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BUSINESS SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
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(2)
|  | Upstream |  |  |
|  | (In millions)
2023 |  |  |  |  |  |  |  |  |  |  |  |
Oil revenues |  | $ | 2,683 |  |  | $ | 1,073 |  |  | $ | 2,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,997 |
Natural gas revenues |  | 346 |  |  | 237 |  |  | 297 |  |  | — |  |  | — |  |  | 880 |
Natural gas liquids revenues |  | — |  |  | 28 |  |  | 480 |  |  | — |  |  | — |  |  | 508 |
Oil, natural gas, and natural gas liquids production revenues |  | 3,029 |  |  | 1,338 |  |  | 3,018 |  |  | — |  |  | — |  |  | 7,385 |
Purchased oil and gas sales |  | — |  |  | — |  |  | 894 |  |  | — |  |  | — |  |  | 894 |
|  | 3,029 |  |  | 1,338 |  |  | 3,912 |  |  | — |  |  | — |  |  | 8,279 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses |  | 474 |  |  | 369 |  |  | 593 |  |  | — |  |  | — |  |  | 1,436 |
Gathering, processing, and transmission |  | 33 |  |  | 52 |  |  | 249 |  |  | — |  |  | — |  |  | 334 |
Purchased oil and gas costs |  | — |  |  | — |  |  | 742 |  |  | — |  |  | — |  |  | 742 |
Taxes other than income |  | — |  |  | — |  |  | 207 |  |  | — |  |  | — |  |  | 207 |
Exploration(4) |  | 119 |  |  | 19 |  |  | 14 |  |  | — |  |  | 43 |  |  | 195 |
Depreciation, depletion, and amortization |  | 524 |  |  | 271 |  |  | 745 |  |  | — |  |  | — |  |  | 1,540 |
Asset retirement obligation accretion |  | — |  |  | 76 |  |  | 40 |  |  | — |  |  | — |  |  | 116 |
Impairments |  | — |  |  | 50 |  |  | 11 |  |  | — |  |  | — |  |  | 61 |
|  | 1,150 |  |  | 837 |  |  | 2,601 |  |  | — |  |  | 43 |  |  | 4,631 |
Operating Income (Loss) |  | $ | 1,879 |  |  | $ | 501 |  |  | $ | 1,311 |  |  | $ | — |  |  | $ | (43) |  |  | 3,648 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |
Gain on divestitures, net |  |  |  |  |  |  |  |  |  |  |  | 8 |
Losses on previously sold Gulf of Mexico properties |  |  |  |  |  |  |  |  |  |  |  | (212) |
Derivative instrument gains, net |  |  |  |  |  |  |  |  |  |  |  | 99 |
Other |  |  |  |  |  |  |  |  |  |  |  | 18 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (351) |
Transaction, reorganization, and separation |  |  |  |  |  |  |  |  |  |  |  | (15) |
Financing costs, net |  |  |  |  |  |  |  |  |  |  |  | (312) |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  | $ | 2,883 |
Total Assets(3) |  | $ | 3,503 |  |  | $ | 1,970 |  |  | $ | 9,221 |  |  | $ | — |  |  | $ | 550 |  |  | $ | 15,244 |
Net Property and Equipment |  | $ | 2,209 |  |  | $ | 1,628 |  |  | $ | 5,689 |  |  | $ | — |  |  | $ | 512 |  |  | $ | 10,038 |
Additions to Net Property and Equipment |  | $ | 834 |  |  | $ | 131 |  |  | $ | 1,255 |  |  | $ | — |  |  | $ | 93 |  |  | $ | 2,313 |
|  | Egypt(1) |  | North Sea |  | U.S. |  | Altus Midstream |  | Intersegment Eliminations & Other |  | Total(2)
|  | Upstream |  |  |
|  | (In millions)
2022 |  |  |  |  |  |  |  |  |  |  |  |
Oil revenues |  | $ | 3,145 |  |  | $ | 1,232 |  |  | $ | 2,458 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,835 |
Natural gas revenues |  | 370 |  |  | 281 |  |  | 918 |  |  | — |  |  | — |  |  | 1,569 |
Natural gas liquids revenues |  | 6 |  |  | 45 |  |  | 768 |  |  | — |  |  | (3) |  |  | 816 |
Oil, natural gas, and natural gas liquids production revenues |  | 3,521 |  |  | 1,558 |  |  | 4,144 |  |  | — |  |  | (3) |  |  | 9,220 |
Purchased oil and gas sales |  | — |  |  | — |  |  | 1,850 |  |  | 5 |  |  | — |  |  | 1,855 |
Midstream service affiliate revenues |  | — |  |  | — |  |  | — |  |  | 16 |  |  | (16) |  |  | — |
|  | 3,521 |  |  | 1,558 |  |  | 5,994 |  |  | 21 |  |  | (19) |  |  | 11,075 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses |  | 526 |  |  | 404 |  |  | 515 |  |  | — |  |  | (1) |  |  | 1,444 |
Gathering, processing, and transmission |  | 22 |  |  | 43 |  |  | 315 |  |  | 5 |  |  | (18) |  |  | 367 |
Purchased oil and gas costs |  | — |  |  | — |  |  | 1,776 |  |  | — |  |  | — |  |  | 1,776 |
Taxes other than income |  | — |  |  | — |  |  | 265 |  |  | 3 |  |  | — |  |  | 268 |
Exploration(4) |  | 84 |  |  | 35 |  |  | 24 |  |  | — |  |  | 162 |  |  | 305 |
Depreciation, depletion, and amortization |  | 400 |  |  | 238 |  |  | 593 |  |  | 2 |  |  | — |  |  | 1,233 |
Asset retirement obligation accretion |  | — |  |  | 82 |  |  | 34 |  |  | 1 |  |  | — |  |  | 117 |
|  | 1,032 |  |  | 802 |  |  | 3,522 |  |  | 11 |  |  | 143 |  |  | 5,510 |
Operating Income (Loss) |  | $ | 2,489 |  |  | $ | 756 |  |  | $ | 2,472 |  |  | $ | 10 |  |  | $ | (162) |  |  | 5,565 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |
Gain on divestitures, net |  |  |  |  |  |  |  |  |  |  |  | 1,180 |
Losses on previously sold Gulf of Mexico properties |  |  |  |  |  |  |  |  |  |  |  | (157) |
Derivative instrument losses, net |  |  |  |  |  |  |  |  |  |  |  | (114) |
Other |  |  |  |  |  |  |  |  |  |  |  | 148 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (483) |
Transaction, reorganization, and separation |  |  |  |  |  |  |  |  |  |  |  | (26) |
Financing costs, net |  |  |  |  |  |  |  |  |  |  |  | (379) |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  | $ | 5,734 |
Total Assets(3) |  | $ | 3,148 |  |  | $ | 1,911 |  |  | $ | 7,574 |  |  | $ | — |  |  | $ | 514 |  |  | $ | 13,147 |
Net Property and Equipment |  | $ | 1,976 |  |  | $ | 1,386 |  |  | $ | 5,226 |  |  | $ | — |  |  | $ | 424 |  |  | $ | 9,012 |
Additions to Net Property and Equipment |  | $ | 695 |  |  | $ | 210 |  |  | $ | 1,439 |  |  | $ | — |  |  | $ | 263 |  |  | $ | 2,607 |
|  | Egypt(1) |  | North Sea |  | U.S. |  | Altus Midstream |  | Intersegment Eliminations & Other |  | Total(2)
|  | Upstream |  |  |
|  | (In millions)
2021 |  |  |  |  |  |  |  |  |  |  |  |
Oil revenues |  | $ | 1,806 |  |  | $ | 929 |  |  | $ | 1,850 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,585 |
Natural gas revenues |  | 270 |  |  | 183 |  |  | 754 |  |  | — |  |  | — |  |  | 1,207 |
Natural gas liquids revenues |  | 9 |  |  | 24 |  |  | 676 |  |  | — |  |  | (3) |  |  | 706 |
Oil, natural gas, and natural gas liquids production revenues |  | 2,085 |  |  | 1,136 |  |  | 3,280 |  |  | — |  |  | (3) |  |  | 6,498 |
Purchased oil and gas sales |  | — |  |  | — |  |  | 1,476 |  |  | 11 |  |  | — |  |  | 1,487 |
Midstream service affiliate revenues |  | — |  |  | — |  |  | — |  |  | 127 |  |  | (127) |  |  | — |
|  | 2,085 |  |  | 1,136 |  |  | 4,756 |  |  | 138 |  |  | (130) |  |  | 7,985 |
Operating Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses |  | 469 |  |  | 383 |  |  | 391 |  |  | — |  |  | (2) |  |  | 1,241 |
Gathering, processing, and transmission |  | 12 |  |  | 39 |  |  | 309 |  |  | 32 |  |  | (128) |  |  | 264 |
Purchased oil and gas costs |  | — |  |  | — |  |  | 1,575 |  |  | 5 |  |  | — |  |  | 1,580 |
Taxes other than income |  | — |  |  | — |  |  | 190 |  |  | 14 |  |  | — |  |  | 204 |
Exploration(4) |  | 63 |  |  | 34 |  |  | 28 |  |  | — |  |  | 30 |  |  | 155 |
Depreciation, depletion, and amortization |  | 524 |  |  | 270 |  |  | 554 |  |  | 12 |  |  | — |  |  | 1,360 |
Asset retirement obligation accretion |  | — |  |  | 79 |  |  | 30 |  |  | 4 |  |  | — |  |  | 113 |
Impairments |  | 26 |  |  | 22 |  |  | — |  |  | 160 |  |  | — |  |  | 208 |
|  | 1,094 |  |  | 827 |  |  | 3,077 |  |  | 227 |  |  | (100) |  |  | 5,125 |
Operating Income (Loss) |  | $ | 991 |  |  | $ | 309 |  |  | $ | 1,679 |  |  | $ | (89) |  |  | $ | (30) |  |  | 2,860 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |
Gain on divestitures, net |  |  |  |  |  |  |  |  |  |  |  | 67 |
Losses on previously sold Gulf of Mexico properties |  |  |  |  |  |  |  |  |  |  |  | (446) |
Derivative instrument gains, net |  |  |  |  |  |  |  |  |  |  |  | 94 |
Other |  |  |  |  |  |  |  |  |  |  |  | 228 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  | (376) |
Transaction, reorganization, and separation |  |  |  |  |  |  |  |  |  |  |  | (22) |
Financing costs, net |  |  |  |  |  |  |  |  |  |  |  | (514) |
Income Before Income Taxes |  |  |  |  |  |  |  |  |  |  |  | $ | 1,891 |
Total Assets(3) |  | $ | 2,796 |  |  | $ | 2,199 |  |  | $ | 6,269 |  |  | $ | 1,698 |  |  | $ | 341 |  |  | $ | 13,303 |
Net Property and Equipment |  | $ | 1,720 |  |  | $ | 1,646 |  |  | $ | 4,507 |  |  | $ | 187 |  |  | $ | 275 |  |  | $ | 8,335 |
Additions to Net Property and Equipment |  | $ | 319 |  |  | $ | 159 |  |  | $ | 523 |  |  | $ | 3 |  |  | $ | 151 |  |  | $ | 1,155 |
(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the years ended December 31, 2023, 2022, and 2021 of:
|  | For the Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Oil |  | $ | 729 |  |  | $ | 989 |  |  | $ | 420 |
Natural gas |  | 95 |  |  | 117 |  |  | 47 |
Natural gas liquids |  | — |  |  | 2 |  |  | 2 |
(2)Includes a noncontrolling interest in Egypt for all periods presented and a noncontrolling interest in Altus Midstream for the years 2022 and 2021. (3)Intercompany balances are excluded from total assets. (4)Exploration expense under Intersegment Eliminations & Other primarily reflects the Company’s Suriname exploration activities.

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