Exploratory Costs

9 Months Ended

Sep. 30, 2021

Extractive Industries [Abstract]

Exploratory Costs

Exploratory 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 charged to exploration and abandonments expense.

The changes in capitalized exploratory well costs are as follows:

	Nine Months Ended September 30, 2021
	(in millions)
Beginning capitalized exploratory well costs	$	498
Additions to exploratory well costs pending the determination of proved reserves	2,110
Additions to capitalized exploratory well costs from acquisitions	235
Reclassification due to determination of proved reserves	(2,093)
Ending capitalized exploratory well costs	$	750

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 September 30, 2021		As of December 31, 2020
	(in millions, except well counts)
Capitalized exploratory well costs that have been suspended:
One year or less	$	750	$	495
More than one year	—		3
	$	750	$	498
Number of wells or projects with exploratory well costs that have been    suspended for a period greater than one year	—		1