Fair Value Measurement (Tables) |
3 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Fair Value Measurement [Abstract] | |
| Fair value hierarchy for gross financial assets and liabilities | Millions of Dollars March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,564 - - 1,564 1,256 - - 1,256 Investments in debt securities 10 542 - 552 17 501 - 518 Commodity derivatives 162 104 12 278 142 101 12 255 Total assets $ 1,736 646 12 2,394 1,415 602 12 2,029 Liabilities Commodity derivatives $ 155 89 10 254 120 91 9 220 Total liabilities $ 155 89 10 254 120 91 9 220 |
| 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 March 31, 2021 Assets $ 278 5 273 197 76 1 75 Liabilities 254 2 252 197 55 1 54 December 31, 2020 Assets $ 255 2 253 157 96 10 86 Liabilities 220 1 219 157 62 4 58 At March 31, 2021 and December 31, 2020, we balance sheet where we had the right of setoff. |
| 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 March 31 December 31 March 31 December 31 2021 2020 2021 2020 Financial assets Investment in Cenovus Energy $ 1,564 1,256 1,564 1,256 Commodity derivatives 80 88 80 88 Investments in debt securities 552 518 552 518 Loans and advances—related parties 168 220 168 220 Financial liabilities Total debt, excluding finance leases 19,154 14,478 22,578 19,106 Commodity derivatives 56 59 56 59 |