Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Net Changes in Capitalized Exploratory Well Costs

The following table reflects the net changes in capitalized exploratory well costs during the three-month periods ended March 31, 2023 and 2022.

(Thousands of dollars)	2023		2022
Beginning balance at January 1	$	171,860	$	179,481
Additions pending the determination of proved reserves	24,685		3,698
Capitalized exploratory well costs charged to expense	–		(10,473)
Balance at March 31	$	196,545	$	172,706

Aging of Capitalized Exploratory Well Costs

The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed for each individual well and the number of projects for which exploratory well costs have been capitalized. The projects are aged based on the last well drilled in the project.

	March 31,
	2023				2022
(Thousands of dollars)	Amount		No. of Wells	No. of Projects	Amount		No. of Wells	No. of Projects
Aging of capitalized well costs:
Zero to one year	$	40,236	2	2	$	2,810	2	2
One to two years	13,171		2	2	–		–	–
Two to three years	–		–	–	23,667		3	3
Three years or more	143,138		5	4	146,229		8	2
	$	196,545	9	8	$	172,706	13	7