BUSINESS SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

As of March 31, 2023, 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 ALTM, 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 Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream
For the Quarter Ended March 31, 2023	(In millions)
Revenues:
Oil revenues	$	629	$	282	$	439	$	—	$	—	$	1,350
Natural gas revenues	93		60		85		—		—		238
Natural gas liquids revenues	—		10		108		—		—		118
Oil, natural gas, and natural gas liquids production revenues	722		352		632		—		—		1,706
Purchased oil and gas sales	—		—		239		—		—		239
	722		352		871		—		—		1,945
Operating Expenses:
Lease operating expenses	97		77		140		—		—		314
Gathering, processing, and transmission	7		11		55		—		—		73
Purchased oil and gas costs	—		—		216		—		—		216
Taxes other than income	—		—		50		—		—		50
Exploration	36		5		3		—		—		44
Depreciation, depletion, and amortization	123		58		127		—		—		308
Asset retirement obligation accretion	—		18		10		—		—		28
	263		169		601		—		—		1,033
Operating Income(2)	$	459	$	183	$	270	$	—	$	—	912
Other Income (Expense):
Gain on divestitures, net											1
Other, net											(32)
General and administrative											(58)
Transaction, reorganization, and separation											(4)
Financing costs, net											(49)
Income Before Income Taxes											$	770
Total Assets(3)	$	3,334	$	1,836	$	9,089	$	—	$	—	$	14,259

	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 affiliate 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 losses, 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

(1)    Includes revenue from non-customers for the quarters ended March 31, 2023 and 2022 of:

	For the Quarter Ended March 31,
	2023		2022
	(In millions)
Oil	$	172	$	250
Natural gas	26		31
Natural gas liquids	—		1

(2)Operating income of U.S. and North Sea includes leasehold impairments of $2 million and $3 million, respectively, for the first quarter of 2023.

Operating income of U.S. and Egypt includes leasehold impairments of $3 million, and $1 million, respectively, for the first quarter of 2022.

(3)Intercompany balances are excluded from total assets.

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