Impairments

6 Months Ended

Jun. 30, 2022

The following table summarizes impairment charges of proved properties and their corresponding fair values.


	Three Months Ended June 30,
	2022				2021
(In millions)	Fair Value		Impairment		Fair Value		Impairment

Long-lived assets held for use	$	—	$	—	$	—	$	24
Asset retirement costs of long-lived assets	$	—	$	2	$	—	$	22


	Six Months Ended June 30,
	2022				2021
(In millions)	Fair Value		Impairment		Fair Value		Impairment

Long-lived assets held for use	$	—	$	—	$	—	$	25
Asset retirement costs of long-lived assets	$	—	$	2	$	—	$	22

•2021 — During the second quarter of 2021, we recorded an impairment expense of $24 million associated with two central facilities located in Eagle Ford. Decommissioning activities commenced during the quarter, which included the re-routing of existing wells.

We also recognized an incremental $22 million of impairment expense associated with an increase in the estimated future decommissioning costs of certain non-producing wells, pipelines and production facilities for previously divested offshore assets located in the Gulf of Mexico. In a prior reporting period, we recorded a $7 million liability in our consolidated balance sheet associated with these assets, thereby increasing the total recognized asset retirement obligation to $29 million as of June 30, 2021. See Note 11 and Note 22 for further information.

The combined effects of these items were recorded within the Impairments line item within our consolidated statements of income.