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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
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 |  | 2020 |  | 2019 |  | 2018
Balance — beginning of year |  | $ | 424 |  |  | $ | 112 |  |  | $ | 108 |
Exploratory well costs acquired through the Acquisition |  | — |  |  | 231 |  |  | — |
Additions to capitalized exploratory well costs pending the determination of proved reserves |  | 122 |  |  | 383 |  |  | 220 |
Reclassifications to property, plant and equipment based on the determination of proved reserves |  | (309) |  |  | (230) |  |  | (198) |
Capitalized exploratory well costs charged to expense |  | (26) |  |  | (72) |  |  | (18) |
Balance — end of year |  | $ | 211 |  |  | $ | 424 |  |  | $ | 112 |
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 |  | 2020 |  | 2019
Beginning balance |  | $ | 4,659 |  |  | $ | 1,499 |
Liabilities assumed in the Acquisition |  | — |  |  | 3,370 |
Liabilities incurred – capitalized to PP&E |  | 79 |  |  | 71 |
Liabilities settled and paid |  | (186) |  |  | (200) |
Accretion expense |  | 147 |  |  | 131 |
Acquisitions, divestitures and other, net |  | (294) |  |  | — |
WES loss of control |  | — |  |  | (359) |
Revisions to previous estimates |  | (275) |  |  | 147 |
Ending balance (a) |  | $ | 4,130 |  |  | $ | 4,659 |
(a)The ending balance included $153 million and $248 million related to the current balance of AROs that are included in Accrued Liabilities on the Consolidated Balance Sheets at December 31, 2020, and 2019, respectively.
Summary of cash equivalents and restricted cash equivalents |
millions |  | December 31, 2020 | December 31, 2019
Cash and cash equivalents |  | $ | 2,008 |  | $ | 3,032 |
Restricted cash and restricted cash equivalents |  | 170 |  | 485 |
Cash and restricted cash included in assets held for sale |  | — |  | 3 |
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net |  | 16 |  | 54 |
Cash, cash equivalents, restricted cash and restricted cash equivalents |  | $ | 2,194 |  | $ | 3,574 |

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- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859 + Details
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