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Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2012
Property, Plant and Equipment
      December 31, 2012     December 31, 2011  

(Thousands of dollars)

    Cost      Net     Cost      Net  

Exploration and production1

    $ 18,408,904         11,294,933 2      14,766,637         8,730,124 2 

Refining and marketing

      2,619,844         1,661,081        2,456,822         1,688,709   

Corporate and other

      121,445         55,592        113,184         56,316   
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ 21,150,193         13,011,606        17,336,643         10,475,149   
  

 

 

     

 

 

    

 

 

     

 

 

  

1         Includes mineral rights as follows:

    $ 1,051,153         556,399        1,078,770         619,950   

2        Includes $26,611 in 2012 and $21,154 in 2011 related to administrative assets and support equipment.

             
Net Changes in Capitalized Exploratory Well Costs

The following table reflects the net changes in capitalized exploratory well costs during the three-year period ended December 31, 2012.

 

(Thousands of dollars)

    2012     2011     2010  

Beginning balance at January 1

    $ 556,412        497,765        369,862   

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

      135,849        86,035        137,403   

Reclassifications to proved properties based on the determination of proved reserves

      (165,377 )      0        0   

Capitalized exploratory well costs charged to expense or sold

      (81,187 )      (27,388 )      (9,500 ) 
  

 

 

    

 

 

    

 

 

  

Ending balance at December 31

    $ 445,697        556,412        497,765   
  

 

 

    

 

 

    

 

 

  
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.

 

     2012     2011     2010  

(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

   $ 59,833        7        2      $ 69,757        11        5      $ 135,494         15        4   

One to two years

     18,335        2        3        143,611        15        3        115,418         10        4   

Two to three years

     83,314        9        4        101,696        9        2        42,571         3        3   

Three years or more

     284,215        26        6        241,348        33        6        204,282         31        4   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

     

 

 

    

 

 

  
  $ 445,697        44        15      $ 556,412        68        16      $ 497,765         59        15