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Investment in Cenovus Energy

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investment in Cenovus Energy

Note 5—Investment in Cenovus Energy

At December 31, 2021, we held 91 million common shares of Cenovus Energy (CVE), which approximated 4.5 percent of the issued and outstanding common shares of CVE. Those shares were carried on our balance sheet at fair value of $1.1 billion based on NYSE closing price of $12.28 per share on the last day of trading for the period. During the first quarter of 2022, we sold our remaining 91 million shares, recognizing proceeds of $1.4 billion.

All gains and losses were recognized within "Other income (loss)" on our consolidated income statement. Proceeds related to the sale of our CVE shares were included within "Cash Flows from Investing Activities" on our consolidated statement of cash flows. See Note 13.

			Millions of Dollars
			2022			2021			2020
Total Net gain (loss) on equity securities			$	251		1,040			(855)
Less: Net gain (loss) on equity securities sold during the period			251			473
Unrealized gain (loss) on equity securities still held at the reporting date			$			567			(855)

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The entire disclosure for investments in certain debt and equity securities.

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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
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