Leased Assets

12 Months Ended

Dec. 31, 2011

Leased Assets [Abstract]

Leased Assets

16. Leased Assets

The Corporation and certain of its subsidiaries lease gasoline stations, drilling rigs, tankers, office space and other assets for varying periods under contractual obligations accounted for as operating leases. Certain operating leases provide an option to purchase the related property at fixed prices. At December 31, 2011, future minimum rental payments applicable to non-cancelable operating leases with remaining terms of one year or more (other than oil and gas property leases) are as follows (in millions of dollars):

2012	$	531
2013		672
2014		523
2015		199
2016		121
Remaining years		1,164
Total minimum lease payments		3,210
Less: income from subleases		47
Net minimum lease payments	$	3,163

Operating lease expenses for drilling rigs used to drill development wells and successful exploration wells are capitalized.

Rental expense was as follows:

	2011		2010		2009
	(Millions of dollars)
Total rental expense	$	348	$	273	$	266
Less: income from subleases		12		13		11
Net rental expense	$	336	$	260	$	255