v3.25.4
Long-term debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term Debt
At December 31
millions of Canadian dollars2025 2024 
Long-term debt (a) (b)
3,447 3,447 
Finance leases (c)
531 545 
Total long-term debt3,978 3,992 
(a)Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate, Canadian dollar loan from ExxonMobil to the company of up to $7.75 billion at interest equivalent to Canadian market rates. The agreement is effective until June 30, 2035, cancellable if ExxonMobil provides at least 370 days advance written notice.
(b)The weighted-average interest rate on long-term borrowings outstanding with ExxonMobil, at December 31, 2025 was 2.7 percent (2024 - 3.9 percent).
(c)Finance leases are primarily associated with transportation facilities and services agreements. The average imputed interest rate was 5.8 percent in 2025 (2024 - 4.8 percent). Total finance lease obligations also include $19 million in current liabilities (2024 - $18 million). Principal payments on finance leases of approximately $17 million on average per year are due in each of the next four years after December 31, 2026.