollar denominated unsecured notes as at September 30, 2024, was US$3.8 billion (December 31, 2023 — US$3.8 billion).
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
| September 30, |  | December 31,
As at | 2024 |  | 2023
Short-Term Borrowings | 101 |  | 179
Current Portion of Long-Term Debt | 180 |  | —
Long-Term Portion of Long-Term Debt | 7,019 |  | 7,108
Total Debt | 7,300 |  | 7,287
Less: Cash and Cash Equivalents | (3,104) |  | (2,227)
Net Debt | 4,196 |  | 5,060
Net Earnings (Loss) | 3,739 |  | 4,109
Add (Deduct): |  |  |
Finance Costs, Net (1) | 539 |  | 538
Income Tax Expense (Recovery) | 1,122 |  | 931
Depreciation, Depletion and Amortization | 4,916 |  | 4,644
Exploration and Evaluation Asset Write-downs | 69 |  | 29
(Income) Loss From Equity-Accounted Affiliates | (76) |  | (51)
Unrealized (Gain) Loss on Risk Management | (5) |  | 52
Foreign Exchange (Gain) Loss, Net | 7 |  | (67)
(Gain) Loss on Divestiture of Assets (1) | (123) |  | 20
Re-measurement of Contingent Payments | 6 |  | 59
Other (Income) Loss, Net | (179) |  | (63)
Adjusted EBITDA (2) | 10,015 |  | 10,201
Net Debt to Adjusted EBITDA (times) | 0.4 |  | 0.5
(1)Revised presentation as of January 1, 2024. See Note 3. (2)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 | 2024 |  | 2023
Net Debt | 4,196 |  | 5,060
Cash From (Used in) Operating Activities | 10,152 |  | 7,388
(Add) Deduct: |  |  |
Settlement of Decommissioning Liabilities | (235) |  | (222)
Net Change in Non-Cash Working Capital | 1,762 |  | (1,193)
Adjusted Funds Flow (1) | 8,625 |  | 8,803
Net Debt to Adjusted Funds Flow (times) | 0.5 |  | 0.6
(1)Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
| September 30, |  | December 31,
As at | 2024 |  | 2023
Net Debt | 4,196 |  | 5,060
Shareholders’ Equity | 29,591 |  | 28,698
Capitalization | 33,787 |  | 33,758
Net Debt to Capitalization (percent) | 12 |  |  | 15 |

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