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Segment Disclosures and Related Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Segment Level Net Income (Loss) | 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
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
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 | 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 |
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 |
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 |
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 | 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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