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SEGMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine months ended September 30,
millions			2025			2024			2025			2024
Segment income (losses) from continuing operations before taxes
Oil and gas segment			$	1,300		$	1,165		$	3,931		$	4,042
Chemical segment			197			304			595			854
Midstream and marketing segment			93			631			65			714
Corporate and eliminations			(154)			(194)			(491)			(523)
Interest and debt expense, net			(270)			(312)			(864)			(848)
Income from continuing operations before income taxes			$	1,166		$	1,594		$	3,236		$	4,239
Income tax expense			(324)			(454)			(981)			(1,223)
Income from continuing operations			$	842		$	1,140		$	2,255		$	3,016
Discontinued operations, net of tax			—			—			—			182
Net income			$	842		$	1,140		$	2,255		$	3,198
Less: Net income attributable to noncontrolling interest			(12)			(7)			(31)			(15)
Less: Preferred stock dividends			(169)			(169)			(509)			(509)
Net income attributable to common stockholders			$	661		$	964		$	1,715		$	2,674

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.

OIL AND GAS SEGMENT

			Three months ended September 30,						Nine months ended September 30,
millions			2025			2024			2025			2024
Revenues and other income
Net sales			$	5,404		$	5,697		$	16,096		$	16,081
Losses on sale of assets and other, net			(20)			(556)			(28)			(546)
Total			$	5,384		$	5,141		$	16,068		$	15,535
Significant segment expenses
Oil and gas lease operating expense			1,174			1,207			3,526			3,547
Transportation and gathering expense			408			400			1,218			1,148
Other operating and non-operating expense			261			228			862			735
Taxes other than on income			243			253			765			748
Depreciation, depletion and amortization			1,842			1,722			5,262			4,792
Other segment expenses (a)			158			156			495			493
Total			$	4,086		$	3,966		$	12,128		$	11,463
Segment income before other items			$	1,298		$	1,175		$	3,940		$	4,072
Income (losses) from equity investments and other			2			(10)			(9)			(30)
Segment income from continuing operations before taxes			$	1,300		$	1,165		$	3,931		$	4,042

(a) Other segment expenses include selling, general and administrative expense and exploration expense.

CHEMICAL SEGMENT

			Three months ended September 30,						Nine months ended September 30,
millions			2025			2024			2025			2024
Revenues and other income
Net sales (a)			$	1,166		$	1,246		$	3,581		$	3,706
Gains on sale of assets and other income, net			4			3			22			15
Total			$	1,170		$	1,249		$	3,603		$	3,721
Significant segment expenses
Cost of sales			850			841			2,633			2,529
Depreciation, depletion and amortization			95			92			283			270
Other segment expenses (b)			53			37			170			145
Total			$	998		$	970		$	3,086		$	2,944
Segment income before other items			$	172		$	279		$	517		$	777
Income from equity investments and other			25			25			78			77
Segment income from continuing operations before taxes			$	197		$	304		$	595		$	854

(a) Includes revenue from customers and all other revenues.

(b) Other segment expenses include other operating and non-operating expense and selling, general and administrative expense.

MIDSTREAM AND MARKETING SEGMENT

			Three months ended September 30,						Nine months ended September 30,
millions			2025			2024			2025			2024
Revenues and other income
Net sales (a)			$	306		$	440		$	935		$	821
Gains on sale of assets and other income, net			95			515			159			611
Total			$	401		$	955		$	1,094		$	1,432
Significant segment expenses
Cost of sales			230			276			642			807
Other operating and non-operating expense			93			61			276			212
Depreciation, depletion and amortization			87			83			262			249
Other segment expenses (b)			41			55			113			112
Total			$	451		$	475		$	1,293		$	1,380
Segment income (losses) before other items			$	(50)		$	480		$	(199)		$	52
Income from equity investments and other			143			151			264			662
Segment income from continuing operations before taxes			$	93		$	631		$	65		$	714

(a) Includes revenue from customers and all other revenues.

(b) Other segment expenses include transportation expense, taxes other than on income, selling, general and administrative expense and asset impairments and other charges.

The following table includes segment-level balance sheet information:

millions			Oil and gas			Chemical			Midstream and marketing						Corporate and eliminations			Total
September 30, 2025
PP&E Additions			$	4,428		$	799		$	553					$	71		$	5,851
Investments in unconsolidated entities			$	126		$	484		$	2,379					$	—		$	2,989
Total Assets			$	60,547		$	5,770		$	13,786					$	3,369		$	83,472

September 30, 2024
PP&E Additions			$	4,152		$	432		$	686					$	101		$	5,371
Investments in unconsolidated entities			$	97		$	524		$	2,574					$	—		$	3,195
Total Assets			$	64,042		$	4,943		$	14,212					$	2,606		$	85,803

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.

+ References

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-Name Accounting Standards Codification
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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.

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