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Investment in Cenovus Energy | 9 Months Ended
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Sep. 30, 2018
Investment In Cenovus Energy [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 7-–Investment in Cenovus Energy On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the FCCL P artnership, as well as the majority of our western Canada gas assets, to Cenovus Energy. Con sideration for the transaction included 208 million Cenovus Energy common shares, which approximated 16.9 percent of issued and outstanding Cenovus Energy common stock at closing. See Note 5—Assets Held for Sale, Dispositions, Acquisitions and Other Planned Transactions for additional information on the Canada disposition. At closing of the sale, the fair value and cost basis of our investment in 208 million Cenovus Energy common shares was $1.96 billion based on a price of $9.41 per share on the New York Stock Exchange. We adopted the provisions of ASU No. 2016-01, beginning January 1, 2018, using the cumulative-effect approach. Results for reporting periods beginning J anuary 1, 2018, are presented under ASU No. 2016-01 with all changes in the fair value of our equity securities reflected within the “Other i ncome” line of our consolidated income statement and within the “Other” line in the “Cash Flows F rom Operating Activities” section of our consolidated statement of cash flows. Prior period amounts are not adjusted under the cumulative-effect method of adopting ASU No. 2016-01. See Note 2—Change s in Accounting Principles and Note 16—Accumulated Other Comprehensive Loss for the effect on our consolidated balance sheet and the line items that have been impacted by the adoption of this standard. The cumulative effect of applying the standard was the reclassification of accumulated unrealized holding losses of $58 million, recognized in 2017, related to our investment in Cenovus Energy from accumulated other comprehensive loss to retained earnings. Our investment is carried at fair value of $2.09 billion as of September 30, 2018, reflecting the closing price of Cenovus Energy shares on the New York Stock Exchange of $10.03 per share, an increase from its fair value of $1.9 0 billion at year-end 2017. For the three- and nine-month periods ended September 30, 2018, we recorded a before-tax unrealized loss of $73 million and a before-tax unrealized gain of $187 million, respectively, related to the shares held at the reporting dat e. See Note 15—Fair Value Measurement, for additional information. Subject to market conditions, we intend to decrease our investment over time through market transactions, private agreements or otherwise.

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