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Accounting For Suspended Exploratory Well Costs | 12 Months Ended
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Dec. 31, 2024
Oil and Gas, Capitalized Exploratory Well Cost [Abstract] |
Accounting For Suspended Exploratory Well Costs | Accounting for Suspended Exploratory Well Costs The Corporation continues capitalization of exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. The following two tables provide details of the changes in the balance of suspended exploratory well costs, including an aging summary of those costs.
Change in capitalized suspended exploratory well costs (millions of dollars) |  | 2024 |  | 2023 |  | 2022
Balance beginning at January 1 |  | 3,559 |  |  | 3,512 |  |  | 4,120 |
Additions pending the determination of proved reserves |  | 453 |  |  | 200 |  |  | 378 |
Charged to expense |  | (69) |  |  | (95) |  |  | (259) |
Reclassifications to wells, facilities and equipment based on the determination of proved reserves |  | (292) |  |  | (142) |  |  | (142) |
Divestments/Other |  | (51) |  |  | 84 |  |  | (585) |
Ending balance at December 31 |  | 3,600 |  |  | 3,559 |  |  | 3,512 |
Ending balance attributed to equity companies included above |  | 225 |  |  | 306 |  |  | 306 |
Period-end capitalized suspended exploratory well costs (millions of dollars) |  | 2024 |  | 2023 |  | 2022
Capitalized for a period of one year or less |  | 453 |  |  | 200 |  |  | 378 |
Capitalized for a period of between one and five years |  | 583 |  |  | 1,030 |  |  | 969 |
Capitalized for a period of between five and ten years |  | 1,544 |  |  | 1,411 |  |  | 1,410 |
Capitalized for a period of greater than ten years |  | 1,020 |  |  | 918 |  |  | 755 |
Capitalized for a period greater than one year - subtotal |  | 3,147 |  |  | 3,359 |  |  | 3,134 |
Total |  | 3,600 |  |  | 3,559 |  |  | 3,512 |
Exploration activity often involves drilling multiple wells, over a number of years, to fully evaluate a project. The table below provides a breakdown of the number of projects with only exploratory well costs capitalized for a period of one year or less and those that have had exploratory well costs capitalized for a period greater than one year.
|  | 2024 |  | 2023 |  | 2022
Number of projects that only have exploratory well costs capitalized for a period of one year or less |  | 5 |  |  | — |  |  | 10 |
Number of projects that have exploratory well costs capitalized for a period greater than one year |  | 24 |  |  | 31 |  |  | 26 |
Total |  | 29 |  |  | 31 |  |  | 36 |
Of the 24 projects that have exploratory well costs capitalized for a period greater than one year as of December 31, 2024, 11 projects have drilling in the preceding year or exploratory activity planned in the next two years, while the remaining 13 projects are those with completed exploratory activity. These projects are currently being progressed toward development, including evaluation to tie into existing infrastructure, awaiting capacity and aligning with the respective governments for development plans.

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- Definition The entire disclosure for parts or all of the information related to suspended well costs. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1B + Details
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