Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Balance Sheet Information Related to Operating and Finance Leases

Operating and finance leases presented on the Consolidated Balance Sheet at September 30, 2019 were as follows:

	Operating Leases		Finance Leases
	(In millions)
Right-of-use assets - net (a)	$	527	$	308
Lease obligations:
Current	$	243	$	16
Long-term		372		242
Total lease obligations	$	615	$	258

(a) Finance lease ROU assets have a cost of $381 million and accumulated amortization of $73 million.

Schedule of Maturities of Lease Obligations

Maturities of lease obligations at September 30, 2019 were as follows:

	Operating Leases			Finance Leases
	(In millions)
2019	$	104		$	9
2020		186			36
2021		70			36
2022		63			36
2023		63			36
Remaining years		199			248
Total lease payments		685			401
Less: Imputed interest		(70	)		(143	)
Total lease obligations	$	615		$	258

Summary of Information Relates to Operating and Finance Leases Recorded

The following information relates to the Operating and Finance leases recorded at September 30, 2019:

	Operating Leases	Finance Leases
Weighted average remaining lease term	5.1 years	14.0 years
Range of remaining lease terms	0.2 - 16.3 years	14.0 years
Weighted average discount rate	4.3%	7.9%

Schedule of Components of Lease Cost

 The components of lease costs were as follows:

	Three Months Ended			Nine Months Ended
	September 30, 2019
	(In millions)
Operating lease cost	$	102		$	312
Finance lease cost:
Amortization of leased assets		10			34
Interest on lease obligations		5			16
Short-term lease cost (a)		45			116
Variable lease cost (b)		22			62
Sublease income (c)		(3	)		(9	)
Total lease cost	$	181		$	531

(a) Short-term lease cost is primarily attributable to equipment used in global exploration, development, and production activities.  Future short-term lease costs will vary based on activity levels of our operated assets.

(b) Variable lease costs for the drilling rig leases result from differences in the minimum rate and the actual usage of the ROU asset during the lease period.  Variable lease costs for logistical assets result from differences in stated monthly rates and total charges reflecting the actual usage of the ROU asset during the lease period.  Variable lease costs for our office leases represent common area maintenance charges which have not been separated from lease components.

(c) We sublease certain of our office space to third parties under our head lease.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the nine months ended September 30, 2019 was as follows:

	Operating Leases		Finance Leases
	(In millions)
Cash paid for amounts included in the measurement of lease obligations (a):
Operating cash flows	$	314	$	16
Financing cash flows		—		52
Noncash transactions:
Leased assets recognized for new lease obligations incurred	10			—

(a) Amounts represent gross lease payments before any recovery from partners.