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Segment Disclosures and Related Information (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Summary of Segment Level Net Income (Loss) | 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
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
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 | 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 |
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 |
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 |
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 | 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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