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Property, Plant and Equipment | 6 Months Ended
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Jun. 30, 2019
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | ory Wells Under FASB guidance exploratory well costs should continue to be capitalized when the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. At June 30, 2019, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $245.0 million. The following table reflects the net changes in capitalized exploratory well costs during the six-month periods ended June 30, 2019 and 2018.
(Thousands of dollars) | 2019 |  | 2018
Beginning balance at January 1 | $ | 207,855 |  |  | 155,103 |
Additions pending the determination of proved reserves | 50,307 |  |  | 30,493 |
Capitalized exploratory well costs charged to expense | (13,145 | ) |  | — |
Balance at June 30 | $ | 245,017 |  |  | 185,596 |
The capitalized well costs charged to expense during the first six months of 2019 included the CM-1X and the CT-1X wells in Vietnam Block 11-2/11. The wells were originally drilled in 2017. There were no capitalized well costs charged to expense during the first six months of 2018. The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project.
﻿ | June 30,
﻿ | 2019 |  | 2018
(Thousands of dollars) | Amount |  | No. of Wells |  | No. of Projects |  | Amount |  | No. of Wells |  | No. of Projects
Aging of capitalized well costs: |  |  |  |  |  |  |  |  |  |  |
Zero to one year | $ | 33,125 |  |  | 3 |  |  | 2 |  |  | $ | 34,779 |  |  | 2 |  |  | 2 |
One to two years | 61,293 |  |  | 1 |  |  | 1 |  |  | 35,934 |  |  | 2 |  |  | 1 |
Two to three years | 27,266 |  |  | 1 |  |  | 1 |  |  | 50,272 |  |  | 2 |  |  | 2 |
Three years or more | 123,333 |  |  | 5 |  |  | — |  |  | 64,611 |  |  | 6 |  |  | — |
﻿ | $ | 245,017 |  |  | 10 |  |  | 4 |  |  | $ | 185,596 |  |  | 12 |  |  | 5 |
Of the $211.9 million of exploratory well costs capitalized more than one year at June 30, 2019, $57.2 million is in Brunei, $66.1 million is in Vietnam, $61.3 million is in the Gulf of Mexico and $27.3 million is in the U.S. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. Divestments In 2016, a Canadian subsidiary of the Company completed a divestiture of natural gas processing and sales pipeline assets that support Murphy’s Montney natural gas fields in the Tupper area of northeastern British Columbia. Total cash consideration received upon closing was $414.1 million. A gain on sale of approximately $187.0 million was deferred, up to December 31, 2018, and was being recognized straight line over the life of the contract in the Canadian operating segment. The remaining deferred gain of $116.8 million, net of tax, was included as a component of Deferred credits and other liabilities in the Company’s Consolidated Balance Sheet as of December 31, 2018. As required by ASC 842, effective January 1, 2019, the previously deferred gain related to the sale and leaseback transaction has been transferred to equity upon adoption, lowering liabilities but increasing retained earnings by approximately $116.8 million, net of tax. The Company amortized approximately $3.8 million of the deferred gain during the first six months of 2018. Acquisitions In 2016, a Canadian subsidiary of Murphy Oil acquired a 70% operated working interest (WI) in Athabasca Oil Corporation’s (Athabasca) production, acreage, infrastructure and facilities in the Kaybob Duvernay lands, and a 30% non-operated WI in Athabasca’s production, acreage, infrastructure and facilities in the liquids rich Placid Montney lands in Alberta, the majority of which was unproved. As part of the transaction, Murphy agreed to pay an additional $168.0 million in the form of a carried interest on the Kaybob Duvernay property. As of June 30, 2019, $126.9 million of the carried interest had been paid. The remaining carry is to be paid over a period through 2020.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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