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COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Lease Cost | The following table represents the Company’s weighted average lease term and discount rate as of December 31, 2022:
|  | Operating Leases |  | Finance Lease
Weighted average remaining lease term |  | 2.5 years |  | 10.7 years
Weighted average discount rate |  | 3.7 | % |  | 4.4 | %
Schedule of Operating Lease, Liability, Maturity | At December 31, 2022, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:
Net Minimum Commitments(1) |  | Operating Leases(2) |  | Finance Lease(3) |  | Purchase Obligations(4)(5)
|  | (In millions)
2023 |  | $ | 175 |  |  | $ | 3 |  |  | $ | 222 |
2024 |  | 103 |  |  | 3 |  |  | 183 |
2025 |  | 14 |  |  | 4 |  |  | 163 |
2026 |  | 6 |  |  | 4 |  |  | 1,951 |
2027 |  | 6 |  |  | 4 |  |  | 133 |
Thereafter |  | 11 |  |  | 27 |  |  | 333 |
Total future minimum payments |  | 315 |  |  | 45 |  |  | $ | 2,985 |
Less: imputed interest |  | (15) |  |  | (11) |  |  | N/A
Total lease liabilities |  | 300 |  |  | 34 |  |  | N/A
Current portion |  | 167 |  |  | 2 |  |  | N/A
Non-current portion |  | $ | 133 |  |  | $ | 32 |  |  | N/A
(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator. (2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense. (3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building. (4)Amounts represent any agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $183 million, $198 million, and $120 million in 2022, 2021, and 2020, respectively. (5)Under terms agreed to in the new Egypt merged concession agreement, the Company committed to spend a minimum of $3.5 billion on exploration, development, and operating activities by March 31, 2026. As of December 31, 2022, the Company has spent $1.7 billion and believes it will be able to satisfy the remaining obligation within its current exploration and development program.
Schedule of Finance Lease, Liability, Maturity | At December 31, 2022, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:
Net Minimum Commitments(1) |  | Operating Leases(2) |  | Finance Lease(3) |  | Purchase Obligations(4)(5)
|  | (In millions)
2023 |  | $ | 175 |  |  | $ | 3 |  |  | $ | 222 |
2024 |  | 103 |  |  | 3 |  |  | 183 |
2025 |  | 14 |  |  | 4 |  |  | 163 |
2026 |  | 6 |  |  | 4 |  |  | 1,951 |
2027 |  | 6 |  |  | 4 |  |  | 133 |
Thereafter |  | 11 |  |  | 27 |  |  | 333 |
Total future minimum payments |  | 315 |  |  | 45 |  |  | $ | 2,985 |
Less: imputed interest |  | (15) |  |  | (11) |  |  | N/A
Total lease liabilities |  | 300 |  |  | 34 |  |  | N/A
Current portion |  | 167 |  |  | 2 |  |  | N/A
Non-current portion |  | $ | 133 |  |  | $ | 32 |  |  | N/A
(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator. (2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense. (3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building. (4)Amounts represent any agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $183 million, $198 million, and $120 million in 2022, 2021, and 2020, respectively. (5)Under terms agreed to in the new Egypt merged concession agreement, the Company committed to spend a minimum of $3.5 billion on exploration, development, and operating activities by March 31, 2026. As of December 31, 2022, the Company has spent $1.7 billion and believes it will be able to satisfy the remaining obligation within its current exploration and development program.
Schedule of Long-term Purchase Commitment | At December 31, 2022, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:
Net Minimum Commitments(1) |  | Operating Leases(2) |  | Finance Lease(3) |  | Purchase Obligations(4)(5)
|  | (In millions)
2023 |  | $ | 175 |  |  | $ | 3 |  |  | $ | 222 |
2024 |  | 103 |  |  | 3 |  |  | 183 |
2025 |  | 14 |  |  | 4 |  |  | 163 |
2026 |  | 6 |  |  | 4 |  |  | 1,951 |
2027 |  | 6 |  |  | 4 |  |  | 133 |
Thereafter |  | 11 |  |  | 27 |  |  | 333 |
Total future minimum payments |  | 315 |  |  | 45 |  |  | $ | 2,985 |
Less: imputed interest |  | (15) |  |  | (11) |  |  | N/A
Total lease liabilities |  | 300 |  |  | 34 |  |  | N/A
Current portion |  | 167 |  |  | 2 |  |  | N/A
Non-current portion |  | $ | 133 |  |  | $ | 32 |  |  | N/A
(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator. (2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense. (3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building. (4)Amounts represent any agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $183 million, $198 million, and $120 million in 2022, 2021, and 2020, respectively. (5)Under terms agreed to in the new Egypt merged concession agreement, the Company committed to spend a minimum of $3.5 billion on exploration, development, and operating activities by March 31, 2026. As of December 31, 2022, the Company has spent $1.7 billion and believes it will be able to satisfy the remaining obligation within its current exploration and development program.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of key provisions of an arrangement under which the entity has agreed to purchase goods or services over a period of time greater than one year or the normal operating cycle, if longer, including the item for which expenditures will be made, minimum quantities, milestones, time period and committed amount. + References No definition available. + Details
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