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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Balance Sheet Information Related to Operating & Finance Leases
Operating and finance lease obligations at December 31 included in the Consolidated Balance Sheet were as follows:
Operating LeasesFinance Leases
2023202220232022
(In millions)
Right-of-use assets — net (a)$720 $570 $108 $126 
Lease obligations:
Current$347 $200 $23 $21 
Long-term459 469 156 179 
Total lease obligations$806 $669 $179 $200 
(a)At December 31, 2023, finance lease ROU assets had a cost of $212 million (2022: $212 million) and accumulated amortization of $104 million (2022: $86 million).
Maturity Profile of Lease Obligations
Maturities of lease obligations at December 31, 2023 were as follows:
 Operating LeasesFinance
Leases
 (In millions)
2024$377 $36 
2025197 36 
202689 31 
202748 22 
202822 23 
Remaining years165 99 
Total lease payments898 247 
Less: Imputed interest(92)(68)
Total lease obligations$806 $179 
Term & Rate Information Related to Operating & Finance Leases
The following information relates to the operating and finance leases at December 31:
 Operating LeasesFinance Leases
2023202220232022
Weighted average remaining lease term5.0 years6.8 years9.8 years10.8 years
Range of remaining lease terms
0.1 - 12.5 years
0.3 - 13.5 years
9.8 years10.8 years
Weighted average discount rate5.1%4.5%7.9%7.9%
Components of Lease Costs
The components of lease costs were as follows:
202320222021
(In millions)
Operating lease cost (a)$241 $114 $88 
Finance lease cost:
Amortization of leased assets18 18 24 
Interest on lease obligations15 18 18 
Short-term lease cost (b)294 311 137 
Variable lease cost (c)67 33 21 
Sublease income (d)(19)(18)(17)
Total lease cost$616 $476 $271 
(a)Operating lease cost in 2023 included a drilling rig at North Malay Basin used for a 15 well development drilling program spanning 2023 and 2024, and offshore support vessels in the Gulf of Mexico.
(b)Short-term lease cost is primarily attributable to equipment used in global exploration, development, production, and crude oil marketing activities.  Future short-term lease costs will vary based on activity levels of our operated assets. In 2023 and 2022, short-term lease cost included drilling rigs and offshore support vessels used primarily for exploration and abandonment activities in the Gulf of Mexico and workover rigs for maintenance activities in the Bakken.
(c)Variable lease costs for drilling rigs 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.
(d)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 were as follows:
Operating LeasesFinance Leases
202320222021202320222021
(In millions)
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows (a)$254 $126 $87 $15 $18 $18 
Financing cash flows (a)— — — 21 19 18 
Noncash transactions:
Leased assets recognized for new lease obligations incurred (b)267 294 12 — — — 
Changes in leased assets and lease obligations due to lease modifications (c)97 16 29 — — — 
(a)Amounts represent gross lease payments before any recovery from partners.
(b)In 2023, primarily related to leases for a drilling rig and offshore support vessels in the Gulf of Mexico. In 2022, primarily related to leases for drilling rigs in the Bakken and at North Malay Basin.
(c)In 2023, primarily related to reassessments of the lease terms for a drilling rig at North Malay Basin, and offshore support vessels and aircraft in the Gulf of Mexico