Asset Retirement Obligations

9 Months Ended

Sep. 30, 2023

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:

	September 30,
(In millions)	2023		2022
Beginning balance as of January 1	$	340	$	316
Incurred liabilities, including acquisitions	4		10
Settled liabilities, including dispositions	(27)		(8)
Accretion expense (included in depreciation, depletion and amortization)	11		11
Revisions of estimates	12		(1)
Ending balance as of September 30, total	$	340	$	328
Ending balance as of September 30, short-term	$	32	$	45