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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note D – Property, Plant and Equipment The Company’s property, plant and equipment assets for the respective periods are presented as follows.
| December 31, 2022 |  | December 31, 2021 |
(Thousands of dollars) | Cost |  | Net |  | Cost |  | Net |
Exploration and production ¹ | $ | 20,567,489 |  |  | $ | 8,204,463 |  | 2 | $ | 20,440,568 |  |  | $ | 8,098,396 |  | 2
Corporate and other | 150,498 |  |  | 23,553 |  |  | 145,135 |  |  | 29,456 |  |
Property, plant and equipment | $ | 20,717,987 |  |  | $ | 8,228,016 |  |  | $ | 20,585,703 |  |  | $ | 8,127,852 |  |
¹ Includes unproved mineral rights as follows: | $ | 476,981 |  |  | $ | 344,507 |  |  | $ | 615,724 |  |  | $ | 131,107 |  |
2 Includes $18,319 in 2022 and $22,543 in 2021 related to administrative assets and support equipment. 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 $23.1 million, resulting in a total net payment to the buyer of $3.1 million. Additionally, the buyer assumed the asset retirement obligations of approximately $47.9 million. A $17.9 million gain on sale was recorded in the period related to the sale. In September 2022, the Company completed the disposition of the Block CA-2 asset in Brunei for contingent consideration valued at approximately $8.7 million. No gain or loss was recorded related to this sale. In 2021, the Company sold its interest in the King’s Quay FPS to ArcLight Capital Partners, LLC (ArcLight) for proceeds of $267.7 million, which reimburses 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 $78.5 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 $50.0 million, net of closing adjustments. Impairments In 2021, the Company recorded an impairment charge of $171.3 million for Terra Nova due to the status, including agreements with the partners, of operating and production plans. Subsequently, the Company acquired an additional 7.525% working interest at Terra Nova following a commercial agreement to sanction an asset life extension project. The Company also recorded an impairment charge of $25.0 million for assets reported as Assets held for sale in the Consolidated Balance Sheet. The following table reflects the recognized before tax impairments for the three years ended December 31, 2022.
| December 31,
(Thousands of dollars) | 2022 |  | 2021 |  | 2020
Canada | $ | — |  |  | $ | 171,296 |  |  | $ | — |
Other Foreign | — |  |  | 18,000 |  |  | 39,709 |
Corporate | — |  |  | 7,000 |  |  | 14,060 |
U.S. | — |  |  | — |  |  | 1,152,515 |
| $ | — |  |  | $ | 196,296 |  |  | $ | 1,206,284 |
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. At December 31, 2022, 2021 and 2020, the Company had total capitalized drilling costs pending the determination of proved reserves of $171.9 million, $179.5 million and $181.6 million, respectively. The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2022.
(Thousands of dollars) | 2022 |  | 2021 |  | 2020
Beginning balance at January 1 | $ | 179,481 |  |  | $ | 181,616 |  |  | $ | 217,326 |
Additions pending the determination of proved reserves | 33,440 |  |  | 16,725 |  |  | 3,999 |
Divestment | (7,915) |  |  | — |  |  | — |
Capitalized exploration well costs charged to expense | (33,146) |  |  | (18,860) |  |  | (39,709) |
Ending balance at December 31 | $ | 171,860 |  |  | $ | 179,481 |  |  | $ | 181,616 |
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 and Hoffe Park #1 (Mississippi Canyon 122) in the Gulf of Mexico. 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 has been capitalized. The projects are aged based on the last well drilled in the project.
| 2022 |  | 2021 |  | 2020
(Thousands of dollars) | Amount |  | No. of Wells |  | No. of Projects |  | Amount |  | No. of Wells |  | No. of Projects |  | Amount |  | No. of Wells |  | No. of Projects
Aging of capitalized well costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Zero to one year | $ | 15,527 |  |  | 2 |  | 2 |  | $ | 13,273 |  |  | 3 |  | 3 |  | $ | — |  |  | — |  | —
One to two years | 13,307 |  |  | 2 |  | 2 |  | — |  |  | — |  | — |  | 54,220 |  |  | 5 |  | 5
Two to three years | — |  |  | — |  | — |  | 53,070 |  |  | 5 |  | 5 |  | — |  |  | — |  | —
Three years or more | 143,026 |  |  | 5 |  | 4 |  | 113,138 |  |  | 6 |  | — |  | 127,396 |  |  | 6 |  | —
| $ | 171,860 |  |  | 9 |  | 8 |  | $ | 179,481 |  |  | 14 |  | 8 |  | $ | 181,616 |  |  | 11 |  | 5
Of the $156.3 million of exploratory well costs capitalized more than one year at December 31, 2022, $96.3 million is in Vietnam, $37.1 million is in the U.S., $15.5 million is in Mexico, $4.7 million is in Canada and $2.7 million is in Brunei. In all geographical areas, either further appraisal or development drilling is planned and/or development studies/plans are in various stages of completion.

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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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