Marathon Oil (MRO) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		605,687,177
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues and other income:
Revenues from contracts with customers	$ 1,484	$ 2,168	$ 3,051	$ 3,929
Net gain (loss) on commodity derivatives	3	(27)	18	(170)
Income from equity method investments	22	152	102	279
Net loss on disposal of assets	0	(1)	5	(1)
Other income	4	11	17	19
Total revenues and other income	1,513	2,303	3,193	4,056
Costs and expenses:
Production	214	164	415	316
Shipping, handling and other operating	161	191	323	376
Exploration	11	8	26	19
Depreciation, depletion and amortization	559	436	1,079	859
Impairments	0	2	0	2
Taxes other than income	43	140	138	244
General and administrative	71	68	153	141
Total costs and expenses	1,059	1,009	2,134	1,957
Income from operations	454	1,294	1,059	2,099
Net interest and other	(92)	(54)	(174)	(76)
Other net periodic benefit credits	3	5	6	9
Income before income taxes	365	1,245	891	2,032
Provision (benefit) for income taxes	78	279	187	(238)
Net income	$ 287	$ 966	$ 704	$ 2,270
Net income per share:
Basic (in dollars per share)	$ 0.47	$ 1.37	$ 1.13	$ 3.17
Diluted (in dollars per share)	$ 0.47	$ 1.37	$ 1.13	$ 3.16
Weighted average common shares outstanding:
Basic (in shares)	614	703	622	717
Diluted (in shares)	615	705	623	719

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 287	$ 966	$ 704	$ 2,270
Other comprehensive income (loss), net of tax
Change in actuarial gain (loss) and other for postretirement and postemployment plans	(8)	1	(13)	(3)
Change in derivative hedges unrecognized gain	3	4	1	16
Other	0	(1)	0	(1)
Other comprehensive income (loss)	(5)	4	(12)	12
Comprehensive income	$ 282	$ 970	$ 692	$ 2,282

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 215	$ 334
Receivables, net	1,294	1,146
Inventories	136	125
Other current assets	58	66
Total current assets	1,703	1,671
Equity method investments	430	577
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $24,888 and $23,876	17,524	17,377
Other noncurrent assets	262	315
Total assets	19,919	19,940
Current liabilities:
Accounts payable	1,537	1,279
Payroll and benefits payable	50	90
Accrued taxes	102	171
Other current liabilities	305	364
Long-term debt due within one year	131	402
Total current liabilities	2,125	2,306
Long-term debt	5,724	5,521
Deferred tax liabilities	278	167
Defined benefit postretirement plan obligations	105	100
Asset retirement obligations	299	295
Deferred credits and other liabilities	144	154
Total liabilities	8,675	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 June 30, 2023 and December 31, 2022)	937	937
Held in treasury, at cost – 331 million shares and 304 million shares	(8,188)	(7,512)
Additional paid-in capital	7,159	7,203
Retained earnings	11,242	10,663
Accumulated other comprehensive income	94	106
Total stockholders’ equity	11,244	11,397
Total liabilities and stockholders’ equity	$ 19,919	$ 19,940

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 24,888	$ 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)	331,000,000	304,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 704	$ 2,270
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,079	859
Impairments	0	2
Exploratory dry well costs and unproved property impairments	24	14
Net (gain) loss on disposal of assets	(5)	1
Deferred income taxes	155	(319)
Unrealized loss on derivative instruments, net	2	71
Pension and other post retirement benefits, net	(11)	(16)
Stock-based compensation	21	18
Equity method investments, net	113	(85)
Changes in:
Current receivables	(158)	(376)
Inventories	(11)	(16)
Current accounts payable and accrued liabilities	37	278
Other current assets and liabilities	10	(7)
All other operating, net	(19)	51
Net cash provided by operating activities	1,941	2,745
Investing activities:
Additions to property, plant and equipment	(1,166)	(687)
Acquisitions, net of cash acquired	9	2
Disposal of assets, net of cash transferred to the buyer	(1)	4
Equity method investments - return of capital	34	7
All other investing, net	(1)	0
Net cash used in investing activities	(1,125)	(674)
Financing activities:
Proceeds from revolving credit facility	980	0
Repayments of revolving credit facility	(980)	0
Borrowings	200	0
Debt repayments	(270)	(32)
Shares repurchased under buyback programs	(706)	(1,352)
Dividends paid	(125)	(108)
Purchases of shares for tax withholding obligations	(30)	(21)
All other financing, net	(4)	24
Net cash used in financing activities	(935)	(1,489)
Net increase (decrease) in cash and cash equivalents	(119)	582
Cash and cash equivalents at beginning of period	334	580
Cash and cash equivalents at end of period	$ 215	$ 1,162

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, 2021	10,686	0	937	(4,825)	7,221	7,271	82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,270
Other comprehensive income (loss)	12
Ending balance at Jun. 30, 2022	11,532	0	937	(6,118)	7,186	9,433	94
Beginning balance at Mar. 31, 2022	11,366	0	937	(5,362)	7,178	8,523	90
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(760)			(760)
Stock-based compensation	12			4	8
Net income	966					966
Other comprehensive income (loss)	4						4
Dividends paid	(56)					(56)
Ending balance at Jun. 30, 2022	11,532	0	937	(6,118)	7,186	9,433	94
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
Beginning balance at Dec. 31, 2022	11,397	0	937	(7,512)	7,203	10,663	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	704
Other comprehensive income (loss)	(12)
Ending balance at Jun. 30, 2023	11,244	0	937	(8,188)	7,159	11,242	94
Beginning balance at Mar. 31, 2023	11,388	0	937	(7,814)	7,149	11,017	99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(372)			(372)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	11			1	10
Net income	287					287
Other comprehensive income (loss)	(5)						(5)
Dividends paid	(62)					(62)
Ending balance at Jun. 30, 2023	$ 11,244	$ 0	$ 937	$ (8,188)	$ 7,159	$ 11,242	$ 94

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.10	$ 0.10	$ 0.08	$ 0.07	$ 0.20	$ 0.15

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 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 second quarter and first six months of 2023 are not necessarily indicative of the results to be expected for the full year.

Accounting Standards

Accounting Standards	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Accounting Standards	Accounting Standards Accounting Standards Updates Adopted No accounting standards were adopted in the second 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	6 Months Ended
	Jun. 30, 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 of antidilutive stock options for the three and six months ended June 30, 2023 and 2 million of antidilutive stock options for the three and six months ended June 30, 2022, respectively. Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2023 2022 2023 2022 Net income $ 287 $ 966 $ 704 $ 2,270 Weighted average common shares outstanding 614 703 622 717 Effect of dilutive securities 1 2 1 2 Weighted average common shares, diluted 615 705 623 719 Net income per share: Basic $ 0.47 $ 1.37 $ 1.13 $ 3.17 Diluted $ 0.47 $ 1.37 $ 1.13 $ 3.16 Dividends per share $ 0.10 $ 0.08 $ 0.20 $ 0.15

Revenues

Revenues	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022, receivables from contracts with customers, included in receivables, less reserves for credit losses, were $892 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 and six months ended June 30: United States Three Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 524 $ 456 $ 63 $ 141 $ 11 $ 1,195 Natural gas liquids 64 41 33 18 — 156 Natural gas 37 14 28 7 — 86 Other 1 — — — 2 3 Revenues from contracts with customers $ 626 $ 511 $ 124 $ 166 $ 13 $ 1,440 Three Months Ended June 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 544 $ 749 $ 138 $ 100 $ 42 $ 1,573 Natural gas liquids 55 92 69 15 8 239 Natural gas 56 46 95 21 10 228 Other 1 — — — 48 49 Revenues from contracts with customers $ 656 $ 887 $ 302 $ 136 $ 108 $ 2,089 Six Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,019 $ 887 $ 141 $ 311 $ 22 $ 2,380 Natural gas liquids 135 78 72 40 — 325 Natural gas 93 49 64 18 1 225 Other 3 — — — 10 13 Revenues from contracts with customers $ 1,250 $ 1,014 $ 277 $ 369 $ 33 $ 2,943 Six Months Ended June 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,003 $ 1,401 $ 237 $ 188 $ 85 $ 2,914 Natural gas liquids 99 181 128 30 17 455 Natural gas 89 89 151 33 17 379 Other 3 — — — 52 55 Revenues from contracts with customers $ 1,194 $ 1,671 $ 516 $ 251 $ 171 $ 3,803 International (E.G.) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Crude oil and condensate $ 39 $ 71 $ 96 $ 111 Natural gas liquids — — 1 1 Natural gas 4 7 9 12 Other 1 1 2 2 Revenues from contracts with customers $ 44 $ 79 $ 108 $ 126

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,440 $ 44 $ — $ 1,484 Net gain (loss) on commodity derivatives 7 — (4) (c) 3 Income from equity method investments — 22 — 22 Other income 1 3 — 4 Less costs and expenses: Production 191 23 — 214 Shipping, handling and other operating 161 — — 161 Exploration 6 — 5 11 Depreciation, depletion and amortization 547 10 2 559 Taxes other than income 43 (b) — — 43 General and administrative 31 3 37 71 Net interest and other — — 92 92 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 104 3 (29) 78 Segment income (loss) $ 365 $ 30 $ (108) $ 287 Total assets $ 18,761 $ 1,006 $ 152 $ 19,919 Capital expenditures (a) $ 620 $ — $ 3 $ 623 (a) Includes accruals and excludes acquisitions. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized loss on commodity derivative instruments (See Note 12 ). Three Months Ended June 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 2,089 $ 79 $ — $ 2,168 Net gain (loss) on commodity derivatives (70) — 43 (b) (27) Income from equity method investments — 152 — 152 Net loss on disposal of assets — — (1) (1) Other income 2 2 7 11 Less costs and expenses: Production 150 14 — 164 Shipping, handling and other operating 187 1 3 191 Exploration 8 — — 8 Depreciation, depletion and amortization 415 16 5 436 Impairments — — 2 2 Taxes other than income 139 — 1 140 General and administrative 27 3 38 68 Net interest and other — — 54 54 Other net periodic benefit costs — — (5) (5) Income tax provision (benefit) 249 39 (9) 279 Segment income (loss) $ 846 $ 160 $ (40) $ 966 Total assets $ 15,757 $ 1,059 $ 1,470 $ 18,286 Capital expenditures (a) $ 372 $ 1 $ 2 $ 375 (a) Includes accruals. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). Six Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 2,943 $ 108 $ — $ 3,051 Net gain (loss) on commodity derivatives 20 — (2) (c) 18 Income from equity method investments — 102 — 102 Net gain on disposal of assets — — 5 5 Other income 12 4 1 17 Less costs and expenses: Production 369 46 — 415 Shipping, handling and other operating 320 3 — 323 Exploration 11 — 15 (d) 26 Depreciation, depletion and amortization 1,052 22 5 1,079 Taxes other than income 140 (b) — (2) 138 General and administrative 66 6 81 153 Net interest and other — — 174 174 Other net periodic benefit costs — — (6) (6) Income tax provision (benefit) 227 18 (58) 187 Segment income (loss) $ 790 $ 119 $ (205) $ 704 Total assets $ 18,761 $ 1,006 $ 152 $ 19,919 Capital expenditures (a) $ 1,217 $ 2 $ 5 $ 1,224 (a) Includes accruals. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized loss on commodity derivative instruments (See No te 12 ). (d) Includes $10 million of dry well expense associated with wells in Permian (See Note 9 ). Six Months Ended June 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 3,803 $ 126 $ — $ 3,929 Net loss on commodity derivatives (99) — (71) (b) (170) Income from equity method investments — 279 — 279 Net loss on disposal of assets — — (1) (1) Other income 6 4 9 19 Less costs and expenses: Production 291 25 — 316 Shipping, handling and other operating 337 10 29 376 Exploration 19 — — 19 Depreciation, depletion and amortization 819 31 9 859 Impairments — — 2 2 Taxes other than income 238 — 6 244 General and administrative 57 6 78 141 Net interest and other — — 76 (c) 76 Other net periodic benefit credit — — (9) (9) Income tax provision (benefit) 442 62 (742) (d) (238) Segment income $ 1,507 $ 275 $ 488 $ 2,270 Total assets $ 15,757 $ 1,059 $ 1,470 $ 18,286 Capital expenditures (a) $ 718 $ — $ 5 $ 723 (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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023 and 2022, our effective income tax rates were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Effective income tax rate 21 % 22 % 21 % (12) % • 2022 — Our effective income tax rate was different from our U.S. statutory tax rate of 21% for the six months ended June 30, 2022, due to the first quarter 2022 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	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Beginning balance as of January 1 $ 10 $ 15 Current period provision 4 (3) Current period write offs (1) (2) Recoveries of amounts previously reserved (1) — Ending balance $ 12 $ 10

Inventories

Inventories	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Crude oil and natural gas liquids $ 13 $ 15 Supplies and other items 123 110 Inventories $ 136 $ 125

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (In millions) June 30, 2023 December 31, 2022 United States $ 17,201 $ 17,034 International 269 288 Corporate 54 55 Net property, plant and equipment $ 17,524 $ 17,377

Asset Retirement Obligations

Asset Retirement Obligations	6 Months Ended
	Jun. 30, 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: June 30, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 3 8 Settled liabilities, including dispositions (20) (3) Accretion expense (included in depreciation, depletion and amortization) 7 7 Revisions of estimates 9 (5) Ending balance as of June 30, total $ 339 $ 323 Ending balance as of June 30, short-term $ 40 $ 46

Leases

Leases	6 Months Ended
	Jun. 30, 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: June 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 118 $ 123 Finance leases Other noncurrent assets 21 24 Total ROU assets $ 139 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 83 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 38 32 Finance leases Deferred credits and other liabilities 15 18 Total lease liabilities $ 142 $ 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. During the six months ended June 30, 2023 and 2022, we have made cash lease payments totaling approximately $10 million and $2 million, respectively. 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 $ 3 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 69
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: June 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 118 $ 123 Finance leases Other noncurrent assets 21 24 Total ROU assets $ 139 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 83 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 38 32 Finance leases Deferred credits and other liabilities 15 18 Total lease liabilities $ 142 $ 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. During the six months ended June 30, 2023 and 2022, we have made cash lease payments totaling approximately $10 million and $2 million, respectively. 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 $ 3 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 69
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: June 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 118 $ 123 Finance leases Other noncurrent assets 21 24 Total ROU assets $ 139 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 83 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 38 32 Finance leases Deferred credits and other liabilities 15 18 Total lease liabilities $ 142 $ 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. During the six months ended June 30, 2023 and 2022, we have made cash lease payments totaling approximately $10 million and $2 million, respectively. 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 $ 3 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 69

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 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. June 30, 2023 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 9 $ — $ 9 Other current assets Total Not Designated as Hedges $ 9 $ — $ 9 Cash Flow Hedges Interest Rate $ 10 $ — $ 10 Other current assets Interest Rate 14 — 14 Other noncurrent assets Total Designated Hedges $ 24 $ — $ 24 Total $ 33 $ — $ 33 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 crude oil and natural gas derivatives indexed to their respective indices 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 NYMEX WTI price or the Henry Hub price plus the difference between the floor and the sold put price. These crude oil and natural gas derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of June 30, 2023, and the weighted average prices for those contracts: 2023 Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 10,000 Weighted average price per Bbl: Ceiling $ 97.59 $ 97.59 Floor $ 60.00 $ 60.00 Sold put $ 45.00 $ 45.00 Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 50,000 Weighted average price per MMBtu: Ceiling $ 11.14 $ 11.14 Floor $ 4.00 $ 4.00 Sold Put $ 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 June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Unrealized gain (loss) on derivative instruments, net $ (4) $ 43 $ (2) $ (71) Realized gain (loss) on derivative instruments, net (a) $ 7 $ (70) $ 20 $ (99) (a) During the second quarter and first six months of 2023, net cash received for settled derivative positions was $7 million and $17 million, respectively. During the second quarter and first six months of 2022, net cash paid for settled derivative positions was $61 million and $89 million, respectively. 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 six months ended June 30, 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 June 30, 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 June 30, 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 six months ended June 30, 2023, net cash received for the settled interest rate swap positions was $5 million. As of June 30, 2023, we expect to reclassify a $11 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022 by hierarchy level. June 30, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 9 $ — $ 9 Interest rate - designated as cash flow hedges — 24 — 24 Derivative instruments, assets $ — $ 33 $ — $ 33 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 June 30, 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 June 30, 2023 and December 31, 2022. June 30, 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 $ 130 $ 195 $ 140 $ 204 Long-term debt, including current portion (a) 5,742 5,878 5,806 5,948 Deferred credits and other liabilities 62 63 73 73 Total financial liabilities $ 5,934 $ 6,136 $ 6,019 $ 6,225 (a) Excludes debt issuance costs.

Debt

Debt	6 Months Ended
	Jun. 30, 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 June 30, 2023, we had $1.5 billion in borrowings under our Term Loan Facility. The second quarter weighted average interest rate on borrowings under the Term Loan Facility was 6.84%. 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 June 30, 2023, we were in compliance with this covenant with a ratio of 26%. Revolving Credit Facility As of June 30, 2023, we had borrowings of $450 million against our $2.5 billion unsecured Revolving Credit Facility. The second quarter weighted average interest rate on borrowings under the Revolving Credit Facility was 6.96%. 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 June 30, 2023, we were in compliance with this covenant with a ratio of 26%. Commercial Paper Program During the second quarter of 2023, we obtained ratings for our commercial paper from Moody’s, Standard & Poor’s and Fitch. Pursuant to our U.S. commercial paper program, we may issue unsecured notes in a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities up to 365 days from the date of issuance. Our $2.5 billion U.S. commercial paper program is backed by our $2.5 billion Revolving Credit Facility and can be used to fund short-term working capital requirements. We did not issue commercial paper during the second quarter of 2023. Debt Redemption In March 2023, we repaid the $70 million 8.5% Senior Notes on the maturity date. Long-term debt At June 30, 2023, we had $5.9 billion of total long-term debt outstanding. Long-term debt due within one year consists of $131 million of 8.125% Senior Notes, which were repaid in connection with their maturity on July 17, 2023. 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. The repayment and new borrowing associated with the remarketed bonds are presented separately within Debt repayments and Borrowings, respectively, within the Consolidated Statements of Cash Flows.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our Board of Directors has authorized a share repurchase program. During the first six months of 2023, we repurchased approximately 29 million shares of our common stock pursuant to the share repurchase program at a cost of $706 million. Our remaining share repurchase authorization was approximately $1.8 billion at June 30, 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 six 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.

Incentive Based Compensation

Incentive Based Compensation	6 Months Ended
	Jun. 30, 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 six 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 (122,054) $ 33.68 (116,259) $ 20.19 Outstanding at June 30, 2023 1,546,053 $ 28.61 3,769,660 $ 22.02 Stock-based performance unit awards During the first six 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 six months of 2023, we stock settled the units related to the 2020 grant. At June 30, 2023, there were 686,266 outstanding stock-based performance units to be settled in shares to officers. During the first six 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 $23.22 as of June 30, 2023. During the first six months of 2023, we also cash settled the units related to the 2021 grant. At June 30, 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	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined Benefit Postretirement Plans	Defined Benefit Postretirement Plans The following table summarizes the components of net periodic benefit costs (credits): Three Months Ended June 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 4 $ 3 $ — $ — Interest cost 3 2 — 1 Expected return on plan assets (2) (3) — — Amortization: – prior service credit (1) (1) (4) (4) – actuarial loss — 1 1 — Net settlement loss (a) — — — — Net periodic benefit costs (credits) (b) $ 4 $ 2 $ (3) $ (3) Six Months Ended June 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 7 $ 7 $ — $ — Interest cost 6 4 1 1 Expected return on plan assets (4) (5) — — Amortization: – prior service credit (3) (3) (8) (8) – actuarial loss — 1 1 1 Net settlement loss (a) 1 — — — Net periodic benefit costs (credits) (b) $ 7 $ 4 $ (6) $ (6) (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. During the first six months of 2023, we made contributions of $6 million to our funded pension plan and we expect to make additional contributions of $6 million this year. We also made payments of $3 million to each of our unfunded pension plan and other postretirement benefit plans.

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 5 $ 5 $ 11 $ 11 Other net periodic benefit credits Amortization of actuarial loss (1) (1) (1) (2) Other net periodic benefit credits Net settlement loss — — (1) — Other net periodic benefit credits Income Tax (1) (1) (2) (2) Provision (benefit) for income taxes Total reclassifications of expense, net of tax $ 3 $ 3 $ 7 $ 7 Net income

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Six Months Ended June 30, (In millions) 2023 2022 Included in operating activities: Interest paid (a) $ 139 $ 99 Income taxes paid, net of refunds $ 97 $ 93 Noncash investing activities: Increase in asset retirement costs $ 12 $ 3 (a) The increase during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During the periods ended June 30, 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 June 30, 2023 June 30, 2023 December 31, 2022 EGHoldings (a) 56% $ 118 $ 287 Alba Plant LLC (b) 52% 163 155 AMPCO (c) 45% 149 135 Total $ 430 $ 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 June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Income data: Revenues and other income $ 183 $ 459 $ 489 $ 833 Income from operations 43 306 202 535 Net income $ 30 $ 272 $ 164 $ 476 Revenues from related parties were $5 million and $11 million for the three and six months ended June 30, 2023 and $7 million and $15 million for the three and six months ended June 30, 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. Dividends and return of capital received by us totaled $249 million during the three and six months ended June 30, 2023 and $146 million and $200 million during the three and six months ended June 30, 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2023, we have a $165 million current liability in suspended royalty and working interest revenue, including interest, of which $144 million was included within accounts payable and $21 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 in recent 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 Violations (“NOV”)’s from the EPA related to allegations of violations of the Clean Air Act with respect to our operations on the Fort Berthold Indian Reservation between 2015 and 2019. We continue to actively negotiate a draft consent decree with the EPA and Department of Justice containing certain proposed injunctive terms relating to this enforcement action. The 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 currently 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 expectations and 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 resolution of these matters 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 June 30, 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 287	$ 417	$ 966	$ 1,304	$ 704	$ 2,270

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 second quarter and first six months 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 second 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)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The per share calculations below exclude 1 million of antidilutive stock options for the three and six months ended June 30, 2023 and 2 million of antidilutive stock options for the three and six months ended June 30, 2022, respectively. Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share data) 2023 2022 2023 2022 Net income $ 287 $ 966 $ 704 $ 2,270 Weighted average common shares outstanding 614 703 622 717 Effect of dilutive securities 1 2 1 2 Weighted average common shares, diluted 615 705 623 719 Net income per share: Basic $ 0.47 $ 1.37 $ 1.13 $ 3.17 Diluted $ 0.47 $ 1.37 $ 1.13 $ 3.16 Dividends per share $ 0.10 $ 0.08 $ 0.20 $ 0.15

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and six months ended June 30: United States Three Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 524 $ 456 $ 63 $ 141 $ 11 $ 1,195 Natural gas liquids 64 41 33 18 — 156 Natural gas 37 14 28 7 — 86 Other 1 — — — 2 3 Revenues from contracts with customers $ 626 $ 511 $ 124 $ 166 $ 13 $ 1,440 Three Months Ended June 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 544 $ 749 $ 138 $ 100 $ 42 $ 1,573 Natural gas liquids 55 92 69 15 8 239 Natural gas 56 46 95 21 10 228 Other 1 — — — 48 49 Revenues from contracts with customers $ 656 $ 887 $ 302 $ 136 $ 108 $ 2,089 Six Months Ended June 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,019 $ 887 $ 141 $ 311 $ 22 $ 2,380 Natural gas liquids 135 78 72 40 — 325 Natural gas 93 49 64 18 1 225 Other 3 — — — 10 13 Revenues from contracts with customers $ 1,250 $ 1,014 $ 277 $ 369 $ 33 $ 2,943 Six Months Ended June 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,003 $ 1,401 $ 237 $ 188 $ 85 $ 2,914 Natural gas liquids 99 181 128 30 17 455 Natural gas 89 89 151 33 17 379 Other 3 — — — 52 55 Revenues from contracts with customers $ 1,194 $ 1,671 $ 516 $ 251 $ 171 $ 3,803 International (E.G.) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Crude oil and condensate $ 39 $ 71 $ 96 $ 111 Natural gas liquids — — 1 1 Natural gas 4 7 9 12 Other 1 1 2 2 Revenues from contracts with customers $ 44 $ 79 $ 108 $ 126

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,440 $ 44 $ — $ 1,484 Net gain (loss) on commodity derivatives 7 — (4) (c) 3 Income from equity method investments — 22 — 22 Other income 1 3 — 4 Less costs and expenses: Production 191 23 — 214 Shipping, handling and other operating 161 — — 161 Exploration 6 — 5 11 Depreciation, depletion and amortization 547 10 2 559 Taxes other than income 43 (b) — — 43 General and administrative 31 3 37 71 Net interest and other — — 92 92 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 104 3 (29) 78 Segment income (loss) $ 365 $ 30 $ (108) $ 287 Total assets $ 18,761 $ 1,006 $ 152 $ 19,919 Capital expenditures (a) $ 620 $ — $ 3 $ 623 (a) Includes accruals and excludes acquisitions. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized loss on commodity derivative instruments (See Note 12 ). Three Months Ended June 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 2,089 $ 79 $ — $ 2,168 Net gain (loss) on commodity derivatives (70) — 43 (b) (27) Income from equity method investments — 152 — 152 Net loss on disposal of assets — — (1) (1) Other income 2 2 7 11 Less costs and expenses: Production 150 14 — 164 Shipping, handling and other operating 187 1 3 191 Exploration 8 — — 8 Depreciation, depletion and amortization 415 16 5 436 Impairments — — 2 2 Taxes other than income 139 — 1 140 General and administrative 27 3 38 68 Net interest and other — — 54 54 Other net periodic benefit costs — — (5) (5) Income tax provision (benefit) 249 39 (9) 279 Segment income (loss) $ 846 $ 160 $ (40) $ 966 Total assets $ 15,757 $ 1,059 $ 1,470 $ 18,286 Capital expenditures (a) $ 372 $ 1 $ 2 $ 375 (a) Includes accruals. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). Six Months Ended June 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 2,943 $ 108 $ — $ 3,051 Net gain (loss) on commodity derivatives 20 — (2) (c) 18 Income from equity method investments — 102 — 102 Net gain on disposal of assets — — 5 5 Other income 12 4 1 17 Less costs and expenses: Production 369 46 — 415 Shipping, handling and other operating 320 3 — 323 Exploration 11 — 15 (d) 26 Depreciation, depletion and amortization 1,052 22 5 1,079 Taxes other than income 140 (b) — (2) 138 General and administrative 66 6 81 153 Net interest and other — — 174 174 Other net periodic benefit costs — — (6) (6) Income tax provision (benefit) 227 18 (58) 187 Segment income (loss) $ 790 $ 119 $ (205) $ 704 Total assets $ 18,761 $ 1,006 $ 152 $ 19,919 Capital expenditures (a) $ 1,217 $ 2 $ 5 $ 1,224 (a) Includes accruals. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized loss on commodity derivative instruments (See No te 12 ). (d) Includes $10 million of dry well expense associated with wells in Permian (See Note 9 ). Six Months Ended June 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 3,803 $ 126 $ — $ 3,929 Net loss on commodity derivatives (99) — (71) (b) (170) Income from equity method investments — 279 — 279 Net loss on disposal of assets — — (1) (1) Other income 6 4 9 19 Less costs and expenses: Production 291 25 — 316 Shipping, handling and other operating 337 10 29 376 Exploration 19 — — 19 Depreciation, depletion and amortization 819 31 9 859 Impairments — — 2 2 Taxes other than income 238 — 6 244 General and administrative 57 6 78 141 Net interest and other — — 76 (c) 76 Other net periodic benefit credit — — (9) (9) Income tax provision (benefit) 442 62 (742) (d) (238) Segment income $ 1,507 $ 275 $ 488 $ 2,270 Total assets $ 15,757 $ 1,059 $ 1,470 $ 18,286 Capital expenditures (a) $ 718 $ — $ 5 $ 723 (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)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three and six months ended June 30, 2023 and 2022, our effective income tax rates were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Effective income tax rate 21 % 22 % 21 % (12) %

Credit Losses (Tables)

Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Schedule of Allowance for Doubtful Accounts Balance	Changes in the allowance for credit losses were as follows: (In millions) June 30, 2023 December 31, 2022 Beginning balance as of January 1 $ 10 $ 15 Current period provision 4 (3) Current period write offs (1) (2) Recoveries of amounts previously reserved (1) — Ending balance $ 12 $ 10

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	(In millions) June 30, 2023 December 31, 2022 Crude oil and natural gas liquids $ 13 $ 15 Supplies and other items 123 110 Inventories $ 136 $ 125

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(In millions) June 30, 2023 December 31, 2022 United States $ 17,201 $ 17,034 International 269 288 Corporate 54 55 Net property, plant and equipment $ 17,524 $ 17,377

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 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: June 30, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 3 8 Settled liabilities, including dispositions (20) (3) Accretion expense (included in depreciation, depletion and amortization) 7 7 Revisions of estimates 9 (5) Ending balance as of June 30, total $ 339 $ 323 Ending balance as of June 30, short-term $ 40 $ 46

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 118 $ 123 Finance leases Other noncurrent assets 21 24 Total ROU assets $ 139 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 83 $ 94 Finance leases Other current liabilities 6 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 38 32 Finance leases Deferred credits and other liabilities 15 18 Total lease liabilities $ 142 $ 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 $ 3 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 69

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2023 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 9 $ — $ 9 Other current assets Total Not Designated as Hedges $ 9 $ — $ 9 Cash Flow Hedges Interest Rate $ 10 $ — $ 10 Other current assets Interest Rate 14 — 14 Other noncurrent assets Total Designated Hedges $ 24 $ — $ 24 Total $ 33 $ — $ 33 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 June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Unrealized gain (loss) on derivative instruments, net $ (4) $ 43 $ (2) $ (71) Realized gain (loss) on derivative instruments, net (a) $ 7 $ (70) $ 20 $ (99) (a) During the second quarter and first six months of 2023, net cash received for settled derivative positions was $7 million and $17 million, respectively. During the second quarter and first six months of 2022, net cash paid for settled derivative positions was $61 million and $89 million, respectively.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of June 30, 2023, and the weighted average prices for those contracts: 2023 Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 10,000 Weighted average price per Bbl: Ceiling $ 97.59 $ 97.59 Floor $ 60.00 $ 60.00 Sold put $ 45.00 $ 45.00 Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 50,000 Weighted average price per MMBtu: Ceiling $ 11.14 $ 11.14 Floor $ 4.00 $ 4.00 Sold Put $ 2.50 $ 2.50

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 and December 31, 2022 by hierarchy level. June 30, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 9 $ — $ 9 Interest rate - designated as cash flow hedges — 24 — 24 Derivative instruments, assets $ — $ 33 $ — $ 33 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 June 30, 2023 and December 31, 2022. June 30, 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 $ 130 $ 195 $ 140 $ 204 Long-term debt, including current portion (a) 5,742 5,878 5,806 5,948 Deferred credits and other liabilities 62 63 73 73 Total financial liabilities $ 5,934 $ 6,136 $ 6,019 $ 6,225 (a) Excludes debt issuance costs.

Incentive Based Compensation (T

Incentive Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 six 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 (122,054) $ 33.68 (116,259) $ 20.19 Outstanding at June 30, 2023 1,546,053 $ 28.61 3,769,660 $ 22.02

Defined Benefit Postretiremen_2

Defined Benefit Postretirement Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Periodic Benefit Costs (Credits)	The following table summarizes the components of net periodic benefit costs (credits): Three Months Ended June 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 4 $ 3 $ — $ — Interest cost 3 2 — 1 Expected return on plan assets (2) (3) — — Amortization: – prior service credit (1) (1) (4) (4) – actuarial loss — 1 1 — Net settlement loss (a) — — — — Net periodic benefit costs (credits) (b) $ 4 $ 2 $ (3) $ (3) Six Months Ended June 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 7 $ 7 $ — $ — Interest cost 6 4 1 1 Expected return on plan assets (4) (5) — — Amortization: – prior service credit (3) (3) (8) (8) – actuarial loss — 1 1 1 Net settlement loss (a) 1 — — — Net periodic benefit costs (credits) (b) $ 7 $ 4 $ (6) $ (6) (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)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 5 $ 5 $ 11 $ 11 Other net periodic benefit credits Amortization of actuarial loss (1) (1) (1) (2) Other net periodic benefit credits Net settlement loss — — (1) — Other net periodic benefit credits Income Tax (1) (1) (2) (2) Provision (benefit) for income taxes Total reclassifications of expense, net of tax $ 3 $ 3 $ 7 $ 7 Net income

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Six Months Ended June 30, (In millions) 2023 2022 Included in operating activities: Interest paid (a) $ 139 $ 99 Income taxes paid, net of refunds $ 97 $ 93 Noncash investing activities: Increase in asset retirement costs $ 12 $ 3 (a) The increase during the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During the periods ended June 30, 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 June 30, 2023 June 30, 2023 December 31, 2022 EGHoldings (a) 56% $ 118 $ 287 Alba Plant LLC (b) 52% 163 155 AMPCO (c) 45% 149 135 Total $ 430 $ 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 June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Income data: Revenues and other income $ 183 $ 459 $ 489 $ 833 Income from operations 43 306 202 535 Net income $ 30 $ 272 $ 164 $ 476

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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1		2		1	2
Net income	$ 287	$ 417	$ 966	$ 1,304	$ 704	$ 2,270
Weighted average common shares outstanding (in shares)	614		703		622	717
Effect of dilutive securities (in shares)	1		2		1	2
Weighted average common shares, diluted (in shares)	615		705		623	719
Net income per share:
Basic (in dollars per share)	$ 0.47		$ 1.37		$ 1.13	$ 3.17
Diluted (in dollars per share)	0.47		1.37		1.13	3.16
Dividends per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.08	$ 0.07	$ 0.20	$ 0.15

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables from contract with customer	$ 892	$ 875

Revenues - Revenues from Contra

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,484	$ 2,168	$ 3,051	$ 3,929
United States
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,440	2,089	2,943	3,803
United States | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	626	656	1,250	1,194
United States | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	511	887	1,014	1,671
United States | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	124	302	277	516
United States | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	166	136	369	251
United States | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13	108	33	171
United States | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,195	1,573	2,380	2,914
United States | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	524	544	1,019	1,003
United States | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	456	749	887	1,401
United States | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	63	138	141	237
United States | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	141	100	311	188
United States | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11	42	22	85
United States | Natural gas liquids
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	156	239	325	455
United States | Natural gas liquids | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	64	55	135	99
United States | Natural gas liquids | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	41	92	78	181
United States | Natural gas liquids | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	33	69	72	128
United States | Natural gas liquids | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18	15	40	30
United States | Natural gas liquids | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	8	0	17
United States | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86	228	225	379
United States | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	37	56	93	89
United States | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14	46	49	89
United States | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	28	95	64	151
United States | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7	21	18	33
United States | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	10	1	17
United States | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	49	13	55
United States | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	1	3	3
United States | Other | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	48	10	52
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	44	79	108	126
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	39	71	96	111
International | Natural gas liquids | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	1	1
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4	7	9	12
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1	$ 1	$ 2	$ 2

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	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	$ 1,484		$ 2,168		$ 3,051	$ 3,929
Net gain (loss) on commodity derivatives	3		(27)		18	(170)
Income from equity method investments	22		152		102	279
Net loss on disposal of assets	0		(1)		5	(1)
Other income	4		11		17	19
Less costs and expenses:
Production	214		164		415	316
Shipping, handling and other operating	161		191		323	376
Exploration	11		8		26	19
Depreciation, depletion and amortization	559		436		1,079	859
Impairments	0		2		0	2
Taxes other than income	43		140		138	244
General and administrative	71		68		153	141
Net interest and other	92		54		174	76
Other net periodic benefit costs	(3)		(5)		(6)	(9)
Income tax provision (benefit)	78		279		187	(238)
Net income	287	$ 417	966	$ 1,304	704	2,270
Total assets	19,919		18,286		19,919	18,286	$ 19,940
Capital expenditures	623		375		1,224	723
Valuation allowance released						685
Permian Basin
Less costs and expenses:
Dry well cost					10
Eagle Ford
Less costs and expenses:
Taxes other than income	47				47
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		0	0
Net gain (loss) on commodity derivatives	(4)		43		(2)	(71)
Income from equity method investments	0		0		0	0
Net loss on disposal of assets			(1)		5	(1)
Other income	0		7		1	9
Less costs and expenses:
Production	0		0		0	0
Shipping, handling and other operating	0		3		0	29
Exploration	5		0		15	0
Depreciation, depletion and amortization	2		5		5	9
Impairments			2			2
Taxes other than income	0		1		(2)	6
General and administrative	37		38		81	78
Net interest and other	92		54		174	76
Other net periodic benefit costs	(3)		(5)		(6)	(9)
Income tax provision (benefit)	(29)		(9)		(58)	(742)
Net income	(108)		(40)		(205)	488
Total assets	152		1,470		152	1,470
Capital expenditures	3		2		5	5
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,440		2,089		2,943	3,803
U.S. | Eagle Ford
Segment Reporting Information [Line Items]
Revenues from contracts with customers	626		656		1,250	1,194
U.S. | Operating Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,440		2,089		2,943	3,803
Net gain (loss) on commodity derivatives	7		(70)		20	(99)
Income from equity method investments	0		0		0	0
Net loss on disposal of assets			0		0	0
Other income	1		2		12	6
Less costs and expenses:
Production	191		150		369	291
Shipping, handling and other operating	161		187		320	337
Exploration	6		8		11	19
Depreciation, depletion and amortization	547		415		1,052	819
Impairments			0			0
Taxes other than income	43		139		140	238
General and administrative	31		27		66	57
Net interest and other	0		0		0	0
Other net periodic benefit costs	0		0		0	0
Income tax provision (benefit)	104		249		227	442
Net income	365		846		790	1,507
Total assets	18,761		15,757		18,761	15,757
Capital expenditures	620		372		1,217	718
Int’l | Operating Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	44		79		108	126
Net gain (loss) on commodity derivatives	0		0		0	0
Income from equity method investments	22		152		102	279
Net loss on disposal of assets			0		0	0
Other income	3		2		4	4
Less costs and expenses:
Production	23		14		46	25
Shipping, handling and other operating	0		1		3	10
Exploration	0		0		0	0
Depreciation, depletion and amortization	10		16		22	31
Impairments			0			0
Taxes other than income	0		0		0	0
General and administrative	3		3		6	6
Net interest and other	0		0		0	0
Other net periodic benefit costs	0		0		0	0
Income tax provision (benefit)	3		39		18	62
Net income	30		160		119	275
Total assets	1,006		1,059		1,006	1,059
Capital expenditures	$ 0		$ 1		$ 2	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	21%	22%	21%	(12.00%)
Valuation allowance released				$ 685

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance as of January 1	$ 10	$ 15
Current period provision	4	(3)
Current period write offs	(1)	(2)
Recoveries of amounts previously reserved	(1)	0
Ending balance	$ 12	$ 10

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 13	$ 15
Supplies and other items	123	110
Inventories	$ 136	$ 125

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,524	$ 17,377
Exploratory well costs capitalized greater than one year after completion of drilling	10	20
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	17,201	17,034
Operating Segments | International
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	269	288
Corporate
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 54	$ 55

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 316
Incurred liabilities, including acquisitions	3	8
Settled liabilities, including dispositions	(20)	(3)
Accretion expense (included in depreciation, depletion and amortization)	7	7
Revisions of estimates	9	(5)
Ending balance as of June 30, total	339	323
Ending balance as of June 30, short-term	$ 40	$ 46

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 118	$ 123
Finance leases	21	24
Total ROU assets	139	147
Current liabilities:
Operating leases	83	94
Finance leases	6	6
Noncurrent liabilities
Operating leases	38	32
Finance leases	15	18
Total lease liabilities	$ 142	$ 150

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Term of contract	5 years
Cash lease payments	$ 10	$ 2
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	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 3
2024	6
2025	6
2026	6
2027	6
Thereafter	42
Total undiscounted cash flows	$ 69

Derivatives - Balance Sheet Com

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset	$ 33	$ 34
Liability	0	0
Net Asset (Liability)	33	34
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	9	10
Liability	0	0
Net Asset (Liability)	9	10
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	24	24
Liability	0	0
Net Asset (Liability)	24	24
Commodity | Other current assets | Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	9	10
Liability	0	0
Net Asset (Liability)	9	10
Interest Rate | Other current assets | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	10	9
Liability	0	0
Net Asset (Liability)	10	9
Interest Rate | Other noncurrent assets | Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	14	15
Liability	0	0
Net Asset (Liability)	$ 14	$ 15

Derivatives - Outstanding Deriv

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Jun. 30, 2023 bbl / h MMBbls / d $ / bbl
Three-Way Collars - Crude Oil 2023, Third Quarter
Derivative [Line Items]
Volume | bbl / h	10,000
Ceiling	97.59
Floor	60
Sold put	45
Three-Way Collars - Crude Oil 2023, Fourth Quarter
Derivative [Line Items]
Volume | bbl / h	10,000
Ceiling	97.59
Floor	60
Sold put	45
Three-Way Collars - Natural Gas 2023, Third Quarter
Derivative [Line Items]
Volume | MMBbls / d	50,000
Ceiling	11.14
Floor	4
Sold put	2.50
Three-Way Collars - Natural Gas 2023, Fourth Quarter
Derivative [Line Items]
Volume | MMBbls / d	50,000
Ceiling	11.14
Floor	4
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net settlements of derivative instruments	$ 7	$ 61	$ 17	$ 89
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments, net	(4)	43	(2)	(71)
Realized gain (loss) on derivative instruments, net	$ 7	$ (70)	$ 20	$ (99)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt		$ 5,900,000,000
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		5,000,000
Amount expected to be reclassified within 12 months		11,000,000
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		$ 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	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 33	$ 34
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	9	10
Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	24	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 cash flow hedges | 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	33	34
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	9	10
Level 2 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	24	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 cash flow hedges | 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	Jun. 30, 2023	Dec. 31, 2022
Fair Value
Financial assets
Other noncurrent assets	$ 10	$ 10
Total financial assets	10	10
Financial liabilities
Other current liabilities	130	140
Long-term debt, including current portion	5,742	5,806
Deferred credits and other liabilities	62	73
Total financial liabilities	5,934	6,019
Carrying Amount
Financial assets
Other noncurrent assets	28	28
Total financial assets	28	28
Financial liabilities
Other current liabilities	195	204
Long-term debt, including current portion	5,878	5,948
Deferred credits and other liabilities	63	73
Total financial liabilities	$ 6,136	$ 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	Jun. 30, 2023
Debt Instrument [Line Items]
Debt term	2 years
Maximum borrowing capacity	$ 1.5
Line of credit		$ 1.5
Effective interest rate		6.84%
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	Jun. 30, 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	6.96%
Covenant, ratio of indebtedness to net capital, maximum	0.65
Ratio of indebtedness to net capital	0.26

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details)	3 Months Ended
	Jun. 30, 2023 USD ($)
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Debt term	365 days
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000

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	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 5,900
Long-term debt due within one year	131	$ 402
Senior Unsecured Notes 8.125% Due 2023 | Unsecured Debt
Debt Instrument [Line Items]
Long-term debt due within one year	$ 131
Interest rate	8.125%

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]
Proceeds from Issuance of Debt	$ 200
Revenue refunding bond		$ 1,000
Interest rate	4.05%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock	$ 706	$ 1,352
Purchases of shares for tax withholding obligations	$ 30	$ 21
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	29
Payments for repurchase of common stock	$ 706
Stock repurchase program, remaining authorized repurchase amount	$ 1,800

Incentive Based Compensation -

Incentive Based Compensation - Stock Options, Restricted Stock Awards and Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 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	(122,054)
Outstanding, ending (in shares) | shares	1,546,053
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	33.68
Outstanding, ending (in dollars per share) | $ / shares	$ 28.61
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	(116,259)
Outstanding, ending (in shares) | shares	3,769,660
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	20.19
Outstanding, ending (in dollars per share) | $ / shares	$ 22.02

Incentive Based Compensation _2

Incentive Based Compensation - Narrative (Details)	6 Months Ended
	Jun. 30, 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	$ 23.22

Defined Benefit Postretiremen_3

Defined Benefit Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortization:
Net settlement loss	$ (3)	$ (5)	$ (6)	$ (9)
Estimated future contributions over the remainder of the current year	6		6
Funded Plan
Amortization:
Payment for pension benefits			6
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	3	7	7
Interest cost	3	2	6	4
Expected return on plan assets	(2)	(3)	(4)	(5)
Amortization:
– prior service credit	(1)	(1)	(3)	(3)
– actuarial loss	0	1	0	1
Net settlement loss	0	0	1	0
Net periodic benefit costs (credits)	4	2	7	4
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	0	1	1	1
Expected return on plan assets	0	0	0	0
Amortization:
– prior service credit	(4)	(4)	(8)	(8)
– actuarial loss	1	0	1	1
Net settlement loss	0	0	0	0
Net periodic benefit costs (credits)	$ (3)	$ (3)	(6)	$ (6)
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			$ 3

Reclassifications Out of Accu_3

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	$ 3		$ 5		$ 6	$ 9
Provision (benefit) for income taxes	78		279		187	(238)
Net income	287	$ 417	966	$ 1,304	704	2,270
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Total reclassifications of expense, net of tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	3		3		7	7
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	5		5		11	11
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	(1)		(1)		(1)	(2)
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	0		0		(1)	0
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Income Tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision (benefit) for income taxes	$ (1)		$ (1)		$ (2)	$ (2)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Included in operating activities:
Interest paid	$ 139	$ 99
Income taxes paid, net of refunds	97	93
Noncash investing activities:
Increase in asset retirement costs	12	3
Capital expenditures incurred but not yet paid	$ 169	$ 116

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 430	$ 577
EG Holdings
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%
Equity method investments	$ 118	287
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Equity method investments	$ 163	155
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45%
Equity method investments	$ 149	$ 135

Equity Method Investments - Sum

Equity Method Investments - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,513		$ 2,303		$ 3,193	$ 4,056
Income from operations	454		1,294		1,059	2,099
Net income	287	$ 417	966	$ 1,304	704	2,270
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	183		459		489	833
Income from operations	43		306		202	535
Net income	$ 30		$ 272		$ 164	$ 476

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,513	$ 2,303	$ 3,193	$ 4,056
Proceeds from equity method investment	249	146	249	200
Receivables, net	1,294		1,294		$ 1,146
Accounts payable	1,537		1,537		1,279
Related Party
Schedule of Equity Method Investments [Line Items]
Revenues and other income	5	$ 7	11	$ 15
Receivables, net	15		15		36
Accounts payable	$ 14		$ 14		$ 20

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020 guarantee	Jun. 30, 2023 USD ($) tribe
Loss Contingencies [Line Items]
Number of affiliated tribes | tribe		3
Contingent royalty liability		$ 165,000
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		144,000
Other current liabilities
Loss Contingencies [Line Items]
Contingent royalty liability		$ 21,000