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BUSINESS SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
As of December 31, 2023, the Company’s consolidated subsidiaries are engaged in exploration and production (Upstream) activities across three operating segments: Egypt, North Sea, and the U.S. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Prior to the deconsolidation of Altus on February 22, 2022, the Company’s Midstream business was operated by ALTM, which owned, developed, and operated a midstream energy asset network in the Permian Basin of West Texas. The Company also has active exploration and appraisal operations ongoing in Suriname, as well as interests in Uruguay and other international locations that may, over time, result in reportable discoveries and development opportunities. Financial information for each segment is presented below:
Egypt(1)
North SeaU.S.Altus MidstreamIntersegment Eliminations & Other
Total(2)
Upstream
 (In millions)
2023
Oil revenues$2,683 $1,073 $2,241 $— $— $5,997 
Natural gas revenues346 237 297 — — 880 
Natural gas liquids revenues— 28 480 — — 508 
Oil, natural gas, and natural gas liquids production revenues3,029 1,338 3,018 — — 7,385 
Purchased oil and gas sales— — 894 — — 894 
3,029 1,338 3,912 — — 8,279 
Operating Expenses:
Lease operating expenses474 369 593 — — 1,436 
Gathering, processing, and transmission33 52 249 — — 334 
Purchased oil and gas costs— — 742 — — 742 
Taxes other than income— — 207 — — 207 
Exploration(4)
119 19 14 — 43 195 
Depreciation, depletion, and amortization524 271 745 — — 1,540 
Asset retirement obligation accretion— 76 40 — — 116 
Impairments— 50 11 — — 61 
1,150 837 2,601 — 43 4,631 
Operating Income (Loss)$1,879 $501 $1,311 $— $(43)3,648 
Other Income (Expense):
Gain on divestitures, net8 
Losses on previously sold Gulf of Mexico properties(212)
Derivative instrument gains, net
99 
Other18 
General and administrative(351)
Transaction, reorganization, and separation(15)
Financing costs, net(312)
Income Before Income Taxes$2,883 
Total Assets(3)
$3,503 $1,970 $9,221 $— $550 $15,244 
Net Property and Equipment$2,209 $1,628 $5,689 $— $512 $10,038 
Additions to Net Property and Equipment$834 $131 $1,255 $— $93 $2,313 
Egypt(1)
North SeaU.S.Altus MidstreamIntersegment Eliminations & Other
Total(2)
Upstream
 (In millions)
2022
Oil revenues$3,145 $1,232 $2,458 $— $— $6,835 
Natural gas revenues370 281 918 — — 1,569 
Natural gas liquids revenues6 45 768 — (3)816 
Oil, natural gas, and natural gas liquids production revenues3,521 1,558 4,144 — (3)9,220 
Purchased oil and gas sales— — 1,850 5 — 1,855 
Midstream service affiliate revenues— — — 16 (16)— 
3,521 1,558 5,994 21 (19)11,075 
Operating Expenses:
Lease operating expenses526 404 515 — (1)1,444 
Gathering, processing, and transmission22 43 315 5 (18)367 
Purchased oil and gas costs— — 1,776 — — 1,776 
Taxes other than income— — 265 3 — 268 
Exploration(4)
84 35 24 — 162 305 
Depreciation, depletion, and amortization400 238 593 2 — 1,233 
Asset retirement obligation accretion— 82 34 1 — 117 
1,032 802 3,522 11 143 5,510 
Operating Income (Loss)$2,489 $756 $2,472 $10 $(162)5,565 
Other Income (Expense):
Gain on divestitures, net1,180 
Losses on previously sold Gulf of Mexico properties(157)
Derivative instrument losses, net
(114)
Other148 
General and administrative(483)
Transaction, reorganization, and separation(26)
Financing costs, net(379)
Income Before Income Taxes$5,734 
Total Assets(3)
$3,148 $1,911 $7,574 $— $514 $13,147 
Net Property and Equipment$1,976 $1,386 $5,226 $— $424 $9,012 
Additions to Net Property and Equipment$695 $210 $1,439 $— $263 $2,607 
Egypt(1)
North SeaU.S.Altus MidstreamIntersegment Eliminations & Other
Total(2)
Upstream
(In millions)
2021
Oil revenues$1,806 $929 $1,850 $— $— $4,585 
Natural gas revenues270 183 754 — — 1,207 
Natural gas liquids revenues9 24 676 — (3)706 
Oil, natural gas, and natural gas liquids production revenues2,085 1,136 3,280 — (3)6,498 
Purchased oil and gas sales— — 1,476 11 — 1,487 
Midstream service affiliate revenues— — — 127 (127)— 
2,085 1,136 4,756 138 (130)7,985 
Operating Expenses:
Lease operating expenses469 383 391 — (2)1,241 
Gathering, processing, and transmission12 39 309 32 (128)264 
Purchased oil and gas costs— — 1,575 5 — 1,580 
Taxes other than income— — 190 14 — 204 
Exploration(4)
63 34 28 — 30 155 
Depreciation, depletion, and amortization524 270 554 12 — 1,360 
Asset retirement obligation accretion— 79 30 4 — 113 
Impairments26 22 — 160 — 208 
1,094 827 3,077 227 (100)5,125 
Operating Income (Loss)$991 $309 $1,679 $(89)$(30)2,860 
Other Income (Expense):
Gain on divestitures, net67 
Losses on previously sold Gulf of Mexico properties(446)
Derivative instrument gains, net
94 
Other228 
General and administrative(376)
Transaction, reorganization, and separation(22)
Financing costs, net(514)
Income Before Income Taxes
$1,891 
Total Assets(3)
$2,796 $2,199 $6,269 $1,698 $341 $13,303 
Net Property and Equipment$1,720 $1,646 $4,507 $187 $275 $8,335 
Additions to Net Property and Equipment$319 $159 $523 $3 $151 $1,155 
(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the years ended December 31, 2023, 2022, and 2021 of:
For the Year Ended December 31,
 202320222021
(In millions)
Oil$729 $989 $420 
Natural gas95 117 47 
Natural gas liquids— 2 2 
(2)Includes a noncontrolling interest in Egypt for all periods presented and a noncontrolling interest in Altus Midstream for the years 2022 and 2021.
(3)Intercompany balances are excluded from total assets.
(4)Exploration expense under Intersegment Eliminations & Other primarily reflects the Company’s Suriname exploration activities.