Capitalized Exploratory Well Costs

3 Months Ended

Mar. 31, 2016

Extractive Industries [Abstract]

Capitalized Exploratory Well Costs

CAPITALIZED EXPLORATORY WELL COSTS

The Company’s capitalized exploratory well costs were $240 million and $245 million at March 31, 2016​ and December 31, 2015, respectively. The decrease is primarily attributable to successful transfers and dry hole write-offs, partially offset by drilling activities. During the three months ended March 31, 2016, changes to exploratory well costs previously capitalized for a period greater than one year since the completion of drilling at December 31, 2015 were not material. Projects with suspended exploratory well costs capitalized for a period greater than one year since the completion of drilling are those identified by management as exhibiting sufficient quantities of hydrocarbons to justify potential development. Management is actively pursuing efforts to assess whether reserves can be attributed to these projects.