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v3.25.3

Debt and Capital Structure (Tables) | 9 Months Ended
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Sep. 30, 2025
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt | A) Short-Term Borrowings
|  |  | September 30, |  | December 31,
As at | Notes |  | 2025 |  | 2024
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | — |  | 173
Total Debt Principal |  |  | — |  | 173
B) Long-Term Debt
|  |  | September 30, |  | December 31,
As at |  |  | 2025 |  | 2024
Committed Credit Facility |  |  | — |  | —
U.S. Dollar Denominated Unsecured Notes (1) |  |  | 5,107 |  | 5,470
Canadian Dollar Unsecured Notes |  |  | 2,000 |  | 2,000
Total Debt Principal |  |  | 7,107 |  | 7,470
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 49 |  | 64
Long-Term Debt |  |  | 7,156 |  | 7,534
Less: Current Portion |  |  | — |  | 192
Long-Term Portion |  |  | 7,156 |  | 7,342
(1)Total U.S. dollar denominated unsecured notes as at September 30, 2025, was US$3.7 billion (December 31, 2024 — US$3.8 billion).
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
| September 30, |  | December 31,
As at | 2025 |  | 2024
Short-Term Borrowings | — |  | 173
Current Portion of Long-Term Debt | — |  | 192
Long-Term Portion of Long-Term Debt | 7,156 |  | 7,342
Total Debt | 7,156 |  | 7,707
Less: Cash and Cash Equivalents | (1,901) |  | (3,093)
Net Debt | 5,255 |  | 4,614
Net Earnings (Loss) | 3,142 |  | 3,142
Add (Deduct): |  |  |
Finance Costs, Net | 524 |  | 514
Income Tax Expense (Recovery) | 485 |  | 929
Depreciation, Depletion and Amortization | 5,045 |  | 4,871
Exploration and Evaluation Asset Write-downs | (3) |  | 37
(Income) Loss From Equity-Accounted Affiliates | (63) |  | (66)
Unrealized (Gain) Loss on Risk Management | (84) |  | 12
Foreign Exchange (Gain) Loss, Net | 185 |  | 462
(Gain) Loss on Divestiture of Assets | (107) |  | (119)
Re-measurement of Contingent Payments | — |  | 30
Other (Income) Loss, Net | 49 |  | (55)
Adjusted EBITDA (1) | 9,173 |  | 9,757
Net Debt to Adjusted EBITDA (times) | 0.6 |  | 0.5
(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 | 2025 |  | 2024
Net Debt | 5,255 |  | 4,614
Cash From (Used in) Operating Activities | 7,849 |  | 9,235
(Add) Deduct: |  |  |
Settlement of Decommissioning Liabilities | (262) |  | (234)
Net Change in Non-Cash Working Capital | 313 |  | 1,305
Adjusted Funds Flow (1) | 7,798 |  | 8,164
Net Debt to Adjusted Funds Flow (times) | 0.7 |  | 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 | 2025 |  | 2024
Net Debt | 5,255 |  | 4,614
Shareholders’ Equity | 28,374 |  | 29,754
Capitalization | 33,629 |  | 34,368
Net Debt to Capitalization (percent) | 16 |  |  | 13 |

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