v3.26.1
Financial and derivative instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The net notional long/(short) position of derivative instruments was:
 
As at
Jun 30
As at Dec 31
thousands of barrels20262025
Crude5,857 954 
Products559 (702)
Derivative Instruments, Gain (Loss)
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following line on a before-tax basis:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2026 2025 2026 2025 
Revenues40 (24)105 (9)
Summary of estimated fair value of financial instruments
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement, were as follows:
At June 30, 2026
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
59 151 — 210 (54)(5)151 
Liabilities
Derivative liabilities (b)
54 88 — 142 (54)— 88 
(a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and “Other assets, including intangibles - net".
(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".
At December 31, 2025
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
20 39 — 59 (18)(2)39 
Liabilities
Derivative liabilities (b)
18 14 — 32 (18)— 14 
(a)Included in the Consolidated balance sheet line: "Materials, supplies and prepaid expenses", "Accounts receivable - net" and "Other assets, including intangibles - net".
(b)Included in the Consolidated balance sheet line: "Accounts payable and accrued liabilities" and "Other long-term obligations".