BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

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 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.