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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 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
June 30, 2022December 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
162 1,048 — 1,210 2 477 — 479 
Commodity derivatives
957 1,037 58 2,052 562 619 62 1,243 
Total assets
$1,119 2,085 58 3,262 1,681 1,096 62 2,839 
Liabilities
Commodity derivatives$1,004 867 185 2,056 593 543 87 1,223 
Total liabilities
$1,004 867 185 2,056 593 543 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
June 30, 2022
Assets$2,052 27 2,025 1,302 723 — 723 
Liabilities2,056 16 2,040 1,302 738 48 690 
December 31, 2021
Assets$1,243 85 1,158 650 508 — 508 
Liabilities1,223 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
June 30
2022		December 31
2021		June 30
2022		December 31
2021
Financial assets
Investment in CVE common shares
$— 1,117 — 1,117 
Commodity derivatives
750 593 750 593 
Investments in debt securities
1,210 479 1,210 479 
Loans and advances—related parties
59 114 59 114 
Financial liabilities
Total debt, excluding finance leases
15,687 18,673 16,547 22,451 
Commodity derivatives
706 537 706 537