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SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited) SUPPLEMENTAL QUARTERLY FINANCIAL DATA (Unaudited)
The following table summarizes quarterly financial data for 2019 and 2018:
 
 
First
 
Second
 
Third
 
Fourth
 
 
(In millions, except per share amounts)
2019
 
 
 
 
 
 
 
 
Oil and gas production revenues
 
$
1,654

 
$
1,598

 
$
1,438

 
$
1,625

Operating income (loss)(1)
 
408

 
124

 
175

 
(2,893
)
Net income (loss) before income taxes
 
165

 
(152
)
 
14

 
(3,035
)
Net loss including noncontrolling interests
 
(2
)
 
(316
)
 
(117
)
 
(3,247
)
Net loss attributable to common stock
 
(47
)
 
(360
)
 
(170
)
 
(2,976
)
Net loss per common share(2):
 
 
 
 
 
 
 
 
Basic
 
$
(0.12
)
 
$
(0.96
)
 
$
(0.45
)
 
$
(7.89
)
Diluted
 
$
(0.12
)
 
$
(0.96
)
 
$
(0.45
)
 
$
(7.89
)
2018
 
 
 
 
 
 
 
 
Oil and gas production revenues
 
$
1,733

 
$
1,936

 
$
1,976

 
$
1,703

Operating income (loss)(1)
 
587

 
738

 
698

 
(204
)
Net income (loss) before income taxes
 
388

 
508

 
406

 
(344
)
Net income (loss) including noncontrolling interests
 
206

 
269

 
161

 
(350
)
Net income (loss) attributable to common stock
 
145

 
195

 
81

 
(381
)
Net income (loss) per common share(2):
 
 
 
 
 
 
 
 
Basic
 
$
0.38

 
$
0.51

 
$
0.21

 
$
(1.00
)
Diluted
 
$
0.38

 
$
0.51

 
$
0.21

 
$
(1.00
)
(1)
Operating expenses for 2019 include asset and leasehold impairments totaling $23 million, $279 million, $21 million, and $3.2 billion in the first, second, third, and fourth quarters of 2019, respectively. Operating expenses for 2018 include asset and leasehold impairments totaling $16 million, $21 million, $49 million, and $639 million in the first, second, third, and fourth quarters of 2018, respectively.
(2)
The sum of the individual quarterly net income (loss) per common share amounts may not agree with full-year net income (loss) per common share as each quarterly computation is based on the weighted-average number of common shares outstanding during that period.