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Commitments | 12 Months Ended
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Dec. 31, 2017
Commitments [Abstract] |
Commitments | ﻿ Note R – Commitments ﻿ The Company leases production and other facilities under operating leases. The most significant operating leases are associated with floating, production, storage and offloading facilities at the Kikeh oil field and a production facility at the West Patricia field. During each of the next five years, expected future net rental payments under all operating leases are approximately $73.7 million in 201 8, $65.6 million in 201 9, $62.4 million in 2020, $61.3 million in 202 1 and $27.8 million in 202 2. Rental expense for noncancelable operating leases, including contingent payments when applicable, was $72.6 million in 201 7, $77.5 million in 2016, and $111.4 million in 2015. A lease of production equipment at the Kakap field offshore Sabah, Malaysia has been accounted for as a capital lease and is included in long-term debt discussed in Note G. ﻿ The Company has entered into contracts to hire various drilling rigs and associated equipment for periods beyond December 31, 2017. These rigs will primarily be utilized for d rilling operations in onshore U.S., Canada, Gulf of Mexico, and Vietnam. Future commitments under these contracts, all of which expire by 2020, total $66.6 million. Gulf of Mexico rig contracts are short term in nature and can be terminated within 30 days without cost. A portion of these costs are expected to be borne by other working interest owners as partners of the Company when the wells are drilled. These drilling costs are generally expected to be accounted for as capital expenditures as incurred during the contract periods. ﻿ The Company has operating, production handling and transportation service agreements for oil and/or natural gas operations in the U.S. and Western Canada. The U.S. transportation contracts require minimum monthly payments through 2024, while the Western Canada processing contracts call for minimum monthly payments through 2035. Future required minimum monthly payments for the next five years are $57.8 million in 2018, $63.8 million in 2019, $77.9 million in 2020, $91.9 million in 2021 and $78.5 million in 2022. Under certain circumstances, the Company is required to pay additional amounts depending on the actual hydrocarbon quantities processed under the agreement. Total costs incurred under these service arrangements were $53.8 million in 2017, $50.3 million in 2016, and $32.5 million in 2015. ﻿ Commitments for capital expenditures were approximately $432.3 million at December 31, 201 7, including $197.3 million for field development and future work commitments in Malaysia, $129.4 million for development at Kaybob Duvernay in Canada, $31.8 million for work at Eagle Ford Shale, $31.3 million for exploration cost in Mexico, $24.0 million for costs to develop deepwater U.S. Gulf of Mexico fi elds, and $8.8 million and $6.3 million f or future work commitments in Vietnam and Brazil, respectively.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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