Exploratory Well Costs

12 Months Ended

Dec. 31, 2019

Extractive Industries [Abstract]

Exploratory Well Costs

Exploratory Well Costs

The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are recorded as exploration and abandonments expense.

Capitalized exploratory well project activity is as follows:

	Year Ended December 31,
	2019		2018
	(in millions)
Beginning capitalized exploratory well costs	$	509	$	505
Additions to exploratory well costs pending the determination of proved reserves	2,172		2,585
Reclassification due to determination of proved reserves	(2,011)		(2,557)
Disposition of assets	(6)		(1)
Exploratory well costs charged to exploration and abandonment expense	(4)		(23)
Ending capitalized exploratory well costs	$	660	$	509

Aging of capitalized exploratory costs and the number of projects for which exploratory well costs have been capitalized for a period greater than one year, based on the date drilling was completed, are as follows:

	As of December 31,
	2019		2018		2017
	(in millions, except well counts)
Capitalized exploratory well costs that have been suspended:
One year or less	$	660	$	509	$	493
More than one year	—		—		12
	$	660	$	509	$	505
Number of projects with exploratory well costs that have been suspended for a period greater than one year	—		—		7