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Fair Value Measurement (Tables)

12 Months Ended

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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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).

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