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STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
shares in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES AND OTHER:        
Derivative instrument gains (losses), net $ (3,000,000) $ 51,000,000 $ (7,000,000) $ 104,000,000
Gain on divestitures, net 276,000,000 5,000,000 283,000,000 6,000,000
Loss on previously sold Gulf of Mexico properties (17,000,000) 0 (83,000,000) 0
Other, net (7,000,000) 109,000,000 8,000,000 77,000,000
Total revenues and other 2,792,000,000 1,961,000,000 4,695,000,000 3,991,000,000
OPERATING EXPENSES:        
Lease operating expenses [1] 460,000,000 361,000,000 798,000,000 682,000,000
Taxes other than income 78,000,000 50,000,000 135,000,000 102,000,000
Exploration 71,000,000 43,000,000 219,000,000 95,000,000
General and administrative 85,000,000 72,000,000 178,000,000 137,000,000
Transaction, reorganization, and separation 115,000,000 2,000,000 142,000,000 6,000,000
Depreciation, depletion, and amortization 588,000,000 367,000,000 1,018,000,000 699,000,000
Asset retirement obligation accretion 36,000,000 29,000,000 76,000,000 57,000,000
Impairments 0 46,000,000 0 46,000,000
Financing costs, net 100,000,000 82,000,000 176,000,000 154,000,000
Total operating expenses 1,864,000,000 1,261,000,000 3,320,000,000 2,481,000,000
NET INCOME BEFORE INCOME TAXES 928,000,000 700,000,000 1,375,000,000 1,510,000,000
Current income tax provision 285,000,000 254,000,000 585,000,000 600,000,000
Deferred income tax provision (benefit) 23,000,000 (16,000,000) (42,000,000) 122,000,000
NET INCOME INCLUDING NONCONTROLLING INTERESTS 620,000,000 462,000,000 832,000,000 788,000,000
Net income attributable to noncontrolling interest 79,000,000 81,000,000 159,000,000 165,000,000
NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 541,000,000 $ 381,000,000 $ 673,000,000 $ 623,000,000
NET INCOME PER COMMON SHARE:        
Basic (in USD per share) $ 1.46 $ 1.24 $ 2.00 $ 2.01
Diluted (in USD per share) $ 1.46 $ 1.23 $ 2.00 $ 2.01
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic (in shares) 371 308 337 310
Diluted (in shares) 372 309 337 310
Oil and gas        
REVENUES AND OTHER:        
Total revenues $ 2,543,000,000 $ 1,796,000,000 $ 4,494,000,000 $ 3,804,000,000
Oil and gas, excluding purchased        
REVENUES AND OTHER:        
Total revenues [1] 2,201,000,000 1,652,000,000 3,949,000,000 3,421,000,000
OPERATING EXPENSES:        
Gathering, processing, and transmission & purchased oil and gas costs [1] 121,000,000 78,000,000 205,000,000 156,000,000
Purchased oil and gas        
REVENUES AND OTHER:        
Total revenues [1] 342,000,000 144,000,000 545,000,000 383,000,000
OPERATING EXPENSES:        
Gathering, processing, and transmission & purchased oil and gas costs [1] $ 210,000,000 $ 131,000,000 $ 373,000,000 $ 347,000,000
[1] For transactions with Kinetik prior to the Company’s sale of its remaining shares of Kinetik Class A Common Stock and the resignation of the Company’s designated director from the Kinetik board of directors, refer to Note 6—Equity Method Interests.