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Property, Plant and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Schedule of Property, Plant and Equipment | The Company’s property, plant and equipment assets for the respective periods are presented as follows:
| December 31, 2023 |  | December 31, 2022 |
(Thousands of dollars) | Cost |  | Net |  | Cost |  | Net |
Exploration and production ¹ | $ | 21,228,490 |  |  | $ | 8,201,475 |  | 2 | $ | 20,567,489 |  |  | $ | 8,204,463 |  | 2
Corporate and other | 132,092 |  |  | 23,722 |  |  | 150,498 |  |  | 23,553 |  |
Property, plant and equipment | $ | 21,360,582 |  |  | $ | 8,225,197 |  |  | $ | 20,717,987 |  |  | $ | 8,228,016 |  |
¹ Includes unproved mineral rights as follows: | $ | 351,000 |  |  | $ | 228,329 |  |  | $ | 476,981 |  |  | $ | 344,507 |  |
2 Includes $15,356 in 2023 and $18,319 in 2022 related to administrative assets and support equipment.
Schedule of Recognized Impairments | The following table reflects the recognized before tax impairments for each of the three years presented.
(Thousands of dollars) | 2023 |  | 2022 |  | 2021
Canada | $ | – |  |  | $ | – |  |  | $ | 171,296 |
Other Foreign | – |  |  | – |  |  | 18,000 |
Corporate | – |  |  | – |  |  | 7,000 |
| $ | – |  |  | $ | – |  |  | $ | 196,296 |
Schedule of Net Changes in Capitalized Exploratory Well Costs | The following table reflects the net changes in capitalized exploratory well costs for each of the three years presented.
(Thousands of dollars) | 2023 |  | 2022 |  | 2021
Beginning balance at January 1 | $ | 171,860 |  |  | $ | 179,481 |  |  | $ | 181,616 |
Additions pending the determination of proved reserves | 48 |  |  | 33,440 |  |  | 16,725 |
Reclassifications to proved properties based on the determination of proved reserves | (82,185) |  |  | – |  |  | – |
Divestment | – |  |  | (7,915) |  |  | – |
Capitalized exploration well costs charged to expense | (40,605) |  |  | (33,146) |  |  | (18,860) |
Ending balance at December 31 | $ | 49,118 |  |  | $ | 171,860 |  |  | $ | 179,481 |
Schedule of Aging of Capitalized Exploratory Well Costs | 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.
| 2023 |  | 2022 |  | 2021
(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 |  |  | – |  |  | – |  |  | – |
Two to three years | 2,698 |  |  | 1 |  | 1 |  | – |  |  | – |  | – |  |  | 53,070 |  |  | 5 |  | 5 |
Three years or more | 46,420 |  |  | 3 |  | 3 |  | 143,026 |  |  | 5 |  | 4 |  |  | 113,138 |  |  | 6 |  | – |
| $ | 49,118 |  |  | 4 |  | 4 |  | $ | 171,860 |  |  | 9 |  | 8 |  | $ | 179,481 |  |  | 14 |  | 8

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- Definition Tabular disclosure for impairment of long-lived assets held and used by an entity which includes a description of the impaired long-lived asset and facts and circumstances leading to the impairment, aggregate amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.CC) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480091/360-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-2 + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1 + Details
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- Definition Tabular disclosure of the amount of exploratory well costs that have been capitalized after the completion of drilling and the number of projects for which those costs relate. Additionally, for exploratory well costs that have been capitalized for periods greater than one year at the most recent balance sheet date, this block of text may be used to disclose an aging of those amounts by year, or by using a range of years, and the number of projects to which those costs relate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482274/932-235-50-1B + Details
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