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BUSINESS SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
As of June 30, 2022, the Company is engaged in exploration and production (Upstream) activities across three operating segments: Egypt, North Sea, and the U.S. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Prior to the deconsolidation of Altus on February 22, 2022, the Company’s Midstream business was operated by Altus Midstream Company, which owned, developed, and operated a midstream energy asset network in the Permian Basin of West Texas. Financial information for each segment is presented below:
Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Quarter Ended June 30, 2022
(In millions)
Revenues:
Oil revenues$902 $307 $654 $— $— $1,863 
Natural gas revenues88 64 281 — — 433 
Natural gas liquids revenues3 12 214 — — 229 
Oil, natural gas, and natural gas liquids production revenues993 383 1,149 — — 2,525 
Purchased oil and gas sales— — 522 — — 522 
993 383 1,671 — — 3,047 
Operating Expenses:
Lease operating expenses131 118 110 — — 359 
Gathering, processing, and transmission5 12 77 — — 94 
Purchased oil and gas costs— — 528 — — 528 
Taxes other than income— — 78 — — 78 
Exploration12 2 1 — — 15 
Depreciation, depletion, and amortization91 54 133 — — 278 
Asset retirement obligation accretion— 20 9 — — 29 
239 206 936 — — 1,381 
Operating Income (Loss)(2)
$754 $177 $735 $— $— 1,666 
Other Income (Expense):
Derivative instrument losses, net(32)
Loss on divestitures, net(27)
Other, net64 
General and administrative(83)
Transaction, reorganization, and separation(3)
Financing costs, net(62)
Income Before Income Taxes$1,523 

Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Six Months Ended June 30, 2022
(In millions)
Revenues:
Oil revenues$1,692 $635 $1,253 $— $— $3,580 
Natural gas revenues186 163 464 — — 813 
Natural gas liquids revenues6 28 421 — (3)452 
Oil, natural gas, and natural gas liquids production revenues1,884 826 2,138 — (3)4,845 
Purchased oil and gas sales— — 866 5 — 871 
Midstream service affiliate revenues— — — 16 (16)— 
1,884 826 3,004 21 (19)5,716 
Operating Expenses:
Lease operating expenses262 214 228 — (1)703 
Gathering, processing, and transmission10 24 154 5 (18)175 
Purchased oil and gas costs— — 879 — — 879 
Taxes other than income— — 145 3 — 148 
Exploration27 7 5 — 1 40 
Depreciation, depletion, and amortization188 116 263 2 — 569 
Asset retirement obligation accretion— 40 17 1 — 58 
487 401 1,691 11 (18)2,572 
Operating Income (Loss)(2)
$1,397 $425 $1,313 $10 $(1)3,144 
Other Income (Expense):
Derivative instrument losses, net(94)
Gain on divestitures, net1,149 
Other, net109 
General and administrative(234)
Transaction, reorganization, and separation(17)
Financing costs, net(202)
Income Before Income Taxes$3,855 
Total Assets(3)
$3,107 $2,103 $8,629 $— $— $13,839 
Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Quarter Ended June 30, 2021
(In millions)
Revenues:
Oil revenues$432 $216 $493 $— $— $1,141 
Natural gas revenues65 27 134 — — 226 
Natural gas liquids revenues2 4 141 — — 147 
Oil, natural gas, and natural gas liquids production revenues499 247 768 — — 1,514 
Purchased oil and gas sales— — 239 3 — 242 
Midstream service revenues— — — 32 (32)— 
499 247 1,007 35 (32)1,756 
Operating Expenses:
Lease operating expenses114 98 99 — — 311 
Gathering, processing, and transmission3 8 74 8 (32)61 
Purchased oil and gas costs— — 259 3 — 262 
Taxes other than income— — 47 4 — 51 
Exploration14 3 2 — — 19 
Depreciation, depletion, and amortization137 63 148 3 — 351 
Asset retirement obligation accretion— 20 7 1 — 28 
268 192 636 19 (32)1,083 
Operating Income (Loss)(2)
$231 $55 $371 $16 $— 673 
Other Income (Expense):
Derivative instrument losses, net(113)
Gain on divestitures, net65 
Other, net74 
General and administrative(79)
Transaction, reorganization, and separation(4)
Financing costs, net(94)
Income Before Income Taxes$522 

Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Six Months Ended June 30, 2021
(In millions)
Revenues:
Oil revenues$834 $457 $841 $— $— $2,132 
Natural gas revenues135 58 345 — — 538 
Natural gas liquids revenues4 10 261 — — 275 
Oil, natural gas, and natural gas liquids production revenues973 525 1,447 — — 2,945 
Purchased oil and gas sales— — 676 6 — 682 
Midstream service affiliate revenues— — — 64 (64)— 
973 525 2,123 70 (64)3,627 
Operating Expenses:
Lease operating expenses218 173 185 — (1)575 
Gathering, processing, and transmission4 20 143 15 (63)119 
Purchased oil and gas costs— — 751 5 — 756 
Taxes other than income— — 87 8 — 95 
Exploration22 23 18 — 2 65 
Depreciation, depletion, and amortization267 147 273 6 — 693 
Asset retirement obligation accretion— 39 15 2 — 56 
511 402 1,472 36 (62)2,359 
Operating Income (Loss)(2)
$462 $123 $651 $34 $(2)1,268 
Other Income (Expense):
Derivative instrument gains, net45 
Gain on divestitures, net67 
Other, net135 
General and administrative(162)
Transaction, reorganization, and separation(4)
Financing costs, net(201)
Income Before Income Taxes$1,148 
Total Assets(3)
$3,116 $2,127 $7,305 $1,839 $1 $14,388 
(1)    Includes revenue from non-customers for the quarters and six months ended June 30, 2022 and 2021 of:
For the Quarter Ended June 30,
For the Six Months Ended June 30,
 2022202120222021
(In millions)
Oil$302 $97 $552 $190 
Natural gas30 10 61 22 
Natural gas liquids1 — 2 1 
(2)Operating income of U.S. and Egypt includes leasehold impairments of $1 million and $1 million, respectively, for the second quarter of 2022. Operating income of U.S. and Egypt includes leasehold impairments of $4 million and $2 million, respectively, for the first six months of 2022. Operating income of U.S. and Egypt includes leasehold and other asset impairments of $1 million and $2 million, respectively, for the second quarter of 2021. Operating income of U.S. and Egypt includes leasehold impairments of $17 million and $4 million, respectively, for the first six months of 2021.
(3)Intercompany balances are excluded from total assets.
(4)Includes noncontrolling interests of Sinopec, Altus prior to deconsolidation, and APA.