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BUSINESS SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
As of September 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 SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Quarter Ended September 30, 2023
(In millions)
Revenues:
Oil revenues$724 $348 $557 $— $— $1,629 
Natural gas revenues81 66 83 — — 230 
Natural gas liquids revenues— 5 119 — — 124 
Oil, natural gas, and natural gas liquids production revenues805 419 759 — — 1,983 
Purchased oil and gas sales— — 229 — — 229 
805 419 988 — — 2,212 
Operating Expenses:
Lease operating expenses128 102 151 — — 381 
Gathering, processing, and transmission13 15 55 — — 83 
Purchased oil and gas costs— — 211 — — 211 
Taxes other than income— — 56 — — 56 
Exploration25 9 4 — 1 39 
Depreciation, depletion, and amortization129 90 158 — — 377 
Asset retirement obligation accretion— 20 9 — — 29 
295 236 644 — 1 1,176 
Operating Income(2)
$510 $183 $344 $— $(1)1,036 
Other Income (Expense):
Gain on divestitures, net1 
Other, net7 
General and administrative(132)
Transaction, reorganization, and separation(5)
Financing costs, net(40)
Income Before Income Taxes$867 

Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Nine Months Ended September 30, 2023
(In millions)
Revenues:
Oil revenues$1,971 $865 $1,469 $— $— $4,305 
Natural gas revenues264 165 214 — — 643 
Natural gas liquids revenues— 19 322 — — 341 
Oil, natural gas, and natural gas liquids production revenues2,235 1,049 2,005 — — 5,289 
Purchased oil and gas sales— — 612 — — 612 
2,235 1,049 2,617 — — 5,901 
Operating Expenses:
Lease operating expenses346 278 423 — — 1,047 
Gathering, processing, and transmission26 38 167 — — 231 
Purchased oil and gas costs— — 558 — — 558 
Taxes other than income— — 153 — — 153 
Exploration91 18 10 — 1 120 
Depreciation, depletion, and amortization378 209 437 — — 1,024 
Asset retirement obligation accretion— 57 29 — — 86 
Impairments— 46 — — — 46 
841 646 1,777 — 1 3,265 
Operating Income(2)
$1,394 $403 $840 $— $(1)2,636 
Other Income (Expense):
Gain on divestitures, net7 
Other, net84 
General and administrative(256)
Transaction, reorganization, and separation(11)
Financing costs, net(131)
Income Before Income Taxes$2,329 
Total Assets(3)
$3,518 $1,665 $9,616 $— $— $14,799 
Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Quarter Ended September 30, 2022
(In millions)
Revenues:
Oil revenues$739 $303 $565 $— $— $1,607 
Natural gas revenues84 44 285 — — 413 
Natural gas liquids revenues— 5 183 — — 188 
Oil, natural gas, and natural gas liquids production revenues823 352 1,033 — — 2,208 
Purchased oil and gas sales— — 585 — — 585 
823 352 1,618 — — 2,793 
Operating Expenses:
Lease operating expenses119 107 137 — — 363 
Gathering, processing, and transmission5 7 82 — — 94 
Purchased oil and gas costs— — 573 — — 573 
Taxes other than income— — 74 — — 74 
Exploration29 1 16 — — 46 
Depreciation, depletion, and amortization97 52 139 — — 288 
Asset retirement obligation accretion— 21 8 — — 29 
250 188 1,029 — — 1,467 
Operating Income(2)
$573 $164 $589 $— $— 1,326 
Other Income (Expense):
Derivative instrument losses, net(44)
Gain on divestitures, net
31 
Other, net(10)
General and administrative(64)
Transaction, reorganization, and separation(4)
Financing costs, net(55)
Income Before Income Taxes$1,180 

Egypt(1)
North SeaU.S.Altus Midstream
Intersegment
Eliminations
& Other
Total(4)
Upstream
For the Nine Months Ended September 30, 2022
(In millions)
Revenues:
Oil revenues$2,431 $938 $1,818 $— $— $5,187 
Natural gas revenues270 207 749 — — 1,226 
Natural gas liquids revenues6 33 604 — (3)640 
Oil, natural gas, and natural gas liquids production revenues2,707 1,178 3,171 — (3)7,053 
Purchased oil and gas sales— — 1,451 5 — 1,456 
Midstream service affiliate revenues— — — 16 (16)— 
2,707 1,178 4,622 21 (19)8,509 
Operating Expenses:
Lease operating expenses381 321 365 — (1)1,066 
Gathering, processing, and transmission15 31 236 5 (18)269 
Purchased oil and gas costs— — 1,452 — — 1,452 
Taxes other than income— — 219 3 — 222 
Exploration56 8 21 — 1 86 
Depreciation, depletion, and amortization285 168 402 2 — 857 
Asset retirement obligation accretion— 61 25 1 — 87 
737 589 2,720 11 (18)4,039 
Operating Income (Loss)(2)
$1,970 $589 $1,902 $10 $(1)4,470 
Other Income (Expense):
Derivative instrument losses, net(138)
Gain on divestitures, net1,180 
Other, net99 
General and administrative(298)
Transaction, reorganization, and separation(21)
Financing costs, net(257)
Income Before Income Taxes$5,035 
Total Assets(3)
$3,242 $2,185 $8,765 $— $— $14,192 
(1)    Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters and nine months ended September 30, 2023 and 2022 of:
For the Quarter Ended September 30,
For the Nine Months Ended September 30,
 2023202220232022
(In millions)
Oil$202 $227 $539 $779 
Natural gas23 26 73 87 
Natural gas liquids— — — 2 
(2)Operating income of U.S. and North Sea includes leasehold impairments of $2 million and $6 million, respectively, for the third quarter of 2023.
Operating income of U.S. and Egypt includes leasehold impairments of $15 million and $1 million, respectively, for the third quarter of 2022. Operating income of U.S. and North Sea includes leasehold impairments of $7 million and $12 million, respectively, for the first nine months of 2023. Operating income of U.S. and Egypt includes leasehold impairments of $19 million and $3 million, respectively, for the first nine months of 2022.
(3)Intercompany balances are excluded from total assets.
(4)Includes noncontrolling interests of Sinopec, Altus prior to deconsolidation, and APA.