BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Segment Information

Financial information for each segment is presented below:

	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream
For the Quarter Ended March 31, 2022	(In millions)
Revenues:
Oil revenues	$	790	$	328	$	599	$	—	$	—	$	1,717
Natural gas revenues	98		99		183		—		—		380
Natural gas liquids revenues	3		16		207		—		(3)		223
Oil, natural gas, and natural gas liquids production revenues	891		443		989		—		(3)		2,320
Purchased oil and gas sales	—		—		344		5		—		349
Midstream service revenues	—		—		—		16		(16)		—
	891		443		1,333		21		(19)		2,669
Operating Expenses:
Lease operating expenses	131		96		118		—		(1)		344
Gathering, processing, and transmission	5		12		77		5		(18)		81
Purchased oil and gas costs	—		—		351		—		—		351
Taxes other than income	—		—		67		3		—		70
Exploration	15		5		4		—		1		25
Depreciation, depletion, and amortization	97		62		130		2		—		291
Asset retirement obligation accretion	—		20		8		1		—		29
	248		195		755		11		(18)		1,191
Operating Income (Loss)(2)	$	643	$	248	$	578	$	10	$	(1)	1,478
Other Income (Expense):
Derivative instrument loss, net											(62)
Gain on divestitures, net											1,176
Other, net											45
General and administrative											(151)
Transaction, reorganization, and separation											(14)
Financing costs, net											(140)
Income Before Income Taxes											$	2,332
Total Assets(3)	$	2,966	$	2,169	$	8,359	$	—	$	—	$	13,494

	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	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 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
	243		210		836		17		(30)		1,276
Operating Income (Loss)(2)	$	231	$	68	$	280	$	18	$	(2)	$	595
Other Income (Expense):
Derivative instrument gains, net											158
Gain on divestitures, net											2
Other, net											61
General and administrative											(83)
Financing costs, net											(107)
Income Before Income Taxes											$	626
Total Assets(3)	$	3,020	$	2,167	$	6,959	$	1,828	$	1	$	13,975

(1)    Includes revenue from non-customers for the quarters ended March 31, 2022 and 2021 of:

	For the Quarter Ended March 31,
	2022		2021
	(In millions)
Oil	$	250	$	93
Natural gas	31		12
Natural gas liquids	1		1

(2)Operating income of U.S. and Egypt includes leasehold impairments of $3 million and $1 million, respectively, for the first quarter of 2022. Operating income of U.S. and Egypt includes leasehold and other asset impairments of $16 million and $2 million, respectively, for the first quarter of 2021.

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests of Sinopec, Altus, and APA.