v3.25.2
BUSINESS SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
As of June 30, 2025, the Company’s consolidated subsidiaries are engaged in exploration, development, and/or production across four operating segments: the U.S., Egypt, North Sea, and Suriname. The Company’s business explores for, develops, and produces crude oil, natural gas, and natural gas liquids. The Company also has exploration interests in Alaska, Uruguay, and other international locations that may, over time, result in reportable discoveries and development opportunities.
The Chief Operating Decision Maker (CODM) is a function (not necessarily an individual) that allocates the resources of the reporting entity and assesses the performance of its segments. Decisions to assess performance and allocate resources are made by the Company’s Chief Executive Officer (CEO), Mr. John J. Christmann, IV. Therefore, management has concluded that the CEO of the Company is the CODM. The information regularly reviewed by the CODM to assess performance and allocate resources is primarily associated with operating income from each segment and the resulting free cash flow, amongst other metrics. The Company concluded that the most comparable measure under U.S. GAAP is operating income.
Financial information for each segment is presented below:
U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other(2)
Total(3)
For the Quarter Ended June 30, 2025
(In millions)
Revenues:
Oil revenues$730 $521 $130 $— $1,381 
Natural gas revenues48 109 27 — 184 
Natural gas liquids revenues144 — 9 — 153 
Oil, natural gas, and natural gas liquids production revenues922 630 166 — 1,718 
Purchased oil and gas sales460 — — — 460 
1,382 630 166 — 2,178 
Operating Expenses:
Lease operating expenses(4)
196 100 71 — 367 
Gathering, processing, and transmission(4)
85 7 12 — 104 
Purchased oil and gas costs304 — — — 304 
Taxes other than income(4)
54 — — — 54 
Exploration(5)
1 40 — 2 43 
Depreciation, depletion, and amortization(4)
328 149 53 — 530 
Asset retirement obligation accretion11 — 28 — 39 
979 296 164 2 1,441 
Operating Income (Loss)(6)
$403 $334 $2 $(2)737 
Other Income (Expense):
Derivative instrument gains, net
138 
Gain on divestitures, net
282 
Other, net14 
General and administrative(66)
Transaction, reorganization, and separation(11)
Financing costs, net(66)
Income Before Income Taxes
$1,028 

U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other(2)
Total(3)
For the Six Months Ended June 30, 2025
(In millions)
Revenues:
Oil revenues$1,546 $1,103 $332 $— $2,981 
Natural gas revenues152 200 65 — 417 
Natural gas liquids revenues340 — 19 — 359 
Oil, natural gas, and natural gas liquids production revenues2,038 1,303 416 — 3,757 
Purchased oil and gas sales1,057 — — — 1,057 
3,095 1,303 416 — 4,814 
Operating Expenses:
Lease operating expenses(4)
396 210 168 — 774 
Gathering, processing, and transmission(4)
170 12 26 — 208 
Purchased oil and gas costs778 — — — 778 
Taxes other than income(4)
128 — — — 128 
Exploration(5)
3 60 1 9 73 
Depreciation, depletion, and amortization(4)
747 302 124 — 1,173 
Asset retirement obligation accretion21 — 57 — 78 
2,243 584 376 9 3,212 
Operating Income (Loss)(6)
$852 $719 $40 $(9)1,602 
Other Income (Expense):
Derivative instrument gains, net
110 
Gain on divestitures, net280 
Other, net20 
General and administrative(164)
Transaction, reorganization, and separation(48)
Financing costs, net(9)
Income Before Income Taxes$1,791 
Total Assets(7)
$12,752 $3,386 $1,163 $777 $18,078 
U.S.
Egypt(1)
North Sea
Intersegment
Eliminations
& Other(2)
Total(3)
For the Quarter Ended June 30, 2024
(In millions)
Revenues:
Oil revenues$1,021 $673 $213 $— $1,907 
Natural gas revenues15 73 47 — 135 
Natural gas liquids revenues152 — 7 — 159 
Oil, natural gas, and natural gas liquids production revenues1,188 746 267 — 2,201 
Purchased oil and gas sales342 — — — 342 
1,530 746 267 — 2,543 
Operating Expenses:
Lease operating expenses(4)
220 123 117 — 460 
Gathering, processing, and transmission(4)
98 7 16 — 121 
Purchased oil and gas costs210 — — — 210 
Taxes other than income(4)
78 — — — 78 
Exploration(5)
37 25 1 8 71 
Depreciation, depletion, and amortization(4)
361 152 75 — 588 
Asset retirement obligation accretion10 — 26 — 36 
1,014 307 235 8 1,564 
Operating Income (Loss)(6)
$516 $439 $32 $(8)979 
Other Income (Expense):
Derivative instrument losses, net
(3)
Loss on previously sold Gulf of America 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(2)
Total(3)
For the Six Months Ended June 30, 2024
(In millions)
Revenues:
Oil revenues$1,609 $1,330 $400 $— $3,339 
Natural gas revenues72 150 89 — 311 
Natural gas liquids revenues283 — 16 — 299 
Oil, natural gas, and natural gas liquids production revenues1,964 1,480 505 — 3,949 
Purchased oil and gas sales545 — — — 545 
2,509 1,480 505 — 4,494 
Operating Expenses:
Lease operating expenses(4)
360 243 195 — 798 
Gathering, processing, and transmission(4)
162 13 30 — 205 
Purchased oil and gas costs373 — — — 373 
Taxes other than income(4)
135 — — — 135 
Exploration(5)
107 56 1 55 219 
Depreciation, depletion, and amortization(4)
575 297 146 — 1,018 
Asset retirement obligation accretion25 — 51 — 76 
1,737 609 423 55 2,824 
Operating Income (Loss)(6)
$772 $871 $82 $(55)1,670 
Other Income (Expense):
Derivative instrument losses, net
(7)
Loss on previously sold Gulf of America properties(83)
Gain on divestitures, net283 
Other, net8 
General and administrative(178)
Transaction, reorganization, and separation(142)
Financing costs, net(176)
Income Before Income Taxes$1,375 
Total Assets(7)
$14,075 $3,740 $1,844 $536 $20,195 
(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, 2025 and June 30, 2024 of:
For the Quarter Ended June 30,
For the Six Months Ended June 30,
 2025202420252024
(In millions)
Oil$125 $177 $276 $351 
Natural gas26 19 50 40 
(2)Includes Suriname operating expenses as the operating segment has not met the quantitative thresholds to be separately reported.
(3)Includes noncontrolling interests in Egypt.
(4)Represents significant segment expense categories that align with the segment-level information that is regularly provided to the CODM. The remaining expenses that comprise the Operating Income (Loss) amount by segment are deemed to be other segment expense categories necessary to arrive at the segment profit or loss.
(5)Exploration expense under Intersegment Eliminations & Other primarily reflects the Company’s Suriname exploration activities.
(6)Operating income includes no leasehold impairments for the second quarters of 2025 and 2024. Operating income includes no leasehold impairments for the first six months of 2025. Operating income of U.S. includes leasehold impairments of $10 million for the first six months of 2024.
(7)Intercompany balances are excluded from total assets.