Marathon Oil (MRO) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	1-1513
Entity Registrant Name	Marathon Oil Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0996816
Entity Address, Address Line One	990 Town and Country Boulevard,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-2217
City Area Code	(713)
Local Phone Number	629-6600
Title of 12(b) Security	Common Stock, par value $1.00
Trading Symbol	MRO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		617,604,314
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Amendment Flag	false
Entity Central Index Key	0000101778
Current Fiscal Year End Date	--12-31

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and other income:
Revenues from contracts with customers	$ 1,567	$ 1,761
Net gain (loss) on commodity derivatives	15	(143)
Income from equity method investments	80	127
Net gain on disposal of assets	5	0
Other income	13	8
Total revenues and other income	1,680	1,753
Costs and expenses:
Production	201	152
Shipping, handling and other operating	162	185
Exploration	15	11
Depreciation, depletion and amortization	520	423
Taxes other than income	95	104
General and administrative	82	73
Total costs and expenses	1,075	948
Income from operations	605	805
Net interest and other	(82)	(22)
Other net periodic benefit credits	3	4
Income before income taxes	526	787
Provision (benefit) for income taxes	109	(517)
Net income	$ 417	$ 1,304
Net income per share:
Basic (in dollars per share)	$ 0.66	$ 1.79
Diluted (in dollars per share)	$ 0.66	$ 1.78
Weighted average common shares outstanding:
Basic (in shares)	628	730
Diluted (in shares)	629	732

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 417	$ 1,304
Other comprehensive income, net of tax
Change in actuarial gain (loss) and other for postretirement and postemployment plans	(5)	(4)
Change in derivative hedges unrecognized gain	(2)	12
Other comprehensive income (loss)	(7)	8
Comprehensive income	$ 410	$ 1,312

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 178	$ 334
Receivables, net	1,215	1,146
Inventories	136	125
Other current assets	77	66
Total current assets	1,606	1,671
Equity method investments	657	577
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $24,346 and $23,876	17,463	17,377
Other noncurrent assets	286	315
Total assets	20,012	19,940
Current liabilities:
Accounts payable	1,480	1,279
Payroll and benefits payable	41	90
Accrued taxes	176	171
Other current liabilities	318	364
Long-term debt due within one year	131	402
Total current liabilities	2,146	2,306
Long-term debt	5,723	5,521
Deferred tax liabilities	209	167
Defined benefit postretirement plan obligations	99	100
Asset retirement obligations	296	295
Deferred credits and other liabilities	151	154
Total liabilities	8,624	8,543
Commitments and contingencies (Note 21)
Stockholders’ Equity
Preferred stock – no shares issued or outstanding (no par value, 26 million shares authorized)	0	0
Common stock:
Issued – 937 million shares (par value $1 per share, 1.925 billion shares authorized at March 31, 2023 and December 31, 2022)	937	937
Held in treasury, at cost – 315 million shares and 304 million shares	(7,814)	(7,512)
Additional paid-in capital	7,149	7,203
Retained earnings	11,017	10,663
Accumulated other comprehensive income	99	106
Total stockholders’ equity	11,388	11,397
Total liabilities and stockholders’ equity	$ 20,012	$ 19,940

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 24,346	$ 23,876
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares authorized (in shares)	26,000,000	26,000,000
Common stock, shares issued (in shares)	937,000,000	937,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,925,000,000	1,925,000,000
Held in treasury, shares (in shares)	315,000,000	304,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 417	$ 1,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	520	423
Exploratory dry well costs and unproved property impairments	14	8
Net gain on disposal of assets	(5)	0
Deferred income taxes	85	(548)
Unrealized (gain) loss on derivative instruments, net	(2)	114
Pension and other post retirement benefits, net	(7)	(9)
Stock-based compensation	10	9
Equity method investments, net	(80)	(79)
Changes in:
Current receivables	(86)	(307)
Inventories	(12)	(2)
Current accounts payable and accrued liabilities	30	101
Other current assets and liabilities	(9)	(5)
All other operating, net	(10)	58
Net cash provided by operating activities	865	1,067
Investing activities:
Additions to property, plant and equipment	(532)	(332)
Acquisitions, net of cash acquired	11	0
Disposal of assets, net of cash transferred to the buyer	(1)	2
Equity method investments - return of capital	0	7
Net cash used in investing activities	(522)	(323)
Financing activities:
Proceeds from revolving credit facility	175	0
Repayments of revolving credit facility	(175)	0
Debt repayment	(70)	0
Shares repurchased under buyback programs	(334)	(592)
Dividends paid	(63)	(52)
Purchases of shares for tax withholding obligations	(30)	(21)
All other financing, net	(2)	22
Net cash used in financing activities	(499)	(643)
Net increase (decrease) in cash and cash equivalents	(156)	101
Cash and cash equivalents at beginning of period	334	580
Cash and cash equivalents at end of period	$ 178	$ 681

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2021	$ 10,686	$ 0	$ 937	$ (4,825)	$ 7,221	$ 7,271	$ 82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(592)			(592)
Stock-based compensation	12			55	(43)
Net income	1,304					1,304
Other comprehensive income (loss)	8						8
Dividends paid	(52)					(52)
Ending balance at Mar. 31, 2022	11,366	0	937	(5,362)	7,178	8,523	90
Beginning balance at Dec. 31, 2022	11,397	0	937	(7,512)	7,203	10,663	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(334)			(334)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	(19)			35	(54)
Net income	417					417
Other comprehensive income (loss)	(7)						(7)
Dividends paid	(63)					(63)
Ending balance at Mar. 31, 2023	$ 11,388	$ 0	$ 937	$ (7,814)	$ 7,149	$ 11,017	$ 99

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.10	$ 0.07

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K. The results of operations for the first quarter of 2023 are not necessarily indicative of the results to be expected for the full year.

Accounting Standards

Accounting Standards	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Standards	Accounting Standards Accounting Standards Updates Adopted No accounting standards were adopted in the first quarter of 2023 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted There were no issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Income and Dividends per Common

Income and Dividends per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Income and Dividends per Common Share	Income and Dividends per Common Share Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 1 million and 2 million of antidilutive stock options for the three months ended March 31, 2023 and 2022, respectively. Three Months Ended March 31, (In millions, except per share data) 2023 2022 Net income $ 417 $ 1,304 Weighted average common shares outstanding 628 730 Effect of dilutive securities 1 2 Weighted average common shares, diluted 629 732 Net income per share: Basic $ 0.66 $ 1.79 Diluted $ 0.66 $ 1.78 Dividends per share $ 0.10 $ 0.07

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The majority of our revenues are derived from the sale of crude oil and condensate, NGLs and natural gas under spot and term agreements with our customers in the United States and Equatorial Guinea. As of March 31, 2023 and December 31, 2022, receivables from contracts with customers, included in receivables, less reserves for credit losses, were $943 million and $875 million, respectively. The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three months ended March 31: United States Three Months Ended March 31, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 495 $ 431 $ 78 $ 170 $ 11 $ 1,185 Natural gas liquids 71 37 39 22 — 169 Natural gas 56 35 36 11 1 139 Other 2 — — — 8 10 Revenues from contracts with customers $ 624 $ 503 $ 153 $ 203 $ 20 $ 1,503 Three Months Ended March 31, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 459 $ 652 $ 99 $ 88 $ 43 $ 1,341 Natural gas liquids 44 89 59 15 9 216 Natural gas 33 43 56 12 7 151 Other 2 — — — 4 6 Revenues from contracts with customers $ 538 $ 784 $ 214 $ 115 $ 63 $ 1,714 International (E.G.) Three Months Ended March 31, (In millions) 2023 2022 Crude oil and condensate $ 57 $ 40 Natural gas liquids 1 1 Natural gas 5 5 Other 1 1 Revenues from contracts with customers $ 64 $ 47

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered. • United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and • International (“Int’l”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”) Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, dry wells, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments, expensed transaction costs for business combinations or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments. Three Months Ended March 31, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,503 $ 64 $ — $ 1,567 Net gain on commodity derivatives 13 — 2 (b) 15 Income from equity method investments — 80 — 80 Net gain on disposal of assets — — 5 5 Other income 11 1 1 13 Less costs and expenses: Production 178 23 — 201 Shipping, handling and other operating 159 3 — 162 Exploration 5 — 10 (c) 15 Depreciation, depletion and amortization 505 12 3 520 Taxes other than income 97 — (2) 95 General and administrative 35 3 44 82 Net interest and other — — 82 82 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 123 15 (29) 109 Segment income (loss) $ 425 $ 89 $ (97) $ 417 Total assets $ 18,696 $ 1,148 $ 168 $ 20,012 Capital expenditures (a) $ 597 $ 2 $ 2 $ 601 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes $10 million of dry well expense associated with wells in Permian (See Note 9 ). Three Months Ended March 31, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,714 $ 47 $ — $ 1,761 Net loss on commodity derivatives (29) — (114) (b) (143) Income from equity method investments — 127 — 127 Other income 4 2 2 8 Less costs and expenses: Production 141 11 — 152 Shipping, handling and other operating 150 9 26 185 Exploration 11 — — 11 Depreciation, depletion and amortization 404 15 4 423 Taxes other than income 99 — 5 104 General and administrative 30 3 40 73 Net interest and other — — 22 (c) 22 Other net periodic benefit costs — — (4) (4) Income tax provision (benefit) 193 23 (733) (d) (517) Segment income $ 661 $ 115 $ 528 $ 1,304 Total assets $ 15,684 $ 1,102 $ 1,195 $ 17,981 Capital expenditures (a) $ 346 $ (1) $ 3 $ 348 (a) Includes accruals. (b) Unrealized loss on commodity derivative instruments (See Note 12 ). (c) Includes a $17 million gain on 2025 interest rate swaps (See Note 12 ). (d) Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 6 ).

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate The effective income tax rate is influenced by a variety of factors including the geographic and functional sources of income and the relative magnitude of these sources of income. The difference between the total provision and the sum of the amounts allocated to segments is reported in the “Not Allocated to Segments” column of the tables in Note 5 . For the three months ended March 31, 2023 and 2022, our effective income tax rates were as follows: Three Months Ended March 31, 2023 2022 Effective income tax rate 21 % (66) % • 2022 — Our effective income tax rate was different from our U.S. statutory tax rate of 21% for the three months ended March 31, 2022, due to the release of the valuation allowance on certain U.S. and state deferred tax assets resulting in a non-cash deferred tax benefit of $685 million. In August 2022, the President signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA enacted various income tax provisions, including a 15% corporate book minimum tax. The corporate book minimum tax, which became effective on January 1, 2023, applies to corporations with an average annual adjusted financial statement income that exceeds $1 billion for the preceding three years. Under current law and guidance, we do not anticipate being subject to the corporate book minimum tax in 2023. The U.S. Treasury is expected to publish further guidance and regulations that will be relevant to scoping considerations and the calculation of minimum income tax liabilities. As this guidance is issued, we will continue to evaluate and assess the impact the IRA may have on our current and future period income taxes. We have made an accounting policy election to consider the effects of the corporate book minimum tax on the realizability of our deferred tax assets, carryforwards and tax credits as a period cost when they arise.

Credit Losses

Credit Losses	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Credit Losses	Credit Losses The majority of our receivables are from purchasers of commodities or joint interest owners in properties we operate, both of which are recorded at estimated or invoiced amounts and do not bear interest. The majority of these receivables have payment terms of 30 days or less. At the end of each reporting period, we assess the collectability of our receivables and estimate the expected credit losses using historical data, current market conditions, reasonable and supportable forecasts of future economic conditions and other data as deemed appropriate. Changes in the allowance for credit losses were as follows: (In millions) March 31, 2023 December 31, 2022 Beginning balance as of January 1 $ 10 $ 15 Current period provision 2 (3) Current period write offs — (2) Recoveries of amounts previously reserved (1) — Ending balance $ 11 $ 10

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Crude oil and natural gas liquids are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. (In millions) March 31, 2023 December 31, 2022 Crude oil and natural gas liquids $ 14 $ 15 Supplies and other items 122 110 Inventories $ 136 $ 125

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (In millions) March 31, 2023 December 31, 2022 United States $ 17,130 $ 17,034 International 279 288 Corporate 54 55 Net property, plant and equipment $ 17,463 $ 17,377

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: March 31, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 1 7 Settled liabilities, including dispositions (9) (3) Accretion expense (included in depreciation, depletion and amortization) 4 4 Revisions of estimates 5 — Ending balance as of March 31, total $ 341 $ 324 Ending balance as of March 31, short-term $ 45 $ 28

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: March 31, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 143 $ 123 Finance leases Other noncurrent assets 22 24 Total ROU assets $ 165 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 99 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 46 32 Finance leases Deferred credits and other liabilities 16 18 Total lease liabilities $ 167 $ 150 Operating Leases We enter into various lease agreements to support our operations including drilling rigs, well fracturing equipment, compressors, buildings, vessels, vehicles and miscellaneous field equipment. We primarily act as a lessee in these transactions and the majority of our existing leases are classified as either short-term or long-term operating leases. Finance Leases In 2018, we signed an agreement with an owner/lessor to construct and lease a new build-to-suit office building in Houston, Texas. The initial lease term is five years and commenced in late September 2021 after the new Houston office was ready for occupancy. In March 2022, we made our first cash lease payment. For the three months ended March 31, 2023, we have made cash lease payments totaling approximately $5 million. At the end of the initial lease term, we can negotiate to extend the lease term for an additional five years, subject to the approval of the participants; purchase the property subject to certain terms and conditions; or remarket the property to an unrelated third party. The lease contains a residual value guarantee of 100% of the total acquisition and construction costs. Lessor Our wholly owned subsidiary, Marathon E.G. Production Limited, is a lessor for residential housing in E.G., which is occupied by EGHoldings, a related party equity method investee – see Note 20 . The lease was classified as an operating lease and expires in 2024, with a lessee option to extend through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below. (In millions) Operating Lease Future Cash Receipts 2023 $ 5 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 71
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: March 31, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 143 $ 123 Finance leases Other noncurrent assets 22 24 Total ROU assets $ 165 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 99 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 46 32 Finance leases Deferred credits and other liabilities 16 18 Total lease liabilities $ 167 $ 150 Operating Leases We enter into various lease agreements to support our operations including drilling rigs, well fracturing equipment, compressors, buildings, vessels, vehicles and miscellaneous field equipment. We primarily act as a lessee in these transactions and the majority of our existing leases are classified as either short-term or long-term operating leases. Finance Leases In 2018, we signed an agreement with an owner/lessor to construct and lease a new build-to-suit office building in Houston, Texas. The initial lease term is five years and commenced in late September 2021 after the new Houston office was ready for occupancy. In March 2022, we made our first cash lease payment. For the three months ended March 31, 2023, we have made cash lease payments totaling approximately $5 million. At the end of the initial lease term, we can negotiate to extend the lease term for an additional five years, subject to the approval of the participants; purchase the property subject to certain terms and conditions; or remarket the property to an unrelated third party. The lease contains a residual value guarantee of 100% of the total acquisition and construction costs. Lessor Our wholly owned subsidiary, Marathon E.G. Production Limited, is a lessor for residential housing in E.G., which is occupied by EGHoldings, a related party equity method investee – see Note 20 . The lease was classified as an operating lease and expires in 2024, with a lessee option to extend through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below. (In millions) Operating Lease Future Cash Receipts 2023 $ 5 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 71
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: March 31, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 143 $ 123 Finance leases Other noncurrent assets 22 24 Total ROU assets $ 165 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 99 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 46 32 Finance leases Deferred credits and other liabilities 16 18 Total lease liabilities $ 167 $ 150 Operating Leases We enter into various lease agreements to support our operations including drilling rigs, well fracturing equipment, compressors, buildings, vessels, vehicles and miscellaneous field equipment. We primarily act as a lessee in these transactions and the majority of our existing leases are classified as either short-term or long-term operating leases. Finance Leases In 2018, we signed an agreement with an owner/lessor to construct and lease a new build-to-suit office building in Houston, Texas. The initial lease term is five years and commenced in late September 2021 after the new Houston office was ready for occupancy. In March 2022, we made our first cash lease payment. For the three months ended March 31, 2023, we have made cash lease payments totaling approximately $5 million. At the end of the initial lease term, we can negotiate to extend the lease term for an additional five years, subject to the approval of the participants; purchase the property subject to certain terms and conditions; or remarket the property to an unrelated third party. The lease contains a residual value guarantee of 100% of the total acquisition and construction costs. Lessor Our wholly owned subsidiary, Marathon E.G. Production Limited, is a lessor for residential housing in E.G., which is occupied by EGHoldings, a related party equity method investee – see Note 20 . The lease was classified as an operating lease and expires in 2024, with a lessee option to extend through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below. (In millions) Operating Lease Future Cash Receipts 2023 $ 5 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 71

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. For further information regarding the fair value measurement of derivative instruments, see Note 13 . All of our commodity derivatives and interest rate derivatives are subject to enforceable master netting arrangements or similar agreements under which we report net amounts. The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets. March 31, 2023 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 12 $ — $ 12 Other current assets Total Not Designated as Hedges $ 12 $ — $ 12 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 11 — 11 Other noncurrent assets Total Designated Hedges $ 20 $ — $ 20 Total $ 32 $ — $ 32 December 31, 2022 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 10 $ — $ 10 Other current assets Total Not Designated as Hedges $ 10 $ — $ 10 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 15 — 15 Other noncurrent assets Total Designated Hedges $ 24 $ — $ 24 Total $ 34 $ — $ 34 Derivatives Not Designated as Hedges Commodity Derivatives We have entered into natural gas derivatives indexed to Henry Hub as noted in the table below, related to a portion of our forecasted U.S. sales through 2023. These derivatives are three-way collars. Three-way collars consist of a sold call (ceiling), a purchased put (floor) and a sold put. The ceiling price is the maximum we will receive for the contract volumes; the floor is the minimum price we will receive, unless the market price falls below the sold put strike price. In this case, we receive the Henry Hub price plus the difference between the floor and the sold put price. These natural gas derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of March 31, 2023, and the weighted average prices for those contracts: 2023 Second Quarter Third Quarter Fourth Quarter Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 50,000 50,000 Weighted average price per MMBtu: Ceiling $ 11.14 $ 11.14 $ 11.14 Floor $ 4.00 $ 4.00 $ 4.00 Sold Put $ 2.50 $ 2.50 $ 2.50 The unrealized and realized gain (loss) impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income. Three Months Ended March 31, (In millions) 2023 2022 Unrealized gain (loss) on derivative instruments, net $ 2 $ (114) Realized gain (loss) on derivative instruments, net (a) $ 13 $ (29) (a) During the first quarter of 2023, net cash received for settled derivative positions was $10 million. During the first quarter of 2022, net cash paid for settled derivative positions was $28 million. Interest Rate Swaps During 2020, we entered into forward starting interest rate swaps with a notional amount of $350 million to hedge variations in cash flows arising from fluctuations in the LIBOR benchmark interest rate related to forecasted interest payments of a future debt issuance in 2025. The expected proceeds of the future debt issuance were intended to refinance our $900 million 3.85% Senior Notes due 2025 (“2025 Notes”). In September 2021, we fully redeemed these 2025 Notes. In March 2022, we closed these positions and settled the interest rate swaps for proceeds of $44 million. During the three months ended March 31, 2022, we recorded a cumulative $17 million gain within net interest and other within our consolidated statements of income related to these swaps. Derivatives Designated as Cash Flow Hedges During 2019, we entered into forward starting interest rate swaps with a maturity date of September 9, 2026 to hedge variations in cash flows related to the interest rate component of future lease payments of our Houston office. As of March 31, 2023 and December 31, 2022, the notional amount of open interest rate swaps for the Houston office was $295 million. The weighted average secured overnight financing rate (“SOFR”) for the swaps was 1.43% as of both March 31, 2023 and December 31, 2022. The Houston office lease commenced in September 2021, however, our first cash lease payment for February 2022 rent was paid in March 2022. The first settlement date for the interest rate swaps was in January 2022. During the three months ended March 31, 2023, net cash received for the settled interest rate swap positions was $2 million. As of March 31, 2023, we expect to reclassify a $9 million gain from accumulated other comprehensive income into our consolidated statements of income over the next twelve months. See Note 11 for further details regarding Houston office lease.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Values – Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by hierarchy level. March 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 12 $ — $ 12 Interest rate - designated as cash flow hedges $ — $ 20 $ — $ 20 Derivative instruments, assets $ — $ 32 $ — $ 32 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 10 $ — $ 10 Interest rate - designated as cash flow hedges — 24 — 24 Derivative instruments, assets $ — $ 34 $ — $ 34 (a) Commodity derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 12 . As of March 31, 2023, our commodity derivatives include three-way collars. These instruments are measured at fair value using either a Black-Scholes or a modified Black-Scholes Model. For three-way collars, inputs to the models include commodity prices and implied volatility and are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments. The forward starting interest rate swaps are measured at fair value with a market approach using actionable broker quotes, which are Level 2 inputs. See Note 12 for details on the forward starting interest rate swaps. Fair Values – Financial Instruments Our current assets and liabilities include financial instruments, the most significant of which are receivables, the current portion of our long-term debt and payables. We believe the carrying values of our receivables and payables approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our credit rating and (3) our historical incurrence of and expected future insignificant bad debt expense, which includes an evaluation of counterparty credit risk. The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets 10 28 10 28 Total financial assets $ 10 $ 28 $ 10 $ 28 Financial liabilities Other current liabilities $ 132 $ 197 $ 140 $ 204 Long-term debt, including current portion (a) 5,789 5,878 5,806 5,948 Deferred credits and other liabilities 61 60 73 73 Total financial liabilities $ 5,982 $ 6,135 $ 6,019 $ 6,225 (a) Excludes debt issuance costs.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Term Loan Facility In November 2022, we entered into a term credit agreement, which provides for a two-year $1.5 billion term loan facility (“Term Loan Facility”) and we borrowed the full amount thereunder in December 2022. Borrowings under the Term Loan Facility can be prepaid without penalty. As of March 31, 2023, we had $1.5 billion in borrowings under our Term Loan Facility and the weighted average interest rate on borrowings under the Term Loan Facility was 6.36%. The Term Loan Facility includes a covenant requiring our total debt to total capitalization ratio not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate all of the commitments under the Term Loan Facility and require the immediate repayment of all outstanding borrowings under the Term Loan Facility. As of March 31, 2023, we were in compliance with this covenant with a ratio of 26%. Revolving Credit Facility As of March 31, 2023, we had net borrowings of $450 million against our $2.5 billion unsecured Revolving Credit Facility. The weighted average interest rate on borrowings under the Revolving Credit Facility was 6.20%. The Revolving Credit Facility includes a covenant requiring our total debt to total capitalization ratio not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Revolving Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Revolving Credit Facility. As of March 31, 2023, we were in compliance with this covenant with a ratio of 26%. Debt Redemption In March 2023, we redeemed the $70 million 8.5% Senior Notes on the maturity date. Long-term debt At March 31, 2023, we had $5.9 billion of total long-term debt outstanding, which includes $131 million of long-term debt due within one year. Refer to our 2022 Annual Report on Form 10-K for a listing of our long-term debt maturities. Debt Remarketing On April 3, 2023, we closed a $200 million remarketing to investors of sub-series 2017A-1 bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana revenue refunding bonds Series 2017. The bonds are subject to an interest rate of 4.05% and a mandatory purchase date of July 1, 2026. At March 31, 2023, these bonds were included in long-term debt on the consolidated balance sheet.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ EquityOur Board of Directors has authorized a share repurchase program. During the first three months of 2023, we repurchased approximately 13 million shares of our common stock pursuant to the share repurchase program at a cost of $334 million. Our remaining share repurchase authorization was approximately $2.1 billion at March 31, 2023. Purchases under the program are made at our discretion and may be in either open market transactions, including block purchases, or in privately negotiated transactions using cash on hand, cash generated from operations or proceeds from potential asset sales. This program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion. Additionally, during the first three months of 2023 we repurchased $30 million of shares related to our tax withholding obligation associated with the vesting of employee restricted stock awards and restricted stock units; these repurchases do not impact our share repurchase program authorization.Subsequent to the quarter, we repurchased approximately $110 million of shares of our common stock through May 3, 2023.

Incentive Based Compensation

Incentive Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Incentive Based Compensation	Incentive Based Compensation Stock options, restricted stock and restricted stock units The following table presents a summary of activity for the first three months of 2023: Stock Options Restricted Stock & Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 1,678,524 $ 28.86 4,651,196 $ 14.89 Granted — $ — 1,832,506 $ 25.79 Exercised/Vested (10,417) $ 10.47 (2,597,783) $ 11.99 Canceled (39,110) $ 33.10 (76,806) $ 18.38 Outstanding at March 31, 2023 1,628,997 $ 28.88 3,809,113 $ 22.04 Stock-based performance unit awards During the first three months of 2023, we granted 222,464 stock-based performance units to eligible officers, which are settled in shares. The grant date fair value per unit was $32.97. During the first three months of 2023, we stock settled the units related to the 2020 grant. At March 31, 2023, there were 686,266 outstanding stock-based performance units to be settled in shares to officers. During the first three months of 2023, we also granted 222,464 stock-based performance units to eligible officers, which are settled in cash. At the grant date for these performance units, each unit represents the value of one share of our common stock. The fair value of each cash-settled performance unit was $24.06 as of March 31, 2023. During the first three months of 2023, we also cash settled the units related to the 2021 grant. At March 31, 2023, there were 389,507 units outstanding of the stock-based performance unit awards to be settled in cash to officers.

Defined Benefit Postretirement

Defined Benefit Postretirement Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Defined Benefit Postretirement Plans	Defined Benefit Postretirement Plans The following summarizes the components of net periodic benefit costs (credits): Three Months Ended March 31, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 3 $ 4 $ — $ — Interest cost 3 2 1 — Expected return on plan assets (2) (2) — — Amortization: – prior service credit (2) (2) (4) (4) – actuarial loss — — — 1 Net settlement loss (a) 1 — — — Net periodic benefit costs (credits) (b) $ 3 $ 2 $ (3) $ (3) (a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan’s total service and interest cost for that year. (b) Net periodic benefit costs (credits) reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	Reclassifications Out of Accumulated Other Comprehensive Income (Loss) The following table presents a summary of amounts reclassified from accumulated other comprehensive income (loss): Three Months Ended March 31, (In millions) 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 6 $ 6 Other net periodic benefit credits Amortization of actuarial loss — (1) Other net periodic benefit credits Net settlement loss (1) — Other net periodic benefit credits Income taxes (1) (1) Provision (benefit) for income taxes Total reclassifications of (income) expense, net of tax $ 4 $ 4 Net income

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three Months Ended March 31, (In millions) 2023 2022 Included in operating activities: Interest paid (a) $ 85 $ 54 Income taxes paid, net of refunds $ 6 $ 12 Noncash investing activities: Increase in asset retirement costs $ 6 $ 7 (a) The increase in the three months ended March 31, 2023 compared to the same period in 2022 was primarily related to interest paid on borrowings under the Term Loan Facility and Revolving Credit Facility.

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During the periods ended March 31, 2023 and December 31, 2022 our equity method investees were considered related parties. Our investment in our equity method investees are summarized in the following table: (In millions) Ownership as of March 31, 2023 March 31, 2023 December 31, 2022 EGHoldings (a) 56% $ 333 $ 287 Alba Plant LLC (b) 52% 176 155 AMPCO (c) 45% 148 135 Total $ 657 $ 577 (a) EGHoldings is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended March 31, (In millions) 2023 2022 Income data: Revenues and other income $ 306 $ 374 Income from operations 159 229 Net income $ 134 $ 204 Revenues from related parties were $6 million and $8 million for the three months ended March 31, 2023 and 2022, respectively, with the majority related to EGHoldings in both periods. Cash received from equity investees is classified as dividends or return of capital on the Consolidated Statements of Cash Flows. Dividends from equity method investees are reflected in the Operating activities section in Equity Method Investments, net while return of capital is reflected in the Investing activities section. Our equity investees did not distribute dividends or return of capital during the three months ended March 31, 2023. Dividends and return of capital received by us during the three months ended March 31, 2022 totaled $54 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Various groups, including the State of North Dakota and three Indian tribes (the “Three Affiliated Tribes”) represented by the Bureau of Indian Affairs, have been involved in a dispute regarding the ownership of certain lands underlying the Missouri River and Little Missouri River (the “Disputed Land”) from which we currently produce. As a result, as of March 31, 2023, we have a $164 million current liability in suspended royalty and working interest revenue, including interest, of which $145 million was included within accounts payable and $19 million related to accrued interest and was included within other current liabilities on our consolidated balance sheet. Additionally, we have a long-term receivable of $26 million for capital and expenses. The United States Department of the Interior (“DOI”) has addressed the United States’ position with respect to this dispute several times over the past five years with conflicting opinions. In January 2017, the DOI issued an opinion that the Disputed Land is held in trust for the Three Affiliated Tribes, then in June 2018 and May 2020 the DOI issued opinions concluding that the State of North Dakota held title to the Disputed Land. Most recently, on February 4, 2022, the DOI issued an opinion (“M-Opinion”) concluding the DOI’s position that the Disputed Land is held in trust for the Three Affiliated Tribes. While the latest M-Opinion is binding on all agencies within the DOI, it is not legally binding on third parties, including Marathon Oil, or a court. Depending on the ultimate outcome of this title dispute, the Three Affiliated Tribes could challenge the validity of certain of our leases relating to a portion of the disputed land, and if such challenge were successful it could result in operational delays and additional costs to us. Given the uncertainty in matters such as these, we are unable to predict the ultimate outcome of this matter at this time; however, we believe the resolution of this matter will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. We are a defendant in a number of legal and administrative proceedings arising in the ordinary course of business including, but not limited to, royalty claims, contract claims, tax disputes and environmental claims. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe the resolution of these proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. In addition, we may also be subject to retained liabilities with respect to certain divested assets by operation of law. For example, we are exposed to the risk that owners and/or operators of assets purchased from us become unable to satisfy plugging or abandonment obligations that attach to those assets. In that event, due to operation of law, we may be required to assume plugging or abandonment obligations for those assets. Although we have established reserves for such liabilities, we could be required to accrue additional amounts in the future and these amounts could be material. Marathon Oil was named in a lawsuit alleging improper royalty deductions in certain of our Oklahoma operations, and after plaintiffs lost their attempt to certify a class action, a settlement was reached, and in the first quarter of 2023 such settlement was approved by the court and paid. We have received Notice of Violation (“NOV”)’s from the EPA related to allegations of violations of the Clean Air Act relating to our operations on the Fort Berthold Indian Reservation between 2015 and 2019. We are actively negotiating a draft consent decree with the EPA and Department of Justice containing certain proposed injunctive terms relating to this enforcement action. Resolution of the enforcement action will likely include monetary sanctions and implementation of both environmental mitigation projects and injunctive terms, which would increase both our development costs and operating costs. We maintain an accrual for estimated future costs related to this matter regarding actions required to retrofit or replace existing equipment, which we expect to incur over multiple years. Our accrual does not include possible monetary sanctions or costs associated with mitigation projects as we are unable to estimate those amounts. Through the date of this filing, there exists substantial uncertainty as to the ultimate result of this matter and it is reasonably possible the result could be materially different from our accrual. The Company received NOV’s from the EPA relating to alleged Clean Air Act violations following flyovers conducted in 2020 and 2022 over certain of the Company’s oil and gas facilities in New Mexico. The notices involve alleged emission and permitting violations. We initiated discussions with the EPA to resolve these matters. As we are still investigating these allegations, we are unable to estimate the potential loss associated with these matters, however, it is reasonably possible that the resolution may result in a fine or penalty in excess of $300,000. We have incurred and will continue to incur capital, operating and maintenance and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately offset by the prices we receive for our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, marketing areas and production processes. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. At March 31, 2023, accrued liabilities for remediation relating to environmental laws and regulations were not material. It is not presently possible to estimate the ultimate amount of all remediation cost that might be incurred or the penalties that may be imposed. In the second quarter of 2019, Marathon E.G. Production Limited (“MEGPL”), a consolidated and wholly owned subsidiary, signed a series of agreements to process third-party Alen Unit gas through existing infrastructure located in Punta Europa, E.G. Our equity method investee, Alba Plant LLC, is also a party to some of the agreements. These agreements require (subject to certain limitations) MEGPL to indemnify the owners of the Alen Unit against injury to Alba Plant LLC’s personnel and damage to or loss of Alba Plant LLC’s automobiles, as well as third party claims caused by Alba Plant LLC and certain environmental liabilities arising from certain hydrocarbons in the custody of Alba Plant LLC. At this time, we cannot reasonably estimate this obligation as we do not have any history of prior indemnification claims or environmental discharge or contamination. Therefore, we have not recorded a liability with respect to these indemnities since the amount of potential future payments under these indemnification clauses is not determinable.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K. The results of operations for the first quarter of 2023 are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Updates Adopted and Not Yet Adopted	Accounting Standards Updates Adopted No accounting standards were adopted in the first quarter of 2023 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted There were no issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Income and Dividends per Comm_2

Income and Dividends per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The per share calculations below exclude 1 million and 2 million of antidilutive stock options for the three months ended March 31, 2023 and 2022, respectively. Three Months Ended March 31, (In millions, except per share data) 2023 2022 Net income $ 417 $ 1,304 Weighted average common shares outstanding 628 730 Effect of dilutive securities 1 2 Weighted average common shares, diluted 629 732 Net income per share: Basic $ 0.66 $ 1.79 Diluted $ 0.66 $ 1.78 Dividends per share $ 0.10 $ 0.07

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three months ended March 31: United States Three Months Ended March 31, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 495 $ 431 $ 78 $ 170 $ 11 $ 1,185 Natural gas liquids 71 37 39 22 — 169 Natural gas 56 35 36 11 1 139 Other 2 — — — 8 10 Revenues from contracts with customers $ 624 $ 503 $ 153 $ 203 $ 20 $ 1,503 Three Months Ended March 31, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 459 $ 652 $ 99 $ 88 $ 43 $ 1,341 Natural gas liquids 44 89 59 15 9 216 Natural gas 33 43 56 12 7 151 Other 2 — — — 4 6 Revenues from contracts with customers $ 538 $ 784 $ 214 $ 115 $ 63 $ 1,714 International (E.G.) Three Months Ended March 31, (In millions) 2023 2022 Crude oil and condensate $ 57 $ 40 Natural gas liquids 1 1 Natural gas 5 5 Other 1 1 Revenues from contracts with customers $ 64 $ 47

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended March 31, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,503 $ 64 $ — $ 1,567 Net gain on commodity derivatives 13 — 2 (b) 15 Income from equity method investments — 80 — 80 Net gain on disposal of assets — — 5 5 Other income 11 1 1 13 Less costs and expenses: Production 178 23 — 201 Shipping, handling and other operating 159 3 — 162 Exploration 5 — 10 (c) 15 Depreciation, depletion and amortization 505 12 3 520 Taxes other than income 97 — (2) 95 General and administrative 35 3 44 82 Net interest and other — — 82 82 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 123 15 (29) 109 Segment income (loss) $ 425 $ 89 $ (97) $ 417 Total assets $ 18,696 $ 1,148 $ 168 $ 20,012 Capital expenditures (a) $ 597 $ 2 $ 2 $ 601 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes $10 million of dry well expense associated with wells in Permian (See Note 9 ). Three Months Ended March 31, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,714 $ 47 $ — $ 1,761 Net loss on commodity derivatives (29) — (114) (b) (143) Income from equity method investments — 127 — 127 Other income 4 2 2 8 Less costs and expenses: Production 141 11 — 152 Shipping, handling and other operating 150 9 26 185 Exploration 11 — — 11 Depreciation, depletion and amortization 404 15 4 423 Taxes other than income 99 — 5 104 General and administrative 30 3 40 73 Net interest and other — — 22 (c) 22 Other net periodic benefit costs — — (4) (4) Income tax provision (benefit) 193 23 (733) (d) (517) Segment income $ 661 $ 115 $ 528 $ 1,304 Total assets $ 15,684 $ 1,102 $ 1,195 $ 17,981 Capital expenditures (a) $ 346 $ (1) $ 3 $ 348 (a) Includes accruals. (b) Unrealized loss on commodity derivative instruments (See Note 12 ). (c) Includes a $17 million gain on 2025 interest rate swaps (See Note 12 ). (d) Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 6 ).

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three months ended March 31, 2023 and 2022, our effective income tax rates were as follows: Three Months Ended March 31, 2023 2022 Effective income tax rate 21 % (66) %

Credit Losses (Tables)

Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Schedule of Allowance for Doubtful Accounts Balance	Changes in the allowance for credit losses were as follows: (In millions) March 31, 2023 December 31, 2022 Beginning balance as of January 1 $ 10 $ 15 Current period provision 2 (3) Current period write offs — (2) Recoveries of amounts previously reserved (1) — Ending balance $ 11 $ 10

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	(In millions) March 31, 2023 December 31, 2022 Crude oil and natural gas liquids $ 14 $ 15 Supplies and other items 122 110 Inventories $ 136 $ 125

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(In millions) March 31, 2023 December 31, 2022 United States $ 17,130 $ 17,034 International 279 288 Corporate 54 55 Net property, plant and equipment $ 17,463 $ 17,377

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: March 31, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 1 7 Settled liabilities, including dispositions (9) (3) Accretion expense (included in depreciation, depletion and amortization) 4 4 Revisions of estimates 5 — Ending balance as of March 31, total $ 341 $ 324 Ending balance as of March 31, short-term $ 45 $ 28

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: March 31, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 143 $ 123 Finance leases Other noncurrent assets 22 24 Total ROU assets $ 165 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 99 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 46 32 Finance leases Deferred credits and other liabilities 16 18 Total lease liabilities $ 167 $ 150
Schedule of Operating Lease, Undiscounted Cash Flows to be Received	The undiscounted cash flows to be received under this lease agreement are summarized below. (In millions) Operating Lease Future Cash Receipts 2023 $ 5 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 71

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in the Consolidated Balance Sheets	The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets. March 31, 2023 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 12 $ — $ 12 Other current assets Total Not Designated as Hedges $ 12 $ — $ 12 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 11 — 11 Other noncurrent assets Total Designated Hedges $ 20 $ — $ 20 Total $ 32 $ — $ 32 December 31, 2022 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 10 $ — $ 10 Other current assets Total Not Designated as Hedges $ 10 $ — $ 10 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 15 — 15 Other noncurrent assets Total Designated Hedges $ 24 $ — $ 24 Total $ 34 $ — $ 34 The unrealized and realized gain (loss) impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income. Three Months Ended March 31, (In millions) 2023 2022 Unrealized gain (loss) on derivative instruments, net $ 2 $ (114) Realized gain (loss) on derivative instruments, net (a) $ 13 $ (29) (a) During the first quarter of 2023, net cash received for settled derivative positions was $10 million. During the first quarter of 2022, net cash paid for settled derivative positions was $28 million.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of March 31, 2023, and the weighted average prices for those contracts: 2023 Second Quarter Third Quarter Fourth Quarter Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 50,000 50,000 Weighted average price per MMBtu: Ceiling $ 11.14 $ 11.14 $ 11.14 Floor $ 4.00 $ 4.00 $ 4.00 Sold Put $ 2.50 $ 2.50 $ 2.50

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by hierarchy level. March 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 12 $ — $ 12 Interest rate - designated as cash flow hedges $ — $ 20 $ — $ 20 Derivative instruments, assets $ — $ 32 $ — $ 32 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 10 $ — $ 10 Interest rate - designated as cash flow hedges — 24 — 24 Derivative instruments, assets $ — $ 34 $ — $ 34 (a) Commodity derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 12
Schedule of Fair Value, by Balance Sheet Grouping	The following table summarizes financial instruments, excluding receivables, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at March 31, 2023 and December 31, 2022. March 31, 2023 December 31, 2022 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets 10 28 10 28 Total financial assets $ 10 $ 28 $ 10 $ 28 Financial liabilities Other current liabilities $ 132 $ 197 $ 140 $ 204 Long-term debt, including current portion (a) 5,789 5,878 5,806 5,948 Deferred credits and other liabilities 61 60 73 73 Total financial liabilities $ 5,982 $ 6,135 $ 6,019 $ 6,225 (a) Excludes debt issuance costs.

Incentive Based Compensation (T

Incentive Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options, Restricted Stock Awards and Restricted Stock Units Activity	The following table presents a summary of activity for the first three months of 2023: Stock Options Restricted Stock & Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2022 1,678,524 $ 28.86 4,651,196 $ 14.89 Granted — $ — 1,832,506 $ 25.79 Exercised/Vested (10,417) $ 10.47 (2,597,783) $ 11.99 Canceled (39,110) $ 33.10 (76,806) $ 18.38 Outstanding at March 31, 2023 1,628,997 $ 28.88 3,809,113 $ 22.04

Defined Benefit Postretiremen_2

Defined Benefit Postretirement Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Costs (Credits)	The following summarizes the components of net periodic benefit costs (credits): Three Months Ended March 31, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 3 $ 4 $ — $ — Interest cost 3 2 1 — Expected return on plan assets (2) (2) — — Amortization: – prior service credit (2) (2) (4) (4) – actuarial loss — — — 1 Net settlement loss (a) 1 — — — Net periodic benefit costs (credits) (b) $ 3 $ 2 $ (3) $ (3) (a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan’s total service and interest cost for that year. (b) Net periodic benefit costs (credits) reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.

Reclassifications Out of Accu_2

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income (Loss)	The following table presents a summary of amounts reclassified from accumulated other comprehensive income (loss): Three Months Ended March 31, (In millions) 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 6 $ 6 Other net periodic benefit credits Amortization of actuarial loss — (1) Other net periodic benefit credits Net settlement loss (1) — Other net periodic benefit credits Income taxes (1) (1) Provision (benefit) for income taxes Total reclassifications of (income) expense, net of tax $ 4 $ 4 Net income

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Three Months Ended March 31, (In millions) 2023 2022 Included in operating activities: Interest paid (a) $ 85 $ 54 Income taxes paid, net of refunds $ 6 $ 12 Noncash investing activities: Increase in asset retirement costs $ 6 $ 7 (a) The increase in the three months ended March 31, 2023 compared to the same period in 2022 was primarily related to interest paid on borrowings under the Term Loan Facility and Revolving Credit Facility.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During the periods ended March 31, 2023 and December 31, 2022 our equity method investees were considered related parties. Our investment in our equity method investees are summarized in the following table: (In millions) Ownership as of March 31, 2023 March 31, 2023 December 31, 2022 EGHoldings (a) 56% $ 333 $ 287 Alba Plant LLC (b) 52% 176 155 AMPCO (c) 45% 148 135 Total $ 657 $ 577 (a) EGHoldings is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended March 31, (In millions) 2023 2022 Income data: Revenues and other income $ 306 $ 374 Income from operations 159 229 Net income $ 134 $ 204

Income and Dividends per Comm_3

Income and Dividends per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1	2
Net income	$ 417	$ 1,304
Weighted average common shares outstanding (in shares)	628	730
Effect of dilutive securities (in shares)	1	2
Weighted average common shares, diluted (in shares)	629	732
Net income per share:
Basic (in dollars per share)	$ 0.66	$ 1.79
Diluted (in dollars per share)	0.66	1.78
Dividends per share (in dollars per share)	$ 0.10	$ 0.07

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables from contract with customer	$ 943	$ 875

Revenues - Revenues from Contra

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,567	$ 1,761
United States
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,503	1,714
United States | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	624	538
United States | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	503	784
United States | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	153	214
United States | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	203	115
United States | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20	63
United States | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,185	1,341
United States | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	495	459
United States | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	431	652
United States | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	78	99
United States | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	170	88
United States | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11	43
United States | Natural gas liquids
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	169	216
United States | Natural gas liquids | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	71	44
United States | Natural gas liquids | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	37	89
United States | Natural gas liquids | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	39	59
United States | Natural gas liquids | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	22	15
United States | Natural gas liquids | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	9
United States | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	139	151
United States | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	56	33
United States | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	35	43
United States | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	36	56
United States | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11	12
United States | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	7
United States | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10	6
United States | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	2
United States | Other | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Other | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Other | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Other | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8	4
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	64	47
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	57	40
International | Natural gas liquids | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	1
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5	5
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1	$ 1

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Number of operating segments | segment	2
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 1,567	$ 1,761
Net gain (loss) on commodity derivatives	15	(143)
Income from equity method investments	80	127
Net gain on disposal of assets	5	0
Other income	13	8
Less costs and expenses:
Production	201	152
Shipping, handling and other operating	162	185
Exploration	15	11
Depreciation, depletion and amortization	520	423
Taxes other than income	95	104
General and administrative	82	73
Net interest and other	82	22
Other net periodic benefit costs	(3)	(4)
Income tax provision (benefit)	109	(517)
Net income	417	1,304
Total assets	20,012	17,981	$ 19,940
Capital expenditures	601	348
Valuation allowance released		685
Permian Basin
Less costs and expenses:
Dry well cost			$ 10
Interest Rate Contract, Maturing June 1, 2025 | Cash Flow Hedges
Less costs and expenses:
Gain on interest rate swap		17
Not Allocated to Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	0	0
Net gain (loss) on commodity derivatives	2	(114)
Income from equity method investments	0	0
Net gain on disposal of assets	5
Other income	1	2
Less costs and expenses:
Production	0	0
Shipping, handling and other operating	0	26
Exploration	10	0
Depreciation, depletion and amortization	3	4
Taxes other than income	(2)	5
General and administrative	44	40
Net interest and other	82	22
Other net periodic benefit costs	(3)	(4)
Income tax provision (benefit)	(29)	(733)
Net income	(97)	528
Total assets	168	1,195
Capital expenditures	2	3
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,503	1,714
U.S. | Operating Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,503	1,714
Net gain (loss) on commodity derivatives	13	(29)
Income from equity method investments	0	0
Net gain on disposal of assets	0
Other income	11	4
Less costs and expenses:
Production	178	141
Shipping, handling and other operating	159	150
Exploration	5	11
Depreciation, depletion and amortization	505	404
Taxes other than income	97	99
General and administrative	35	30
Net interest and other	0	0
Other net periodic benefit costs	0	0
Income tax provision (benefit)	123	193
Net income	425	661
Total assets	18,696	15,684
Capital expenditures	597	346
Int’l | Operating Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	64	47
Net gain (loss) on commodity derivatives	0	0
Income from equity method investments	80	127
Net gain on disposal of assets	0
Other income	1	2
Less costs and expenses:
Production	23	11
Shipping, handling and other operating	3	9
Exploration	0	0
Depreciation, depletion and amortization	12	15
Taxes other than income	0	0
General and administrative	3	3
Net interest and other	0	0
Other net periodic benefit costs	0	0
Income tax provision (benefit)	15	23
Net income	89	115
Total assets	1,148	1,102
Capital expenditures	$ 2	$ (1)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	21%	(66.00%)
Valuation allowance released		$ 685

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance as of January 1	$ 10	$ 15
Current period provision	2	(3)
Current period write offs	0	(2)
Recoveries of amounts previously reserved	(1)	0
Ending balance	$ 11	$ 10

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 14	$ 15
Supplies and other items	122	110
Inventories	$ 136	$ 125

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,377	$ 17,463
Exploratory well costs capitalized greater than one year after completion of drilling	20	10
Permian Basin
Property, Plant and Equipment [Line Items]
Dry well cost	10
Operating Segments | United States
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	17,034	17,130
Operating Segments | International
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	288	279
Corporate
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 55	$ 54

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 316
Incurred liabilities, including acquisitions	1	7
Settled liabilities, including dispositions	(9)	(3)
Accretion expense (included in depreciation, depletion and amortization)	4	4
Revisions of estimates	5	0
Ending balance as of March 31, total	341	324
Ending balance as of March 31, short-term	$ 45	$ 28

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets	Other noncurrent assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Deferred credits and other liabilities	Deferred credits and other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deferred credits and other liabilities	Deferred credits and other liabilities
ROU assets:
Operating leases	$ 143	$ 123
Finance leases	22	24
Total ROU assets	165	147
Current liabilities:
Operating leases	99	94
Finance leases	6	6
Noncurrent liabilities
Operating leases	46	32
Finance leases	16	18
Total lease liabilities	$ 167	$ 150

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Leases [Abstract]
Term of contract	5 years
Cash lease payments	$ 5
Finance lease extension term	5 years
Residual value guarantee	100%
Annual payments to be received	$ 6

Leases - Lease Payments to be R

Leases - Lease Payments to be Received (Details) $ in Millions	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 5
2024	6
2025	6
2026	6
2027	6
Thereafter	42
Total undiscounted cash flows	$ 71

Derivatives - Balance Sheet Com

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset	$ 32	$ 34
Liability	0	0
Net Asset (Liability)	32	34
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	12	10
Liability	0	0
Net Asset (Liability)	12	10
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	20	24
Liability	0	0
Net Asset (Liability)	20	24
Commodity | Other current assets | Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	12	10
Liability	0	0
Net Asset (Liability)	12	10
Interest Rate | Other current assets | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	9	9
Liability	0	0
Net Asset (Liability)	9	9
Interest Rate | Other noncurrent assets | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	11	15
Liability	0	0
Net Asset (Liability)	$ 11	$ 15

Derivatives - Outstanding Deriv

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Mar. 31, 2023 MMBbls / d $ / bbl
Three-Way Collars - Natural Gas 2023, Second Quarter
Derivative [Line Items]
Volume (MMBtu/day) | MMBbls / d	50,000
Weighted average price per MMBtu, ceiling	11.14
Weighted average price per MMBtu, floor	4
Weighted average price per MMBtu:, sold put	2.50
Three-Way Collars - Natural Gas 2023, Third Quarter
Derivative [Line Items]
Volume (MMBtu/day) | MMBbls / d	50,000
Weighted average price per MMBtu, ceiling	11.14
Weighted average price per MMBtu, floor	4
Weighted average price per MMBtu:, sold put	2.50
Three-Way Collars - Natural Gas 2023, Fourth Quarter
Derivative [Line Items]
Volume (MMBtu/day) | MMBbls / d	50,000
Weighted average price per MMBtu, ceiling	11.14
Weighted average price per MMBtu, floor	4
Weighted average price per MMBtu:, sold put	2.50

Derivatives - Schedule of Mark-

Derivatives - Schedule of Mark-to-market Impact and Commodity Derivative Settlements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net settlements of derivative instruments	$ 10	$ 28
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments, net	2	(114)
Realized gain (loss) on derivative instruments, net	$ 13	$ (29)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt		$ 5,900,000,000
Net settlements of derivative instruments		10,000,000	$ 28,000,000
Senior Unsecured Notes, 3.850%, Due 2025
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt					$ 900,000,000
Interest rate					3.85%
Interest Rate Contract, Maturing June 1, 2025 | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from hedge settlement	$ 44,000,000
Gain on interest rate swap			$ 17,000,000
Interest Rate Contract, Maturing September 9, 2026
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from hedge settlement		2,000,000
Amount expected to be reclassified within 12 months		9,000,000
Designated as Hedging Instrument | Interest Rate Contract, Maturing June 1, 2025 | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount					$ 350,000,000
Designated as Hedging Instrument | Interest Rate Contract, Maturing September 9, 2026
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 295,000,000
Weighted average interest rate, SOFR		1.43%		1.43%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Recurring (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 32	$ 34
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	12	10
Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	20	24
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 1 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 1 | Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	32	34
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	12	10
Level 2 | Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	20	24
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 3 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 3 | Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value
Financial assets
Other noncurrent assets	$ 10	$ 10
Total financial assets	10	10
Financial liabilities
Other current liabilities	132	140
Long-term debt, including current portion	5,789	5,806
Deferred credits and other liabilities	61	73
Total financial liabilities	5,982	6,019
Carrying Amount
Financial assets
Other noncurrent assets	28	28
Total financial assets	28	28
Financial liabilities
Other current liabilities	197	204
Long-term debt, including current portion	5,878	5,948
Deferred credits and other liabilities	60	73
Total financial liabilities	$ 6,135	$ 6,225

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - Term Loan Facility - Line of Credit - USD ($) $ in Billions	1 Months Ended
	Nov. 30, 2022	Mar. 31, 2023
Debt Instrument [Line Items]
Debt term	2 years
Maximum borrowing capacity	$ 1.5
Line of credit		$ 1.5
Effective interest rate		6.36%
Covenant, ratio of indebtedness to net capital, maximum		0.65
Ratio of indebtedness to net capital		0.26

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Revolving Credit Facility	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Line of credit, outstanding amount	$ 450,000,000
Maximum borrowing capacity	$ 2,500,000,000
Weighted average interest rate	6.20%
Covenant, ratio of indebtedness to net capital, maximum	0.65
Ratio of indebtedness to net capital	0.26

Debt - Debt Redemption (Details

Debt - Debt Redemption (Details) - Senior Unsecured Notes 8.5% Due2023 - Unsecured Debt $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 70
Interest rate	8.50%

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term debt	$ 5,900
Long-term debt due within one year	$ 131	$ 402

Debt - Debt Remarketing (Detail

Debt - Debt Remarketing (Details) - St. John the Baptist Parish, State of Louisiana Revenue Bonds - USD ($) $ in Millions	Apr. 03, 2023	Dec. 31, 2017
Debt Instrument [Line Items]
Revenue refunding bond		$ 1,000
Subsequent Event
Debt Instrument [Line Items]
Borrowings	$ 200
Interest rate	4.05%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 03, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock		$ 334	$ 592
Purchases of shares for tax withholding obligations		30	21
Shares repurchased, value		$ 334	$ 592
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		13
Payments for repurchase of common stock		$ 334
Stock repurchase program, remaining authorized repurchase amount		$ 2,100
Share Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares repurchased, value	$ 110

Incentive Based Compensation -

Incentive Based Compensation - Stock Options, Restricted Stock Awards and Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Outstanding, beginning (in shares) | shares	1,678,524
Granted (in shares) | shares	0
Exercised/Vested (in shares) | shares	(10,417)
Canceled (in shares) | shares	(39,110)
Outstanding, ending (in shares) | shares	1,628,997
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) | $ / shares	$ 28.86
Granted (in dollars per share) | $ / shares	0
Exercised/Vested (in dollars per share) | $ / shares	10.47
Canceled (in dollars per share) | $ / shares	33.10
Outstanding, ending (in dollars per share) | $ / shares	$ 28.88
Restricted Stock & Units
Number of Shares & Units
Outstanding, beginning (in shares) | shares	4,651,196
Granted (in shares) | shares	1,832,506
Exercised/Vested (in shares) | shares	(2,597,783)
Canceled (in shares) | shares	(76,806)
Outstanding, ending (in shares) | shares	3,809,113
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 14.89
Granted (in dollars per share) | $ / shares	25.79
Exercised/Vested (in dollars per share) | $ / shares	11.99
Canceled (in dollars per share) | $ / shares	18.38
Outstanding, ending (in dollars per share) | $ / shares	$ 22.04

Incentive Based Compensation _2

Incentive Based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Performance Unit - Share Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	222,464
Grant date fair value (in dollars per share) | $ / shares	$ 32.97
Outstanding units (in shares)	686,266
Performance Unit - Cash Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	222,464
Outstanding units (in shares)	389,507
Unit conversion ratio (in shares)	1
Fair value as of period end (in dollars per share) | $ / shares	$ 24.06

Defined Benefit Postretiremen_3

Defined Benefit Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amortization:
Net settlement loss	$ (3)	$ (4)
Estimated future contributions over the remainder of the current year	10
Funded Plan
Amortization:
Payment for pension benefits	2
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	4
Interest cost	3	2
Expected return on plan assets	(2)	(2)
Amortization:
– prior service credit	(2)	(2)
– actuarial loss	0	0
Net settlement loss	1	0
Net periodic benefit costs (credits)	3	2
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	1	0
Expected return on plan assets	0	0
Amortization:
– prior service credit	(4)	(4)
– actuarial loss	0	1
Net settlement loss	0	0
Net periodic benefit costs (credits)	(3)	$ (3)
Unfunded Portion of Pension Plan
Amortization:
Payment for pension and other postretirement benefits	3
Unfunded Portion of Other Postretirement Benefits Plan
Amortization:
Payment for pension and other postretirement benefits	$ 2

Reclassifications Out of Accu_3

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	$ 3	$ 4
Provision (benefit) for income taxes	109	(517)
Net income	417	1,304
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Total reclassifications of (income) expense, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	4	4
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	6	6
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	0	(1)
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Net settlement loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	(1)	0
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Income taxes
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision (benefit) for income taxes	$ (1)	$ (1)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Included in operating activities:
Interest paid	$ 85	$ 54
Income taxes paid, net of refunds	6	12
Noncash investing activities:
Increase in asset retirement costs	6	7
Capital expenditures incurred but not yet paid	$ 180	$ 96

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 657	$ 577
EG Holdings
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%
Equity method investments	$ 333	287
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Equity method investments	$ 176	155
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45%
Equity method investments	$ 148	$ 135

Equity Method Investments - Sum

Equity Method Investments - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,680	$ 1,753
Income from operations	605	805
Net income	417	1,304
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	306	374
Income from operations	159	229
Net income	$ 134	$ 204

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Revenue from related parties	$ 6	$ 8
Proceeds from equity method investment		$ 54
Due from related parties	20		$ 36
Due to related parties	$ 18		$ 20

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 guarantee	Mar. 31, 2023 USD ($) tribe
Loss Contingencies [Line Items]
Number of affiliated tribes | tribe		3
Contingent royalty liability		$ 164,000
Contingent capital and expense receivable, noncurrent		26,000
Expected penalty or fine (in excess of)		300
Number of guarantees executed | guarantee	2
Guarantees recorded		4,000
Performance of Equatorial Guinea LNG Operations, S.A.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		91,000
Performance of Alba Plant LLC.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		25,000
Accounts payable
Loss Contingencies [Line Items]
Contingent royalty liability		145,000
Other current liabilities
Loss Contingencies [Line Items]
Contingent royalty liability		$ 19,000