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BUSINESS SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule of Financial Segment Information Financial information for each segment is presented below:
 
 
Egypt(1)
 
North Sea
 
U.S.
 
Altus
 
Intersegment Eliminations & Other
 
Total(2)
 
 
Upstream
 
Midstream
 
 
 
 
(In millions)
For the Quarter Ended September 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
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)(3)
 
$
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(1)
 
North Sea
 
U.S.
 
Altus
 
Intersegment Eliminations & Other
 
Total(2)
 
 
Upstream
 
Midstream
 
 
 
 
(In millions)
For the Nine Months Ended September 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
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)(3)
 
$
(348
)
 
$
(4
)
 
$
(3,984
)
 
$
59

 
$
(10
)
 
(4,287
)
Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instrument losses, net
 
 
 
 
 
 
 
 
 
 
 
(262
)
Gain on divestitures
 
 
 
 
 
 
 
 
 
 
 
24

Other
 
 
 
 
 
 
 
 
 
 
 
41

General and administrative
 
 
 
 
 
 
 
 
 
 
 
(214
)
Transaction, reorganization, and separation
 
 
 
 
 
 
 
 
 
 
 
(44
)
Financing costs, net
 
 
 
 
 
 
 
 
 
 
 
(168
)
Loss Before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
$
(4,910
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets(4)
 
$
3,052

 
$
2,238

 
$
5,708

 
$
1,741

 
$
136

 
$
12,875

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Egypt(1)
 
North Sea
 
U.S.
 
Altus
 
Intersegment Eliminations & Other
 
Total(2)
 
 
Upstream
 
Midstream
 
 
 
 
(In millions)
For the Quarter Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Oil revenues
 
$
472

 
$
231

 
$
504

 
$
—

 
$
—

 
$
1,207

Natural gas revenues
 
72

 
14

 
50

 
—

 
—

 
136

Natural gas liquids revenues
 
2

 
5

 
88

 
—

 
—

 
95

Oil, natural gas, and natural gas liquids production revenues
 
546

 
250

 
642

 
—

 
—

 
1,438

Purchased oil and gas sales
 
—

 
—

 
30

 
—

 
—

 
30

Midstream service affiliate revenues
 
—

 
—

 
—

 
34

 
(34
)
 
—

 
 
546

 
250

 
672

 
34

 
(34
)
 
1,468

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Lease operating expenses
 
115

 
76

 
159

 
—

 
—

 
350

Gathering, processing, and transmission
 
9

 
9

 
69

 
13

 
(34
)
 
66

Purchased oil and gas costs
 
—

 
—

 
23

 
—

 
—

 
23

Taxes other than income
 
—

 
—

 
41

 
3

 
—

 
44

Exploration
 
27

 
—

 
25

 
—

 
4

 
56

Depreciation, depletion, and amortization
 
177

 
71

 
452

 
11

 
—

 
711

Asset retirement obligation accretion
 
—

 
19

 
8

 
—

 
—

 
27

Impairments
 
—

 
—

 
—

 
9

 
—

 
9

 
 
328

 
175

 
777

 
36

 
(30
)
 
1,286

Operating Income (Loss)(3)
 
$
218

 
$
75

 
$
(105
)
 
$
(2
)
 
$
(4
)
 
182

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instrument losses, net
 
 
 
 
 
 
 
 
 
 
 
(2
)
Other
 
 
 
 
 
 
 
 
 
 
 
34

General and administrative
 
 
 
 
 
 
 
 
 
 
 
(98
)
Transaction, reorganization, and separation
 
 
 
 
 
 
 
 
 
 
 
(7
)
Financing costs, net
 
 
 
 
 
 
 
 
 
 
 
(95
)
Income Before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
$
14

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Egypt(1)
 
North Sea
 
U.S.
 
Altus
 
Intersegment Eliminations & Other
 
Total(2)
 
 
Upstream
 
Midstream
 
 
 
 
(In millions)
For the Nine Months Ended September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Oil revenues
 
$
1,509

 
$
868

 
$
1,537

 
$
—

 
$
—

 
$
3,914

Natural gas revenues
 
223

 
64

 
203

 
—

 
—

 
490

Natural gas liquids revenues
 
9

 
16

 
261

 
—

 
—

 
286

Oil, natural gas, and natural gas liquids production revenues
 
1,741

 
948

 
2,001

 
—

 
—

 
4,690

Purchased oil and gas sales
 
—

 
—

 
72

 
—

 
—

 
72

Midstream service affiliate revenues
 
—

 
—

 
—

 
92

 
(92
)
 
—

 
 
1,741

 
948

 
2,073

 
92

 
(92
)
 
4,762

Operating Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Lease operating expenses
 
365

 
240

 
501

 
—

 
(2
)
 
1,104

Gathering, processing, and transmission
 
31

 
32

 
214

 
43

 
(90
)
 
230

Purchased oil and gas costs
 
—

 
—

 
60

 
—

 
—

 
60

Taxes other than income
 
—

 
—

 
131

 
10

 
—

 
141

Exploration
 
89

 
2

 
117

 
—

 
12

 
220

Depreciation, depletion, and amortization
 
538

 
269

 
1,125

 
27

 
—

 
1,959

Asset retirement obligation accretion
 
—

 
56

 
23

 
1

 
—

 
80

Impairments
 
—

 
—

 
240

 
9

 
—

 
249

 
 
1,023

 
599

 
2,411

 
90

 
(80
)
 
4,043

Operating Income (Loss)(3)
 
$
718

 
$
349

 
$
(338
)
 
$
2

 
$
(12
)
 
719

Other Income (Expense):
 
 
 
 
 
 
 
 
 
 
 
 
Derivative instrument losses, net
 
 
 
 
 
 
 
 
 
 
 
(40
)
Gain on divestitures, net
 
 
 
 
 
 
 
 
 
 
 
20

Other, net
 
 
 
 
 
 
 
 
 
 
 
33

General and administrative
 
 
 
 
 
 
 
 
 
 
 
(323
)
Transaction, reorganization, and separation
 
 
 
 
 
 
 
 
 
 
 
(17
)
Financing costs, net
 
 
 
 
 
 
 
 
 
 
 
(365
)
Income Before Income Taxes
 
 
 
 
 
 
 
 
 
 
 
$
27

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets(4)
 
$
3,851

 
$
2,529

 
$
12,289

 
$
2,648

 
$
88

 
$
21,405

 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes revenue from non-customers of:
 
 
For the Quarter Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(In millions)
Oil
 
$
38

 
$
98

 
$
65

 
$
316

Natural gas
 
6

 
9

 
9

 
30

Natural gas liquids
 
—

 
—

 
—

 
1

(2)
Includes a noncontrolling interest in Egypt and Altus.
(3)
The operating income of U.S. and Egypt includes leasehold and other asset impairments totaling $34 million and $2 million, respectively, for the third quarter of 2020. The operating loss of U.S., Egypt, and North Sea includes leasehold and other asset impairments totaling $4.0 billion, $535 million, and $7 million, respectively, for the first nine months of 2020. The operating income (loss) of U.S., Altus Midstream, and Egypt includes leasehold and other asset impairments totaling $10 million, $9 million and $2 million, respectively, for the third quarter of 2019. The operating income (loss) of U.S., Altus Midstream, and Egypt includes leasehold and other asset impairments totaling $308 million, $9 million, and $6 million, respectively, for the first nine months of 2019.
(4)
Intercompany balances are excluded from total assets.