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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Measurement [Abstract]

Fair value hierarchy for gross financial assets and liabilities

		Millions of Dollars
		June 30, 2019									December 31, 2018
		Level 1			Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Investment in Cenovus Energy		$	1,835		-		-		1,835		1,462		-		-		1,462
Commodity derivatives			230		106		41		377		236		181		33		450
Total assets		$	2,065		106		41		2,212		1,698		181		33		1,912
Liabilities
Commodity derivatives		$	237		111		10		358		225		145		30		400
Total liabilities		$	237		111		10		358		225		145		30		400

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
						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, 2019
Assets	$	377		10		367		267		100		-		100
Liabilities		358		5		353		267		86		7		79
December 31, 2018
Assets	$	450		9		441		280		161		-		161
Liabilities		400		4		396		280		116		10		106
At June 30, 2019 and December 31, 2018, 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 2 Inputs		Before-Tax Loss
Equity method investments
March 31, 2019		171		171		-		60
May 31, 2019	$	30		-		30		95

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
	June 30			December 31		June 30		December 31
	2019			2018		2019		2018
Financial assets
Investment in Cenovus Energy	$	1,835		1,462		1,835		1,462
Commodity derivatives		110		170		110		170
Total loans and advances—related parties		405		468		405		468
Financial liabilities
Total debt, excluding finance (capital) leases		14,183		14,191		17,770		16,147
Commodity derivatives		84		110		84		110

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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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