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Fair Value Measurement (Tables)

9 Months Ended

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

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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

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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

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