COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Lease Cost

The following table represents the Company’s weighted average lease term and discount rate as of December 31, 2021:

	Operating Leases		Finance Leases
Weighted average remaining lease term	3.4 years		11.7 years
Weighted average discount rate	3.7	%	4.4	%

Operating Lease, Liability, Maturity

At December 31, 2021, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:

Net Minimum Commitments(1)	Operating Leases(2)		Finance Leases(3)		Purchase Obligations(4)(5)
	(In millions)
2022	$	106	$	3	$	230
2023	75		3		199
2024	58		3		161
2025	7		4		159
2026	7		4		3,637
Thereafter	18		25		463
Total future minimum payments	271		42		$	4,849
Less: imputed interest	(22)		(6)		N/A
Total lease liabilities	249		36		N/A
Current portion	99		2		N/A
Non-current portion	$	150	$	34	N/A

(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator.

(2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense.

(3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building.

(4)Amounts represent any agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $194 million, $120 million, and $111 million in 2021, 2020, and 2019, respectively.

(5)Under terms agreed to in the Egypt modernized PSC, the Company committed to spend a minimum of $3.5 billion on exploration, development, and operating activities by March 31, 2026. The Company believes it will be able to satisfy this obligation within its current exploration and development program.

Finance Lease, Liability, Maturity

At December 31, 2021, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:

Net Minimum Commitments(1)	Operating Leases(2)		Finance Leases(3)		Purchase Obligations(4)(5)
	(In millions)
2022	$	106	$	3	$	230
2023	75		3		199
2024	58		3		161
2025	7		4		159
2026	7		4		3,637
Thereafter	18		25		463
Total future minimum payments	271		42		$	4,849
Less: imputed interest	(22)		(6)		N/A
Total lease liabilities	249		36		N/A
Current portion	99		2		N/A
Non-current portion	$	150	$	34	N/A

(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator.

(2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense.

(3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building.

(4)Amounts represent any agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $194 million, $120 million, and $111 million in 2021, 2020, and 2019, respectively.

(5)Under terms agreed to in the Egypt modernized PSC, the Company committed to spend a minimum of $3.5 billion on exploration, development, and operating activities by March 31, 2026. The Company believes it will be able to satisfy this obligation within its current exploration and development program.

Long-term Purchase Commitment

At December 31, 2021, contractual obligations for long-term operating leases, finance leases, and purchase obligations are as follows:

Net Minimum Commitments(1)	Operating Leases(2)		Finance Leases(3)		Purchase Obligations(4)(5)
	(In millions)
2022	$	106	$	3	$	230
2023	75		3		199
2024	58		3		161
2025	7		4		159
2026	7		4		3,637
Thereafter	18		25		463
Total future minimum payments	271		42		$	4,849
Less: imputed interest	(22)		(6)		N/A
Total lease liabilities	249		36		N/A
Current portion	99		2		N/A
Non-current portion	$	150	$	34	N/A

(1)Excludes commitments for jointly owned fields and facilities for which the Company is not the operator.

(2)Amounts represent future payments associated with oil and gas operations inclusive of amounts billable to partners and other working interest owners. Such payments may be capitalized as a component of oil and gas properties and subsequently depreciated, impaired, or written off as exploration expense.

(3)Amounts represent the Company’s finance lease obligation related to the Company’s Midland, Texas regional office building.

(4)Amounts represent any agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms. These include minimum commitments associated with take-or-pay contracts, NGL processing agreements, drilling work program commitments, and agreements to secure capacity rights on third-party pipelines. Amounts exclude certain product purchase obligations related to marketing and trading activities for which there are no minimum purchase requirements or the amounts are not fixed or determinable. Total costs incurred under take-or-pay and throughput obligations were $194 million, $120 million, and $111 million in 2021, 2020, and 2019, respectively.

(5)Under terms agreed to in the Egypt modernized PSC, the Company committed to spend a minimum of $3.5 billion on exploration, development, and operating activities by March 31, 2026. The Company believes it will be able to satisfy this obligation within its current exploration and development program.