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STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUES AND OTHER:        
Derivative instrument gains (losses), net $ (32) $ (113) $ (94) $ 45
Gain (loss) on divestitures, net (27) 65 1,149 67
Other, net 64 74 109 135
Total revenues and other 3,052 1,782 6,880 3,874
OPERATING EXPENSES:        
Lease operating expenses 359 311 703 575
Taxes other than income 78 51 148 95
Exploration 56 26 98 75
General and administrative 89 86 245 169
Transaction, reorganization, and separation 3 4 17 4
Depreciation, depletion, and amortization 278 351 569 693
Asset retirement obligation accretion 29 28 58 56
Financing costs, net 76 107 228 217
Total operating expenses 1,590 1,287 3,120 2,759
NET INCOME BEFORE INCOME TAXES 1,462 495 3,760 1,115
Current income tax provision 415 131 807 280
Deferred income tax benefit (20) (44) (60) (23)
NET INCOME INCLUDING NONCONTROLLING INTERESTS 1,067 408 3,013 858
Net income (loss) attributable to Altus Preferred Unit limited partners 0 24 (70) 43
NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 926 $ 316 $ 2,809 $ 704
NET INCOME PER COMMON SHARE:        
Basic (in USD per share) $ 2.72 $ 0.83 $ 8.18 $ 1.86
Diluted (in USD per share) $ 2.71 $ 0.82 $ 8.15 $ 1.86
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic (in shares) 341 378 344 378
Diluted (in shares) 342 379 344 379
Noncontrolling interests, Egypt        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest $ 141 $ 41 $ 260 $ 83
Noncontrolling interests, Altus        
OPERATING EXPENSES:        
Net income attributable to noncontrolling interest 0 27 14 28
Oil and gas        
REVENUES AND OTHER:        
Total revenues 3,047 1,756 5,716 3,627
Oil and gas, excluding purchased        
REVENUES AND OTHER:        
Oil, natural gas, and natural gas liquids production revenues 2,525 1,514 4,845 2,945
OPERATING EXPENSES:        
Cost of oil and gas purchased [1] 94 61 175 119
Purchased oil and gas sales        
REVENUES AND OTHER:        
Purchased oil and gas sales 522 242 871 682
OPERATING EXPENSES:        
Cost of oil and gas purchased $ 528 $ 262 $ 879 $ 756
[1] For gathering, processing, and transmission costs associated with Kinetik, refer to Note 6—Equity Method Interest for further detail.