BUSINESS SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

As of June 30, 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 June 30, 2023	(In millions)
Revenues:
Oil revenues	$	618	$	235	$	473	$	—	$	—	$	1,326
Natural gas revenues	90		39		46		—		—		175
Natural gas liquids revenues	—		4		95		—		—		99
Oil, natural gas, and natural gas liquids production revenues	708		278		614		—		—		1,600
Purchased oil and gas sales	—		—		144		—		—		144
	708		278		758		—		—		1,744
Operating Expenses:
Lease operating expenses	121		99		132		—		—		352
Gathering, processing, and transmission	6		12		57		—		—		75
Purchased oil and gas costs	—		—		131		—		—		131
Taxes other than income	—		—		47		—		—		47
Exploration	30		4		3		—		—		37
Depreciation, depletion, and amortization	126		61		152		—		—		339
Asset retirement obligation accretion	—		19		10		—		—		29
Impairments	—		46		—		—		—		46
	283		241		532		—		—		1,056
Operating Income(2)	$	425	$	37	$	226	$	—	$	—	688
Other Income (Expense):
Gain on divestitures, net											5
Other, net											109
General and administrative											(66)
Transaction, reorganization, and separation											(2)
Financing costs, net											(42)
Income Before Income Taxes											$	692

	Egypt(1)		North Sea		U.S.		Altus Midstream		Intersegment Eliminations & Other		Total(4)
	Upstream
For the Six Months Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	1,247	$	517	$	912	$	—	$	—	$	2,676
Natural gas revenues	183		99		131		—		—		413
Natural gas liquids revenues	—		14		203		—		—		217
Oil, natural gas, and natural gas liquids production revenues	1,430		630		1,246		—		—		3,306
Purchased oil and gas sales	—		—		383		—		—		383
	1,430		630		1,629		—		—		3,689
Operating Expenses:
Lease operating expenses	218		176		272		—		—		666
Gathering, processing, and transmission	13		23		112		—		—		148
Purchased oil and gas costs	—		—		347		—		—		347
Taxes other than income	—		—		97		—		—		97
Exploration	66		9		6		—		—		81
Depreciation, depletion, and amortization	249		119		279		—		—		647
Asset retirement obligation accretion	—		37		20		—		—		57
Impairments	—		46		—		—		—		46
	546		410		1,133		—		—		2,089
Operating Income(2)	$	884	$	220	$	496	$	—	$	—	1,600
Other Income (Expense):
Gain on divestitures, net											6
Other, net											77
General and administrative											(124)
Transaction, reorganization, and separation											(6)
Financing costs, net											(91)
Income Before Income Taxes											$	1,462
Total Assets(3)	$	3,365	$	1,719	$	9,489	$	—	$	(1)	$	14,572

	Egypt(1)		North Sea		U.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 revenues	88		64		281		—		—		433
Natural gas liquids revenues	3		12		214		—		—		229
Oil, natural gas, and natural gas liquids production revenues	993		383		1,149		—		—		2,525
Purchased oil and gas sales	—		—		522		—		—		522
	993		383		1,671		—		—		3,047
Operating Expenses:
Lease operating expenses	131		118		110		—		—		359
Gathering, processing, and transmission	5		12		77		—		—		94
Purchased oil and gas costs	—		—		528		—		—		528
Taxes other than income	—		—		78		—		—		78
Exploration	12		2		1		—		—		15
Depreciation, depletion, and amortization	91		54		133		—		—		278
Asset retirement obligation accretion	—		20		9		—		—		29
	239		206		936		—		—		1,381
Operating Income(2)	$	754	$	177	$	735	$	—	$	—	1,666
Other Income (Expense):
Derivative instrument losses, net											(32)
Loss on divestitures, net											(27)
Other, net											64
General and administrative											(83)
Transaction, reorganization, and separation											(3)
Financing costs, net											(62)
Income Before Income Taxes											$	1,523

	Egypt(1)		North Sea		U.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 revenues	186		163		464		—		—		813
Natural gas liquids revenues	6		28		421		—		(3)		452
Oil, natural gas, and natural gas liquids production revenues	1,884		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 expenses	262		214		228		—		(1)		703
Gathering, processing, and transmission	10		24		154		5		(18)		175
Purchased oil and gas costs	—		—		879		—		—		879
Taxes other than income	—		—		145		3		—		148
Exploration	27		7		5		—		1		40
Depreciation, depletion, and amortization	188		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, net											1,149
Other, net											109
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

(1)    Includes revenue from non-customers for the quarters and six months ended June 30, 2023 and 2022 of:

	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
	(In millions)
Oil	$	165	$	302	$	337	$	552
Natural gas	24		30		50		61
Natural gas liquids	—		1		—		2

(2)Operating income of U.S. and North Sea includes leasehold impairments of $3 million and $3 million, respectively, for the second quarter of 2023.
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 North Sea includes leasehold impairments of $5 million and $6 million, respectively, for the first six months of 2023. Operating income of U.S. and Egypt includes leasehold impairments of $4 million and $2 million, respectively, for the first six months of 2022.

(3)Intercompany balances are excluded from total assets.

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