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BUSINESS SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
As of September 30, 2024, the Company is engaged in exploration and production (Upstream) activities across three operating segments: the U.S., Egypt, and North Sea. The Company’s Upstream business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Financial information for each segment is presented below:
U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other
Total(4)
For the Quarter Ended September 30, 2024
(In millions)
Revenues:
Oil revenues$555 $673 $117 $— $1,345 
Natural gas revenues3 81 15 — 99 
Natural gas liquids revenues95 — 5 — 100 
Oil, natural gas, and natural gas liquids production revenues653 754 137 — 1,544 
Purchased oil and gas sales434 — — — 434 
1,087 754 137 — 1,978 
Operating Expenses:
Lease operating expenses125 109 87 — 321 
Gathering, processing, and transmission65 6 7 — 78 
Purchased oil and gas costs253 — — — 253 
Taxes other than income41 — — — 41 
Exploration4 21 — — 25 
Depreciation, depletion, and amortization178 167 73 — 418 
Asset retirement obligation accretion7 — 26 — 33 
Impairments315 — 796 — 1,111 
988 303 989 — 2,280 
Operating Income (Loss)(2)
$99 $451 $(852)$— (302)
Other Income (Expense):
Gain on divestitures, net1 
Other, net20 
General and administrative(78)
Transaction, reorganization, and separation(3)
Financing costs, net(20)
Loss Before Income Taxes
$(382)

U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other
Total(4)
For the Nine Months Ended September 30, 2024
(In millions)
Revenues:
Oil revenues$1,610 $2,003 $517 $— $4,130 
Natural gas revenues61 231 104 — 396 
Natural gas liquids revenues296 — 21 — 317 
Oil, natural gas, and natural gas liquids production revenues1,967 2,234 642 — 4,843 
Purchased oil and gas sales867 — — — 867 
2,834 2,234 642 — 5,710 
Operating Expenses:
Lease operating expenses382 352 282 — 1,016 
Gathering, processing, and transmission181 19 37 — 237 
Purchased oil and gas costs511 — — — 511 
Taxes other than income137 — — — 137 
Exploration16 77 1 1 95 
Depreciation, depletion, and amortization502 464 219 — 1,185 
Asset retirement obligation accretion30 — 77 — 107 
Impairments315 — 796 — 1,111 
2,074 912 1,412 1 4,399 
Operating Income (Loss)(2)
$760 $1,322 $(770)$(1)1,311 
Other Income (Expense):
Derivative instrument gains, net
1 
Loss on offshore decommissioning contingency(83)
Gain on divestitures, net284 
Other, net40 
General and administrative(229)
Transaction, reorganization, and separation(17)
Financing costs, net(79)
Income Before Income Taxes$1,228 
Total Assets(3)
$11,973 $3,525 $1,439 $(1)$16,936 
U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other
Total(4)
For the Quarter Ended September 30, 2023
(In millions)
Revenues:
Oil revenues$557 $724 $348 $— $1,629 
Natural gas revenues83 81 66 — 230 
Natural gas liquids revenues119 — 5 — 124 
Oil, natural gas, and natural gas liquids production revenues759 805 419 — 1,983 
Purchased oil and gas sales229 — — — 229 
988 805 419 — 2,212 
Operating Expenses:
Lease operating expenses151 128 102 — 381 
Gathering, processing, and transmission55 13 15 — 83 
Purchased oil and gas costs211 — — — 211 
Taxes other than income56 — — — 56 
Exploration4 25 9 1 39 
Depreciation, depletion, and amortization158 129 90 — 377 
Asset retirement obligation accretion9 — 20 — 29 
644 295 236 1 1,176 
Operating Income (Loss)(2)
$344 $510 $183 $(1)1,036 
Other Income (Expense):
Gain on divestitures, net
1 
Other, net7 
General and administrative(132)
Transaction, reorganization, and separation(5)
Financing costs, net(40)
Income Before Income Taxes$867 

U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other
Total(4)
For the Nine Months Ended September 30, 2023
(In millions)
Revenues:
Oil revenues$1,469 $1,971 $865 $— $4,305 
Natural gas revenues214 264 165 — 643 
Natural gas liquids revenues322 — 19 — 341 
Oil, natural gas, and natural gas liquids production revenues2,005 2,235 1,049 — 5,289 
Purchased oil and gas sales612 — — — 612 
2,617 2,235 1,049 — 5,901 
Operating Expenses:
Lease operating expenses423 346 278 — 1,047 
Gathering, processing, and transmission167 26 38 — 231 
Purchased oil and gas costs558 — — — 558 
Taxes other than income153 — — — 153 
Exploration10 91 18 1 120 
Depreciation, depletion, and amortization437 378 209 — 1,024 
Asset retirement obligation accretion29 — 57 — 86 
Impairments— — 46 — 46 
1,777 841 646 1 3,265 
Operating Income (Loss)(2)
$840 $1,394 $403 $(1)2,636 
Other Income (Expense):
Gain on divestitures, net7 
Other, net84 
General and administrative(256)
Transaction, reorganization, and separation(11)
Financing costs, net(131)
Income Before Income Taxes$2,329 
Total Assets(3)
$9,616 $3,518 $1,665 $— $14,799 
(1)    Includes oil and gas production revenue that will be paid as taxes by EGPC on behalf of the Company for the quarters and nine months ended September 30, 2024 and 2023 of:
For the Quarter Ended September 30,
For the Nine Months Ended September 30,
 2024202320242023
(In millions)
Oil$182 $202 $533 $539 
Natural gas22 23 63 73 
(2)Operating income (loss) of U.S., North Sea includes leasehold impairments of $2 million and $6 million, respectively, for the third quarter of 2023. Operating income (loss) of U.S. includes leasehold impairments of $10 million for the first nine months of 2024. Operating income (loss) of U.S. and North Sea includes leasehold impairments of $7 million, $12 million, respectively, for the first nine months of 2023.
(3)Intercompany balances are excluded from total assets.
(4)Includes noncontrolling interests of Sinopec and APA.