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	$	550	$	673	$	213	$	—	$	1,436
Natural gas revenues	7		73		47		—		127
Natural gas liquids revenues	93		—		7		—		100
Oil, natural gas, and natural gas liquids production revenues	650		746		267		—		1,663
Purchased oil and gas sales	230		—		—		—		230
	880		746		267		—		1,893
Operating Expenses:
Lease operating expenses	129		123		117		—		369
Gathering, processing, and transmission	60		7		16		—		83
Purchased oil and gas costs	95		—		—		—		95
Taxes other than income	46		—		—		—		46
Exploration	1		25		1		1		28
Depreciation, depletion, and amortization	167		152		75		—		394
Asset retirement obligation accretion	8		—		26		—		34

	506		307		235		1		1,049
Operating Income (Loss)(2)	$	374	$	439	$	32	$	(1)	844

Other Income (Expense):
Derivative instrument gains, net									1
Loss on previously sold Gulf of Mexico properties									(17)
Gain on divestitures, net									276
Other, net									5
General and administrative									(68)
Transaction, reorganization, and separation									(5)
Financing costs, net									(26)
Income Before Income Taxes									$	1,010


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


For the Six Months Ended June 30, 2024	(In millions)
Revenues:
Oil revenues	$	1,055	$	1,330	$	400	$	—	$	2,785
Natural gas revenues	58		150		89		—		297
Natural gas liquids revenues	201		—		16		—		217
Oil, natural gas, and natural gas liquids production revenues	1,314		1,480		505		—		3,299
Purchased oil and gas sales	433		—		—		—		433
	1,747		1,480		505		—		3,732
Operating Expenses:
Lease operating expenses	257		243		195		—		695
Gathering, processing, and transmission	116		13		30		—		159
Purchased oil and gas costs	258		—		—		—		258
Taxes other than income	96		—		—		—		96
Exploration	12		56		1		1		70
Depreciation, depletion, and amortization	324		297		146		—		767
Asset retirement obligation accretion	23		—		51		—		74

	1,086		609		423		1		2,119
Operating Income (Loss)(2)	$	661	$	871	$	82	$	(1)	1,613

Other Income (Expense):
Derivative instrument gains, net									1
Loss on offshore decommissioning contingency									(83)
Gain on divestitures, net									283
Other, net									20
General and administrative									(151)
Transaction, reorganization, and separation									(14)
Financing costs, net									(59)
Income Before Income Taxes									$	1,610


Total Assets(3)	$	11,701	$	3,740	$	1,844	$	—	$	17,285


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


For the Quarter Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	473	$	618	$	235	$	—	$	1,326
Natural gas revenues	46		90		39		—		175
Natural gas liquids revenues	95		—		4		—		99
Oil, natural gas, and natural gas liquids production revenues	614		708		278		—		1,600
Purchased oil and gas sales	144		—		—		—		144

	758		708		278		—		1,744
Operating Expenses:
Lease operating expenses	132		121		99		—		352
Gathering, processing, and transmission	57		6		12		—		75
Purchased oil and gas costs	131		—		—		—		131
Taxes other than income	47		—		—		—		47
Exploration	3		30		4		—		37
Depreciation, depletion, and amortization	152		126		61		—		339
Asset retirement obligation accretion	10		—		19		—		29
Impairments	—		—		46		—		46
	532		283		241		—		1,056
Operating Income(2)	$	226	$	425	$	37	$	—	688

Other Income (Expense):


Gain on divestitures, net									5
Other, net									109
General and administrative									(66)
Transaction, reorganization, and separation									(2)
Financing costs, net									(42)
Income Before Income Taxes									$	692


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


For the Six Months Ended June 30, 2023	(In millions)
Revenues:
Oil revenues	$	912	$	1,247	$	517	$	—	$	2,676
Natural gas revenues	131		183		99		—		413
Natural gas liquids revenues	203		—		14		—		217
Oil, natural gas, and natural gas liquids production revenues	1,246		1,430		630		—		3,306
Purchased oil and gas sales	383		—		—		—		383
	1,629		1,430		630		—		3,689
Operating Expenses:
Lease operating expenses	272		218		176		—		666
Gathering, processing, and transmission	112		13		23		—		148
Purchased oil and gas costs	347		—		—		—		347
Taxes other than income	97		—		—		—		97
Exploration	6		66		9		—		81
Depreciation, depletion, and amortization	279		249		119		—		647
Asset retirement obligation accretion	20		—		37		—		57
Impairments	—		—		46		—		46
	1,133		546		410		—		2,089
Operating Income(2)	$	496	$	884	$	220	$	—	1,600

Other Income (Expense):


Gain on divestitures, net									6
Other, net									77
General and administrative									(124)
Transaction, reorganization, and separation									(6)
Financing costs, net									(91)
Income Before Income Taxes									$	1,462


Total Assets(3)	$	9,489	$	3,365	$	1,719	$	(1)	$	14,572

(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 of Sinopec and APA.