BUSINESS SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Financial Segment Information

Financial information for each segment is presented below:


	U.S.		Egypt(1)		North Sea		Intersegment Eliminations & Other		Total(4)


For the Quarter Ended June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,021	$	673	$	213	$	—	$	1,907
Natural gas revenues	15		73		47		—		135
Natural gas liquids revenues	152		—		7		—		159
Oil, natural gas, and natural gas liquids production revenues	1,188		746		267		—		2,201
Purchased oil and gas sales	342		—		—		—		342

	1,530		746		267		—		2,543
Operating Expenses:
Lease operating expenses	220		123		117		—		460
Gathering, processing, and transmission	98		7		16		—		121
Purchased oil and gas costs	210		—		—		—		210
Taxes other than income	78		—		—		—		78
Exploration	37		25		1		8		71
Depreciation, depletion, and amortization	361		152		75		—		588
Asset retirement obligation accretion	10		—		26		—		36

	1,014		307		235		8		1,564
Operating Income (Loss)(2)	$	516	$	439	$	32	$	(8)	979

Other Income (Expense):
Derivative instrument losses, net									(3)
Loss on previously sold Gulf of Mexico properties									(17)
Gain on divestitures, net									276
Other, net									(7)
General and administrative									(85)
Transaction, reorganization, and separation									(115)
Financing costs, net									(100)
Income Before Income Taxes									$	928


	U.S.		Egypt(1)		North Sea		Intersegment Eliminations & Other		Total(4)


For the Six Months Ended June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,609	$	1,330	$	400	$	—	$	3,339
Natural gas revenues	72		150		89		—		311
Natural gas liquids revenues	283		—		16		—		299
Oil, natural gas, and natural gas liquids production revenues	1,964		1,480		505		—		3,949
Purchased oil and gas sales	545		—		—		—		545
	2,509		1,480		505		—		4,494
Operating Expenses:
Lease operating expenses	360		243		195		—		798
Gathering, processing, and transmission	162		13		30		—		205
Purchased oil and gas costs	373		—		—		—		373
Taxes other than income	135		—		—		—		135
Exploration	107		56		1		55		219
Depreciation, depletion, and amortization	575		297		146		—		1,018
Asset retirement obligation accretion	25		—		51		—		76

	1,737		609		423		55		2,824
Operating Income (Loss)(2)	$	772	$	871	$	82	$	(55)	1,670

Other Income (Expense):
Derivative instrument losses, net									(7)
Loss on offshore decommissioning contingency									(83)
Gain on divestitures, net									283
Other, net									8
General and administrative									(178)
Transaction, reorganization, and separation									(142)
Financing costs, net									(176)
Income Before Income Taxes									$	1,375

Total Assets(3)	$	14,075	$	3,740	$	1,844	$	536	$	20,195


	U.S.		Egypt(1)		North Sea		Intersegment Eliminations & Other		Total(4)


For the Quarter Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	512	$	618	$	235	$	—	$	1,365
Natural gas revenues	51		90		39		—		180
Natural gas liquids revenues	103		—		4		—		107
Oil, natural gas, and natural gas liquids production revenues	666		708		278		—		1,652
Purchased oil and gas sales	144		—		—		—		144
	810		708		278		—		1,796
Operating Expenses:
Lease operating expenses	141		121		99		—		361
Gathering, processing, and transmission	60		6		12		—		78
Purchased oil and gas costs	131		—		—		—		131
Taxes other than income	50		—		—		—		50
Exploration	3		30		4		6		43
Depreciation, depletion, and amortization	180		126		61		—		367
Asset retirement obligation accretion	10		—		19		—		29
Impairments	—		—		46		—		46
	575		283		241		6		1,105
Operating Income (Loss)(2)	$	235	$	425	$	37	$	(6)	691

Other Income (Expense):

Derivative instrument gains, net									51
Gain on divestitures, net									5
Other, net									109
General and administrative									(72)
Transaction, reorganization, and separation									(2)
Financing costs, net									(82)
Income Before Income Taxes									$	700


	U.S.		Egypt(1)		North Sea		Intersegment Eliminations & Other		Total(4)


For the Six Months Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	998	$	1,247	$	517	$	—	$	2,762
Natural gas revenues	140		183		99		—		422
Natural gas liquids revenues	223		—		14		—		237
Oil, natural gas, and natural gas liquids production revenues	1,361		1,430		630		—		3,421
Purchased oil and gas sales	383		—		—		—		383
	1,744		1,430		630		—		3,804
Operating Expenses:
Lease operating expenses	288		218		176		—		682
Gathering, processing, and transmission	120		13		23		—		156
Purchased oil and gas costs	347		—		—		—		347
Taxes other than income	102		—		—		—		102
Exploration	6		66		9		14		95
Depreciation, depletion, and amortization	331		249		119		—		699
Asset retirement obligation accretion	20		—		37		—		57
Impairments	—		—		46		—		46
	1,214		546		410		14		2,184
Operating Income (Loss)(2)	$	530	$	884	$	220	$	(14)	1,620

Other Income (Expense):
Derivative instrument gains, net									104

Gain on divestitures, net									6
Other, net									77
General and administrative									(137)
Transaction, reorganization, and separation									(6)
Financing costs, net									(154)
Income Before Income Taxes									$	1,510


Total Assets(3)	$	7,640	$	3,365	$	1,719	$	520	$	13,244

(1)Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters and six months ended June 30, 2024 and 2023 of:


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023

	(In millions)
Oil	$	177	$	165	$	351	$	337
Natural gas	19		24		40		50

(2)Operating income includes no leasehold impairments for the second quarter of 2024.
Operating income of U.S. and North Sea includes leasehold impairments of $3 million and $3 million, respectively, for the second quarter of 2023. Operating income of U.S. includes leasehold impairments of $10 million for the first six months of 2024. Operating income of U.S. and North Sea includes leasehold impairments of $5 million and $6 million, respectively, for the first six months of 2023.

(3)Intercompany balances are excluded from total assets.

(4)Includes noncontrolling interests in Egypt.