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Investment in Cenovus Energy | 9 Months Ended
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Sep. 30, 2020
Investment In Cenovus Energy [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 6—Investment in Cenovus Energy On May 17, 2017, we completed the sale of our 50 percent nonoperated interest in the FCCL Partnership, as well as the majority of our western Canada gas assets, to Cenovus Energy. Consideration for the transaction included 208 million Cenovus Energy common shares, which, at closing, approximated 16.9 percent of issued and outstanding Cenovus Energy common stock. 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 NYSE on the closing date. At September 30, 2020, the investment included on our consolidated balance sheet was $ 809 million and is carried at fair value. The fair value of the 208 million Cenovus Energy common shares reflects the closing price of $ 3.89 per share on the NYSE on the last trading day of the quarter, a decrease of $ 1.30 billion from its fair value of $ 2.11 billion at year-end 2019. For the three- and nine-month periods ended September 30, 2020, we recorded an unrealized loss of $ 162 million and $ 1.30 billion, respectively. For the three- and nine-month periods ended September 30, 2019, we recorded an unrealized gain of $ 116 million and $ 489 million, respectively. The unrealized gains and losses are recorded within the “Other income (loss)” line of our consolidated income statement and are related to the shares held at the reporting date. See Note 14—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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