Exploratory Well and Project Costs

3 Months Ended

Mar. 31, 2023

Extractive Industries [Abstract]

Exploratory Well and Project Costs

Exploratory Well and Project 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 in exploration and abandonments expense in the consolidated statements of operations.

The changes in capitalized exploratory well and project costs are as follows:

	Three Months Ended March 31, 2023
	(in millions)
Beginning capitalized exploratory well and project costs	$	834
Additions to exploratory well and project costs pending the determination of proved reserves	1,071
Reclassifications due to determination of proved reserves	(878)
Ending capitalized exploratory well and project costs	$	1,027

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

	As of March 31, 2023		As of December 31, 2022
	(in millions, except well counts)
One year or less	$	1,027	$	834
More than one year	—		—
	$	1,027	$	834
Number of projects with exploratory well costs that have been suspended for a period greater than one year	—		—