Suspended Wells and Exploration Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Suspended Wells and Exploration Expenses [Abstract]

Net Changes in Suspended Exploratory Well Costs

The following table reflects the net changes in suspended exploratory well costs during 2021, 2020 and 2019:

Millions of Dollars

2021

2020

2019

Beginning balance at January 1

$

682

1,020

856

Additions pending the determination of proved reserves

10

164

239

Reclassifications to proved properties

-

(42)

(11)

Sales of suspended wells

-

(313)

(54)

Charged to dry hole expense 

(32)

(147)

(10)

Ending balance at December 31 

$

660

682

1,020

*

*Includes $

313

 million of assets held for sale in Australia-West at December 31, 2019.

For additional details on suspended wells charged to dry hole expense, see the Exploration Expenses section of this Note.

Aging of Suspended Well Cost

The following table provides an aging of suspended well balances at December 31:

Millions of Dollars

2021

2020

2019

Exploratory well costs capitalized for a period of one year or less

$

4

156

206

Exploratory well costs capitalized for a period greater than one year

656

526

814

Ending balance

$

660

682

1,020

*

*Includes $

313

 million of assets held for sale in Australia-West at December 31, 2019.

Number of projects with exploratory well costs capitalized for a period

greater than one year

22

22

23

Aging of Exploratory Well Cost, Capitalized for More than One Year

The following table provides a further aging of those exploratory well costs that have been capitalized for more

than one year since the completion of drilling as of December 31, 2021:

Millions of Dollars

Suspended Since

Total

2018-2020

2015-2017

2004-2014

Willow—Alaska

(1)

313

262

51

-

Surmont—Canada

(1)

121

2

19

100

PL 1009—Norway

(1)

43

43

-

-

PL 891—Norway

(1)

34

34

-

-

Narwhal Trend—Alaska

(1)

25

25

-

-

WL4-00—Malaysia

(1)

24

24

-

-

PL782S—Norway

(1)

22

22

-

-

NC 98—Libya

(2)

13

-

-

13

Other of $10 million or less each

(1)(2)

61

21

11

29

Total

$

656

433

81

142

(1)Additional appraisal wells planned.

(2)Appraisal drilling complete; costs being incurred to assess development.