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Fair Value Measurement (Tables)

9 Months Ended

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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Tabular disclosure of derivative assets and liabilities that are subject to offsetting, including master netting arrangements.

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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).

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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).

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