Suspended Wells (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Net Changes in Suspended Exploratory Well Costs

The following table reflects the net changes in suspended exploratory well costs during 2011, 2010 and 2009:


	Millions of Dollars
	2011			2010			2009
Beginning balance at January 1	$	1,013			908			660
Additions pending the determination of proved reserves		96			216			342
Reclassifications to proved properties		(72	)		(106	)		(39	)
Sales of suspended well investment		—			(4	)		(21	)
Charged to dry hole expense		—			(1	)		(34	)

Ending balance at December 31	$	1,037			1,013			908

Summary of Aging of Suspended Well Costs

The following table provides an aging of suspended well balances at December 31, 2011, 2010 and 2009:


	Millions of Dollars
	2011		2010		2009
Exploratory well costs capitalized for a period of one year or less	$	115		220		319
Exploratory well costs capitalized for a period greater than one year		922		793		589

Ending balance	$	1,037		1,013		908

Number of projects that have exploratory well costs that have been capitalized for a period greater than one year		40		40		34

Summary of Aging of Exploratory Well Costs that have been Capitalized for More than One Year

The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2011:


	Millions of Dollars
			Suspended Since
Project	Total		2008-2010		2005-2007		2001-2004
Aktote—Kazakhstan⁽²⁾	$	19		—		—		19
Alpine Satellite—Alaska⁽²⁾		21		—		—		21
Browse Basin—Australia⁽¹⁾		216		216		—		—
Caldita/Barossa—Australia⁽¹⁾		77		—		77		—
Fiord West—Alaska⁽²⁾		16		16		—		—
Harrison—U.K.⁽²⁾		15		—		15		—
Kairan—Kazakhstan⁽²⁾		27		—		14		13
Kalamkas—Kazakhstan⁽¹⁾		14		5		5		4
Kashagan—Kazakhstan⁽¹⁾		44		19		15		10
Malikai—Malaysia⁽²⁾		52		—		40		12
NPR-A—Alaska⁽²⁾		17		17		—		—
Petai—Malaysia⁽²⁾		30		19		11		—
Point Thomson—Alaska⁽²⁾		37		37		—		—
Rak More—Kazakhstan⁽¹⁾		22		22		—		—
Saleski—Canada⁽¹⁾		14		14		—		—
Shenandoah—Lower 48⁽¹⁾		43		43		—		—
Sunrise 3—Australia⁽²⁾		13		13		—		—
Surmont III and beyond—Canada⁽¹⁾		26		6		18		2
Su tu Nau—Vietnam⁽²⁾		18		9		9		—
Thornbury—Canada⁽¹⁾		19		19		—		—
Tiber—Lower 48⁽¹⁾		40		40		—		—
Titan—Norway⁽²⁾		11		11		—		—
Ubah—Malaysia⁽²⁾		34		34		—		—
Uge—Nigeria⁽¹⁾		29		15		14		—
Sixteen projects of $10 million or less each⁽¹⁾⁽²⁾		68		34		32		2

Total of 40 projects	$	922		589		250		83

(1) Additional appraisal wells planned.

(2) Appraisal drilling complete; costs being incurred to assess development.

- Definition

Tabular disclosure of the amount of exploratory well costs that have been capitalized after the completion of drilling and the number of projects for which those costs relate. Additionally, for exploratory well costs that have been capitalized for periods greater than one year at the most recent balance sheet date, this block of text may be used to disclose an aging of those amounts by year, or by using a range of years, and the number of projects to which those costs relate.

+ References+ Details