Fair Value Measurement (Tables) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Fair Value Measurement [Abstract] | |
| Fair Value Hierarchy for Gross Financial Assets and Liabilities | The following table summarizes the where the right of setoff exists Millions of Dollars December 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,117 - - 1,117 1,256 - - 1,256 Investments in debt securities 2 477 - 479 17 501 - 518 Commodity derivatives 562 619 62 1,243 142 101 12 255 Total $ 1,681 1,096 62 2,839 1,415 602 12 2,029 Liabilities Commodity derivatives $ 593 543 87 1,223 120 91 9 220 Total $ 593 543 87 1,223 120 91 9 220 |
| Commodity Derivative Balances Subject to Right of Setoff | The following table summarizes those presented on our consolidated multiple derivative instruments 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, 2021 Assets $ 1,243 85 1,158 650 508 - 508 Liabilities 1,223 82 1,141 650 491 36 455 December 31, 2020 Assets $ 255 2 253 157 96 10 86 Liabilities 220 1 219 157 62 4 58 At December 31, 2021 and December 31, 2020, we did not present 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 The following table summarizes the accounted for at fair value Millions of Dollars Fair Value Measurements Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Before-Tax Loss Year ended Net PP&E (held for use) $ 472 - - 472 80 Equity Method Investments 5,574 - 5,574 - 688 Year ended December 31, Net PP&E (held for use) $ 65 - - 65 522 268 - - 268 287 |
| Range and Arithmetic Average of Significant Unobservable Inputs | The range and arithmetic average significant assets were as follows: Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) December 31, 2021 Lower 48 Gulf Coast and Rockies noncore field $ 472 Discounted cash flow Commodity production (MBOED) 0.2 17 5.4 ) Commodity price outlook* ($/BOE) $ 41.45 93.68 64.39 ) Discount rate** 7.3 % 9.7 % ( 8.7 %) *Commodity price outlook based on a combination of external 2.0 % annually after year 2050. **Determined as the weighted average cost Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 65 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 %) *Henry Hub natural gas price outlook based on a combination 2.2 % annually after year 2034. **Determined as the weighted average cost Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) December 31, 2020 Central Basin Platform $ 244 Discounted cash flow Commodity production (MBOED) 0.5 12.7 3.4 ) Commodity price outlook* ($/BOE) $ 37.35 115.29 ($ 73.80 ) Discount rate** 6.8 % - 7.7 % ( 7.4 %) *Commodity price outlook based on a combination of external 2.0 % annually after year 2050. **Determined as the weighted average cost |
| Net Fair Value of Financial Instruments | The following table summarizes the exists for commodity derivatives): Millions of Dollars Carrying Amount Fair Value 2021 2020 2021 2020 Financial assets Investment in CVE common shares $ 1,117 1,256 1,117 1,256 Commodity derivatives 593 88 593 88 Investments in debt securities 479 518 479 518 Loans and advances—related parties 114 220 114 220 Financial liabilities Total 18,673 14,478 22,451 19,106 Commodity derivatives 537 59 537 59 |