Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Event

20.  Subsequent Events

In February 2023, we reached a mediated resolution of a legal matter associated with our former downstream business, HONX, Inc., contingent upon final approvals of all parties and confirmation by the Bankruptcy Court. Fourth quarter 2022 results include a charge of $101 million to increase our reserve based on this tentative resolution, which is included in General and administrative expenses in the Statement of Consolidated Income. See Note 17, Guarantees, Contingencies and Commitments.

In February 2023, the operator completed the Fish/Tarpon-1 exploration well at the Stabroek Block, offshore Guyana. The well did not encounter commercial quantities of hydrocarbons and 2022 financial results include $34 million of exploration expense for well costs incurred through December 31, 2022. We estimate approximately $10 million of exploration expense will be recognized in the first quarter of 2023 for well costs incurred after December 31, 2022.

Through February 24, 2023, we have hedged 80,000 bopd with WTI put options with an average monthly floor price of $70 per barrel, and 10,000 bopd with Brent put options with an average monthly floor price of $75 per barrel for the remainder of 2023.