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SEGMENTS (Tables)

3 Months Ended

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

X

- 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.

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-Name Accounting Standards Codification
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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.

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