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Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	Mar. 31, 2020
Fair Value Measurement [Abstract]
Fair value hierarchy for gross financial assets and liabilities	Millions of Dollars
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 Not Gross Net Amounts Subject to Gross Amounts Amounts Cash Net Recognized Right of Setoff Amounts Offset Presented Collateral Amounts March 31, 2020 Assets $ 399 2 397 213 184 5 179 Liabilities 359 2 357 213 144 56 88 December 31, 2019 Assets $ 322 3 319 193 126 4 122 Liabilities 311 4 307 193 114 12 102 At March 31, 2020 and December 31, 2019, we did not present any amounts gross on our consolidated balance sheet where we had the right of setoff.
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 Measurement Using Fair Value Level 3 Inputs Before-Tax Loss Net PP&E (held for use) March 31, 2020 $ 77 77 510
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 March 31 December 31 March 31 December 31 2020 2019 2020 2019 Financial assets Investment in Cenovus Energy $ 420 2,111 420 2,111 Commodity derivatives 181 125 181 125 Investments in debt securities 459 241 459 241 Total loans and advances—related parties 270 339 270 339 Financial liabilities Total debt, excluding finance leases 14,160 14,175 15,841 18,108 Commodity derivatives 90 106 90 106
Range and arithmetic average of significant unobservable inputs - Wind River Basin	Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average)