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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis

Fair value changes and settlements for amounts related to risk management assets and liabilities are recognized in revenues and foreign exchange gains and losses according to their purpose.


As at December 31, 2025		Level 1 Quoted Prices in Active Markets				Level 2 Other Observable Inputs				Level 3 Significant Unobservable Inputs				Total Fair Value				Netting (1)				Carrying Amount

Risk Management Assets
Commodity Derivatives:
Current assets		$	-			$	87			$	-			$	87			$	(1	)		$	86
Long-term assets			-				3				1				4				-				4

Risk Management Liabilities
Commodity Derivatives:
Current liabilities		$	-			$	3			$	-			$	3				(1	)		$	2
Long-term liabilities			-				13				-				13				-				13

As at December 31, 2024		Level 1 Quoted Prices in Active Markets				Level 2 Other Observable Inputs				Level 3 Significant Unobservable Inputs				Total Fair Value				Netting (1)				Carrying Amount

Risk Management Assets
Commodity Derivatives:
Current assets		$	-			$	116			$	-			$	116			$	(6	)		$	110
Foreign Currency Derivatives:
Current assets			-				-				-				-				(2	)			(2	)

Risk Management Liabilities
Commodity Derivatives:
Current liabilities		$	-			$	26			$	-			$	26			$	(6	)		$	20
Long-term liabilities			-				21				-				21				-				21
Foreign Currency Derivatives:
Current liabilities			-				89				-				89				(2	)			87

(1)

Netting to offset derivative assets and liabilities where the legal right and intention to offset exists, or where counterparty master netting arrangements contain provisions for net settlement.

Summary Of Changes In Level 3 Fair Value Measurements

A summary of changes in Level 3 fair value measurements for risk management positions is presented below:


						Risk Management
						2025				2024

Balance, Beginning of Year						$	-			$	16
Total Gains (Losses)							1				14
Purchases, Sales, Issuances and Settlements:
Purchases, sales and issuances							-				-
Settlements							-				9
Transfers Out of Level 3							-				(39	)
Balance, End of Year						$	1			$	-

Change in Unrealized Gains (Losses) During the
Year Included in Net Earnings (Loss)						$	1			$	23

Quantitative Information About Unobservable Inputs Used In Level 3

Quantitative information about unobservable inputs used in Level 3 fair value measurements for risk management positions is presented below as at December 31, 2025:


		Valuation Technique		Unobservable Input		Range	Weighted Average

Risk Management - Physical Forward Contract		Discounted Cash Flow Model		Forward Prices (1)		$0.65/Mcf - $2.58/Mcf		$1.14/Mcf

(1)

Forward prices refers to the differential between Chicago and AECO forward prices.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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