XML 96 R27.htm IDEA: XBRL DOCUMENT
v3.24.0.1

BUSINESS SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | BUSINESS SEGMENT INFORMATION As of December 31, 2023, the Company’s consolidated subsidiaries are 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. The Company also has active exploration and appraisal operations ongoing in Suriname, as well as interests in Uruguay and other international locations that may, over time, result in reportable discoveries and development opportunities. 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration