BUSINESS SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

As of September 30, 2021, the Company is engaged in exploration and production (Upstream) activities across three operating segments: Egypt, North Sea, and U.S. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The Company’s Midstream business is operated by Altus Midstream Company, which owns, develops, and operates a midstream energy asset network in the Permian Basin of West Texas. Financial information for each segment is presented below:

	Egypt		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other(4)		Total(3)
	Upstream
For the Quarter Ended September 30, 2021	(In millions)
Revenues:
Oil revenues	$	465	$	233	$	484	$	—	$	—	$	1,182
Natural gas revenues	63		42		188		—		—		293
Natural gas liquids revenues	2		6		202		—		—		210
Oil, natural gas, and natural gas liquids production revenues	530		281		874		—		—		1,685
Purchased oil and gas sales	—		—		374		—		—		374
Midstream service affiliate revenues	—		—		—		35		(35)		—
	530		281		1,248		35		(35)		2,059
Operating Expenses:
Lease operating expenses	117		101		98		—		—		316
Gathering, processing, and transmission	4		8		82		9		(35)		68
Purchased oil and gas costs	—		—		396		—		—		396
Taxes other than income	—		—		52		2		—		54
Exploration	14		4		3		—		—		21
Depreciation, depletion, and amortization	128		61		143		3		—		335
Asset retirement obligation accretion	—		20		8		1		—		29
Impairments	—		18		—		—		—		18
	263		212		782		15		(35)		1,237
Operating Income(1)	$	267	$	69	$	466	$	20	$	—	822
Other Income (Expense):
Loss on offshore decommissioning contingency											(446)
Loss on divestitures, net											(2)
Other, net											40
General and administrative											(64)
Transaction, reorganization, and separation											(4)
Financing costs, net											(192)
Income Before Income Taxes											$	154

	Egypt		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other(4)		Total(3)
	Upstream
For the Nine Months Ended September 30, 2021	(In millions)
Revenues:
Oil revenues	$	1,299	$	690	$	1,325	$	—	$	—	$	3,314
Natural gas revenues	198		100		533		—		—		831
Natural gas liquids revenues	6		16		463		—		—		485
Oil, natural gas, and natural gas liquids production revenues	1,503		806		2,321		—		—		4,630
Purchased oil and gas sales	—		—		1,050		6		—		1,056
Midstream service affiliate revenues	—		—		—		99		(99)		—
	1,503		806		3,371		105		(99)		5,686
Operating Expenses:
Lease operating expenses	335		274		283		—		(1)		891
Gathering, processing, and transmission	8		28		225		24		(98)		187
Purchased oil and gas costs	—		—		1,147		5		—		1,152
Taxes other than income	—		—		139		10		—		149
Exploration	36		27		21		—		2		86
Depreciation, depletion, and amortization	395		208		416		9		—		1,028
Asset retirement obligation accretion	—		59		23		3		—		85
Impairments	—		18		—		—		—		18
	774		614		2,254		51		(97)		3,596
Operating Income (Loss)(1)	$	729	$	192	$	1,117	$	54	$	(2)	2,090
Other Income (Expense):
Derivative instrument gains, net											45
Loss on offshore decommissioning contingency											(446)
Gain on divestitures, net											65
Other, net											175
General and administrative											(226)
Transaction, reorganization, and separation											(8)
Financing costs, net											(393)
Income Before Income Taxes											$	1,302
Total Assets(2)	$	2,887	$	2,080	$	7,606	$	1,853	$	—	$	14,426

	Egypt		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(3)
	Upstream
For the Quarter Ended September 30, 2020	(In millions)
Revenues:
Oil revenues	$	303	$	179	$	303	$	—	$	—	$	785
Natural gas revenues	74		13		77		—		—		164
Natural gas liquids revenues	2		5		90		—		—		97
Oil, natural gas, and natural gas liquids production revenues	379		197		470		—		—		1,046
Purchased oil and gas sales	—		—		73		1		—		74
Midstream service affiliate revenues	—		—		—		39		(39)		—
	379		197		543		40		(39)		1,120
Operating Expenses:
Lease operating expenses	102		79		79		—		(1)		259
Gathering, processing, and transmission	8		10		74		9		(38)		63
Purchased oil and gas costs	—		—		74		1		—		75
Taxes other than income	—		—		30		4		—		34
Exploration	10		10		34		—		4		58
Depreciation, depletion, and amortization	144		90		161		3		—		398
Asset retirement obligation accretion	—		18		8		1		—		27
	264		207		460		18		(35)		914
Operating Income (Loss)(1)	$	115	$	(10)	$	83	$	22	$	(4)	206
Other Income (Expense):
Derivative instrument gains, net											16
Loss on divestitures, net											(1)
Other, net											9
General and administrative											(52)
Transaction, reorganization, and separation											(7)
Financing costs, net											(99)
Income Before Income Taxes											$	72

	Egypt		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(3)
	Upstream
For the Nine Months Ended September 30, 2020	(In millions)
Revenues:
Oil revenues	$	823	$	578	$	929	$	—	$	—	$	2,330
Natural gas revenues	209		39		169		—		—		417
Natural gas liquids revenues	6		15		211		—		—		232
Oil, natural gas, and natural gas liquids production revenues	1,038		632		1,309		—		—		2,979
Purchased oil and gas sales	—		—		235		2		—		237
Midstream service affiliate revenues	—		—		—		111		(111)		—
	1,038		632		1,544		113		(111)		3,216
Operating Expenses:
Lease operating expenses	312		234		313		—		(1)		858
Gathering, processing, and transmission	31		37		219		29		(110)		206
Purchased oil and gas costs	—		—		205		2		—		207
Taxes other than income	—		—		79		11		—		90
Exploration	51		26		100		—		10		187
Depreciation, depletion, and amortization	463		278		632		9		—		1,382
Asset retirement obligation accretion	—		54		24		3		—		81
Impairments	529		7		3,956		—		—		4,492
	1,386		636		5,528		54		(101)		7,503
Operating Income (Loss)(1)	$	(348)	$	(4)	$	(3,984)	$	59	$	(10)	(4,287)
Other Income (Expense):
Derivative instrument losses, net											(262)
Gain on divestitures											24
Other, net											41
General and administrative											(214)
Transaction, reorganization, and separation											(44)
Financing costs, net											(168)
Loss Before Income Taxes											$	(4,910)
Total Assets(2)	$	3,052	$	2,238	$	5,708	$	1,741	$	136	$	12,875

(1)    Operating income of U.S., Egypt, and North Sea includes leasehold and other asset impairments of $2 million, $2 million, and $19 million, respectively, for the third quarter of 2021.

Operating income of U.S., Egypt, and North Sea includes leasehold and other asset impairments of $19 million, $6 million, and $19 million, respectively, for the first nine months of 2021.

Operating loss of U.S. and Egypt includes leasehold and other asset impairments of $34 million and $2 million, respectively, for the third quarter of 2020.

Operating loss of U.S., Egypt, and North Sea includes leasehold and other asset impairments of $4.0 billion, $535 million, and $7 million, respectively, for the first nine months of 2020.

(2)    Intercompany balances are excluded from total assets.

(3)    Includes noncontrolling interests in Egypt and Altus.

(4)    On March 1, 2021, the Company sold its Suriname and Dominican Republic operations to APA. Refer to Note 2—Transactions with Parent Affiliate for more details on the transaction.