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SUPPLEMENTAL OIL AND GAS DISCLOSURES (Unaudited) (Tables) | 12 Months Ended
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Dec. 31, 2023
Extractive Industries [Abstract] |
Schedule of Revenue and Direct Cost Information Relating to Company's Oil and Gas Exploration and Production Activities | 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.
Schedule of Costs Incurred in Oil and Gas Property Acquisitions, Exploration and Development Activities | 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. |  |
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.
Schedule of Proved Reserve Data | 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.
Schedule of Unaudited Information of Future Net Cash Flows For Oil and Gas Reserves, Net of Income Tax Expense | 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.
Schedule of Principal Sources of Change In Discounted Future Net Cash Flows | 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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