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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2018
Fair Value Measurement [Abstract] |
Fair value hierarchy for gross financial assets and liabilities |
|  | Millions of Dollars
|  | September 30, 2018 |  | December 31, 2017
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment in Cenovus Energy | $ | 2,086 |  | - |  | - |  | 2,086 |  | 1,899 |  | - |  | - |  | 1,899
Commodity derivatives |  | 186 |  | 97 |  | 18 |  | 301 |  | 175 |  | 106 |  | 30 |  | 311
Total assets | $ | 2,272 |  | 97 |  | 18 |  | 2,387 |  | 2,074 |  | 106 |  | 30 |  | 2,210
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 176 |  | 103 |  | 36 |  | 315 |  | 158 |  | 111 |  | 41 |  | 310
Total liabilities | $ | 176 |  | 103 |  | 36 |  | 315 |  | 158 |  | 111 |  | 41 |  | 310
Commodity derivative balances subject to right of setoff |
The following table summarizes those commodity derivative balances subject to the right of setoff as
presented on our consolidated balance sheet. We have elected to offset the recognized fair value amounts for
multiple derivative instruments executed with the same counterparty in our financial statements when a legal right of setoff exists.
| Millions of Dollars
| Gross |  | Gross |  | Net |  |  |  | Gross Amounts |  |
Amounts |  | Amounts | Amounts |  | Cash |  | without |  | Net
Recognized |  | Offset | Presented |  | Collateral |  | Right of Setoff |  | Amounts
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 301 |  | 206 |  | 95 |  | - |  | 7 |  | 88
Liabilities |  | 315 |  | 206 |  | 109 |  | 2 |  | 3 |  | 104
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 311 |  | 186 |  | 125 |  | - |  | 4 |  | 121
Liabilities |  | 310 |  | 186 |  | 124 |  | 7 |  | 5 |  | 112
At September 30, 2018 and December 31, 2017, we did not present any amounts gross on our consolidated
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 Measurement |  |  |  |  |  |  |  |
The following table summarizes the fair value hierarchy by major category and date of remeasurement for assets accounted for at fair value on a non-recurring basis:
| Millions of Dollars
|  |  |  | Fair Value Measurements Using |  |
| Fair Value |  | Level 1 Inputs |  | Level 3 Inputs |  | Before-Tax Loss
Net PP&E (held for sale) |  |  |  |  |  |  |  |
March 31, 2018 | $ | 250 |  | - |  | 250 |  | 44
September 30, 2018 | $ | 201 |  | 201 |  | - |  | 43
Net fair value of financial instruments |
The following table summarizes the net fair value of financial instruments (i.e., adjusted where the right of setoff exists for commodity derivatives):
| Millions of Dollars
| Carrying Amount |  | Fair Value
| September 30 |  | December 31 |  | September 30 |  | December 31
2018 | 2017 | 2018 |  | 2017
Financial assets |  |  |  |  |  |  |  |
Investment in Cenovus Energy | $ | 2,086 |  | 1,899 |  | 2,086 |  | 1,899
Commodity derivatives |  | 95 |  | 125 |  | 95 |  | 125
Total loans and advances—related parties |  | 464 |  | 586 |  | 464 |  | 586
Financial liabilities |  |  |  |  |  |  |  |
Total debt, excluding capital leases |  | 14,201 |  | 18,929 |  | 16,554 |  | 22,435
Commodity derivatives |  | 107 |  | 117 |  | 107 |  | 117

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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