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Suspended Wells and Exploration Expenses | 12 Months Ended
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Dec. 31, 2025
Extractive Industries [Abstract] |
Suspended Wells and Exploration Expenses | Note 5—Suspended Wells and Exploration Expenses The following table reflects the net changes in suspended exploratory well costs during 2025, 2024 and 2023:
| Millions of Dollars |
| 2025 | 2024 | 2023 |
Beginning balance | $ | 196 |  | 184 |  | 527 |  |
Additions pending the determination of proved reserves | 113 |  | 32 |  | — |  |
Reclassifications to proved properties | — |  | (2) |  | (285) |  |
Sales of suspended wells | (30) |  | — |  | — |  |
Charged to dry hole expense | (36) |  | (18) |  | (58) |  |
Ending balance | $ | 243 |  | 196 |  | 184 |  |
The following table provides an aging of suspended well balances at December 31:
| Millions of Dollars
| 2025 | 2024 | 2023 |
Exploratory well costs capitalized for a period of one year or less | $ | 110 |  | 33 |  | — |  |
Exploratory well costs capitalized for a period greater than one year | 133 |  | 163 |  | 184 |  |
Ending balance | $ | 243 |  | 196 |  | 184 |  |
Number of projects with exploratory well costs capitalized for a period greater than one year | 13 |  | 13 |  | 14 |  |
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, 2025:
| Millions of Dollars
|  | Suspended Since
| Total | 2021-2024 | 2018-2020 | 2017 and Prior
PL891—Norway(1) | 31 |  | — |  | 31 |  | — |
West Willow—Alaska(2) | 30 |  | — |  | 30 |  | — |
Narwhal Trend—Alaska(1) | 25 |  | — |  | 25 |  | — |
Montney—Canada(2) | 15 |  | 7 |  | 8 |  | — |
Other of $10 million or less each(1)(2) | 32 |  | 4 |  | — |  | 28 |
Total | $ | 133 |  | 11 |  | 94 |  | 28 |
(1)Appraisal drilling complete; costs being incurred to assess development. (2)Additional appraisal wells planned. Exploration Expenses The charges discussed below are included in the “Exploration expenses” line on our consolidated income statement. 2025 We divested certain Lower 48 offshore interests in partner-operated assets, which included $30 million of suspended wells costs. We recognized dry hole expenses of $80 million in our Asia Pacific segment, which included $36 million related to certain previously suspended wells that were capitalized for a period greater than one year. 2024 In our Europe, Middle East and North Africa segment, we recorded approximately $40 million before-tax as dry hole expenses, which included $22 million for two partner-operated exploration wells in the Alvheim area in the Norwegian sector of the North Sea, and $18 million for the Busta suspended discovery well on license PL782S in the North Sea. 2023 In our Europe, Middle East and North Africa segment, after further evaluation we recognized a before-tax expense of $37 million for dry hole costs associated with the suspended Warka discovery well, drilled in 2020, on license PL1009 in the Norwegian Sea. In our Alaska segment, we recorded a before-tax expense of approximately $31 million for dry hole costs associated with the Bear-1 exploration well.

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- Definition The entire disclosure for parts or all of the information related to suspended well costs. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1B + Details
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