Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Balance Sheet Information Related to Operating and Finance Leases

Operating and finance leases presented on the Consolidated Balance Sheet at March 31, 2019 were as follows:

	Operating Leases		Finance Leases
	(In millions)
Right-of-use assets  — net (a)	$	713	$	332
Lease obligations:
Current	$	366	$	36
Long-term		436		250
Total lease obligations	$	802	$	286

(a) Finance lease Right-of-use assets have a cost of $384 million and accumulated amortization of $52 million.

Schedule of Maturities of Lease Obligations

Maturities of lease obligations at March 31, 2019 were as follows:

	Operating Leases			Finance Leases
	(In millions)
2019	$	308		$	48
2020		183			36
2021		71			36
2022		64			36
2023		64			36
Remaining years		197			248
Total lease payments		887			440
Less: Imputed interest		(85	)		(154	)
Total lease obligations	$	802		$	286

Summary of Information Relates to Operating and Finance Leases Recorded

The following information relates to the Operating and Finance leases recorded at March 31, 2019:

	Operating Leases	Finance Leases
Weighted average remaining lease term	4.7 years	13.5 years
Range of remaining lease terms	0.1 - 9.3 years	0.2 - 14.5 years
Weighted average discount rate	4.3%	7.8%

Schedule of Components of Lease Cost

 The components of lease costs in the first quarter of 2019 were as follows (in millions):

Operating lease cost	$	103
Finance lease cost:
Amortization of leased assets		13
Interest on lease obligations		6
Short-term lease cost (a)		32
Variable lease cost (b)		19
Sublease income (c)		(3	)
Total lease cost	$	170

(a) Short-term lease cost is primarily attributable to equipment used in global exploration, development, and production activities.  Future short-term lease costs will vary based on activity levels of our operated assets.

(b) Variable lease costs for the drilling rig leases result from differences in the minimum rate and the actual usage of the ROU asset during the lease period.  Variable lease costs for logistical assets result from differences in stated monthly rates and total charges reflecting the actual usage of the ROU asset during the lease period.  Variable lease costs for our office leases represent common area maintenance charges which have not been separated from lease components.

(c) We sublease certain of our office space to third parties under our head lease.

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the first quarter of 2019 was as follows:

	Operating Leases		Finance Leases
	(In millions)
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows	$	106	$	6
Financing cash flows		—		23
Noncash transactions:
Leased assets recognized for new lease obligations incurred	3			—