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Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2011
Property, Plant and Equipment
      December 31, 2011     December 31, 2010  

(Thousands of dollars)

    Cost      Net     Cost      Net  

Exploration and production1

    $ 14,766,637         8,730,124 2      12,506,579         7,898,417 2 

Refining and marketing

      2,456,822         1,688,709        3,794,223         2,409,410   

Corporate and other

      113,184         56,316        108,041         60,020   
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ 17,336,643         10,475,149        16,408,843         10,367,847   
  

 

 

     

 

 

    

 

 

     

 

 

  

1         Includes mineral rights as follows:

    $ 1,078,770         619,950        779,036         432,051   
  2 

Includes $21,154 in 2011 and $17,067 in 2010 related to administrative assets and support equipment.
Net Changes in Capitalized Exploratory Well Costs

and $369,862,000, respectively. The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2011.

 

(Thousands of dollars)

    2011     2010     2009  

Beginning balance at January 1

    $ 497,765        369,862        310,118   

Additions to capitalized exploratory well costs pending the determination of proved reserves

      86,035        137,403        119,995   

Reclassifications to proved properties based on the determination of proved reserves

      0        0        (60,251 ) 

Capitalized exploratory well costs charged to expense or sold

      (27,388 )      (9,500 )      0   
  

 

 

    

 

 

    

 

 

  

Ending balance at December 31

    $ 556,412        497,765        369,862   
  

 

 

    

 

 

    

 

 

  
Aging of Capitalized Exploratory Well Costs

The following table provides an aging of capitalized exploratory well costs based on the date the drilling was completed and the number of projects for which exploratory well costs has been capitalized since the completion of drilling.

 

     2011     2010     2009  

(Thousands of dollars)

   Amount     No. of
Wells		     No. of
Projects		     Amount     No. of
Wells		     No. of
Projects		     Amount     No. of
Wells		     No. of
Projects		  

Aging of capitalized well costs:

                  

Zero to one year

   $ 69,757        11        5        135,494        15        4      $ 117,618        10        6   

One to two years

     143,611        15        3        115,418        10        4        49,628        4        4   

Two to three years

     101,696        9        2        42,571        3        3        8,870        5        0   

Three years or more

     241,348        33        6        204,282        31        4        193,746        27        4   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  $ 556,412        68        16        497,765        59        15      $ 369,862        46        14