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SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Segment Income | The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:
| Three months ended
millions | March 31, 2025 | March 31, 2024
Segment income from continuing operations before taxes |  |
Oil and gas segment | $ | 1,697 |  | $ | 1,238 |
Chemical segment | 185 |  | 254 |
Midstream and marketing segment | (77) |  | (33) |
Corporate and eliminations | (155) |  | (165) |
Interest and debt expense, net | (318) |  | (284) |
Income from continuing operations before income taxes | $ | 1,332 |  | $ | 1,010 |
Income tax expense | (387) |  | (304) |
Income from continuing operations | $ | 945 |  | $ | 706 |
Discontinued operations, net of tax | — |  | 182 |
Net income | $ | 945 |  | $ | 888 |
Less: Net income attributable to noncontrolling interest | (9) |  | — |
Less: Preferred stock dividends | (170) |  | (170) |
Net income attributable to common stockholders | $ | 766 |  | $ | 718 |
Schedule of Industry Segments | The following tables include a summary of significant revenue and expense line items for each segment. Items within “Significant segment expenses” align with the significant segment-level information that is regularly provided to the CODM as required by the adoption of ASU 2023-07 in the fourth quarter of 2024. Intersegment expenses are included within the amounts shown. OIL AND GAS SEGMENT
| Three months ended
millions | March 31, 2025 | March 31, 2024
Revenues and other income |  |
Net sales | $ | 5,683 |  | $ | 4,915 |
Gains (losses) on sale of assets and other, net | (6) |  | 3 |
Total | $ | 5,677 |  | $ | 4,918 |
Significant segment expenses |  |
Oil and gas lease operating expense | 1,217 |  | 1,161 |
Transportation and gathering expense | 407 |  | 348 |
Other operating and non-operating expense | 244 |  | 274 |
Taxes other than on income | 260 |  | 232 |
Depreciation, depletion and amortization | 1,702 |  | 1,497 |
Other segment expenses (a) | 150 |  | 154 |
Total | $ | 3,980 |  | $ | 3,666 |
Segment income before other items | $ | 1,697 |  | $ | 1,252 |
Losses from equity investments and other | — |  | (14) |
Segment income from continuing operations before taxes | $ | 1,697 |  | $ | 1,238 |
(a) Other segment expenses include selling, general and administrative expense and exploration expense. CHEMICAL SEGMENT
| Three months ended
millions | March 31, 2025 | March 31, 2024
Revenues and other income |  |
Net sales | $ | 1,188 |  | $ | 1,186 |
Gains on sale of assets and other income, net | 12 |  | 5 |
Total | $ | 1,200 |  | $ | 1,191 |
Significant segment expenses |  |
Cost of sales | 870 |  | 820 |
Depreciation, depletion and amortization | 94 |  | 87 |
Other segment expenses (a) | 76 |  | 54 |
Total | $ | 1,040 |  | $ | 961 |
Segment income before other items | $ | 160 |  | $ | 230 |
Income from equity investments and other | 25 |  | 24 |
Segment income from continuing operations before taxes | $ | 185 |  | $ | 254 |
(a) Other segment expenses include other operating and non-operating expense and selling, general and administrative expense. MIDSTREAM AND MARKETING SEGMENT
| Three months ended
millions | March 31, 2025 | March 31, 2024
Revenues and other income |  |
Net sales | $ | 203 |  | $ | 99 |
Gains on sale of assets and other income, net | 26 |  | 27 |
Total | $ | 229 |  | $ | 126 |
Significant segment expenses |  |
Cost of sales | 213 |  | 251 |
Other operating and non-operating expense | 85 |  | 88 |
Depreciation, depletion and amortization | 87 |  | 84 |
Other segment expenses (a) | 35 |  | 27 |
Total | $ | 420 |  | $ | 450 |
Segment losses before other items | $ | (191) |  | $ | (324) |
Income from equity investments and other | 114 |  | 291 |
Segment losses from continuing operations before taxes | $ | (77) |  | $ | (33) |
(a) Other segment expenses include transportation expense, taxes other than on income, and selling, general and administrative expense. The following table includes segment-level balance sheet information:
millions | Oil and gas | Chemical | Midstream and marketing |  | Corporate and eliminations | Total
March 31, 2025 |  |  |  |
PP&E Additions | $ | 1,568 |  | $ | 224 |  | $ | 152 |  |  | $ | 18 |  | $ | 1,962 |
Investments in unconsolidated entities | $ | 115 |  | $ | 505 |  | $ | 2,501 |  |  | $ | — |  | $ | 3,121 |
Total Assets | $ | 61,768 |  | $ | 5,431 |  | $ | 14,110 |  |  | $ | 3,658 |  | $ | 84,967 |
March 31, 2024 |  |  |  |
PP&E Additions | $ | 1,494 |  | $ | 87 |  | $ | 207 |  |  | $ | 28 |  | $ | 1,816 |
Investments in unconsolidated entities | $ | 92 |  | $ | 547 |  | $ | 2,761 |  |  | $ | — |  | $ | 3,400 |
Total Assets | $ | 53,744 |  | $ | 4,798 |  | $ | 13,628 |  |  | $ | 2,107 |  | $ | 74,277 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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