Long-term debt (Tables)

12 Months Ended

Dec. 31, 2013

Long-Term Debt

millions of dollars	As at Dec. 31 2013		As at Dec. 31 2012
Long-term debt (a)		4,316		1,040
Capital leases (b)		128		135
Total long-term debt		4,444		1,175

(a) Borrowed under an existing agreement with an affiliated company of ExxonMobil that provides for a long-term, variable-rate loan from ExxonMobil to the company of up to $5 billion (Canadian) at interest equivalent to Canadian market rates. The agreement is effective until July 31, 2020, cancelable if ExxonMobil provides at least 370 days advance written notice. Average effective rate for the loan was 1.3 percent in 2013.

(b) Capitalized lease obligations primarily relate to capital leases for pipeline transportation and marine services agreements. The average imputed rate was 7.0 percent in 2013 (2012 – 9.6 percent). Total capitalized lease obligations also include $7 million in current liabilities (2012 - $7 million). Principal payments on capital leases of approximately $7 million per year are due in each of the next four years after December 31, 2014.