Fair Value Measurement (Tables) |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Fair Value Measurement [Abstract] | |
| Fair Value Hierarchy for Gross Financial Assets and Liabilities | Millions of Dollars June 30, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in CVE shares $ 1,802 - - 1,802 1,256 - - 1,256 Investments in debt securities 10 525 - 535 17 501 - 518 Commodity derivatives 402 349 23 774 142 101 12 255 Total assets $ 2,214 874 23 3,111 1,415 602 12 2,029 Liabilities Commodity derivatives $ 399 287 66 752 120 91 9 220 Total liabilities $ 399 287 66 752 120 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 June 30, 2021 Assets $ 774 28 746 464 282 - 282 Liabilities 752 26 726 464 262 17 245 December 31, 2020 Assets $ 255 2 253 157 96 10 86 Liabilities 220 1 219 157 62 4 58 At June 30, 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 June 30 December 31 June 30 December 31 2021 2020 2021 2020 Financial assets Investment in CVE shares $ 1,802 1,256 1,802 1,256 Commodity derivatives 310 88 310 88 Investments in debt securities 535 518 535 518 Loans and advances—related parties 168 220 168 220 Financial liabilities Total debt, excluding finance leases 19,135 14,478 23,376 19,106 Commodity derivatives 271 59 271 59 |