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Segment Disclosures and Related Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Disclosures and Related Information | Note 22—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 five operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); and Asia Pacific (AP). 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. Effective in the fourth quarter of 2025, we determined that our former Other International operating segment, which consisted of activities associated with prior operations in other countries, was no longer an operating segment. Residual results are aggregated into Corporate. Our historical operating segment reporting has been recast to reflect this change. 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. Segment accounting policies are the same as those in Note 1. Intersegment sales are at prices that approximate market. The significant segment expense categories and amounts in the tables below align with segment-level information that is regularly provided to the CODM. 2025 Segment level net income (loss)
Year Ended December 31, 2025 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | Segments Total | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 5,638 |  | 41,404 |  | 5,600 |  | 6,485 |  | 1,770 |  | 60,897 |  | 63 |  | 60,960 |
Intersegment eliminations | — |  | (9) |  | (1,975) |  | (1) |  | — |  | (1,985) |  | (31) |  | (2,016) |
Consolidated sales and other operating revenues#* | 5,638 |  | 41,395 |  | 3,625 |  | 6,484 |  | 1,770 |  | 58,912 |  | 32 |  | 58,944 |
Significant segment expenses |  |  |  |  |  |  |  |
Production and operating expenses | 2,158 |  | 5,856 |  | 833 |  | 962 |  | 367 |  | 10,176 |  | 155 |  | 10,331 |
DD&A | 1,399 |  | 8,121 |  | 556 |  | 912 |  | 460 |  | 11,448 |  | 52 |  | 11,500 |
Income tax provision (benefit) | 271 |  | 1,380 |  | 236 |  | 2,820 |  | 238 |  | 4,945 |  | (277) |  | 4,668 |
Total | 3,828 |  | 15,357 |  | 1,625 |  | 4,694 |  | 1,065 |  | 26,569 |  | (70) |  | 26,499 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | (1) |  | (11) |  | — |  | (558) |  | (762) |  | (1,332) |  | (3) |  | (1,335) |
Interest income | — |  | — |  | — |  | — |  | (8) |  | (8) |  | (303) |  | (311) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 855 |  | 855 |
Other** | 1,081 |  | 20,785 |  | 1,259 |  | 1,124 |  | 308 |  | 24,557 |  | 691 |  | 25,248 |
Total | 1,080 |  | 20,774 |  | 1,259 |  | 566 |  | (462) |  | 23,217 |  | 1,240 |  | 24,457 |
Net income (loss) | $ | 730 |  | 5,264 |  | 741 |  | 1,224 |  | 1,167 |  | 9,126 |  | (1,138) |  | 7,988 |
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $5.7 billion, $0.7 billion and $0.8 billion, respectively.
*In 2025, sales by our L48 segment to a certain pipeline company accounted for approximately $5.3 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48, EMENA and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska, L48 and Canada
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, Canada, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2025 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | Segments Total | Corporate | Consolidated Total
Equity investments | $ | 3 |  | — |  | — |  | 2,268 |  | 4,926 |  | 7,197 |  | 1,636 |  | 8,833 |
Total assets | 20,224 |  | 61,933 |  | 9,978 |  | 10,554 |  | 8,273 |  | 110,962 |  | 10,977 |  | 121,939 |
Capital expenditures and investments | 3,607 |  | 6,702 |  | 593 |  | 1,194 |  | 342 |  | 12,438 |  | 115 |  | 12,553 |
2024 Segment level net income (loss)
Year Ended December 31, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | Segments Total | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 6,553 |  | 37,028 |  | 5,636 |  | 5,788 |  | 1,847 |  | 56,852 |  | 54 |  | 56,906 |
Intersegment eliminations | — |  | (2) |  | (2,122) |  | — |  | — |  | (2,124) |  | (37) |  | (2,161) |
Consolidated sales and other operating revenues#* | 6,553 |  | 37,026 |  | 3,514 |  | 5,788 |  | 1,847 |  | 54,728 |  | 17 |  | 54,745 |
Significant segment expenses |  |  |  |  |  |  |  |
Production and operating expenses | 1,951 |  | 4,751 |  | 902 |  | 671 |  | 384 |  | 8,659 |  | 92 |  | 8,751 |
DD&A | 1,299 |  | 6,442 |  | 639 |  | 761 |  | 425 |  | 9,566 |  | 33 |  | 9,599 |
Income tax provision (benefit) | 480 |  | 1,462 |  | 228 |  | 2,854 |  | 211 |  | 5,235 |  | (808) |  | 4,427 |
Total | 3,730 |  | 12,655 |  | 1,769 |  | 4,286 |  | 1,020 |  | 23,460 |  | (683) |  | 22,777 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | 1 |  | (5) |  | — |  | (586) |  | (1,089) |  | (1,679) |  | (26) |  | (1,705) |
Interest income | — |  | — |  | — |  | — |  | (8) |  | (8) |  | (394) |  | (402) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 783 |  | 783 |
Other** | 1,496 |  | 19,201 |  | 1,033 |  | 899 |  | 200 |  | 22,829 |  | 1,218 |  | 24,047 |
Total | 1,497 |  | 19,196 |  | 1,033 |  | 313 |  | (897) |  | 21,142 |  | 1,581 |  | 22,723 |
Net income (loss) | $ | 1,326 |  | 5,175 |  | 712 |  | 1,189 |  | 1,724 |  | 10,126 |  | (881) |  | 9,245 |
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $4.2 billion, $0.5 billion and $0.8 billion, respectively.
*In 2024, sales by our L48 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.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48, Canada, EMENA and Corporate
Other income; Selling, general and administrative expenses; Exploration expenses; Taxes other than income taxes; and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Purchased Commodities and Impairments: Alaska, L48, Canada and EMENA
Foreign currency transaction (gain) loss: Canada, EMENA and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2024 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | Segments Total | Corporate | Consolidated Total
Equity investments | $ | 3 |  | 123 |  | — |  | 1,948 |  | 4,977 |  | 7,051 |  | 1,559 |  | 8,610 |
Total assets | 18,030 |  | 66,977 |  | 9,513 |  | 9,770 |  | 8,390 |  | 112,680 |  | 10,100 |  | 122,780 |
Capital expenditures and investments | 3,194 |  | 6,510 |  | 551 |  | 1,021 |  | 370 |  | 11,646 |  | 472 |  | 12,118 |
2023 Segment level net income (loss)
Year Ended December 31, 2023 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | Segment Totals | Corporate | Consolidated Total
Segment sales and other operating revenues |  |  |  |  |  |  |  |
Sales and other operating revenues | $ | 7,098 |  | 38,244 |  | 4,873 |  | 5,854 |  | 1,913 |  | 57,982 |  | 63 |  | 58,045 |
Intersegment eliminations | — |  | (7) |  | (1,867) |  | — |  | — |  | (1,874) |  | (30) |  | (1,904) |
Consolidated sales and other operating revenues#* | 7,098 |  | 38,237 |  | 3,006 |  | 5,854 |  | 1,913 |  | 56,108 |  | 33 |  | 56,141 |
Significant segment expenses |  |  |  |  |  |  |  |
Production and operating expenses | 1,829 |  | 4,199 |  | 619 |  | 593 |  | 391 |  | 7,631 |  | 62 |  | 7,693 |
DD&A | 1,061 |  | 5,722 |  | 420 |  | 587 |  | 455 |  | 8,245 |  | 25 |  | 8,270 |
Income tax provision (benefit) | 642 |  | 1,763 |  | 26 |  | 3,065 |  | 42 |  | 5,538 |  | (207) |  | 5,331 |
Total | 3,532 |  | 11,684 |  | 1,065 |  | 4,245 |  | 888 |  | 21,414 |  | (120) |  | 21,294 |
Other segment items |  |  |  |  |  |  |  |
Equity in earnings of affiliates | (1) |  | 9 |  | — |  | (580) |  | (1,151) |  | (1,723) |  | 3 |  | (1,720) |
Interest income | — |  | — |  | — |  | (1) |  | (8) |  | (9) |  | (403) |  | (412) |
Interest and debt expense | — |  | — |  | — |  | — |  | — |  | — |  | 780 |  | 780 |
Other** | 1,789 |  | 20,083 |  | 1,539 |  | 1,001 |  | 223 |  | 24,635 |  | 607 |  | 25,242 |
Total | 1,788 |  | 20,092 |  | 1,539 |  | 420 |  | (936) |  | 22,903 |  | 987 |  | 23,890 |
Net income (loss) | $ | 1,778 |  | 6,461 |  | 402 |  | 1,189 |  | 1,961 |  | 11,791 |  | (834) |  | 10,957 |
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $6.6 billion, $1.3 billion and $0.3 billion, respectively.
*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.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: Alaska, L48, AP and Corporate
Other income; Selling, general and administrative expenses; Exploration expenses; Taxes other than income taxes; and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Impairments: L48, Canada and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2023 | Millions of Dollars
| Alaska | L48 | Canada | EMENA | AP | Segment Totals | Corporate | Consolidated Total
Equity investments | $ | 32 |  | 118 |  | — |  | 1,191 |  | 5,419 |  | 6,760 |  | 1,145 |  | 7,905 |
Total assets | 16,174 |  | 42,415 |  | 10,277 |  | 8,396 |  | 8,903 |  | 86,165 |  | 9,759 |  | 95,924 |
Capital expenditures and investments | 1,705 |  | 6,487 |  | 456 |  | 1,111 |  | 354 |  | 10,113 |  | 1,135 |  | 11,248 |
Sales and Other Operating Revenues by Product |  |  |
Consolidated sales and other operating revenues |  |  |
| Millions of Dollars
| 2025 | 2024 | 2023
Crude oil | $ | 39,068 |  | 39,010 |  | 37,833 |
Natural gas | 8,854 |  | 6,444 |  | 10,725 |
Natural gas liquids | 3,705 |  | 2,889 |  | 2,609 |
Other* | 7,317 |  | 6,402 |  | 4,974 |
Total | $ | 58,944 |  | 54,745 |  | 56,141 |
*Includes bitumen, power and LNG.
Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606 |  |  |
| Millions of Dollars
| 2025 | 2024 | 2023
Crude oil | $ | 494 |  | 376 |  | 143 |
Natural gas | 5,465 |  | 3,753 |  | 6,622 |
Power | 1,242 |  | 1,354 |  | 1,438 |
Total | $ | 7,201 |  | 5,483 |  | 8,203 |
Geographic Information
| Millions of Dollars
| Sales and Other Operating Revenues* |  | Long-Lived Assets**
| 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023
U.S. | $ | 46,611 |  | 43,480 |  | 45,101 |  |  | 77,453 |  | 79,141 |  | 53,955 |
International | 12,333 |  | 11,265 |  | 11,040 |  |  | 24,619 |  | 23,825 |  | 23,994 |
Worldwide consolidated | $ | 58,944 |  | 54,745 |  | 56,141 |  |  | 102,072 |  | 102,966 |  | 77,949 |
*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.

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