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Suspended Wells | 12 Months Ended
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Dec. 31, 2019
Suspended Wells [Abstract] |
Suspended Wells | Note 8—Suspended Wells and Other Exploration Expenses The following table reflects the net changes in suspended exploratory well costs during 2019, 2018 and 2017: Millions of Dollars 2019 2018 2017 Beginning balance at January 1 $ 856 853 1,063 Additions pending the determination of proved reserves 239 140 118 Reclassifications to proved properties (11) (37) (66) Sales of suspended wells (54) (93) - Charged to dry hole expense (10) (7) (262) Ending balance at December 31 $ 1,020 * 856 853 *Includes $ 313 million of assets held for sale in Australia. The following table provides an aging of suspended well balances at December 31: Millions of Dollars 2019 2018 2017 Exploratory well costs capitalized for a period of one year or less $ 206 145 67 Exploratory well costs capitalized for a period greater than one year 814 711 786 Ending balance $ 1,020 * 856 853 Number of projects with exploratory well costs capitalized for a period greater than one year 23 24 23 *Includes $ 313 million of assets held for sale in Australia. The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2019: Millions of Dollars Suspended Since Total 2016–2018 2013–2015 2004–2012 Greater Poseidon—Australia (2)(3) 177 - 157 20 NPRA—Alaska (1) 149 111 38 - Barossa/Caldita—Australia (2)(3) 136 59 - 77 Surmont—Canada (1) 118 6 55 57 Middle Magdalena Basin—Colombia (1) 68 - 68 - Narwhal Trend—Alaska (1) 52 52 - - Kamunsu East—Malaysia (2) 19 - 19 - NC 98—Libya (2) 15 - 11 4 WL4-00—Malaysia (2) 17 17 - - Other of $10 million or less each (1)(2) 63 20 26 17 Total $ 814 265 374 175 (1)Additional appraisal wells planned. (2)Appraisal drilling complete; costs being incurred to assess development. (3)Assets held for sale as of December 31, 2019. Other Exploration Expenses In February 2017, we reached a settlement agreement on our contract for the Athena drilling rig, initially secured for our four-well commitment program in Angola. As a result of the cancellation, we recognized a before-tax charge of $ 43 million net in the first quarter of 2017. These charges are included in the “Exploration expenses” line on our consolidated income statement and in our Other International segment in 2017. In 2019, we recorded before-tax dry hole expenses of $ 111 million due to our decision to discontinue exploration activities in the Central Louisiana Austin Chalk trend. These charges are included in our Lower 48 segment and in the “Exploration expenses” line on our consolidated income statement. See Note 9— Impairments for additional information on our decision to discontinue these exploration activities.

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- Definition The entire disclosure for parts or all of the information related to suspended well costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=68064819&loc=SL6806780-109447 + Details
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