XML 57 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
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
2024202320242023
(In millions)
Right-of-use assets — net (a)$652 $720 $90 $108 
Lease obligations:
Current$321 $347 $25 $23 
Long-term404 459 132 156 
Total lease obligations$725 $806 $157 $179 
(a)At December 31, 2024, finance lease ROU assets had a cost of $212 million (2023: $212 million) and accumulated amortization of $122 million (2023: $104 million).
Maturity Profile of Lease Obligations
Maturities of lease obligations at December 31, 2024 were as follows:
 Operating LeasesFinance
Leases
 (In millions)
2025$349 $36 
2026200 31 
202753 22 
202826 23 
202924 22 
Remaining years153 77 
Total lease payments805 211 
Less: Imputed interest(80)(54)
Total lease obligations$725 $157 
Term & Rate Information Related to Operating & Finance Leases
The following information relates to the operating and finance leases at December 31:
 Operating LeasesFinance Leases
2024202320242023
Weighted average remaining lease term4.7 years5.0 years8.8 years9.8 years
Range of remaining lease terms
0.1 - 11.5 years
0.1 - 12.5 years
8.8 years9.8 years
Weighted average discount rate5.1%5.1%7.9%7.9%
Components of Lease Costs
The components of lease costs were as follows:
202420232022
(In millions)
Operating lease cost (a)$385 $241 $114 
Finance lease cost:
Amortization of leased assets18 18 18 
Interest on lease obligations13 15 18 
Short-term lease cost (b)267 294 311 
Variable lease cost (c)60 67 33 
Sublease income (d)(20)(19)(18)
Total lease cost$723 $616 $476 
(a)Operating lease cost in 2024 included a drilling rig and offshore support vessels in the Gulf of America. 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 America.
(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 2024, 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 America 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
202420232022202420232022
(In millions)
Cash paid for amounts included in the measurement of lease obligations:
Operating cash flows (a)$401 $254 $126 $13 $15 $18 
Financing cash flows (a)— — — 22 21 19 
Noncash transactions:
Leased assets recognized for new lease obligations incurred (b)40 267 294 — — — 
Changes in leased assets and lease obligations due to lease modifications and remeasurements of lease payments (c)239 97 16 — — — 
(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 America. In 2022, primarily related to leases for drilling rigs in the Bakken and at North Malay Basin.
(c)In 2024, primarily related to reassessments of the lease terms for a drilling rig and a offshore support vessel in the Gulf of America upon exercise of renewal options. 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 America.