v3.25.4
Suspended Wells and Exploration Expenses
 12 Months Ended
Dec. 31, 2025
Extractive Industries [Abstract]  
Suspended Wells and Exploration Expenses
Note 5—Suspended Wells and Exploration Expenses
The following table reflects the net changes in suspended exploratory well costs during 2025, 2024 and 2023:

Millions of Dollars
202520242023
Beginning balance$196 184 527 
Additions pending the determination of proved reserves113 32 — 
Reclassifications to proved properties— (2)(285)
Sales of suspended wells(30)— — 
Charged to dry hole expense(36)(18)(58)
Ending balance$243 196 184 
The following table provides an aging of suspended well balances at December 31:
Millions of Dollars
202520242023
Exploratory well costs capitalized for a period of one year or less$110 33 — 
Exploratory well costs capitalized for a period greater than one year133 163 184 
Ending balance$243 196 184 
Number of projects with exploratory well costs capitalized for a period greater than one year13 13 14 
The following table provides a further aging of those exploratory well costs that have been capitalized for more than one year since the completion of drilling as of December 31, 2025:
Millions of Dollars
Suspended Since
Total2021-20242018-20202017 and Prior
PL891—Norway(1)
31 — 31 — 
West Willow—Alaska(2)
30 — 30 — 
Narwhal Trend—Alaska(1)
25 — 25 — 
Montney—Canada(2)
15 7 8 — 
Other of $10 million or less each(1)(2)
32 4 — 28 
Total$133 11 94 28 
(1)Appraisal drilling complete; costs being incurred to assess development.
(2)Additional appraisal wells planned.
Exploration Expenses
The charges discussed below are included in the “Exploration expenses” line on our consolidated income statement.

2025
We divested certain Lower 48 offshore interests in partner-operated assets, which included $30 million of suspended wells costs.

We recognized dry hole expenses of $80 million in our Asia Pacific segment, which included $36 million related to certain previously suspended wells that were capitalized for a period greater than one year.

2024
In our Europe, Middle East and North Africa segment, we recorded approximately $40 million before-tax as dry hole expenses, which included $22 million for two partner-operated exploration wells in the Alvheim area in the Norwegian sector of the North Sea, and $18 million for the Busta suspended discovery well on license PL782S in the North Sea.

2023
In our Europe, Middle East and North Africa segment, after further evaluation we recognized a before-tax expense of $37 million for dry hole costs associated with the suspended Warka discovery well, drilled in 2020, on license PL1009 in the Norwegian Sea.

In our Alaska segment, we recorded a before-tax expense of approximately $31 million for dry hole costs associated with the Bear-1 exploration well.