v3.26.1
Financial and derivative instruments (Tables)
 3 Months Ended
Mar. 31, 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
Mar 31
As at Dec 31
thousands of barrels20262025
Crude1,776 954 
Products946 (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:
 
       Three Months
       to March 31
millions of Canadian dollars2026 2025 
Revenues65 15 
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 March 31, 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)
143 122 — 265 (143)— 122 
Liabilities
Derivative liabilities (b)
158 81 — 239 (143)(15)81 
(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".