Asset Retirement Obligations

6 Months Ended

Jun. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations for the six months ended June 30 were as follows:


	June 30,
(In millions)	2020		2019
Beginning balance as of January 1	$	255	$	1,145
Incurred liabilities, including acquisitions	2		18
Settled liabilities, including dispositions	(3)		(129)
Accretion expense (included in depreciation, depletion and amortization)	6		26
Revisions of estimates	(8)		11
Held for sale	—		(864)
Ending balance as of June 30	$	252	$	207

June 30, 2020

•Ending balance includes $10 million classified as short-term at June 30, 2020.

June 30, 2019

•Settled liabilities primarily relate to the sale of our working interest in the Droshky field (Gulf of Mexico), which closed during the first quarter of 2019.

•Held for sale includes the asset retirement obligations of $966 million associated with the sale of our U.K. business, which was partially offset by settled liabilities for dispositions primarily related to the Droshky field in the first quarter of 2019. See Note 4 for discussion of the divestitures in further detail.

•Ending balance includes $18 million classified as short-term at June 30, 2019.