Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows:


	December 31,
(In millions)	2022		2021
Beginning balance as of January 1	$	316	$	254
Incurred liabilities, including acquisitions	55		14
Settled liabilities, including dispositions	(20)		(6)
Accretion expense (included in depreciation, depletion and amortization)	14		12
Revisions of estimates	(25)		42

Ending balance as of December 31	$	340	$	316

Ending balance as of December 31, short-term	$	45	$	28

•2022 — During the year ended December 31, 2022, we incurred a liability of $41 million as a result of our acquisition of the Eagle Ford assets of Ensign Natural Resources. See Note 4 for further information regarding the acquisition.

•2021 — During the year ended December 31, 2021, we had revisions of estimates totaling $37 million related to anticipated costs for decommissioning certain wells, pipelines and production facilities for previously divested offshore non-producing long-lived assets located in the Gulf of Mexico. As of December 31, 2021, $14 million of these Gulf of Mexico related revisions of estimates were classified as short-term. See Note 25 for further information. Of the $37 million, approximately $30 million was recognized as impairment expense within our consolidated statements of income during the year ended December 31, 2021. See Note 11 for further information.