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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2025
Business Combination, Asset Acquisition And Dispositions [Abstract] |
Schedule of Business Combination |
Total fair value | Millions of Dollars
Value of ConocoPhillips common stock issued* | 15,972 |
Cash transferred at close** | 451 |
Value attributable to Marathon Oil share-based awards | 67 |
Other liabilities incurred*** | 17 |
Total fair value | $ | 16,507 |
*Represents the fair value of approximately 143 million shares of ConocoPhillips common stock issued to Marathon Oil stockholders. The fair value is based on the number of eligible shares of Marathon Oil common stock at a 0.255 exchange ratio and ConocoPhillips' average stock price on November 22, 2024, which was $111.93. **Cash transferred at close primarily represents funds contributed to Marathon Oil for repayment of Marathon Oil's estimated commercial paper liabilities as of the closing date. ***Liabilities incurred are related to cash settled share-based awards and payment of cash in lieu of fractional Marathon Oil shares outstanding. These liabilities were settled prior to the end of 2024. The final consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion) after customary adjustments:
Fair value of consideration | Millions of Dollars
Cash paid | $ | 2,635 |
Contingent consideration | 320 |
Total consideration | $ | 2,955 |
Schedule of Assets Acquired and Liabilities Assumed |
Assets acquired | Millions of Dollars
Cash and cash equivalents | $ | 385 |
Accounts receivable, net | 976 |
Inventories | 302 |
Investments and long-term receivables | 562 |
Net properties, plants and equipment | 24,215 |
Other assets | 215 |
Total assets acquired | $ | 26,655 |
Liabilities assumed |
Accounts payable | $ | 1,183 |
Accrued income and other taxes | 201 |
Employee benefit obligations | 187 |
Long-term debt | 4,719 |
Asset retirement obligations | 781 |
Deferred income taxes | 2,471 |
Other liabilities | 606 |
Total liabilities assumed | $ | 10,148 |
Net assets acquired | $ | 16,507 |
Recognized amounts of identifiable assets acquired and liabilities assumed | Millions of Dollars
Oil and gas properties | 3,082 |
Asset retirement obligations | (112) |
Other | (15) |
Total identifiable net assets | $ | 2,955 |
Schedule of Supplemental Pro Forma Financial Information | The following tables summarize the unaudited supplemental pro forma financial information combining the consolidated income statement of ConocoPhillips with assets acquired as shown for the year ended December 31, 2024 and 2023, as if we had completed the acquisition of Marathon Oil on January 1, 2023 and the remaining working interest in Surmont on January 1, 2022, respectively.
| Millions of Dollars
| Year Ended December 31, 2024
| As reported |  |  | Pro forma Marathon Oil | Pro forma Combined
Total revenues and other income | $ | 56,953 |  |  |  | 6,168 |  | 63,121 |
Net income (loss) | 9,245 |  |  |  | 1,312 |  | 10,557 |
Earnings per share: |  |  |  |  |
Basic net income (loss) | $ | 7.82 |  |  |  |  | 8.06 |
Diluted net income (loss) | 7.81 |  |  |  |  | 8.05 |
| Millions of Dollars
| Year Ended December 31, 2023
| As reported |  | Pro forma Surmont | Pro forma Marathon Oil | Pro forma Combined
Total revenues and other income | $ | 58,574 |  |  | 2,561 |  | 6,705 |  | 67,840 |
Net income (loss) | 10,957 |  |  | 501 |  | 1,657 |  | 13,115 |
Earnings per share: |  |  |  |  |
Basic net income (loss) | $ | 9.08 |  |  |  |  | 9.72 |
Diluted net income (loss) | 9.06 |  |  |  |  | 9.70 |

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