Long-term debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term debt

14. Long-term debt

At December 31
millions of Canadian dollars	2022	2021
Long-term debt (a) (b)	3,447	4,447
Finance leases (c)	586	607
Total long-term debt	4,033	5,054
(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, 2025, cancelable if ExxonMobil provides at least 370 days advance written notice. (b)During the third quarter of 2022, the company decreased its long-term debt by $1 billion, partially repaying an existing facility with an affiliated company of ExxonMobil. (c)Finance leases are primarily associated with transportation facilities and services agreements. The average imputed interest rate was 4.7 percent in 2022 (2021 – 4.8 percent). Total finance lease obligations also include $22 million in current liabilities (2021 - $22 million). Principal payments on finance leases of approximately $20 million on average per year are due in each of the next four years after December 31, 2023.