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Commitments | 12 Months Ended
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Dec. 31, 2018
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, the West Patricia field and the Gulf of Mexico Cascade Chinook facility. During each of the next five years, expected future net rental payments under all operating leases are approximately $188.6 million in 2019, $88.9 million in 2020, $61.9 million in 2021, $27.6 million in 2022 and $15.6 million in 2023. Rental expense for noncancelable operating leases, including contingent payments when applicable, was $75.3 million in 2018, $72.6 million in 2017, and $77.5 million in 2016. 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 H. ﻿ The Company has entered into contracts to hire various drilling rigs and associated equipment for periods beyond December 31, 2018. These rigs will primarily be utilized for drilling operations in onshore U.S., Canada, and the Gulf of Mexico. Future commitments under these contracts, all of which expire by 2020, total $57.9 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. ﻿ Note R – Commitments (Contd.) ﻿ 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. Onshore and Gulf of Mexico transportation contracts require minimum monthly payments through 2024, while the Western Canada processing contracts call for minimum monthly payments through 2045. Future required minimum monthly payments for the next five years are $116.8 million in 2019, $128.0 million in 2020, $145.3 million in 2021, $136.2 million in 2022 and $123.7 million in 2023. 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 $52.2 million in 2018, $53.8 million in 2017, and $50.3 million in 2016. ﻿ Commitments for capital expenditures were approximately $383.1 million at December 31, 2018, including $165.2 million for costs to develop deepwater U.S. Gulf of Mexico fields including new fields acquired as part of the MP GOM transaction, $103.0 million for field development and future work commitments in Malaysia, $60.0 million for development at Kaybob Duvernay in Canada, $31.4 million for work at Eagle Ford Shale, $14.7 million for exploration cost in Mexico, and $8.8 million for future work commitments in Vietnam.

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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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