Marathon Oil (MRO) 10-Q 2 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-5153
Entity Registrant Name	Marathon Oil Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0996816
Entity Address, Address Line One	990 Town and Country Boulevard,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-2217
City Area Code	(713)
Local Phone Number	629-6600
Title of 12(b) Security	Common Stock, par value $1.00
Trading Symbol	MRO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		564,035,502
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Amendment Flag	false
Entity Central Index Key	0000101778
Current Fiscal Year End Date	--12-31

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues and other income:
Revenues from contracts with customers	$ 1,538	$ 1,567
Net gain (loss) on commodity derivatives	(24)	15
Income from equity method investments	39	80
Net gain on disposal of assets	0	5
Other income (expense)	(2)	13
Total revenues and other income	1,551	1,680
Costs and expenses:
Production	221	201
Shipping, handling and other operating, including related party of $15 and $0	169	162
Exploration	7	15
Depreciation, depletion and amortization	524	520
Taxes other than income	96	95
General and administrative	86	82
Total costs and expenses	1,103	1,075
Income from operations	448	605
Net interest and other	(69)	(82)
Other net periodic benefit credits	3	3
Income before income taxes	382	526
Provision for income taxes	85	109
Net income	$ 297	$ 417
Net income per share:
Basic (in dollars per share)	$ 0.52	$ 0.66
Diluted (in dollars per share)	$ 0.52	$ 0.66
Weighted average common shares outstanding:
Basic (in shares)	576	628
Diluted (in shares)	576	629

Consolidated Statements of In_2

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shipping, handling and other operating, including related party	$ 169	$ 162
Related Party
Shipping, handling and other operating, including related party	$ 15	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 297	$ 417
Other comprehensive loss, net of tax
Change in actuarial gain and other for postretirement and postemployment plans	(4)	(5)
Change in derivative hedges unrecognized gain	2	(2)
Other comprehensive loss	(2)	(7)
Comprehensive income	$ 295	$ 410

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 49	$ 155
Receivables, net	1,276	1,152
Inventories	179	186
Other current assets	53	76
Total current assets	1,557	1,569
Equity method investments	472	433
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $26,420 and $25,914	17,303	17,213
Other noncurrent assets	336	360
Total assets	19,668	19,575
Current liabilities:
Accounts payable	1,514	1,364
Commercial paper	450	450
Payroll and benefits payable	40	70
Accrued taxes	135	126
Other current liabilities	310	312
Long-term debt due within one year	400	1,600
Total current liabilities	2,849	3,922
Long-term debt	4,578	3,378
Deferred tax liabilities	462	419
Defined benefit postretirement plan obligations	93	93
Asset retirement obligations	329	326
Deferred credits and other liabilities	213	232
Total liabilities	8,524	8,370
Commitments and contingencies (Note 17)
Stockholders’ Equity
Preferred stock – no shares issued or outstanding (no par value, 26 million shares authorized)	0	0
Common stock:
Issued – 937 million shares (par value $1 per share, 1.925 billion shares authorized at March 31, 2024 and December 31, 2023)	937	937
Held in treasury, at cost – 369 million shares and 360 million shares	(9,201)	(8,952)
Additional paid-in capital	7,129	7,172
Retained earnings	12,199	11,966
Accumulated other comprehensive income	80	82
Total stockholders’ equity	11,144	11,205
Total liabilities and stockholders’ equity	$ 19,668	$ 19,575

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 26,420	$ 25,914
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)	369,000,000	360,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 297	$ 417
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	524	520
Exploratory dry well costs and unproved property impairments	6	14
Net gain on disposal of assets	0	(5)
Deferred income taxes	43	85
Unrealized (gain) loss on derivative instruments, net	24	(2)
Pension and other post retirement benefits, net	(3)	(7)
Stock-based compensation	11	10
Equity method investments, net	(39)	(80)
Changes in:
Current receivables	(120)	(86)
Inventories	6	(12)
Current accounts payable and accrued liabilities	12	30
Other current assets and liabilities	(2)	(9)
All other operating, net	(2)	(10)
Net cash provided by operating activities	757	865
Investing activities:
Capital expenditures	(603)	(601)
Change in capital accrual	117	69
Acquisitions, net of cash acquired	(4)	11
Disposal of assets, net of cash transferred to the buyer	0	(1)
All other investing, net	1	0
Net cash used in investing activities	(489)	(522)
Financing activities:
Borrowings	1,200	0
Debt repayments	(1,200)	(70)
Proceeds from revolving credit facility	50	175
Repayments of revolving credit facility	(43)	(175)
Shares repurchased under buyback programs	(285)	(334)
Dividends paid	(64)	(63)
Withholding tax on stock-based incentive awards	(18)	(30)
All other financing, net	(14)	(2)
Net cash used in financing activities	(374)	(499)
Net decrease in cash and cash equivalents	(106)	(156)
Cash and cash equivalents at beginning of period	155	334
Cash and cash equivalents at end of period	$ 49	$ 178

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2022	$ 11,397	$ 0	$ 937	$ (7,512)	$ 7,203	$ 10,663	$ 106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(334)			(334)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	(19)			35	(54)
Net income	417					417
Other comprehensive loss	(7)						(7)
Dividends paid	(63)					(63)
Ending balance at Mar. 31, 2023	11,388	0	937	(7,814)	7,149	11,017	99
Beginning balance at Dec. 31, 2023	11,205	0	937	(8,952)	7,172	11,966	82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(285)			(285)
Excise tax on shares repurchased	(2)			(2)
Stock-based compensation	(5)			38	(43)
Net income	297					297
Other comprehensive loss	(2)						(2)
Dividends paid	(64)					(64)
Ending balance at Mar. 31, 2024	$ 11,144	$ 0	$ 937	$ (9,201)	$ 7,129	$ 12,199	$ 80

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.11	$ 0.10

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the first quarter of 2024 are not necessarily indicative of the results to be expected for the full year.

Accounting Standards

Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Accounting Standards	Accounting Standards Accounting Standards Updates Adopted No accounting standards were adopted in the first quarter of 2024 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted There were no issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Income and Dividends per Common

Income and Dividends per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Income and Dividends per Common Share	Income and Dividends per Common Share Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options and performance units in all periods, provided the effect is not antidilutive. The per share calculations below exclude 1 million of antidilutive stock options and performance units for both the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In millions, except per share data) 2024 2023 Net income $ 297 $ 417 Weighted average common shares outstanding 576 628 Effect of dilutive securities — 1 Weighted average common shares, diluted 576 629 Net income per share: Basic $ 0.52 $ 0.66 Diluted $ 0.52 $ 0.66 Dividends per share $ 0.11 $ 0.10

Revenues

Revenues	3 Months Ended
	Mar. 31, 2024
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, including LNG, under spot and term agreements with our customers in the United States and Equatorial Guinea. As of March 31, 2024 and December 31, 2023, receivables from contracts with customers, included in receivables, less reserves for credit losses, were $972 million and $886 million, respectively. The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three months ended March 31: United States Three Months Ended March 31, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 439 $ 465 $ 199 $ 65 $ 12 $ 1,180 NGLs 58 41 20 32 — 151 Natural gas 33 16 7 29 1 86 Other 1 — — — 4 5 Revenues from contracts with customers $ 531 $ 522 $ 226 $ 126 $ 17 $ 1,422 Three Months Ended March 31, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 495 $ 431 $ 170 $ 78 $ 11 $ 1,185 NGLs 71 37 22 39 — 169 Natural gas 56 35 11 36 1 139 Other 2 — — — 8 10 Revenues from contracts with customers $ 624 $ 503 $ 203 $ 153 $ 20 $ 1,503 International (E.G.) Three Months Ended March 31, (In millions) 2024 2023 Crude oil and condensate $ 61 $ 57 NGLs 1 1 Natural gas, sold as gas 2 5 Natural gas, sold as LNG 51 — Natural gas, total 53 5 Other 1 1 Revenues from contracts with customers $ 116 $ 64

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered. • United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and • International (“Int’l”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”) Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, dry wells, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments, expensed transaction costs for business combinations or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments. Three Months Ended March 31, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,422 $ 116 $ — $ 1,538 Net loss on commodity derivatives — — (24) (b) (24) Income from equity method investments — 39 — 39 Other income (expense) (4) 1 1 (2) Less costs and expenses: Production 201 20 — 221 Shipping, handling and other operating, including related party 149 17 3 169 Exploration 7 — — 7 Depreciation, depletion and amortization 500 10 14 524 Taxes other than income 96 — — 96 General and administrative 38 3 45 86 Net interest and other — — 69 69 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 93 24 (32) 85 Segment income (loss) $ 334 $ 82 $ (119) $ 297 Total assets $ 18,629 $ 918 $ 121 $ 19,668 Capital expenditures (a) $ 598 $ 1 $ 4 $ 603 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 8 ). Three Months Ended March 31, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,503 $ 64 $ — $ 1,567 Net gain on commodity derivatives 13 — 2 (b) 15 Income from equity method investments — 80 — 80 Net gain on disposal of assets — — 5 5 Other income 11 1 1 13 Less costs and expenses: Production 178 23 — 201 Shipping, handling and other operating, including related party 159 3 — 162 Exploration 5 — 10 (c) 15 Depreciation, depletion and amortization 505 12 3 520 Taxes other than income 97 — (2) 95 General and administrative 35 3 44 82 Net interest and other — — 82 82 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 123 15 (29) 109 Segment income (loss) $ 425 $ 89 $ (97) $ 417 Total assets $ 18,696 $ 1,148 $ 168 $ 20,012 Capital expenditures (a) $ 597 $ 2 $ 2 $ 601 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 8 ). (c) Includes $10 million of dry well expense associated with wells in Permian.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate The effective income tax rate is influenced by a variety of factors including the geographic and functional sources of income and the relative magnitude of these sources of income. The difference between the total provision and the sum of the amounts allocated to segments is reported in the “Not Allocated to Segments” column of the tables in Note 5 . For the three months ended March 31, 2024 and 2023, our effective income tax rates were as follows: Three Months Ended March 31, 2024 2023 Effective income tax rate 22 % 21 % In August 2022, the President signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA enacted various income tax provisions, including a 15% corporate book minimum tax. The corporate book minimum tax, which became effective on January 1, 2023, applies to corporations with an average annual adjusted financial statement income that exceeds $1 billion for the preceding three years. Under current law and guidance, we are subject to the corporate book minimum tax 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.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Term Loan Facility In November 2022, we entered into a term credit agreement, which provides for a two-year $1.5 billion term loan facility (“Term Loan Facility”) and we borrowed the full amount thereunder in December 2022. During the fourth quarter of 2023, we repaid $300 million of outstanding borrowings. On March 28, 2024, we fully repaid the $1.2 billion outstanding balance under our Term Loan Facility by utilizing the net proceeds received from the senior notes issued during the first quarter of 2024 (see Debt Issuance below). Revolving Credit Facility We have an unsecured revolving credit facility (“Revolving Credit Facility”) with a borrowing capacity of $2.6 billion. 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 matures on July 28, 2027. At March 31, 2024, we had an immaterial outstanding balance under our 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 March 31, 2024, 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. We utilize our commercial paper program to fund various short-term working capital requirements. As of March 31, 2024, we had $450 million of outstanding commercial paper maturing at various dates with a weighted average interest rate of 5.90%. Debt issuance On March 28, 2024, we completed a public offering of $1.2 billion aggregate principal amount of unsecured senior notes consisting of $600 million aggregate principal amount of 5.30% senior notes due April 1, 2029 (“2029 Notes”) and $600 million aggregate principal amount of 5.70% senior notes due April 1, 2034 (“2034 Notes”). Interest on the senior notes is payable semi-annually beginning October 1, 2024. We may redeem some or all of the senior notes at any time at the applicable redemption price, plus accrued interest, if any. Net proceeds received totaled $1.2 billion. Debt issuance costs of $12 million were recorded as deferred financing costs within long-term debt in our consolidated balance sheets and are being amortized to interest expense in our consolidated statement of income over the term of each note. The net proceeds, together with cash on hand, were used to repay $1.2 billion of outstanding borrowings under our Term Loan Facility. Debt redemption In March 2023, we redeemed the $70 million 8.5% Senior Notes in connection with their maturity date. Long-term debt At March 31, 2024, we had $5.0 billion of total long-term debt outstanding. Long-term debt due within one year consists of $200 million 2.10% of sub-series 2017A-2 bonds and $200 million 2.125% of sub-series 2017B-1 bonds, both of which feature a mandatory put on July 1, 2024. Refer to our 2023 Annual Report on Form 10-K for a listing of our long-term debt maturities.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. For further information regarding the fair value measurement of derivative instruments, see Note 9 . All of our commodity derivatives and interest rate derivatives are subject to enforceable master netting arrangements or similar agreements under which we report net amounts. The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: March 31, 2024 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 1 $ 1 $ — Other current assets Total Not Designated as Hedges $ 1 $ 1 $ — Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 10 — 10 Other noncurrent assets Total Designated Hedges $ 19 $ — $ 19 Total $ 20 $ 1 $ 19 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 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 March 31, 2024, and the weighted average prices for those contracts: 2024 Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 60,000 40,000 40,000 Weighted average price per Bbl: Ceiling $ 97.44 $ 96.12 $ 96.12 Floor $ 65.83 $ 65.00 $ 65.00 Sold put $ 50.83 $ 50.00 $ 50.00 The following table sets forth outstanding derivative contracts as of April 30, 2024, with their weighted average prices, and is inclusive of activities that occurred subsequent to March 31, 2024: 2024 2025 Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 60,000 50,000 50,000 — — — — Weighted average price per Bbl: Ceiling $ 97.44 $ 95.95 $ 95.95 $ — $ — $ — $ — Floor $ 65.83 $ 65.00 $ 65.00 $ — $ — $ — $ — Sold put $ 50.83 $ 50.00 $ 50.00 $ — $ — $ — $ — Natural Gas Henry Hub Two-Way Collars Volume (MMBtu/day) — — — 100,000 100,000 100,000 100,000 Weighted average price per MMBtu: Ceiling $ — $ — $ — $ 5.77 $ 5.77 $ 5.77 $ 5.77 Floor $ — $ — $ — $ 2.50 $ 2.50 $ 2.50 $ 2.50 The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income: Three Months Ended March 31, (In millions) 2024 2023 Unrealized gain (loss) on derivative instruments, net $ (24) $ 2 Realized gain on derivative instruments, net (a) $ — $ 13 (a) During the first quarter of 2024, we had no settled derivative positions. During the first quarter of 2023, net cash received for settled derivative positions was $10 million. Derivatives Designated as Cash Flow Hedges During 2019, we entered into forward starting interest rate swaps with a maturity date of September 9, 2026 to hedge variations in cash flows related to the interest rate component of future lease payments of our Houston office. As of March 31, 2024 and December 31, 2023, the notional amount of open interest rate swaps for the Houston office was $295 million. The weighted average secured overnight financing rate (“SOFR”) for the swaps was 1.43% as of both March 31, 2024 and December 31, 2023. During the three months ended March 31, 2024, net cash received for the settled interest rate swap positions was $3 million. As of March 31, 2024, we expect to reclassify a $10 million gain from accumulated other comprehensive income into our consolidated statements of income over the next twelve months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Values – Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by hierarchy level: March 31, 2024 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 1 $ — $ 1 Interest rate - designated as cash flow hedges — 19 — 19 Derivative instruments, assets $ — $ 20 $ — $ 20 Derivative instruments, liabilities Commodity (a) $ — $ (1) $ — $ (1) Derivative instruments, liabilities $ — $ (1) $ — $ (1) Total $ — $ 19 $ — $ 19 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 (a) Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8 . As of March 31, 2024, 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 8 for details on the forward starting interest rate swaps. Fair Values – Financial Instruments Our current assets and liabilities include financial instruments, the most significant of which are receivables, commercial paper borrowings, the current portion of our long-term debt and payables. We believe the carrying values of our receivables, commercial paper borrowings and payables approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our credit rating and (3) our historical incurrence of and expected future insignificant bad debt expense, which includes an evaluation of counterparty credit risk. The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets $ 9 $ 29 $ 9 $ 27 Total financial assets $ 9 $ 29 $ 9 $ 27 Financial liabilities Other current liabilities $ 80 $ 127 $ 80 $ 126 Long-term debt, including current portion (a) 4,987 5,003 4,961 4,997 Deferred credits and other liabilities 70 72 70 71 Total financial liabilities $ 5,137 $ 5,202 $ 5,111 $ 5,194 (a) Excludes debt issuance costs. Fair values of our financial assets included in other noncurrent assets, and of our financial liabilities included in other current liabilities and deferred credits and other liabilities, are measured using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value.

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (In millions) March 31, 2024 December 31, 2023 United States $ 17,004 $ 16,905 International 243 252 Corporate 56 56 Net property, plant and equipment $ 17,303 $ 17,213 As of March 31, 2024 and December 31, 2023, we had no exploratory well costs capitalized greater than one year related to suspended wells.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: March 31, (In millions) 2024 2023 Beginning balance as of January 1 $ 340 $ 340 Incurred liabilities, including acquisitions 2 1 Settled liabilities, including dispositions (2) (9) Accretion expense (included in depreciation, depletion and amortization) 4 4 Revisions of estimates 2 5 Ending balance as of March 31, total $ 346 $ 341 Ending balance as of March 31, short-term $ 17 $ 45

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During the periods ended March 31, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investment in our equity method investees are summarized in the following table: (In millions) Ownership as of March 31, 2024 March 31, 2024 December 31, 2023 EG LNG (a) 56% $ 132 $ 118 Alba Plant LLC (b) 52% 176 153 AMPCO (c) 45% 164 162 Total $ 472 $ 433 (a) EG LNG is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended March 31, (In millions) 2024 2023 Income data: Revenues and other income $ 211 $ 306 Income from operations 101 159 Net income $ 84 $ 134 Revenues from related parties were $2 million for the three months ended March 31, 2024, which primarily related to Alba Plant LLC and AMPCO. Revenues from related parties were $6 million for the three months ended March 31, 2023, with the majority related to EG LNG. As a result of the agreement that took effect on January 1, 2024, related party shipping, handling and other operating expense presented on the face of the consolidated statements of income represents compensation to EG LNG for liquefaction, storage and product handling services. Cash received from equity investees is classified as dividends or return of capital on the Consolidated Statements of Cash Flows. Dividends from equity method investees are reflected in the Operating activities section in Equity Method Investments, net while return of capital is reflected in the Investing activities section. Our equity investees did not distribute dividends or return of capital during the three months ended March 31, 2024 and 2023. Current receivables from related parties were $23 million and $24 million at March 31, 2024 and December 31, 2023, respectively, which primarily related to EG LNG and Alba Plant LLC in both periods. Payables to related parties were $24 million and $6 million at March 31, 2024 and December 31, 2023, respectively, with the majority related to EG LNG in both periods. Related Party Lease Transaction Our wholly owned subsidiary, MEGPL, is a lessor for residential housing in E.G., which is occupied by EG LNG. 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 $ 5 2025 6 2026 6 2027 6 2028 6 Thereafter 35 Total undiscounted cash flows $ 64

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our Board of Directors has authorized a share repurchase program. During the first three months of 2024, we repurchased 11 million shares of our common stock pursuant to the share repurchase program at a cost of $285 million. Our remaining share repurchase authorization was approximately $2.0 billion at March 31, 2024. Purchases under our 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. Subsequent to the quarter, we repurchased approximately $110 million of shares of our common stock through May 1, 2024.

Incentive Based Compensation

Incentive Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Based Compensation	Incentive Based Compensation Stock options and restricted stock units The following table presents a summary of activity for the first three months of 2024: Stock Options Restricted Stock Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,004,304 $ 31.38 3,514,405 $ 22.07 Granted — — 2,062,612 24.60 Exercised/Vested — — (1,663,913) 19.18 Canceled (499,545) 33.33 (45,300) 23.00 Outstanding at March 31, 2024 504,759 $ 29.44 3,867,804 $ 24.65 Stock-based performance unit awards During the first three months of 2024, we granted 248,572 stock-based performance units to eligible officers, which are settled in shares. The grant date fair value per unit was $28.21. During the first three months of 2024, we stock settled the units related to the 2021 grant. At March 31, 2024, there were 638,079 outstanding stock-based performance units to be settled in shares to officers. During the first three months of 2024, we also granted 248,572 stock-based performance units to eligible officers, which are settled in cash. At the grant date for these performance units, each unit represents the value of one share of our common stock. The fair value of each cash-settled performance unit was $28.45 as of March 31, 2024. During the first three months of 2024, we also cash settled the units related to the 2022 grant. At March 31, 2024, there were 471,036 units outstanding of the stock-based performance unit awards to be settled in cash to officers.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Crude oil, NGLs and natural gas, including LNG, are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. (In millions) March 31, 2024 December 31, 2023 Crude oil, NGLs and natural gas, including LNG $ 12 $ 14 Supplies and other items 167 172 Inventories $ 179 $ 186

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Three Months Ended March 31, (In millions) 2024 2023 Included in operating activities: Interest paid $ 73 $ 85 Income taxes paid, net of refunds $ 8 $ 6 Noncash investing activities: Increase in asset retirement costs $ 4 $ 6

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, we have a $123 million current liability in suspended royalty and working interest revenue, including interest, of which $105 million was included within accounts payable and $18 million related to accrued interest was included within other current liabilities on our consolidated balance sheet. Additionally, we have a long-term receivable of $27 million for capital and expenses. The United States Department of the Interior (“DOI”) has addressed the United States’ position with respect to this dispute several times in recent years with conflicting opinions. In January 2017, the DOI issued an opinion that the Disputed Land is held in trust for the Three Affiliated Tribes, then in June 2018 and May 2020 the DOI issued opinions concluding that the State of North Dakota held title to the Disputed Land. Most recently, on February 4, 2022, the DOI issued an opinion (“M-Opinion”) concluding 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. We have received Notices of Violation (“NOVs”) 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 updated accrual as matters progress, and implementation of both environmental mitigation projects and injunctive terms, which would increase both our development costs and operating costs. There remains uncertainty as to the ultimate result of this matter and it is 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 March 31, 2024, 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. In the second quarter of 2019, Marathon E.G. Production Limited (“MEGPL”), a consolidated and wholly owned subsidiary, signed a series of agreements to process third-party Alen Unit gas through existing infrastructure located in Punta Europa, E.G. Our equity method investee, Alba Plant LLC, is also a party to some of the agreements. These agreements require (subject to certain limitations) MEGPL to indemnify the owners of the Alen Unit against injury to Alba Plant LLC’s personnel and damage to or loss of Alba Plant LLC’s automobiles, as well as third party claims caused by Alba Plant LLC and certain environmental liabilities arising from certain hydrocarbons in the custody of Alba Plant LLC. At this time, we cannot reasonably estimate this obligation as we do not have any history of prior indemnification claims or environmental discharge or contamination. Therefore, we have not recorded a liability with respect to these indemnities since the amount of potential future payments under these indemnification clauses is not determinable.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 297	$ 417

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the first quarter of 2024 are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Updates Adopted and Not Yet Adopted	Accounting Standards Updates Adopted No accounting standards were adopted in the first quarter of 2024 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted There were no issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Income and Dividends per Comm_2

Income and Dividends per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The per share calculations below exclude 1 million of antidilutive stock options and performance units for both the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (In millions, except per share data) 2024 2023 Net income $ 297 $ 417 Weighted average common shares outstanding 576 628 Effect of dilutive securities — 1 Weighted average common shares, diluted 576 629 Net income per share: Basic $ 0.52 $ 0.66 Diluted $ 0.52 $ 0.66 Dividends per share $ 0.11 $ 0.10

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three months ended March 31: United States Three Months Ended March 31, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 439 $ 465 $ 199 $ 65 $ 12 $ 1,180 NGLs 58 41 20 32 — 151 Natural gas 33 16 7 29 1 86 Other 1 — — — 4 5 Revenues from contracts with customers $ 531 $ 522 $ 226 $ 126 $ 17 $ 1,422 Three Months Ended March 31, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 495 $ 431 $ 170 $ 78 $ 11 $ 1,185 NGLs 71 37 22 39 — 169 Natural gas 56 35 11 36 1 139 Other 2 — — — 8 10 Revenues from contracts with customers $ 624 $ 503 $ 203 $ 153 $ 20 $ 1,503 International (E.G.) Three Months Ended March 31, (In millions) 2024 2023 Crude oil and condensate $ 61 $ 57 NGLs 1 1 Natural gas, sold as gas 2 5 Natural gas, sold as LNG 51 — Natural gas, total 53 5 Other 1 1 Revenues from contracts with customers $ 116 $ 64

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended March 31, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,422 $ 116 $ — $ 1,538 Net loss on commodity derivatives — — (24) (b) (24) Income from equity method investments — 39 — 39 Other income (expense) (4) 1 1 (2) Less costs and expenses: Production 201 20 — 221 Shipping, handling and other operating, including related party 149 17 3 169 Exploration 7 — — 7 Depreciation, depletion and amortization 500 10 14 524 Taxes other than income 96 — — 96 General and administrative 38 3 45 86 Net interest and other — — 69 69 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 93 24 (32) 85 Segment income (loss) $ 334 $ 82 $ (119) $ 297 Total assets $ 18,629 $ 918 $ 121 $ 19,668 Capital expenditures (a) $ 598 $ 1 $ 4 $ 603 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 8 ). Three Months Ended March 31, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,503 $ 64 $ — $ 1,567 Net gain on commodity derivatives 13 — 2 (b) 15 Income from equity method investments — 80 — 80 Net gain on disposal of assets — — 5 5 Other income 11 1 1 13 Less costs and expenses: Production 178 23 — 201 Shipping, handling and other operating, including related party 159 3 — 162 Exploration 5 — 10 (c) 15 Depreciation, depletion and amortization 505 12 3 520 Taxes other than income 97 — (2) 95 General and administrative 35 3 44 82 Net interest and other — — 82 82 Other net periodic benefit costs — — (3) (3) Income tax provision (benefit) 123 15 (29) 109 Segment income (loss) $ 425 $ 89 $ (97) $ 417 Total assets $ 18,696 $ 1,148 $ 168 $ 20,012 Capital expenditures (a) $ 597 $ 2 $ 2 $ 601 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 8 ). (c) Includes $10 million of dry well expense associated with wells in Permian.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three months ended March 31, 2024 and 2023, our effective income tax rates were as follows: Three Months Ended March 31, 2024 2023 Effective income tax rate 22 % 21 %

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in the Consolidated Balance Sheets	The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: March 31, 2024 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 1 $ 1 $ — Other current assets Total Not Designated as Hedges $ 1 $ 1 $ — Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 10 — 10 Other noncurrent assets Total Designated Hedges $ 19 $ — $ 19 Total $ 20 $ 1 $ 19 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 The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income: Three Months Ended March 31, (In millions) 2024 2023 Unrealized gain (loss) on derivative instruments, net $ (24) $ 2 Realized gain on derivative instruments, net (a) $ — $ 13 (a) During the first quarter of 2024, we had no settled derivative positions. During the first quarter of 2023, net cash received for settled derivative positions was $10 million.
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of March 31, 2024, and the weighted average prices for those contracts: 2024 Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 60,000 40,000 40,000 Weighted average price per Bbl: Ceiling $ 97.44 $ 96.12 $ 96.12 Floor $ 65.83 $ 65.00 $ 65.00 Sold put $ 50.83 $ 50.00 $ 50.00 The following table sets forth outstanding derivative contracts as of April 30, 2024, with their weighted average prices, and is inclusive of activities that occurred subsequent to March 31, 2024: 2024 2025 Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 60,000 50,000 50,000 — — — — Weighted average price per Bbl: Ceiling $ 97.44 $ 95.95 $ 95.95 $ — $ — $ — $ — Floor $ 65.83 $ 65.00 $ 65.00 $ — $ — $ — $ — Sold put $ 50.83 $ 50.00 $ 50.00 $ — $ — $ — $ — Natural Gas Henry Hub Two-Way Collars Volume (MMBtu/day) — — — 100,000 100,000 100,000 100,000 Weighted average price per MMBtu: Ceiling $ — $ — $ — $ 5.77 $ 5.77 $ 5.77 $ 5.77 Floor $ — $ — $ — $ 2.50 $ 2.50 $ 2.50 $ 2.50

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present assets and liabilities accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by hierarchy level: March 31, 2024 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 1 $ — $ 1 Interest rate - designated as cash flow hedges — 19 — 19 Derivative instruments, assets $ — $ 20 $ — $ 20 Derivative instruments, liabilities Commodity (a) $ — $ (1) $ — $ (1) Derivative instruments, liabilities $ — $ (1) $ — $ (1) Total $ — $ 19 $ — $ 19 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 (a) Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8
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 March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets $ 9 $ 29 $ 9 $ 27 Total financial assets $ 9 $ 29 $ 9 $ 27 Financial liabilities Other current liabilities $ 80 $ 127 $ 80 $ 126 Long-term debt, including current portion (a) 4,987 5,003 4,961 4,997 Deferred credits and other liabilities 70 72 70 71 Total financial liabilities $ 5,137 $ 5,202 $ 5,111 $ 5,194 (a) Excludes debt issuance costs.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(In millions) March 31, 2024 December 31, 2023 United States $ 17,004 $ 16,905 International 243 252 Corporate 56 56 Net property, plant and equipment $ 17,303 $ 17,213

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: March 31, (In millions) 2024 2023 Beginning balance as of January 1 $ 340 $ 340 Incurred liabilities, including acquisitions 2 1 Settled liabilities, including dispositions (2) (9) Accretion expense (included in depreciation, depletion and amortization) 4 4 Revisions of estimates 2 5 Ending balance as of March 31, total $ 346 $ 341 Ending balance as of March 31, short-term $ 17 $ 45

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During the periods ended March 31, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investment in our equity method investees are summarized in the following table: (In millions) Ownership as of March 31, 2024 March 31, 2024 December 31, 2023 EG LNG (a) 56% $ 132 $ 118 Alba Plant LLC (b) 52% 176 153 AMPCO (c) 45% 164 162 Total $ 472 $ 433 (a) EG LNG is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended March 31, (In millions) 2024 2023 Income data: Revenues and other income $ 211 $ 306 Income from operations 101 159 Net income $ 84 $ 134
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 $ 5 2025 6 2026 6 2027 6 2028 6 Thereafter 35 Total undiscounted cash flows $ 64

Incentive Based Compensation (T

Incentive Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options and Restricted Stock Units Activity	The following table presents a summary of activity for the first three months of 2024: Stock Options Restricted Stock Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,004,304 $ 31.38 3,514,405 $ 22.07 Granted — — 2,062,612 24.60 Exercised/Vested — — (1,663,913) 19.18 Canceled (499,545) 33.33 (45,300) 23.00 Outstanding at March 31, 2024 504,759 $ 29.44 3,867,804 $ 24.65

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	(In millions) March 31, 2024 December 31, 2023 Crude oil, NGLs and natural gas, including LNG $ 12 $ 14 Supplies and other items 167 172 Inventories $ 179 $ 186

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Three Months Ended March 31, (In millions) 2024 2023 Included in operating activities: Interest paid $ 73 $ 85 Income taxes paid, net of refunds $ 8 $ 6 Noncash investing activities: Increase in asset retirement costs $ 4 $ 6

Income and Dividends per Comm_3

Income and Dividends per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	1	1
Net income	$ 297	$ 417
Weighted average common shares outstanding (in shares)	576	628
Effect of dilutive securities (in shares)	0	1
Weighted average common shares, diluted (in shares)	576	629
Net income per share:
Basic (in dollars per share)	$ 0.52	$ 0.66
Diluted (in dollars per share)	0.52	0.66
Dividends per share (in dollars per share)	$ 0.11	$ 0.10

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contract with customer	$ 972	$ 886

Revenues - Revenues from Contra

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,538	$ 1,567
United States
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,422	1,503
United States | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	531	624
United States | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	522	503
United States | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	226	203
United States | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	126	153
United States | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	17	20
United States | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,180	1,185
United States | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	439	495
United States | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	465	431
United States | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	199	170
United States | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	65	78
United States | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12	11
United States | NGLs
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	151	169
United States | NGLs | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	58	71
United States | NGLs | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	41	37
United States | NGLs | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20	22
United States | NGLs | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	32	39
United States | NGLs | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86	139
United States | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	33	56
United States | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	16	35
United States | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7	11
United States | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	29	36
United States | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	1
United States | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5	10
United States | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	2
United States | Other | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Other | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Other | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
United States | Other | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4	8
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	116	64
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	61	57
International | NGLs | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	1
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	53	5
International | Natural gas, sold as gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	5
International | Natural gas, sold as LNG | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	51	0
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1	$ 1

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Number of operating segments | segment	2
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 1,538	$ 1,567
Net (loss) gain on commodity derivatives	(24)	15
Income from equity method investments	39	80
Net gain on disposal of assets	0	5
Other income (expense)	(2)	13
Less costs and expenses:
Production	221	201
Shipping, handling and other operating, including related party	169	162
Exploration	7	15
Depreciation, depletion and amortization	524	520
Taxes other than income	96	95
General and administrative	86	82
Net interest and other	69	82
Other net periodic benefit costs	(3)	(3)
Income tax provision (benefit)	85	109
Net income	297	417
Total assets	19,668	20,012	$ 19,575
Capital expenditures	603	601
Permian Basin
Less costs and expenses:
Dry well cost		10
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,422	1,503
Operating Segments | U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,422	1,503
Net (loss) gain on commodity derivatives	0	13
Income from equity method investments	0	0
Net gain on disposal of assets		0
Other income (expense)	(4)	11
Less costs and expenses:
Production	201	178
Shipping, handling and other operating, including related party	149	159
Exploration	7	5
Depreciation, depletion and amortization	500	505
Taxes other than income	96	97
General and administrative	38	35
Net interest and other	0	0
Other net periodic benefit costs	0	0
Income tax provision (benefit)	93	123
Net income	334	425
Total assets	18,629	18,696
Capital expenditures	598	597
Operating Segments | Int’l
Segment Reporting Information [Line Items]
Revenues from contracts with customers	116	64
Net (loss) gain on commodity derivatives	0	0
Income from equity method investments	39	80
Net gain on disposal of assets		0
Other income (expense)	1	1
Less costs and expenses:
Production	20	23
Shipping, handling and other operating, including related party	17	3
Exploration	0	0
Depreciation, depletion and amortization	10	12
Taxes other than income	0	0
General and administrative	3	3
Net interest and other	0	0
Other net periodic benefit costs	0	0
Income tax provision (benefit)	24	15
Net income	82	89
Total assets	918	1,148
Capital expenditures	1	2
Not Allocated to Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	0	0
Net (loss) gain on commodity derivatives	(24)	2
Income from equity method investments	0	0
Net gain on disposal of assets		5
Other income (expense)	1	1
Less costs and expenses:
Production	0	0
Shipping, handling and other operating, including related party	3	0
Exploration	0	10
Depreciation, depletion and amortization	14	3
Taxes other than income	0	(2)
General and administrative	45	44
Net interest and other	69	82
Other net periodic benefit costs	(3)	(3)
Income tax provision (benefit)	(32)	(29)
Net income	(119)	(97)
Total assets	121	168
Capital expenditures	$ 4	$ 2

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	22%	21%

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - Term Loan Facility - Line of Credit - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Mar. 28, 2024	Nov. 30, 2022	Dec. 31, 2023
Debt Instrument [Line Items]
Debt term		2 years
Maximum borrowing capacity		$ 1,500
Repayments of line of credit	$ 1,200		$ 300

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Revolving Credit Facility $ in Millions	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,600
Optional limit increase	$ 939
Covenant, ratio of indebtedness to net capital, maximum	0.65
Ratio of indebtedness to net capital	0.25

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Debt term	365 days
Line of credit, outstanding amount	$ 450,000,000
Weighted average interest rate	5.90%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,600,000,000

Debt - Debt Issuance (Details)

Debt - Debt Issuance (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 28, 2024	Dec. 31, 2023
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,200
Net proceeds received	1,200
Debt issuance costs	12
2029 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest rate	5.30%
2034 Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest rate	5.70%
Term Loan Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of line of credit	$ 1,200	$ 300

Debt - Debt Redemption (Details

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

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 5,000
Long-term debt due within one year	400	$ 1,600
2.10% bonds due 2037 | Bonds
Debt Instrument [Line Items]
Long-term debt due within one year	$ 200
Interest rate	2.10%
2.125% bonds due 2037 | Bonds
Debt Instrument [Line Items]
Long-term debt due within one year	$ 200
Interest rate	2.125%

Derivatives - Balance Sheet Com

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset	$ 20	$ 42
Liability	1	0
Net Asset	19	42
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	1	24
Liability	1	0
Net Asset	0	24
Not Designated as Hedges | Other current assets | Commodity
Derivatives, Fair Value [Line Items]
Asset	1	24
Liability	1	0
Net Asset	0	24
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	19	18
Liability	0	0
Net Asset	19	18
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	10	9
Liability	0	0
Net Asset	$ 10	$ 9

Derivatives - Outstanding Deriv

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Apr. 30, 2024 MMBTU bbl / h $ / bbl $ / MMBTU	Mar. 31, 2024 bbl / h $ / bbl
Three-Way Collars - Crude Oil 2024, Second Quarter
Derivative [Line Items]
Derivative, volume | bbl / h		60,000
Derivative, ceiling		97.44
Derivative, floor		65.83
Derivative, sold put		50.83
Three-Way Collars - Crude Oil 2024, Second Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	60,000
Derivative, ceiling	97.44
Derivative, floor	65.83
Derivative, sold put	50.83
Three-Way Collars - Crude Oil 2024, Third Quarter
Derivative [Line Items]
Derivative, volume | bbl / h		40,000
Derivative, ceiling		96.12
Derivative, floor		65
Derivative, sold put		50
Three-Way Collars - Crude Oil 2024, Third Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	50,000
Derivative, ceiling	95.95
Derivative, floor	65
Derivative, sold put	50
Three-Way Collars - Crude Oil 2024, Fourth Quarter
Derivative [Line Items]
Derivative, volume | bbl / h		40,000
Derivative, ceiling		96.12
Derivative, floor		65
Derivative, sold put		50
Three-Way Collars - Crude Oil 2024, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	50,000
Derivative, ceiling	95.95
Derivative, floor	65
Derivative, sold put	50
Three-Way Collars - Crude Oil 2025, First Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Second Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Third Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Two-Way Collars - Natural Gas 2024, Second Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	0
Derivative, ceiling | $ / MMBTU	0
Derivative, floor | $ / MMBTU	0
Two-Way Collars - Natural Gas 2024, Third Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	0
Derivative, ceiling | $ / MMBTU	0
Derivative, floor | $ / MMBTU	0
Two-Way Collars - Natural Gas 2024, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	0
Derivative, ceiling | $ / MMBTU	0
Derivative, floor | $ / MMBTU	0
Two-Way Collars - Natural Gas 2025, First Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	100,000
Derivative, ceiling | $ / MMBTU	5.77
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Second Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	100,000
Derivative, ceiling | $ / MMBTU	5.77
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Third Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	100,000
Derivative, ceiling | $ / MMBTU	5.77
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Fourth Quarter | Subsequent Event
Derivative [Line Items]
Derivative, volume | MMBTU	100,000
Derivative, ceiling | $ / MMBTU	5.77
Derivative, floor | $ / MMBTU	2.50

Derivatives - Schedule of Mark-

Derivatives - Schedule of Mark-to-market Impact and Commodity Derivative Settlements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cash received (paid) for settled derivative positions, net		$ 10
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments, net	$ (24)	2
Realized gain on derivative instruments, net	$ 0	$ 13

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - Interest Rate Contract, Maturing September 9, 2026 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from hedge settlement	$ 3
Amount expected to be reclassified within 12 months	10
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 295	$ 295
Weighted average interest rate, SOFR	1.43%	1.43%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Recurring (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 20	$ 42
Derivative instruments, liabilities	(1)
Total	19
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	1	24
Derivative instruments, liabilities	(1)
Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	19	18
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Derivative instruments, liabilities	0
Total	0
Level 1 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Derivative instruments, liabilities	0
Level 1 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	20	42
Derivative instruments, liabilities	(1)
Total	19
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	1	24
Derivative instruments, liabilities	(1)
Level 2 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	19	18
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Derivative instruments, liabilities	0
Total	0
Level 3 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Derivative instruments, liabilities	0
Level 3 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Financial assets
Other noncurrent assets	$ 9	$ 9
Total financial assets	9	9
Financial liabilities
Other current liabilities	80	80
Long-term debt, including current portion	4,987	4,961
Deferred credits and other liabilities	70	70
Total financial liabilities	5,137	5,111
Carrying Amount
Financial assets
Other noncurrent assets	29	27
Total financial assets	29	27
Financial liabilities
Other current liabilities	127	126
Long-term debt, including current portion	5,003	4,997
Deferred credits and other liabilities	72	71
Total financial liabilities	$ 5,202	$ 5,194

Property, Plant and Equipment -

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,303	$ 17,213
Operating Segments | United States
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	17,004	16,905
Operating Segments | International
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	243	252
Corporate
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 56	$ 56

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Exploratory well costs capitalized greater than one year after completion of drilling	$ 0	$ 0

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 340
Incurred liabilities, including acquisitions	2	1
Settled liabilities, including dispositions	(2)	(9)
Accretion expense (included in depreciation, depletion and amortization)	4	4
Revisions of estimates	2	5
Ending balance as of March 31, total	346	341
Asset retirement obligation, current	$ 17	$ 45

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 472	$ 433
EG LNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%
Equity method investments	$ 132	118
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Equity method investments	$ 176	153
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45%
Equity method investments	$ 164	$ 162

Equity Method Investments - S_2

Equity Method Investments - Schedule Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,551	$ 1,680
Income from operations	448	605
Net income	297	417
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	211	306
Income from operations	101	159
Net income	$ 84	$ 134

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,551	$ 1,680
Receivables, net	1,276		$ 1,152
Accounts payable	1,514		1,364
Annual payments to be received	6
Related Party
Schedule of Equity Method Investments [Line Items]
Revenues and other income	2	$ 6
Receivables, net	23		24
Accounts payable	$ 24		$ 6

Equity Method Investments - S_3

Equity Method Investments - Schedule of Operating Lease, Undiscounted Cash Flows to be Received (Details) $ in Millions	Mar. 31, 2024 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
2024	$ 5
2025	6
2026	6
2027	6
2028	6
Thereafter	35
Total undiscounted cash flows	$ 64

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock		$ 285	$ 334
Stock repurchase program, remaining authorized repurchase amount		$ 2,000
Share Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock	$ 110
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		11
Payments for repurchase of common stock		$ 285

Incentive Based Compensation -

Incentive Based Compensation - Stock Options and Restricted Stock Units Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding, beginning (in shares) | shares	1,004,304
Granted (in shares) | shares	0
Exercised/Vested (in shares) | shares	0
Canceled (in shares) | shares	(499,545)
Outstanding, ending (in shares) | shares	504,759
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) | $ / shares	$ 31.38
Granted (in dollars per share) | $ / shares	0
Exercised/Vested (in dollars per share) | $ / shares	0
Canceled (in dollars per share) | $ / shares	33.33
Outstanding, ending (in dollars per share) | $ / shares	$ 29.44
Restricted Stock Units
Number of Shares & Units
Outstanding, beginning (in shares) | shares	3,514,405
Granted (in shares) | shares	2,062,612
Exercised/Vested (in shares) | shares	(1,663,913)
Canceled (in shares) | shares	(45,300)
Outstanding, ending (in shares) | shares	3,867,804
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 22.07
Granted (in dollars per share) | $ / shares	24.60
Exercised/Vested (in dollars per share) | $ / shares	19.18
Canceled (in dollars per share) | $ / shares	23
Outstanding, ending (in dollars per share) | $ / shares	$ 24.65

Incentive Based Compensation _2

Incentive Based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Performance Unit - Share Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248,572
Grant date fair value (in dollars per share) | $ / shares	$ 28.21
Outstanding units (in shares)	638,079
Performance Unit - Cash Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248,572
Outstanding units (in shares)	471,036
Unit conversion ratio (in shares)	1
Fair value as of period end (in dollars per share) | $ / shares	$ 28.45

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil, NGLs and natural gas, including LNG	$ 12	$ 14
Supplies and other items	167	172
Inventories	$ 179	$ 186

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Included in operating activities:
Interest paid	$ 73	$ 85
Income taxes paid, net of refunds	8	6
Noncash investing activities:
Increase in asset retirement costs	4	6
Capital expenditures incurred but not yet paid	$ 203	$ 180

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Jun. 30, 2020 USD ($) guarantee	Mar. 31, 2024 USD ($) tribe
Loss Contingencies [Line Items]
Number of affiliated tribes | tribe		3
Contingent royalty liability		$ 123,000,000
Contingent capital and expense receivable, noncurrent		27,000,000
Expected penalty or fine (in excess of)		300,000
Number of guarantees executed | guarantee	2
Guarantor obligations, current carrying value		4,000,000
Performance of Equatorial Guinea LNG Operations, S.A.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure	$ 91,000,000
Performance of Alba Plant LLC.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure	$ 25,000,000
Accounts Payable
Loss Contingencies [Line Items]
Contingent royalty liability		105,000,000
Other current liabilities
Loss Contingencies [Line Items]
Contingent royalty liability		$ 18,000,000