Marathon Oil (MRO) 10-K 22 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 13,888
Entity Common Stock, Shares Outstanding		577,197,369
Documents Incorporated by Reference	Portions of the registrant’s proxy statement relating to its 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Securities Exchange Act of 1934, are incorporated by reference to the extent set forth in Part III, Items 10-14 of this report.
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Entity Central Index Key	0000101778

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and other income:
Revenues from contracts with customers	$ 6,407	$ 7,540	$ 5,601
Net gain (loss) on commodity derivatives	42	(114)	(383)
Income from equity method investments	185	613	253
Net gain (loss) on disposal of assets	17	(38)	(19)
Other income	46	35	15
Total revenues and other income	6,697	8,036	5,467
Costs and expenses:
Production	828	690	534
Shipping, handling and other operating	689	733	727
Exploration	59	110	136
Depreciation, depletion and amortization	2,211	1,753	2,066
Impairments	2	7	60
Taxes other than income	363	484	345
General and administrative	297	308	291
Total costs and expenses	4,449	4,085	4,159
Income from operations	2,248	3,951	1,308
Net interest and other	(352)	(188)	(188)
Other net periodic benefit credits	15	16	5
Loss on early extinguishment of debt	0	0	(121)
Income before income taxes	1,911	3,779	1,004
Provision for income taxes	357	167	58
Net income	$ 1,554	$ 3,612	$ 946
Net income per share:
Basic (in dollars per share)	$ 2.56	$ 5.27	$ 1.20
Diluted (in dollars per share)	$ 2.56	$ 5.26	$ 1.20
Weighted average common shares outstanding:
Basic (in shares)	607	685	787
Diluted (in shares)	608	687	788

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,554	$ 3,612	$ 946
Other comprehensive income (loss), net of tax
Change in actuarial gain (loss) and other for postretirement and postemployment plans	(20)	3	14
Change in derivative hedges unrecognized gain (loss)	(5)	22	23
Reclassification of de-designated forward interest rate swaps	0	0	(28)
Other	1	(1)	0
Other comprehensive income (loss)	(24)	24	9
Comprehensive income	$ 1,530	$ 3,636	$ 955

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 155	$ 334
Receivables, net	1,152	1,146
Inventories	186	125
Other current assets	76	66
Total current assets	1,569	1,671
Equity method investments	433	577
Property, plant and equipment, less accumulated depreciation, depletion and amortization of $25,914 and $23,876	17,213	17,377
Other noncurrent assets	360	315
Total assets	19,575	19,940
Current liabilities:
Accounts payable	1,364	1,279
Commercial paper	450	0
Payroll and benefits payable	70	90
Accrued taxes	126	171
Other current liabilities	312	364
Long-term debt due within one year	1,600	402
Total current liabilities	3,922	2,306
Long-term debt	3,378	5,521
Deferred tax liabilities	419	167
Defined benefit postretirement plan obligations	93	100
Asset retirement obligations	326	295
Deferred credits and other liabilities	232	154
Total liabilities	8,370	8,543
Commitments and contingencies (Note 24)
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 December 31, 2023 and December 31, 2022)	937	937
Held in treasury, at cost – 360 million shares and 304 million shares	(8,952)	(7,512)
Additional paid-in capital	7,172	7,203
Retained earnings	11,966	10,663
Accumulated other comprehensive income	82	106
Total stockholders’ equity	11,205	11,397
Total liabilities and stockholders’ equity	$ 19,575	$ 19,940

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 25,914	$ 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)	360,000,000	304,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income	$ 1,554	$ 3,612	$ 946
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,211	1,753	2,066
Impairments	2	7	60
Exploratory dry well costs and unproved property impairments	53	101	125
Net (gain) loss on disposal of assets	(17)	38	19
Loss on early extinguishment of debt	0	0	121
Deferred income taxes	299	(17)	(27)
Unrealized gain on derivative instruments, net	(13)	(18)	(16)
Pension and other post retirement benefits, net	(33)	(35)	(31)
Stock-based compensation	43	38	40
Equity method investments, net	83	(139)	(76)
Changes in:
Current receivables	(21)	9	(389)
Inventories	(64)	(45)	(1)
Current accounts payable and accrued liabilities	(10)	101	369
Other current assets and liabilities	(5)	(47)	46
All other operating, net	5	70	(13)
Net cash provided by operating activities	4,087	5,428	3,239
Investing activities:
Capital expenditures	(2,033)	(1,480)	(1,032)
Change in capital accrual	(25)	30	(14)
Acquisitions, net of cash acquired	(12)	(3,177)	(47)
Disposal of assets, net of cash transferred to the buyer	3	11	22
Equity method investments - return of capital	61	12	61
All other investing, net	0	(1)	0
Net cash used in investing activities	(2,006)	(4,605)	(1,010)
Financing activities:
Proceeds from revolving credit facility	1,248	450	0
Repayments of revolving credit facility	(1,698)	0	0
Proceeds from commercial paper borrowings, net	450	0	0
Borrowings	200	1,500	0
Debt repayments	(701)	(35)	(1,400)
Debt extinguishment costs	0	0	(117)
Shares repurchased under buyback programs	(1,473)	(2,754)	(724)
Dividends paid	(251)	(220)	(141)
Withholding tax on stock-based incentive awards	(31)	(22)	(10)
All other financing, net	(4)	12	1
Net cash used in financing activities	(2,260)	(1,069)	(2,391)
Net decrease in cash and cash equivalents	(179)	(246)	(162)
Cash and cash equivalents at beginning of period	334	580	742
Cash and cash equivalents at end of period	$ 155	$ 334	$ 580

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - 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, 2020	$ 10,561	$ 0	$ 937	$ (4,089)	$ 7,174	$ 6,466	$ 73
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(724)			(724)
Stock-based compensation	35			(12)	47
Net income	946					946
Other comprehensive income (loss)	9						9
Dividends paid	(141)					(141)
Ending Balance at Dec. 31, 2021	10,686	$ 0	$ 937	$ (4,825)	7,221	7,271	82
Beginning Balance - Preferred Stock (in shares) at Dec. 31, 2020		0
Beginning Balance - Common Stock (in shares) at Dec. 31, 2020			937,000,000
Beginning Balance - Treasury Stock (in shares) at Dec. 31, 2020				148,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued - stock based compensation (in shares)				0
Shares repurchased (in shares)				46,000,000
Ending Balance - Preferred Stock (in shares) at Dec. 31, 2021		0
Ending Balance - Common Stock (in shares) at Dec. 31, 2021			937,000,000
Ending Balance - Treasury Stock (in shares) at Dec. 31, 2021				194,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(2,754)			$ (2,754)
Stock-based compensation	49			67	(18)
Net income	3,612					3,612
Other comprehensive income (loss)	24						24
Dividends paid	(220)					(220)
Ending Balance at Dec. 31, 2022	$ 11,397	$ 0	$ 937	$ (7,512)	7,203	10,663	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued - stock based compensation (in shares)				(3,000,000)
Shares repurchased (in shares)				113,000,000
Ending Balance - Preferred Stock (in shares) at Dec. 31, 2022	0	0
Ending Balance - Common Stock (in shares) at Dec. 31, 2022			937,000,000
Ending Balance - Treasury Stock (in shares) at Dec. 31, 2022	304,000,000			304,000,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	$ (1,473)			$ (1,473)
Excise tax on shares repurchased	(14)			(14)
Stock-based compensation	16			47	(31)
Net income	1,554					1,554
Other comprehensive income (loss)	(24)						(24)
Dividends paid	(251)					(251)
Ending Balance at Dec. 31, 2023	$ 11,205	$ 0	$ 937	$ (8,952)	$ 7,172	$ 11,966	$ 82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued - stock based compensation (in shares)				(2,000,000)
Shares repurchased (in shares)				58,000,000
Ending Balance - Preferred Stock (in shares) at Dec. 31, 2023	0	0
Ending Balance - Common Stock (in shares) at Dec. 31, 2023			937,000,000
Ending Balance - Treasury Stock (in shares) at Dec. 31, 2023	360,000,000			360,000,000

Consolidated Statements of St_2

Consolidated Statements of Stockholders’ Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.41	$ 0.32	$ 0.18

Summary of Principal Accounting

Summary of Principal Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Principal Accounting Policies	Summary of Principal Accounting Policies We are an independent exploration and production company engaged in exploration, production and marketing of crude oil and condensate, NGLs and natural gas; as well as production and marketing of products manufactured from natural gas, such as LNG and methanol, in E.G. Basis of presentation and principles applied in consolidation – These consolidated financial statements, including notes, have been prepared in accordance with U.S. GAAP. These consolidated financial statements include the accounts of our controlled subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis. Equity method investments – Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority stockholders have substantive participating rights in the investee. Income from equity method investments represents our proportionate share of net income generated by the equity method investees and is reflected in revenues and other income in our consolidated statements of income. Equity method investments are included as noncurrent assets on the consolidated balance sheet. Equity method investments are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred. When a loss is deemed to have occurred and is other than temporary, the carrying value of the equity method investment is written down to fair value, and the amount of the write-down is included in income. Use of estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimated quantities of crude oil and condensate, NGLs and natural gas reserves is a significant estimate that requires judgment. All of the reserve data included in this Form 10-K are estimates. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and condensate, NGLs and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and condensate, NGLs and natural gas reserves. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserve estimates may be different from the quantities of crude oil and condensate, NGLs and natural gas that are ultimately recovered. See unaudited Supplementary Data – Supplementary Information on Oil and Gas Producing Activities for further detail. Other items subject to estimates and assumptions include the carrying amounts of property, plant and equipment, asset retirement obligations, valuation of assets and liabilities in a business combination, valuation of derivative instruments, contingent obligations and valuation allowances for deferred income tax assets, as well as other items recognized at fair value. Although we believe these estimates are reasonable, actual results could differ from these estimates. Foreign currency transactions – The U.S. dollar is the functional currency of our foreign operating subsidiaries. Foreign currency transaction gains and losses are included in net income. Revenue recognition – Revenues associated with the sales of crude oil and condensate, NGLs and natural gas are recognized when our performance obligation is satisfied, which typically occurs at the point where control transfers to the customer based on contract terms. Revenue is measured as the amount the Company expects to receive in exchange for transferring commodities to the customer. Our hydrocarbon sales are typically based on prevailing market-based prices and may include quality or location differential adjustments. Payment is generally due within 30 days of delivery. We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. These costs are reflected in shipping, handling and other operating expense in our consolidated statements of income. Our U.S. production of crude oil and condensate, NGLs and natural gas is generally sold immediately and transported to market. In our international segment, liquid hydrocarbon production may be stored as inventory and sold at a later time. Cash and cash equivalents – Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with original maturities of three months or less. Accounts receivable – 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. We often have the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings. We conduct credit reviews of commodity purchasers prior to making commodity sales to new customers or increasing credit for existing customers. Based on these reviews, we may require a standby letter of credit or a financial guarantee. We routinely assess the collectability of receivable balances to determine if the amount of the reserve for credit losses is sufficient. Write-off activity and the balance of our reserve for credit losses was immaterial in each of the years ended December 31, 2023 and December 31, 2022. Inventories – Crude oil and natural gas 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. We may enter into a contract to sell a particular quantity and quality of crude oil at a specified location and date to a particular counterparty, and simultaneously agree to buy a particular quantity and quality of the same commodity at a specified location on the same or another specified date from the same counterparty. We account for such matching buy/sell arrangements as exchanges of inventory. Derivative instruments – We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. All derivative instruments are recorded at fair value. Commodity derivatives and interest rate swaps are reflected on our consolidated balance sheet on a net basis by counterparty, as they are governed by master netting agreements. Cash flows related to derivatives used to manage commodity price risk and interest rate risk are classified in operating activities. Our derivative instruments contain no significant contingent credit features. Cash flow hedges – We may use interest rate derivative instruments to manage the risk of interest rate changes during the period prior to anticipated borrowings as well as to stabilize future lease payments on our Houston office and designate them as cash flow hedges. Derivative instruments designated as cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The changes in the fair value of a qualifying cash flow hedge are recorded in other comprehensive income until the hedged transaction affects earnings and are then reclassified into net income. Ineffective portions of a cash flow hedge are no longer measured or disclosed separately. However, if it is determined that the likelihood of the original forecasted transaction occurring is no longer probable, or the cash flow hedge is no longer expected to be highly effective, subsequent changes in fair value of the derivative instrument are recorded in net income. Derivatives not designated as hedges – Derivatives that are not designated as hedges may include commodity derivatives used primarily to manage price and locational risks on the forecasted sale of crude oil, NGLs and natural gas that we produce. Changes in the fair value of derivatives not designated as hedges are recognized immediately in net income. Concentrations of credit risk – All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on our assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty. Fair value transfer – We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period. Property, plant and equipment – We use the successful efforts method of accounting for oil and gas producing activities. Property acquisition costs – Costs to acquire mineral interests in oil and natural gas properties, to drill exploratory wells in progress and those that find proved reserves and to drill development wells are capitalized. Costs to drill exploratory wells that do not find proved reserves, geological and geophysical costs and costs of carrying and retaining unproved properties are expensed. Costs incurred for exploratory wells that find reserves but cannot yet be classified as proved are capitalized if (1) the well has found a sufficient quantity of reserves to justify its completion as a producing well and (2) we are making sufficient progress assessing the reserves and the economic and operating viability of the project. The status of suspended exploratory well costs is monitored continuously and reviewed at least quarterly. Depreciation, depletion and amortization – Capitalized costs to acquire oil and natural gas properties are depreciated and depleted on a units-of-production basis based on estimated proved reserves. Capitalized costs of exploratory wells and development costs are depreciated and depleted on a units-of-production basis based on estimated proved developed reserves. Support equipment and other property, plant and equipment related to oil and gas producing activities, as well as property, plant and equipment unrelated to oil and gas producing activities, are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. The table below summarizes these assets by type, useful life and the net asset balance as of the periods presented: December 31, Type of Asset Range of Useful Lives 2023 2022 (In millions) Office furniture, equipment and computer hardware 4 to 15 years $ 55 $ 36 Pipelines 5 to 40 years $ 12 $ 13 Plants, facilities and infrastructure 3 to 40 years $ 1,567 $ 1,510 Impairments – We evaluate our oil and gas producing properties, including capitalized costs of exploratory wells and development costs, for impairment of value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Oil and gas producing properties are reviewed for impairment on a field-by-field basis or, in certain instances, by logical grouping of assets if there is significant shared infrastructure or contractual terms that cause economic interdependency amongst separate, discrete fields. Oil and gas producing properties deemed to be impaired are written down to their fair value, as determined by discounted future net cash flows or, if available, comparable market value. We evaluate our unproved property investment and record impairment based on time or geologic factors. Information such as drilling results, reservoir performance, seismic interpretation, lease expiration dates or future plans to develop acreage is also considered. When unproved property investments are deemed to be impaired, this amount is reported in exploration expenses in our consolidated statements of income. Acquisitions – We account for acquisitions that qualify as business combinations by applying the acquisition method. Under this method of accounting, the identifiable assets acquired and liabilities assumed are recognized and measured at their estimated fair values at the date of acquisition. Any excess of the purchase price over the fair values of the identifiable assets acquired and liabilities assumed is recorded as goodwill. Transaction costs related to business combinations are expensed as incurred in our consolidated statements of income. Dispositions – When property, plant and equipment depreciated on an individual basis is sold or otherwise disposed of, any gains or losses are reflected in net gain (loss) on disposal of assets in our consolidated statements of income. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time the disposal transaction closes. If a loss on disposal is expected, such loss is recognized either when the asset is classified as held for sale based on estimated fair value less cost to sell, or when there is a current expectation that, more likely than not, the asset will be sold significantly before the end of its previously estimated useful life measured using a probability weighted income approach considering the anticipated sales price if the asset is sold and a held-for-use model if the asset is retained. Proceeds from the disposal of a portion of property, plant and equipment depreciated on a group basis are credited to accumulated depreciation, depletion and amortization with no immediate effect on net income until net book value is reduced to zero. Environmental costs – We provide for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed or reliably determinable. Environmental expenditures are capitalized only if the costs mitigate or prevent future contamination or if the costs improve the environmental safety or efficiency of the existing assets. Asset retirement obligations – The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. Our asset retirement obligations primarily relate to the abandonment of oil and gas producing facilities. Asset retirement obligations for such facilities include costs to dismantle and relocate or dispose of production platforms, gathering systems, wells and related structures and restoration costs of land, including those leased. Estimates of these costs are developed for each property based on the type of production facilities and equipment, reservoir characteristics, depth of the reservoir, market demand for equipment, currently available procedures and consultations with construction and engineering professionals. Inflation rates and credit-adjusted-risk-free interest rates are used to estimate the fair value of asset retirement obligations. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis based on estimated proved developed reserves for oil and gas production facilities, while accretion of the liability occurs over the useful lives of the assets. Income taxes – Deferred tax assets and liabilities, measured at enacted tax rates, are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases as reported in our filings with the respective taxing authorities. We routinely assess the realizability of our deferred tax assets based on several interrelated factors and reduce such assets by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. These factors include whether we are in a cumulative loss position in recent years, our reversal of temporary differences, and our expectation to generate sufficient future taxable income. We use the liability method in determining our provision and liabilities for our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates. Stock-based compensation arrangements – The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. The model employs various assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock option award. Of the required assumptions, the expected volatility of our stock price and the stock price in relation to the strike price have the most significant impact on the fair value calculation. We have utilized historical data and analyzed current information which reasonably support these assumptions. The fair value of our restricted stock awards, restricted stock units and director restricted stock units is determined based on the market value of our common stock on the date of grant. Restricted stock awards, restricted stock units and director restricted stock units are removed from Treasury Stock at grant, vesting and distribution, respectively. The fair value of our cash-settled stock-based performance units is estimated by multiplying (i) the number of units granted, (ii) the vesting percentage with (iii) our common stock’s closing price plus accumulated dividend equivalents per share of our common stock. These performance units have a banking feature and only the unbanked portion of the fair value will be estimated. Once a banking level has been achieved, the banked units will have their value determined based on the average of the daily closing price of our common stock during the final 30 calendar days ending on the last trading day of the quarter that the banking was achieved. At the end of the performance period, any unbanked portion of the benefit will have their value determined based on the average of the daily closing price of our common stock during the final 30 calendar days ending on the last trading day of the performance period. Since these awards are settled in cash at the end of a defined performance period, they are classified as a liability and are re-measured quarterly until settlement. The fair value of our stock-settled stock-based performance units is estimated using the Monte Carlo simulation method at grant date only. Since these awards are settled in stock, they are classified as equity.

New Accounting Standards

New Accounting Standards	12 Months Ended
	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards	New Accounting Standards Accounting Standards Updates Adopted No new accounting standards were adopted during the year ended 2023 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. There were no other 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	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Income and Dividends per Common Share	Income and Dividends per Common Share Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 1 million, 2 million and 4 million of antidilutive stock options for 2023, 2022 and 2021, respectively: Year Ended December 31, (In millions, except per share data) 2023 2022 2021 Net income $ 1,554 $ 3,612 $ 946 Weighted average common shares outstanding 607 685 787 Effect of dilutive securities 1 2 1 Weighted average common shares, diluted 608 687 788 Net income per share: Basic $ 2.56 $ 5.27 $ 1.20 Diluted $ 2.56 $ 5.26 $ 1.20 Dividends per share $ 0.41 $ 0.32 $ 0.18

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On November 2, 2022, we executed a definitive purchase agreement to acquire the assets and certain related liabilities of Ensign in the Eagle Ford resource play in Texas and the transaction was closed on December 27, 2022 (“the closing date”) for cash consideration of $3.0 billion, which was subject to customary closing adjustments. The assets acquired primarily consisted of approximately 130,000 net proved and unproved acres, with an average 97% working interest, and approximately 700 existing wells. We funded the acquisition using a combination of cash on hand and borrowings under our Term Loan Facility and Revolving Credit Facility. See Note 14 for further information related to the Term Loan Facility and Revolving Credit Facility. The transaction was accounted for as a business combination. Our results of operations for the year ended December 31, 2022 include Ensign’s result of operations from the closing date through December 31, 2022. Revenue and net income attributable to Ensign during this period were immaterial. For the year ended December 31, 2022, transaction costs related to the acquisition were $18 million, associated with advisory, legal, consulting and financing services, which were primarily recorded to general and administrative expense within our consolidated statement of operations. For the year ended December 31, 2023, transaction costs related to the acquisition were immaterial. The transaction was accounted for under the acquisition method, which requires that the assets acquired and liabilities assumed be recognized at their fair values as of the closing date. Fair values assigned to the assets acquired and liabilities assumed as of the closing date were as follows: (In millions) December 27, 2022 Assets: Inventories $ 4 Total current assets acquired 4 Property, plant and equipment 3,159 Total assets acquired $ 3,163 Liabilities: Other current liabilities $ 36 Total current liabilities assumed 36 Asset retirement obligations 41 Other noncurrent liabilities 58 Total liabilities assumed 135 Net assets acquired $ 3,028 The fair values of assets acquired and liabilities assumed were measured primarily using an income approach, specifically utilizing a discounted cash flow analysis. The estimated fair values were based on significant inputs not observable in the market, and therefore represent Level 3 measurements. Significant inputs included the expected future production volumes (including proved reserves), estimated realized commodity prices and assumptions regarding the amount and timing of future operating and development costs, and discount rate. The following table summarizes the unaudited pro forma condensed financial information of the Company as if the business combination had occurred on January 1, 2021: Year Ended December 31, (In millions) 2022 2021 Revenues $ 9,116 $ 5,757 Net income $ 3,974 $ 941 The pro forma earnings include adjustments to depreciation expense associated with the recognition of the fair value of assets acquired, additional interest expense as a result of incurring new debt, and incremental income tax expense. The pro forma financial information does not include any cost savings or other synergies from the acquisition or any estimated costs that have been incurred to integrate the assets. The pro forma information is not intended to reflect the actual results of operations that would have occurred if the business combination had been completed at the beginning of fiscal year 2021 and is not intended to be a projection of our financial results of operations for any future periods.

Revenues

Revenues	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The majority of our revenues are derived from the sale of crude oil and condensate, NGLs and natural gas under spot and term agreements with our customers in the U.S. and E.G. As of December 31, 2023 and December 31, 2022, receivables from contracts with customers, included in receivables, less reserves for credit losses, were $886 million and $875 million, respectively. The receivables from contracts with customers, less reserves for credit losses, as of December 31, 2022, reflects revisions to correct immaterial errors in our prior year revenues footnote disclosure. The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas: United States Year Ended December 31, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 2,107 $ 2,003 $ 277 $ 627 $ 48 $ 5,062 NGLs 283 171 137 77 — 668 Natural gas 189 92 129 37 2 449 Other 6 — — — 14 20 Revenues from contracts with customers $ 2,585 $ 2,266 $ 543 $ 741 $ 64 $ 6,199 Year Ended December 31, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 2,004 $ 2,508 $ 423 $ 456 $ 161 $ 5,552 NGLs 183 310 231 62 28 814 Natural gas 188 197 321 70 33 809 Other 7 — — — 86 93 Revenues from contracts with customers $ 2,382 $ 3,015 $ 975 $ 588 $ 308 $ 7,268 Year Ended December 31, 2021 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,435 $ 1,777 $ 299 $ 314 $ 100 $ 3,925 NGLs 161 239 189 47 17 653 Natural gas 159 119 280 55 19 632 Other 8 — — — 116 124 Revenues from contracts with customers $ 1,763 $ 2,135 $ 768 $ 416 $ 252 $ 5,334 International (E.G.) Year Ended December 31, (In millions) 2023 2022 2021 Crude oil and condensate $ 183 $ 244 $ 240 NGLs 2 2 2 Natural gas 19 22 23 Other 4 4 2 Revenues from contracts with customers $ 208 $ 272 $ 267 Customers and their respective affiliates who accounted for 10% or more of our total commodity sales were as follows: December 31, 2023 2022 2021 Percentage of Total Commodity Sales Marathon Petroleum Corporation 22 % 22 % 17 % Trafigura Groupe Pte. Ltd. 12 % 10 % N/A Valero Marketing and Supply 11 % 12 % 10 % The pricing in our hydrocarbon sales agreements is variable, determined using various published benchmarks that are adjusted for negotiated quality and location differentials. As a result, revenue collected under our agreements with customers is highly dependent on the market conditions and may fluctuate considerably as the hydrocarbon market prices rise or fall. Typically, our customers pay us monthly, within a short period of time after we deliver the hydrocarbon products. As such, we do not have any financing element associated with our contracts. Our experience with returns or refunds is negligible, as product specifications are standardized for the industry and are typically measured when transferred to a common carrier or midstream entity, and other contractual mechanisms (e.g., price adjustments) are used when products do not meet those specifications. In limited cases, we may also collect advance payments from customers as stipulated in our agreements; payments in excess of recognized revenue are recorded as contract liabilities on our consolidated balance sheet. Under our hydrocarbon sales agreements, the entire consideration amount is variable either due to pricing and/or volumes. We recognize revenue in the amount of variable consideration allocated to distinct units of hydrocarbons transferred to a customer. Such allocation reflects the amount of total consideration we expect to collect for completed deliveries of hydrocarbons and the terms of variable payments relate specifically to our efforts to satisfy the performance obligations under these contracts. Our performance obligations under our hydrocarbon sales agreements are to deliver either the entire production from the dedicated wells or specified contractual volumes of hydrocarbons. We often serve as the operator for jointly owned oil and gas properties. As part of this role, we perform activities to explore, develop and produce oil and gas properties in accordance with the joint operating arrangements. Other working interest owners reimburse us for costs incurred based on our agreements. We determined that these activities are not performed as part of customer relationships and such reimbursements will continue to not be recorded as revenues within the scope of the revenue accounting standard. In addition, we commonly market the share of production belonging to other working interest owners as the operator of jointly owned oil and gas properties. We concluded that those marketing activities are carried out as part of the collaborative arrangement. Therefore, we act as a principal only in regard to the sale of our share of production and recognize revenue for the volumes associated with our net production. Crude oil and condensate For the crude sales agreements, we satisfy our performance obligations and recognize revenue once customers take control of the crude at the designated delivery points, which include pipelines, trucks or vessels. Natural gas and NGLs When selling natural gas and NGLs, we engage midstream entities to process our production stream by separating natural gas from the NGLs. Frequently, these midstream entities also purchase our natural gas and NGLs under the same agreements. In these situations, we determined the performance obligation is complete and satisfied at the tailgate of the processing plant when the natural gas and NGLs become identifiable and measurable products. We determined the plant tailgate is the location where control is transferred to midstream entities, and they are entitled to significant risks and rewards of ownership of the natural gas and NGLs. The amounts due to midstream entities for gathering and processing services are recognized as shipping and handling cost, since we make those payments in exchange for distinct services. Under some of our natural gas processing agreements, we have an option to take the processed natural gas and NGLs in-kind and sell to customers other than the processing company. In those circumstances, our performance obligations are complete after delivering the processed hydrocarbons to the customer at the designated delivery points, which may be the tailgate of the processing plant or an alternative delivery point requested by the customer. We have “percentage-of-proceeds” arrangements with some midstream entities where they retain a percentage of the proceeds collected for selling our processed natural gas and NGLs as compensation for their processing and marketing services. We recognize revenue for the gross sales volumes and recognize the proceeds retained by midstream companies as shipping and handling cost.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered. • United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and • International (“Int’l”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in 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. Year Ended December 31, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 6,199 $ 208 $ — $ 6,407 Net gain on commodity derivatives 29 — 13 (c) 42 Income from equity method investments — 185 — 185 Net gain on disposal of assets — — 17 (d) 17 Other income 21 21 4 46 Less costs and expenses: Production 753 75 — 828 Shipping, handling and other operating 647 5 37 689 Exploration 27 2 30 (e) 59 Depreciation, depletion and amortization 2,156 44 11 2,211 Impairments — — 2 2 Taxes other than income 364 (b) — (1) 363 General and administrative 131 13 153 297 Net interest and other — — 352 352 Other net periodic benefit credit — — (15) (15) Income tax provision (benefit) 408 43 (94) 357 Segment income (loss) $ 1,763 $ 232 $ (441) $ 1,554 Total assets $ 18,516 $ 899 $ 160 $ 19,575 Capital expenditures (a) $ 2,010 $ 7 $ 16 $ 2,033 (a) Includes accruals and excludes acquisitions. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized gain on commodity derivative instruments (See Note 12 ). (d) Includes a gain of $11 million of contingent consideration related to a previously disposed asset in the Gulf of Mexico. (e) 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 (See Note 10 ). Year Ended December 31, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 7,268 $ 272 $ — $ 7,540 Net gain (loss) on commodity derivatives (132) — 18 (b) (114) Income from equity method investments — 613 — 613 Net loss on disposal of assets — — (38) (c) (38) Other income 19 7 9 35 Less costs and expenses: Production 625 65 — 690 Shipping, handling and other operating 665 18 50 733 Exploration 36 — 74 (d) 110 Depreciation, depletion and amortization 1,675 60 18 1,753 Impairments — — 7 7 Taxes other than income 475 — 9 484 General and administrative 131 13 164 308 Net interest and other — — 188 (e) 188 Other net periodic benefit credit — — (16) (16) Income tax provision (benefit) 808 151 (792) (f) 167 Segment income $ 2,740 $ 585 $ 287 $ 3,612 Total assets $ 18,429 $ 1,157 $ 354 $ 19,940 Capital expenditures (a) $ 1,463 $ 2 $ 15 $ 1,480 (a) Includes accruals and excludes acquisitions . (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes $39 million in losses resulting from exchanges of unproved acreage in the Permian. (d) Includes dry well costs and unproved property impairments of $48 million for Louisiana exploration leases and $25 million for Permian exploration leases (See Note 9 and Note 10 ). (e) Includes a $17 million gain on our 2025 interest rate swaps (See Note 12 ). (f) Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 7 ). Year Ended December 31, 2021 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 5,334 $ 267 $ — $ 5,601 Net gain (loss) on commodity derivatives (399) — 16 (b) (383) Income from equity method investments — 253 — 253 Net loss on disposal of assets — — (19) (c) (19) Other income 7 4 4 15 Less costs and expenses: Production 480 54 — 534 Shipping, handling and other operating 686 16 25 727 Exploration 65 — 71 (d) 136 Depreciation, depletion and amortization 1,972 68 26 2,066 Impairments — — 60 (e) 60 Taxes other than income 346 — (1) 345 General and administrative 107 13 171 (f) 291 Net interest and other — — 188 (g) 188 Other net periodic benefit credit — — (5) (5) Loss on early extinguishment of debt — — 121 (h) 121 Income tax provision (benefit) 9 56 (7) 58 Segment income (loss) $ 1,277 $ 317 $ (648) $ 946 Total assets $ 15,339 $ 994 $ 661 $ 16,994 Capital expenditures (a) $ 1,018 $ — $ 14 $ 1,032 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes a $20 million loss associated with a previously divested non-core conventional asset, a $12 million pre-tax loss associated with a reduction in our ownership interest in EG LNG (See Note 17 ) and an $8 million gain on various well bore assignments in Permian and Bakken. (d) Includes unproved property impairments of $20 million for Louisiana exploration leases and $16 million related to the disposition of a lease in Permian (See Note 10 ). Also includes $28 million of expense associated with drilled and uncompleted wells, primarily in Permian, due to a change in our plan of development. (e) Includes impairments of $24 million for central facilities in Eagle Ford (See Note 10 ), $5 million for proved properties in Permian (See Note 10 ) and $30 million associated with decommissioning costs for non-producing long-lived assets in Gulf of Mexico (See Note 10 , Note 11 , and Note 24 ). (f) Includes $13 million associated with the termination of an aircraft lease agreement and $12 million arising from severance expenses associated with a workforce reduction. (g) Includes a $28 million gain on our 2022 interest rate swaps and a $27 million gain on our 2025 interest rate swaps (See Note 12 ). (h) Represents costs related to a make-whole provision premium and the write off of unamortized discount and issuance costs in regards to the redemption of the 2022 Notes in April 2021 and 2025 Notes in September 2021 (See Note 14 ). The following summarizes our balances of property, plant and equipment and equity method investments as of: December 31, (In millions) 2023 2022 United States $ 16,961 $ 17,088 E.G. 685 866 Total long-lived assets $ 17,646 $ 17,954

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income before income taxes was: Year Ended December 31, (In millions) 2023 2022 2021 United States $ 1,635 $ 3,037 $ 637 Foreign 276 742 367 Total $ 1,911 $ 3,779 $ 1,004 Income tax provisions (benefits) were: Year Ended December 31, 2023 2022 2021 (In millions) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 1 $ 298 $ 299 $ — $ (46) $ (46) $ — $ — $ — State and local 1 17 18 12 52 64 4 1 5 Foreign 56 (16) 40 172 (23) 149 81 (28) 53 Total $ 58 $ 299 $ 357 $ 184 $ (17) $ 167 $ 85 $ (27) $ 58 A reconciliation of the federal statutory income tax rate applied to income before income taxes to the provision for income taxes follows: Year Ended December 31, (In millions) 2023 2022 2021 Total pre-tax income $ 1,911 $ 3,779 $ 1,004 Total income tax provision $ 357 $ 167 $ 58 Effective income tax rate 19 % 4 % 6 % Income taxes at the statutory tax rate $ 401 $ 793 $ 211 Adjustments to valuation allowances (59) (691) (166) Effects of foreign operations 62 2 (13) State income taxes, net of federal benefit 23 62 23 Tax law change 1 — (2) Tax credits generated (97) — — Other federal tax effects 26 1 5 Income tax provision $ 357 $ 167 $ 58 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 6 . Adjustments to valuation allowances – Adjustments to valuation allowances decreased our 2023 tax provision due to the removal of previously recorded valuation allowance associated with foreign tax credits expiring unused in the current period. In the first quarter of 2022, as a result of significant increases in commodity prices, corresponding increases in projections of our future taxable income, and the absence of objective negative evidence such as a cumulative loss in recent years, we determined we had sufficient positive evidence to release a majority of the federal valuation allowance, which resulted in a non-cash deferred tax benefit of $685 million. At that time, we retained a partial valuation allowance on certain U.S. deferred tax assets primarily as a result of volatility in commodity prices impacting assessed likelihood of future realizability. We continue to assess whether the balance of the valuation allowance is appropriate on a quarterly basis particularly given the expiring nature of foreign tax credits as outlined below. If we experience sustained lower commodity prices that impact the performance of future earnings, it is reasonably possible that within the next 12 months sufficient negative evidence may exist that will require us to establish additional valuation allowance on our deferred tax assets that we do not expect to realize. Effects of foreign operations – The effects of foreign operations in all periods was impacted by the income mix within E.G. The income mix between equity method investees and subsidiaries within E.G. can cause the effective tax rate in E.G. to differ from the U.S. statutory tax rate. In addition, 2023 also included the impacts of certain foreign tax credits expiring unused. Tax credits generated – During the fourth quarter of 2023, we recorded a net benefit of $97 million for U.S. federal and state tax credits related to qualified research and development costs incurred in 2023 and prior years. Other federal tax effects – In 2023, the increase to other federal tax effects is primarily related to adjustments to net operating losses. Deferred tax assets and liabilities resulted from the following: Year Ended December 31, (In millions) 2023 2022 Deferred tax assets: Employee benefits $ 51 $ 56 Operating loss carryforwards 647 1,189 Foreign tax credits 406 602 Other tax credits 89 — Lease deferred tax assets 53 31 Other 7 34 Subtotal 1,253 1,912 Valuation allowance (30) (89) Total deferred tax assets 1,223 1,823 Deferred tax liabilities: Property, plant and equipment 1,521 1,850 Lease deferred tax liabilities 117 97 Other 4 3 Total deferred tax liabilities 1,642 1,950 Net deferred tax liabilities $ 419 $ 127 Operating loss carryforwards – As of December 31, 2023, we have a gross deferred tax asset related to our operating loss carryforwards of $647 million. U.S. operating loss carryforwards consist of $2.8 billion ($593 million deferred tax asset) which can be carried forward indefinitely. State operating loss carryforwards include $1.3 billion ($54 million deferred tax asset) that begin to expire in 2024. Foreign tax credits – As of December 31, 2023, we reflect foreign tax credits of $406 million, which will expire in years 2024 through 2026. Other tax credits – As of December 31, 2023, we have recorded U.S. federal and state tax credits of $88 million related to qualified research and development costs incurred in 2023 and prior periods. These tax credits will expire in years 2037 through 2043. Valuation allowances – As of December 31, 2023, we reflect a valuation allowance in our consolidated balance sheet of $30 million primarily against our net deferred tax assets in various state jurisdictions. The decrease in valuation allowance is primarily due to the removal of previously recorded valuation allowance associated with foreign tax credits expiring unused in the current period. Property, plant and equipment – At December 31, 2023, we reflected a deferred tax liability of $1.5 billion. The decrease primarily relates to current year activity in the U.S. Net deferred tax assets and liabilities were classified in the consolidated balance sheets as follows: December 31, (In millions) 2023 2022 Assets: Other noncurrent assets $ — $ 40 Liabilities: Noncurrent deferred tax liabilities 419 167 Net deferred tax liabilities $ 419 $ 127 We are routinely undergoing examinations in the jurisdictions in which we operate. As of December 31, 2023, our income tax returns remain subject to examination in the following major tax jurisdictions for the tax years indicated: United States (a) 2019 - 2022 E.G. 2007 - 2022 (a) Includes federal and state jurisdictions. The following table summarizes the activity in unrecognized tax benefits: (In millions) 2023 2022 2021 Beginning balance $ — $ 10 $ 8 Additions for tax positions related to the current year 13 — — Additions for tax positions of prior years 42 1 2 Settlements — (11) — Ending balance $ 55 $ — $ 10 If the unrecognized tax benefits as of December 31, 2023 were recognized, $53 million would affect our effective income tax rate. As of December 31, 2023, we do not expect uncertain tax positions to significantly change within the next twelve months. Interest and penalties are recorded as part of the tax provision and were immaterial for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, 2022 and 2021, we had no significant accrued interest or penalties related to income taxes. In August 2022, the President signed the 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 have not been subject to the corporate book minimum tax in 2023 but anticipate that the corporate book minimum tax will apply in 2024. The U.S. Department of the Treasury and the IRS are expected to release further regulations and interpretive guidance implementing the legislation contained in the IRA. 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. In December 2021, the Organization for Economic Co-operation and Development (“OECD") issued model rules for a new global minimum tax framework (“Pillar Two"), and various governments around the world have issued or are in the process of issuing legislation. We will continue to analyze legislation as it is enacted in countries in which we operate but at this time, impacts related to Pillar Two implementation are not expected to be material.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Crude oil and NGLs 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 obsol escence or impairment when market conditions indicate. December 31, (In millions) 2023 2022 Crude oil and NGLs $ 14 $ 15 Supplies and other items 172 110 Inventories $ 186 $ 125

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment December 31, (In millions) 2023 2022 United States $ 16,905 $ 17,034 International 252 288 Not allocated to segments 56 55 Net property, plant and equipment $ 17,213 $ 17,377 Changes in our capitalized exploratory well costs were as follows: December 31, (In millions) 2023 2022 2021 Beginning balance as of January 1 $ 114 $ 162 $ 210 Additions 69 78 50 Charges to expense (12) (30) (30) Transfers to development (79) (96) (68) Ending balance as of December 31 $ 92 $ 114 $ 162

Impairments

Impairments	12 Months Ended
	Dec. 31, 2023
Impairments and Exploration Expenses [Abstract]
Impairments	Impairments The following summarizes impairment charges of proved properties, unproved properties and asset retirement costs. Where we considered fair value to analyze impairments, the inputs represent Level 3 measurements. • 2023 Impairments Unproved properties – During the year ended December 31, 2023, we recognized impairments of $11 million of unproved property leases in Permian which were recorded within exploration expense of our consolidated statements of income. • 2022 Impairments Unproved properties – During the year ended December 31, 2022, we recognized impairments of $25 million of unproved property leases in Louisiana Austin Chalk. The impairments resulted from a combination of factors including timing of lease expiration dates, our assessment of risk and resource, and the decision not to develop the acreage. We also recognized impairments of $17 million for unproved property leases in Permian as a result of acreage exchanges. The combined effects of the unproved property impairments were recorded within exploration expense of our consolidated statements of income. • 2021 Impairments Proved properties – During the year ended December 31, 2021, we recorded an impairment expense of $5 million associated with our interest in outside operated conventional assets located in New Mexico. Additionally, we recorded an impairment expense of $24 million associated with two central facilities located in Eagle Ford. Decommissioning activities associated with these central facilities included the re-routing of existing wells. The combined effects of proved property impairments were recorded within impairment expense of our consolidated statements of income. Unproved properties – During the year ended December 31, 2021, we recognized unproved property impairments of $20 million for Louisiana exploration leases and $16 million related to the disposition of a Permian lease. The combined effects of the unproved property impairments were recorded within exploration expense of our consolidated statements of income. Asset retirement costs of long-lived assets

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: December 31, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 12 55 Settled liabilities, including dispositions (35) (20) Accretion expense (included in depreciation, depletion and amortization) 16 14 Revisions of estimates 7 (25) Ending balance as of December 31 $ 340 $ 340 Ending balance as of December 31, short-term $ 14 $ 45 • 2023 — During the year ended December 31, 2023, settled liabilities primarily related to previously disposed assets in the Gulf of Mexico as well as Permian abandonment activity. • 2022 — During the year ended December 31, 2022, we incurred a liability of $41 million as a result of our acquisition of the Eagle Ford assets of Ensign. See Note 4 for further information regarding the acquisition.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. See Note 1 for discussion of the types of derivatives we may use and the underlying reasons. 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: December 31, 2023 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 24 $ — $ 24 Other current assets Total Not Designated as Hedges $ 24 $ — $ 24 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 9 — 9 Other noncurrent assets Total Designated Hedges $ 18 $ — $ 18 Total $ 42 $ — $ 42 December 31, 2022 (In millions) Asset Liability Net Asset 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 derivatives indexed to their respective indices as noted in the table below, related to a portion of our forecasted U.S. sales through 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 plus the difference between the floor and the sold put price. These crude oil derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of December 31, 2023 and the weighted average prices for those contracts: 2024 First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 40,000 40,000 20,000 20,000 Weighted average price per Bbl: Ceiling $ 101.01 $ 101.01 $ 101.95 $ 101.95 Floor $ 66.25 $ 66.25 $ 65.00 $ 65.00 Sold put $ 51.25 $ 51.25 $ 50.00 $ 50.00 The unrealized gain 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: Year Ended December 31, (In millions) 2023 2022 2021 Unrealized gain on derivative instruments, net $ 13 $ 18 $ 16 Realized gain (loss) on derivative instruments, net (a) $ 29 $ (132) $ (399) (a) During the year ended 2023, net cash received for settled derivative positions was $28 million. During the years ended 2022 and 2021, net cash paid for settled derivative positions was $153 million, and $356 million, respectively. Interest Rate Swaps During 2020, we entered into forward starting interest rate swaps with a notional amount of $500 million to hedge the variations in cash flows related to fluctuations in the LIBOR benchmark interest rate related to forecasted interest payments of a future debt issuance in 2022. Each respective derivative contract can be tied to an anticipated underlying dollar notional amount. During the third quarter of 2020, we de-designated these forward starting interest rate swaps previously designated as cash flow hedges. In the first quarter of 2021, the net deferred loss of $2 million in accumulated other comprehensive income related to these de-designated forward starting interest rate swaps was reclassified from accumulated other comprehensive income into earnings as an adjustment to net interest and other within our consolidated statements of income, as we fully redeemed the remainder of our outstanding 2022 Notes in April 2021. We closed the positions and settled the interest rate swaps in November 2021. During the year ended December 31, 2021, we recorded a $28 million mark-to-market gain to net interest and other within our consolidated statements of income to reflect the change in value of these 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”). During the second quarter of 2021, we de-designated these forward interest rate swaps previously designated as cash flow hedges because we no longer planned to refinance the 2025 Notes and reclassified the $31 million cumulative gain related to these hedges from accumulated other comprehensive income into earnings as an adjustment to net interest and other within our consolidated statements of income. In September 2021, we fully redeemed these 2025 Notes. During the year ended December 31, 2021, we recorded a total of $27 million mark-to-market net gain to net interest and other within our consolidated statements of income related to these swaps. In March 2022, we closed these positions and settled the interest rate swaps for proceeds of $44 million. During the year ended December 31, 2022, we recorded a cumulative $17 million gain within net interest and other within our consolidated statements of income related to these swaps. During the second quarter of 2021, we de-designated $25 million of the $320 million Houston office cash flow hedges (discussed further in the Derivatives Designated as Cash Flow Hedges section below), as the construction cost budget estimate was reduced. These interest rate swap contracts began to settle in January 2022. We closed the $25 million de-designated hedges in 2022, which resulted in cash proceeds of approximately $2 million. As of December 31, 2023, the remaining open interest rate swaps for the Houston office (with a notional amount of $295 million) are still classified as cash flow hedges. Derivatives Designated as Cash Flow Hedges During 2019, we entered into forward starting interest rate swaps with a total notional amount of $320 million to hedge variations in cash flows related to the 1-month LIBOR component of future lease payments of our Houston office. During the second quarter of 2021, we de-designated $25 million of these hedges as the construction cost budget estimate associated with the project was reduced. During the fourth quarter of 2022, we amended our Houston office lease and forward starting interest rate swaps to transfer from LIBOR to SOFR. As of December 31, 2023, the notional amount of open interest rate swaps for the Houston office is $295 million. 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. The last swap will mature in September 2026. During the year ended December 31, 2023, the net cash received for the settled interest rate swap positions was $11 million. During the year ended December 31, 2022, the net cash received/paid for the settled interest swap positions was immaterial. As of December 31, 2023, we expect to reclassify $9 million gain from accumulated other comprehensive income into the income statement over the next twelve months. See Note 18 for further details regarding Houston office lease. The following table presents, by maturity date, information about our interest rate swap agreements, including the fixed weighted average interest rate: December 31, 2023 December 31, 2022 Maturity Date Aggregate Notional Amount (in millions) Weighted Average, SOFR Aggregate Notional Amount (in millions) Weighted Average, SOFR September 9, 2026 $ 295 1.43 % $ 295 1.43 %

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Values – Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 by hierarchy level: December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 24 $ — $ 24 Interest rate - designated as cash flow hedges — 18 — 18 Derivative instruments, assets $ — $ 42 $ — $ 42 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) Derivative instruments are recorded on a net basis in our consolidated balance sheet (See Note 12 ). As of December 31, 2023, our commodity derivatives include three-way collars. These instruments are measured at fair value using either a Black-Scholes or a modified Black-Scholes Model. For three-way collars, inputs to the models include commodity prices and implied volatility and are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments. The forward starting interest rate swaps are measured at fair value with a market approach using actionable broker quotes, which are Level 2 inputs. See Note 12 for details on the forward starting interest swaps. Fair Values – Nonrecurring See Note 10 for detail on our fair values related to impairments. 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 December 31, 2023 and 2022: December 31, 2023 2022 (In millions) Fair Carrying Fair Carrying Financial assets Other noncurrent assets $ 9 $ 27 $ 10 $ 28 Total financial assets $ 9 $ 27 $ 10 $ 28 Financial liabilities Other current liabilities (a) $ 80 $ 126 $ 140 $ 204 Long-term debt, including current portion (b) 4,961 4,997 5,806 5,948 Deferred credits and other liabilities (c) 70 71 73 73 Total financial liabilities $ 5,111 $ 5,194 $ 6,019 $ 6,225 (a) Included in the fair value and the carrying value of other current liabilities at December 31, 2022 are $31 million of current liabilities assumed as a part of our acquisition of the Eagle Ford assets of Ensign during the fourth quarter of 2022. See Note 4 for details on the acquisition. (b) Excludes debt issuance costs. (c) Included in the fair value and the carrying value of deferred credits and other liabilities at December 31, 2022 are $58 million of noncurrent liabilities assumed as a part of our acquisition of the Eagle Ford assets of Ensign during the fourth quarter of 2022. See Note 4 for details on the acquisition. 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. Our fixed rate debt instruments are publicly traded. The fair value of our fixed rate debt is measured using a market approach, based upon quotes from major financial institutions, which are Level 2 inputs. Our floating rate debt is non-public and consists of borrowings under our Term Loan Facility and Revolving Credit Facility. The fair value of our floating rate debt approximates the carrying value and is estimated based on observable market-based inputs, which results in a Level 2 classification.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Long-term debt Our long-term debt consists of the following: December 31, (In millions) 2023 2022 Term Loan Facility due December 2024 $ 1,200 $ 1,500 Revolving Credit Facility due 2027 — 450 Senior unsecured notes: 8.500% notes due 2023 — 70 8.125% notes due 2023 — 131 4.400% notes due 2027 (a) 1,000 1,000 6.800% notes due 2032 (a) 550 550 6.600% notes due 2037 (a) 750 750 5.200% notes due 2045 (a) 500 500 Bonds: (b) 2.10% notes due 2037 200 200 2.125% notes due 2037 200 200 2.200% notes due 2037 200 200 2.375% notes due 2037 200 200 4.050% notes due 2037 200 — 2.000% notes due 2037 — 200 Total debt $ 5,000 $ 5,951 Unamortized discount (3) (3) Unamortized debt issuance cost (19) (25) Total debt, net $ 4,978 $ 5,923 (a) These notes contain a make-whole provision allowing us to repay the debt at a premium to market price. (b) Future mandatory purchase dates for these bonds: July 1, 2024 for the 2.10% bonds and 2.125% bonds; July 1, 2026 for the 2.20% bonds, 2.375% bonds, and 4.05% bonds. Subsequent to the various mandatory purchase dates, we will also have the right to convert and remarket these bonds any time up to the 2037 maturity date. 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. During the fourth quarter of 2023, we repaid $300 million of outstanding borrowings. As of December 31, 2023, we had $1.2 billion in borrowings remaining under our Term Loan Facility with an interest rate of 7.21%. 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 December 31, 2023, we were in compliance with this covenant with a ratio of 25%. Revolving Credit Facility In 2022, we executed the seventh amendment to our unsecured revolving credit facility (the “Revolving Credit Facility”). The primary changes to the Revolving Credit Facility effected by this amendment were to (i) extend the maturity date of the Revolving Credit Facility by three years to July 28, 2027, (ii) decrease the size of the Revolving Credit Facility from $3.1 billion to $2.5 billion, (iii) replace the LIBOR interest rate benchmark with SOFR and (iv) implement certain revisions to the Pricing Schedule. In September 2023, we increased our $2.5 billion 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 the $450 million of outstanding borrowings against our $2.6 billion Revolving Credit Facility. 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 December 31, 2023, we were in compliance with this covenant with a ratio of 25%. Commercial Paper Program 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 and fourth quarters of 2023, we utilized our recently established commercial paper program to fund various short-term working capital requirements. As of December 31, 2023, we had $450 million of outstanding commercial paper maturing at various dates with a weighted average interest rate of 6.10%. Debt redemption We repaid the following in connection with their maturity date: $32 million 9.375% Senior Notes in May 2022, $70 million 8.5% Senior Notes in March 2023, and $131 million 8.125% Senior Notes in July 2023. 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. Long-term debt maturity As of December 31, 2023, maturities of long-term debt over the next five years, excluding interest to be accrued, were as follows: (In millions) 2024 $ 1,600 2025 — 2026 600 2027 1,000 2028 — Thereafter 1,800 Total long-term debt, including current portion $ 5,000

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our Board of Directors has authorized a share repurchase program. During 2023, we repurchased 58 million shares of our common stock pursuant to the share repurchase program at a cost of $1.5 billion . In November 2023, our Board of Directors increased our share repurchase authorization to $2.5 billion, and the total remaining authorization was approximately $2.3 billion at December 31, 2023. During 2022, we repurchased 113 million shares of our common stock pursuant to the share repurchase program at a cost of $2.8 billion. During 2021, we repurchased approximately 46 million of shares of our common stock pursuant to the share repurchase program at a cost of $724 million. Purchases under our share repurchase 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.

Incentive Based Compensation

Incentive Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Incentive Based Compensation	Incentive Based Compensation Description of stock-based compensation plans – The Marathon Oil Corporation 2019 Incentive Compensation Plan (the “2019 Plan”) was approved by our stockholders in May 2019 and authorizes the Compensation Committee of the Board of Directors to grant stock options, SARs, stock awards (including restricted stock and restricted stock unit awards), performance unit awards and cash awards to employees. The 2019 Plan also allows us to provide equity compensation to our non-employee directors. No more than 27.9 million shares of our common stock may be issued under the 2019 Plan. In connection with the granting of an award under the 2019 Plan, the number of shares available for issuance under the 2019 Plan will be reduced by one share for each share of our common stock in respect of which the award is granted, except the awards that by their terms do not permit settlement in shares of our common stock will not reduce the number of shares of common stock available for issuance under the 2019 Plan. Shares subject to awards under the 2019 Plan that are forfeited, terminated or expire unexercised become available for future grants. In addition, the number of shares of our common stock reserved for issuance under the 2019 Plan will not be increased by shares tendered to satisfy the purchase price of an award, exchanged for other awards or withheld to satisfy tax withholding obligations. Shares issued as a result of awards granted under the 2019 Plan are generally funded out of common stock held in treasury, except to the extent there are insufficient treasury shares, in which case new common shares are issued. After approval of the 2019 Plan, no new grants were or will be made from any prior plans. Any awards previously granted under any prior plans shall continue to be exercisable in accordance with their original terms and conditions. Stock-based awards under the plans Stock options – We last granted stock options under the 2019 Plan in 2020. Our stock options represent the right to purchase shares of our common stock at its fair market value on the date of grant. In general, our stock options vest ratably over a three-year period and have a maximum term of ten years from the date they are granted. SARs – At December 31, 2023, there are no SARs outstanding. Restricted stock – We last granted restricted stock under the 2019 Plan in 2020. The restricted stock awards granted to officers generally vested three years from the date of grant, contingent on the recipient’s continued employment. We also granted restricted stock to certain non-officer employees based on their performance within certain guidelines and for retention purposes. The restricted stock awards to non-officers generally vested ratably over a three-year period from the date of grant, contingent on the recipient’s continued employment. Prior to vesting, all restricted stock recipients had the right to vote such stock and receive dividends thereon. The non-vested shares of restricted stock were not transferable and were held by our transfer agent. At December 31, 2023, there are no restricted stock awards outstanding. Stock-based performance unit awards – We grant stock-based performance units to officers under the 2019 Plan. During 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, as calculated using a Monte Carlo valuation model. At the grant date, each unit represents the value of one share of our common stock. These units are settled in shares, and the number of shares of our common stock to be paid is based on the vesting percentage, which can be from 0% to 200% based on performance achieved during a three-year performance period and as determined by the Compensation Committee of the Board of Directors (“Compensation Committee”). The performance goals are tied to our total shareholder return (“TSR”) as compared to TSR for a group, which is determined by the Compensation Committee and includes peer companies, the S&P Energy Index and the S&P 500 Index. Also, dividend equivalents accrue during the performance period and will be paid in cash following the end of the performance period based on the amount of dividends credited on shares of our common stock over the performance period multiplied by the number of units that vest. During 2023, we granted 222,464 stock-based performance unit awards to eligible officers, which are settled in cash. At the grant date for these stock-based performance units, each unit represents the value of one share of our common stock. The benefit amount to be paid is based on the product of (i) the number of units granted, (ii) the vesting percentage and (iii) the average daily closing price of our common stock during the final 30 calendar days ending on the last trading day of the performance period, subject to the banking feature described below. The vesting percentage can range from 0% to 200%, which is based on performance achieved over a two-year performance period. The performance metric is a predetermined amount of cumulative free cash flow, as defined by the award agreement, generated by the Company over the performance period. The units have a banking feature whereby the stock price valuation and vesting percentage are fixed at no less than 50%, and then again at 100%, if achieved during the performance period. Once those milestones are reached, the vesting percentage will not fall below those banked percentage amounts even if cumulative free cash flow subsequently declines during the performance period, subject to the Compensation Committee’s discretion as described below. Dividend equivalents accrue during the performance period and will be paid in cash following the end of the performance period based on the amounts of dividends credited on shares of our common stock over the performance period multiplied by the number of units that vest. As of December 31, 2023, the fair value of each cash-settled performance unit was $24.57. As set forth in the award agreement terms, the Compensation Committee retains discretion to reduce the vesting percentage and any bank values and determine free cash flow achievement for these awards. Restricted stock units – We maintain an equity compensation program for our non-employee directors. All non-employee directors receive annual grants of common stock units. For units granted between 2012 and 2020, common shares generally vested following completion of board service or three years from the date of grant, whichever was earlier. For units granted in 2021 and forward, common shares will generally vest following completion of board services or one year from the date of grant, whichever is earlier. However, for any units granted in 2017 or later, our non-employee directors may elect to defer settlement of their common stock units until after they cease serving on the Board. Under the 2019 Plan, we also grant restricted stock units to officers, which, depending on grant agreement terms, generally vest three years from the date of the grant or vest ratably over a three-year period and restricted stock units to certain non-officer employees, which generally vest ratably over a three-year period. Both awards are contingent on the recipient’s continued employment. Grants of restricted stock units to these non-officer employees are generally based on their performance and for retention purposes. Common shares will be issued for these restricted stock units after vesting. Prior to vesting, recipients of restricted stock units typically receive dividend equivalent payments, but they may not vote. Total stock-based compensation expense – Total employee stock-based compensation expense was $49 million, $50 million and $43 million in 2023, 2022 and 2021, respectively. The total related income tax benefit was $11 million for both 2023 and 2022, respectively. Due to the full valuation allowance on our net federal deferred tax assets in 2021, we did not recognize a tax benefit in the consolidated statement of income during 2021. Cash received upon exercise of stock option awards was $3 million in 2023, $32 million in 2022, and $5 million in 2021. The total related income tax benefit was $1 million and $7 million for 2023 and 2022, respectively. Due to the full valuation allowance on our net federal deferred tax assets in 2021, we did not recognize a tax benefit for deductions for stock awards settled during 2021. Stock option awards – The following is a summary of stock option award activity in 2023: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of year 1,678,524 $ 28.86 Granted — — Exercised (262,153) 10.47 Canceled (412,067) 34.44 Outstanding at end of year 1,004,304 $ 31.38 1 year $ 1 Exercisable at end of year 1,004,304 $ 31.38 1 year $ 1 Expected to vest — $ — 0 years $ — The intrinsic value of stock option awards exercised was $4 million in 2023, $23 million in 2022, and $3 million in 2021. As of December 31, 2023, unrecognized compensation cost related to stock option awards was immaterial. Restricted stock awards and restricted stock units – The following is a summary of restricted stock and restricted stock unit award activity in 2023: Awards (in shares) Weighted Average Grant Date Fair Value Unvested at beginning of year 4,651,196 $ 14.89 Granted 1,852,885 25.77 Vested (2,785,495) 12.58 Canceled (204,181) 21.64 Unvested at end of year 3,514,405 $ 22.07 The vesting date fair value of restricted stock awards and restricted stock units which vested during 2023, 2022 and 2021 was $35 million, $34 million and $39 million, respectively. The weighted average grant date fair value of restricted stock awards was $22.07, $14.89 and $10.98 for awards unvested at December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, there was $42 million of unrecognized compensation cost related to restricted stock awards and restricted stock units, which is expected to be recognized over a weighted average period of 1 year. Stock-based performance unit awards – During 2023, 2022 and 2021, we granted 222,464, 167,043 and 307,473 stock-based performance unit awards to be settled in shares to officers. At December 31, 2023, there were 686,266 units outstanding. During 2023, 2022 and 2021, we also granted 222,464, 167,043 and 307,473 stock-based performance unit awards to be settled in cash to officers. At December 31, 2023, there were 389,507 units outstanding. Total stock-based performance unit awards expense was $12 million, $18 million and $11 million in 2023, 2022 and 2021, respectively. The key assumptions used in the Monte Carlo simulation to determine the grant date fair value of stock-based performance units granted in 2023, 2022 and 2021 were: 2023 2022 2021 Valuation date stock price $ 25.79 $ 22.89 $ 11.20 Expected annual dividend yield 1.5 % 1.2 % 1.1 % Expected volatility 58 % 73 % 71 % Risk-free interest rate 4.5 % 1.4 % 0.3 % Fair value of stock-based performance units outstanding $ 32.97 $ 34.07 $ 18.07

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During 2023, 2022 and 2021 our equity method investees were considered related parties. Our investment in our equity method investees are summarized in the following table: Ownership as of December 31, (In millions) December 31, 2023 2023 2022 EGHoldings (a) 56% $ 118 $ 287 Alba Plant LLC (b) 52% 153 155 AMPCO (c) 45% 162 135 Total $ 433 $ 577 (a) EGHoldings is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. In accordance with agreements related to the processing of third-party Alen Unit gas at EG LNG, additional equity was issued to an equity partner, which is an E.G. government entity, during the fourth quarter of 2021, thereby reducing our ownership interest in EGHoldings from 60% to 56%. As a result, for the year ended December 31, 2021, we recorded a $12 million pre-tax loss, which was reflected in Net gain (loss) on disposal of assets in our consolidated statements of income. As a result of historical impairments to an equity method investee, we incurred a basis differential of $140 million between the net book value of our investment and the amount of our underlying share of equity in the investee’s net assets. As of December 31, 2023 and 2022, the amount of this basis differential was $66 million and $88 million, respectively, which includes the effects of accretion in both periods. The basis differential is being accreted into income over the remaining useful life of the investee’s primary assets. During 2023, 2022, and 2021, we accreted $22 million, $24 million, and $22 million, respectively, into Income from equity method investments in our consolidated statements of income. Summarized, 100% combined financial information for equity method investees is as follows: (In millions) 2023 2022 2021 Income data – year: Revenues and other income $ 906 $ 1,745 $ 1,095 Income from operations 363 1,164 537 Net income 305 1,068 440 Balance sheet data – December 31: Current assets $ 534 $ 842 Noncurrent assets 611 698 Current liabilities 183 269 Noncurrent liabilities 167 188 Revenues from related parties were $23 million, $28 million and $30 million in 2023, 2022 and 2021, respectively, with the majority related to EGHoldings in all years. 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 during the years ended December 31, 2023, 2022 and 2021 totaled $329 million, $486 million, and $238 million, respectively. Current receivables from related parties at December 31, 2023 and December 31, 2022 were $24 million and $36 million, respectively, which primarily related to Alba Plant LLC and EGHoldings in both periods. Payables to related parties at December 31, 2023 were $6 million, primarily related to EGHoldings. Payables to related parties at December 31, 2022 were $20 million, which primarily related to Alba Plant LLC.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases Lessee Operating Leases We enter into various lease agreements to support our operations including drilling rigs, well fracturing equipment, compressors, buildings, vessels, vehicles and miscellaneous field equipment. We primarily act as a lessee in these transactions and the majority of our existing leases are classified as either short-term or long-term operating leases. Our drilling rig agreements are classified as either short-term or long-term leases based on the noncancellable period for which we have the right to use the equipment and assessment of options present in each agreement. We also incur variable lease costs under these agreements primarily related to various additional on-demand equipment and labor. The lease costs associated with the drilling rigs are primarily capitalized as part of the well costs. Our existing long-term leases are comprised of compressors, drilling rigs, vessels, vehicles and miscellaneous field equipment. Our lease agreements may require both fixed and variable payments; none of the variable payments are rate or index-based, therefore only fixed payments were considered for recognizing lease liabilities and right-of-use (‘ROU’) assets related to long-term leases. Also, based on our election not to separate the lease and nonlease components, fixed payments related to equipment, crew and other nonlease components are included in the initial measurement of lease liabilities and ROU assets for all asset classes, except for vessels. For vessels, the contractual consideration was allocated between lease and nonlease components based on estimates provided by service providers. Our leased assets may be used in joint oil and gas operations with other working interest owners. We recognize lease liabilities and ROU assets only when we are the signatory to a contract as an operator of joint properties. Such lease liabilities and ROU assets are determined based on gross contractual obligations. As we use the leased assets for joint operations, we have the contractual right to recover the other working interest owners’ share of lease costs. As a result, our lease costs are presented on a net basis, reduced for any costs recoverable from other working interest owners. 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 September 2021 after the new Houston office was ready for occupancy. In March 2022, we made our first cash lease payment. During the years ended December 31, 2023, and 2022, we have made cash lease payments totaling approximately $22 million and $11 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. Balance Sheet Information Balance sheet information related to ROU assets and lease liabilities was as follows: December 31, (In millions) 2023 2022 ROU assets: Balance Sheet Location: Operating leases (a) Other noncurrent assets $ 225 $ 123 Finance leases Other noncurrent assets 18 24 Total ROU assets $ 243 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 109 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases (a) Deferred credits and other liabilities 120 32 Finance leases Deferred credits and other liabilities 12 18 Total lease liabilities $ 248 $ 150 (a) As of December 31, 2023, our noncurrent operating ROU asset and lease liability balances increased by $102 million and $88 million, respectively, when compared to the prior year ending balances. The increase is primarily a result of entering into long-term leases for compressors in certain operating areas. Statements of Income Information The table below presents our net lease costs for the years ended December 31, 2023, 2022 and 2021: December 31, (In millions) 2023 2022 2021 Operating lease costs: Short-term lease costs (a) $ 76 $ 164 $ 121 Long-term lease costs (b) 120 74 64 Variable lease costs (c) 24 37 33 Finance lease costs: Amortization of ROU assets 6 4 3 Total lease costs $ 226 $ 279 $ 221 Other information: Cash paid for amounts included in the measurement of operating lease liabilities $ 149 $ 90 $ 73 ROU assets obtained in exchange for new operating lease liabilities (d) 56 117 15 ROU assets obtained in exchange for new finance lease liabilities (e) — — 28 Changes to ROU assets resulting from modifications or cancellations of operating leases $ 179 $ 40 $ (13) (a) Represents our net share of lease costs arising from leases of less than one year but longer than one month that were not included in the lease liability. (b) Represents our net share of the ROU asset amortization and the interest expense. (c) Represents our net share of variable lease payments that were not included in the lease liability. (d) Represents the cumulative value of operating lease ROU assets recognized at lease inception and is amortized as the ROU asset is utilized. (e) Represents the cumulative value of finance lease ROU assets recognized at lease inception and is amortized as the ROU asset is utilized. Annual Lease Maturities The remaining annual undiscounted cash flows associated with long-term leases and the reconciliation of these cash flows to the lease liabilities recognized on the consolidated balance sheet is summarized below: (In millions) Operating Lease Obligations Finance Lease Obligations Total Lease Obligations 2024 $ 123 $ 7 $ 130 2025 67 7 74 2026 55 6 61 2027 1 — 1 2028 — — — Thereafter — — — Total undiscounted lease payments $ 246 $ 20 $ 266 Less: amount representing interest 17 1 18 Total lease liabilities $ 229 $ 19 $ 248 Less: current portion of lease liability as of December 31, 2023 109 7 116 Long-term lease liability as of December 31, 2023 $ 120 $ 12 $ 132 Other Information We use our periodic incremental borrowing rate to discount future contractual payments to their present values. For our operating leases, the weighted average lease term is two years, and the discount rate is 5.72% as of December 31, 2023. For our finance leases, the weighted-average remaining lease term is three years, and the discount rate is 2.23% as of December 31, 2023. Lessor Our wholly owned subsidiary, MEGPL, is a lessor for residential housing in E.G., which is occupied by EGHoldings, a related party equity method investee – see Note 17 . 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 2024 $ 6 2025 6 2026 6 2027 6 2028 6 Thereafter 36 Total undiscounted cash flows $ 66
Leases	Leases Lessee Operating Leases We enter into various lease agreements to support our operations including drilling rigs, well fracturing equipment, compressors, buildings, vessels, vehicles and miscellaneous field equipment. We primarily act as a lessee in these transactions and the majority of our existing leases are classified as either short-term or long-term operating leases. Our drilling rig agreements are classified as either short-term or long-term leases based on the noncancellable period for which we have the right to use the equipment and assessment of options present in each agreement. We also incur variable lease costs under these agreements primarily related to various additional on-demand equipment and labor. The lease costs associated with the drilling rigs are primarily capitalized as part of the well costs. Our existing long-term leases are comprised of compressors, drilling rigs, vessels, vehicles and miscellaneous field equipment. Our lease agreements may require both fixed and variable payments; none of the variable payments are rate or index-based, therefore only fixed payments were considered for recognizing lease liabilities and right-of-use (‘ROU’) assets related to long-term leases. Also, based on our election not to separate the lease and nonlease components, fixed payments related to equipment, crew and other nonlease components are included in the initial measurement of lease liabilities and ROU assets for all asset classes, except for vessels. For vessels, the contractual consideration was allocated between lease and nonlease components based on estimates provided by service providers. Our leased assets may be used in joint oil and gas operations with other working interest owners. We recognize lease liabilities and ROU assets only when we are the signatory to a contract as an operator of joint properties. Such lease liabilities and ROU assets are determined based on gross contractual obligations. As we use the leased assets for joint operations, we have the contractual right to recover the other working interest owners’ share of lease costs. As a result, our lease costs are presented on a net basis, reduced for any costs recoverable from other working interest owners. 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 September 2021 after the new Houston office was ready for occupancy. In March 2022, we made our first cash lease payment. During the years ended December 31, 2023, and 2022, we have made cash lease payments totaling approximately $22 million and $11 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. Balance Sheet Information Balance sheet information related to ROU assets and lease liabilities was as follows: December 31, (In millions) 2023 2022 ROU assets: Balance Sheet Location: Operating leases (a) Other noncurrent assets $ 225 $ 123 Finance leases Other noncurrent assets 18 24 Total ROU assets $ 243 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 109 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases (a) Deferred credits and other liabilities 120 32 Finance leases Deferred credits and other liabilities 12 18 Total lease liabilities $ 248 $ 150 (a) As of December 31, 2023, our noncurrent operating ROU asset and lease liability balances increased by $102 million and $88 million, respectively, when compared to the prior year ending balances. The increase is primarily a result of entering into long-term leases for compressors in certain operating areas. Statements of Income Information The table below presents our net lease costs for the years ended December 31, 2023, 2022 and 2021: December 31, (In millions) 2023 2022 2021 Operating lease costs: Short-term lease costs (a) $ 76 $ 164 $ 121 Long-term lease costs (b) 120 74 64 Variable lease costs (c) 24 37 33 Finance lease costs: Amortization of ROU assets 6 4 3 Total lease costs $ 226 $ 279 $ 221 Other information: Cash paid for amounts included in the measurement of operating lease liabilities $ 149 $ 90 $ 73 ROU assets obtained in exchange for new operating lease liabilities (d) 56 117 15 ROU assets obtained in exchange for new finance lease liabilities (e) — — 28 Changes to ROU assets resulting from modifications or cancellations of operating leases $ 179 $ 40 $ (13) (a) Represents our net share of lease costs arising from leases of less than one year but longer than one month that were not included in the lease liability. (b) Represents our net share of the ROU asset amortization and the interest expense. (c) Represents our net share of variable lease payments that were not included in the lease liability. (d) Represents the cumulative value of operating lease ROU assets recognized at lease inception and is amortized as the ROU asset is utilized. (e) Represents the cumulative value of finance lease ROU assets recognized at lease inception and is amortized as the ROU asset is utilized. Annual Lease Maturities The remaining annual undiscounted cash flows associated with long-term leases and the reconciliation of these cash flows to the lease liabilities recognized on the consolidated balance sheet is summarized below: (In millions) Operating Lease Obligations Finance Lease Obligations Total Lease Obligations 2024 $ 123 $ 7 $ 130 2025 67 7 74 2026 55 6 61 2027 1 — 1 2028 — — — Thereafter — — — Total undiscounted lease payments $ 246 $ 20 $ 266 Less: amount representing interest 17 1 18 Total lease liabilities $ 229 $ 19 $ 248 Less: current portion of lease liability as of December 31, 2023 109 7 116 Long-term lease liability as of December 31, 2023 $ 120 $ 12 $ 132 Other Information We use our periodic incremental borrowing rate to discount future contractual payments to their present values. For our operating leases, the weighted average lease term is two years, and the discount rate is 5.72% as of December 31, 2023. For our finance leases, the weighted-average remaining lease term is three years, and the discount rate is 2.23% as of December 31, 2023. Lessor Our wholly owned subsidiary, MEGPL, is a lessor for residential housing in E.G., which is occupied by EGHoldings, a related party equity method investee – see Note 17 . 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 2024 $ 6 2025 6 2026 6 2027 6 2028 6 Thereafter 36 Total undiscounted cash flows $ 66

Credit Losses

Credit Losses	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
Credit Losses	Credit Losses The majority of our receivables are from purchasers of commodities or joint interest owners in properties we operate, both of which are recorded at estimated or invoiced amounts and do not bear interest. The majority of these receivables have payment terms of 30 days or less. At the end of each reporting period, we assess the collectability of our receivables and estimate the expected credit losses using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions and other data as deemed appropriate. We are exposed to credit losses through the receivables generated from sales of crude oil, NGLs and natural gas to our customers. When dealing with the commodity purchasers, we conduct a credit review to assess each counterparty’s ability to pay. The credit review considers our expected billing exposure, timing for payment and the counterparty’s established credit rating with the rating agencies or our internal assessment of the counterparty’s creditworthiness based on our analysis of their financial statements. Our evaluation also considers contract terms and other factors, such as country and/or political risk. A credit limit is established for each counterparty based on the outcome of this review. We may require a bank letter of credit or a prepayment to mitigate credit risk. We monitor our ongoing credit exposure through active review of counterparty balances against contract terms and due dates. The expected credit losses related to receivables with the commodity purchasers were determined using the weighted average probability of default method. We also collect revenues from our non-operated joint properties where other oil and gas exploration and production companies operate the properties and market our share of production and remit payments to us. The current expected credit losses related to these receivables were determined using the loss rate method applied to aging pools. We are exposed to credit losses from joint interest billings to other joint interest owners for properties we operate. For this group of receivables, the expected credit losses are determined using the loss rate method applied to aging pools. Our counterparties in this group include numerous large, mid-size and small oil and gas exploration and production companies. Although we may have the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings or require a prepayment of future costs through cash calls, our credit loss exposure with this group is more significant due to inherent ownership or billing adjustments. Also, some of our counterparties may experience liquidity problems and may not be able to meet their financial obligations to us. Changes in the reserve for credit losses balance for the year were as follows: December 31, (In millions) 2023 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 as of December 31 $ 10 $ 10

Defined Benefit Postretirement

Defined Benefit Postretirement Plans and Defined Contribution Plan	12 Months Ended
	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined Benefit Postretirement Plans and Defined Contribution Plan	Defined Benefit Postretirement Plans and Defined Contribution Plan We have noncontributory defined benefit pension plans covering substantially all domestic employees. Benefits under these plans are based on plan provisions specific to each plan. We also have plans for other postretirement benefits covering our U.S. employees. Health care benefits are provided up to age 65 through comprehensive hospital, surgical and major medical benefit provisions subject to various cost-sharing features. Life insurance benefits are provided to certain retiree beneficiaries. These other postretirement benefits are not funded in advance. Employees hired after 2016 are not eligible for any postretirement health care or life insurance benefits. Obligations and funded status – The following summarizes the obligations and funded status for our defined benefit pension and other postretirement plans: Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Accumulated benefit obligation $ 226 $ 214 $ 50 $ 53 Change in pension benefit obligations: Beginning balance $ 218 $ 269 $ 53 $ 73 Service cost 15 14 — — Interest cost 10 7 3 2 Actuarial (gain) loss 10 (46) 1 (11) Settlements paid (3) (21) — — Benefits paid (18) (5) (7) (11) Ending balance $ 232 $ 218 $ 50 $ 53 Change in fair value of plan assets: Beginning balance $ 161 $ 192 $ — $ — Actual return on plan assets 13 (27) — — Employer contributions 25 22 7 11 Settlements paid (3) (21) — — Benefits paid (18) (5) (7) (11) Ending balance $ 178 $ 161 $ — $ — Funded status of plans at December 31 $ (54) $ (57) $ (50) $ (53) Amounts recognized in the consolidated balance sheets: Current liabilities $ (3) $ (3) $ (8) $ (8) Noncurrent liabilities (51) (54) (42) (45) Accrued benefit cost $ (54) $ (57) $ (50) $ (53) Pretax amounts in accumulated other comprehensive loss: Net loss $ 28 $ 24 $ 11 $ 11 Prior service credit (2) (8) (49) (65) In 2023, the pension plans and the postretirement plans both experienced a net actuarial loss due to the mid-year census data update. Components of net periodic benefit costs and other comprehensive (income) loss – The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive (income) loss for our defined benefit pension and other postretirement plans: Pension Benefits Other Benefits Year Ended December 31, Year Ended December 31, (In millions) 2023 2022 2021 2023 2022 2021 Components of net periodic benefit costs: Service cost $ 15 $ 14 $ 16 $ — $ — $ — Interest cost 10 7 7 3 2 2 Expected return on plan assets (8) (8) (8) — — — Amortization: - prior service credit (6) (6) (6) (16) (16) (16) - actuarial loss 1 2 5 1 2 2 Net settlement loss (a) 1 2 9 — — — Net periodic benefit cost (credit) (b) $ 13 $ 11 $ 23 $ (12) $ (12) $ (12) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss (pretax): Actuarial loss (gain) $ 6 $ (10) $ (21) $ 1 $ (10) $ 1 Settlement loss and amortization of actuarial loss (2) (4) (14) (1) (2) (2) Curtailment gain and amortization of prior service credit 6 6 6 16 16 16 Total recognized in other comprehensive (income) loss $ 10 $ (8) $ (29) $ 16 $ 4 $ 15 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 23 $ 3 $ (6) $ 4 $ (8) $ 3 (a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan’s total service and interest costs 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. Plan assumptions – The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2023, 2022 and 2021: Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine benefit obligation: Discount rate 4.94 % 5.20 % 2.83 % 4.87 % 5.07 % 2.48 % Rate of compensation increase (a) 5.50 % 5.00 % 0.50 % 5.50 % 5.00 % 0.50 % Cash balance interest crediting 3.94 % 4.20 % 3.00 % — % — % — % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 5.20 % 4.02 % 2.77 % 5.07 % 2.48 % 2.02 % Expected long-term return on plan assets 6.00 % 5.75 % 5.75 % — % — % — % Rate of compensation increase (a) 5.50 % 5.00 % 0.50 % 5.50 % 5.00 % 0.50 % Cash balance interest crediting 4.20 % 3.60 % 3.00 % — % — % — % (a) The assumed rate of compensation increase is 4.50% for 2024 and future years. Expected long-term return on plan assets – The expected long-term return on plan assets assumption for our pension plan is determined based on an internally developed asset rate-of-return modeling tool, which utilizes underlying assumptions based on actual and forward-looking expected market returns by asset category and inflation and takes into account our pension plan’s asset allocation. The expected return for each asset category is then weighted based on the actual and targeted asset allocation to develop the overall expected long-term return on plan assets assumption. Assumed weighted average health care cost trend rates – The pre-65 retiree medical coverage subsidy was frozen as of January 1, 2019, and the ability for retirees to opt in and out of this coverage, as well as pre-65 retiree dental and vision coverage, was also eliminated. Retirees must enroll in connection with retirement for such coverage, or they lose eligibility. Annual costs associated with the pre-65 retiree medical coverage were immaterial for all periods presented. Plan investment policies and strategies – The investment policies for our pension plan assets reflect the funded status of the plan and expectations regarding our future ability to make further contributions. Long-term investment goals are to: (1) manage the assets in accordance with applicable legal requirements; (2) produce investment returns which meet or exceed the rates of return achievable in the capital markets while maintaining the risk parameters set by the plan’s investment committees and protecting the assets from any erosion of purchasing power; and (3) position the portfolios with a long-term risk/return orientation. Investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies. Pension plan – The plan’s current targeted asset allocation is comprised of 55% equity securities and 45% other fixed income securities. Over time, as the plan’s funded ratio (as defined by the investment policy) improves, in order to reduce volatility in returns and to better match the plan’s liabilities, the allocation to equity securities will decrease while the amount allocated to fixed income securities will increase. The plan’s assets are managed by a third-party investment manager. Fair value measurements – Plan assets are measured at fair value. The following provides a description of the valuation techniques employed for each major plan asset class at December 31, 2023 and 2022. Cash and cash equivalents – Cash and cash equivalents are valued using a market approach and are considered Level 1. Equity securities – Investments in common stock are valued using a market approach at the closing price reported in an active market and are therefore considered Level 1. Private equity investments include interests in limited partnerships which are valued based on the sum of the estimated fair values of the investments held by each partnership, determined using a combination of market, income and cost approaches, plus working capital, adjusted for liabilities, currency translation and estimated performance incentives. These private equity investments are considered Level 3. Other – Other investments are comprised of an unallocated annuity contract, two limited liability companies and real estate. All are considered Level 3, as significant inputs to determine fair value are unobservable. Commingled funds – The investment in the commingled funds are valued using the net asset value of units held as a practical expedient. The commingled funds consist of equity and fixed income portfolios with underlying investments held in U.S. and non-U.S. securities. The following tables present the fair values of our defined benefit pension plan’s assets, by level within the fair value hierarchy, as of December 31, 2023 and 2022: December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1 $ — $ — $ 1 Equity securities: Common stock — — — — Private equity — — 3 3 Other — — 9 9 Total investments, at fair value 1 — 12 13 Commingled funds (a) — — — 165 Total investments $ 1 $ — $ 12 $ 178 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8 $ — $ — $ 8 Equity securities: Common stock 22 — — 22 Private equity — — 5 5 Other — — 10 10 Total investments, at fair value 30 — 15 45 Commingled funds (a) — — — 116 Total investments $ 30 $ — $ 15 $ 161 (a) After the adoption of the FASB update for the fair value hierarchy, we separately report the investments for which fair value was measured using the net asset value per share as a practical expedient. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets. The activity during the year ended December 31, 2023 and 2022, for the assets using Level 3 fair value measurements was immaterial. Cash flows Estimated future benefit payments – The following gross benefit payments, which were estimated based on actuarial assumptions applied at December 31, 2023 and reflect expected future services, as appropriate, are to be paid in the years indicated: (In millions) Pension Benefits Other Benefits 2024 $ 29 $ 7 2025 27 7 2026 25 6 2027 25 5 2028 24 5 2029 through 2033 $ 113 $ 18 Contributions to defined benefit plans – We expect to make contributions to the funded pension plan of up to $18 million in 2024. Cash contributions to be paid from our general assets for the unfunded portion of our pension and postretirement plans are expected to be approximately $3 million and $7 million in 2024. Contributions to defined contribution plans – We contribute to several defined contribution plans for eligible employees. Contributions to these plans totaled $14 million,

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Reclassifications Out of Accumulated Other Comprehensive Income	Reclassifications Out of Accumulated Other Comprehensive Income The following table presents a summary of amounts reclassified from accumulated other comprehensive income: Year Ended December 31, (In millions) 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 22 $ 22 Other net periodic benefit credits Amortization of actuarial loss (2) (4) Other net periodic benefit credits Net settlement loss (1) (2) Other net periodic benefit credits Income tax (4) (3) Provision for income taxes Total reclassifications, net of tax $ 15 $ 13 Net income

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended December 31, (In millions) 2023 2022 2021 Included in operating activities: Interest paid (a) $ 329 $ 197 $ 231 Income taxes paid, net of refunds 106 173 24 Noncash investing activities: Increase in asset retirement costs $ 19 $ 30 $ 56 (a) The increase during the twelve months ended December 31, 2023 compared to the same period in 2022 and 2021 was primarily related to interest paid on borrowings under the Term Loan Facility and Revolving Credit Facility. Other noncash investing activities include accrued capital expenditures for the years December 31, 2023, 2022 and 2021 of $86 million, $111 million and $81 million, respectively. Additionally, we assumed certain liabilities related to our acquisition of the Eagle Ford assets of Ensign in December 2022. See Note 4

Net Interest and Other

Net Interest and Other	12 Months Ended
	Dec. 31, 2023
Interest and Other Income [Abstract]
Net Interest and Other	Net Interest and Other Year Ended December 31, (In millions) 2023 2022 2021 Interest: Interest income $ 7 $ 15 $ 1 Interest expense (a) (343) (227) (257) Gain on interest rate swaps 1 19 54 Total interest (335) (193) (202) Other: Other (17) 5 14 Net interest and other $ (352) $ (188) $ (188) (a) The increase in interest expense during the twelve months ended December 31, 2023 compared to the same period in 2022 and 2021 was primarily related to interest paid on borrowings under the Term Loan Facility and Revolving Credit Facility.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2023, we have a $119 million current liability in suspended royalty and working interest revenue, including interest, of which $103 million was included within accounts payable and $16 million related to accrued interest and was included within other current liabilities on our consolidated balance sheet. Additionally, we have a long-term receivable of $26 million for capital and expenses. To address a potential dispute with the Three Affiliated Tribes over the validity of certain of our leases, in 2023 Marathon Oil entered into an agreement pursuant to which we paid an amount representing $50 million of the suspended royalties (inclusive of interest thereon) to the Three Affiliated Tribes. The agreement allows Marathon Oil to recover all funds paid to the Three Affiliated Tribes (including by offsetting against production from other minerals leased to Marathon Oil 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 (“M-Opinion”) concluding that the Disputed Land is held in trust for the Three Affiliated Tribes. While the 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 Notices of Violations (“NOVs”)’s from the EPA related to alleged 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, for which we maintain an accrual of our estimate, and implementation of both environmental mitigation projects and injunctive terms, which would increase both our development costs and operating costs. Through the date of this filing, we are unable to estimate the full financial impact associated with this matter, as 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. We have received NOVs from the EPA relating to alleged Clean Air Act violations following flyovers conducted in 2020 and 2022 over certain of our 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 excess of $300,000. We have incurred and will continue to incur capital, operating and maintenance and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately offset by the prices we receive for our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, marketing areas and production processes. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. At December 31, 2023 and 2022, 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 costs that might be incurred or the penalties that may be imposed. Guarantees – Over the years, we have sold various assets in the normal course of our business. Certain of the related agreements contain performance and general guarantees, including guarantees regarding inaccuracies in representations, warranties, covenants and agreements and environmental and general indemnifications that require us to perform upon the occurrence of a triggering event or condition. These guarantees and indemnifications are part of the normal course of selling assets. We are typically not able to calculate the maximum potential amount of future payments that could be made under such contractual provisions because of the variability inherent in the guarantees and indemnities. Most often, the nature of the guarantees and indemnities is such that there is no appropriate method for quantifying the exposure because the underlying triggering event has little or no precedent upon which we could base a reasonable prediction of the outcome. In the second quarter of 2019, 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. The agreements to process the third-party Alen Unit gas required the execution of third-party guarantees by Marathon Oil Corporation in favor of the Alen Unit’s owners. Two separate guarantees were executed during the second quarter of 2020; one for a maximum of approximately $91 million pertaining to the payment obligations of Equatorial Guinea LNG Operations, S.A. and another for a maximum of $25 million pertaining to the payment obligations of Alba Plant LLC. Payment by us would be required if any of those entities fails to honor its payment obligations pursuant to the relevant agreements with the owners of the Alen Unit. Certain owners of the Alen Unit, or their affiliates, are also direct or indirect shareholders in Equatorial Guinea LNG Operations, S.A. and Alba Plant LLC. Each guarantee expires no later than December 31, 2027. We measured these guarantees at fair value using the net present value of premium payments we expect to receive from our investees. Our liability for these guarantees was approximately $4 million as of December 31, 2023. Each of Equatorial Guinea LNG Operations, S.A. and Equatorial Guinea LNG Train 1, S.A. provided us with a pledge of its receivables as recourse against any payments we may make under the guaranty of Equatorial Guinea LNG Operations, S.A.’s performance.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 1,554	$ 3,612	$ 946

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Summary of Principal Accounti_2

Summary of Principal Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation and principles applied in consolidation	Basis of presentation and principles applied in consolidation – These consolidated financial statements, including notes, have been prepared in accordance with U.S. GAAP. These consolidated financial statements include the accounts of our controlled subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis.
Equity method investments	Equity method investments – Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. This includes entities in which we hold majority ownership but the minority stockholders have substantive participating rights in the investee. Income from equity method investments represents our proportionate share of net income generated by the equity method investees and is reflected in revenues and other income in our consolidated statements of income. Equity method investments are included as noncurrent assets on the consolidated balance sheet.
Use of estimates	Use of estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimated quantities of crude oil and condensate, NGLs and natural gas reserves is a significant estimate that requires judgment. All of the reserve data included in this Form 10-K are estimates. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and condensate, NGLs and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and condensate, NGLs and natural gas reserves. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserve estimates may be different from the quantities of crude oil and condensate, NGLs and natural gas that are ultimately recovered. See unaudited Supplementary Data – Supplementary Information on Oil and Gas Producing Activities for further detail. Other items subject to estimates and assumptions include the carrying amounts of property, plant and equipment, asset retirement obligations, valuation of assets and liabilities in a business combination, valuation of derivative instruments, contingent obligations and valuation allowances for deferred income tax assets, as well as other items recognized at fair value. Although we believe these estimates are reasonable, actual results could differ from these estimates.
Foreign currency transactions	Foreign currency transactions – The U.S. dollar is the functional currency of our foreign operating subsidiaries. Foreign currency transaction gains and losses are included in net income.
Revenue recognition	Revenue recognition – Revenues associated with the sales of crude oil and condensate, NGLs and natural gas are recognized when our performance obligation is satisfied, which typically occurs at the point where control transfers to the customer based on contract terms. Revenue is measured as the amount the Company expects to receive in exchange for transferring commodities to the customer. Our hydrocarbon sales are typically based on prevailing market-based prices and may include quality or location differential adjustments. Payment is generally due within 30 days of delivery. We typically incur shipping and handling costs prior to control transferring to the customer and account for these activities as fulfillment costs. These costs are reflected in shipping, handling and other operating expense in our consolidated statements of income. Our U.S. production of crude oil and condensate, NGLs and natural gas is generally sold immediately and transported to market. In our international segment, liquid hydrocarbon production may be stored as inventory and sold at a later time.
Cash and cash equivalents	Cash and cash equivalents – Cash and cash equivalents include cash on hand and on deposit and investments in highly liquid debt instruments with original maturities of three months or less.
Accounts receivable	Accounts receivable
Inventories	Inventories – Crude oil and natural gas 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. We may enter into a contract to sell a particular quantity and quality of crude oil at a specified location and date to a particular counterparty, and simultaneously agree to buy a particular quantity and quality of the same commodity at a specified location on the same or another specified date from the same counterparty. We account for such matching buy/sell arrangements as exchanges of inventory.
Derivative instruments	Derivative instruments – We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. All derivative instruments are recorded at fair value. Commodity derivatives and interest rate swaps are reflected on our consolidated balance sheet on a net basis by counterparty, as they are governed by master netting agreements. Cash flows related to derivatives used to manage commodity price risk and interest rate risk are classified in operating activities. Our derivative instruments contain no significant contingent credit features.
Cash flow hedges	Cash flow hedges – We may use interest rate derivative instruments to manage the risk of interest rate changes during the period prior to anticipated borrowings as well as to stabilize future lease payments on our Houston office and designate them as cash flow hedges. Derivative instruments designated as cash flow hedges are linked to specific assets and liabilities or to specific firm commitments or forecasted transactions. The changes in the fair value of a qualifying cash flow hedge are recorded in other comprehensive income until the hedged transaction affects earnings and are then reclassified into net income. Ineffective portions of a cash flow hedge are no longer measured or disclosed separately. However, if it is determined that the likelihood of the original forecasted transaction occurring is no longer probable, or the cash flow hedge is no longer expected to be highly effective, subsequent changes in fair value of the derivative instrument are recorded in net income.
Derivatives not designated as hedges	Derivatives not designated as hedges
Concentrations of credit risk	Concentrations of credit risk – All of our financial instruments, including derivatives, involve elements of credit and market risk. The most significant portion of our credit risk relates to nonperformance by counterparties. The counterparties to our financial instruments consist primarily of major financial institutions and companies within the energy industry. To manage counterparty risk associated with financial instruments, we select and monitor counterparties based on our assessment of their financial strength and on credit ratings, if available. Additionally, we limit the level of exposure with any single counterparty.
Fair value transfer	Fair value transfer – We recognize transfers between levels of the fair value hierarchy as of the end of the reporting period.
Property, plant and equipment	Property, plant and equipment – We use the successful efforts method of accounting for oil and gas producing activities.
Property acquisition costs	Property acquisition costs – Costs to acquire mineral interests in oil and natural gas properties, to drill exploratory wells in progress and those that find proved reserves and to drill development wells are capitalized. Costs to drill exploratory wells that do not find proved reserves, geological and geophysical costs and costs of carrying and retaining unproved properties are expensed. Costs incurred for exploratory wells that find reserves but cannot yet be classified as proved are capitalized if (1) the well has found a sufficient quantity of reserves to justify its completion as a producing well and (2) we are making sufficient progress assessing the reserves and the economic and operating viability of the project. The status of suspended exploratory well costs is monitored continuously and reviewed at least quarterly.
Depreciation, depletion and amortization	Depreciation, depletion and amortization – Capitalized costs to acquire oil and natural gas properties are depreciated and depleted on a units-of-production basis based on estimated proved reserves. Capitalized costs of exploratory wells and development costs are depreciated and depleted on a units-of-production basis based on estimated proved developed reserves. Support equipment and other property, plant and equipment related to oil and gas producing activities, as well as property, plant and equipment unrelated to oil and gas producing activities, are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. The table below summarizes these assets by type, useful life and the net asset balance as of the periods presented: December 31, Type of Asset Range of Useful Lives 2023 2022 (In millions) Office furniture, equipment and computer hardware 4 to 15 years $ 55 $ 36 Pipelines 5 to 40 years $ 12 $ 13 Plants, facilities and infrastructure 3 to 40 years $ 1,567 $ 1,510
Impairments and Dispositions	Impairments – We evaluate our oil and gas producing properties, including capitalized costs of exploratory wells and development costs, for impairment of value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Oil and gas producing properties are reviewed for impairment on a field-by-field basis or, in certain instances, by logical grouping of assets if there is significant shared infrastructure or contractual terms that cause economic interdependency amongst separate, discrete fields. Oil and gas producing properties deemed to be impaired are written down to their fair value, as determined by discounted future net cash flows or, if available, comparable market value. We evaluate our unproved property investment and record impairment based on time or geologic factors. Information such as drilling results, reservoir performance, seismic interpretation, lease expiration dates or future plans to develop acreage is also considered. When unproved property investments are deemed to be impaired, this amount is reported in exploration expenses in our consolidated statements of income. Dispositions – When property, plant and equipment depreciated on an individual basis is sold or otherwise disposed of, any gains or losses are reflected in net gain (loss) on disposal of assets in our consolidated statements of income. Gains on the disposal of property, plant and equipment are recognized when earned, which is generally at the time the disposal transaction closes. If a loss on disposal is expected, such loss is recognized either when the asset is classified as held for sale based on estimated fair value less cost to sell, or when there is a current expectation that, more likely than not, the asset will be sold significantly before the end of its previously estimated useful life measured using a probability weighted income approach considering the anticipated sales price if the asset is sold and a held-for-use model if the asset is retained. Proceeds from the disposal of a portion of property, plant and equipment depreciated on a group basis are credited to accumulated depreciation, depletion and amortization with no immediate effect on net income until net book value is reduced to zero.
Acquisitions	Acquisitions – We account for acquisitions that qualify as business combinations by applying the acquisition method. Under this method of accounting, the identifiable assets acquired and liabilities assumed are recognized and measured at their estimated fair values at the date of acquisition. Any excess of the purchase price over the fair values of the identifiable assets acquired and liabilities assumed is recorded as goodwill. Transaction costs related to business combinations are expensed as incurred in our consolidated statements of income.
Environmental costs	Environmental costs – We provide for remediation costs and penalties when the responsibility to remediate is probable and the amount of associated costs can be reasonably estimated. The timing of remediation accruals coincides with completion of a feasibility study or the commitment to a formal plan of action. Remediation liabilities are accrued based on estimates of known environmental exposure and are discounted when the estimated amounts are reasonably fixed or reliably determinable. Environmental expenditures are capitalized only if the costs mitigate or prevent future contamination or if the costs improve the environmental safety or efficiency of the existing assets.
Asset retirement obligations	Asset retirement obligations – The fair value of asset retirement obligations is recognized in the period in which the obligations are incurred if a reasonable estimate of fair value can be made. Our asset retirement obligations primarily relate to the abandonment of oil and gas producing facilities. Asset retirement obligations for such facilities include costs to dismantle and relocate or dispose of production platforms, gathering systems, wells and related structures and restoration costs of land, including those leased. Estimates of these costs are developed for each property based on the type of production facilities and equipment, reservoir characteristics, depth of the reservoir, market demand for equipment, currently available procedures and consultations with construction and engineering professionals. Inflation rates and credit-adjusted-risk-free interest rates are used to estimate the fair value of asset retirement obligations. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis based on estimated proved developed reserves for oil and gas production facilities, while accretion of the liability occurs over the useful lives of the assets.
Income taxes	Income taxes – Deferred tax assets and liabilities, measured at enacted tax rates, are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax bases as reported in our filings with the respective taxing authorities. We routinely assess the realizability of our deferred tax assets based on several interrelated factors and reduce such assets by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. These factors include whether we are in a cumulative loss position in recent years, our reversal of temporary differences, and our expectation to generate sufficient future taxable income. We use the liability method in determining our provision and liabilities for our income taxes, under which current and deferred tax liabilities and assets are recorded in accordance with enacted tax laws and rates.
Stock-based compensation arrangements	Stock-based compensation arrangements – The fair value of stock options is estimated on the date of grant using the Black-Scholes option pricing model. The model employs various assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock option award. Of the required assumptions, the expected volatility of our stock price and the stock price in relation to the strike price have the most significant impact on the fair value calculation. We have utilized historical data and analyzed current information which reasonably support these assumptions. The fair value of our restricted stock awards, restricted stock units and director restricted stock units is determined based on the market value of our common stock on the date of grant. Restricted stock awards, restricted stock units and director restricted stock units are removed from Treasury Stock at grant, vesting and distribution, respectively. The fair value of our cash-settled stock-based performance units is estimated by multiplying (i) the number of units granted, (ii) the vesting percentage with (iii) our common stock’s closing price plus accumulated dividend equivalents per share of our common stock. These performance units have a banking feature and only the unbanked portion of the fair value will be estimated. Once a banking level has been achieved, the banked units will have their value determined based on the average of the daily closing price of our common stock during the final 30 calendar days ending on the last trading day of the quarter that the banking was achieved. At the end of the performance period, any unbanked portion of the benefit will have their value determined based on the average of the daily closing price of our common stock during the final 30 calendar days ending on the last trading day of the performance period. Since these awards are settled in cash at the end of a defined performance period, they are classified as a liability and are re-measured quarterly until settlement. The fair value of our stock-settled stock-based performance units is estimated using the Monte Carlo simulation method at grant date only. Since these awards are settled in stock, they are classified as equity.
Accounting Standards Updates Adopted and Not Yet Adopted	Accounting Standards Updates Adopted No new accounting standards were adopted during the year ended 2023 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. There were no other issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Summary of Principal Accounti_3

Summary of Principal Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Property Plant and Equipment	The table below summarizes these assets by type, useful life and the net asset balance as of the periods presented: December 31, Type of Asset Range of Useful Lives 2023 2022 (In millions) Office furniture, equipment and computer hardware 4 to 15 years $ 55 $ 36 Pipelines 5 to 40 years $ 12 $ 13 Plants, facilities and infrastructure 3 to 40 years $ 1,567 $ 1,510 December 31, (In millions) 2023 2022 United States $ 16,905 $ 17,034 International 252 288 Not allocated to segments 56 55 Net property, plant and equipment $ 17,213 $ 17,377

Income and Dividends per Comm_2

Income and Dividends per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The per share calculations below exclude 1 million, 2 million and 4 million of antidilutive stock options for 2023, 2022 and 2021, respectively: Year Ended December 31, (In millions, except per share data) 2023 2022 2021 Net income $ 1,554 $ 3,612 $ 946 Weighted average common shares outstanding 607 685 787 Effect of dilutive securities 1 2 1 Weighted average common shares, diluted 608 687 788 Net income per share: Basic $ 2.56 $ 5.27 $ 1.20 Diluted $ 2.56 $ 5.26 $ 1.20 Dividends per share $ 0.41 $ 0.32 $ 0.18

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Fair values assigned to the assets acquired and liabilities assumed as of the closing date were as follows: (In millions) December 27, 2022 Assets: Inventories $ 4 Total current assets acquired 4 Property, plant and equipment 3,159 Total assets acquired $ 3,163 Liabilities: Other current liabilities $ 36 Total current liabilities assumed 36 Asset retirement obligations 41 Other noncurrent liabilities 58 Total liabilities assumed 135 Net assets acquired $ 3,028
Schedule of Pro Forma Information	The following table summarizes the unaudited pro forma condensed financial information of the Company as if the business combination had occurred on January 1, 2021: Year Ended December 31, (In millions) 2022 2021 Revenues $ 9,116 $ 5,757 Net income $ 3,974 $ 941

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedules of Disaggregation of Revenue	The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas: United States Year Ended December 31, 2023 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 2,107 $ 2,003 $ 277 $ 627 $ 48 $ 5,062 NGLs 283 171 137 77 — 668 Natural gas 189 92 129 37 2 449 Other 6 — — — 14 20 Revenues from contracts with customers $ 2,585 $ 2,266 $ 543 $ 741 $ 64 $ 6,199 Year Ended December 31, 2022 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 2,004 $ 2,508 $ 423 $ 456 $ 161 $ 5,552 NGLs 183 310 231 62 28 814 Natural gas 188 197 321 70 33 809 Other 7 — — — 86 93 Revenues from contracts with customers $ 2,382 $ 3,015 $ 975 $ 588 $ 308 $ 7,268 Year Ended December 31, 2021 (In millions) Eagle Ford Bakken Oklahoma Permian Other U.S. Total Crude oil and condensate $ 1,435 $ 1,777 $ 299 $ 314 $ 100 $ 3,925 NGLs 161 239 189 47 17 653 Natural gas 159 119 280 55 19 632 Other 8 — — — 116 124 Revenues from contracts with customers $ 1,763 $ 2,135 $ 768 $ 416 $ 252 $ 5,334 International (E.G.) Year Ended December 31, (In millions) 2023 2022 2021 Crude oil and condensate $ 183 $ 244 $ 240 NGLs 2 2 2 Natural gas 19 22 23 Other 4 4 2 Revenues from contracts with customers $ 208 $ 272 $ 267
Schedules of Concentration of Risk	Customers and their respective affiliates who accounted for 10% or more of our total commodity sales were as follows: December 31, 2023 2022 2021 Percentage of Total Commodity Sales Marathon Petroleum Corporation 22 % 22 % 17 % Trafigura Groupe Pte. Ltd. 12 % 10 % N/A Valero Marketing and Supply 11 % 12 % 10 %

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Year Ended December 31, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 6,199 $ 208 $ — $ 6,407 Net gain on commodity derivatives 29 — 13 (c) 42 Income from equity method investments — 185 — 185 Net gain on disposal of assets — — 17 (d) 17 Other income 21 21 4 46 Less costs and expenses: Production 753 75 — 828 Shipping, handling and other operating 647 5 37 689 Exploration 27 2 30 (e) 59 Depreciation, depletion and amortization 2,156 44 11 2,211 Impairments — — 2 2 Taxes other than income 364 (b) — (1) 363 General and administrative 131 13 153 297 Net interest and other — — 352 352 Other net periodic benefit credit — — (15) (15) Income tax provision (benefit) 408 43 (94) 357 Segment income (loss) $ 1,763 $ 232 $ (441) $ 1,554 Total assets $ 18,516 $ 899 $ 160 $ 19,575 Capital expenditures (a) $ 2,010 $ 7 $ 16 $ 2,033 (a) Includes accruals and excludes acquisitions. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized gain on commodity derivative instruments (See Note 12 ). (d) Includes a gain of $11 million of contingent consideration related to a previously disposed asset in the Gulf of Mexico. (e) 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 (See Note 10 ). Year Ended December 31, 2022 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 7,268 $ 272 $ — $ 7,540 Net gain (loss) on commodity derivatives (132) — 18 (b) (114) Income from equity method investments — 613 — 613 Net loss on disposal of assets — — (38) (c) (38) Other income 19 7 9 35 Less costs and expenses: Production 625 65 — 690 Shipping, handling and other operating 665 18 50 733 Exploration 36 — 74 (d) 110 Depreciation, depletion and amortization 1,675 60 18 1,753 Impairments — — 7 7 Taxes other than income 475 — 9 484 General and administrative 131 13 164 308 Net interest and other — — 188 (e) 188 Other net periodic benefit credit — — (16) (16) Income tax provision (benefit) 808 151 (792) (f) 167 Segment income $ 2,740 $ 585 $ 287 $ 3,612 Total assets $ 18,429 $ 1,157 $ 354 $ 19,940 Capital expenditures (a) $ 1,463 $ 2 $ 15 $ 1,480 (a) Includes accruals and excludes acquisitions . (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes $39 million in losses resulting from exchanges of unproved acreage in the Permian. (d) Includes dry well costs and unproved property impairments of $48 million for Louisiana exploration leases and $25 million for Permian exploration leases (See Note 9 and Note 10 ). (e) Includes a $17 million gain on our 2025 interest rate swaps (See Note 12 ). (f) Includes a $685 million benefit related to the partial release of our valuation allowance (See Note 7 ). Year Ended December 31, 2021 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 5,334 $ 267 $ — $ 5,601 Net gain (loss) on commodity derivatives (399) — 16 (b) (383) Income from equity method investments — 253 — 253 Net loss on disposal of assets — — (19) (c) (19) Other income 7 4 4 15 Less costs and expenses: Production 480 54 — 534 Shipping, handling and other operating 686 16 25 727 Exploration 65 — 71 (d) 136 Depreciation, depletion and amortization 1,972 68 26 2,066 Impairments — — 60 (e) 60 Taxes other than income 346 — (1) 345 General and administrative 107 13 171 (f) 291 Net interest and other — — 188 (g) 188 Other net periodic benefit credit — — (5) (5) Loss on early extinguishment of debt — — 121 (h) 121 Income tax provision (benefit) 9 56 (7) 58 Segment income (loss) $ 1,277 $ 317 $ (648) $ 946 Total assets $ 15,339 $ 994 $ 661 $ 16,994 Capital expenditures (a) $ 1,018 $ — $ 14 $ 1,032 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 12 ). (c) Includes a $20 million loss associated with a previously divested non-core conventional asset, a $12 million pre-tax loss associated with a reduction in our ownership interest in EG LNG (See Note 17 ) and an $8 million gain on various well bore assignments in Permian and Bakken. (d) Includes unproved property impairments of $20 million for Louisiana exploration leases and $16 million related to the disposition of a lease in Permian (See Note 10 ). Also includes $28 million of expense associated with drilled and uncompleted wells, primarily in Permian, due to a change in our plan of development. (e) Includes impairments of $24 million for central facilities in Eagle Ford (See Note 10 ), $5 million for proved properties in Permian (See Note 10 ) and $30 million associated with decommissioning costs for non-producing long-lived assets in Gulf of Mexico (See Note 10 , Note 11 , and Note 24 ). (f) Includes $13 million associated with the termination of an aircraft lease agreement and $12 million arising from severance expenses associated with a workforce reduction. (g) Includes a $28 million gain on our 2022 interest rate swaps and a $27 million gain on our 2025 interest rate swaps (See Note 12 ). (h) Represents costs related to a make-whole provision premium and the write off of unamortized discount and issuance costs in regards to the redemption of the 2022 Notes in April 2021 and 2025 Notes in September 2021 (See Note 14 ).
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	The following summarizes our balances of property, plant and equipment and equity method investments as of: December 31, (In millions) 2023 2022 United States $ 16,961 $ 17,088 E.G. 685 866 Total long-lived assets $ 17,646 $ 17,954

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	Income before income taxes was: Year Ended December 31, (In millions) 2023 2022 2021 United States $ 1,635 $ 3,037 $ 637 Foreign 276 742 367 Total $ 1,911 $ 3,779 $ 1,004
Schedule of Components of Income Tax Expense (Benefit)	Income tax provisions (benefits) were: Year Ended December 31, 2023 2022 2021 (In millions) Current Deferred Total Current Deferred Total Current Deferred Total Federal $ 1 $ 298 $ 299 $ — $ (46) $ (46) $ — $ — $ — State and local 1 17 18 12 52 64 4 1 5 Foreign 56 (16) 40 172 (23) 149 81 (28) 53 Total $ 58 $ 299 $ 357 $ 184 $ (17) $ 167 $ 85 $ (27) $ 58
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the federal statutory income tax rate applied to income before income taxes to the provision for income taxes follows: Year Ended December 31, (In millions) 2023 2022 2021 Total pre-tax income $ 1,911 $ 3,779 $ 1,004 Total income tax provision $ 357 $ 167 $ 58 Effective income tax rate 19 % 4 % 6 % Income taxes at the statutory tax rate $ 401 $ 793 $ 211 Adjustments to valuation allowances (59) (691) (166) Effects of foreign operations 62 2 (13) State income taxes, net of federal benefit 23 62 23 Tax law change 1 — (2) Tax credits generated (97) — — Other federal tax effects 26 1 5 Income tax provision $ 357 $ 167 $ 58
Schedule of Deferred Tax Assets and Liabilities	Deferred tax assets and liabilities resulted from the following: Year Ended December 31, (In millions) 2023 2022 Deferred tax assets: Employee benefits $ 51 $ 56 Operating loss carryforwards 647 1,189 Foreign tax credits 406 602 Other tax credits 89 — Lease deferred tax assets 53 31 Other 7 34 Subtotal 1,253 1,912 Valuation allowance (30) (89) Total deferred tax assets 1,223 1,823 Deferred tax liabilities: Property, plant and equipment 1,521 1,850 Lease deferred tax liabilities 117 97 Other 4 3 Total deferred tax liabilities 1,642 1,950 Net deferred tax liabilities $ 419 $ 127
Schedule of Net Deferred Tax Assets Liabilities Table	Net deferred tax assets and liabilities were classified in the consolidated balance sheets as follows: December 31, (In millions) 2023 2022 Assets: Other noncurrent assets $ — $ 40 Liabilities: Noncurrent deferred tax liabilities 419 167 Net deferred tax liabilities $ 419 $ 127
Schedule of Income Tax Returns Remaining Subject To Examination Table	As of December 31, 2023, our income tax returns remain subject to examination in the following major tax jurisdictions for the tax years indicated: United States (a) 2019 - 2022 E.G. 2007 - 2022 (a) Includes federal and state jurisdictions.
Schedule of Activity in Unrecognized Tax Benefits Table	The following table summarizes the activity in unrecognized tax benefits: (In millions) 2023 2022 2021 Beginning balance $ — $ 10 $ 8 Additions for tax positions related to the current year 13 — — Additions for tax positions of prior years 42 1 2 Settlements — (11) — Ending balance $ 55 $ — $ 10

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	December 31, (In millions) 2023 2022 Crude oil and NGLs $ 14 $ 15 Supplies and other items 172 110 Inventories $ 186 $ 125

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property Plant and Equipment	The table below summarizes these assets by type, useful life and the net asset balance as of the periods presented: December 31, Type of Asset Range of Useful Lives 2023 2022 (In millions) Office furniture, equipment and computer hardware 4 to 15 years $ 55 $ 36 Pipelines 5 to 40 years $ 12 $ 13 Plants, facilities and infrastructure 3 to 40 years $ 1,567 $ 1,510 December 31, (In millions) 2023 2022 United States $ 16,905 $ 17,034 International 252 288 Not allocated to segments 56 55 Net property, plant and equipment $ 17,213 $ 17,377
Schedule of Projects with Exploratory Well Costs Capitalized for More than One Year	Changes in our capitalized exploratory well costs were as follows: December 31, (In millions) 2023 2022 2021 Beginning balance as of January 1 $ 114 $ 162 $ 210 Additions 69 78 50 Charges to expense (12) (30) (30) Transfers to development (79) (96) (68) Ending balance as of December 31 $ 92 $ 114 $ 162

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligation	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: December 31, (In millions) 2023 2022 Beginning balance as of January 1 $ 340 $ 316 Incurred liabilities, including acquisitions 12 55 Settled liabilities, including dispositions (35) (20) Accretion expense (included in depreciation, depletion and amortization) 16 14 Revisions of estimates 7 (25) Ending balance as of December 31 $ 340 $ 340 Ending balance as of December 31, short-term $ 14 $ 45

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in the Consolidated Balance Sheets	The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: December 31, 2023 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 24 $ — $ 24 Other current assets Total Not Designated as Hedges $ 24 $ — $ 24 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 9 — 9 Other noncurrent assets Total Designated Hedges $ 18 $ — $ 18 Total $ 42 $ — $ 42 December 31, 2022 (In millions) Asset Liability Net Asset 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 gain 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: Year Ended December 31, (In millions) 2023 2022 2021 Unrealized gain on derivative instruments, net $ 13 $ 18 $ 16 Realized gain (loss) on derivative instruments, net (a) $ 29 $ (132) $ (399) (a) During the year ended 2023, net cash received for settled derivative positions was $28 million. During the years ended 2022 and 2021, net cash paid for settled derivative positions was $153 million, and $356 million, respectively.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of December 31, 2023 and the weighted average prices for those contracts: 2024 First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 40,000 40,000 20,000 20,000 Weighted average price per Bbl: Ceiling $ 101.01 $ 101.01 $ 101.95 $ 101.95 Floor $ 66.25 $ 66.25 $ 65.00 $ 65.00 Sold put $ 51.25 $ 51.25 $ 50.00 $ 50.00
Schedule of Interest Rate Derivatives	The following table presents, by maturity date, information about our interest rate swap agreements, including the fixed weighted average interest rate: December 31, 2023 December 31, 2022 Maturity Date Aggregate Notional Amount (in millions) Weighted Average, SOFR Aggregate Notional Amount (in millions) Weighted Average, SOFR September 9, 2026 $ 295 1.43 % $ 295 1.43 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present assets and liabilities accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 by hierarchy level: December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 24 $ — $ 24 Interest rate - designated as cash flow hedges — 18 — 18 Derivative instruments, assets $ — $ 42 $ — $ 42 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) 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 December 31, 2023 and 2022: December 31, 2023 2022 (In millions) Fair Carrying Fair Carrying Financial assets Other noncurrent assets $ 9 $ 27 $ 10 $ 28 Total financial assets $ 9 $ 27 $ 10 $ 28 Financial liabilities Other current liabilities (a) $ 80 $ 126 $ 140 $ 204 Long-term debt, including current portion (b) 4,961 4,997 5,806 5,948 Deferred credits and other liabilities (c) 70 71 73 73 Total financial liabilities $ 5,111 $ 5,194 $ 6,019 $ 6,225 (a) Included in the fair value and the carrying value of other current liabilities at December 31, 2022 are $31 million of current liabilities assumed as a part of our acquisition of the Eagle Ford assets of Ensign during the fourth quarter of 2022. See Note 4 for details on the acquisition. (b) Excludes debt issuance costs. (c) Included in the fair value and the carrying value of deferred credits and other liabilities at December 31, 2022 are $58 million of noncurrent liabilities assumed as a part of our acquisition of the Eagle Ford assets of Ensign during the fourth quarter of 2022. See Note 4 for details on the acquisition.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Instrument Table	Our long-term debt consists of the following: December 31, (In millions) 2023 2022 Term Loan Facility due December 2024 $ 1,200 $ 1,500 Revolving Credit Facility due 2027 — 450 Senior unsecured notes: 8.500% notes due 2023 — 70 8.125% notes due 2023 — 131 4.400% notes due 2027 (a) 1,000 1,000 6.800% notes due 2032 (a) 550 550 6.600% notes due 2037 (a) 750 750 5.200% notes due 2045 (a) 500 500 Bonds: (b) 2.10% notes due 2037 200 200 2.125% notes due 2037 200 200 2.200% notes due 2037 200 200 2.375% notes due 2037 200 200 4.050% notes due 2037 200 — 2.000% notes due 2037 — 200 Total debt $ 5,000 $ 5,951 Unamortized discount (3) (3) Unamortized debt issuance cost (19) (25) Total debt, net $ 4,978 $ 5,923 (a) These notes contain a make-whole provision allowing us to repay the debt at a premium to market price. (b)
Schedule of Long-Term Debt Maturities	As of December 31, 2023, maturities of long-term debt over the next five years, excluding interest to be accrued, were as follows: (In millions) 2024 $ 1,600 2025 — 2026 600 2027 1,000 2028 — Thereafter 1,800 Total long-term debt, including current portion $ 5,000

Incentive Based Compensation (T

Incentive Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following is a summary of stock option award activity in 2023: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) Outstanding at beginning of year 1,678,524 $ 28.86 Granted — — Exercised (262,153) 10.47 Canceled (412,067) 34.44 Outstanding at end of year 1,004,304 $ 31.38 1 year $ 1 Exercisable at end of year 1,004,304 $ 31.38 1 year $ 1 Expected to vest — $ — 0 years $ —
Schedule of Nonvested Restricted Stock Units Activity	The following is a summary of restricted stock and restricted stock unit award activity in 2023: Awards (in shares) Weighted Average Grant Date Fair Value Unvested at beginning of year 4,651,196 $ 14.89 Granted 1,852,885 25.77 Vested (2,785,495) 12.58 Canceled (204,181) 21.64 Unvested at end of year 3,514,405 $ 22.07
Schedule of Performance Units, Valuation	The key assumptions used in the Monte Carlo simulation to determine the grant date fair value of stock-based performance units granted in 2023, 2022 and 2021 were: 2023 2022 2021 Valuation date stock price $ 25.79 $ 22.89 $ 11.20 Expected annual dividend yield 1.5 % 1.2 % 1.1 % Expected volatility 58 % 73 % 71 % Risk-free interest rate 4.5 % 1.4 % 0.3 % Fair value of stock-based performance units outstanding $ 32.97 $ 34.07 $ 18.07

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During 2023, 2022 and 2021 our equity method investees were considered related parties. Our investment in our equity method investees are summarized in the following table: Ownership as of December 31, (In millions) December 31, 2023 2023 2022 EGHoldings (a) 56% $ 118 $ 287 Alba Plant LLC (b) 52% 153 155 AMPCO (c) 45% 162 135 Total $ 433 $ 577 (a) EGHoldings is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity.
Schedule of Income And Balance Sheet Information of Equity Investees Table	Summarized, 100% combined financial information for equity method investees is as follows: (In millions) 2023 2022 2021 Income data – year: Revenues and other income $ 906 $ 1,745 $ 1,095 Income from operations 363 1,164 537 Net income 305 1,068 440 Balance sheet data – December 31: Current assets $ 534 $ 842 Noncurrent assets 611 698 Current liabilities 183 269 Noncurrent liabilities 167 188

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Balance sheet information related to ROU assets and lease liabilities was as follows: December 31, (In millions) 2023 2022 ROU assets: Balance Sheet Location: Operating leases (a) Other noncurrent assets $ 225 $ 123 Finance leases Other noncurrent assets 18 24 Total ROU assets $ 243 $ 147 Lease liabilities: Current liabilities Operating leases Other current liabilities $ 109 $ 94 Finance leases Other current liabilities 7 6 Noncurrent liabilities Operating leases (a) Deferred credits and other liabilities 120 32 Finance leases Deferred credits and other liabilities 12 18 Total lease liabilities $ 248 $ 150 (a) As of December 31, 2023, our noncurrent operating ROU asset and lease liability balances increased by $102 million and $88 million, respectively, when compared to the prior year ending balances. The increase is primarily a result of entering into long-term leases for compressors in certain operating areas.
Schedule of Lease Costs	The table below presents our net lease costs for the years ended December 31, 2023, 2022 and 2021: December 31, (In millions) 2023 2022 2021 Operating lease costs: Short-term lease costs (a) $ 76 $ 164 $ 121 Long-term lease costs (b) 120 74 64 Variable lease costs (c) 24 37 33 Finance lease costs: Amortization of ROU assets 6 4 3 Total lease costs $ 226 $ 279 $ 221 Other information: Cash paid for amounts included in the measurement of operating lease liabilities $ 149 $ 90 $ 73 ROU assets obtained in exchange for new operating lease liabilities (d) 56 117 15 ROU assets obtained in exchange for new finance lease liabilities (e) — — 28 Changes to ROU assets resulting from modifications or cancellations of operating leases $ 179 $ 40 $ (13) (a) Represents our net share of lease costs arising from leases of less than one year but longer than one month that were not included in the lease liability. (b) Represents our net share of the ROU asset amortization and the interest expense. (c) Represents our net share of variable lease payments that were not included in the lease liability. (d) Represents the cumulative value of operating lease ROU assets recognized at lease inception and is amortized as the ROU asset is utilized. (e) Represents the cumulative value of finance lease ROU assets recognized at lease inception and is amortized as the ROU asset is utilized.
Schedule of Operating Lease, Maturity	The remaining annual undiscounted cash flows associated with long-term leases and the reconciliation of these cash flows to the lease liabilities recognized on the consolidated balance sheet is summarized below: (In millions) Operating Lease Obligations Finance Lease Obligations Total Lease Obligations 2024 $ 123 $ 7 $ 130 2025 67 7 74 2026 55 6 61 2027 1 — 1 2028 — — — Thereafter — — — Total undiscounted lease payments $ 246 $ 20 $ 266 Less: amount representing interest 17 1 18 Total lease liabilities $ 229 $ 19 $ 248 Less: current portion of lease liability as of December 31, 2023 109 7 116 Long-term lease liability as of December 31, 2023 $ 120 $ 12 $ 132
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 2024 $ 6 2025 6 2026 6 2027 6 2028 6 Thereafter 36 Total undiscounted cash flows $ 66

Credit Losses (Tables)

Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
Summary of Allowance for Doubtful Accounts Balance	Changes in the reserve for credit losses balance for the year were as follows: December 31, (In millions) 2023 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 as of December 31 $ 10 $ 10

Defined Benefit Postretiremen_2

Defined Benefit Postretirement Plans and Defined Contribution Plan (Tables)	12 Months Ended
	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan	Obligations and funded status – The following summarizes the obligations and funded status for our defined benefit pension and other postretirement plans: Pension Benefits Other Benefits (In millions) 2023 2022 2023 2022 Accumulated benefit obligation $ 226 $ 214 $ 50 $ 53 Change in pension benefit obligations: Beginning balance $ 218 $ 269 $ 53 $ 73 Service cost 15 14 — — Interest cost 10 7 3 2 Actuarial (gain) loss 10 (46) 1 (11) Settlements paid (3) (21) — — Benefits paid (18) (5) (7) (11) Ending balance $ 232 $ 218 $ 50 $ 53 Change in fair value of plan assets: Beginning balance $ 161 $ 192 $ — $ — Actual return on plan assets 13 (27) — — Employer contributions 25 22 7 11 Settlements paid (3) (21) — — Benefits paid (18) (5) (7) (11) Ending balance $ 178 $ 161 $ — $ — Funded status of plans at December 31 $ (54) $ (57) $ (50) $ (53) Amounts recognized in the consolidated balance sheets: Current liabilities $ (3) $ (3) $ (8) $ (8) Noncurrent liabilities (51) (54) (42) (45) Accrued benefit cost $ (54) $ (57) $ (50) $ (53) Pretax amounts in accumulated other comprehensive loss: Net loss $ 28 $ 24 $ 11 $ 11 Prior service credit (2) (8) (49) (65)
Schedule of Net Periodic Benefit Cost	Components of net periodic benefit costs and other comprehensive (income) loss – The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive (income) loss for our defined benefit pension and other postretirement plans: Pension Benefits Other Benefits Year Ended December 31, Year Ended December 31, (In millions) 2023 2022 2021 2023 2022 2021 Components of net periodic benefit costs: Service cost $ 15 $ 14 $ 16 $ — $ — $ — Interest cost 10 7 7 3 2 2 Expected return on plan assets (8) (8) (8) — — — Amortization: - prior service credit (6) (6) (6) (16) (16) (16) - actuarial loss 1 2 5 1 2 2 Net settlement loss (a) 1 2 9 — — — Net periodic benefit cost (credit) (b) $ 13 $ 11 $ 23 $ (12) $ (12) $ (12) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss (pretax): Actuarial loss (gain) $ 6 $ (10) $ (21) $ 1 $ (10) $ 1 Settlement loss and amortization of actuarial loss (2) (4) (14) (1) (2) (2) Curtailment gain and amortization of prior service credit 6 6 6 16 16 16 Total recognized in other comprehensive (income) loss $ 10 $ (8) $ (29) $ 16 $ 4 $ 15 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 23 $ 3 $ (6) $ 4 $ (8) $ 3 (a) Settlements are recognized as they occur, once it is probable that lump sum payments from a plan for a given year will exceed the plan’s total service and interest costs 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.
Schedule of Assumptions Used	Plan assumptions – The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2023, 2022 and 2021: Pension Benefits Other Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine benefit obligation: Discount rate 4.94 % 5.20 % 2.83 % 4.87 % 5.07 % 2.48 % Rate of compensation increase (a) 5.50 % 5.00 % 0.50 % 5.50 % 5.00 % 0.50 % Cash balance interest crediting 3.94 % 4.20 % 3.00 % — % — % — % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 5.20 % 4.02 % 2.77 % 5.07 % 2.48 % 2.02 % Expected long-term return on plan assets 6.00 % 5.75 % 5.75 % — % — % — % Rate of compensation increase (a) 5.50 % 5.00 % 0.50 % 5.50 % 5.00 % 0.50 % Cash balance interest crediting 4.20 % 3.60 % 3.00 % — % — % — % (a)
Schedule of Allocation of Plan Assets	The following tables present the fair values of our defined benefit pension plan’s assets, by level within the fair value hierarchy, as of December 31, 2023 and 2022: December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1 $ — $ — $ 1 Equity securities: Common stock — — — — Private equity — — 3 3 Other — — 9 9 Total investments, at fair value 1 — 12 13 Commingled funds (a) — — — 165 Total investments $ 1 $ — $ 12 $ 178 December 31, 2022 (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8 $ — $ — $ 8 Equity securities: Common stock 22 — — 22 Private equity — — 5 5 Other — — 10 10 Total investments, at fair value 30 — 15 45 Commingled funds (a) — — — 116 Total investments $ 30 $ — $ 15 $ 161 (a) After the adoption of the FASB update for the fair value hierarchy, we separately report the investments for which fair value was measured using the net asset value per share as a practical expedient. Amounts presented in this table are intended to reconcile the fair value hierarchy to the pension plan assets.
Schedule of Expected Benefit Payments	Estimated future benefit payments – The following gross benefit payments, which were estimated based on actuarial assumptions applied at December 31, 2023 and reflect expected future services, as appropriate, are to be paid in the years indicated: (In millions) Pension Benefits Other Benefits 2024 $ 29 $ 7 2025 27 7 2026 25 6 2027 25 5 2028 24 5 2029 through 2033 $ 113 $ 18

Reclassifications Out of Accu_2

Reclassifications Out of Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Amounts Reclassified out of Accumulated Other Comprehensive Income (Loss)	The following table presents a summary of amounts reclassified from accumulated other comprehensive income: Year Ended December 31, (In millions) 2023 2022 Income Statement Line Postretirement and postemployment plans Amortization of prior service credit $ 22 $ 22 Other net periodic benefit credits Amortization of actuarial loss (2) (4) Other net periodic benefit credits Net settlement loss (1) (2) Other net periodic benefit credits Income tax (4) (3) Provision for income taxes Total reclassifications, net of tax $ 15 $ 13 Net income

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Information	Year Ended December 31, (In millions) 2023 2022 2021 Included in operating activities: Interest paid (a) $ 329 $ 197 $ 231 Income taxes paid, net of refunds 106 173 24 Noncash investing activities: Increase in asset retirement costs $ 19 $ 30 $ 56 (a) The increase during the twelve months ended December 31, 2023 compared to the same period in 2022 and 2021 was primarily related to interest paid on borrowings under the Term Loan Facility and Revolving Credit Facility.

Net Interest and Other (Tables)

Net Interest and Other (Tables)	12 Months Ended
	Dec. 31, 2023
Interest and Other Income [Abstract]
Schedule of Net Interest And Other Financing Table	Year Ended December 31, (In millions) 2023 2022 2021 Interest: Interest income $ 7 $ 15 $ 1 Interest expense (a) (343) (227) (257) Gain on interest rate swaps 1 19 54 Total interest (335) (193) (202) Other: Other (17) 5 14 Net interest and other $ (352) $ (188) $ (188) (a) The increase in interest expense during the twelve months ended December 31, 2023 compared to the same period in 2022 and 2021 was primarily related to interest paid on borrowings under the Term Loan Facility and Revolving Credit Facility.

Summary of Principal Accounti_4

Summary of Principal Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,213	$ 17,377
Number of calendar days for average daily closing price of common stock	30 days
Office furniture, equipment and computer hardware
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 55	36
Office furniture, equipment and computer hardware | Minimum
Property, Plant and Equipment [Line Items]
Range of Useful Lives	4 years
Office furniture, equipment and computer hardware | Maximum
Property, Plant and Equipment [Line Items]
Range of Useful Lives	15 years
Pipelines
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 12	13
Pipelines | Minimum
Property, Plant and Equipment [Line Items]
Range of Useful Lives	5 years
Pipelines | Maximum
Property, Plant and Equipment [Line Items]
Range of Useful Lives	40 years
Plants, facilities and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 1,567	$ 1,510
Plants, facilities and infrastructure | Minimum
Property, Plant and Equipment [Line Items]
Range of Useful Lives	3 years
Plants, facilities and infrastructure | Maximum
Property, Plant and Equipment [Line Items]
Range of Useful Lives	40 years

Income and Dividends per Comm_3

Income and Dividends per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1	2	4
Net income	$ 1,554	$ 3,612	$ 946
Weighted average common shares outstanding (in shares)	607	685	787
Effect of dilutive securities (in shares)	1	2	1
Weighted average common shares, diluted (in shares)	608	687	788
Net income per share:
Basic (in dollars per share)	$ 2.56	$ 5.27	$ 1.20
Diluted (in dollars per share)	2.56	5.26	1.20
Dividends paid (in dollars per share)	$ 0.41	$ 0.32	$ 0.18

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Ensign Natural Resources a in Thousands, $ in Millions		3 Months Ended	12 Months Ended
	Dec. 27, 2022 USD ($) a well	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Cash consideration	$ 3,000
Net proved and unproved acres | a	130
Average working interest, percent	97%
Number of wells acquired | well	700
Acquisition related costs			$ 18
Business combination, consideration transferred, increase in ownership interest		$ 135

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - Ensign Natural Resources - USD ($) $ in Millions	Dec. 31, 2022	Dec. 27, 2022
Assets:
Inventories		$ 4
Total current assets acquired		4
Property, plant and equipment		3,159
Total assets acquired		3,163
Liabilities:
Other current liabilities		36
Total current liabilities assumed	$ 31	36
Asset retirement obligations	$ 41	41
Other noncurrent liabilities		58
Total liabilities assumed		135
Net assets acquired		$ 3,028

Acquisitions - Unaudited Pro Fo

Acquisitions - Unaudited Pro Forma (Details) - Ensign Natural Resources - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenues	$ 9,116	$ 5,757
Net income	$ 3,974	$ 941

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables, net	$ 886	$ 875

Revenues - Revenues from Contra

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 6,407	$ 7,540	$ 5,601
U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6,199	7,268	5,334
U.S. | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,585	2,382	1,763
U.S. | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,266	3,015	2,135
U.S. | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	543	975	768
U.S. | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	741	588	416
U.S. | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	64	308	252
U.S. | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,062	5,552	3,925
U.S. | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,107	2,004	1,435
U.S. | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,003	2,508	1,777
U.S. | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	277	423	299
U.S. | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	627	456	314
U.S. | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	48	161	100
U.S. | NGLs
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	668	814	653
U.S. | NGLs | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	283	183	161
U.S. | NGLs | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	171	310	239
U.S. | NGLs | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	137	231	189
U.S. | NGLs | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	77	62	47
U.S. | NGLs | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	28	17
U.S. | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	449	809	632
U.S. | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	189	188	159
U.S. | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	92	197	119
U.S. | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	129	321	280
U.S. | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	37	70	55
U.S. | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	33	19
U.S. | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20	93	124
U.S. | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	6	7	8
U.S. | Other | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
U.S. | Other | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
U.S. | Other | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0
U.S. | Other | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14	86	116
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	208	272	267
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	183	244	240
International | NGLs | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	2	2
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	19	22	23
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 4	$ 4	$ 2

Revenues - Customer Concentrati

Revenues - Customer Concentration Risk (Details) - Revenue Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Marathon Petroleum Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	22%	22%	17%
Trafigura Groupe Pte. Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage	12%	10%
Valero Marketing and Supply
Concentration Risk [Line Items]
Concentration risk, percentage	11%	12%	10%

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment		2
Revenues from contracts with customers		$ 6,407	$ 7,540	$ 5,601
Net gain (loss) on commodity derivatives		42	(114)	(383)
Income from equity method investments		185	613	253
Net gain (loss) on disposal of assets		17	(38)	(19)
Other income		46	35	15
Production		828	690	534
Shipping, handling and other operating		689	733	727
Exploration		59	110	136
Depreciation, depletion and amortization		2,211	1,753	2,066
Impairments		2	7	60
Taxes other than income		363	484	345
General and administrative		297	308	291
Net interest and other		352	188	188
Other net periodic benefit credit		(15)	(16)	(5)
Loss on early extinguishment of debt		0	0	121
Income tax provision (benefit)		357	167	58
Net income		1,554	3,612	946
Total assets		19,575	19,940	16,994
Capital expenditures		2,033	1,480	1,032
Valuation allowance released	$ 685		685
Loss on lease termination				13
Severance costs				12
Non-Core Conventional Assets
Segment Reporting Information [Line Items]
Net gain (loss) on disposal of assets				(20)
Equity Method Investments
Segment Reporting Information [Line Items]
Net gain (loss) on disposal of assets				(12)
Well Bore Assignments
Segment Reporting Information [Line Items]
Net gain (loss) on disposal of assets				8
Interest Rate Contract, Maturing June 1, 2025 | Not Designated as Hedges
Segment Reporting Information [Line Items]
Gain on interest rate swap				27
Interest Rate Contract, Maturing November 1, 2022 | Not Designated as Hedges
Segment Reporting Information [Line Items]
Gain on interest rate swap				28
Cash Flow Hedges | Interest Rate Contract, Maturing June 1, 2025
Segment Reporting Information [Line Items]
Gain on interest rate swap			17
Eagle Ford
Segment Reporting Information [Line Items]
Taxes other than income		47
Eagle Ford | Central Facilities
Segment Reporting Information [Line Items]
Impairments				24
Permian
Segment Reporting Information [Line Items]
Exploration		11
Impairments				5
Dry well cost		10
Permian | Unproved Acreage
Segment Reporting Information [Line Items]
Net gain (loss) on disposal of assets			(39)
Permian | Dry Well Costs and Unproved Property Impairments
Segment Reporting Information [Line Items]
Exploration			25
Permian | Unproved Property Impairments
Segment Reporting Information [Line Items]
Exploration		11	17	16
Permian | Drilled and Uncomplete Wells
Segment Reporting Information [Line Items]
Exploration				28
LOUISIANA | Dry Well Costs and Unproved Property Impairments
Segment Reporting Information [Line Items]
Exploration			48
LOUISIANA | Unproved Property Impairments
Segment Reporting Information [Line Items]
Exploration			25	20
Gulf Of Mexico
Segment Reporting Information [Line Items]
Net gain (loss) on disposal of assets		11
Gulf Of Mexico | Non-Producing Property
Segment Reporting Information [Line Items]
Asset retirement costs of long-lived assets, impairment				30
Impairments				30
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers		6,199	7,268	5,334
U.S. | Eagle Ford
Segment Reporting Information [Line Items]
Revenues from contracts with customers		2,585	2,382	1,763
U.S. | Permian
Segment Reporting Information [Line Items]
Revenues from contracts with customers		741	588	416
Operating Segments | U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers		6,199	7,268	5,334
Net gain (loss) on commodity derivatives		29	(132)	(399)
Income from equity method investments		0	0	0
Net gain (loss) on disposal of assets		0	0	0
Other income		21	19	7
Production		753	625	480
Shipping, handling and other operating		647	665	686
Exploration		27	36	65
Depreciation, depletion and amortization		2,156	1,675	1,972
Impairments		0	0	0
Taxes other than income		364	475	346
General and administrative		131	131	107
Net interest and other		0	0	0
Other net periodic benefit credit		0	0	0
Loss on early extinguishment of debt				0
Income tax provision (benefit)		408	808	9
Net income		1,763	2,740	1,277
Total assets		18,516	18,429	15,339
Capital expenditures		2,010	1,463	1,018
Operating Segments | Int’l
Segment Reporting Information [Line Items]
Revenues from contracts with customers		208	272	267
Net gain (loss) on commodity derivatives		0	0	0
Income from equity method investments		185	613	253
Net gain (loss) on disposal of assets		0	0	0
Other income		21	7	4
Production		75	65	54
Shipping, handling and other operating		5	18	16
Exploration		2	0	0
Depreciation, depletion and amortization		44	60	68
Impairments		0	0	0
Taxes other than income		0	0	0
General and administrative		13	13	13
Net interest and other		0	0	0
Other net periodic benefit credit		0	0	0
Loss on early extinguishment of debt				0
Income tax provision (benefit)		43	151	56
Net income		232	585	317
Total assets		899	1,157	994
Capital expenditures		7	2	0
Not Allocated to Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers		0	0	0
Net gain (loss) on commodity derivatives		13	18	16
Income from equity method investments		0	0	0
Net gain (loss) on disposal of assets		17	(38)	(19)
Other income		4	9	4
Production		0	0	0
Shipping, handling and other operating		37	50	25
Exploration		30	74	71
Depreciation, depletion and amortization		11	18	26
Impairments		2	7	60
Taxes other than income		(1)	9	(1)
General and administrative		153	164	171
Net interest and other		352	188	188
Other net periodic benefit credit		(15)	(16)	(5)
Loss on early extinguishment of debt				121
Income tax provision (benefit)		(94)	(792)	(7)
Net income		(441)	287	(648)
Total assets		160	354	661
Capital expenditures		$ 16	$ 15	$ 14

Segment Information - Geographi

Segment Information - Geographical (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 17,646	$ 17,954
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	16,961	17,088
E.G.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 685	$ 866

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income (Loss) Before Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 1,635	$ 3,037	$ 637
Foreign	276	742	367
Income before income taxes	$ 1,911	$ 3,779	$ 1,004

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 1	$ 0	$ 0
Deferred	298	(46)	0
Total	299	(46)	0
State and local
Current	1	12	4
Deferred	17	52	1
Total	18	64	5
Foreign
Current	56	172	81
Deferred	(16)	(23)	(28)
Total	40	149	53
Total
Current	58	184	85
Deferred	299	(17)	(27)
Total income tax provision	$ 357	$ 167	$ 58

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,911	$ 3,779	$ 1,004
Total income tax provision	$ 357	$ 167	$ 58
Effective income tax rate	19%	4%	6%
Income taxes at the statutory tax rate	$ 401	$ 793	$ 211
Adjustments to valuation allowances	(59)	(691)	(166)
Effects of foreign operations	62	2	(13)
State income taxes, net of federal benefit	23	62	23
Tax law change	1	0	(2)
Tax credits generated	(97)	0	0
Other federal tax effects	$ 26	$ 1	$ 5

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance released		$ 685,000,000	$ 685,000,000
Research and development tax credits	$ 97,000,000
Operating loss carryforwards	647,000,000		1,189,000,000
Foreign tax credits	406,000,000		602,000,000
Research and development tax credit carryforward	88,000,000
Valuation allowance	30,000,000		89,000,000
Deferred tax liability, property, plant and equipment	1,521,000,000		$ 1,850,000,000
Unrecognized tax benefits that would impact effective tax rate	53,000,000
Uncertain tax positions expected to significantly change within the next twelve months	0
United States
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2,800,000,000
Operating loss carryforwards, not subject to expiration	593,000,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,300,000,000
Operating loss carryforwards, subject to expiration	$ 54,000,000

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Deferred Tax Asset/Liability (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Employee benefits	$ 51	$ 56
Operating loss carryforwards	647	1,189
Foreign tax credits	406	602
Other tax credits	89	0
Lease deferred tax assets	53	31
Other	7	34
Subtotal	1,253	1,912
Valuation allowance	(30)	(89)
Total deferred tax assets	1,223	1,823
Deferred tax liabilities:
Property, plant and equipment	1,521	1,850
Lease deferred tax liabilities	117	97
Other	4	3
Total deferred tax liabilities	1,642	1,950
Net deferred tax liabilities	$ 419	$ 127

Income Taxes - Balance Sheet Cl

Income Taxes - Balance Sheet Classification (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Deferred tax assets	$ 0	$ 40
Liabilities
Noncurrent deferred tax liabilities	419	167
Net deferred tax liabilities	$ 419	$ 127

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrecognized Tax Benefit Rollforward [Abstract]
Beginning balance	$ 0	$ 10	$ 8
Additions for tax positions related to the current year	13	0	0
Additions for tax positions of prior years	42	1	2
Settlements	0	(11)	0
Ending balance	$ 55	$ 0	$ 10

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Crude oil and NGLs	$ 14	$ 15
Supplies and other items	172	110
Inventories	$ 186	$ 125

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 17,213	$ 17,377
Not Allocated to Segments
Segment Reporting Information [Line Items]
Property, plant and equipment, net	56	55
United States | Operating Segments
Segment Reporting Information [Line Items]
Property, plant and equipment, net	16,905	17,034
International | Operating Segments
Segment Reporting Information [Line Items]
Property, plant and equipment, net	$ 252	$ 288

Property, Plant and Equipment_2

Property, Plant and Equipment - Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Beginning balance as of January 1	$ 114	$ 162	$ 210
Additions	69	78	50
Charges to expense	(12)	(30)	(30)
Transfers to development	(79)	(96)	(68)
Ending balance as of December 31	$ 92	$ 114	$ 162

Property, Plant and Equipment_3

Property, Plant and Equipment - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Amounts capitalized greater than one year after completion of drilling	$ 0	$ 20,000,000
Permian
Property, Plant and Equipment [Line Items]
Dry well cost	$ 10,000,000

Impairments (Details)

Impairments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) facility
Impaired Long-Lived Assets Held and Used [Line Items]
Exploration	$ 59	$ 110	$ 136
Impairments	2	7	$ 60
Number of impaired assets | facility			2
Permian
Impaired Long-Lived Assets Held and Used [Line Items]
Exploration	11
Impairments			$ 5
New Mexico
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments			5
Unproved Property Impairments | Permian
Impaired Long-Lived Assets Held and Used [Line Items]
Exploration	$ 11	17	16
Unproved Property Impairments | LOUISIANA
Impaired Long-Lived Assets Held and Used [Line Items]
Exploration		$ 25	20
Central Facilities | Eagle Ford
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments			24
Non-Producing Property | Gulf Of Mexico
Impaired Long-Lived Assets Held and Used [Line Items]
Impairments			$ 30

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 27, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 316
Incurred liabilities, including acquisitions	12	55
Settled liabilities, including dispositions	(35)	(20)
Accretion expense (included in depreciation, depletion and amortization)	16	14
Revisions of estimates	7	(25)
Ending balance as of December 31	340	340
Asset retirement obligation, current	$ 14	45
Ensign Natural Resources
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations		$ 41	$ 41

Derivatives - Balance Sheet Com

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset	$ 42	$ 34
Liability	0	0
Net Asset	$ 42	$ 34
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets, Other noncurrent assets	Other noncurrent assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Deferred credits and other liabilities	Other current liabilities, Deferred credits and other liabilities
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	$ 24	$ 10
Liability	0	0
Net Asset	24	10
Not Designated as Hedges | Other current assets | Commodity
Derivatives, Fair Value [Line Items]
Asset	24	10
Liability	0	0
Net Asset	24	10
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	18	24
Liability	0	0
Net Asset	18	24
Cash Flow Hedges | Other current assets | Interest Rate
Derivatives, Fair Value [Line Items]
Asset	9	9
Liability	0	0
Net Asset	9	9
Cash Flow Hedges | Other noncurrent assets | Interest Rate
Derivatives, Fair Value [Line Items]
Asset	9	15
Liability	0	0
Net Asset	$ 9	$ 15

Derivatives - Outstanding Deriv

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Dec. 31, 2023 bbl / h $ / bbl
Three-Way Collars - Crude Oil 2024, First Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	40,000
Derivative, ceiling	101.01
Derivative, floor	66.25
Derivative, sold put	51.25
Three-Way Collars - Crude Oil 2024, Second Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	40,000
Derivative, ceiling	101.01
Derivative, floor	66.25
Derivative, sold put	51.25
Three-Way Collars - Crude Oil 2024, Third Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	20,000
Derivative, ceiling	101.95
Derivative, floor	65
Derivative, sold put	50
Three-Way Collars - Crude Oil 2024, Fourth Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	20,000
Derivative, ceiling	101.95
Derivative, floor	65
Derivative, sold put	50

Derivatives - Schedule of mark-

Derivatives - Schedule of mark-to-market impact and commodity derivative settlements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, net	$ 1	$ 19	$ 54
Net settlements of derivative instruments	28	153	356
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain on derivative instruments, net	13	18	16
Realized gain (loss) on derivatives, net	$ 29	$ (132)	$ (399)

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt				$ 4,978,000,000	$ 5,923,000,000
Senior Unsecured Notes, 3.850%, Due 2025
Derivative Instruments, Gain (Loss) [Line Items]
Long-term debt							$ 900,000,000
Debt instrument, interest rate							3.85%
Interest Rate Contract, Maturing June 1, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification from AOCI		$ 31,000,000
Interest Rate Contract, Maturing June 1, 2025 | Not Designated as Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain on interest rate swap						$ 27,000,000
Interest Rate Contract, Maturing June 1, 2025 | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain on interest rate swap					17,000,000
Proceeds for settlement of interest rate swaps	$ 44,000,000
Interest Rate Contract, Maturing September 9, 2026
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from hedge settlement				11,000,000
Amount expected to be reclassified within 12 months				9,000,000
Designated as Hedging Instrument | Interest Rate Contract, Maturing November 1, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount							$ 500,000,000
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
Designated as Hedging Instrument | Interest Rate Contract, Maturing September 9, 2026 | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		320,000,000						$ 320,000,000
Not Designated as Hedges | Interest Rate Contract, Maturing November 1, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net deferred loss of de-designated forward starting interest rate swaps			$ 2,000,000
Gain on interest rate swap						28,000,000
Not Designated as Hedges | Interest Rate Contract, Maturing June 1, 2025
Derivative Instruments, Gain (Loss) [Line Items]
Gain on interest rate swap						$ 27,000,000
Not Designated as Hedges | Interest Rate Contract, Maturing September 9, 2026
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds for settlement of interest rate swaps					2,000,000
Not Designated as Hedges | Interest Rate Contract, Maturing September 9, 2026 | Scenario, Adjustment
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount		$ 25,000,000			$ 25,000,000

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Rate Swap Agreements (Details) - Interest Rate Contract, Maturing September 9, 2026 - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative, notional amount	$ 295	$ 295
Weighted average interest rate, LIBOR	1.43%	1.43%

Fair Value Measurements - Recur

Fair Value Measurements - Recurring (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	$ 42	$ 34
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	24	10
Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	18	24
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	0	0
Level 1 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	0	0
Level 1 | Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	42	34
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	24	10
Level 2 | Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	18	24
Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	0	0
Level 3 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	0	0
Level 3 | Interest Rate | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring Basis, Financial Statement [Line Items]
Derivative instruments, assets	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values, Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 27, 2022
Ensign Natural Resources
Financial liabilities
Current liabilities		$ 31	$ 36
Noncurrent liabilities		58
Fair Value
Financial assets
Other noncurrent assets	$ 9	10
Total financial assets	9	10
Financial liabilities
Other current liabilities	80	140
Long-term debt, including current portion	4,961	5,806
Deferred credits and other liabilities	70	73
Total financial liabilities	5,111	6,019
Carrying Amount
Financial assets
Other noncurrent assets	27	28
Total financial assets	27	28
Financial liabilities
Other current liabilities	126	204
Long-term debt, including current portion	4,997	5,948
Deferred credits and other liabilities	71	73
Total financial liabilities	$ 5,194	$ 6,225

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 5,000		$ 5,951
Unamortized discount	(3)		(3)
Unamortized debt issuance cost	(19)		(25)
Total debt, net	4,978		5,923
Term Loan Facility due December 2024 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	1,200		1,500
Revolving Credit Facility due 2027 | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		450
8.500% notes due 2023 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	8.50%
Long-term debt, gross	$ 0		70
8.125% notes due 2023 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	8.125%	8.125%
Long-term debt, gross	$ 0	$ 131	131
4.400% notes due 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	4.40%
Long-term debt, gross	$ 1,000		1,000
6.800% notes due 2032 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.80%
Long-term debt, gross	$ 550		550
6.600% notes due 2037 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	6.60%
Long-term debt, gross	$ 750		750
5.200% notes due 2045 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.20%
Long-term debt, gross	$ 500		500
2.10% notes due 2037 | Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	2.10%
Long-term debt, gross	$ 200		200
2.125% notes due 2037 | Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	2.125%
Long-term debt, gross	$ 200		200
2.200% notes due 2037 | Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	2.20%
Long-term debt, gross	$ 200		200
2.375% notes due 2037 | Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	2.375%
Long-term debt, gross	$ 200		200
4.050% notes due 2037 | Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	4.05%
Long-term debt, gross	$ 200		0
2.000% notes due 2037 | Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	2%
Long-term debt, gross	$ 0		$ 200

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended			12 Months Ended
	Apr. 03, 2023	Nov. 30, 2022	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023	Jul. 31, 2023	Mar. 31, 2023	May 31, 2022	Dec. 31, 2017
Debt Instrument [Line Items]
Repayments of lines of credit						$ 1,698,000,000	$ 0	$ 0
Long-term debt, gross			$ 5,000,000,000			$ 5,000,000,000	5,951,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 2,600,000,000			$ 2,500,000,000	$ 3,100,000,000	$ 2,500,000,000
Covenant, ratio of indebtedness to net capital, maximum			65%			65%
Ratio of indebtedness to net capital			0.25			0.25
Extended maturity							3 years
Increase in maximum borrowing capacity				61,000,000
Optional limit increase			$ 939,000,000			$ 939,000,000
Repayments of lines of credit				$ 450,000,000
Commercial Paper
Debt Instrument [Line Items]
Debt term					365 days
Maximum borrowing capacity					$ 2,500,000,000
Effective interest rate			6.10%			6.10%
Line of credit, outstanding balance			$ 450,000,000			$ 450,000,000
St. John the Baptist Parish, State of Louisiana Revenue Bonds
Debt Instrument [Line Items]
Debt instrument, interest rate	4.05%
Proceeds from issuance of debt	$ 200,000,000
Revenue Refunding Bond													$ 1,000,000,000
Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Debt term		2 years
Maximum borrowing capacity		$ 1,500,000,000
Repayments of long-term lines of credit			300,000,000
Line of credit facility, remaining borrowing capacity			$ 1,200,000,000			$ 1,200,000,000
Effective interest rate			7.21%			7.21%
Covenant, ratio of indebtedness to net capital, maximum			65%			65%
Senior Unsecured Notes | 8.125% notes due 2023
Debt Instrument [Line Items]
Long-term debt, gross			$ 0			$ 0	$ 131,000,000			$ 131,000,000
Debt instrument, interest rate			8.125%			8.125%				8.125%
Senior Unsecured Notes | Senior Unsecured Notes 8.5% Due2023
Debt Instrument [Line Items]
Long-term debt, gross											$ 70,000,000
Debt instrument, interest rate											8.50%
Senior Unsecured Notes | Senior Unsecured Notes, 9.375%, Due 2022
Debt Instrument [Line Items]
Long-term debt, gross												$ 32,000,000
Debt instrument, interest rate												9.375%

Debt - Maturity (Details)

Debt - Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 1,600
2025	0
2026	600
2027	1,000
2028	0
Thereafter	1,800
Total long-term debt, including current portion	$ 5,000	$ 5,951

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2023
Class of Stock [Line Items]
Shares repurchased under buyback programs	$ 1,473	$ 2,754	$ 724
Remaining share repurchase program authorized amount	$ 2,300			$ 2,500
Treasury Stock
Class of Stock [Line Items]
Shares repurchased (in shares)	58	113	46

Incentive Based Compensation -

Incentive Based Compensation - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)	27,900,000
Shares reduced for each shares of common stock granted (in shares)	1
Performance period	2 years
Allocated stock-based compensation expense	$ 49,000,000	$ 50,000,000	$ 43,000,000
Tax benefit		11,000,000	0
Proceeds from stock options exercised	3,000,000	32,000,000	5,000,000
Tax benefit realized from exercise of stock options	$ 1,000,000	7,000,000	0
Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage, banking feature lock threshold percentage	50%
Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage, banking feature lock threshold percentage	100%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum term	10 years
Stock options exercised, intrinsic value	$ 4,000,000	$ 23,000,000	$ 3,000,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards other than options, outstanding (in shares)	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards other than options, outstanding (in shares)	0
Weighted average grant date fair value (in dollars per share)	$ 22.07	$ 14.89	$ 10.98
Restricted Stock | Non Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs) | Non Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs) | Non-Employee Director | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs) | Non-Employee Director | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Restricted Stock Units (RSUs) | Officer | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Restricted Stock Units (RSUs) | Officer | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense	$ 12,000,000	$ 18,000,000	$ 11,000,000
Weighted average grant date fair value (in dollars per share)	$ 32.97	$ 34.07	$ 18.07
Performance Unit - Share Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Grants in period (in shares)	222,464
Granted (in dollars per share)	$ 32.97
Unit conversion ratio (in shares)	1
Performance Unit - Share Settlement | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0%
Performance Unit - Share Settlement | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200%
Performance Unit - Share Settlement | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards other than options, outstanding (in shares)	686,266
Grants in period (in shares)	222,464	167,043	307,473
Performance Unit - Cash Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	222,464
Unit conversion ratio (in shares)	1
Performance shares, payout determination, share price trading day duration	30 days
Fair value as of period end (in dollars per share)	$ 24.57
Performance Unit - Cash Settlement | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	0%
Performance Unit - Cash Settlement | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	200%
Performance Unit - Cash Settlement | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards other than options, outstanding (in shares)	389,507
Grants in period (in shares)	222,464	167,043	307,473
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,852,885
Granted (in dollars per share)	$ 25.77
Vested in period, total fair value	$ 35,000,000	$ 34,000,000	$ 39,000,000
Weighted average grant date fair value (in dollars per share)	$ 22.07	$ 14.89
Unrecognized compensation costs	$ 42,000,000
Unrecognized compensation costs, period for recognition	1 year

Incentive Based Compensation _2

Incentive Based Compensation - Stock Option Award Activity (Details) - Stock Options $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Beginning of year, stock option awards (in shares) | shares	1,678,524
Granted, stock option awards (in shares) | shares	0
Exercised, stock option awards (in shares) | shares	(262,153)
Canceled, stock option awards (in shares) | shares	(412,067)
End of year, stock option awards (in shares) | shares	1,004,304
Exercisable at end of year, stock option awards (in shares) | shares	1,004,304
Expected to vest, stock option awards (in shares) | shares	0
Weighted Average Exercise Price
Beginning of year, weighted average exercise price (in dollars per share) | $ / shares	$ 28.86
Granted, weighted average exercise price (in dollars per share) | $ / shares	0
Exercises, weighted average exercise price (in dollars per share) | $ / shares	10.47
Canceled, weighted average exercise price (in dollars per share) | $ / shares	34.44
End of year, weighted average exercise price (in dollars per share) | $ / shares	31.38
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ / shares	31.38
Expected to vest, weighted average exercise price (in dollars per share) | $ / shares	$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding at end of year, Weighted Average Remaining Contractual Term	1 year
Exercisable at end of year, Weighted Average Remaining Contractual Term	1 year
Expected to vest, Weighted Average Remaining Contractual Term	0 years
Outstanding at end of year, Average Intrinsic Value | $	$ 1
Exercisable at end of year, Average Intrinsic Value | $	1
Expected to vest, Average Intrinsic Value | $	$ 0

Incentive Based Compensation _3

Incentive Based Compensation - Restricted Stock Awards and RSUs (Details) - Restricted Stock Awards and Restricted Stock Units	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Awards
Unvested at beginning of year (in shares) | shares	4,651,196
Granted (in shares) | shares	1,852,885
Vested (in shares) | shares	(2,785,495)
Canceled (in shares) | shares	(204,181)
Unvested at end of year (in shares) | shares	3,514,405
Weighted Average Grant Date Fair Value
Unvested at beginning of year (in dollars per share) | $ / shares	$ 14.89
Granted (in dollars per share) | $ / shares	25.77
Vested (in dollars per share) | $ / shares	12.58
Canceled (in dollars per share) | $ / shares	21.64
Unvested at end of year (in dollars per share) | $ / shares	$ 22.07

Incentive Based Compensation _4

Incentive Based Compensation - Performance Unit Awards (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date stock price (in dollars per share)	$ 25.79	$ 22.89	$ 11.20
Expected annual dividend yield	1.50%	1.20%	1.10%
Expected volatility	58%	73%	71%
Risk-free interest rate	4.50%	1.40%	0.30%
Weighted average grant date fair value (in dollars per share)	$ 32.97	$ 34.07	$ 18.07

Equity Method Investments - Sum

Equity Method Investments - Summary of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 433	$ 577
EGHoldings
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%		56%	60%
Equity method investments	$ 118	287
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Equity method investments	$ 153	155
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45%
Equity method investments	$ 162	$ 135

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Loss on equity method investments			$ 12
Equity method investment, difference between carrying amount and underlying equity	$ 66	$ 88			$ 140
Accretion of difference between carrying amount and underlying equity	22	24	22
Revenues and other income	6,697	8,036	5,467
Proceeds from equity method investment	329	486	238
Receivables, net	1,152	1,146
Accounts payable	1,364	1,279
Related Party
Schedule of Equity Method Investments [Line Items]
Revenues and other income	23	28	$ 30
Receivables, net	$ 24	36
EGHoldings
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%		56%	60%
EGHoldings | Related Party
Schedule of Equity Method Investments [Line Items]
Accounts payable	$ 6
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Alba Plant LLC | Related Party
Schedule of Equity Method Investments [Line Items]
Accounts payable		$ 20

Equity Method Investments - S_2

Equity Method Investments - Summary of Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 6,697	$ 8,036	$ 5,467
Income from operations	2,248	3,951	1,308
Net income	1,554	3,612	946
Current assets	1,569	1,671
Current liabilities	3,922	2,306
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	906	1,745	1,095
Income from operations	363	1,164	537
Net income	305	1,068	$ 440
Current assets	534	842
Noncurrent assets	611	698
Current liabilities	183	269
Noncurrent liabilities	$ 167	$ 188

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
Leases [Abstract]
Term of contract			5 years
Cash lease payment	$ 22	$ 11
Finance lease extension term	5 years
Residual value guarantee	100%
Weighted average lease term	2 years
Discount rate	5.72%
Finance lease, weighted-average remaining lease term	3 years
Finance lease, discount rate	2.23%
Annual payments to be received	$ 6

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets	Other noncurrent assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets	Other noncurrent assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Deferred credits and other liabilities	Deferred credits and other liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Deferred credits and other liabilities	Deferred credits and other liabilities
ROU assets:
Operating leases(a)	$ 225	$ 123
Finance leases	18	24
Total ROU assets	243	147
Lease liabilities:
Operating leases	109	94
Finance leases	7	6
Operating leases(a)	120	32
Finance leases	12	18
Total lease liabilities	248	$ 150
Increase in noncurrent ROU asset	102
Increase in noncurrent operating lease liability	$ 88

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Short-term lease costs	$ 76	$ 164	$ 121
Long-term lease costs	120	74	64
Variable lease costs	24	37	33
Amortization of ROU assets	6	4	3
Total lease costs	226	279	221
Cash paid for amounts included in the measurement of operating lease liabilities	149	90	73
ROU assets obtained in exchange for new operating lease liabilities	56	117	15
ROU assets obtained in exchange for new finance lease liabilities	0	0	28
Changes to ROU assets resulting from modifications or cancellations of operating leases	$ 179	$ 40	$ (13)

Leases - Lease Maturity (Detail

Leases - Lease Maturity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Obligations
2024	$ 123
2025	67
2026	55
2027	1
2028	0
Thereafter	0
Total undiscounted lease payments	246
Less: amount representing interest	17
Total lease liabilities	229
Less: current portion of lease liability as of December 31, 2023	109	$ 94
Long-term lease liability as of December 31, 2023	120	32
Finance Lease Obligations
2024	7
2025	7
2026	6
2027	0
2028	0
Thereafter	0
Total undiscounted lease payments	20
Less: amount representing interest	1
Total lease liabilities	19
Less: current portion of lease liability as of December 31, 2023	7	6
Long-term lease liability as of December 31, 2023	12	18
Total Lease Obligations
2024	130
2025	74
2026	61
2027	1
2028	0
Thereafter	0
Total undiscounted lease payments	266
Less: amount representing interest	18
Total lease liabilities	248	$ 150
Less: current portion of lease liability as of December 31, 2023	116
Long-term lease liability as of December 31, 2023	$ 132

Leases - Lease Payments to be R

Leases - Lease Payments to be Received (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 6
2025	6
2026	6
2027	6
2028	6
Thereafter	36
Total undiscounted cash flows	$ 66

Credit Losses (Details)

Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 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 as of December 31	$ 10	$ 10

Defined Benefit Postretiremen_3

Defined Benefit Postretirement Plans and Defined Contribution Plan - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Line Items]
Estimated future employer contributions in next year	$ 18
Employer discretionary contribution amount	14	$ 12	$ 13
Unfunded Portion of Pension Plan
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Line Items]
Estimated future employer contributions in next year	3
Unfunded Portion of Other Postretirement Benefits Plan
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Line Items]
Estimated future employer contributions in next year	$ 7
Equity Securities
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Line Items]
Target allocation percentage	55%
Fixed Income Securities
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Line Items]
Target allocation percentage	45%

Defined Benefit Postretiremen_4

Defined Benefit Postretirement Plans and Defined Contribution Plan - Obligations and Funded Status (Details) - UNITED STATES - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	$ 226	$ 214
Change in benefit obligations:
Beginning balance	218	269
Service cost	15	14	$ 16
Interest cost	10	7	7
Actuarial (gain) loss	10	(46)
Settlements paid	(3)	(21)
Benefits paid	(18)	(5)
Ending balance	232	218	269
Change in fair value of plan assets:
Beginning balance	161	192
Actual return on plan assets	13	(27)
Employer contributions	25	22
Settlements paid	(3)	(21)
Benefits paid	(18)	(5)
Ending balance	178	161	192
Funded status of plans at December 31
Funded status of plans at December 31	(54)	(57)
Amounts recognized in the consolidated balance sheets:
Current liabilities	(3)	(3)
Noncurrent liabilities	(51)	(54)
Accrued benefit cost	(54)	(57)
Pretax amounts in accumulated other comprehensive loss:
Net loss	28	24
Prior service credit	(2)	(8)
Other Benefits
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	50	53
Change in benefit obligations:
Beginning balance	53	73
Service cost	0	0	0
Interest cost	3	2	2
Actuarial (gain) loss	1	(11)
Settlements paid	0	0
Benefits paid	(7)	(11)
Ending balance	50	53	73
Change in fair value of plan assets:
Beginning balance	0	0
Actual return on plan assets	0	0
Employer contributions	7	11
Settlements paid	0	0
Benefits paid	(7)	(11)
Ending balance	0	0	$ 0
Funded status of plans at December 31
Funded status of plans at December 31	(50)	(53)
Amounts recognized in the consolidated balance sheets:
Current liabilities	(8)	(8)
Noncurrent liabilities	(42)	(45)
Accrued benefit cost	(50)	(53)
Pretax amounts in accumulated other comprehensive loss:
Net loss	11	11
Prior service credit	$ (49)	$ (65)

Defined Benefit Postretiremen_5

Defined Benefit Postretirement Plans and Defined Contribution Plan - Schedule of Net Periodic Benefit Cost and OCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization:
Other net periodic benefit credit	$ (15)	$ (16)	$ (5)
Pension Benefits | UNITED STATES
Components of net periodic benefit costs:
Service cost	15	14	16
Interest cost	10	7	7
Expected return on plan assets	(8)	(8)	(8)
Amortization:
- prior service credit	(6)	(6)	(6)
- actuarial loss	1	2	5
Other net periodic benefit credit	1	2	9
Net periodic benefit cost	13	11	23
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss (pretax):
Actuarial loss (gain)	6	(10)	(21)
Settlement loss and amortization of actuarial loss	(2)	(4)	(14)
Curtailment gain and amortization of prior service credit	6	6	6
Total recognized in other comprehensive (income) loss	10	(8)	(29)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	23	3	(6)
Other Benefits | UNITED STATES
Components of net periodic benefit costs:
Service cost	0	0	0
Interest cost	3	2	2
Expected return on plan assets	0	0	0
Amortization:
- prior service credit	(16)	(16)	(16)
- actuarial loss	1	2	2
Other net periodic benefit credit	0	0	0
Net periodic benefit cost	(12)	(12)	(12)
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss (pretax):
Actuarial loss (gain)	1	(10)	1
Settlement loss and amortization of actuarial loss	(1)	(2)	(2)
Curtailment gain and amortization of prior service credit	16	16	16
Total recognized in other comprehensive (income) loss	16	4	15
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$ 4	$ (8)	$ 3

Defined Benefit Postretiremen_6

Defined Benefit Postretirement Plans and Defined Contribution Plan - Plan Assumptions (Details) - UNITED STATES	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Pension Benefits
Weighted average assumptions used to determine benefit obligation:
Discount rate	4.94%	5.20%	2.83%
Rate of compensation increase	5.50%	5%	0.50%
Cash balance interest crediting	3.94%	4.20%	3%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	5.20%	4.02%	2.77%
Expected long-term return on plan assets	6%	5.75%	5.75%
Rate of compensation increase	5.50%	5%	0.50%
Cash balance interest crediting	4.20%	3.60%	3%
Pension Benefits | Forecast
Weighted average assumptions used to determine benefit obligation:
Rate of compensation increase				4.50%
Other Benefits
Weighted average assumptions used to determine benefit obligation:
Discount rate	4.87%	5.07%	2.48%
Rate of compensation increase	5.50%	5%	0.50%
Cash balance interest crediting	0%	0%	0%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	5.07%	2.48%	2.02%
Expected long-term return on plan assets	0%	0%	0%
Rate of compensation increase	5.50%	5%	0.50%
Cash balance interest crediting	0%	0%	0%

Defined Benefit Postretiremen_7

Defined Benefit Postretirement Plans and Defined Contribution Plan - Fair Value of Defined Benefit Pension Plan Assets (Details) - Recurring - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 178	$ 161
Plan assets before comingled funds	13	45
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	1	8
Common stock
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	22
Private equity
Defined Benefit Plan Disclosure [Line Items]
Plan assets	3	5
Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	9	10
Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	165	116
Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets	1	30
Plan assets before comingled funds	1	30
Level 1 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	1	8
Level 1 | Common stock
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	22
Level 1 | Private equity
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 1 | Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 1 | Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Plan assets before comingled funds	0	0
Level 2 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 2 | Common stock
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 2 | Private equity
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 2 | Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 2 | Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets	12	15
Plan assets before comingled funds	12	15
Level 3 | Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 3 | Common stock
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0	0
Level 3 | Private equity
Defined Benefit Plan Disclosure [Line Items]
Plan assets	3	5
Level 3 | Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets	9	10
Level 3 | Commingled funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets	$ 0	$ 0

Defined Benefit Postretiremen_8

Defined Benefit Postretirement Plans and Defined Contribution Plan - Cash Flows (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plan Estimated Future Benefit Payments [Line Items]
2024	$ 29
2025	27
2026	25
2027	25
2028	24
2029 through 2033	113
Other Benefits
Defined Benefit Plan Estimated Future Benefit Payments [Line Items]
2024	7
2025	7
2026	6
2027	5
2028	5
2029 through 2033	$ 18

Reclassifications Out of Accu_3

Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other net periodic benefit credits	$ 15	$ 16	$ 5
Provision for income taxes	357	167	58
Net income	1,554	3,612	$ 946
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Net income	15	13
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other net periodic benefit credits	22	22
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other net periodic benefit credits	(2)	(4)
Reclassification out of Accumulated Other Comprehensive Income | Net settlement loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other net periodic benefit credits	(1)	(2)
Reclassification out of Accumulated Other Comprehensive Income | Income tax
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Provision for income taxes	$ (4)	$ (3)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Interest paid	$ 329	$ 197	$ 231
Income taxes paid (received), net of refunds	106	173	24
Noncash investing activities:
Increase in asset retirement costs	19	30	56
Capital expenditures incurred but not yet paid	$ 86	$ 111	$ 81

Net Interest and Other (Details

Net Interest and Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Interest and Other Financing [Abstract]
Interest income	$ 7	$ 15	$ 1
Interest expense	(343)	(227)	(257)
Gain on interest rate swaps	1	19	54
Total interest	(335)	(193)	(202)
Other	(17)	5	14
Net interest and other	$ (352)	$ (188)	$ (188)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020 guarantee	Dec. 31, 2023 USD ($) tribe
Guarantor Obligations [Line Items]
Number of affiliated tribes | tribe		3
Contingent royalty liability		$ 119,000
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
Guarantor obligations, current carrying value		4,000
Performance of Equatorial Guinea LNG Operations, S.A.
Guarantor Obligations [Line Items]
Guarantor obligations, maximum amount		91,000
Performance of Alba Plant LLC.
Guarantor Obligations [Line Items]
Guarantor obligations, maximum amount		25,000
Accounts Payable
Guarantor Obligations [Line Items]
Contingent royalty liability		103,000
Other current assets
Guarantor Obligations [Line Items]
Contingent royalty liability		$ 16,000