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Property, Plant and Equipment (Tables) | 9 Months Ended
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Sep. 30, 2024
Property, Plant and Equipment [Abstract] |
Net Changes in Capitalized Exploratory Well Costs | The following table reflects the net changes in capitalized exploratory well costs during the nine-month periods ended September 30, 2024 and 2023.
(Thousands of dollars) | 2024 |  | 2023
Beginning balance at January 1 | $ | 49,118 |  |  | $ | 171,860 |
Additions pending the determination of proved reserves | 28,452 |  |  | 40,825 |
Reclassifications to proved properties based on the determination of proved reserves | – |  |  | (1,065) |
Capitalized exploratory well costs charged to expense | (26,471) |  |  | (26,143) |
Balance at September 30 | $ | 51,099 |  |  | $ | 185,477 |
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.
| September 30,
| 2024 |  | 2023
(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 | $ | 28,552 |  |  | 3 |  |  | 3 |  |  | $ | – |  |  | – |  |  | – |
One to two years | – |  |  | – |  |  | – |  |  | 38,817 |  |  | 1 |  |  | 1 |
Two to three years | – |  |  | – |  |  | – |  |  | 2,698 |  |  | 1 |  |  | 1 |
Three years or more | 22,547 |  |  | 3 |  |  | 3 |  |  | 143,962 |  |  | 4 |  |  | 3 |
| $ | 51,099 |  |  | 6 |  |  | 6 |  |  | $ | 185,477 |  |  | 6 |  |  | 5 |

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- Definition Tabular disclosure of the change in capitalized exploratory costs during the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1B + Details
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- Definition Tabular disclosure of aging for exploratory well cost capitalized for period of greater than one year after completion of drilling and number of related projects in oil- and gas-producing activities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1B + Details
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