v3.26.3
DEBT AND CAPITAL STRUCTURE (Tables)
 9 Months Ended
Sep. 30, 2026
Borrowings [abstract]  
Schedule of Short-Term and Long-Term Debt
B) Long-Term Debt
September 30,December 31,
As at 20262025
Committed Credit Facility
——
Term Loan Facility—2,700
U.S. Dollar Denominated Senior Unsecured Notes (1)
6,0955,887
Canadian Dollar Senior Unsecured Notes
2,4502,450
Total Debt Principal8,54511,037
Debt Premiums (Discounts), Net, and Transaction Costs2(5)
Long-Term Debt8,54711,032
Less: Current Portion——
Long-Term Portion8,54711,032
(1)Total U.S. dollar denominated unsecured notes as at September 30, 2026, was US$4.3 billion (December 31, 2025 — US$4.3 billion).
Schedule of Disclosure Of Net To Adjusted Funds Flow Explanatory
Net Debt to Adjusted Funds Flow
September 30,December 31,
As at 20262025
Current Portion of Long-Term Debt——
Long-Term Portion of Long-Term Debt8,54711,032
Total Debt8,54711,032
Less: Cash and Cash Equivalents(5,548)(2,740)
Net Debt2,9998,292
Cash From (Used in) Operating Activities15,8098,228
(Add) Deduct:
Settlement of Decommissioning Liabilities(237)(280)
Net Change in Non-Cash Working Capital (52)(363)
Adjusted Funds Flow (1)
16,0988,871
Net Debt to Adjusted Funds Flow (times)
0.20.9
(1)Calculated on a trailing twelve-month basis.
Schedule of Net Debt to Capitalization
Net Debt to Capitalization
September 30,December 31,
As at 20262025
Net Debt2,9998,292
Shareholders’ Equity
35,25431,622
Capitalization38,25339,914
Net Debt to Capitalization (percent)
821