XML 82 R49.htm IDEA: XBRL DOCUMENT v3.25.0.1
Non-Mineral Lease (Tables)
 12 Months Ended
Dec. 31, 2024
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
20242023
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Right-of-Use Assets
Properties, plants and equipment
Gross1,983 2,010 
Accumulated DD&A(1,336)(1,185)
Net PP&E*
647 825 
Other assets1,017 691 
Lease Liabilities
Short-term debt**
292 291 
Other accruals329 193 
Long-term debt***
648 838 
Other liabilities and deferred credits695 504 
Total lease liabilities$1,024 940 697 1,129 
    * Includes proportionately consolidated finance lease assets of $107 million at December 31, 2024 and $134 million at December 31, 2023.
  ** Includes proportionately consolidated finance lease liabilities of $181 million at December 31, 2024 and $175 million at December 31, 2023.
*** Includes proportionately consolidated finance lease liabilities of $259 million at December 31, 2024 and $326 million at December 31, 2023.
Lease Cost
The following table summarizes our lease costs:
Millions of Dollars
202420232022
Lease Cost*
Operating lease cost$325 229 212 
Finance lease cost
Amortization of right-of-use assets173 180 189 
Interest on lease liabilities29 35 32 
Short-term lease cost**
49 40 94 
Total lease cost***
$576 484 527 
* 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:
Lease Term and Discount Rate20242023
Weighted-average term (years)
Operating leases4.415.83
Finance leases4.865.73
Weighted-average discount rate (percent)
Operating leases4.62 4.13 
Finance leases3.40 3.39 
Other Information
The following table summarizes other lease information:
Millions of Dollars
202420232022
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$248 173 148 
Operating cash flows from finance leases29 33 30 
Financing cash flows from finance leases172 169 166 
Right-of-use assets obtained in exchange for operating lease liabilities$628 355 114 
Right-of-use assets obtained in exchange for finance lease liabilities— 9 256 
*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, 2024:
Millions of Dollars
Operating
Leases
Finance
 Leases
Maturity of Lease Liabilities
2025$382 354 
2026292 200 
2027160 159 
202896 177 
202955 88 
Remaining years121 84 
Total
1,106 1,062 
Less: portion representing imputed interest(82)(122)
Total lease liabilities$1,024 $940