Long-term Debt and Capital Structure (Tables)

6 Months Ended

Jun. 30, 2019

As at	Notes	June 30, 2019			December 31, 2018
Revolving Term Debt ⁽¹⁾	A		-			-
U.S. Dollar Denominated Unsecured Notes	B		7,212			9,241
Total Debt Principal			7,212			9,241
Debt Discounts and Transaction Costs			(60	)		(77	)
Long-Term Debt			7,152			9,164
Less: Current Portion			654			682
Long-Term Portion			6,498			8,482

(1)	Revolving term debt may include Bankers’ Acceptances, London Interbank Offered Rate based loans, prime rate loans and U.S. base rate loans.

The remaining principal amounts of the Company’s unsecured notes are:

Net Debt to Adjusted EBITDA ⁽¹⁾

As at	June 30, 2019			December 31, 2018
Current Portion of Long-Term Debt		654			682
Long-Term Debt		6,498			8,482
Less: Cash and Cash Equivalents		(64	)		(781	)
Net Debt		7,088			8,383

Net Earnings (Loss)		297			(2,669	)
Add (Deduct):
Finance Costs		560			628
Interest Income		(19	)		(19	)
Income Tax Expense (Recovery)		(1,694	)		(920	)
DD&A		2,047			2,131
E&E Write-Down		2,126			2,123
Unrealized (Gain) Loss on Risk Management		(840	)		(1,249	)
Foreign Exchange (Gain) Loss, Net		12			854
Re-measurement of Contingent Payment		(290	)		50
(Gain) Loss on Discontinuance		5			(301	)
(Gain) Loss on Divestitures of Assets		800			795
Other (Income) Loss, Net		(5	)		(12	)
Adjusted EBITDA ⁽²⁾		2,999			1,411

Net Debt to Adjusted EBITDA	2.4x			5.9x

(1)	IFRS 16 was adopted January 1, 2019 using the modified retrospective approach; therefore, comparative information has not been restated.

(2)	Calculated on a trailing twelve-month basis. Includes discontinued operations.

Net Debt to Capitalization