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Segment Disclosures and Related Information | 9 Months Ended
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Sep. 30, 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 September 30, 2025 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 1,443 |  | 10,541 |  | 1,414 |  | 1,578 |  | 515 |  | — |  | 24 |  | 15,515 |
Intersegment eliminations | — |  | (3) |  | (473) |  | — |  | — |  | — |  | (8) |  | (484) |
Consolidated sales and other operating revenues | 1,443 |  | 10,538 |  | 941 |  | 1,578 |  | 515 |  | — |  | 16 |  | 15,031 |
Significant segment expenses* |  |  |  |  |  |  |  |
Production and operating expenses | 564 |  | 1,434 |  | 218 |  | 213 |  | 101 |  | — |  | 102 |  | 2,632 |
DD&A | 327 |  | 2,079 |  | 142 |  | 245 |  | 113 |  | — |  | 11 |  | 2,917 |
Income tax provision (benefit) | 61 |  | 345 |  | 60 |  | 676 |  | 89 |  | — |  | (29) |  | 1,202 |
Total | 952 |  | 3,858 |  | 420 |  | 1,134 |  | 303 |  | — |  | 84 |  | 6,751 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | — |  | (3) |  | — |  | (157) |  | (194) |  | — |  | 9 |  | (345) |
Interest income | — |  | — |  | — |  | — |  | (2) |  | — |  | (60) |  | (62) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 223 |  | 223 |
Other** | 361 |  | 5,443 |  | 333 |  | 274 |  | 99 |  | (4) |  | 232 |  | 6,738 |
Total | 361 |  | 5,440 |  | 333 |  | 117 |  | (97) |  | (4) |  | 404 |  | 6,554 |
Net income (loss) | $ | 130 |  | 1,240 |  | 188 |  | 327 |  | 309 |  | 4 |  | (472) |  | 1,726 |
*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: L48, OI and Corporate
Other income and Selling, general and administrative expenses: L48, Canada, EMENA, AP, OI and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: L48
Foreign currency transaction (gain) loss: Canada, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other Segment Disclosures
Three Months Ended September 30, 2025 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 3 |  | 127 |  | — |  | 2,163 |  | 4,820 |  | — |  | 1,624 |  | 8,737 |
Total assets | 19,736 |  | 64,387 |  | 9,801 |  | 10,405 |  | 8,052 |  | — |  | 10,091 |  | 122,472 |
Capital expenditures and investments | 753 |  | 1,571 |  | 152 |  | 293 |  | 70 |  | — |  | 27 |  | 2,866 |
Three Months Ended September 30, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 1,481 |  | 9,080 |  | 1,139 |  | 1,337 |  | 478 |  | — |  | 16 |  | 13,531 |
Intersegment eliminations | — |  | — |  | (479) |  | — |  | — |  | — |  | (11) |  | (490) |
Consolidated sales and other operating revenues | 1,481 |  | 9,080 |  | 660 |  | 1,337 |  | 478 |  | — |  | 5 |  | 13,041 |
Significant segment expenses* |  |  |  |  |  |  |  |
Production and operating expenses | 520 |  | 1,180 |  | 269 |  | 154 |  | 110 |  | — |  | 28 |  | 2,261 |
DD&A | 309 |  | 1,640 |  | 147 |  | 189 |  | 97 |  | — |  | 8 |  | 2,390 |
Income tax provision (benefit) | 103 |  | 347 |  | 10 |  | 678 |  | 73 |  | — |  | (35) |  | 1,176 |
Total | 932 |  | 3,167 |  | 426 |  | 1,021 |  | 280 |  | — |  | 1 |  | 5,827 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | 1 |  | — |  | — |  | (154) |  | (290) |  | — |  | 2 |  | (441) |
Interest income | — |  | — |  | — |  | — |  | (2) |  | — |  | (105) |  | (107) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 189 |  | 189 |
Other** | 281 |  | 4,672 |  | 209 |  | 172 |  | 35 |  | (1) |  | 146 |  | 5,514 |
Total | 282 |  | 4,672 |  | 209 |  | 18 |  | (257) |  | (1) |  | 232 |  | 5,155 |
Net income (loss) | $ | 267 |  | 1,241 |  | 25 |  | 298 |  | 455 |  | 1 |  | (228) |  | 2,059 |
*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: L48 and OI
Other income: Alaska, L48, Canada, OI and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses and Exploration Expenses: Alaska, L48, Canada, EMENA, AP, OI 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: L48, EMENA and Corporate
Other Segment Disclosures
Three Months Ended September 30, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 33 |  | 121 |  | — |  | 1,335 |  | 4,993 |  | 7 |  | 1,502 |  | 7,991 |
Total assets | 17,401 |  | 42,346 |  | 10,072 |  | 8,161 |  | 8,323 |  | 6 |  | 10,390 |  | 96,699 |
Capital expenditures and investments | 691 |  | 1,653 |  | 136 |  | 248 |  | 100 |  | — |  | 88 |  | 2,916 |
Nine Months Ended September 30, 2025 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 4,368 |  | 32,055 |  | 4,280 |  | 4,918 |  | 1,410 |  | — |  | 56 |  | 47,087 |
Intersegment eliminations | — |  | (6) |  | (1,506) |  | — |  | — |  | — |  | (23) |  | (1,535) |
Consolidated sales and other operating revenues | 4,368 |  | 32,049 |  | 2,774 |  | 4,918 |  | 1,410 |  | — |  | 33 |  | 45,552 |
Significant segment expenses* |  |  |  |  |  |  |  |
Production and operating expenses | 1,616 |  | 4,399 |  | 635 |  | 669 |  | 251 |  | — |  | 140 |  | 7,710 |
DD&A | 1,043 |  | 5,986 |  | 416 |  | 662 |  | 350 |  | — |  | 44 |  | 8,501 |
Income tax provision (benefit) | 247 |  | 1,175 |  | 191 |  | 2,191 |  | 220 |  | — |  | (159) |  | 3,865 |
Total | 2,906 |  | 11,560 |  | 1,242 |  | 3,522 |  | 821 |  | — |  | 25 |  | 20,076 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | — |  | (11) |  | — |  | (445) |  | (585) |  | — |  | (11) |  | (1,052) |
Interest income | — |  | — |  | — |  | — |  | (6) |  | — |  | (199) |  | (205) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 660 |  | 660 |
Other** | 870 |  | 16,071 |  | 939 |  | 858 |  | 230 |  | (7) |  | 566 |  | 19,527 |
Total | 870 |  | 16,060 |  | 939 |  | 413 |  | (361) |  | (7) |  | 1,016 |  | 18,930 |
Net income (loss) | $ | 592 |  | 4,429 |  | 593 |  | 983 |  | 950 |  | 7 |  | (1,008) |  | 6,546 |
*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: L48, OI and Corporate
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: L48 and EMENA
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other Segment Disclosures
Nine Months Ended September 30, 2025 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 3 |  | 127 |  | — |  | 2,163 |  | 4,820 |  | — |  | 1,624 |  | 8,737 |
Total assets | 19,736 |  | 64,387 |  | 9,801 |  | 10,405 |  | 8,052 |  | — |  | 10,091 |  | 122,472 |
Capital expenditures and investments | 2,785 |  | 5,089 |  | 461 |  | 923 |  | 188 |  | — |  | 84 |  | 9,530 |
Nine Months Ended September 30, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 4,934 |  | 27,442 |  | 4,136 |  | 4,090 |  | 1,495 |  | — |  | 40 |  | 42,137 |
Intersegment eliminations | — |  | (1) |  | (1,599) |  | — |  | — |  | — |  | (28) |  | (1,628) |
Consolidated sales and other operating revenues | 4,934 |  | 27,441 |  | 2,537 |  | 4,090 |  | 1,495 |  | — |  | 12 |  | 40,509 |
Significant segment expenses* |  |  |  |  |  |  |  |
Production and operating expenses | 1,489 |  | 3,420 |  | 709 |  | 471 |  | 281 |  | — |  | 70 |  | 6,440 |
DD&A | 954 |  | 4,629 |  | 471 |  | 544 |  | 314 |  | — |  | 23 |  | 6,935 |
Income tax provision (benefit) | 360 |  | 1,099 |  | 152 |  | 2,121 |  | 173 |  | — |  | (142) |  | 3,763 |
Total | 2,803 |  | 9,148 |  | 1,332 |  | 3,136 |  | 768 |  | — |  | (49) |  | 17,138 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | 1 |  | — |  | — |  | (431) |  | (840) |  | — |  | 5 |  | (1,265) |
Interest income | — |  | — |  | — |  | — |  | (6) |  | — |  | (301) |  | (307) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 592 |  | 592 |
Other** | 1,157 |  | 14,412 |  | 739 |  | 532 |  | 162 |  | (3) |  | 413 |  | 17,412 |
Total | 1,158 |  | 14,412 |  | 739 |  | 101 |  | (684) |  | (3) |  | 709 |  | 16,432 |
Net income (Loss) | $ | 973 |  | 3,881 |  | 466 |  | 853 |  | 1,411 |  | 3 |  | (648) |  | 6,939 |
*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: L48 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 and L48
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
Nine Months Ended September 30, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | OI | Corporate | Consolidated Total
Investment in and advances to affiliates | $ | 33 |  | 121 |  | — |  | 1,335 |  | 4,993 |  | 7 |  | 1,502 |  | 7,991 |
Total assets | 17,401 |  | 42,346 |  | 10,072 |  | 8,161 |  | 8,323 |  | 6 |  | 10,390 |  | 96,699 |
Capital expenditures and investments | 2,102 |  | 4,918 |  | 419 |  | 694 |  | 235 |  | — |  | 433 |  | 8,801 |
| Millions of Dollars
| Three Months Ended September 30 | Nine Months Ended September 30
| 2025 | 2024 | 2025 | 2024
Sales and Other Operating Revenues by Geographic Location* |  |  |
U.S. | $ | 11,887 |  | 10,445 |  | 36,136 |  | 32,201 |
Canada | 798 |  | 660 |  | 2,487 |  | 2,537 |
China | 228 |  | 261 |  | 683 |  | 749 |
Equatorial Guinea | 21 |  | — |  | 377 |  | — |
Libya | 434 |  | 307 |  | 1,350 |  | 1,277 |
Malaysia | 201 |  | 217 |  | 604 |  | 746 |
Norway | 460 |  | 640 |  | 1,494 |  | 1,778 |
Singapore | 327 |  | — |  | 508 |  | — |
U.K. | 673 |  | 510 |  | 1,909 |  | 1,217 |
Other foreign countries | 2 |  | 1 |  | 4 |  | 4 |
Worldwide consolidated | $ | 15,031 |  | 13,041 |  | 45,552 |  | 40,509 |
Sales and Other Operating Revenues by Product |  |  |  |
Crude oil | $ | 10,010 |  | 9,806 |  | 30,371 |  | 29,480 |
Natural gas | 2,020 |  | 1,290 |  | 6,782 |  | 4,346 |
Natural gas liquids | 886 |  | 693 |  | 2,879 |  | 2,035 |
Other** | 2,115 |  | 1,252 |  | 5,520 |  | 4,648 |
Consolidated sales and other operating revenues by product | $ | 15,031 |  | 13,041 |  | 45,552 |  | 40,509 |
*Sales and other operating revenues are attributable to countries based on the location of the selling operation. **Includes bitumen, power and LNG.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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