SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of the activity of capitalized exploratory well costs for continuing operations

The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:

millions	2021		2020		2019
Balance — beginning of year	$	211	$	424	$	112
Exploratory well costs acquired through the Acquisition	—		—		231
Additions to capitalized exploratory well costs pending the determination of proved reserves	163		122		383
Reclassifications to property, plant and equipment based on the determination of proved reserves	(67)		(309)		(230)
Capitalized exploratory well costs charged to expense	(94)		(26)		(72)
Balance — end of year	$	213	$	211	$	424

Summary of the activity of the asset retirement obligation

The following table summarizes the activity of AROs for the years ended December 31:

millions	2021		2020
Beginning balance	$	4,130	$	4,659
Liabilities incurred – capitalized to PP&E	27		79
Liabilities settled and paid	(174)		(186)
Accretion expense	205		147
Acquisitions, divestitures and other, net	(53)		(294)
Revisions to previous estimates	(109)		(275)
Ending balance (a)	$	4,026	$	4,130

(a)The ending balance included $339 million and $153 million related to the current balance of AROs that are included in accrued liabilities on the Consolidated Balance Sheets as of December 31, 2021, and 2020, respectively.

Summary of cash equivalents and restricted cash equivalents

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2021, and 2020 to the line items within the Consolidated Balance Sheet as of December 31:

millions	2021		2020
Cash and cash equivalents	$	2,764	$	2,008
Restricted cash and restricted cash equivalents	24		170
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	15		16
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	2,803	$	2,194

Schedule of supplemental cash flow information

The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the year ended December 31, 2021, 2020 and 2019, respectively.

millions	2021		2020		2019
Income tax payments	$	763	$	498	$	1,944
Income tax refunds received	$	70	$	223	$	80
Production, property and other tax payments	$	790	$	629	$	724
Interest paid (a)	$	1,685	$	1,521	$	912

(a)     Net of capitalized interest of $61 million, $84 million and $89 million, for the years 2021, 2020 and 2019, respectively.