Sales and Other Operating Revenues

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Note 16—Sales and Other Operating Revenues

Revenue from Contracts with Customers

The following table provides further disaggregation of our consolidated sales and other operating revenues:


	Millions of Dollars
	Three Months Ended September 30			Nine Months Ended September 30
	2025		2024	2025	2024
Revenue from contracts with customers	$	13,337	11,703	40,437	36,670
Revenue from contracts outside the scope of ASC Topic 606
Physical contracts meeting the definition of a derivative	1,758		1,403	5,173	3,971
Financial derivative contracts	(64)		(65)	(58)	(132)
Consolidated sales and other operating revenues	$	15,031	13,041	45,552	40,509

Revenues from contracts outside the scope of ASC Topic 606, “Revenue from Contracts with Customers,” relate primarily to physical gas contracts at market prices, which qualify as derivatives accounted for under ASC Topic 815, “Derivatives and Hedging,” and for which we have not elected NPNS. There is no significant difference in contractual terms or the policy for recognition of revenue from these contracts and those within the scope of ASC Topic 606. The following disaggregation of revenues is provided in conjunction with Note 18—Segment Disclosures and Related Information:


	Millions of Dollars
	Three Months Ended September 30			Nine Months Ended September 30
	2025		2024	2025	2024
Revenue from Contracts Outside the Scope of ASC Topic 606 by Segment
Lower 48	$	1,516	1,007	4,170	3,009
Canada	118		68	492	376
Europe, Middle East and North Africa	124		328	511	586
Physical contracts meeting the definition of a derivative	$	1,758	1,403	5,173	3,971


	Millions of Dollars
	Three Months Ended September 30			Nine Months Ended September 30
	2025		2024	2025	2024
Revenue from Contracts Outside the Scope of ASC Topic 606 by Product
Crude oil	$	101	220	258	273
Natural gas	1,231		736	3,994	2,650
Other	426		447	921	1,048
Physical contracts meeting the definition of a derivative	$	1,758	1,403	5,173	3,971

Practical Expedients

Typically, our commodity sales contracts are less than 12 months in duration; however, in certain specific cases may extend longer, which may be out to the end of field life. We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract. Accordingly, we have applied the practical expedient allowed in ASC Topic 606 and do not disclose the aggregate amount of the transaction price allocated to performance obligations or when we expect to recognize revenues that are unsatisfied as of the end of the reporting period.

Receivables from Contracts with Customers

At September 30, 2025, the “Accounts and notes receivable” line on our consolidated balance sheet included trade receivables of $4,597 million compared with $5,398 million at December 31, 2024, and included both contracts with customers within the scope of ASC Topic 606 and those that are outside the scope of ASC Topic 606. We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made. Revenues that are outside the scope of ASC Topic 606 relate primarily to physical natural gas sales contracts at market prices for which we do not elect NPNS and are therefore accounted for as a derivative under ASC Topic 815. There is little distinction in the nature of the customer or credit quality of trade receivables associated with natural gas sold under contracts for which NPNS has not been elected compared with trade receivables where NPNS has been elected.