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Segment Disclosures and Related Information
 9 Months Ended
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, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated 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 revenues1,443 10,538 941 1,578 515 — 16 15,031 
Significant segment expenses*
Production and operating expenses564 1,434 218 213 101 — 102 2,632 
DD&A327 2,079 142 245 113 — 11 2,917 
Income tax provision (benefit)61 345 60 676 89 — (29)1,202 
Total952 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 
Total361 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, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$3 127 — 2,163 4,820 — 1,624 8,737 
Total assets19,736 64,387 9,801 10,405 8,052 — 10,091 122,472 
Capital expenditures and investments753 1,571 152 293 70 — 27 2,866 
Three Months Ended September 30, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated 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 revenues1,481 9,080 660 1,337 478 — 5 13,041 
Significant segment expenses*
Production and operating expenses520 1,180 269 154 110 — 28 2,261 
DD&A309 1,640 147 189 97 — 8 2,390 
Income tax provision (benefit)103 347 10 678 73 — (35)1,176 
Total932 3,167 426 1,021 280 — 1 5,827 
Other segment items
Equity in earnings of affiliates1 — — (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 
Total282 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, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$33 121 — 1,335 4,993 7 1,502 7,991 
Total assets17,401 42,346 10,072 8,161 8,323 6 10,390 96,699 
Capital expenditures and investments691 1,653 136 248 100 — 88 2,916 
Nine Months Ended September 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated 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 revenues4,368 32,049 2,774 4,918 1,410 — 33 45,552 
Significant segment expenses*
Production and operating expenses1,616 4,399 635 669 251 — 140 7,710 
DD&A1,043 5,986 416 662 350 — 44 8,501 
Income tax provision (benefit)247 1,175 191 2,191 220 — (159)3,865 
Total2,906 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 
Total870 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, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$3 127 — 2,163 4,820 — 1,624 8,737 
Total assets19,736 64,387 9,801 10,405 8,052 — 10,091 122,472 
Capital expenditures and investments2,785 5,089 461 923 188 — 84 9,530 
Nine Months Ended September 30, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated 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 revenues4,934 27,441 2,537 4,090 1,495 — 12 40,509 
Significant segment expenses*
Production and operating expenses1,489 3,420 709 471 281 — 70 6,440 
DD&A954 4,629 471 544 314 — 23 6,935 
Income tax provision (benefit)360 1,099 152 2,121 173 — (142)3,763 
Total2,803 9,148 1,332 3,136 768 — (49)17,138 
Other segment items
Equity in earnings of affiliates1 — — (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 
Total1,158 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, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$33 121 — 1,335 4,993 7 1,502 7,991 
Total assets17,401 42,346 10,072 8,161 8,323 6 10,390 96,699 
Capital expenditures and investments2,102 4,918 419 694 235 — 433 8,801 

Millions of Dollars

Three Months Ended
September 30
Nine Months Ended
September 30
2025202420252024
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 — 
Libya434 307 1,350 1,277 
Malaysia
201 217 604 746 
Norway
460 640 1,494 1,778 
Singapore327 — 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.