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Debt and Capital Structure (Tables)
 12 Months Ended
Dec. 31, 2024
Borrowings [abstract]  
Schedule of Short-Term and Long-Term Debt
As at December 31,Notes
2024
2023
Uncommitted Demand Facilitiesi——
WRB Uncommitted Demand Facilitiesii173179
Total Debt Principal173179
B) Long-Term Debt
As at December 31,Notes
2024
2023
Committed Credit Facility
i——
U.S. Dollar Denominated Unsecured Notesii5,4705,028
Canadian Dollar Unsecured Notesii2,0002,000
Total Debt Principal7,4707,028
Debt Premiums (Discounts), Net, and Transaction Costs6480
Long-Term Debt7,5347,108
Less: Current Portion192—
Long-Term Portion7,3427,108
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$ PrincipalC$ Principal and EquivalentUS$ PrincipalC$ Principal and Equivalent
U.S. Dollar Denominated Unsecured Notes
5.38% due July 15, 2025
133192133176
4.25% due April 15, 2027
373537373493
4.40% due April 15, 2029
183262183241
2.65% due January 15, 2032
500720500661
5.25% due June 15, 2037
333479333441
6.80% due September 15, 2037
191275191253
6.75% due November 15, 2039
652938652862
4.45% due September 15, 2042
9113191121
5.20% due September 15, 2043
27392736
5.40% due June 15, 2047
569818569752
3.75% due February 15, 2052
7501,079750992
3,8025,4703,8025,028
Canadian Dollar Unsecured Notes
3.60% due March 10, 2027
750750
3.50% due February 7, 2028
1,2501,250
2,0002,000
Total Unsecured Notes7,4707,028
Mandatory Debt Payments
U.S. Dollar
Unsecured Notes		Canadian Dollar Unsecured NotesTotal
As at December 31, 2024
US$ PrincipalC$ Principal EquivalentC$ PrincipalC$ Principal and Equivalent
2025133192—192
2026————
20273735377501,287
2028——1,2501,250
2029183262—262
Thereafter3,1134,479—4,479
3,8025,4702,0007,470
Summary of Net Debt to Adjusted EBITDA
Net Debt to Adjusted EBITDA
As at December 31,
2024
2023
Short-Term Borrowings173179
Current Portion of Long-Term Debt192—
Long-Term Portion of Long-Term Debt7,3427,108
Total Debt7,7077,287
Less: Cash and Cash Equivalents(3,093)(2,227)
Net Debt4,6145,060
Net Earnings (Loss)3,1424,109
Add (Deduct):
Finance Costs, Net (1)
514538
Income Tax Expense (Recovery)929931
Depreciation, Depletion and Amortization4,8714,644
Exploration and Evaluation Asset Write-downs3729
(Income) Loss From Equity-Accounted Affiliates(66)(51)
Unrealized (Gain) Loss on Risk Management1252
Foreign Exchange (Gain) Loss, Net462(67)
(Gain) Loss on Divestiture of Assets (1)
(119)20
Re-measurement of Contingent Payments3059
Other (Income) Loss, Net(55)(63)
Adjusted EBITDA (2)
9,75710,201
Net Debt to Adjusted EBITDA (times)
0.50.5
(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 Flow
As at December 31,
2024
2023
Net Debt4,6145,060
Cash From (Used in) Operating Activities9,2357,388
(Add) Deduct:
Settlement of Decommissioning Liabilities(234)(222)
Net Change in Non-Cash Working Capital 1,305(1,193)
Adjusted Funds Flow (1)
8,1648,803
Net Debt to Adjusted Funds Flow (times)
0.60.6
(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 Debt4,6145,060
Shareholders’ Equity29,75428,698
Capitalization34,36833,758
Net Debt to Capitalization (percent)
13 15