v3.25.4
Financial and derivative instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
At December 31, the net notional long/(short) position of derivative instruments was:
thousands of barrels2025 2024 
Crude954 4,260 
Products(702)(371)
Derivative Instruments, Gain (Loss)
Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following line on a before-tax basis:

millions of Canadian dollars2025 2024 2023 
Revenues41 (69)(5)
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 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".
At December 31, 2024
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets       
Derivative assets (a)
38 21 — 59 (38)— 21 
 
Liabilities
Derivative liabilities (b)
52 30 — 82 (38)(14)30 
(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".