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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
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
| December 31, 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 | 178 |  | 1,044 |  | — |  | 1,222 |  |  | 2 |  | 477 |  | — |  | 479 |
Commodity derivatives | 958 |  | 951 |  | 128 |  | 2,037 |  |  | 562 |  | 619 |  | 62 |  | 1,243 |
Total assets | $ | 1,136 |  | 1,995 |  | 128 |  | 3,259 |  |  | 1,681 |  | 1,096 |  | 62 |  | 2,839 |
Liabilities |  |  |  |  |  |  |  |  |
Commodity derivatives | $ | 906 |  | 843 |  | 261 |  | 2,010 |  |  | 593 |  | 543 |  | 87 |  | 1,223 |
Total liabilities | $ | 906 |  | 843 |  | 261 |  | 2,010 |  |  | 593 |  | 543 |  | 87 |  | 1,223 |
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
December 31, 2022 |  |  |  |  |  |  |
Assets | $ | 2,037 |  | 39 |  | 1,998 |  | 1,176 |  | 822 |  | 37 |  | 785 |
Liabilities | 2,010 |  | 20 |  | 1,990 |  | 1,176 |  | 814 |  | 52 |  | 762 |
December 31, 2021 |  |  |  |  |  |  |
Assets | $ | 1,243 |  | 85 |  | 1,158 |  | 650 |  | 508 |  | — |  | 508 |
Liabilities | 1,223 |  | 82 |  | 1,141 |  | 650 |  | 491 |  | 36 |  | 455 |
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 | Level 3 Inputs | Before-Tax Loss
Year ended December 31, 2021 |  |  |  |  |
Net PP&E (held for use) |  |  |  |  |
December 31, 2021 | $ | 472 |  | — |  | — |  | 472 |  | 80 |
Equity Method Investments |  |  |  |  |
December 31, 2021 | 5,574 |  | — |  | 5,574 |  | — |  | 688 |
Fair Value Measurement Inputs and Valuation Techniques | The range and arithmetic average of significant unobservable inputs used in the Level 3 fair value measurements for significant assets were as follows:
| Fair Value (Millions of Dollars) | Valuation Technique | Unobservable Inputs | Range (Arithmetic Average)
December 31, 2021 |  |  |  |
Lower 48 Gulf Coast and Rockies noncore field | $ | 472 |  | Discounted cash flow | Commodity production (MBOED) | 0.2 - 17 (5.4)
|  |  | Commodity price outlook* ($/BOE) | $41.45 - $93.68 ($64.39)
|  |  | Discount rate** | 7.3% - 9.7% (8.7%)
*Commodity price outlook based on a combination of external pricing service companies' and our internal outlook for years 2024-2050; future prices escalated at 2.0% annually after year 2050. **Determined as the weighted average cost of capital of a group of peer companies, adjusted for risks where appropriate.
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
| 2022 | 2021 |  | 2022 | 2021
Financial assets |  |  |  |  |
Investment in CVE common shares | $ | — |  | 1,117 |  |  | $ | — |  | 1,117 |
Commodity derivatives | 824 |  | 593 |  |  | 824 |  | 593 |
Investments in debt securities | 1,222 |  | 479 |  |  | 1,222 |  | 479 |
Loans and advances—related parties | — |  | 114 |  |  | — |  | 114 |
Financial liabilities |  |  |  |  |
Total debt, excluding finance leases | 15,323 |  | 18,673 |  |  | 15,545 |  | 22,451 |
Commodity derivatives | 782 |  | 537 |  |  | 782 |  | 537 |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: 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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