Marathon Oil (MRO) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		585,247,358
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues and other income:
Revenues from contracts with customers	$ 1,771	$ 2,008	$ 4,822	$ 5,937
Net gain (loss) on commodity derivatives	1	41	19	(129)
Income from equity method investments	38	190	140	469
Net gain on disposal of assets	1	2	6	1
Other income	2	6	19	25
Total revenues and other income	1,813	2,247	5,006	6,303
Costs and expenses:
Production	192	193	607	509
Shipping, handling and other operating	164	199	487	575
Exploration	20	73	46	92
Depreciation, depletion and amortization	583	460	1,662	1,319
Impairments	0	2	0	4
Taxes other than income	113	137	251	381
General and administrative	72	79	225	220
Total costs and expenses	1,144	1,143	3,278	3,100
Income from operations	669	1,104	1,728	3,203
Net interest and other	(94)	(52)	(268)	(128)
Other net periodic benefit credits	5	5	11	14
Income before income taxes	580	1,057	1,471	3,089
Provision for income taxes	127	240	314	2
Net income	$ 453	$ 817	$ 1,157	$ 3,087
Net income per share:
Basic (in dollars per share)	$ 0.75	$ 1.22	$ 1.88	$ 4.40
Diluted (in dollars per share)	$ 0.75	$ 1.22	$ 1.88	$ 4.39
Weighted average common shares outstanding:
Basic (in shares)	603	670	615	701
Diluted (in shares)	604	672	616	703

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 453	$ 817	$ 1,157	$ 3,087
Other comprehensive income (loss), net of tax
Change in actuarial gain (loss) and other for postretirement and postemployment plans	(4)	(3)	(17)	(6)
Change in derivative hedges unrecognized gain	0	7	1	23
Other	0	0	0	(1)
Other comprehensive income (loss)	(4)	4	(16)	16
Comprehensive income	$ 449	$ 821	$ 1,141	$ 3,103

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 174	$ 334
Receivables, net	1,434	1,146
Inventories	174	125
Other current assets	66	66
Total current assets	1,848	1,671
Equity method investments	421	577
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $25,377 and $23,876	17,411	17,377
Other noncurrent assets	239	315
Total assets	19,919	19,940
Current liabilities:
Accounts payable	1,582	1,279
Commercial paper	450	0
Payroll and benefits payable	67	90
Accrued taxes	128	171
Other current liabilities	279	364
Long-term debt due within one year	400	402
Total current liabilities	2,906	2,306
Long-term debt	4,876	5,521
Deferred tax liabilities	386	167
Defined benefit postretirement plan obligations	94	100
Asset retirement obligations	308	295
Deferred credits and other liabilities	123	154
Total liabilities	8,693	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 September 30, 2023 and December 31, 2022)	937	937
Held in treasury, at cost – 347 million shares and 304 million shares	(8,598)	(7,512)
Additional paid-in capital	7,163	7,203
Retained earnings	11,634	10,663
Accumulated other comprehensive income	90	106
Total stockholders’ equity	11,226	11,397
Total liabilities and stockholders’ equity	$ 19,919	$ 19,940

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 25,377	$ 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)	347,000,000	304,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities:
Net income	$ 1,157	$ 3,087
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,662	1,319
Impairments	0	4
Exploratory dry well costs and unproved property impairments	41	85
Net gain on disposal of assets	(6)	(1)
Deferred income taxes	264	(137)
Unrealized loss on derivative instruments, net	8	4
Pension and other post retirement benefits, net	(27)	(28)
Stock-based compensation	32	28
Equity method investments, net	99	(130)
Changes in:
Current receivables	(298)	(221)
Inventories	(51)	(27)
Current accounts payable and accrued liabilities	166	300
Other current assets and liabilities	(17)	(57)
All other operating, net	(23)	75
Net cash provided by operating activities	3,007	4,301
Investing activities:
Additions to property, plant and equipment	(1,659)	(1,117)
Acquisitions, net of cash acquired	(15)	2
Disposal of assets, net of cash transferred to the buyer	(7)	8
Equity method investments - return of capital	57	12
Net cash used in investing activities	(1,624)	(1,095)
Financing activities:
Proceeds from revolving credit facility	1,018	0
Repayments of revolving credit facility	(1,468)	0
Proceeds from commercial paper borrowings, net	450	0
Borrowings	200	0
Debt repayments	(401)	(35)
Shares repurchased under buyback programs	(1,121)	(2,474)
Dividends paid	(186)	(162)
Purchases of shares for tax withholding obligations	(31)	(21)
All other financing, net	(4)	15
Net cash used in financing activities	(1,543)	(2,677)
Net increase (decrease) in cash and cash equivalents	(160)	529
Cash and cash equivalents at beginning of period	334	580
Cash and cash equivalents at end of period	$ 174	$ 1,109

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	3,087
Other comprehensive income (loss)	16
Ending balance at Sep. 30, 2022	11,187	0	937	(7,240)	7,196	10,196	98
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(1,122)			(1,122)
Stock-based compensation	10				10
Net income	817					817
Other comprehensive income (loss)	4						4
Dividends paid	(54)					(54)
Ending balance at Sep. 30, 2022	11,187	0	937	(7,240)	7,196	10,196	98
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	1,157
Other comprehensive income (loss)	(16)
Ending balance at Sep. 30, 2023	11,226	0	937	(8,598)	7,163	11,634	90
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(415)			(415)
Excise tax on shares repurchased	(4)			(4)
Stock-based compensation	13			9	4
Net income	453					453
Other comprehensive income (loss)	(4)						(4)
Dividends paid	(61)					(61)
Ending balance at Sep. 30, 2023	$ 11,226	$ 0	$ 937	$ (8,598)	$ 7,163	$ 11,634	$ 90

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.08	$ 0.08	$ 0.07	$ 0.30	$ 0.23

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 third quarter and first nine months of 2023 are not necessarily indicative of the results to be expected for the full year.

Accounting Standards

Accounting Standards	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Accounting Standards	Accounting Standards Accounting Standards Updates Adopted No accounting standards were adopted in the third 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	9 Months Ended
	Sep. 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 and performance units in all periods, provided the effect is not antidilutive. The per share calculations below exclude 1 million of antidilutive stock options and performance units for the three and nine months ended September 30, 2023, and 1 million and 2 million of antidilutive stock options and performance units for the three and nine months ended September 30, 2022, respectively. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2023 2022 2023 2022 Net income $ 453 $ 817 $ 1,157 $ 3,087 Weighted average common shares outstanding 603 670 615 701 Effect of dilutive securities 1 2 1 2 Weighted average common shares, diluted 604 672 616 703 Net income per share: Basic $ 0.75 $ 1.22 $ 1.88 $ 4.40 Diluted $ 0.75 $ 1.22 $ 1.88 $ 4.39 Dividends per share $ 0.10 $ 0.08 $ 0.30 $ 0.23

Revenues

Revenues	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, receivables from contracts with customers, included in receivables, less reserves for credit losses, were $1.1 billion 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 nine months ended September 30: United States Three Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 587 $ 580 $ 64 $ 164 $ 13 $ 1,408 Natural gas liquids 80 47 30 20 — 177 Natural gas 48 20 31 12 1 112 Other 2 — — — 1 3 Revenues from contracts with customers $ 717 $ 647 $ 125 $ 196 $ 15 $ 1,700 Three Months Ended September 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 523 $ 648 $ 104 $ 114 $ 39 $ 1,428 Natural gas liquids 49 82 63 16 6 216 Natural gas 56 67 105 22 11 261 Other 3 — — — 19 22 Revenues from contracts with customers $ 631 $ 797 $ 272 $ 152 $ 75 $ 1,927 Nine Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,606 $ 1,467 $ 205 $ 475 $ 35 $ 3,788 Natural gas liquids 215 125 102 60 — 502 Natural gas 141 69 95 30 2 337 Other 5 — — — 11 16 Revenues from contracts with customers $ 1,967 $ 1,661 $ 402 $ 565 $ 48 $ 4,643 Nine Months Ended September 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,526 $ 2,049 $ 341 $ 302 $ 124 $ 4,342 Natural gas liquids 148 263 191 46 23 671 Natural gas 145 156 256 55 28 640 Other 6 — — — 71 77 Revenues from contracts with customers $ 1,825 $ 2,468 $ 788 $ 403 $ 246 $ 5,730 International (E.G.) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Crude oil and condensate $ 64 $ 75 $ 160 $ 186 Natural gas liquids 1 1 2 2 Natural gas 5 5 14 17 Other 1 — 3 2 Revenues from contracts with customers $ 71 $ 81 $ 179 $ 207

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,700 $ 71 $ — $ 1,771 Net gain (loss) on commodity derivatives 7 — (6) (b) 1 Income from equity method investments — 38 — 38 Net gain on disposal of assets — — 1 1 Other income — 1 1 2 Less costs and expenses: Production 173 19 — 192 Shipping, handling and other operating 162 2 — 164 Exploration 8 1 11 (c) 20 Depreciation, depletion and amortization 570 12 1 583 Taxes other than income 112 — 1 113 General and administrative 32 3 37 72 Net interest and other — — 94 94 Other net periodic benefit costs — — (5) (5) Income tax provision (benefit) 145 11 (29) 127 Segment income (loss) $ 505 $ 62 $ (114) $ 453 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 444 $ 1 $ 4 $ 449 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 12 ). (c) Includes $11 million of unproved impairments related to Permian exploration leases. Three Months Ended September 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,927 $ 81 $ — $ 2,008 Net gain (loss) on commodity derivatives (26) — 67 (b) 41 Income from equity method investments — 190 — 190 Net gain on disposal of assets — — 2 2 Other income 4 1 1 6 Less costs and expenses: Production 173 20 — 193 Shipping, handling and other operating 171 5 23 199 Exploration 11 — 62 (c) 73 Depreciation, depletion and amortization 441 14 5 460 Impairments — — 2 2 Taxes other than income 136 — 1 137 General and administrative 37 4 38 79 Net interest and other — — 52 52 Other net periodic benefit costs — — (5) (5) Income tax provision (benefit) 213 48 (21) 240 Segment income (loss) $ 723 $ 181 $ (87) $ 817 Total assets $ 15,487 $ 1,294 $ 1,077 $ 17,858 Capital expenditures (a) $ 406 $ 1 $ 6 $ 413 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes dry well costs and unproved property impairments of $48 million for Louisiana Austin Chalk exploration leases and $14 million for Permian unproved property leases. Nine Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 4,643 $ 179 $ — $ 4,822 Net gain (loss) on commodity derivatives 27 — (8) (c) 19 Income from equity method investments — 140 — 140 Net gain on disposal of assets — — 6 6 Other income 12 5 2 19 Less costs and expenses: Production 542 65 — 607 Shipping, handling and other operating 482 5 — 487 Exploration 19 1 26 (d) 46 Depreciation, depletion and amortization 1,622 34 6 1,662 Taxes other than income 252 (b) — (1) 251 General and administrative 98 9 118 225 Net interest and other — — 268 268 Other net periodic benefit costs — — (11) (11) Income tax provision (benefit) 372 29 (87) 314 Segment income (loss) $ 1,295 $ 181 $ (319) $ 1,157 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 1,661 $ 3 $ 9 $ 1,673 (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 No te 12 ). (d) Includes $10 million of dry well expense associated with wells in Permian (See Note 9 ) and $11 million of unproved impairments related to Permian exploration leases. Nine Months Ended September 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 5,730 $ 207 $ — $ 5,937 Net loss on commodity derivatives (125) — (4) (b) (129) Income from equity method investments — 469 — 469 Net gain on disposal of assets — — 1 1 Other income 10 5 10 25 Less costs and expenses: Production 464 45 — 509 Shipping, handling and other operating 508 15 52 575 Exploration 30 — 62 (c) 92 Depreciation, depletion and amortization 1,260 45 14 1,319 Impairments — — 4 4 Taxes other than income 374 — 7 381 General and administrative 94 10 116 220 Net interest and other — — 128 (d) 128 Other net periodic benefit credit — — (14) (14) Income tax provision (benefit) 655 110 (763) (e) 2 Segment income $ 2,230 $ 456 $ 401 $ 3,087 Total assets $ 15,487 $ 1,294 $ 1,077 $ 17,858 Capital expenditures (a) $ 1,124 $ 1 $ 11 $ 1,136 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 12 ). (c) Includes dry well costs and unproved property impairments of $48 million for Louisiana exploration leases and $14 million for Permian exploration leases. (d) Includes a $17 million gain on 2025 interest rate swaps (See Note 12 ). (e) Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 6

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022, our effective income tax rates were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Effective income tax rate 22 % 23 % 21 % — % • 2022 — Our effective income tax rate was different from our U.S. statutory tax rate of 21% for the nine months ended September 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 but anticipate that the corporate book minimum tax will apply in 2024. 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	9 Months Ended
	Sep. 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) September 30, 2023 December 31, 2022 Beginning balance as of January 1 $ 10 $ 15 Current period provision 3 (3) Current period write offs (2) (2) Recoveries of amounts previously reserved (1) — Ending balance $ 10 $ 10

Inventories

Inventories	9 Months Ended
	Sep. 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) September 30, 2023 December 31, 2022 Crude oil and natural gas liquids $ 9 $ 15 Supplies and other items 165 110 Inventories $ 174 $ 125

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (In millions) September 30, 2023 December 31, 2022 United States $ 17,098 $ 17,034 International 260 288 Corporate 53 55 Net property, plant and equipment $ 17,411 $ 17,377 As of September 30, 2023 and December 31, 2022, we had $10 million and $20 million, respectively, of exploratory well costs capitalized greater than one year related to suspended wells. Management believes these wells exhibit sufficient quantities of hydrocarbons to justify potential development. All of the suspended wells require completion activities in order to classify the reserves as proved. The decrease during the nine months ended September 30, 2023 included a reduction in suspended well costs as we recorded $10 million of d ry well expense associated with drilled and uncompleted exploratory wells in Permian.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 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: September 30, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 4 10 Settled liabilities, including dispositions (27) (8) Accretion expense (included in depreciation, depletion and amortization) 11 11 Revisions of estimates 12 (1) Ending balance as of September 30, total $ 340 $ 328 Ending balance as of September 30, short-term $ 32 $ 45

Leases

Leases	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 93 $ 123 Finance leases Other noncurrent assets 20 24 Total ROU assets $ 113 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 63 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 35 32 Finance leases Deferred credits and other liabilities 13 18 Total lease liabilities $ 118 $ 150 Operating Leases We enter into various lease agreements to support our operations including drilling rigs, 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 nine months ended September 30, 2023 and 2022, we have made cash lease payments totaling approximately $16 million and $6 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 $ 2 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 68
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: September 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 93 $ 123 Finance leases Other noncurrent assets 20 24 Total ROU assets $ 113 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 63 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 35 32 Finance leases Deferred credits and other liabilities 13 18 Total lease liabilities $ 118 $ 150 Operating Leases We enter into various lease agreements to support our operations including drilling rigs, 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 nine months ended September 30, 2023 and 2022, we have made cash lease payments totaling approximately $16 million and $6 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 $ 2 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 68
Leases	Leases Lessee Balance sheet information related to right-of-use (“ROU”) assets and lease liabilities was as follows: (In millions) Balance Sheet Location: September 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 93 $ 123 Finance leases Other noncurrent assets 20 24 Total ROU assets $ 113 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 63 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 35 32 Finance leases Deferred credits and other liabilities 13 18 Total lease liabilities $ 118 $ 150 Operating Leases We enter into various lease agreements to support our operations including drilling rigs, 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 nine months ended September 30, 2023 and 2022, we have made cash lease payments totaling approximately $16 million and $6 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 $ 2 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 68

Derivatives

Derivatives	9 Months Ended
	Sep. 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. September 30, 2023 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 3 $ — $ 3 Other current assets Total Not Designated as Hedges $ 3 $ — $ 3 Cash Flow Hedges Interest Rate $ 10 $ — $ 10 Other current assets Interest Rate 15 — 15 Other noncurrent assets Total Designated Hedges $ 25 $ — $ 25 Total $ 28 $ — $ 28 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 and 2024. 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 September 30, 2023, and the weighted average prices for those contracts: 2023 2024 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 20,000 20,000 — — Weighted average price per Bbl: Ceiling $ 97.59 $ 100.06 $ 100.06 $ — $ — Floor $ 60.00 $ 67.50 $ 67.50 $ — $ — Sold put $ 45.00 $ 52.50 $ 52.50 $ — $ — Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 — — $ — — Weighted average price per MMBtu: Ceiling $ 11.14 $ — $ — $ — $ — Floor $ 4.00 $ — $ — $ — $ — Sold Put $ 2.50 $ — $ — $ — $ — The following table sets forth outstanding derivative contracts as of October 31, 2023, with their weighted average prices, and is inclusive of activities that occurred subsequent to September 30, 2023: 2023 2024 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 40,000 40,000 20,000 20,000 Weighted average price per Bbl: Ceiling $ 97.59 $ 101.01 $ 101.01 $ 101.95 $ 101.95 Floor $ 60.00 $ 66.25 $ 66.25 $ 65.00 $ 65.00 Sold put $ 45.00 $ 51.25 $ 51.25 $ 50.00 $ 50.00 Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 — — $ — — Weighted average price per MMBtu: Ceiling $ 11.14 $ — $ — $ — $ — Floor $ 4.00 $ — $ — $ — $ — Sold Put $ 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 September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Unrealized gain (loss) on derivative instruments, net $ (6) $ 67 $ (8) $ (4) Realized gain (loss) on derivative instruments, net (a) $ 7 $ (26) $ 27 $ (125) (a) During the third quarter and first nine months of 2023, net cash received for settled derivative positions was $6 million and $23 million, respectively. During the third quarter and first nine months of 2022, net cash paid for settled derivative positions was $56 million and $145 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 nine months ended September 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 September 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 September 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 nine months ended September 30, 2023, net cash received for the settled interest rate swap positions was $8 million. As of September 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 1 1 for further details regarding Houston office lease.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022 by hierarchy level. September 30, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 3 $ — $ 3 Interest rate - designated as cash flow hedges — 25 — 25 Derivative instruments, assets $ — $ 28 $ — $ 28 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 September 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, commercial paper borrowings, the current portion of our long-term debt and payables. We believe the carrying values of our receivables, commercial paper borrowings 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, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets $ 9 $ 27 $ 10 $ 28 Total financial assets $ 9 $ 27 $ 10 $ 28 Financial liabilities Other current liabilities $ 132 $ 198 $ 140 $ 204 Long-term debt, including current portion (a) 5,126 5,297 5,806 5,948 Deferred credits and other liabilities 45 45 73 73 Total financial liabilities $ 5,303 $ 5,540 $ 6,019 $ 6,225 (a) Excludes debt issuance costs. Fair values of our financial assets included in other noncurrent assets, and of our financial liabilities included in other current liabilities and deferred credits and other liabilities, are measured using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value.

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2023, we had $1.5 billion in borrowings under our Term Loan Facility. The third quarter weighted average interest rate on borrowings under the Term Loan Facility was 7.10% . 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 September 30, 2023, we were in compliance with this covenant with a ratio of 26%. Subsequent to the quarter, we repaid $250 million of outstanding borrowings on October 31, 2023. We have $1.3 billion in borrowings remaining under our Term Loan Facility. Revolving Credit Facility In September 2023, we increased our $2.5 billion unsecured Revolving Credit Facility by $61 million to a total of $2.6 billion. Fees on the unused commitment of each lender, as well as the borrowing options under the Revolving Credit Facility, remain unaffected by the increase. We have the option to increase the commitment amount by up to an additional $939 million, subject to the consent of any increasing lenders. The Revolving Credit Facility maturity remains July 28, 2027. During the third quarter of 2023, we utilized commercial paper borrowings to fully repay our outstanding borrowings against our $2.6 billion unsecured Revolving Credit Facility. The third quarter weighted average interest rate on borrowings under the Revolving Credit Facility was 6.82% . 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 September 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 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 commercial paper program is backed by our $2.6 billion Revolving Credit Facility. During the third quarter of 2023, we utilized our recently established commercial paper program to fund various short-term working capital requirements. As of September 30, 2023, we had $450 million of outstanding commercial paper maturing at various dates. The third quarter weighted average interest rate for commercial paper borrowings was 6.19%. Debt Redemption On July 17, 2023, we repaid the $131 million 8.125% Senior Notes in connection with their maturity date. On March 1, 2023, we repaid the $70 million 8.5% Senior Notes in connection with their maturity date. Long-term debt At September 30, 2023, we had $5.3 billion of total long-term debt outstanding. Long-term debt due within one year consists of $200 million 2.1% Bonds and $200 million 2.125% Bonds which feature a mandatory put on July 1, 2024. 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 repayments and new borrowings 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	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our Board of Directors has authorized a share repurchase program. During the first nine months of 2023, we repurchased approximately 45 million shares of our common stock pursuant to the share repurchase program at a cost of $1.1 billion. Our remaining share repurchase authorization was approximately $1.4 billion at September 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 nine months of 2023 we repurchased $31 million of shares related to our tax withholding obligation associated with the vesting of stock-based compensation awards; these repurchases do not impact our share repurchase program authorization. Subsequent to the quarter, we repurchased approximately $145 million of shares of our common stock through November 1, 2023. Effective November 1, 2023, our Board of Directors increased our remaining share repurchase program authorization to $2.5 billion.

Incentive Based Compensation

Incentive Based Compensation	9 Months Ended
	Sep. 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 nine 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 — $ — 1,845,409 $ 25.77 Exercised/Vested (184,028) $ 10.47 (2,729,366) $ 12.49 Canceled (374,431) $ 34.41 (159,450) $ 21.05 Outstanding at September 30, 2023 1,120,065 $ 30.03 3,607,789 $ 21.99 Stock-based performance unit awards During the first nine 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 nine months of 2023, we stock settled the units related to the 2020 grant. At September 30, 2023, there were 686,266 outstanding stock-based performance units to be settled in shares to officers. During the first nine 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 $27.05 as of September 30, 2023. During the first nine months of 2023, we also cash settled the units related to the 2021 grant. At September 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	9 Months Ended
	Sep. 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 September 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 4 $ 4 $ — $ — Interest cost 2 1 1 1 Expected return on plan assets (3) (2) — — Amortization: – prior service credit (1) (1) (4) (4) – actuarial loss — — — — Net settlement loss (a) — — — — Net periodic benefit costs (credits) (b) $ 2 $ 2 $ (3) $ (3) Nine Months Ended September 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 11 $ 11 $ — $ — Interest cost 8 5 2 2 Expected return on plan assets (7) (7) — — Amortization: – prior service credit (4) (4) (12) (12) – actuarial loss — 1 1 1 Net settlement loss (a) 1 — — — Net periodic benefit costs (credits) (b) $ 9 $ 6 $ (9) $ (9) (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 nine months of 2023, we made contributions of $19 million to our funded pension plan and we expect to make additional contributions of $4 million this year. We also made payments of $3 million and $5 million to our unfunded pension plan and other postretirement benefit plans, respectively.

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 5 $ 5 $ 16 $ 16 Other net periodic benefit credits Amortization of actuarial loss — — (1) (2) Other net periodic benefit credits Net settlement loss — — (1) — Other net periodic benefit credits Income Tax (1) (1) (3) (3) Provision (benefit) for income taxes Total reclassifications of expense, net of tax $ 4 $ 4 $ 11 $ 11 Net income

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended September 30, (In millions) 2023 2022 Included in operating activities: Interest paid (a) $ 251 $ 153 Income taxes paid, net of refunds $ 103 $ 128 Noncash investing activities: Increase in asset retirement costs $ 16 $ 9 (a) The increase during the nine months ended September 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	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During the periods ended September 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 September 30, 2023 September 30, 2023 December 31, 2022 EGHoldings (a) 56% $ 108 $ 287 Alba Plant LLC (b) 52% 160 155 AMPCO (c) 45% 153 135 Total $ 421 $ 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 September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Income data: Revenues and other income $ 200 $ 499 $ 689 $ 1,332 Income from operations 77 358 279 893 Net income $ 63 $ 335 $ 227 $ 811 Revenues from related parties were $6 million and $17 million for the three and nine months ended September 30, 2023 and $7 million and $22 million for the three and nine months ended September 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 $47 million and $296 million during the three and nine months ended September 30, 2023 and $150 million and $350 million during the three and nine months ended September 30, 2022, respectively. Current receivables from related parties at September 30, 2023 were $24 million with the majority related to EGHoldings and $36 million at December 31, 2022 which primarily related to Alba Plant LLC and EGHoldings. Payables to related parties at September 30, 2023 and December 31, 2022 were $17 million and $20 million, respectively, with the majority related to Alba Plant LLC in both periods.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Various groups, including the State of North Dakota and the Mandan, Hidatsa and Arikara Nation or MHA Nation, also known as the Three Affiliated Tribes of the Fort Berthold Indian Reservation (the “Three Affiliated Tribes”) represented by the Bureau of Indian Affairs (the “BIA”), 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 September 30, 2023, we have a $168 million current liability in suspended royalty and working interest revenue, including interest, of which $144 million was included within accounts payable and $24 million related to accrued interest 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. To address a potential dispute with the Three Affiliated Tribes over the validity of certain of our leases, Marathon Oil has entered into an agreement pursuant to which we will pay an amount representing $50 million of the suspended royalties (inclusive of interest thereon) to the Three Affiliated Tribes. The agreement allows Marathon to recover all funds paid to the Three Affiliated Tribes (including by offsetting against production from other minerals leased to Marathon by the Three Affiliated Tribes) if a court ultimately determines that the Disputed Land is not held in trust for the Three Affiliated Tribes, but instead is owned by the State of North Dakota. 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 (“2022 M-Opinion”) concluding that the Disputed Land is held in trust for the Three Affiliated Tribes. While the 2022 M-Opinion is binding on all agencies within the DOI, it is not legally binding on third parties, including Marathon Oil, the State of North Dakota, or a court. 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. 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 potential monetary sanctions. 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. At this time, 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 ex cess 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 September 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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 453	$ 287	$ 417	$ 817	$ 966	$ 1,304	$ 1,157	$ 3,087

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 third quarter and first nine 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 third 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)	9 Months Ended
	Sep. 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 and performance units for the three and nine months ended September 30, 2023, and 1 million and 2 million of antidilutive stock options and performance units for the three and nine months ended September 30, 2022, respectively. Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2023 2022 2023 2022 Net income $ 453 $ 817 $ 1,157 $ 3,087 Weighted average common shares outstanding 603 670 615 701 Effect of dilutive securities 1 2 1 2 Weighted average common shares, diluted 604 672 616 703 Net income per share: Basic $ 0.75 $ 1.22 $ 1.88 $ 4.40 Diluted $ 0.75 $ 1.22 $ 1.88 $ 4.39 Dividends per share $ 0.10 $ 0.08 $ 0.30 $ 0.23

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30: United States Three Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 587 $ 580 $ 64 $ 164 $ 13 $ 1,408 Natural gas liquids 80 47 30 20 — 177 Natural gas 48 20 31 12 1 112 Other 2 — — — 1 3 Revenues from contracts with customers $ 717 $ 647 $ 125 $ 196 $ 15 $ 1,700 Three Months Ended September 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 523 $ 648 $ 104 $ 114 $ 39 $ 1,428 Natural gas liquids 49 82 63 16 6 216 Natural gas 56 67 105 22 11 261 Other 3 — — — 19 22 Revenues from contracts with customers $ 631 $ 797 $ 272 $ 152 $ 75 $ 1,927 Nine Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,606 $ 1,467 $ 205 $ 475 $ 35 $ 3,788 Natural gas liquids 215 125 102 60 — 502 Natural gas 141 69 95 30 2 337 Other 5 — — — 11 16 Revenues from contracts with customers $ 1,967 $ 1,661 $ 402 $ 565 $ 48 $ 4,643 Nine Months Ended September 30, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,526 $ 2,049 $ 341 $ 302 $ 124 $ 4,342 Natural gas liquids 148 263 191 46 23 671 Natural gas 145 156 256 55 28 640 Other 6 — — — 71 77 Revenues from contracts with customers $ 1,825 $ 2,468 $ 788 $ 403 $ 246 $ 5,730 International (E.G.) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Crude oil and condensate $ 64 $ 75 $ 160 $ 186 Natural gas liquids 1 1 2 2 Natural gas 5 5 14 17 Other 1 — 3 2 Revenues from contracts with customers $ 71 $ 81 $ 179 $ 207

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,700 $ 71 $ — $ 1,771 Net gain (loss) on commodity derivatives 7 — (6) (b) 1 Income from equity method investments — 38 — 38 Net gain on disposal of assets — — 1 1 Other income — 1 1 2 Less costs and expenses: Production 173 19 — 192 Shipping, handling and other operating 162 2 — 164 Exploration 8 1 11 (c) 20 Depreciation, depletion and amortization 570 12 1 583 Taxes other than income 112 — 1 113 General and administrative 32 3 37 72 Net interest and other — — 94 94 Other net periodic benefit costs — — (5) (5) Income tax provision (benefit) 145 11 (29) 127 Segment income (loss) $ 505 $ 62 $ (114) $ 453 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 444 $ 1 $ 4 $ 449 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 12 ). (c) Includes $11 million of unproved impairments related to Permian exploration leases. Three Months Ended September 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,927 $ 81 $ — $ 2,008 Net gain (loss) on commodity derivatives (26) — 67 (b) 41 Income from equity method investments — 190 — 190 Net gain on disposal of assets — — 2 2 Other income 4 1 1 6 Less costs and expenses: Production 173 20 — 193 Shipping, handling and other operating 171 5 23 199 Exploration 11 — 62 (c) 73 Depreciation, depletion and amortization 441 14 5 460 Impairments — — 2 2 Taxes other than income 136 — 1 137 General and administrative 37 4 38 79 Net interest and other — — 52 52 Other net periodic benefit costs — — (5) (5) Income tax provision (benefit) 213 48 (21) 240 Segment income (loss) $ 723 $ 181 $ (87) $ 817 Total assets $ 15,487 $ 1,294 $ 1,077 $ 17,858 Capital expenditures (a) $ 406 $ 1 $ 6 $ 413 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes dry well costs and unproved property impairments of $48 million for Louisiana Austin Chalk exploration leases and $14 million for Permian unproved property leases. Nine Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 4,643 $ 179 $ — $ 4,822 Net gain (loss) on commodity derivatives 27 — (8) (c) 19 Income from equity method investments — 140 — 140 Net gain on disposal of assets — — 6 6 Other income 12 5 2 19 Less costs and expenses: Production 542 65 — 607 Shipping, handling and other operating 482 5 — 487 Exploration 19 1 26 (d) 46 Depreciation, depletion and amortization 1,622 34 6 1,662 Taxes other than income 252 (b) — (1) 251 General and administrative 98 9 118 225 Net interest and other — — 268 268 Other net periodic benefit costs — — (11) (11) Income tax provision (benefit) 372 29 (87) 314 Segment income (loss) $ 1,295 $ 181 $ (319) $ 1,157 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 1,661 $ 3 $ 9 $ 1,673 (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 No te 12 ). (d) Includes $10 million of dry well expense associated with wells in Permian (See Note 9 ) and $11 million of unproved impairments related to Permian exploration leases. Nine Months Ended September 30, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 5,730 $ 207 $ — $ 5,937 Net loss on commodity derivatives (125) — (4) (b) (129) Income from equity method investments — 469 — 469 Net gain on disposal of assets — — 1 1 Other income 10 5 10 25 Less costs and expenses: Production 464 45 — 509 Shipping, handling and other operating 508 15 52 575 Exploration 30 — 62 (c) 92 Depreciation, depletion and amortization 1,260 45 14 1,319 Impairments — — 4 4 Taxes other than income 374 — 7 381 General and administrative 94 10 116 220 Net interest and other — — 128 (d) 128 Other net periodic benefit credit — — (14) (14) Income tax provision (benefit) 655 110 (763) (e) 2 Segment income $ 2,230 $ 456 $ 401 $ 3,087 Total assets $ 15,487 $ 1,294 $ 1,077 $ 17,858 Capital expenditures (a) $ 1,124 $ 1 $ 11 $ 1,136 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 12 ). (c) Includes dry well costs and unproved property impairments of $48 million for Louisiana exploration leases and $14 million for Permian exploration leases. (d) Includes a $17 million gain on 2025 interest rate swaps (See Note 12 ). (e) Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 6

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three and nine months ended September 30, 2023 and 2022, our effective income tax rates were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Effective income tax rate 22 % 23 % 21 % — %

Credit Losses (Tables)

Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
Schedule of Allowance for Doubtful Accounts Balance	Changes in the allowance for credit losses were as follows: (In millions) September 30, 2023 December 31, 2022 Beginning balance as of January 1 $ 10 $ 15 Current period provision 3 (3) Current period write offs (2) (2) Recoveries of amounts previously reserved (1) — Ending balance $ 10 $ 10

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	(In millions) September 30, 2023 December 31, 2022 Crude oil and natural gas liquids $ 9 $ 15 Supplies and other items 165 110 Inventories $ 174 $ 125

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(In millions) September 30, 2023 December 31, 2022 United States $ 17,098 $ 17,034 International 260 288 Corporate 53 55 Net property, plant and equipment $ 17,411 $ 17,377

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 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: September 30, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 4 10 Settled liabilities, including dispositions (27) (8) Accretion expense (included in depreciation, depletion and amortization) 11 11 Revisions of estimates 12 (1) Ending balance as of September 30, total $ 340 $ 328 Ending balance as of September 30, short-term $ 32 $ 45

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 ROU assets: Operating leases Other noncurrent assets $ 93 $ 123 Finance leases Other noncurrent assets 20 24 Total ROU assets $ 113 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 63 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases Deferred credits and other liabilities 35 32 Finance leases Deferred credits and other liabilities 13 18 Total lease liabilities $ 118 $ 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 $ 2 2024 6 2025 6 2026 6 2027 6 Thereafter 42 Total undiscounted cash flows $ 68

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 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. September 30, 2023 (In millions) Asset Liability Net Asset (Liability) Balance Sheet Location Not Designated as Hedges Commodity $ 3 $ — $ 3 Other current assets Total Not Designated as Hedges $ 3 $ — $ 3 Cash Flow Hedges Interest Rate $ 10 $ — $ 10 Other current assets Interest Rate 15 — 15 Other noncurrent assets Total Designated Hedges $ 25 $ — $ 25 Total $ 28 $ — $ 28 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 September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Unrealized gain (loss) on derivative instruments, net $ (6) $ 67 $ (8) $ (4) Realized gain (loss) on derivative instruments, net (a) $ 7 $ (26) $ 27 $ (125) (a) During the third quarter and first nine months of 2023, net cash received for settled derivative positions was $6 million and $23 million, respectively. During the third quarter and first nine months of 2022, net cash paid for settled derivative positions was $56 million and $145 million, respectively.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of September 30, 2023, and the weighted average prices for those contracts: 2023 2024 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 20,000 20,000 — — Weighted average price per Bbl: Ceiling $ 97.59 $ 100.06 $ 100.06 $ — $ — Floor $ 60.00 $ 67.50 $ 67.50 $ — $ — Sold put $ 45.00 $ 52.50 $ 52.50 $ — $ — Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 — — $ — — Weighted average price per MMBtu: Ceiling $ 11.14 $ — $ — $ — $ — Floor $ 4.00 $ — $ — $ — $ — Sold Put $ 2.50 $ — $ — $ — $ — The following table sets forth outstanding derivative contracts as of October 31, 2023, with their weighted average prices, and is inclusive of activities that occurred subsequent to September 30, 2023: 2023 2024 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 10,000 40,000 40,000 20,000 20,000 Weighted average price per Bbl: Ceiling $ 97.59 $ 101.01 $ 101.01 $ 101.95 $ 101.95 Floor $ 60.00 $ 66.25 $ 66.25 $ 65.00 $ 65.00 Sold put $ 45.00 $ 51.25 $ 51.25 $ 50.00 $ 50.00 Natural Gas Henry Hub Three-Way Collars Volume (MMBtu/day) 50,000 — — $ — — Weighted average price per MMBtu: Ceiling $ 11.14 $ — $ — $ — $ — Floor $ 4.00 $ — $ — $ — $ — Sold Put $ 2.50 $ — $ — $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022 by hierarchy level. September 30, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 3 $ — $ 3 Interest rate - designated as cash flow hedges — 25 — 25 Derivative instruments, assets $ — $ 28 $ — $ 28 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, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2023 and December 31, 2022. September 30, 2023 December 31, 2022 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets $ 9 $ 27 $ 10 $ 28 Total financial assets $ 9 $ 27 $ 10 $ 28 Financial liabilities Other current liabilities $ 132 $ 198 $ 140 $ 204 Long-term debt, including current portion (a) 5,126 5,297 5,806 5,948 Deferred credits and other liabilities 45 45 73 73 Total financial liabilities $ 5,303 $ 5,540 $ 6,019 $ 6,225 (a) Excludes debt issuance costs.

Incentive Based Compensation (T

Incentive Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine 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 — $ — 1,845,409 $ 25.77 Exercised/Vested (184,028) $ 10.47 (2,729,366) $ 12.49 Canceled (374,431) $ 34.41 (159,450) $ 21.05 Outstanding at September 30, 2023 1,120,065 $ 30.03 3,607,789 $ 21.99

Defined Benefit Postretiremen_2

Defined Benefit Postretirement Plans (Tables)	9 Months Ended
	Sep. 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 September 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 4 $ 4 $ — $ — Interest cost 2 1 1 1 Expected return on plan assets (3) (2) — — Amortization: – prior service credit (1) (1) (4) (4) – actuarial loss — — — — Net settlement loss (a) — — — — Net periodic benefit costs (credits) (b) $ 2 $ 2 $ (3) $ (3) Nine Months Ended September 30, Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Service cost $ 11 $ 11 $ — $ — Interest cost 8 5 2 2 Expected return on plan assets (7) (7) — — Amortization: – prior service credit (4) (4) (12) (12) – actuarial loss — 1 1 1 Net settlement loss (a) 1 — — — Net periodic benefit costs (credits) (b) $ 9 $ 6 $ (9) $ (9) (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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 5 $ 5 $ 16 $ 16 Other net periodic benefit credits Amortization of actuarial loss — — (1) (2) Other net periodic benefit credits Net settlement loss — — (1) — Other net periodic benefit credits Income Tax (1) (1) (3) (3) Provision (benefit) for income taxes Total reclassifications of expense, net of tax $ 4 $ 4 $ 11 $ 11 Net income

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Nine Months Ended September 30, (In millions) 2023 2022 Included in operating activities: Interest paid (a) $ 251 $ 153 Income taxes paid, net of refunds $ 103 $ 128 Noncash investing activities: Increase in asset retirement costs $ 16 $ 9 (a) The increase during the nine months ended September 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)	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During the periods ended September 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 September 30, 2023 September 30, 2023 December 31, 2022 EGHoldings (a) 56% $ 108 $ 287 Alba Plant LLC (b) 52% 160 155 AMPCO (c) 45% 153 135 Total $ 421 $ 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 September 30, Nine Months Ended September 30, (In millions) 2023 2022 2023 2022 Income data: Revenues and other income $ 200 $ 499 $ 689 $ 1,332 Income from operations 77 358 279 893 Net income $ 63 $ 335 $ 227 $ 811

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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1			1			1	2
Net income	$ 453	$ 287	$ 417	$ 817	$ 966	$ 1,304	$ 1,157	$ 3,087
Weighted average common shares outstanding (in shares)	603			670			615	701
Effect of dilutive securities (in shares)	1			2			1	2
Weighted average common shares, diluted (in shares)	604			672			616	703
Net income per share:
Basic (in dollars per share)	$ 0.75			$ 1.22			$ 1.88	$ 4.40
Diluted (in dollars per share)	0.75			1.22			1.88	4.39
Dividends per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.08	$ 0.08	$ 0.07	$ 0.30	$ 0.23

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables from contract with customer	$ 1,100	$ 875

Revenues - Revenues from Contra

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,771	$ 2,008	$ 4,822	$ 5,937
United States
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,700	1,927	4,643	5,730
United States | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	717	631	1,967	1,825
United States | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	647	797	1,661	2,468
United States | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	125	272	402	788
United States | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	196	152	565	403
United States | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15	75	48	246
United States | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,408	1,428	3,788	4,342
United States | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	587	523	1,606	1,526
United States | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	580	648	1,467	2,049
United States | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	64	104	205	341
United States | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	164	114	475	302
United States | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13	39	35	124
United States | Natural gas liquids
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	177	216	502	671
United States | Natural gas liquids | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	80	49	215	148
United States | Natural gas liquids | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	47	82	125	263
United States | Natural gas liquids | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	30	63	102	191
United States | Natural gas liquids | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20	16	60	46
United States | Natural gas liquids | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	6	0	23
United States | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	112	261	337	640
United States | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	48	56	141	145
United States | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20	67	69	156
United States | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	31	105	95	256
United States | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12	22	30	55
United States | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	11	2	28
United States | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	22	16	77
United States | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	3	5	6
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	1	19	11	71
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	71	81	179	207
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	64	75	160	186
International | Natural gas liquids | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	1	2	2
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5	5	14	17
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1	$ 0	$ 3	$ 2

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	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	$ 1,771			$ 2,008			$ 4,822	$ 5,937
Net gain (loss) on commodity derivatives	1			41			19	(129)
Income from equity method investments	38			190			140	469
Net gain on disposal of assets	1			2			6	1
Other income	2			6			19	25
Less costs and expenses:
Production	192			193			607	509
Shipping, handling and other operating	164			199			487	575
Exploration	20			73			46	92
Depreciation, depletion and amortization	583			460			1,662	1,319
Impairments	0			2			0	4
Taxes other than income	113			137			251	381
General and administrative	72			79			225	220
Net interest and other	94			52			268	128
Other net periodic benefit costs	(5)			(5)			(11)	(14)
Income tax provision (benefit)	127			240			314	2
Net income	453	$ 287	$ 417	817	$ 966	$ 1,304	1,157	3,087
Total assets	19,919			17,858			19,919	17,858	$ 19,940
Capital expenditures	449			413			1,673	1,136
Valuation allowance released								685
Eagle Ford
Less costs and expenses:
Taxes other than income							47
Permian Basin
Less costs and expenses:
Exploration	11						11
Dry well cost							10
Permian Basin | Dry Well Costs And Unproved Property Impairments Member
Less costs and expenses:
Exploration				14				14
LOUISIANA | Dry Well Costs And Unproved Property Impairments Member
Less costs and expenses:
Exploration				48				48
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	(6)			67			(8)	(4)
Income from equity method investments	0			0			0	0
Net gain on disposal of assets	1			2			6	1
Other income	1			1			2	10
Less costs and expenses:
Production	0			0			0	0
Shipping, handling and other operating	0			23			0	52
Exploration	11			62			26	62
Depreciation, depletion and amortization	1			5			6	14
Impairments				2				4
Taxes other than income	1			1			(1)	7
General and administrative	37			38			118	116
Net interest and other	94			52			268	128
Other net periodic benefit costs	(5)			(5)			(11)	(14)
Income tax provision (benefit)	(29)			(21)			(87)	(763)
Net income	(114)			(87)			(319)	401
Total assets	344			1,077			344	1,077
Capital expenditures	4			6			9	11
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,700			1,927			4,643	5,730
U.S. | Eagle Ford
Segment Reporting Information [Line Items]
Revenues from contracts with customers	717			631			1,967	1,825
U.S. | Operating Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,700			1,927			4,643	5,730
Net gain (loss) on commodity derivatives	7			(26)			27	(125)
Income from equity method investments	0			0			0	0
Net gain on disposal of assets	0			0			0	0
Other income	0			4			12	10
Less costs and expenses:
Production	173			173			542	464
Shipping, handling and other operating	162			171			482	508
Exploration	8			11			19	30
Depreciation, depletion and amortization	570			441			1,622	1,260
Impairments				0				0
Taxes other than income	112			136			252	374
General and administrative	32			37			98	94
Net interest and other	0			0			0	0
Other net periodic benefit costs	0			0			0	0
Income tax provision (benefit)	145			213			372	655
Net income	505			723			1,295	2,230
Total assets	18,503			15,487			18,503	15,487
Capital expenditures	444			406			1,661	1,124
Int’l | Operating Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	71			81			179	207
Net gain (loss) on commodity derivatives	0			0			0	0
Income from equity method investments	38			190			140	469
Net gain on disposal of assets	0			0			0	0
Other income	1			1			5	5
Less costs and expenses:
Production	19			20			65	45
Shipping, handling and other operating	2			5			5	15
Exploration	1			0			1	0
Depreciation, depletion and amortization	12			14			34	45
Impairments				0				0
Taxes other than income	0			0			0	0
General and administrative	3			4			9	10
Net interest and other	0			0			0	0
Other net periodic benefit costs	0			0			0	0
Income tax provision (benefit)	11			48			29	110
Net income	62			181			181	456
Total assets	1,072			1,294			1,072	1,294
Capital expenditures	$ 1			$ 1			$ 3	$ 1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	22%	23%	21%	0%
Valuation allowance released				$ 685

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance as of January 1	$ 10	$ 15
Current period provision	3	(3)
Current period write offs	(2)	(2)
Recoveries of amounts previously reserved	(1)	0
Ending balance	$ 10	$ 10

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and natural gas liquids	$ 9	$ 15
Supplies and other items	165	110
Inventories	$ 174	$ 125

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,411	$ 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	17,098	17,034
Operating Segments | International
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	260	288
Corporate
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 53	$ 55

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 316
Incurred liabilities, including acquisitions	4	10
Settled liabilities, including dispositions	(27)	(8)
Accretion expense (included in depreciation, depletion and amortization)	11	11
Revisions of estimates	12	(1)
Ending balance as of September 30, total	340	328
Ending balance as of September 30, short-term	$ 32	$ 45

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 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	$ 93	$ 123
Finance leases	20	24
Total ROU assets	113	147
Current liabilities:
Operating leases	63	94
Finance leases	7	6
Noncurrent liabilities
Operating leases	35	32
Finance leases	13	18
Total lease liabilities	$ 118	$ 150

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Term of contract	5 years
Cash lease payments	$ 16	$ 6
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	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 2
2024	6
2025	6
2026	6
2027	6
Thereafter	42
Total undiscounted cash flows	$ 68

Derivatives - Balance Sheet Com

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset	$ 28	$ 34
Liability	0	0
Net Asset (Liability)	28	34
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	3	10
Liability	0	0
Net Asset (Liability)	3	10
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	25	24
Liability	0	0
Net Asset (Liability)	25	24
Commodity | Other current assets | Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	3	10
Liability	0	0
Net Asset (Liability)	3	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	15	15
Liability	0	0
Net Asset (Liability)	$ 15	$ 15

Derivatives - Outstanding Deriv

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Oct. 31, 2023 bbl / h MMBbls / d $ / bbl $ / MMBTU	Sep. 30, 2023 MMBbls / d bbl / h $ / MMBTU $ / bbl
Three-Way Collars - Crude Oil 2023, Fourth Quarter
Derivative [Line Items]
Volume | bbl / h		10,000
Ceiling | $ / bbl		97.59
Floor | $ / bbl		60
Sold put | $ / bbl		45
Three-Way Collars - Crude Oil 2023, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Volume | bbl / h	10,000
Ceiling | $ / bbl	97.59
Floor | $ / bbl	60
Sold put | $ / bbl	45
Three-Way Collars - Natural Gas 2023, Fourth Quarter
Derivative [Line Items]
Volume | MMBbls / d		50,000
Ceiling | $ / MMBTU		11.14
Floor | $ / MMBTU		4
Sold put | $ / MMBTU		2.50
Three-Way Collars - Natural Gas 2023, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Volume | MMBbls / d	50,000
Ceiling | $ / MMBTU	11.14
Floor | $ / MMBTU	4
Sold put | $ / MMBTU	2.50
Three-Way Collars - Crude Oil 2024, First Quarter
Derivative [Line Items]
Volume | bbl / h		20,000
Ceiling | $ / bbl		100.06
Floor | $ / bbl		67.50
Sold put | $ / bbl		52.50
Three-Way Collars - Crude Oil 2024, First Quarter | Subsequent Event
Derivative [Line Items]
Volume | bbl / h	40,000
Ceiling | $ / bbl	101.01
Floor | $ / bbl	66.25
Sold put | $ / bbl	51.25
Three-Way Collars - Natural Gas 2024, First Quarter
Derivative [Line Items]
Volume | MMBbls / d		0
Ceiling | $ / MMBTU		0
Floor | $ / MMBTU		0
Sold put | $ / MMBTU		0
Three-Way Collars - Natural Gas 2024, First Quarter | Subsequent Event
Derivative [Line Items]
Volume | MMBbls / d	0
Ceiling | $ / MMBTU	0
Floor | $ / MMBTU	0
Sold put | $ / MMBTU	0
Three-Way Collars - Crude Oil 2024, Second Quarter
Derivative [Line Items]
Volume | bbl / h		20,000
Ceiling | $ / bbl		100.06
Floor | $ / bbl		67.50
Sold put | $ / bbl		52.50
Three-Way Collars - Crude Oil 2024, Second Quarter | Subsequent Event
Derivative [Line Items]
Volume | bbl / h	40,000
Ceiling | $ / bbl	101.01
Floor | $ / bbl	66.25
Sold put | $ / bbl	51.25
Three-Way Collars - Natural Gas 2024, Second Quarter
Derivative [Line Items]
Volume | MMBbls / d		0
Ceiling | $ / MMBTU		0
Floor | $ / MMBTU		0
Sold put | $ / MMBTU		0
Three-Way Collars - Natural Gas 2024, Second Quarter | Subsequent Event
Derivative [Line Items]
Volume | MMBbls / d	0
Ceiling | $ / MMBTU	0
Floor | $ / MMBTU	0
Sold put | $ / MMBTU	0
Three-Way Collars - Crude Oil 2024, Third Quarter
Derivative [Line Items]
Volume | bbl / h		0
Ceiling | $ / bbl		0
Floor | $ / bbl		0
Sold put | $ / bbl		0
Three-Way Collars - Crude Oil 2024, Third Quarter | Subsequent Event
Derivative [Line Items]
Volume | bbl / h	20,000
Ceiling | $ / bbl	101.95
Floor | $ / bbl	65
Sold put | $ / bbl	50
Three-Way Collars - Natural Gas 2024, Third Quarter
Derivative [Line Items]
Volume | MMBbls / d		0
Ceiling | $ / MMBTU		0
Floor | $ / MMBTU		0
Sold put | $ / MMBTU		0
Three-Way Collars - Natural Gas 2024, Third Quarter | Subsequent Event
Derivative [Line Items]
Volume | MMBbls / d	0
Ceiling | $ / MMBTU	0
Floor | $ / MMBTU	0
Sold put | $ / MMBTU	0
Three-Way Collars - Crude Oil 2024, Fourth Quarter
Derivative [Line Items]
Volume | bbl / h		0
Ceiling | $ / bbl		0
Floor | $ / bbl		0
Sold put | $ / bbl		0
Three-Way Collars - Crude Oil 2024, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Volume | bbl / h	20,000
Ceiling | $ / bbl	101.95
Floor | $ / bbl	65
Sold put | $ / bbl	50
Three-Way Collars - Natural Gas 2024, Fourth Quarter
Derivative [Line Items]
Volume | MMBbls / d		0
Ceiling | $ / MMBTU		0
Floor | $ / MMBTU		0
Sold put | $ / MMBTU		0
Three-Way Collars - Natural Gas 2024, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Volume | MMBbls / d	0
Ceiling | $ / MMBTU	0
Floor | $ / MMBTU	0
Sold put | $ / MMBTU	0

Derivatives - Schedule of Mark-

Derivatives - Schedule of Mark-to-market Impact and Commodity Derivative Settlements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash received (paid) for settled derivative positions, net	$ 6	$ (56)	$ 23	$ (145)
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments, net	(6)	67	(8)	(4)
Realized gain (loss) on derivative instruments, net	$ 7	$ (26)	$ 27	$ (125)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt		$ 5,300,000,000
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		8,000,000
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	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 28	$ 34
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	3	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	25	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	28	34
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	3	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	25	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	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Financial assets
Other noncurrent assets	$ 9	$ 10
Total financial assets	9	10
Financial liabilities
Other current liabilities	132	140
Long-term debt, including current portion	5,126	5,806
Deferred credits and other liabilities	45	73
Total financial liabilities	5,303	6,019
Carrying Amount
Financial assets
Other noncurrent assets	27	28
Total financial assets	27	28
Financial liabilities
Other current liabilities	198	204
Long-term debt, including current portion	5,297	5,948
Deferred credits and other liabilities	45	73
Total financial liabilities	$ 5,540	$ 6,225

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - Term Loan Facility - Line of Credit - USD ($) $ in Millions		1 Months Ended
	Oct. 31, 2023	Nov. 30, 2022	Sep. 30, 2023
Debt Instrument [Line Items]
Debt term		2 years
Maximum borrowing capacity		$ 1,500
Line of credit			$ 1,500
Weighted average interest rate			7.10%
Covenant, ratio of indebtedness to net capital, maximum			0.65
Ratio of indebtedness to net capital			0.26
Subsequent Event
Debt Instrument [Line Items]
Repayments of line of credit	$ 250
Remaining borrowing capacity	$ 1,300

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)	Sep. 30, 2023	Aug. 31, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,600,000,000	$ 2,500,000,000
Increase in maximum borrowing capacity	61,000,000
Optional limit increase	$ 939,000,000
Weighted average interest rate	6.82%
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) - USD ($)	9 Months Ended
	Sep. 30, 2023	Aug. 31, 2023
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Debt term	365 days
Line of credit, outstanding amount	$ 450,000,000
Weighted average interest rate	6.19%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,600,000,000	$ 2,500,000,000
Weighted average interest rate	6.82%

Debt - Debt Redemption (Details

Debt - Debt Redemption (Details) - Unsecured Debt - USD ($) $ in Millions	Jul. 17, 2023	Mar. 01, 2023
Senior Unsecured Notes 8.125% Due 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 131
Interest rate	8.125%
Senior Unsecured Notes 8.5% Due2023
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	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 5,300
Long-term debt due within one year	400	$ 402
2.10% bonds due 2037 | Bonds
Debt Instrument [Line Items]
Long-term debt due within one year	$ 200
Interest rate	2.10%
2.125% bonds due 2037 | Bonds
Debt Instrument [Line Items]
Long-term debt due within one year	$ 200
Interest rate	2.125%

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	1 Months Ended	9 Months Ended
	Nov. 01, 2023	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock		$ 1,121,000,000	$ 2,474,000,000
Purchases of shares for tax withholding obligations		$ 31,000,000	$ 21,000,000
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		45
Payments for repurchase of common stock		$ 1,100,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 1,400,000,000
Share Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock	$ 145,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 2,500,000,000

Incentive Based Compensation -

Incentive Based Compensation - Stock Options, Restricted Stock Awards and Restricted Stock Units (Details)	9 Months Ended
	Sep. 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	(184,028)
Canceled (in shares) | shares	(374,431)
Outstanding, ending (in shares) | shares	1,120,065
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	34.41
Outstanding, ending (in dollars per share) | $ / shares	$ 30.03
Restricted Stock & Units
Number of Shares & Units
Outstanding, beginning (in shares) | shares	4,651,196
Granted (in shares) | shares	1,845,409
Exercised/Vested (in shares) | shares	(2,729,366)
Canceled (in shares) | shares	(159,450)
Outstanding, ending (in shares) | shares	3,607,789
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 14.89
Granted (in dollars per share) | $ / shares	25.77
Exercised/Vested (in dollars per share) | $ / shares	12.49
Canceled (in dollars per share) | $ / shares	21.05
Outstanding, ending (in dollars per share) | $ / shares	$ 21.99

Incentive Based Compensation _2

Incentive Based Compensation - Narrative (Details)	9 Months Ended
	Sep. 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	$ 27.05

Defined Benefit Postretiremen_3

Defined Benefit Postretirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization:
Net settlement loss	$ (5)	$ (5)	$ (11)	$ (14)
Estimated future contributions over the remainder of the current year	4		4
Funded Plan
Amortization:
Payment for pension benefits			19
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	4	11	11
Interest cost	2	1	8	5
Expected return on plan assets	(3)	(2)	(7)	(7)
Amortization:
– prior service credit	(1)	(1)	(4)	(4)
– actuarial loss	0	0	0	1
Net settlement loss	0	0	1	0
Net periodic benefit costs (credits)	2	2	9	6
Other Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	1	1	2	2
Expected return on plan assets	0	0	0	0
Amortization:
– prior service credit	(4)	(4)	(12)	(12)
– actuarial loss	0	0	1	1
Net settlement loss	0	0	0	0
Net periodic benefit costs (credits)	$ (3)	$ (3)	(9)	$ (9)
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			$ 5

Reclassifications Out of Accu_3

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	$ 5			$ 5			$ 11	$ 14
Provision (benefit) for income taxes	127			240			314	2
Net income	453	$ 287	$ 417	817	$ 966	$ 1,304	1,157	3,087
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	4			4			11	11
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			16	16
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net periodic benefit credits	0			0			(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)			$ (3)	$ (3)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Included in operating activities:
Interest paid	$ 251	$ 153
Income taxes paid, net of refunds	103	128
Noncash investing activities:
Increase in asset retirement costs	16	9
Capital expenditures incurred but not yet paid	$ 125	$ 99

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 421	$ 577
EG Holdings
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%
Equity method investments	$ 108	287
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Equity method investments	$ 160	155
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45%
Equity method investments	$ 153	$ 135

Equity Method Investments - Sum

Equity Method Investments - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,813			$ 2,247			$ 5,006	$ 6,303
Income from operations	669			1,104			1,728	3,203
Net income	453	$ 287	$ 417	817	$ 966	$ 1,304	1,157	3,087
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	200			499			689	1,332
Income from operations	77			358			279	893
Net income	$ 63			$ 335			$ 227	$ 811

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,813	$ 2,247	$ 5,006	$ 6,303
Proceeds from equity method investment	47	150	296	350
Receivables, net	1,434		1,434		$ 1,146
Accounts payable	1,582		1,582		1,279
Related Party
Schedule of Equity Method Investments [Line Items]
Revenues and other income	6	$ 7	17	$ 22
Receivables, net	24		24		36
Accounts payable	$ 17		$ 17		$ 20

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2020 USD ($) guarantee	Sep. 30, 2023 USD ($) tribe
Loss Contingencies [Line Items]
Number of affiliated tribes | tribe		3
Contingent royalty liability		$ 168,000
Contingent capital and expense receivable, noncurrent		26,000
Contingent royalty liability, release		50,000
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		$ 24,000