BUSINESS SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

As of March 31, 2024, the Company is engaged in exploration and production (Upstream) activities across three operating segments: the U.S., Egypt, and North Sea. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Financial information for each segment is presented below:

	U.S.		Egypt(1)		North Sea		Total(4)
For the Quarter Ended March 31, 2024	(In millions)
Revenues:
Oil revenues	$	505	$	657	$	187	$	1,349
Natural gas revenues	51		77		42		170
Natural gas liquids revenues	108		—		9		117
Oil, natural gas, and natural gas liquids production revenues	664		734		238		1,636
Purchased oil and gas sales	203		—		—		203
	867		734		238		1,839
Operating Expenses:
Lease operating expenses	128		120		78		326
Gathering, processing, and transmission	56		6		14		76
Purchased oil and gas costs	163		—		—		163
Taxes other than income	50		—		—		50
Exploration	11		31		—		42
Depreciation, depletion, and amortization	157		145		71		373
Asset retirement obligation accretion	15		—		25		40
	580		302		188		1,070
Operating Income(2)	$	287	$	432	$	50	769
Other Income (Expense):
Loss on previously sold Gulf of Mexico properties							(66)
Gain on divestitures, net							7
Other, net							15
General and administrative							(83)
Transaction, reorganization, and separation							(9)
Financing costs, net							(33)
Income Before Income Taxes							$	600
Total Assets(3)	$	11,183	$	3,651	$	1,897	$	16,731

	U.S.		Egypt(1)		North Sea		Total(4)
For the Quarter Ended March 31, 2023	(In millions)
Revenues:
Oil revenues	$	439	$	629	$	282	$	1,350
Natural gas revenues	85		93		60		238
Natural gas liquids revenues	108		—		10		118
Oil, natural gas, and natural gas liquids production revenues	632		722		352		1,706
Purchased oil and gas sales	239		—		—		239
	871		722		352		1,945
Operating Expenses:
Lease operating expenses	140		97		77		314
Gathering, processing, and transmission	55		7		11		73
Purchased oil and gas costs	216		—		—		216
Taxes other than income	50		—		—		50
Exploration	3		36		5		44
Depreciation, depletion, and amortization	127		123		58		308
Asset retirement obligation accretion	10		—		18		28
	601		263		169		1,033
Operating Income(2)	$	270	$	459	$	183	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)	$	9,089	$	3,334	$	1,836	$	14,259

(1)    Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters ended March 31, 2024 and 2023 of:

	For the Quarter Ended March 31,
	2024		2023
	(In millions)
Oil	$	174	$	172
Natural gas	21		26

(2)Operating income of U.S. includes leasehold impairments of $10 million for the first quarter of 2024.
Operating income of U.S. and North Sea includes leasehold impairments of $2 million and $3 million, respectively, for the first quarter of 2023.

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests of Sinopec and APA.