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Investment in Cenovus Energy
 12 Months Ended
Dec. 31, 2019
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
 
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.
 
See Note 5—Asset Acquisitions and Dispositions,
 
for
additional information on the Canada disposition.
 
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.
 
 
Our investment on our consolidated balance sheet
 
as of December 31, 2019, is carried at fair value
 
of $
2.11
billion, reflecting the closing price of Cenovus Energy
 
shares on the NYSE of $
10.15
 
per share, an increase of
$
649
 
million from $
1.46
 
billion at December 31, 2018.
 
The increase in fair value represents the
 
net unrealized
gain recorded within the “Other income” line of our
 
consolidated income statement for the year ended
December 31, 2019 relating to the shares held at
 
the reporting date.
 
See Note 15—Fair Value Measurement
and Note 22—Other Financial Information,
 
for additional information.
 
Subject to market conditions, we
intend to decrease our investment over time through
 
market transactions, private agreements or
 
otherwise.