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Suspended Wells and Exploration Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Net Changes in Suspended Exploratory Well Costs

The following table reflects the net changes in suspended exploratory well costs during 2023, 2022 and 2021:

			Millions of Dollars
			2023			2022			2021
Beginning balance			$	527		660			682
Additions pending the determination of proved reserves			—			5			10
Reclassifications to proved properties			(285)			(7)			—
Charged to dry hole expense			(58)			(131)			(32)
Ending balance			$	184		527			660

Aging of Suspended Well Cost

The following table provides an aging of suspended well balances at December 31:

			Millions of Dollars
			2023			2022			2021
Exploratory well costs capitalized for a period of one year or less			$	—		15			4
Exploratory well costs capitalized for a period greater than one year			184			512			656
Ending balance			$	184		527			660
Number of projects with exploratory well costs capitalized for a period greater than one year			14			17			22

Aging of Exploratory Well Cost, Capitalized for More than One Year

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, 2023:

			Millions of Dollars
						Suspended Since
			Total			2020-2022			2017-2019			2006-2016
WL4-00—Malaysia(2)			36			19			17			—
PL891—Norway(1)			30			30			—			—
West Willow—Alaska(1)			29			—			29			—
Narwhal Trend—Alaska(1)			25			—			25			—
PL782S—Norway(1)			19			—			19			—
Montney—Canada(1)			16			8			8			—
Other of $10 million or less each(1)(2)			29			—			4			25
Total			$	184		57			102			25

(1)Additional appraisal wells planned.

(2)Appraisal drilling complete; costs being incurred to assess development.

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Tabular disclosure of the change in capitalized exploratory costs during the period.

+ References

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-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
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Tabular disclosure of the amount of exploratory well costs that have been capitalized after the completion of drilling and the number of projects for which those costs relate. Additionally, for exploratory well costs that have been capitalized for periods greater than one year at the most recent balance sheet date, this block of text may be used to disclose an aging of those amounts by year, or by using a range of years, and the number of projects to which those costs relate.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
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Tabular disclosure of exploratory well costs that continue to be capitalized for more than one year after the completion of drilling. Information may include a description of the projects and the activities that the enterprise has undertaken to date in order to evaluate the reserves and the projects, and the remaining activities required to classify the associated reserves as proved.

+ References

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-Name Accounting Standards Codification
-Topic 932
-SubTopic 235
-Section 50
-Paragraph 1B
-Subparagraph b
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482274/932-235-50-1B

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