Fair Value Measurement (Tables)	12 Months Ended
Fair Value Measurement (Tables)	Dec. 31, 2021
Fair Value Measurement [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, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Investment in Cenovus Energy $ 1,117 - - 1,117 1,256 - - 1,256 Investments in debt securities 2 477 - 479 17 501 - 518 Commodity derivatives 562 619 62 1,243 142 101 12 255 Total assets $ 1,681 1,096 62 2,839 1,415 602 12 2,029 Liabilities Commodity derivatives $ 593 543 87 1,223 120 91 9 220 Total liabilities $ 593 543 87 1,223 120 91 9 220
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 December 31, 2021 Assets $ 1,243 85 1,158 650 508 - 508 Liabilities 1,223 82 1,141 650 491 36 455 December 31, 2020 Assets $ 255 2 253 157 96 10 86 Liabilities 220 1 219 157 62 4 58 At December 31, 2021 and December 31, 2020, 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 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 Year ended December 31, 2020 Net PP&E (held for use) March 31, 2020 $ 65 - - 65 522 December 31, 2020 268 - - 268 287
Range and Arithmetic Average of Significant Unobservable Inputs	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. Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) March 31, 2020 Wind River Basin $ 65 Discounted cash flow Natural gas production (MMCFD) 8.4 - 55.2 ( 22.9 ) Natural gas price outlook ($/MMBTU) $ 2.67 - $ 9.17 ($ 5.68 ) Discount rate** 7.9 % - 9.1 % ( 8.3 %) Henry Hub natural gas price outlook based on a combination of external pricing service companies' outlooks for years 2022-2034; future prices escalated at 2.2 % annually after year 2034. Determined as the weighted average cost of capital of a group of peer companies, adjusted for risks where appropriate. Fair Value (Millions of Dollars) Valuation Technique Unobservable Inputs Range (Arithmetic Average) December 31, 2020 Central Basin Platform $ 244 Discounted cash flow Commodity production (MBOED) 0.5 - 12.7 ( 3.4 ) Commodity price outlook ($/BOE) $ 37.35 - $ 115.29 ($ 73.80 ) Discount rate** 6.8 % - 7.7 % ( 7.4 %) Commodity price outlook based on a combination of external pricing service companies' and our internal outlook for years 2023-2050; 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.
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 2021 2020 2021 2020 Financial assets Investment in CVE common shares $ 1,117 1,256 1,117 1,256 Commodity derivatives 593 88 593 88 Investments in debt securities 479 518 479 518 Loans and advances—related parties 114 220 114 220 Financial liabilities Total debt, excluding finance leases 18,673 14,478 22,451 19,106 Commodity derivatives 537 59 537 59