Financing and additional notes and loans payable information

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Financing and additional notes and loans payable information

12. Financing and additional notes and loans payable information

millions of Canadian dollars	2022	2021	2020
Debt-related interest (a)	111	63	102
Capitalized interest	(57)	(24)	(41)
Net interest expense	54	39	61
Other interest	6	15	3
Total financing (b)	60	54	64
(a)Includes related party interest with ExxonMobil. (b)The weighted-average interest rate on short-term borrowings in 2022 was 2.0 percent (2021 – 0.2 percent, 2020 – 0.8 percent) and on long-term borrowings, with ExxonMobil, in 2022 was 1.9 percent (2021 – 0.6 percent, 2020 – 1.4 percent).

During the second quarter of 2022, the company reduced its existing $500 million committed long-term line of credit to $250 million and extended the maturity date to June 30, 2023. Subsequently, in the fourth quarter of 2022, this committed long-term line of credit was cancelled in full. The company also extended one of its $250 million committed long-term lines of credit to June 30, 2024.

In November 2022, the company extended the maturity date of an existing $250 million committed short-term line of credit to November 2023.

The company has not drawn on any of its outstanding $500 million of available credit facilities.

In 2021, the company repaid the $111 million outstanding balance and terminated the non-interest bearing, revolving demand loan under an arrangement with an affiliate company of ExxonMobil.