Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

    We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered.

•United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States

•International (“Int’l”) – produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”)

    Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, goodwill and equity method investments, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments.

	Three Months Ended March 31, 2022
(In millions)	U.S.		Int’l		Not Allocated to Segments			Total
Revenues from contracts with customers	$	1,714	$	47	$	—		$	1,761
Net gain (loss) on commodity derivatives	(29)		—		(114)		(b)	(143)
Income (loss) from equity method investments	—		127		—			127
Other income	4		2		2			8
Less costs and expenses:
Production	141		11		—			152
Shipping, handling and other operating	150		9		26			185
Exploration	11		—		—			11
Depreciation, depletion and amortization	404		15		4			423
Taxes other than income	99		—		5			104
General and administrative	30		3		40			73
Net interest and other	—		—		22		(c)	22
Other net periodic benefit costs	—		—		(4)			(4)
Income tax provision (benefit)	193		23		(733)		(d)	(517)
Segment income	$	661	$	115	$	528		$	1,304
Total assets	$	15,684	$	1,102	$	1,195		$	17,981
Capital expenditures(a)	$	346	$	(1)	$	3		$	348

(a)Includes accruals.

(b)Unrealized loss on commodity derivative instruments (See Note 13).

(c)Includes a $17 million gain on 2025 interest rate swaps (See Note 13).

(d)Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 6).

	Three Months Ended March 31, 2021
(In millions)	U.S.		Int’l		Not Allocated to Segments			Total
Revenues from contracts with customers	$	1,132	$	45	$	—		$	1,177
Net gain (loss) on commodity derivatives	(71)		—		(82)		(b)	(153)
Income (loss) from equity method investments	—		44		—			44
Other income	1		1		1			3
Less costs and expenses:
Production	111		10		—			121
Shipping, handling and other operating	144		4		4			152
Exploration	21		—		—			21
Depreciation, depletion and amortization	472		19		5			496
Impairments	—		—		1			1
Taxes other than income	74		—		—			74
General and administrative	23		2		64		(c)	89
Net interest and other	—		—		13		(d)	13
Other net periodic benefit costs	—		—		(3)			(3)
Income tax provision	5		5		—			10
Segment income (loss)	$	212	$	50	$	(165)		$	97
Total assets	$	15,949	$	1,046	$	1,238		$	18,233
Capital expenditures(a)	$	183	$	—	$	1		$	184

(a)Includes accruals.

(b)Unrealized loss on commodity derivative instruments (See Note 13).

(c)Includes $13 million associated with the termination of an aircraft lease agreement and $11 million arising from severance expenses associated with a workforce reduction.

(d)Includes a $41 million gain on 2022 interest rate swaps not designated as cash flow hedges.