Capitalized Exploratory Well Costs (Tables)

6 Months Ended

Jun. 30, 2015

Capitalized Exploratory Well Costs [Abstract]

Changes in Capitalized Exploratory Well Costs

Changes in capitalized exploratory well costs are as follows and exclude amounts that were capitalized and subsequently expensed in the same period:



(millions)	Six Months Ended June 30, 2015
Capitalized Exploratory Well Costs, Beginning of Period	$	1,337
Additions to Capitalized Exploratory Well Costs Pending Determination of Proved Reserves	134
Reclassified to Proved Oil and Gas Properties Based on Determination of Proved Reserves	(12		)
Capitalized Exploratory Well Costs Charged to Expense ⁽¹⁾	(17		)
Capitalized Exploratory Well Costs, End of Period	$	1,442

⁽¹⁾ Relates primarily to onshore US exploration activity.

Aging of Capitalized Well Costs

The following table provides an aging of capitalized exploratory well costs based on the date that drilling commenced, and the number of projects that have been capitalized for a period greater than one year:



(millions)	June 30, 2015		December 31, 2014
Exploratory Well Costs Capitalized for a Period of One Year or Less	$	262	$	247
Exploratory Well Costs Capitalized for a Period Greater Than One Year Since Commencement of Drilling	1,180		1,090
Balance at End of Period	$	1,442	$	1,337
Number of Projects with Exploratory Well Costs That Have Been Capitalized for a Period Greater Than One Year Since Commencement of Drilling	14		13

Aging of Exploratory Well Costs

The following table includes exploratory well costs that have been capitalized for a period greater than one year since the commencement of drilling as of June 30, 2015:




(millions)	Total by Project		Progress
Country/Project:
Onshore US
Northeast Nevada	$	31	Analyzing results from our first four exploratory vertical wells and evaluating potential for production tests.
Deepwater Gulf of Mexico
Katmai	43		Anticipate drilling an appraisal well in 2016 to test the resource potential of this 2014 crude oil discovery.
Troubadour	48		Evaluating development scenarios for this 2013 natural gas discovery including subsea tieback to existing infrastructure.
Offshore Equatorial Guinea (Blocks O and I)
Diega/Carmen	229		Evaluating regional development scenarios for this 2008 crude oil discovery. We drilled subsequent appraisal wells. During 2014, we conducted additional seismic activity over Blocks O and I and are engaged in processing the newly-acquired seismic data.
Carla	166		Evaluating regional development scenarios for this 2011 crude oil discovery. We drilled subsequent appraisal wells. During 2014, we conducted additional seismic activity over Blocks O and I and are engaged in processing the newly-acquired seismic data.
Felicita	39		Evaluating regional development plans for this 2008 condensate and natural gas discovery. A natural gas development team is working with the governments of Equatorial Guinea and Cameroon to evaluate natural gas monetization options and finalize a data exchange agreement between the two countries.
Yolanda	20		Evaluating regional development plans for this 2007 condensate and natural gas discovery. A natural gas development team is working with the governments of Equatorial Guinea and Cameroon to evaluate natural gas monetization options and finalize a data exchange agreement between the two countries.
Offshore Cameroon
YoYo	48		Working with the government to assess commercialization of this 2007 condensate and natural gas discovery. A natural gas development team is working with the governments of Equatorial Guinea and Cameroon to evaluate natural gas monetization options and finalize a data exchange agreement between the two countries.
Offshore Israel ⁽¹⁾
Leviathan	187		During 2014, we received the Leviathan Development and Production Leases, submitted a development plan to the Israeli government, completed substantial engineering and procurement activities and engaged in natural gas marketing activities.



Leviathan-1 Deep	80		Well did not reach the target interval; developing future drilling plans to test this deep oil concept, which is held by the Leviathan Development and Production Leases. We are working on potential well design and placement.
Dalit	28		Submitted a development plan to the Israeli government to develop this 2009 natural gas discovery as a tie-in to existing infrastructure.
Dolphin 1	25		Reviewing regional development scenarios for this 2011 natural gas discovery, including a potential tieback to Leviathan. We have applied to the Israeli government for a commerciality ruling.
Offshore Cyprus
Cyprus	208		Submitted a Declaration of Commerciality and a Preliminary Development Plan for Block 12 with the government of Cyprus.
Other
Individual Projects Less than $20 million	28		Continuing to drill and evaluate wells.
Total	$	1,180

⁽¹⁾ We are currently working to resolve antitrust and other regulatory matters with the Israeli government to enable Leviathan and other development to move forward. See Note 2. Basis of Presentation – Update on Core Area – Israel.