We have assumed various contractual obligations and commitments in the normal course of our operations. The following table indicates the significant financial obligations that are known as of December 31, 2006, and represent future cash payments we are required to make under existing contractual agreements, which we have entered into either directly, or as an owner in the Syncrude Joint Venture. On January 2, 2007, we completed the acquisition with Talisman, thereby reducing our $475 million commitment from December 31, 2006. There have been no other significant changes to the Trust’s contractual obligations and commitments as of February 22, 2007.
| Payments due by period | |||||
| ($ millions) | Total | < 1 year | 1 - 3 years | 4 - 5 years | After 5 years |
| Long-term debt1 | 1644 | 276 | 641 | – | 727 |
| Stage 3 expenditure obligations2 | 33 | 19 | 14 | – | – |
| Capital expenditure commitments3 | 261 | 107 | 154 | – | – |
| Pension plan solvency deficiency payments4 | 103 | 9 | 26 | 17 | 51 |
| Management Services Agreement5 | 166 | 13 | 51 | 34 | 68 |
| Pipeline commitments6 | 603 | 29 | 63 | 40 | 471 |
| Acquisition of additional Syncrude working interest7 | 475 | 475 | – | – | – |
| Other obligations8 | 378 | 176 | 157 | 9 | 36 |
| 3,663 | 1,104 | 1,106 | 100 | 1,353 | |
| 1While there is approximately $276 million of debt maturing in 2007, it is Canadian Oil Sands' intention and ability to refinance such debt. | |||||
| 2The total estimated cost of the Stage 3 expansion is approximately $3.1 billion, net to the Trust, of which approximately $33 million remains to be incurred. | |||||
| 3Capital expenditures commitments are comprised of our 36.74% share of Syncrude's Emissions Reduction project as well as other miscellaneous items. | |||||
4We are responsible for funding our 36.74% share of Syncrude Canada's registered pension plan solvency deficiency, which was confirmed in the December 31, 2003 actuarial valuation completed in 2004. A new actuarial valuation for December 31, 2006 will be completed in the second quarter of 2007, at which time the Trust's pension funding commitments will be updated. |
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| 5These include commitments for our 36.74% share of Syncrude's annual fixed service fees. | |||||
| 6These include commitments for our 36.74% share of the AOSPL pipeline commitment as a Syncrude Joint Venture owner, and various other Canadian Oil Sands' pipeline commitments for transportation access beyond Edmonton. | |||||
| 7The acquisition of Talisman's 1.25% indirect Syncrude working interest closed on January 2, 2007. | |||||
| 8These obligations primarily include our 36.74% share of the minimum payments required under Syncrude's commitments for natural gas purchases and employee retention program. Other items include annual disposal fees for the flue gas desulphurization unit and capital and operating lease obligations. Asset retirement obligations are not included in these amounts. | |||||
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