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Property, Plant and Equipment | 9 Months Ended
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Sep. 30, 2022
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note D – Property, Plant and Equipment Exploratory 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. As of September 30, 2022, the Company had total capitalized exploratory well costs for continuing operations pending the determination of proved reserves of $181.5 million. The following table reflects the net changes in capitalized exploratory well costs during the nine-month periods ended September 30, 2022 and 2021.
(Thousands of dollars) | 2022 |  | 2021
Beginning balance at January 1 | $ | 179,481 |  |  | 181,616 |
Additions pending the determination of proved reserves | 22,275 |  |  | 5,007 |
Capitalized exploratory well costs charged to expense | (20,295) |  |  | — |
Balance at September 30 | $ | 181,461 |  |  | 186,623 |
The capitalized well costs charged to expense during 2022 represent expenditures related to the Cutthroat-1 exploration well in block SEAL-M-428 in the Sergipe-Alagoas Basin offshore Brazil. There were no hydrocarbons found in this well. 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.
| September 30,
| 2022 |  | 2021
(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 | $ | 8,851 |  |  | 2 |  |  | 2 |  |  | 3,297 |  |  | 2 |  |  | 2 |
One to two years | 8,489 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Two to three years | — |  |  | — |  |  | — |  |  | 53,078 |  |  | 5 |  |  | 5 |
Three years or more | 164,121 |  |  | 6 |  |  | 3 |  |  | 130,248 |  |  | 6 |  |  | — |
| $ | 181,461 |  |  | 10 |  |  | 7 |  |  | 186,623 |  |  | 13 |  |  | 7 |
Of the $172.6 million of exploratory well costs capitalized more than one year at September 30, 2022, $95.5 million is in Vietnam, $54.9 million is in the U.S., $15.5 million is in Mexico, $2.8 million is in Brunei, and $3.9 million is in Canada. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion. Impairments There were no impairments in the first nine months of 2022. In the first quarter of 2021, the Company recorded an impairment charge of $171.3 million for Terra Nova due to the status, including agreements with partners, of operating and production plans at end of the first quarter 2021. Later in 2021, the Company sanctioned an asset life extension project and acquired an additional 7.525% working interest at Terra Nova following a commercial agreement to extend the life of the field. Divestments During the third quarter of 2022, the Company completed the disposition of its 62.5% operated working interest of the Thunder Hawk field for a purchase price of $20.0 million, less closing adjustments of $22.2 million, resulting in a total net payment to the buyer of $2.2 million. Additionally, the buyer assumed the asset retirement obligations of approximately $47.9 million. An $18.8 million gain on sale was recorded in the period related to the sale. Also in the third quarter, the Company completed the disposition of the CA-2 asset in Brunei for contingent consideration valued at approximately $8.7 million. No gain or loss was recorded related to this sale. During the first quarter of 2021, the King’s Quay FPS was sold to ArcLight Capital Partners, LLC (ArcLight) for proceeds of $267.7 million, which reimbursed the Company for previously incurred capital expenditures. Acquisitions In August 2022, the Company acquired an additional working interest of 3.37% in the Lucius field for a purchase price of $77.1 million, net of closing adjustments. In June 2022, the Company acquired an additional working interest of 11.0% in the Kodiak field for a purchase price of $48.5 million, net of closing adjustments. In the second quarter of 2021, the Company acquired an additional 3.5% working interest in the Lucius field for a purchase price of $22.5 million, net of closing adjustments.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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