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Debt and Capital Structure (Tables)
 9 Months Ended
Sep. 30, 2025
Borrowings [abstract]  
Schedule of Short-Term and Long-Term Debt
A) Short-Term Borrowings
September 30,December 31,
As at Notes20252024
Uncommitted Demand Facilitiesi——
WRB Uncommitted Demand Facilitiesii—173
Total Debt Principal—173
B) Long-Term Debt
September 30,December 31,
As at
20252024
Committed Credit Facility
——
U.S. Dollar Denominated Unsecured Notes (1)
5,1075,470
Canadian Dollar Unsecured Notes2,0002,000
Total Debt Principal7,1077,470
Debt Premiums (Discounts), Net, and Transaction Costs4964
Long-Term Debt7,1567,534
Less: Current Portion—192
Long-Term Portion7,1567,342
(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
20252024
Short-Term Borrowings—173
Current Portion of Long-Term Debt—192
Long-Term Portion of Long-Term Debt7,1567,342
Total Debt7,1567,707
Less: Cash and Cash Equivalents(1,901)(3,093)
Net Debt5,2554,614
Net Earnings (Loss)3,1423,142
Add (Deduct):
Finance Costs, Net 524514
Income Tax Expense (Recovery)485929
Depreciation, Depletion and Amortization5,0454,871
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, Net185462
(Gain) Loss on Divestiture of Assets (107)(119)
Re-measurement of Contingent Payments—30
Other (Income) Loss, Net49(55)
Adjusted EBITDA (1)
9,1739,757
Net Debt to Adjusted EBITDA (times)
0.60.5
(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
20252024
Net Debt5,2554,614
Cash From (Used in) Operating Activities7,8499,235
(Add) Deduct:
Settlement of Decommissioning Liabilities(262)(234)
Net Change in Non-Cash Working Capital 3131,305
Adjusted Funds Flow (1)
7,7988,164
Net Debt to Adjusted Funds Flow (times)
0.70.6
(1)Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization
Net Debt to Capitalization
September 30,December 31,
As at
20252024
Net Debt5,2554,614
Shareholders’ Equity
28,37429,754
Capitalization33,62934,368
Net Debt to Capitalization (percent)
1613