Asset Retirement Obligations

3 Months Ended

Mar. 31, 2022

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset Retirement Obligations

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 were as follows:

	March 31,
(In millions)	2022		2021
Beginning balance as of January 1	$	316	$	254
Incurred liabilities, including acquisitions	7		4
Settled liabilities, including dispositions	(3)		(1)
Accretion expense (included in depreciation, depletion and amortization)	4		3
Revisions of estimates	—		2
Ending balance as of March 31, total	$	324	$	262
Ending balance as of March 31, short-term	$	28	$	11