Fair Value Measurement (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2019 | |
| Fair Value Measurement [Abstract] | |
| Fair value hierarchy for gross financial assets and liabilities | The following table summarizes the fair value unadjusted where the right of setoff exists for commodity basis): Millions of Dollars December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 2,111 - - 2,111 1,462 - - 1,462 Investments in debt securities 25 216 - 241 Commodity derivatives 172 114 36 322 236 181 33 450 Total assets $ 2,308 330 36 2,674 1,698 181 33 1,912 Liabilities Commodity derivatives $ 174 115 22 311 225 145 30 400 Total liabilities $ 174 115 22 311 225 145 30 400 |
| Commodity derivative balances subject to right of setoff | The following table summarizes those commodity presented on our consolidated balance sheet. multiple derivative instruments executed with the same right of setoff exists. Millions of Dollars Amounts Subject to Right of Setoff Gross Amounts Not Gross Net Amounts Subject to Gross Amounts Amounts Cash Net Recognized Right of Setoff Amounts Offset Presented Collateral Amounts December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 December 31, 2018 Assets $ 450 9 441 280 161 - 161 Liabilities 400 4 396 280 116 10 106 At December 31, 2019 and December 31, 2018, balance sheet where we had the right of setoff. |
| Values of assets, by major category, measured at fair value on a nonrecurring basis | Non-Recurring Fair Value Measurement The following table summarizes the fair value assets accounted for at fair value on a non-recurring Millions of Dollars Fair Value Measurements Using Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Before-Tax Loss Year Net PP&E (held for sale) $ 194 194 - - 351 166 166 - - 28 Equity Method Investments 171 171 - - 60 30 - 30 - 95 Year Net PP&E (held for sale) $ 250 - - 250 44 201 201 - - 43 |
| Commodity derivative and financial instruments | The following table summarizes the net fair setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value 2019 2018 2019 2018 Financial assets Investment in Cenovus Energy $ 2,111 1,462 2,111 1,462 Commodity derivatives 125 170 125 170 Investments in debt securities 241 - 241 - Total loans and advances—related parties 339 468 339 468 Financial liabilities Total debt, excluding finance leases 14,175 14,191 18,108 16,147 Commodity derivatives 106 110 106 110 |