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Debt and Capital Structure (Tables) | 12 Months Ended
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Dec. 31, 2024
Borrowings [abstract] |
Schedule of Short-Term and Long-Term Debt |
As at December 31, | Notes |  | 2024 |  | 2023
Uncommitted Demand Facilities | i |  | — |  | —
WRB Uncommitted Demand Facilities | ii |  | 173 |  | 179
Total Debt Principal |  |  | 173 |  | 179
B) Long-Term Debt
As at December 31, | Notes |  | 2024 |  | 2023
Committed Credit Facility | i |  | — |  | —
U.S. Dollar Denominated Unsecured Notes | ii |  | 5,470 |  | 5,028
Canadian Dollar Unsecured Notes | ii |  | 2,000 |  | 2,000
Total Debt Principal |  |  | 7,470 |  | 7,028
Debt Premiums (Discounts), Net, and Transaction Costs |  |  | 64 |  | 80
Long-Term Debt |  |  | 7,534 |  | 7,108
Less: Current Portion |  |  | 192 |  | —
Long-Term Portion |  |  | 7,342 |  | 7,108
Schedule Remaining Principal Amounts of U.S. Dollar Denominated Unsecured Notes | The principal amounts of the Company’s outstanding unsecured notes are:
| 2024 |  | 2023
As at December 31, | US$ Principal |  | C$ Principal and Equivalent |  | US$ Principal |  | C$ Principal and Equivalent
U.S. Dollar Denominated Unsecured Notes |  |  |  |  |  |  |
5.38% due July 15, 2025 | 133 |  | 192 |  | 133 |  | 176
4.25% due April 15, 2027 | 373 |  | 537 |  | 373 |  | 493
4.40% due April 15, 2029 | 183 |  | 262 |  | 183 |  | 241
2.65% due January 15, 2032 | 500 |  | 720 |  | 500 |  | 661
5.25% due June 15, 2037 | 333 |  | 479 |  | 333 |  | 441
6.80% due September 15, 2037 | 191 |  | 275 |  | 191 |  | 253
6.75% due November 15, 2039 | 652 |  | 938 |  | 652 |  | 862
4.45% due September 15, 2042 | 91 |  | 131 |  | 91 |  | 121
5.20% due September 15, 2043 | 27 |  | 39 |  | 27 |  | 36
5.40% due June 15, 2047 | 569 |  | 818 |  | 569 |  | 752
3.75% due February 15, 2052 | 750 |  | 1,079 |  | 750 |  | 992
| 3,802 |  | 5,470 |  | 3,802 |  | 5,028
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 |  |  | 7,470 |  |  |  | 7,028
Mandatory Debt Payments |
| U.S. Dollar Unsecured Notes |  | Canadian Dollar Unsecured Notes |  | Total
As at December 31, 2024 | US$ Principal |  | C$ Principal Equivalent |  | C$ Principal |  | C$ Principal and Equivalent
2025 | 133 |  | 192 |  | — |  | 192
2026 | — |  | — |  | — |  | —
2027 | 373 |  | 537 |  | 750 |  | 1,287
2028 | — |  | — |  | 1,250 |  | 1,250
2029 | 183 |  | 262 |  | — |  | 262
Thereafter | 3,113 |  | 4,479 |  | — |  | 4,479
| 3,802 |  | 5,470 |  | 2,000 |  | 7,470
Summary of Net Debt to Adjusted EBITDA | Net Debt to Adjusted EBITDA
As at December 31, | 2024 |  | 2023 |  |
Short-Term Borrowings | 173 |  | 179 |  |
Current Portion of Long-Term Debt | 192 |  | — |  |
Long-Term Portion of Long-Term Debt | 7,342 |  | 7,108 |  |
Total Debt | 7,707 |  | 7,287 |  |
Less: Cash and Cash Equivalents | (3,093) |  | (2,227) |  |
Net Debt | 4,614 |  | 5,060 |  |
Net Earnings (Loss) | 3,142 |  | 4,109 |  |
Add (Deduct): |  |  |  |  |
Finance Costs, Net (1) | 514 |  | 538 |  |
Income Tax Expense (Recovery) | 929 |  | 931 |  |
Depreciation, Depletion and Amortization | 4,871 |  | 4,644 |  |
Exploration and Evaluation Asset Write-downs | 37 |  | 29 |  |
(Income) Loss From Equity-Accounted Affiliates | (66) |  | (51) |  |
Unrealized (Gain) Loss on Risk Management | 12 |  | 52 |  |
Foreign Exchange (Gain) Loss, Net | 462 |  | (67) |  |
(Gain) Loss on Divestiture of Assets (1) | (119) |  | 20 |  |
Re-measurement of Contingent Payments | 30 |  | 59 |  |
Other (Income) Loss, Net | (55) |  | (63) |  |
Adjusted EBITDA (2) | 9,757 |  | 10,201 |  |
Net Debt to Adjusted EBITDA (times) | 0.5 |  | 0.5 |  |
(1)Revised presentation as of January 1, 2024. See Note 4. (2)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, | 2024 |  | 2023 |  |
Net Debt | 4,614 |  | 5,060 |  |
Cash From (Used in) Operating Activities | 9,235 |  | 7,388 |  |
(Add) Deduct: |  |  |  |  |
Settlement of Decommissioning Liabilities | (234) |  | (222) |  |
Net Change in Non-Cash Working Capital | 1,305 |  | (1,193) |  |
Adjusted Funds Flow (1) | 8,164 |  | 8,803 |  |
Net Debt to Adjusted Funds Flow (times) | 0.6 |  | 0.6 |  |
(1)Calculated on a trailing twelve-month basis.
Summary of Net Debt to Capitalization | Net Debt to Capitalization
As at December 31, | 2024 |  | 2023 |  |
Net Debt | 4,614 |  | 5,060 |  |
Shareholders’ Equity | 29,754 |  | 28,698 |  |
Capitalization | 34,368 |  | 33,758 |  |
Net Debt to Capitalization (percent) | 13 |  |  | 15 |  |  |

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