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Segment Disclosures and Related Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Disclosures and Related Information | Note 23—Segment Disclosures and Related Information We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); Asia Pacific (AP); and Other International (OI). Corporate and Other (Corporate) represents income and costs not directly associated with an operating segment, such as most interest expense, premiums on early retirement of debt, corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments. Our chief operating decision maker (CODM) is our Chairman of the Board of Directors and Chief Executive Officer, who evaluates performance and allocates resources among our operating segments based on each segment's net income (loss). This is done through the annual budget and forecasting process. Segment accounting policies are the same as those in Note 1. Intersegment sales are at prices that approximate market. 2024 Segment level net income (loss)
Year Ended December 31, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 6,553 |  | 37,028 |  | 5,636 |  | 5,788 |  | 1,847 |  | — |  | 54 |  | 56,906 |
Intersegment eliminations | — |  | (2) |  | (2,122) |  | — |  | — |  | — |  | (37) |  | (2,161) |
Consolidated sales and other operating revenues* | 6,553 |  | 37,026 |  | 3,514 |  | 5,788 |  | 1,847 |  | — |  | 17 |  | 54,745 |
Significant segment expenses** |  |  |  |  |  |  |  |
Production and operating expenses | 1,951 |  | 4,751 |  | 902 |  | 671 |  | 384 |  | — |  | 92 |  | 8,751 |
DD&A | 1,299 |  | 6,442 |  | 639 |  | 761 |  | 425 |  | — |  | 33 |  | 9,599 |
Income tax provision (benefit) | 480 |  | 1,462 |  | 228 |  | 2,854 |  | 211 |  | (1) |  | (807) |  | 4,427 |
Total | 3,730 |  | 12,655 |  | 1,769 |  | 4,286 |  | 1,020 |  | (1) |  | (682) |  | 22,777 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | 1 |  | (5) |  | — |  | (586) |  | (1,089) |  | — |  | (26) |  | (1,705) |
Interest income | — |  | — |  | — |  | — |  | (8) |  | — |  | (394) |  | (402) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 783 |  | 783 |
Other*** | 1,496 |  | 19,201 |  | 1,033 |  | 899 |  | 200 |  | 2 |  | 1,216 |  | 24,047 |
Total | 1,497 |  | 19,196 |  | 1,033 |  | 313 |  | (897) |  | 2 |  | 1,579 |  | 22,723 |
Net income (loss) | $ | 1,326 |  | 5,175 |  | 712 |  | 1,189 |  | 1,724 |  | (1) |  | (880) |  | 9,245 |
*In 2024, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $6.7 billion or approximately 12 percent of our total consolidated sales and other operating revenues.
**The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
***Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48, Canada, EMENA and OI
Other income; Selling, general and administrative expenses and Exploration expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Impairments: Alaska, L48, Canada and EMENA
Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 3 |  | 123 |  | — |  | 1,948 |  | 4,977 |  | 8 |  | 1,551 |  | 8,610 |
Total Assets | 18,030 |  | 66,977 |  | 9,513 |  | 9,770 |  | 8,390 |  | 8 |  | 10,092 |  | 122,780 |
Capital expenditures and investments | 3,194 |  | 6,510 |  | 551 |  | 1,021 |  | 370 |  | — |  | 472 |  | 12,118 |
2023 Segment level net income (loss)
Year Ended December 31, 2023 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 7,098 |  | 38,244 |  | 4,873 |  | 5,854 |  | 1,913 |  | — |  | 63 |  | 58,045 |
Intersegment eliminations | — |  | (7) |  | (1,867) |  | — |  | — |  | — |  | (30) |  | (1,904) |
Consolidated sales and other operating revenues* | 7,098 |  | 38,237 |  | 3,006 |  | 5,854 |  | 1,913 |  | — |  | 33 |  | 56,141 |
Significant segment expenses** |  |  |  |  |  |  |  |
Production and operating expenses | 1,829 |  | 4,199 |  | 619 |  | 593 |  | 391 |  | 1 |  | 61 |  | 7,693 |
DD&A | 1,061 |  | 5,722 |  | 420 |  | 587 |  | 455 |  | — |  | 25 |  | 8,270 |
Income tax provision (benefit) | 642 |  | 1,763 |  | 26 |  | 3,065 |  | 42 |  | — |  | (207) |  | 5,331 |
Total | 3,532 |  | 11,684 |  | 1,065 |  | 4,245 |  | 888 |  | 1 |  | (121) |  | 21,294 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | (1) |  | 9 |  | — |  | (580) |  | (1,151) |  | — |  | 3 |  | (1,720) |
Interest income | — |  | — |  | — |  | (1) |  | (8) |  | — |  | (403) |  | (412) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 780 |  | 780 |
Other*** | 1,789 |  | 20,083 |  | 1,539 |  | 1,001 |  | 223 |  | 12 |  | 595 |  | 25,242 |
Total | 1,788 |  | 20,092 |  | 1,539 |  | 420 |  | (936) |  | 12 |  | 975 |  | 23,890 |
Net income (loss) | $ | 1,778 |  | 6,461 |  | 402 |  | 1,189 |  | 1,961 |  | (13) |  | (821) |  | 10,957 |
*In 2023, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $5.8 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
***Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: Alaska, L48, AP, OI and Corporate
Other income; Purchased commodities; Selling, general and administrative expenses and Exploration expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Impairments: L48, Canada and Corporate
Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2023 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 32 |  | 118 |  | — |  | 1,191 |  | 5,419 |  | — |  | 1,145 |  | 7,905 |
Total Assets | 16,174 |  | 42,415 |  | 10,277 |  | 8,396 |  | 8,903 |  | — |  | 9,759 |  | 95,924 |
Capital expenditures and investments | 1,705 |  | 6,487 |  | 456 |  | 1,111 |  | 354 |  | — |  | 1,135 |  | 11,248 |
2022 Segment level net income (loss)
Year Ended December 31, 2022 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 7,905 |  | 52,921 |  | 6,159 |  | 11,271 |  | 2,606 |  | — |  | 122 |  | 80,984 |
Intersegment eliminations | — |  | (18) |  | (2,445) |  | (1) |  | — |  | — |  | (26) |  | (2,490) |
Consolidated sales and other operating revenues* | 7,905 |  | 52,903 |  | 3,714 |  | 11,270 |  | 2,606 |  | — |  | 96 |  | 78,494 |
Significant segment expenses** |  |  |  |  |  |  |  |
Production and operating expenses | 1,703 |  | 3,627 |  | 591 |  | 590 |  | 365 |  | — |  | 130 |  | 7,006 |
DD&A | 939 |  | 4,865 |  | 402 |  | 736 |  | 518 |  | — |  | 44 |  | 7,504 |
Income tax provision (benefit) | 885 |  | 3,088 |  | 206 |  | 5,445 |  | 480 |  | 53 |  | (609) |  | 9,548 |
Total | 3,527 |  | 11,580 |  | 1,199 |  | 6,771 |  | 1,363 |  | 53 |  | (435) |  | 24,058 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | (4) |  | 14 |  | — |  | (780) |  | (1,310) |  | (1) |  | — |  | (2,081) |
Interest income | — |  | — |  | — |  | (1) |  | (9) |  | — |  | (185) |  | (195) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 805 |  | 805 |
Other*** | 2,030 |  | 30,294 |  | 1,801 |  | 3,036 |  | (174) |  | (1) |  | 241 |  | 37,227 |
Total | 2,026 |  | 30,308 |  | 1,801 |  | 2,255 |  | (1,493) |  | (2) |  | 861 |  | 35,756 |
Net income (loss) | $ | 2,352 |  | 11,015 |  | 714 |  | 2,244 |  | 2,736 |  | (51) |  | (330) |  | 18,680 |
*In 2022, no single customer amounted to 10% of our total consolidated sales and other operating revenues.
**The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
***Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: Alaska, L48, Canada, AP, OI and Corporate
Other income: Alaska, L48, EMENA, AP, OI and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Exploration expenses, Impairments, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP, OI and Corporate
Other expenses: Alaska, L48, Canada, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2022 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 55 |  | 235 |  | — |  | 1,049 |  | 6,154 |  | — |  | — |  | 7,493 |
Total Assets | 15,126 |  | 42,950 |  | 6,971 |  | 8,263 |  | 9,511 |  | — |  | 11,008 |  | 93,829 |
Capital expenditures and investments | 1,091 |  | 5,630 |  | 530 |  | 998 |  | 1,880 |  | — |  | 30 |  | 10,159 |
Sales and Other Operating Revenues by Product |  |  |
| Millions of Dollars
| 2024 | 2023 | 2022
Crude oil | $ | 39,010 |  | 37,833 |  | 41,492 |
Natural gas | 6,444 |  | 10,725 |  | 26,941 |
Natural gas liquids | 2,889 |  | 2,609 |  | 3,650 |
Other* | 6,402 |  | 4,974 |  | 6,411 |
Consolidated sales and other operating revenues by product | $ | 54,745 |  | 56,141 |  | 78,494 |
*Includes bitumen and power. Geographic Information
| Millions of Dollars
| Sales and Other Operating Revenues* |  | Long-Lived Assets**
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
U.S. | $ | 43,480 |  | 45,101 |  | 60,899 |  |  | 79,141 |  | 53,955 |  | 51,200 |
Australia | — |  | — |  | — |  |  | 4,987 |  | 5,426 |  | 6,158 |
Canada | 3,405 |  | 3,006 |  | 3,714 |  |  | 8,773 |  | 9,666 |  | 6,269 |
China | 939 |  | 952 |  | 1,135 |  |  | 1,651 |  | 1,635 |  | 1,538 |
Equatorial Guinea | 66 |  | — |  | — |  |  | 1,593 |  | — |  | — |
Indonesia*** | — |  | — |  | 159 |  |  | — |  | — |  | — |
Libya | 1,703 |  | 1,730 |  | 1,582 |  |  | 733 |  | 703 |  | 714 |
Malaysia | 908 |  | 961 |  | 1,312 |  |  | 856 |  | 939 |  | 1,107 |
Norway | 2,405 |  | 2,408 |  | 3,415 |  |  | 3,850 |  | 4,489 |  | 4,369 |
Singapore | 37 |  | — |  | — |  |  | — |  | — |  | — |
U.K. | 1,796 |  | 1,978 |  | 6,273 |  |  | 2 |  | 2 |  | 1 |
Other foreign countries | 6 |  | 5 |  | 5 |  |  | 1,380 |  | 1,134 |  | 1,003 |
Worldwide consolidated | $ | 54,745 |  | 56,141 |  | 78,494 |  |  | 102,966 |  | 77,949 |  | 72,359 |
*Sales and other operating revenues are attributable to countries based on the location of their selling operation. ** Defined as net PP&E plus equity investments and advances to affiliated companies. *** Assets divested in 2022. See Note 3.

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