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Non-Mineral Lease (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Right-of-Use Assets and Lease Liabilities
The following table summarizes the right-of-use assets and lease liabilities for both the operating and finance leases on our consolidated balance sheet as of December 31:
Millions of Dollars
20232022
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Right-of-Use Assets
Properties, plants and equipment
Gross2,010 2,043 
Accumulated DD&A(1,185)(1,022)
Net PP&E*
825 1,021 
Other assets691 536 
Lease Liabilities
Short-term debt**
291 284 
Other accruals193 155 
Long-term debt***
838 1,036 
Other liabilities and deferred credits504 390 
Total lease liabilities$697 1,129 545 1,320 
    * Includes proportionately consolidated finance lease assets of $134 million at December 31, 2023 and $171 million at December 31, 2022.
  ** Includes proportionately consolidated finance lease liabilities of $175 million at December 31, 2023 and $169 million at December 31, 2022.
*** Includes proportionately consolidated finance lease liabilities of $326 million at December 31, 2023 and $399 million at December 31, 2022.
Lease Cost
The following table summarizes our lease costs:
Millions of Dollars
202320222021
Lease Cost*
Operating lease cost$229 212 278 
Finance lease cost
Amortization of right-of-use assets180 189 148 
Interest on lease liabilities35 32 27 
Short-term lease cost**
40 94 21 
Total lease cost***
$484 527 474 
* The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers.
** Short-term leases are not recorded on our consolidated balance sheet.
*** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above.
Lease Term and Discount Rate
The following table summarizes the lease terms and discount rates as of December 31:
20232022
Lease Term and Discount Rate
Weighted-average term (years)
Operating leases5.835.64
Finance leases5.736.60
Weighted-average discount rate (percent)
Operating leases4.13 2.99 
Finance leases3.39 3.40 
Other Information
The following table summarizes other lease information:
Millions of Dollars
202320222021
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$173 148 204 
Operating cash flows from finance leases33 30 6 
Financing cash flows from finance leases169 166 73 
Right-of-use assets obtained in exchange for operating lease liabilities$355 114 174 
Right-of-use assets obtained in exchange for finance lease liabilities9 256 447 
*The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows.
Maturity of Lease Liabilities
The following table summarizes future lease payments for operating and finance leases at December 31, 2023:
Millions of Dollars
Operating
Leases
Finance
 Leases
Maturity of Lease Liabilities
2024$217 358 
2025150 207 
2026113 204 
202788 161 
202867 178 
Remaining years153 174 
Total*
788 1,282 
Less: portion representing imputed interest(91)(153)
Total lease liabilities$697 $1,129 
*Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease components for accounting purposes. In addition, future payments related to operating and finance leases proportionately consolidated by the company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee company or oil and gas venture.