v3.22.0.1
Non-Mineral Lease (Tables)
 12 Months Ended
Dec. 31, 2021
Non-Mineral Leases [Abstract]  
Right-of-Use Assets and Lease Liabilities
Millions of Dollars
2021
2020
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Right-of-Use Assets
Properties, plants and equipment
Gross
$
1,812
1,375
Accumulated DD&A
(857)
(721)
Net PP&E
*
955
654
Prepaid expenses and other current
 
assets
$
16
2
Other assets
649
783
Lease Liabilities
Short-term debt
**
$
280
168
Other accruals
188
226
Long-term debt
***
981
723
Other liabilities and deferred credits
479
559
Total
 
lease liabilities
$
667
1,261
785
891
*
 
Includes proportionately consolidated finance lease assets of $
208
 
million at December 31, 2021 and $
258
 
million at December 31, 2020.
 
 
**
 
Includes proportionately consolidated finance lease liabilities of $
154
 
million at December 31, 2021 and $
97
 
million at December 31, 2020.
***
 
Includes proportionately consolidated finance lease liabilities of $
462
 
million at December 31, 2021 and $
522
 
million at December 31,
2020.
Lease Cost
The following table summarizes our
 
lease costs:
Millions of Dollars
2021
2020
2019
Lease Cost
*
Operating lease cost
$
278
321
341
Finance lease cost
Amortization of right-of-use assets
148
163
99
Interest on lease liabilities
27
34
37
Short-term lease cost
**
21
42
77
Total
 
lease cost
***
$
474
560
554
*
 
The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas
coventurers.
**
 
Short-term leases are not recorded on our consolidated balance sheet.
*** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above
Lease Term and Discount Rate
The following table summarizes the
 
lease terms and discount rates
 
as of December 31:
2021
2020
Lease Term
 
and Discount Rate
Weighted-average
 
term (years)
Operating leases
5.97
6.11
Finance leases
7.49
7.12
Weighted-average
 
discount rate (percent)
Operating leases
2.66
2.78
Finance leases
3.24
4.27
Other Information
The following table summarizes other
 
lease information:
Millions of Dollars
2021
2020
2019
Other Information
*
Cash paid for amounts included in the measurement
 
of lease liabilities
Operating cash flows from operating
 
leases
$
204
232
203
Operating cash flows from finance
 
leases
6
11
27
Financing cash flows from finance leases
73
255
81
Right-of-use assets obtained
 
in exchange for operating
 
lease liabilities
$
174
250
499
Right-of-use assets obtained
 
in exchange for finance lease liabilities
447
426
26
*The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers.
 
In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its
intended use are reported in the "Cash Flows From Investing Activities" section of our consolidated statement of cash flows.
Maturity of Lease Liabilities
The following table summarizes future
 
lease payments for operating
 
and finance leases at December 31, 2021:
Millions of Dollars
Operating
Leases
Finance
 
Leases
Maturity of Lease Liabilities
2022
$
195
341
2023
143
199
2024
114
166
2025
68
143
2026
50
139
Remaining years
159
462
Total
*
729
1,450
Less: portion representing imputed
 
interest
(62)
(189)
Total
 
lease liabilities
$
667
1,261
*Future lease payments for operating and finance leases commencing on or after January 1, 2019, also include payments related to non-lease
components in accordance with our election to adopt the optional practical expedient not to separate lease components apart from non-lease
components for accounting purposes.
 
In addition, future payments related to operating and finance leases proportionately consolidated by the
company have been included in the table on a proportionate basis consistent with our respective ownership interest in the underlying investee
company or oil and gas venture.