Capitalized Exploratory Well Costs and Undeveloped Leasehold Costs (Tables)

3 Months Ended

Mar. 31, 2016

Capitalized Exploratory Well Costs [Abstract]

Changes in Capitalized Exploratory Well Costs

Changes in capitalized exploratory well costs are as follows and exclude amounts that were capitalized and subsequently expensed in the same period:



(millions)	Three Months Ended March 31, 2016
Capitalized Exploratory Well Costs, Beginning of Period	$	1,353
Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves	22
Divestitures ⁽¹⁾	(143		)
Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves	(2		)
Capitalized Exploratory Well Costs Charged to Expense ⁽²⁾	(56		)
Capitalized Exploratory Well Costs, End of Period	$	1,174

⁽¹⁾ Represents our farm-out of a 35% interest in Block 12 offshore Cyprus to a new partner.

⁽²⁾ Includes $42 million relating to the termination

Aging of Capitalized Well Costs

The following table provides an aging of capitalized exploratory well costs based on the date that drilling commenced, and the number of projects that have been capitalized for a period greater than one year:



(millions)	March 31, 2016		December 31, 2015
Exploratory Well Costs Capitalized for a Period of One Year or Less	$	63	$	95
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling	1,111		1,258
Balance at End of Period	$	1,174	$	1,353
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling	14		14

Aging of Exploratory Well Costs

The following table includes exploratory well costs that have been capitalized for a period greater than one year since the commencement of drilling as of March 31, 2016:




(millions)	Total by Project	Progress
Country/Project:
Deepwater Gulf of Mexico
Troubadour	49	Evaluating development scenarios for this 2013 natural gas discovery including subsea tieback to existing infrastructure.
Katmai	93	Commenced drilling of an appraisal well in April 2016 to test the resource potential of this 2014 crude oil discovery.
Offshore Equatorial Guinea (Blocks I and O)
Diega (Block I) and Carmen (Block O)	235	Evaluating regional development scenarios for this 2008 crude oil discovery. We drilled subsequent appraisal wells. During 2014, we conducted additional seismic activity over Blocks I and O and are interpreting and evaluating the acquired seismic data.
Carla (Block O)	180	Evaluating regional development scenarios for this 2011 crude oil discovery. We drilled subsequent appraisal wells. During 2014, we conducted additional seismic activity over Blocks I and O and are interpreting and evaluating the acquired seismic data.
Yolanda/Felicita	66	Evaluating regional development plans for these 2007/2008 condensate and natural gas discoveries. Natural gas development teams are working with the governments of Equatorial Guinea and Cameroon to evaluate natural gas monetization options and finalize data exchange agreements between the two countries.
Offshore Cameroon
YoYo	52	Working with the government to assess commercialization of this 2007 condensate and natural gas discovery. A natural gas development team is working with the governments of Equatorial Guinea and Cameroon to evaluate natural gas monetization options and finalize a data exchange agreement between the two countries. Our 50% working interest partner has given notice to us and the Cameroon government of their intention to exit this acreage position. Once the assignment process is finalized, we will hold 100% operating working interest. We have begun efforts to market this additional working interest.
Offshore Israel
Leviathan	194	We are engaged in natural gas marketing activities for both export and domestic Israeli customers. We have submitted a Plan of Development to the Government of Israel and continue to pursue financing arrangements to support development. The Natural Gas Framework was enacted in 2015 and subsequently affirmed by the Israeli Supreme Court, with the exception of the stability provisions. The Court concluded that the Government of Israel should provide stability assurances and provisions through an alternate legal mechanism and provided the Government up to one year to resolve this matter. In first quarter 2016, Israel's National Planning Commission approved the platform location and gas interconnect.
Leviathan-1 Deep	82	Well did not reach the target interval; developing future drilling plans to test this deep oil concept, which is held by the Leviathan Development and Production Leases. We are working on potential well design and placement. See also Leviathan, above, for discussion of Natural Gas Framework.



Dalit	28		Submitted a development plan to the government to develop this 2009 natural gas discovery as a tie-in to existing infrastructure.
Dolphin 1	26		Reviewing regional development scenarios for this 2011 natural gas discovery, including a potential tieback to Leviathan. We have applied to the government for a commerciality ruling and our license has been extended to second quarter 2016.
Offshore Cyprus
Cyprus	84		We continue to work with the Government of Cyprus to obtain approval of the development plan and the subsequent issuance of an Exploitation License. Receiving an Exploitation License will enable us and our partners to perform the necessary engineering and design studies and progress the project to final investment decision. During fourth quarter 2015, we farmed-out a 35% working interest.
Other
Individual Projects Less than $20 million	22		Continuing to assess and evaluate wells.
Total	$	1,111