As at March 31, 2026, the Company had outstanding commercial paper of $824 million maturing at various dates with a weighted average interest rate of approximately 4.34 percent. As at March 31, 2026, the Company also had $53 million drawn on its revolving credit facilities. The credit facilities are unsecured and bear interest at the lender’s U.S. base rate, Canadian prime, SOFR or CORRA, plus applicable margins.

On November 25, 2025, the Company entered into a $1.2 billion Two-Year Term Credit Agreement (“Term Credit Agreement”) to fund the cash component of the NuVista Acquisition. The Company closed the NuVista Acquisition on February 3, 2026, and paid cash consideration of approximately $1.2 billion which was primarily funded with proceeds from the Term Credit Agreement as discussed in Note 9. As at March 31, 2026, the Company had outstanding borrowings of $1,129 million under the Term Credit Agreement which bears interest at Term CORRA plus applicable margins.

As at March 31, 2026, total long-term debt had a carrying value of $6,398 million and a fair value of $6,612 million (as at December 31, 2025 - carrying value of $5,202 million and a fair value of $5,510 million). The estimated fair value of long-term borrowings is categorized within Level 2 of the fair value hierarchy and has been determined based on market information of long-term debt with similar terms and maturity, or by discounting future payments of interest and principal at interest rates expected to be available to the Company at period end.