XML 37 R25.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Disclosures and Related Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Disclosures and Related Information
Note 18—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.

Intersegment sales are at prices that approximate market.
Analysis of Results by Operating Segment
Three Months Ended March 31, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$1,610 11,548 1,532 1,940 424 — 18 17,072 
Intersegment eliminations— — (547)— — — (8)(555)
Consolidated sales and other operating revenues1,610 11,548 985 1,940 424 — 10 16,517 
Significant segment expenses*
Production and operating expenses506 1,491 201 224 65 — 19 2,506 
DD&A355 1,904 131 219 119 — 18 2,746 
Income tax provision (benefit)139 448 81 922 64 — (37)1,617 
Total1,000 3,843 413 1,365 248 — — 6,869 
Other segment items
Equity in earnings of affiliates— (4)— (173)(206)— (9)(392)
Interest income— — — — (2)— (74)(76)
Interest and debt expense— — — — — — 205 205 
Other**283 5,919 316 329 73 (2)144 7,062 
Total283 5,915 316 156 (135)(2)266 6,799 
Net income (loss)$327 1,790 256 419 311 2 (256)2,849 
*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 and OI
Other income: L48, Canada, 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, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: EMENA
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: L48, EMENA and Corporate

Other Segment Disclosures
Three Months Ended March 31, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$4 125 — 2,056 4,988 9 1,580 8,762 
Total Assets18,587 66,294 9,604 10,191 8,331 10 11,237 124,254 
Capital expenditures and investments1,046 1,814 165 274 54 — 25 3,378 
Three Months Ended March 31, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$1,670 9,309 1,444 1,457 474 — 13 14,367 
Intersegment eliminations— (1)(508)— — — (10)(519)
Consolidated sales and other operating revenues1,670 9,308 936 1,457 474 — 3 13,848 
Significant segment expenses*
Production and operating expenses479 1,083 217 154 79 — 3 2,015 
DD&A324 1,432 158 180 110 — 7 2,211 
Income tax provision (benefit)122 385 56 777 5 — (88)1,257 
Total925 2,900 431 1,111 194 — (78)5,483 
Other segment items
Equity in earnings of affiliates— — — (140)(282)— 1 (421)
Interest income— — — — (2)— (101)(103)
Interest and debt expense— — — — — — 205 205 
Other**399 5,027 325 182 52 1 147 6,133 
Total399 5,027 325 42 (232)1 252 5,814 
Net income (loss)$346 1,381 180 304 512 (1)(171)2,551 
*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 and OI
Other income: L48, Canada and Corporate
Purchased commodities and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Exploration expenses and Taxes other than income taxes: Alaska, L48, Canada, EMENA, AP and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48 and Corporate

Other Segment Disclosures
Three Months Ended March 31, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$33 119 — 1,211 5,184 — 1,287 7,834 
Total Assets16,701 42,586 10,028 8,021 8,530 — 9,482 95,348 
Capital expenditures and investments720 1,616 152 219 45 — 164 2,916 

Millions of Dollars

Three Months Ended
March 31
20252024
Sales and Other Operating Revenues by Geographic Location*
U.S.
$13,112 10,980 
Canada
947 936 
China
237 213 
Equatorial Guinea
239 — 
Libya510 500 
Malaysia
186 261 
Norway
606 624 
Singapore39 — 
U.K.
640 333 
Other foreign countries
1 1 
Worldwide consolidated
$16,517 13,848 
Sales and Other Operating Revenues by Product
Crude oil
$10,833 9,563 
Natural gas
2,832 1,882 
Natural gas liquids
1,055 680 
Other**
1,797 1,723 
Consolidated sales and other operating revenues by product
$16,517 13,848 
*Sales and other operating revenues are attributable to countries based on the location of the selling operation.
**Includes bitumen and power.