XML 22 R12.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CAPITALIZED EXPLORATORY WELL COSTS
3 Months Ended
Mar. 31, 2024
Extractive Industries [Abstract]  
CAPITALIZED EXPLORATORY WELL COSTS CAPITALIZED EXPLORATORY WELL COSTS
The Company’s capitalized exploratory well costs were $68 million and $47 million as of March 31, 2024 and December 31, 2023, respectively. The balance is primarily attributable to additional drilling activity in Egypt, partially offset by the transfer of successful well costs during the quarter. Approximately $9 million of suspended well costs previously capitalized for greater than one year at December 31, 2023 were charged to dry hole expense during the first quarter of 2024.
Projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling are those identified by management as exhibiting sufficient quantities of hydrocarbons to justify potential development. Management is actively pursuing efforts to assess whether proved reserves can be attributed to these projects.