Accounting for Suspended Exploratory Wells (Tables)

12 Months Ended

Dec. 31, 2020

Accounting for Suspended Exploratory Wells [Abstract]

Changes in company's suspended exploratory well costs

The following table indicates the changes to the company’s suspended exploratory well costs for the three years ended December 31, 2020:


	2020		2019		2018
Beginning balance at January 1	$	3,041	$	3,563	$	3,702
Additions to capitalized exploratory well costs pending the determination of proved reserves	28		244		207
Reclassifications to wells, facilities and equipment based on the determination of proved reserves	(102)		(500)		(13)
Capitalized exploratory well costs charged to expense	(667)		(125)		(333)
Other*	212		(141)		—
Ending balance at December 31	$	2,512	$	3,041	$	3,563

* 2020 represents fair value of well costs acquired in the Noble acquisition. 2019 represents property sales.

Aging of capitalized well costs and number of project

The following table provides an aging of capitalized well costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year since the completion of drilling. The aging of the former Noble wells is based on the date the drilling was completed, rather than Chevron’s October 2020 acquisition of Noble.


	At December 31
	2020		2019		2018
Exploratory well costs capitalized for a period of one year or less	$	26	$	214	$	202
Exploratory well costs capitalized for a period greater than one year	2,486		2,827		3,361
Balance at December 31	$	2,512	$	3,041	$	3,563
Number of projects with exploratory well costs that have been capitalized for a period greater than one year*	17		22		30

* Certain projects have multiple wells or fields or both.

Aging of Costs on Well and Project Basis

The $2,486 of suspended well costs capitalized for a period greater than one year as of December 31, 2020, represents 89 exploratory wells in 17 projects. The tables below contain the aging of these costs on a well and project basis:


Aging based on drilling completion date of individual wells:	Amount		Number of wells
2000-2009	$	342	17
2010-2014	1,457		54
2015-2019	687		18
Total	$	2,486	89

Aging based on drilling completion date of last suspended well in project:	Amount		Number of projects
2003-2012	$	371	4
2013-2016	1,627		8
2017-2020	488		5
Total	$	2,486	17