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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
3.  Property, Plant and Equipment
Property, plant and equipment at December 31 were as follows:
 20242023
 (In millions)
Exploration and Production  
Unproved properties$179 $103 
Proved properties2,638 2,660 
Wells, equipment and related facilities33,059 29,159 
 35,876 31,922 
Midstream5,117 4,819 
Corporate and Other30 30 
Total — at cost41,023 36,771 
Less: Reserves for depreciation, depletion, amortization and lease impairment21,102 19,339 
Property, Plant and Equipment — Net$19,921 $17,432 
Capitalized Exploratory Well Costs:  The following table discloses the amount of capitalized exploratory well costs pending determination of proved reserves at December 31 and the changes therein during the respective years:
 202420232022
 (In millions)
Balance at January 1$952 $886 $681 
Additions to capitalized exploratory well costs pending the determination of proved reserves225 257 298 
Reclassifications to wells, facilities and equipment based on the determination of proved reserves(117)(133)(93)
Capitalized exploratory well costs charged to expense(50)(58)— 
Balance at December 31$1,010 $952 $886 
Number of Wells at December 3140 43 43 
During the three years ended December 31, 2024, additions to capitalized exploratory well costs primarily related to drilling at the Stabroek Block (Hess 30%), offshore Guyana. At December 31, 2024, 37 exploration and appraisal wells on the Stabroek Block, with a total cost of $942 million, were capitalized pending determination of proved reserves. Other additions to capitalized exploratory well costs in 2023 include the Pickerel-1 well (Hess 100%) in the Gulf of America. Other additions to capitalized exploratory wells costs in 2022 include the Huron-1 well (Hess 40%) in the Gulf of America, and the Zanderij-1 well on Block 42 (Hess 33%), offshore Suriname.
Reclassifications to wells, facilities and equipment based on the determination of proved reserves in 2024 resulted from the sanction of the Whiptail development project, the sixth sanctioned project on the Stabroek Block. Reclassifications to wells, facilities and equipment based on the determination of proved reserves in 2023 resulted from the sanction of the Uaru development project, the fifth sanctioned project on the Stabroek Block, and the Pickerel-1 well in the Gulf of America. In 2022, reclassifications to wells,
facilities and equipment based on the determination of proved reserves resulted from the sanction of the Yellowtail development project, the fourth sanctioned project on the Stabroek Block.
Capitalized exploratory well costs charged to expense in 2024 primarily relate to three exploration wells in the Malaysia/Thailand Joint Development Area (JDA) (Hess 50%) in the Gulf of Thailand for $48 million. In June 2024, the regulator provided notification that the current PSC for JDA Block A-18 will not be re-awarded to the existing PSC contractors upon its expiration in 2029. There is no plan to develop these discoveries prior to the expiration of the existing PSC. Capitalized exploratory well costs charged to expense in 2023 of $58 million primarily relate to the Huron-1 well in the Gulf of America.
The preceding table excludes well costs incurred and expensed during 2024 of $109 million, primarily related to the Vancouver-1 well in the Gulf of America and the Trumpetfish-1 well on the Stabroek Block, offshore Guyana (2023: $89 million; 2022: $56 million).
Exploratory well costs capitalized for greater than one year following completion of drilling were $787 million at December 31, 2024, separated by year of completion as follows (in millions):
2023$214 
2022218 
2021106 
20208 
2019 and prior241 
 $787 
Guyana:  93% of the capitalized well costs in excess of one year relate to successful exploration and appraisal wells where hydrocarbons were encountered on the Stabroek Block (Hess 30%). The operator plans further appraisal drilling on the block and is conducting pre-development planning for additional phases of development.
Suriname: 5% of the capitalized well costs in excess of one year relates to the Zanderij-1 well on Block 42 (Hess 33%). Exploration and appraisal activities are ongoing.
Malaysia:  2% of the capitalized well costs in excess of one year relates to North Malay Basin (Hess 50%), offshore Peninsular Malaysia, where hydrocarbons were encountered in two successful exploration wells. Pre-development studies are ongoing.