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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Policies [Abstract] |
Summary of cash equivalents and restricted cash equivalents | The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the twelve months ended December 31, 2019 to the line items within the Consolidated Balance Sheet at December 31, 2019. There was no restricted cash or restricted cash equivalents at December 31, 2018.
millions |  | December 31, 2019 |
Cash and cash equivalents |  | $ | 3,032 |
Restricted cash and restricted cash equivalents |  | 480 |
Cash and restricted cash included in assets held for sale |  | 8 |
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net |  | 54 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents |  | $ | 3,574 |
Summary of the activity of capitalized exploratory well costs for continuing operations | The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:
millions |  | 2019 |  |  | 2018 |  |  | 2017 |
Balance — beginning of year |  | $ | 112 |  |  | $ | 108 |  |  | $ | 56 |
Exploratory well costs acquired through the Acquisition |  | 231 |  |  | — |  |  | — |
Additions to capitalized exploratory well costs pending the determination of proved reserves |  | 383 |  |  | 220 |  |  | 201 |
Reclassifications to property, plant and equipment based on the determination of proved reserves |  | (230 | ) |  | (198 | ) |  | (128 | )
Capitalized exploratory well costs charged to expense |  | (72 | ) |  | (18 | ) |  | (21 | )
Balance — end of year |  | $ | 424 |  |  | $ | 112 |  |  | $ | 108 |
Summary of the activity of the asset retirement obligation | The following table summarizes the activity of asset retirement obligations for the years ended December 31,:
millions |  | 2019 |  |  | 2018 |
Beginning balance |  | $ | 1,499 |  |  | $ | 1,312 |
Liabilities assumed in the Acquisition |  | 3,344 |  |  | — |
Liabilities incurred – capitalized to PP&E |  | 131 |  |  | 31 |
Liabilities settled and paid |  | (200 | ) |  | (40 | )
Accretion expense |  | 71 |  |  | 67 |
Acquisitions, dispositions and other |  | — |  |  | (18 | )
WES loss of control |  | (359 | ) |  | — |
Revisions to previous estimates |  | 147 |  |  | 147 |
Ending balance (a) |  | $ | 4,633 |  |  | $ | 1,499 |
(a) | The ending balance included $248 million and $75 million related to the current balance of AROs that are included in Accrued Liabilities on the Consolidated Balance Sheets at December 31, 2019 and 2018, respectively.

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