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MRO » Topics » 11. Suspended Exploratory Well Costs

This excerpt taken from the MRO 10-Q filed May 9, 2005.

11.  Suspended Exploratory Well Costs

 

The net changes in deferred exploratory well costs were as follows:

 

(In millions)

 

 

 

Balance at December 31, 2004

 

$

339

 

Additions

 

44

 

Dry well expense

 

(3

)

Transfer to proved properties

 

(32

)

Balance at March 31, 2005

 

$

348

 

 

During the first quarter of 2005, there were no impairments of capitalized exploratory well costs that were capitalized for a period of greater than one year after the completion of drilling at December 31, 2004.

 

This excerpt taken from the MRO 10-K filed Mar 10, 2005.

30. Suspended Exploratory Well Costs

      Deferred exploratory well costs were as follows:

(In millions, except number of projects)

   Projects as of
December 31, 2004
   December 31, 2004
   December 31, 2003
   December 31, 2002
Additional wells are underway or firmly planned:                      
  Less than one year since rig release   17   $ 254   $ 146   $ 86
  Greater than one year since rig release   2     55     –       –  
Additional wells are not underway or firmly planned:                      
  Less than one year since rig release   1     23     –       12
  Greater than one year since rig release   –       –       78     9
Drilling and completion costs(a)   44     7     19     29
Discontinued operations   –       –       –       12
   
 
 
 
  Total deferred exploratory well costs   64   $ 339   $ 243   $ 148
Number of projects that have exploratory well costs that have been capitalized for a period greater than one year         2     4     2
(a)
Include costs of single well projects currently drilling and costs for installation of permanent equipment for recently drilled wells.

              Deferred exploratory well costs of $339 million as of December 31, 2004 were incurred during the following years:

(In millions)

   2004
   2003
   2002
   2001
Deferred exploratory well costs   $ 173   $ 63   $ 57   $ 46

              The net changes in deferred exploratory well costs were as follows:

(In millions)

   Balance at
Beginning of
Period
   Additions
   Dry Well
Expense
   Transfer to
Proved
Properties
   Other
   Balance
at End of
Period
Year ended December 31, 2004   $ 243   $ 239   $ (54 ) $ (89 ) $ –     $ 339
Year ended December 31, 2003     148     256     (56 )   (90 )   (15 )(a)   243
Year ended December 31, 2002     161     153     (100 )   (66 )   –       148
(a)
Related to the sale of Marathon's exploration and production operations in Western Canada

EXCERPTS ON THIS PAGE:

10-Q
May 9, 2005
10-K
Mar 10, 2005

RELATED TOPICS for MRO:

"11. Suspended Exploratory Well Costs" elsewhere:

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