Fair Value Measurement (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Fair Value Measurement [Abstract] | |
| Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 971 - - 971 2,111 - - 2,111 Investments in debt securities 26 449 - 475 25 216 - 241 Commodity derivatives 207 120 24 351 172 114 36 322 Total assets $ 1,204 569 24 1,797 2,308 330 36 2,674 Liabilities Commodity derivatives $ 216 103 16 335 174 115 22 311 Total liabilities $ 216 103 16 335 174 115 22 311 |
| 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 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 June 30, 2020 Assets $ 351 1 350 233 117 8 109 Liabilities 335 2 333 233 100 22 78 December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 At June 30, 2020 and December 31, 2019, we did 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 Measurement Using Fair Value Level 3 Inputs Before-Tax Loss Net PP&E (held for use) March 31, 2020 $ 77 77 510 |
| Range and arithmetic average of significant unobservable inputs - Wind River Basin | Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 77 Discounted cash flow Natural gas production (MMCFD) 8.4 55.2 22.9 ) Natural gas price outlook* ($/MMBTU) $ 2.67 9.17 5.68 ) Discount rate** 7.9 % 9.1 % ( 8.3 %) 2.2 % annually after year 2034. **Determined as the weighted average cost of capital of a group |
| Net fair value of financial instruments | The following table summarizes the net fair setoff exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value June 30 December 31 June 30 December 31 2020 2019 2020 2019 Financial assets Investment in Cenovus Energy $ 971 2,111 971 2,111 Commodity derivatives 110 125 110 125 Investments in debt securities 475 241 475 241 Total loans and advances—related parties 272 339 272 339 Financial liabilities Total debt, excluding finance leases 14,156 14,175 18,307 18,108 Commodity derivatives 80 106 80 106 |