XML 58 R32.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of the activity of capitalized exploratory well costs for continuing operations | The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:
millions | 2024 | 2023 | 2022
Balance — beginning of year | $ | 405 |  | $ | 276 |  | $ | 213 |
Additions to capitalized exploratory well costs pending the determination of proved reserves | 556 |  | 750 |  | 323 |
Reclassifications to property, plant and equipment based on the determination of proved reserves | (594) |  | (314) |  | (183) |
Capitalized exploratory well costs charged to expense | (105) |  | (307) |  | (77) |
Balance — end of year | $ | 262 |  | $ | 405 |  | $ | 276 |
Schedule of accrued liabilities | Accrued liabilities-current consisted of the following line items for the years ended 2024 and 2023:
millions | 2024 | 2023 |
Payroll and related expenses | $ | 694 |  | $ | 693 |  |
Income tax payable | 471 |  | 25 |  |
Accrued interest payable | 446 |  | 336 |  |
Taxes other than on income | 442 |  | 618 |  |
Carbon Engineering acquisition payable | 393 |  | 300 |  |
Current asset retirement obligations | 388 |  | 193 |  |
Dividends payable | 354 |  | 307 |  |
Other | 1,068 |  | 1,382 |  |
Accrued liabilities - current | $ | 4,256 |  | $ | 3,854 |  |
Accrued liabilities non-current consisted of the following line items for the years ended 2024 and 2023:
millions | 2024 | 2023 |
Long term tax liabilities (b) | 2,204 |  | 2,072 |  |
Environmental remediation liabilities (a) | 1,759 |  | 889 |  |
Pension and postretirement obligations | 1,022 |  | 931 |  |
Operating lease liabilities | 614 |  | 727 |  |
Other | 1,431 |  | 1,710 |  |
Accrued liabilities - non-current | $ | 7,030 |  | $ | 6,329 |  |
(a) See Note 12 - Environmental Liabilities and Expenditures for additional information. (b) See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information.
Schedule of the activity of the asset retirement obligation | The following table summarizes the activity of AROs for the years ended December 31:
millions | 2024 | 2023
Beginning balance | $ | 4,075 |  | $ | 3,805 |
Liabilities incurred – capitalized to PP&E | 287 |  | 105 |
Liabilities settled and paid | (445) |  | (295) |
Accretion expense | 234 |  | 211 |
Acquisitions, divestitures and other, net | 2 |  | (15) |
Revisions to previous estimates | 277 |  | 264 |
Ending balance | $ | 4,430 |  | $ | 4,075 |
Schedule of supplemental cash flow information | The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the year ended December 31, 2024, 2023 and 2022, respectively.
millions | 2024 | 2023 | 2022
Income taxes paid | $ | 1,203 |  | $ | 1,299 |  | $ | 2,184 |
Income tax refunds received | $ | 38 |  | $ | 18 |  | $ | 89 |
Production, property and other tax payments | $ | 1,348 |  | $ | 1,164 |  | $ | 1,093 |
Interest paid (a) | $ | 1,208 |  | $ | 1,099 |  | $ | 1,425 |
(a) Net of capitalized interest of $189 million, $98 million and $69 million, for the years 2024, 2023 and 2022, respectively.
Schedule of cash equivalents and restricted cash equivalents | The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2024 and 2023:
millions | 2024 | 2023
Cash and cash equivalents | $ | 2,132 |  | $ | 1,426 |
Restricted cash and restricted cash equivalents | 11 |  | 21 |
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net | 14 |  | 17 |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ | 2,157 |  | $ | 1,464 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in capitalized exploratory costs during the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 932 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477215/932-235-50-1B + Details
Name: | us-gaap_CapitalizedExploratoryWellCostsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 410 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481850/410-20-50-1 + Details
Name: | us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration