v3.26.1
BUSINESS SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Segment Information
Financial information for each segment is presented below:
U.S.
Egypt(1)(3)
North Sea
Other(2)
Total(3)
For the Quarter Ended June 30, 2026
(In millions)
Revenues:
Oil revenues$1,106 $613 $107 $— $1,826 
Natural gas revenues(109)126 24 — 41 
Natural gas liquids revenues161 — 9 — 170 
Oil, natural gas, and natural gas liquids production revenues1,158 739 140 — 2,037 
Purchased oil and gas sales336 — — — 336 
Realized losses on commodity derivative instruments
(109)— — — (109)
1,385 739 140 — 2,264 
Operating Expenses:
Lease operating expenses(4)
180 118 55 — 353 
Gathering, processing, and transmission(4)
69 4 14 — 87 
Purchased oil and gas costs (proceeds)(122)— — — (122)
Taxes other than income(4)
61 — — — 61 
Exploration(5)
6 50 — 2 58 
Depreciation, depletion, and amortization(4)
340 133 31 — 504 
Asset retirement obligation accretion11 — 32 — 43 
545 305 132 2 984 
Operating Income (Loss)(6)
$840 $434 $8 $(2)1,280 
Other Income (Expense):
Unrealized gains on derivative instruments117 
Loss on divestitures, net(2)
Other, net20 
General and administrative(68)
Transaction, reorganization, and separation(12)
Financing costs, net(58)
Income Before Income Taxes
$1,277 

U.S.
Egypt(1)(3)
North Sea
Other(2)
Total(3)
For the Six Months Ended June 30, 2026
(In millions)
Revenues:
Oil revenues$1,915 $1,284 $271 $— $3,470 
Natural gas revenues(121)264 55 — 198 
Natural gas liquids revenues290 — 21 — 311 
Oil, natural gas, and natural gas liquids production revenues2,084 1,548 347 — 3,979 
Purchased oil and gas sales721 — — — 721 
Realized losses on commodity derivative instruments
(175)— — — (175)
2,630 1,548 347 — 4,525 
Operating Expenses:
Lease operating expenses(4)
350 228 137 — 715 
Gathering, processing, and transmission(4)
136 12 30 — 178 
Purchased oil and gas costs (proceeds)(47)— — — (47)
Taxes other than income(4)
118 — — — 118 
Exploration(5)
9 69 1 5 84 
Depreciation, depletion, and amortization(4)
682 284 91 — 1,057 
Asset retirement obligation accretion22 — 63 — 85 
1,270 593 322 5 2,190 
Operating Income (Loss)(6)
$1,360 $955 $25 $(5)2,335 
Other Income (Expense):
Unrealized gains on derivative instruments
70 
Loss on divestitures, net(2)
Other, net21 
General and administrative(183)
Transaction, reorganization, and separation(19)
Financing costs, net(115)
Income Before Income Taxes$2,107 
Total Assets(7)
$12,514 $3,125 $1,252 $1,082 $17,973 
U.S.
Egypt(1)(3)
North Sea
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 
Realized gains on commodity derivative instruments2 — — — 2 
1,384 630 166 — 2,180 
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)
$405 $334 $2 $(2)739 
Other Income (Expense):
Unrealized gains on derivative instruments136 
Gain on divestitures, net282 
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)(3)
North Sea
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 
Realized gains on commodity derivative instruments2 — — — 2 
3,097 1,303 416 — 4,816 
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)
$854 $719 $40 $(9)1,604 
Other Income (Expense):
Unrealized gains on derivative instruments
108 
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 
(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, 2026 and June 30, 2025 of:
For the Quarter Ended June 30,
For the Six Months Ended June 30,
2026202520262025
(In millions)
Oil$161 $125 $353 $276 
Natural gas33 26 73 50 
(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 Other primarily reflects the Company’s Suriname exploration activities.
(6)Operating income includes $1 million and $2 million of leasehold impairments for the second quarter and first six months of 2026, respectively. Operating income includes no leasehold impairments for the second quarter and first six months of 2025.
(7)Intercompany balances are excluded from total assets.