BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Financial Segment Information

Financial information for each segment is presented below:


	Egypt		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other(1)		Total(2)
	Upstream
For the Quarter Ended March 31, 2021	(In millions)
Revenues:
Oil revenues	$	402	$	241	$	348	$	—	$	—	$	991
Natural gas revenues	70		31		211		—		—		312
Natural gas liquids revenues	2		6		120		—		—		128
Oil, natural gas, and natural gas liquids production revenues	474		278		679		—		—		1,431
Purchased oil and gas sales	—		—		437		3		—		440
Midstream service affiliate revenues	—		—		—		32		(32)		—
	474		278		1,116		35		(32)		1,871
Operating Expenses:
Lease operating expenses	104		75		86		—		(1)		264
Gathering, processing, and transmission	1		12		69		7		(31)		58
Purchased oil and gas costs	—		—		492		2		—		494
Taxes other than income	—		—		40		4		—		44
Exploration	8		20		16		—		2		46
Depreciation, depletion, and amortization	130		84		125		3		—		342
Asset retirement obligation accretion	—		19		8		1		—		28
Impairments	—		—		—		—		—		—
	243		210		836		17		(30)		1,276
Operating Income (Loss)(3)	$	231	$	68	$	280	$	18	$	(2)	595

Other Income (Expense):
Derivative instrument gains, net											158
Gain on divestitures, net											2
Other											61
General and administrative											(83)

Financing costs, net											(107)
Income Before Income Taxes											$	626


































Total Assets(4)	$	3,020	$	2,167	$	6,959	$	1,828	$	1	$	13,975


	Egypt		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other(1)		Total(2)
	Upstream
For the Quarter Ended March 31, 2020	(In millions)
Revenues:
Oil revenues	$	333	$	271	$	428	$	—	$	—	$	1,032
Natural gas revenues	65		19		39		—		—		123
Natural gas liquids revenues	3		7		71		—		—		81
Oil, natural gas, and natural gas liquids production revenues	401		297		538		—		—		1,236
Purchased oil and gas sales	—		—		108		—		—		108
Midstream service affiliate revenues	—		—		—		41		(41)		—
	401		297		646		41		(41)		1,344
Operating Expenses:
Lease operating expenses	112		81		143		—		(1)		335
Gathering, processing, and transmission	10		16		74		11		(40)		71
Purchased oil and gas costs	—		—		86		—		—		86
Taxes other than income	—		—		30		3		—		33
Exploration	18		2		35		—		2		57
Depreciation, depletion, and amortization	161		109		293		3		—		566
Asset retirement obligation accretion	—		18		8		1		—		27
Impairments	509		7		3,956		—		—		4,472
	810		233		4,625		18		(39)		5,647
Operating Income (Loss)(3)	$	(409)	$	64	$	(3,979)	$	23	$	(2)	(4,303)

Other Income (Expense):
Derivative instrument losses, net											(103)
Gain on divestitures											25
Other											13
General and administrative											(68)
Transaction, reorganization, and separation											(27)
Financing costs, net											(103)
Loss Before Income Taxes											$	(4,566)



































Total Assets(4)	$	3,151	$	2,366	$	6,225	$	1,574	$	75	$	13,391

(1)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.

(2)Includes a noncontrolling interest in Egypt and Altus.

(3)The operating income (loss) of U.S. and Egypt includes leasehold and other asset impairments totaling $16 million and $2 million, respectively, for the first quarter of 2021. The operating income (loss) of U.S., Egypt, and North Sea includes leasehold and other asset impairments totaling $4.0 billion, $511 million, and $7 million, respectively, for the first quarter of 2020.

(4)Intercompany balances are excluded from total assets.