Exploratory Well and Project Costs

12 Months Ended

Dec. 31, 2023

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:


	Year Ended December 31, 2023
	2023		2022		2021
	(in millions)
Beginning capitalized exploratory well and project costs	$	834	$	632	$	498
Additions to exploratory well and project costs pending the determination of proved reserves	3,940		3,341		2,935
Additions to capitalized exploratory well and project costs from acquisitions	—		—		235
Reclassifications due to determination of proved reserves	(3,990)		(3,139)		(2,973)
Disposition of assets	—		—		(63)

Ending capitalized exploratory well and project costs	$	784	$	834	$	632

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



	As of December 31,
	2023		2022		2021
	(in millions, except project counts)
One year or less	$	784	$	834	$	621
More than one year	—		—		11
	$	784	$	834	$	632
Number of projects with exploratory well costs that have been suspended for a period greater than one year (a)	—		—		3

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(a)The three exploratory wells that were suspended for a period greater than one year as of December 31, 2021 were completed during the first quarter of 2022.