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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Hierarchy for Gross Financial Assets and Liabilities | The following table summarizes the fair value hierarchy for gross financial assets and liabilities (i.e., unadjusted where the right of setoff exists for commodity derivatives accounted for at fair value on a recurring basis):
| Millions of Dollars
| September 30, 2022 |  | December 31, 2021
| Level 1 | Level 2 | Level 3 | Total |  | Level 1 | Level 2 | Level 3 | Total
Assets |  |  |  |  |  |  |  |  |
Investment in Cenovus Energy | $ | — |  | — |  | — |  | — |  |  | 1,117 |  | — |  | — |  | 1,117 |
Investments in debt securities | 169 |  | 1,028 |  | — |  | 1,197 |  |  | 2 |  | 477 |  | — |  | 479 |
Commodity derivatives | 919 |  | 977 |  | 46 |  | 1,942 |  |  | 562 |  | 619 |  | 62 |  | 1,243 |
Total assets | $ | 1,088 |  | 2,005 |  | 46 |  | 3,139 |  |  | 1,681 |  | 1,096 |  | 62 |  | 2,839 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 927 |  | 772 |  | 189 |  | 1,888 |  |  | 593 |  | 543 |  | 87 |  | 1,223 |
Total liabilities | $ | 927 |  | 772 |  | 189 |  | 1,888 |  |  | 593 |  | 543 |  | 87 |  | 1,223 |
Schedule of 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 Recognized | Amounts Not Subject to Right of Setoff | Gross Amounts | Gross Amounts Offset | Net Amounts Presented | Cash Collateral | Net Amounts
September 30, 2022 |  |  |  |  |  |  |
Assets | $ | 1,942 |  | 11 |  | 1,931 |  | 1,099 |  | 832 |  | 1 |  | 831 |
Liabilities | 1,888 |  | 2 |  | 1,886 |  | 1,099 |  | 787 |  | 32 |  | 755 |
December 31, 2021 |  |  |  |  |  |  |
Assets | $ | 1,243 |  | 85 |  | 1,158 |  | 650 |  | 508 |  | — |  | 508 |
Liabilities | 1,223 |  | 82 |  | 1,141 |  | 650 |  | 491 |  | 36 |  | 455 |
Schedule of 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 2022 | December 31 2021 |  | September 30 2022 | December 31 2021
Financial assets |  |  |  |  |
Investment in CVE common shares | $ | — |  | 1,117 |  |  | — |  | 1,117 |
Commodity derivatives | 842 |  | 593 |  |  | 842 |  | 593 |
Investments in debt securities | 1,197 |  | 479 |  |  | 1,197 |  | 479 |
Loans and advances—related parties | — |  | 114 |  |  | — |  | 114 |
Financial liabilities |  |  |  |  |
Total debt, excluding finance leases | 15,679 |  | 18,673 |  |  | 15,755 |  | 22,451 |
Commodity derivatives | 757 |  | 537 |  |  | 757 |  | 537 |

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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 https://asc.fasb.org/extlink&oid=123594938&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 https://asc.fasb.org/extlink&oid=126976982&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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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