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SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) | SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) Oil and Gas Operations The following table sets forth revenue and direct cost information relating to the Company’s oil and gas exploration and production activities. The Company has no long-term agreements to purchase oil or gas production from foreign governments or authorities.
|  | United States |  | Egypt(1) |  | North Sea |  | Other International |  | Total(1)
|  | (In millions, except per boe)
2023 |  |  |  |  |  |  |  |  |  |
Oil and gas production revenues |  | $ | 3,018 |  |  | $ | 3,029 |  |  | $ | 1,338 |  |  | $ | — |  |  | $ | 7,385 |
Operating cost: |  |  |  |  |  |  |  |  |  |
Depreciation, depletion, and amortization(2) |  | 709 |  |  | 521 |  |  | 270 |  |  | — |  |  | 1,500 |
Asset retirement obligation accretion |  | 40 |  |  | — |  |  | 76 |  |  | — |  |  | 116 |
Lease operating expenses |  | 593 |  |  | 474 |  |  | 369 |  |  | — |  |  | 1,436 |
Gathering, processing, and transmission |  | 249 |  |  | 33 |  |  | 52 |  |  | — |  |  | 334 |
Exploration expenses |  | 14 |  |  | 119 |  |  | 19 |  |  | 43 |  |  | 195 |
Production taxes(3) |  | 204 |  |  | — |  |  | — |  |  | — |  |  | 204 |
Income tax |  | 254 |  |  | 828 |  |  | 414 |  |  | — |  |  | 1,496 |
|  | 2,063 |  |  | 1,975 |  |  | 1,200 |  |  | 43 |  |  | 5,281 |
Results of operations |  | $ | 955 |  |  | $ | 1,054 |  |  | $ | 138 |  |  | $ | (43) |  |  | $ | 2,104 |
2022 |  |  |  |  |  |  |  |  |  |
Oil and gas production revenues |  | $ | 4,144 |  |  | $ | 3,521 |  |  | $ | 1,558 |  |  | $ | — |  |  | $ | 9,223 |
Operating cost: |  |  |  |  |  |  |  |  |  |
Depreciation, depletion, and amortization(2) |  | 564 |  |  | 390 |  |  | 232 |  |  | — |  |  | 1,186 |
Asset retirement obligation accretion |  | 34 |  |  | — |  |  | 82 |  |  | — |  |  | 116 |
Lease operating expenses |  | 515 |  |  | 526 |  |  | 404 |  |  | — |  |  | 1,445 |
Gathering, processing, and transmission |  | 315 |  |  | 22 |  |  | 43 |  |  | — |  |  | 380 |
Exploration expenses |  | 24 |  |  | 84 |  |  | 35 |  |  | 162 |  |  | 305 |
Production taxes(3) |  | 263 |  |  | — |  |  | — |  |  | — |  |  | 263 |
Income tax |  | 510 |  |  | 1,100 |  |  | 495 |  |  | — |  |  | 2,105 |
|  | 2,225 |  |  | 2,122 |  |  | 1,291 |  |  | 162 |  |  | 5,800 |
Results of operations |  | $ | 1,919 |  |  | $ | 1,399 |  |  | $ | 267 |  |  | $ | (162) |  |  | $ | 3,423 |
2021 |  |  |  |  |  |  |  |  |  |
Oil and gas production revenues |  | $ | 3,280 |  |  | $ | 2,085 |  |  | $ | 1,136 |  |  | $ | — |  |  | $ | 6,501 |
Operating cost: |  |  |  |  |  |  |  |  |  |
Depreciation, depletion, and amortization(2) |  | 511 |  |  | 477 |  |  | 267 |  |  | — |  |  | 1,255 |
Asset retirement obligation accretion |  | 30 |  |  | — |  |  | 79 |  |  | — |  |  | 109 |
Lease operating expenses |  | 391 |  |  | 469 |  |  | 383 |  |  | — |  |  | 1,243 |
Gathering, processing, and transmission |  | 309 |  |  | 12 |  |  | 39 |  |  | — |  |  | 360 |
Exploration expenses |  | 28 |  |  | 63 |  |  | 34 |  |  | 30 |  |  | 155 |
Production taxes(3) |  | 188 |  |  | — |  |  | — |  |  | — |  |  | 188 |
Income tax |  | 383 |  |  | 479 |  |  | 134 |  |  | — |  |  | 996 |
|  | 1,840 |  |  | 1,500 |  |  | 936 |  |  | 30 |  |  | 4,306 |
Results of operations |  | $ | 1,440 |  |  | $ | 585 |  |  | $ | 200 |  |  | $ | (30) |  |  | $ | 2,195 |
(1)Includes a noncontrolling interest in Egypt. (2)Reflects DD&A of capitalized costs of oil and gas properties and, therefore, does not agree with DD&A reflected on Note 17—Business Segment Information. (3)Reflects only amounts directly related to oil and gas producing properties and, therefore, does not agree with taxes other than income reflected on Note 17—Business Segment Information. Costs Incurred in Oil and Gas Property Acquisitions, Exploration, and Development Activities
|  | United States |  | Egypt(2) |  | North Sea |  | Other International |  | Total(2)
|  | (In millions)
2023 |  |  |  |  |  |  |  |  |  |
Acquisitions: |  |  |  |  |  |  |  |  |  |
Proved |  | $ | 1 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Unproved |  | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |
Exploration |  | 31 |  |  | 226 |  |  | 44 |  |  | 131 |  |  | 432 |
Development |  | 1,148 |  |  | 646 |  |  | 468 |  |  | — |  |  | 2,262 |
Costs incurred(1) |  | $ | 1,200 |  |  | $ | 876 |  |  | $ | 512 |  |  | $ | 131 |  |  | $ | 2,719 |
(1) Includes capitalized interest and asset retirement costs: |  |
Capitalized interest |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 24 |  |  | $ | 24 |
Asset retirement costs |  | (4) |  |  | — |  |  | 375 |  |  | — |  |  | 371 |
2022 |  |  |  |  |  |  |  |  |  |
Acquisitions: |  |  |  |  |  |  |  |  |  |
Proved |  | $ | 596 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 599 |
Unproved |  | 66 |  |  | — |  |  | — |  |  | — |  |  | 66 |
Exploration |  | 4 |  |  | 169 |  |  | 61 |  |  | 311 |  |  | 545 |
Development |  | 848 |  |  | 568 |  |  | (57) |  |  | — |  |  | 1,359 |
Costs incurred(1) |  | $ | 1,514 |  |  | $ | 740 |  |  | $ | 4 |  |  | $ | 311 |  |  | $ | 2,569 |
(1) Includes capitalized interest and asset retirement costs: |  |
Capitalized interest |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | 18 |
Asset retirement costs |  | 79 |  |  | — |  |  | (215) |  |  | — |  |  | (136) |
2021 |  |  |  |  |  |  |  |  |  |
Acquisitions: |  |  |  |  |  |  |  |  |  |
Proved |  | $ | — |  |  | $ | (157) |  |  | $ | — |  |  | $ | — |  |  | $ | (157) |
Unproved |  | 9 |  |  | 20 |  |  | — |  |  | — |  |  | 29 |
Exploration |  | 6 |  |  | 86 |  |  | 39 |  |  | 170 |  |  | 301 |
Development |  | 545 |  |  | 404 |  |  | 135 |  |  | 2 |  |  | 1,086 |
Costs incurred(1) |  | $ | 560 |  |  | $ | 353 |  |  | $ | 174 |  |  | $ | 172 |  |  | $ | 1,259 |
(1) Includes capitalized interest, asset retirement costs, and Egypt modernization impacts as follows: |  |
Capitalized interest |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |
Asset retirement costs |  | 130 |  |  | — |  |  | 19 |  |  | — |  |  | 149 |
Egypt PSC modernization impacts – Proved and Unproved |  | — |  |  | (145) |  |  | — |  |  | — |  |  | (145) |
(2) Includes a noncontrolling interest in Egypt. |  |
In 2021, in connection with APA’s agreement to enter into a new merged concession agreement with EGPC, the Company recorded a reduction in proved properties totaling $165 million and an increase in unproved properties of $20 million, reflecting $247 million of incremental value due to the Company for the period between the effective date of April 1, 2021 and closing, partially offset by a $100 million signing bonus and $2 million of other post-closing adjustments. Capitalized Costs The following table sets forth the capitalized costs and associated accumulated depreciation, depletion, and amortization relating to the Company’s oil and gas acquisition, exploration, and development activities:
|  | United States |  | Egypt(1) |  | North Sea |  | Other International |  | Total(1)
|  | (In millions)
2023 |  |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 20,758 |  |  | $ | 13,777 |  |  | $ | 9,472 |  |  | $ | — |  |  | $ | 44,007 |
Unproved properties |  | 267 |  |  | 71 |  |  | 3 |  |  | 512 |  |  | 853 |
|  | 21,025 |  |  | 13,848 |  |  | 9,475 |  |  | 512 |  |  | 44,860 |
Accumulated DD&A |  | (15,587) |  |  | (11,678) |  |  | (7,849) |  |  | — |  |  | (35,114) |
|  | $ | 5,438 |  |  | $ | 2,170 |  |  | $ | 1,626 |  |  | $ | 512 |  |  | $ | 9,746 |
2022 |  |  |  |  |  |  |  |  |  |
Proved properties |  | $ | 19,638 |  |  | $ | 13,014 |  |  | $ | 8,945 |  |  | $ | — |  |  | $ | 41,597 |
Unproved properties |  | 247 |  |  | 77 |  |  | 11 |  |  | 424 |  |  | 759 |
|  | 19,885 |  |  | 13,091 |  |  | 8,956 |  |  | 424 |  |  | 42,356 |
Accumulated DD&A |  | (14,902) |  |  | (11,157) |  |  | (7,573) |  |  | — |  |  | (33,632) |
|  | $ | 4,983 |  |  | $ | 1,934 |  |  | $ | 1,383 |  |  | $ | 424 |  |  | $ | 8,724 |
(1)Includes a noncontrolling interest in Egypt. Oil and Gas Reserve Information Proved oil and gas reserves are those quantities of natural gas, crude oil, condensate, and NGLs, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations. Estimated proved developed oil and gas reserves can be expected to be recovered through existing wells with existing equipment and operating methods. The Company reports all estimated proved reserves held under production-sharing arrangements utilizing the “economic interest” method, which excludes the host country’s share of reserves. Estimated reserves that can be produced economically through application of improved recovery techniques are included in the “proved” classification when successful testing by a pilot project or the operation of an active, improved recovery program using reliable technology establishes the reasonable certainty for the engineering analysis on which the project or program is based. Economically producible means a resource that generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. Reasonable certainty means a high degree of confidence that the quantities will be recovered. Reliable technology is a grouping of one or more technologies (including computational methods) that has been field-tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation. In estimating its proved reserves, the Company uses several different traditional methods that can be classified in three general categories: (1) performance-based methods; (2) volumetric-based methods; and (3) analogy with similar properties. The Company will, at times, utilize additional technical analysis such as computer reservoir models, petrophysical techniques, and proprietary 3-D seismic interpretation methods to provide additional support for more complex reservoirs. Information from this additional analysis is combined with traditional methods outlined above to enhance the certainty of the Company’s reserve estimates. There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production and timing of development expenditures. The reserve data in the following tables only represent estimates and should not be construed as being exact.
|  | Crude Oil and Condensate
|  | United States |  | Egypt(1) |  |  |  | North Sea |  |  |  | Total(1)
|  | (Thousands of barrels)
Proved developed reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 206,936 |  |  | 95,981 |  |  |  |  | 86,566 |  |  |  |  | 389,483 |
December 31, 2021 |  | 180,968 |  |  | 106,646 |  |  |  |  | 77,073 |  |  |  |  | 364,687 |
December 31, 2022 |  | 177,708 |  |  | 108,050 |  |  |  |  | 82,580 |  |  |  |  | 368,338 |
December 31, 2023 |  | 179,542 |  |  | 102,305 |  |  |  |  | 61,076 |  |  |  |  | 342,923 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 25,516 |  |  | 11,228 |  |  |  |  | 7,273 |  |  |  |  | 44,017 |
December 31, 2021 |  | 18,168 |  |  | 11,003 |  |  |  |  | 5,757 |  |  |  |  | 34,928 |
December 31, 2022 |  | 22,239 |  |  | 8,557 |  |  |  |  | 2,873 |  |  |  |  | 33,669 |
December 31, 2023 |  | 30,948 |  |  | 5,254 |  |  |  |  | — |  |  |  |  | 36,202 |
Total proved reserves: |  |  |  |  |  |  |  |  |  |  |  |
Balance December 31, 2020 |  | 232,452 |  |  | 107,209 |  |  |  |  | 93,839 |  |  |  |  | 433,500 |
Extensions, discoveries and other additions |  | 17,869 |  |  | 13,390 |  |  |  |  | 2,288 |  |  |  |  | 33,547 |
Purchases of minerals in-place |  | 126 |  |  | — |  |  |  |  | — |  |  |  |  | 126 |
Revisions of previous estimates |  | (4,479) |  |  | 22,727 |  |  |  |  | (60) |  |  |  |  | 18,188 |
Production |  | (27,450) |  |  | (25,677) |  |  |  |  | (13,237) |  |  |  |  | (66,364) |
Sales of minerals in-place |  | (19,382) |  |  | — |  |  |  |  | — |  |  |  |  | (19,382) |
Balance December 31, 2021 |  | 199,136 |  |  | 117,649 |  |  |  |  | 82,830 |  |  |  |  | 399,615 |
Extensions, discoveries and other additions |  | 9,776 |  |  | 7,580 |  |  |  |  | 2,616 |  |  |  |  | 19,972 |
Purchases of minerals in-place |  | 16,362 |  |  | — |  |  |  |  | — |  |  |  |  | 16,362 |
Revisions of previous estimates |  | 7,793 |  |  | 22,433 |  |  |  |  | 11,898 |  |  |  |  | 42,124 |
Production |  | (25,695) |  |  | (31,055) |  |  |  |  | (11,891) |  |  |  |  | (68,641) |
Sales of minerals in-place |  | (7,425) |  |  | — |  |  |  |  | — |  |  |  |  | (7,425) |
Balance December 31, 2022 |  | 199,947 |  |  | 116,607 |  |  |  |  | 85,453 |  |  |  |  | 402,007 |
Extensions, discoveries and other additions |  | 43,613 |  |  | 12,979 |  |  |  |  | 301 |  |  |  |  | 56,893 |
Purchases of minerals in-place |  | 20 |  |  | — |  |  |  |  | — |  |  |  |  | 20 |
Revisions of previous estimates |  | (3,520) |  |  | 10,505 |  |  |  |  | (12,002) |  |  |  |  | (5,017) |
Production |  | (28,795) |  |  | (32,532) |  |  |  |  | (12,676) |  |  |  |  | (74,003) |
Sales of minerals in-place |  | (775) |  |  | — |  |  |  |  | — |  |  |  |  | (775) |
Balance December 31, 2023 |  | 210,490 |  |  | 107,559 |  |  |  |  | 61,076 |  |  |  |  | 379,125 |
(1)Includes proved reserves of 36 MMbbls, 39 MMbbls, 39 MMbbls, and 36 MMbbls as of December 31, 2023, 2022, 2021, and 2020, respectively, attributable to a noncontrolling interest in Egypt.
|  | Natural Gas Liquids
|  | United States |  | Egypt(1) |  |  |  | North Sea |  |  |  | Total(1)
|  | (Thousands of barrels)
Proved developed reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 150,599 |  |  | 716 |  |  |  |  | 2,053 |  |  |  |  | 153,368 |
December 31, 2021 |  | 164,172 |  |  | 446 |  |  |  |  | 2,059 |  |  |  |  | 166,677 |
December 31, 2022 |  | 158,745 |  |  | — |  |  |  |  | 2,230 |  |  |  |  | 160,975 |
December 31, 2023 |  | 153,486 |  |  | — |  |  |  |  | 1,460 |  |  |  |  | 154,946 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 15,141 |  |  | 126 |  |  |  |  | 320 |  |  |  |  | 15,587 |
December 31, 2021 |  | 16,380 |  |  | 30 |  |  |  |  | 275 |  |  |  |  | 16,685 |
December 31, 2022 |  | 19,004 |  |  | — |  |  |  |  | 76 |  |  |  |  | 19,080 |
December 31, 2023 |  | 18,401 |  |  | — |  |  |  |  | — |  |  |  |  | 18,401 |
Total proved reserves: |  |  |  |  |  |  |  |  |  |  |  |
Balance December 31, 2020 |  | 165,740 |  |  | 842 |  |  |  |  | 2,373 |  |  |  |  | 168,955 |
Extensions, discoveries and other additions |  | 21,055 |  |  | 7 |  |  |  |  | 81 |  |  |  |  | 21,143 |
Purchases of minerals in-place |  | 191 |  |  | — |  |  |  |  | — |  |  |  |  | 191 |
Revisions of previous estimates |  | 22,724 |  |  | (180) |  |  |  |  | 318 |  |  |  |  | 22,862 |
Production |  | (24,175) |  |  | (193) |  |  |  |  | (438) |  |  |  |  | (24,806) |
Sales of minerals in-place |  | (4,983) |  |  | — |  |  |  |  | — |  |  |  |  | (4,983) |
Balance December 31, 2021 |  | 180,552 |  |  | 476 |  |  |  |  | 2,334 |  |  |  |  | 183,362 |
Extensions, discoveries and other additions |  | 5,456 |  |  | — |  |  |  |  | 45 |  |  |  |  | 5,501 |
Purchases of minerals in-place |  | 10,985 |  |  | — |  |  |  |  | — |  |  |  |  | 10,985 |
Revisions of previous estimates |  | 9,991 |  |  | (407) |  |  |  |  | 333 |  |  |  |  | 9,917 |
Production |  | (22,895) |  |  | (69) |  |  |  |  | (406) |  |  |  |  | (23,370) |
Sales of minerals in-place |  | (6,340) |  |  | — |  |  |  |  | — |  |  |  |  | (6,340) |
Balance December 31, 2022 |  | 177,749 |  |  | — |  |  |  |  | 2,306 |  |  |  |  | 180,055 |
Extensions, discoveries and other additions |  | 25,711 |  |  | — |  |  |  |  | 371 |  |  |  |  | 26,082 |
Purchases of minerals in-place |  | 21 |  |  | — |  |  |  |  | — |  |  |  |  | 21 |
Revisions of previous estimates |  | (8,568) |  |  | — |  |  |  |  | (764) |  |  |  |  | (9,332) |
Production |  | (22,993) |  |  | — |  |  |  |  | (453) |  |  |  |  | (23,446) |
Sales of minerals in-place |  | (33) |  |  | — |  |  |  |  | — |  |  |  |  | (33) |
Balance December 31, 2023 |  | 171,887 |  |  | — |  |  |  |  | 1,460 |  |  |  |  | 173,347 |
(1) Includes proved reserves of 159 Mbbls and 281 Mbbls as of December 31, 2021 and 2020, respectively, attributable to a noncontrolling interest in Egypt.
|  | Natural Gas
|  | United States |  | Egypt(1) |  |  |  | North Sea |  |  |  | Total(1)
|  | (Millions of cubic feet)
Proved developed reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 1,052,756 |  |  | 409,035 |  |  |  |  | 68,159 |  |  |  |  | 1,529,950 |
December 31, 2021 |  | 1,237,461 |  |  | 464,826 |  |  |  |  | 76,155 |  |  |  |  | 1,778,442 |
December 31, 2022 |  | 1,166,218 |  |  | 399,502 |  |  |  |  | 66,292 |  |  |  |  | 1,632,012 |
December 31, 2023 |  | 1,003,956 |  |  | 377,144 |  |  |  |  | 46,839 |  |  |  |  | 1,427,939 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 76,504 |  |  | 12,572 |  |  |  |  | 8,341 |  |  |  |  | 97,417 |
December 31, 2021 |  | 184,441 |  |  | 9,899 |  |  |  |  | 7,124 |  |  |  |  | 201,464 |
December 31, 2022 |  | 210,862 |  |  | 1,068 |  |  |  |  | 2,304 |  |  |  |  | 214,234 |
December 31, 2023 |  | 99,495 |  |  | 2,612 |  |  |  |  | — |  |  |  |  | 102,107 |
Total proved reserves: |  |  |  |  |  |  |  |  |  |  |  |
Balance December 31, 2020 |  | 1,129,260 |  |  | 421,607 |  |  |  |  | 76,500 |  |  |  |  | 1,627,367 |
Extensions, discoveries and other additions |  | 227,684 |  |  | 50,209 |  |  |  |  | 3,684 |  |  |  |  | 281,577 |
Purchases of minerals in-place |  | 839 |  |  | — |  |  |  |  | — |  |  |  |  | 839 |
Revisions of previous estimates |  | 279,610 |  |  | 99,143 |  |  |  |  | 17,171 |  |  |  |  | 395,924 |
Production |  | (192,523) |  |  | (96,234) |  |  |  |  | (14,076) |  |  |  |  | (302,833) |
Sales of minerals in-place |  | (22,968) |  |  | — |  |  |  |  | — |  |  |  |  | (22,968) |
Balance December 31, 2021 |  | 1,421,902 |  |  | 474,725 |  |  |  |  | 83,279 |  |  |  |  | 1,979,906 |
Extensions, discoveries and other additions |  | 38,157 |  |  | 10,191 |  |  |  |  | 1,643 |  |  |  |  | 49,991 |
Purchases of minerals in-place |  | 70,584 |  |  | — |  |  |  |  | — |  |  |  |  | 70,584 |
Revisions of previous estimates |  | 92,599 |  |  | 45,725 |  |  |  |  | (3,431) |  |  |  |  | 134,893 |
Production |  | (172,752) |  |  | (130,071) |  |  |  |  | (12,895) |  |  |  |  | (315,718) |
Sales of minerals in-place |  | (73,410) |  |  | — |  |  |  |  | — |  |  |  |  | (73,410) |
Balance December 31, 2022 |  | 1,377,080 |  |  | 400,570 |  |  |  |  | 68,596 |  |  |  |  | 1,846,246 |
Extensions, discoveries and other additions |  | 158,118 |  |  | 14,188 |  |  |  |  | 3,335 |  |  |  |  | 175,641 |
Purchases of minerals in-place |  | 136 |  |  | — |  |  |  |  | — |  |  |  |  | 136 |
Revisions of previous estimates |  | (266,664) |  |  | 83,907 |  |  |  |  | (6,739) |  |  |  |  | (189,496) |
Production |  | (165,083) |  |  | (118,909) |  |  |  |  | (18,353) |  |  |  |  | (302,345) |
Sales of minerals in-place |  | (136) |  |  | — |  |  |  |  | — |  |  |  |  | (136) |
Balance December 31, 2023 |  | 1,103,451 |  |  | 379,756 |  |  |  |  | 46,839 |  |  |  |  | 1,530,046 |
(1) Includes proved reserves of 127 Bcf, 134 Bcf, 158 Bcf, and 141 Bcf as of December 31, 2023, 2022, 2021, and 2020, respectively, attributable to a noncontrolling interest in Egypt.
|  | Total Equivalent Reserves
|  | United States |  | Egypt(1) |  |  |  | North Sea |  |  |  | Total(1)
|  | (Thousands barrels of oil equivalent)
Proved developed reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 532,994 |  |  | 164,870 |  |  |  |  | 99,979 |  |  |  |  | 797,843 |
December 31, 2021 |  | 551,384 |  |  | 184,563 |  |  |  |  | 91,825 |  |  |  |  | 827,772 |
December 31, 2022 |  | 530,823 |  |  | 174,633 |  |  |  |  | 95,859 |  |  |  |  | 801,315 |
December 31, 2023 |  | 500,354 |  |  | 165,162 |  |  |  |  | 70,343 |  |  |  |  | 735,859 |
Proved undeveloped reserves: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  | 53,408 |  |  | 13,449 |  |  |  |  | 8,983 |  |  |  |  | 75,840 |
December 31, 2021 |  | 65,288 |  |  | 12,683 |  |  |  |  | 7,219 |  |  |  |  | 85,190 |
December 31, 2022 |  | 76,386 |  |  | 8,735 |  |  |  |  | 3,333 |  |  |  |  | 88,454 |
December 31, 2023 |  | 65,931 |  |  | 5,690 |  |  |  |  | — |  |  |  |  | 71,621 |
Total proved reserves: |  |  |  |  |  |  |  |  |  |  |  |
Balance December 31, 2020 |  | 586,402 |  |  | 178,319 |  |  |  |  | 108,962 |  |  |  |  | 873,683 |
Extensions, discoveries and other additions |  | 76,871 |  |  | 21,765 |  |  |  |  | 2,983 |  |  |  |  | 101,619 |
Purchases of minerals in-place |  | 457 |  |  | — |  |  |  |  | — |  |  |  |  | 457 |
Revisions of previous estimates |  | 64,847 |  |  | 39,071 |  |  |  |  | 3,120 |  |  |  |  | 107,038 |
Production |  | (83,712) |  |  | (41,909) |  |  |  |  | (16,021) |  |  |  |  | (141,642) |
Sales of minerals in-place |  | (28,193) |  |  | — |  |  |  |  | — |  |  |  |  | (28,193) |
Balance December 31, 2021 |  | 616,672 |  |  | 197,246 |  |  |  |  | 99,044 |  |  |  |  | 912,962 |
Extensions, discoveries and other additions |  | 21,592 |  |  | 9,278 |  |  |  |  | 2,935 |  |  |  |  | 33,805 |
Purchases of minerals in-place |  | 39,110 |  |  | — |  |  |  |  | — |  |  |  |  | 39,110 |
Revisions of previous estimates |  | 33,217 |  |  | 29,647 |  |  |  |  | 11,659 |  |  |  |  | 74,523 |
Production |  | (77,382) |  |  | (52,803) |  |  |  |  | (14,446) |  |  |  |  | (144,631) |
Sales of minerals in-place |  | (26,000) |  |  | — |  |  |  |  | — |  |  |  |  | (26,000) |
Balance December 31, 2022 |  | 607,209 |  |  | 183,368 |  |  |  |  | 99,192 |  |  |  |  | 889,769 |
Extensions, discoveries and other additions |  | 95,677 |  |  | 15,344 |  |  |  |  | 1,228 |  |  |  |  | 112,249 |
Purchases of minerals in-place |  | 64 |  |  | — |  |  |  |  | — |  |  |  |  | 64 |
Revisions of previous estimates |  | (56,532) |  |  | 24,490 |  |  |  |  | (13,889) |  |  |  |  | (45,931) |
Production |  | (79,302) |  |  | (52,350) |  |  |  |  | (16,188) |  |  |  |  | (147,840) |
Sales of minerals in-place |  | (831) |  |  | — |  |  |  |  | — |  |  |  |  | (831) |
Balance December 31, 2023 |  | 566,285 |  |  | 170,852 |  |  |  |  | 70,343 |  |  |  |  | 807,480 |
(1) Includes total proved reserves of 57 MMboe, 61 MMboe, 66 MMboe, and 59 MMboe as of December 31, 2023, 2022, 2021, and 2020, respectively, attributable to a noncontrolling interest in Egypt. During 2023, the Company added approximately 112 MMboe from extensions, discoveries, and other additions. The Company recorded 96 MMboe of exploration and development adds in the U.S., comprising 67 MMboe in the Permian Basin, 27 MMboe in the Delaware Basin, and 2 MMboe in the Texas Gulf Coast. Drilling programs for the Permian and Delaware Basins include the Wolfcamp, Bone Spring and Spraberry with the Austin Chalk as the primary focus for the Texas Gulf Coast. International operations contributed 16 MMboe of exploration and development adds, with Egypt contributing 15 MMboe from onshore exploration and appraisal activity primarily in the Khalda Area and 1 MMboe from the North Sea. The Company had combined downward revisions of previously estimated reserves of 46 MMboe, primarily driven by revisions in the U.S. Downward revisions for price and interest changes accounted for 83 MMboe, offset by engineering and performance upward revisions of 37 MMboe. During 2022, the Company added approximately 34 MMboe from extensions, discoveries, and other additions. The Company recorded 22 MMboe of exploration and development adds in the U.S., comprising 9 MMboe in the Permian Basin, 8 MMboe in the Texas Gulf Coast, and 5 MMboe in the Delaware Basin. Drilling programs for the Permian and Delaware Basins include the Wolfcamp, Bone Spring and Spraberry with the Austin Chalk as the primary focus for the Texas Gulf Coast. International operations contributed 12 MMboe of exploration and development adds, with Egypt contributing 9 MMboe from onshore exploration and appraisal activity primarily in the Khalda Area and 3 MMboe from the North Sea. The Company had combined upward revisions of previously estimated reserves of 75 MMboe. Upward revisions related to miscellaneous changes accounted for 5 MMboe. Engineering and performance upward revisions accounted for 70 MMboe, with Egypt accounting for an increase of 43 MMboe, primarily the result of PSC modernization in Egypt. The North Sea contributed 9 MMboe of upward revisions from well performance and reactivations in both the Beryl and Forties programs. In the United States, the Company experienced positive revisions of 18 MMboe. The Company acquired 39 MMboe of proved reserves during 2022, primarily in the Delaware Basin. The Company also sold 26 MMboe of proved reserves associated with U.S. divestitures, primarily related to Permian Basin assets. During 2021, the Company added approximately 102 MMboe from extensions, discoveries, and other additions. The Company recorded 77 MMboe of exploration and development adds in the U.S., comprising 59 MMboe in the Permian Basin with the remaining 18 MMboe in the Texas Gulf Coast. The Permian Basin drilling programs targeted the Woodford, Barnett, Bone Springs, and Spraberry, while the Texas Gulf Coast focused on the Austin Chalk. International operations contributed 25 MMboe of exploration and development adds, with Egypt contributing 22 MMboe from onshore exploration and appraisal activity primarily in the Khalda Area concession post-PSC modernization. The North Sea contributed 3 MMboe. The Company had combined upward revisions of previously estimated reserves of 107 MMboe. Upward revisions related to changes in product prices accounted for 85 MMboe. Engineering and performance upward revisions accounted for 22 MMboe, with the new merged concession agreement in Egypt resulting in an increase of 57 MMboe, partially offset by other downward revisions of 35 MMboe across all of the Company’s geographic areas of operation. The Company also sold 28 MMboe of proved reserves associated with U.S. divestitures, primarily related to Permian Basin assets. The impact of the consolidated PSC to proved reserves based on the modernized terms was an estimated increase of 53 MMboe and 4 MMboe in developed and undeveloped reserves, respectively, and approximately $750 million in discounted future net cash flows. As of December 31, 2021, approximately 96 percent of the Company’s Egypt reserves were consolidated within the modernized PSC. These estimates include Sinopec’s noncontrolling interest in Egypt. Approximately 10 percent of the Company’s year-end 2023 estimated proved developed reserves are classified as proved not producing. These reserves relate to zones that are either behind pipe, or that have been completed but not yet produced, or zones that have been produced in the past, but are not now producing because of mechanical reasons. These reserves are considered to be a lower tier of reserves than producing reserves because they are frequently based on volumetric calculations rather than performance data. Future production associated with behind pipe reserves is scheduled to follow depletion of the currently producing zones in the same wellbores. Additional capital may have to be spent to access these reserves. The capital and economic impact of production timing are reflected in this Note 18, under “Future Net Cash Flows.” Future Net Cash Flows Future cash inflows as of December 31, 2023, 2022, and 2021 were calculated using an unweighted arithmetic average of oil and gas prices in effect on the first day of each month in the respective year, except where prices are defined by contractual arrangements. Operating costs, production and ad valorem taxes and future development costs are based on current costs with no escalation. Future development costs include abandonment and dismantlement costs. The following table sets forth unaudited information concerning future net cash flows for proved oil and gas reserves, net of income tax expense. Income tax expense has been computed using expected future tax rates and giving effect to tax deductions and credits available, under laws in effect as of December 31, 2023, and which relate to oil and gas producing activities. This information does not purport to present the fair market value of the Company’s oil and gas assets, but does present a standardized disclosure concerning possible future net cash flows that would result under the assumptions used.
|  | United States |  | Egypt(1) |  | North Sea |  | Total(1)
|  | (In millions)
2023 |  |  |  |  |  |  |  |
Cash inflows |  | $ | 21,417 |  |  | $ | 9,921 |  |  | $ | 5,761 |  |  | $ | 37,099 |
Production costs |  | (8,328) |  |  | (1,690) |  |  | (2,773) |  |  | (12,791) |
Development costs |  | (2,238) |  |  | (1,235) |  |  | (2,461) |  |  | (5,934) |
Income tax expense |  | (949) |  |  | (2,222) |  |  | (946) |  |  | (4,117) |
Net cash flows |  | 9,902 |  |  | 4,774 |  |  | (419) |  |  | 14,257 |
10 percent discount rate |  | (3,749) |  |  | (943) |  |  | 476 |  |  | (4,216) |
Discounted future net cash flows(2) |  | $ | 6,153 |  |  | $ | 3,831 |  |  | $ | 57 |  |  | $ | 10,041 |
2022 |  |  |  |  |  |  |  |
Cash inflows |  | $ | 31,577 |  |  | $ | 12,819 |  |  | $ | 10,147 |  |  | $ | 54,543 |
Production costs |  | (10,763) |  |  | (2,086) |  |  | (3,241) |  |  | (16,090) |
Development costs |  | (1,733) |  |  | (1,471) |  |  | (2,297) |  |  | (5,501) |
Income tax expense |  | (1,575) |  |  | (2,729) |  |  | (2,631) |  |  | (6,935) |
Net cash flows |  | 17,506 |  |  | 6,533 |  |  | 1,978 |  |  | 26,017 |
10 percent discount rate |  | (6,811) |  |  | (1,400) |  |  | (204) |  |  | (8,415) |
Discounted future net cash flows(2) |  | $ | 10,695 |  |  | $ | 5,133 |  |  | $ | 1,774 |  |  | $ | 17,602 |
2021 |  |  |  |  |  |  |  |
Cash inflows |  | $ | 22,852 |  |  | $ | 9,337 |  |  | $ | 6,832 |  |  | $ | 39,021 |
Production costs |  | (8,323) |  |  | (1,712) |  |  | (2,343) |  |  | (12,378) |
Development costs |  | (1,632) |  |  | (1,402) |  |  | (2,533) |  |  | (5,567) |
Income tax expense |  | (134) |  |  | (1,887) |  |  | (768) |  |  | (2,789) |
Net cash flows |  | 12,763 |  |  | 4,336 |  |  | 1,188 |  |  | 18,287 |
10 percent discount rate |  | (5,294) |  |  | (983) |  |  | 350 |  |  | (5,927) |
Discounted future net cash flows(2) |  | $ | 7,469 |  |  | $ | 3,353 |  |  | $ | 1,538 |  |  | $ | 12,360 |
(1)Includes discounted future net cash flows of approximately $1.3 billion, $1.7 billion, and $1.1 billion as of December 31, 2023, 2022, and 2021, respectively, attributable to a noncontrolling interest in Egypt. (2)Estimated future net cash flows before income tax expense, discounted at 10 percent per annum, totaled approximately $13.6 billion, $22.6 billion, and $14.9 billion as of December 31, 2023, 2022, and 2021, respectively. The following table sets forth the principal sources of change in the discounted future net cash flows:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Sales, net of production costs |  | $ | (5,408) |  |  | $ | (7,131) |  |  | $ | (4,707) |
Net change in prices and production costs |  | (7,089) |  |  | 8,690 |  |  | 9,376 |
Discoveries and improved recovery, net of related costs |  | 1,869 |  |  | 1,142 |  |  | 1,749 |
Change in future development costs |  | (413) |  |  | (343) |  |  | (839) |
Previously estimated development costs incurred during the period |  | 825 |  |  | 669 |  |  | 545 |
Revision of quantities |  | (262) |  |  | 2,646 |  |  | 1,983 |
Purchases of minerals in-place |  | 1 |  |  | 911 |  |  | 1 |
Accretion of discount |  | 2,260 |  |  | 1,489 |  |  | 626 |
Change in income taxes |  | 1,467 |  |  | (2,467) |  |  | (1,583) |
Sales of minerals in-place |  | (18) |  |  | (363) |  |  | (116) |
Change in production rates and other |  | (793) |  |  | (1) |  |  | 13 |
|  | $ | (7,561) |  |  | $ | 5,242 |  |  | $ | 7,048 |

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