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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of the activity of capitalized exploratory well costs for continuing operations
The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:

millions202320222021
Balance — beginning of year$276 $213 $211 
Additions to capitalized exploratory well costs pending the determination of proved reserves
750 323 163 
Reclassifications to property, plant and equipment based on the determination of proved reserves
(314)(183)(67)
Capitalized exploratory well costs charged to expense
(307)(77)(94)
Balance — end of year$405 $276 $213 
Summary of the activity of the asset retirement obligation
The following table summarizes the activity of AROs for the years ended December 31:

millions20232022
Beginning balance$3,805 $4,026 
Liabilities incurred – capitalized to PP&E105 55 
Liabilities settled and paid(295)(342)
Accretion expense211 145 
Acquisitions, divestitures and other, net (15)(54)
Revisions to previous estimates264 (25)
Ending balance (a)
$4,075 $3,805 
(a)The ending balance included $193 million and $169 million related to the current balance of AROs that are presented in accrued liabilities on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.
Schedule of supplemental cash flow information
The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the year ended December 31, 2023, 2022 and 2021, respectively.
millions202320222021
Income tax payments$1,299 $2,184 $763 
Income tax refunds received$18 $89 $70 
Production, property and other tax payments $1,164 $1,093 $790 
Interest paid (a)
$1,099 $1,425 $1,685 
(a)     Net of capitalized interest of $98 million, $69 million and $61 million, for the years 2023, 2022 and 2021, respectively.
Summary of cash equivalents and restricted cash equivalents
The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2023 and 2022:

millions20232022
Cash and cash equivalents$1,426 $984 
Restricted cash and restricted cash equivalents21 26 
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net17 16 
Cash, cash equivalents, restricted cash and restricted cash equivalents$1,464 $1,026