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Business Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Revenue by Major Customers | Customers that accounted for 10% or more of the Company’s sales revenue for each of the below three years ended December 31, are shown below.
| 2024 |  | 2023 |  | 2022
Chevron Corporation | 13 | % |  | 16 | % |  | 19 | %
ExxonMobil Corporation | 20 | % |  | 27 | % |  | 12 | %
Phillips 66 | 10 | % |  | N/A |  | N/A
Schedule of Segment Information |
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate, Other, and Discontinued Operations |  | Consolidated Total
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 2,503.8 |  |  | $ | 504.5 |  |  | $ | 6.6 |  |  | $ | 3,014.9 |  |  |  |  |  |  | $ | — |  |  | $ | 3,014.9 |
Sales of purchased natural gas | — |  |  | 3.7 |  |  | — |  |  | 3.7 |  |  |  |  |  |  | — |  |  | 3.7 |
Gain on sales of assets and other operating income | 4.5 |  |  | 1.5 |  |  | — |  |  | 6.0 |  |  |  |  |  |  | 3.9 |  |  | 9.9 |
Revenues from external customers | 2,508.3 |  |  | 509.7 |  |  | 6.6 |  |  | 3,024.6 |  |  |  |  |  |  | 3.9 |  |  | 3,028.5 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 471.3 |  |  | 176.8 |  |  | 1.6 |  |  | 649.7 |  |  |  |  |  |  | — |  |  | 649.7 |
Repair and maintenance | 63.7 |  |  | 4.8 |  |  | — |  |  | 68.5 |  |  |  |  |  |  | — |  |  | 68.5 |
Workovers | 214.9 |  |  | 3.9 |  |  | — |  |  | 218.8 |  |  |  |  |  |  | — |  |  | 218.8 |
Total lease operating expenses | 749.9 |  |  | 185.5 |  |  | 1.6 |  |  | 937.0 |  |  |  |  |  |  | — |  |  | 937.0 |
Severance and ad valorem taxes | 37.8 |  |  | 1.4 |  |  | — |  |  | 39.2 |  |  |  |  |  |  | — |  |  | 39.2 |
Transportation, gathering and processing | 130.9 |  |  | 79.9 |  |  | — |  |  | 210.8 |  |  |  |  |  |  | — |  |  | 210.8 |
Costs of purchased natural gas | — |  |  | 3.1 |  |  | — |  |  | 3.1 |  |  |  |  |  |  | — |  |  | 3.1 |
Selling and general expenses | (3.3) |  |  | 20.4 |  |  | 6.7 |  |  | 23.8 |  |  |  |  |  |  | 89.1 |  |  | 112.9 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |
Geological and geophysical | 14.4 |  |  | 0.2 |  |  | 12.6 |  |  | 27.2 |  |  |  |  |  |  | — |  |  | 27.2 |
Dry holes and previously suspended exploration costs | 70.9 |  |  | — |  |  | 2.3 |  |  | 73.2 |  |  |  |  |  |  | — |  |  | 73.2 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 10.9 |  |  | 0.3 |  |  | 21.9 |  |  | 33.1 |  |  |  |  |  |  | — |  |  | 33.1 |
Total exploration expenses | 96.2 |  |  | 0.5 |  |  | 36.8 |  |  | 133.5 |  |  |  |  |  |  | — |  |  | 133.5 |
Depreciation, depletion and amortization | 709.2 |  |  | 146.0 |  |  | 1.7 |  |  | 856.9 |  |  |  |  |  |  | 8.9 |  |  | 865.8 |
Impairment of assets | 62.9 |  |  | — |  |  | — |  |  | 62.9 |  |  |  |  |  |  | — |  |  | 62.9 |
Accretion of asset retirement obligations | 43.1 |  |  | 8.6 |  |  | 0.7 |  |  | 52.4 |  |  |  |  |  |  | 0.1 |  |  | 52.5 |
Other operating expenses | 9.3 |  |  | 2.8 |  |  | 2.1 |  |  | 14.2 |  |  |  |  |  |  | (3.2) |  |  | 11.0 |
Interest Income | (22.0) |  |  | — |  |  | — |  |  | (22.0) |  |  |  |  |  |  | (12.2) |  |  | (34.2) |
Interest (expense), net of capitalization | 0.2 |  |  | 0.4 |  |  | 0.2 |  |  | 0.8 |  |  |  |  |  |  | 105.1 |  |  | 105.9 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 1.5 |  |  | 3.2 |  |  | 0.2 |  |  | 4.9 |  |  |  |  |  |  | 0.9 |  |  | 5.8 |
Deferred income tax expense | 123.8 |  |  | 8.8 |  |  | (31.2) |  |  | 101.4 |  |  |  |  |  |  | (28.9) |  |  | 72.5 |
Total income tax expense | 125.3 |  |  | 12.0 |  |  | (31.0) |  |  | 106.3 |  |  |  |  |  |  | (28.0) |  |  | 78.3 |
Other segment costs (income) | 6.9 |  |  | 0.1 |  |  | 0.3 |  |  | 7.3 |  |  |  |  |  |  | (44.0) |  |  | (36.7) |
Segment income (loss) - including NCI 1 | $ | 561.9 |  |  | $ | 49.0 |  |  | $ | (12.5) |  |  | $ | 598.4 |  |  |  |  |  |  | $ | (111.9) |  |  | $ | 486.5 |
Additions to property, plant, equipment | $ | 601.7 |  |  | $ | 137.9 |  |  | $ | 71.8 |  |  | $ | 811.4 |  |  |  |  |  |  | $ | 29.2 |  |  | $ | 840.6 |
Total assets at year-end | 6,953.8 |  |  | 1,919.8 |  |  | 302.0 |  |  | 9,175.6 |  |  |  |  |  |  | 491.9 |  | 9,667.5 |
1 Includes results attributable to a noncontrolling interest in MP GOM.
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate, Other, and Discontinued Operations |  | Consolidated Total
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 2,921.8 |  |  | $ | 443.8 |  |  | $ | 11.0 |  |  | $ | 3,376.6 |  |  |  |  |  |  | $ | — |  |  | $ | 3,376.6 |
Sales of purchased natural gas | — |  |  | 72.2 |  |  | — |  |  | 72.2 |  |  |  |  |  |  | — |  |  | 72.2 |
Gain on sales of assets and other operating income | 6.5 |  |  | 1.5 |  |  | — |  |  | 8.0 |  |  |  |  |  |  | 3.3 |  |  | 11.3 |
Revenues from external customers | 2,928.3 |  |  | 517.5 |  |  | 11.0 |  |  | 3,456.8 |  |  |  |  |  |  | 3.3 |  |  | 3,460.1 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 532.3 |  |  | 144.7 |  |  | 1.9 |  |  | 678.9 |  |  |  |  |  |  | — |  |  | 678.9 |
Repair and maintenance | 53.2 |  |  | 5.0 |  |  | — |  |  | 58.2 |  |  |  |  |  |  | — |  |  | 58.2 |
Workovers | 45.2 |  |  | 2.1 |  |  | — |  |  | 47.3 |  |  |  |  |  |  | — |  |  | 47.3 |
Total lease operating expenses | 630.7 |  |  | 151.8 |  |  | 1.9 |  |  | 784.4 |  |  |  |  |  |  | — |  |  | 784.4 |
Severance and ad valorem taxes | 41.4 |  |  | 1.4 |  |  | — |  |  | 42.8 |  |  |  |  |  |  | — |  |  | 42.8 |
Transportation, gathering and processing | 157.0 |  |  | 76.0 |  |  | — |  |  | 233.0 |  |  |  |  |  |  | — |  |  | 233.0 |
Costs of purchased natural gas | — |  |  | 51.7 |  |  | — |  |  | 51.7 |  |  |  |  |  |  | — |  |  | 51.7 |
Selling and general expenses | 11.8 |  |  | 16.5 |  |  | 9.4 |  |  | 37.7 |  |  |  |  |  |  | 81.2 |  |  | 118.9 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |
Geological and geophysical | 6.6 |  |  | 0.1 |  |  | 19.4 |  |  | 26.1 |  |  |  |  |  |  | — |  |  | 26.1 |
Dry holes and previously suspended exploration costs | 153.1 |  |  | — |  |  | 16.7 |  |  | 169.8 |  |  |  |  |  |  | — |  |  | 169.8 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 14.9 |  |  | 0.4 |  |  | 23.6 |  |  | 38.9 |  |  |  |  |  |  | — |  |  | 38.9 |
Total exploration expenses | 174.6 |  |  | 0.5 |  |  | 59.7 |  |  | 234.8 |  |  |  |  |  |  | — |  |  | 234.8 |
Depreciation, depletion and amortization | 706.0 |  |  | 142.2 |  |  | 2.3 |  |  | 850.5 |  |  |  |  |  |  | 11.0 |  |  | 861.5 |
Accretion of asset retirement obligations | 37.8 |  |  | 7.8 |  |  | 0.4 |  |  | 46.0 |  |  |  |  |  |  | 0.1 |  |  | 46.1 |
Other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other miscellaneous operating expenses | 20.1 |  |  | 15.5 |  |  | 8.1 |  |  | 43.7 |  |  |  |  |  |  | (4.4) |  |  | 39.3 |
Loss on contingent consideration | 7.1 |  |  | — |  |  | — |  |  | 7.1 |  |  |  |  |  |  | — |  |  | 7.1 |
Total other operating expenses | 27.2 |  |  | 15.5 |  |  | 8.1 |  |  | 50.8 |  |  |  |  |  |  | (4.4) |  |  | 46.4 |
Interest Income | (3.3) |  |  | — |  |  | — |  |  | (3.3) |  |  |  |  |  |  | (9.3) |  |  | (12.6) |
Interest expense, net of capitalization | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.5 |  |  |  |  |  |  | 111.9 |  |  | 112.4 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 3.1 |  |  | 3.7 |  |  | 0.6 |  |  | 7.4 |  |  |  |  |  |  | 8.8 |  |  | 16.2 |
Deferred income tax expense | 229.6 |  |  | 7.5 |  |  | (6.7) |  |  | 230.4 |  |  |  |  |  |  | (50.6) |  |  | 179.8 |
Total income tax expense | 232.7 |  |  | 11.2 |  |  | (6.1) |  |  | 237.8 |  |  |  |  |  |  | (41.8) |  |  | 196.0 |
Other segment costs (income) | 7.2 |  |  | 1.1 |  |  | 0.6 |  |  | 8.9 |  |  |  |  |  |  | 12.1 |  |  | 21.0 |
Segment income (loss) - including NCI 1 | $ | 905.1 |  |  | $ | 41.6 |  |  | $ | (65.5) |  |  | $ | 881.2 |  |  |  |  |  |  | $ | (157.5) |  |  | $ | 723.7 |
Additions to property, plant, equipment | $ | 671.3 |  |  | $ | 206.2 |  |  | $ | 13.1 |  |  | $ | 890.6 |  |  |  |  |  |  | $ | 24.2 |  |  | $ | 914.8 |
Total assets at year-end | 7,107.0 |  |  | 2,080.0 |  |  | 213.3 |  |  | 9,400.2 |  |  |  |  |  |  | 366.5 |  |  | 9,766.7 |
1 Includes results attributable to a noncontrolling interest in MP GOM.
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate, Other, and Discontinued Operations |  | Consolidated Total
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 3,435.5 |  |  | $ | 580.0 |  |  | $ | 23.0 |  |  | $ | 4,038.5 |  |  |  |  |  |  | $ | — |  |  | $ | 4,038.5 |
Sales of purchased natural gas | 0.2 |  |  | 181.5 |  |  | — |  |  | 181.7 |  |  |  |  |  |  | — |  |  | 181.7 |
Gain on sales of assets and other operating income (loss) | 25.5 |  |  | 1.4 |  |  | — |  |  | 26.9 |  |  |  |  |  |  | (314.4) |  |  | (287.5) |
Revenues from external customers | 3,461.2 |  |  | 762.9 |  |  | 23.0 |  |  | 4,247.1 |  |  |  |  |  |  | (314.4) |  |  | 3,932.7 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 458.2 |  |  | 147.9 |  |  | 1.5 |  |  | 607.6 |  |  |  |  |  |  | — |  |  | 607.6 |
Repair and maintenance | 34.9 |  |  | 4.7 |  |  | — |  |  | 39.6 |  |  |  |  |  |  | — |  |  | 39.6 |
Workovers | 29.6 |  |  | 2.5 |  |  | — |  |  | 32.1 |  |  |  |  |  |  | — |  |  | 32.1 |
Total lease operating expenses | 522.7 |  |  | 155.1 |  |  | 1.5 |  |  | 679.3 |  |  |  |  |  |  | — |  |  | 679.3 |
Severance and ad valorem taxes | 55.7 |  |  | 1.3 |  |  | — |  |  | 57.0 |  |  |  |  |  |  | — |  |  | 57.0 |
Transportation, gathering and processing | 142.2 |  |  | 70.5 |  |  | — |  |  | 212.7 |  |  |  |  |  |  | — |  |  | 212.7 |
Costs of purchased natural gas | 0.2 |  |  | 171.8 |  |  | — |  |  | 172.0 |  |  |  |  |  |  | — |  |  | 172.0 |
Selling and general expenses | 20.4 |  |  | 21.9 |  |  | 2.2 |  |  | 44.5 |  |  |  |  |  |  | 88.8 |  |  | 133.3 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |
Geological and geophysical | 8.3 |  |  | 0.4 |  |  | 1.8 |  |  | 10.5 |  |  |  |  |  |  | — |  |  | 10.5 |
Dry holes and previously suspended exploration costs | 23.0 |  |  | — |  |  | 59.1 |  |  | 82.1 |  |  |  |  |  |  | — |  |  | 82.1 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 16.2 |  |  | 0.7 |  |  | 23.7 |  |  | 40.6 |  |  |  |  |  |  | — |  |  | 40.6 |
Total exploration expenses | 47.5 |  |  | 1.1 |  |  | 84.6 |  |  | 133.2 |  |  |  |  |  |  | — |  |  | 133.2 |
Depreciation, depletion and amortization | 617.0 |  |  | 141.5 |  |  | 5.4 |  |  | 763.9 |  |  |  |  |  |  | 12.9 |  |  | 776.8 |
Accretion of asset retirement obligations | 36.5 |  |  | 9.6 |  |  | 0.1 |  |  | 46.2 |  |  |  |  |  |  | — |  |  | 46.2 |
Other operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other miscellaneous operating expenses | 41.3 |  |  | 10.5 |  |  | 2.4 |  |  | 54.2 |  |  |  |  |  |  | 5.0 |  |  | 59.2 |
Loss on contingent consideration | 78.3 |  |  | — |  |  | — |  |  | 78.3 |  |  |  |  |  |  | — |  |  | 78.3 |
Total other operating expenses | 119.6 |  |  | 10.5 |  |  | 2.4 |  |  | 132.5 |  |  |  |  |  |  | 5.0 |  |  | 137.5 |
Interest Income | (0.3) |  |  | — |  |  | — |  |  | (0.3) |  |  |  |  |  |  | (2.5) |  |  | (2.8) |
Interest expense, net of capitalization | 0.1 |  |  | — |  |  | 0.3 |  |  | 0.4 |  |  |  |  |  |  | 150.4 |  |  | 150.8 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 8.1 |  |  | 8.8 |  |  | 2.3 |  |  | 19.2 |  |  |  |  |  |  | 4.2 |  |  | 23.4 |
Deferred income tax expense | 362.7 |  |  | 34.8 |  |  | 0.6 |  |  | 398.1 |  |  |  |  |  |  | (112.0) |  |  | 286.1 |
Total income tax expense | 370.8 |  |  | 43.6 |  |  | 2.9 |  |  | 417.3 |  |  |  |  |  |  | (107.8) |  |  | 309.5 |
Other segment costs (income) | 6.9 |  |  | 1.8 |  |  | 0.6 |  |  | 9.3 |  |  |  |  |  |  | (20.8) |  |  | (11.5) |
Segment income (loss) - including NCI 1 | $ | 1,521.9 |  |  | $ | 134.2 |  |  | $ | (77.0) |  |  | $ | 1,579.1 |  |  |  |  |  |  | $ | (440.4) |  |  | $ | 1,138.7 |
Additions to property, plant, equipment | $ | 838.6 |  |  | $ | 208.5 |  |  | $ | (5.7) |  |  | $ | 1,041.4 |  |  |  |  |  |  | $ | 21.9 |  |  | $ | 1,063.3 |
Total assets at year-end | 6,930.6 |  |  | 2,125.6 |  |  | 217.4 |  |  | 9,273.6 |  |  |  |  |  |  | 1,035.4 |  |  | 10,309.0 |
1 Includes results attributable to a noncontrolling interest in MP GOM.
Geographic Information | Certain long-lived assets at December 31 1
(Millions of dollars) | United States |  | Canada |  | Other |  | Total
2024 | $ | 6,415.9 |  |  | $ | 1,389.5 |  |  | $ | 249.2 |  |  | $ | 8,054.6 |
2023 | 6,555.0 |  |  | 1,497.3 |  |  | 172.8 |  |  | 8,225.1 |
2022 | 6,562.8 |  |  | 1,499.1 |  |  | 166.1 |  |  | 8,228.0 |
1 Certain long-lived assets at December 31 represent total non-current assets, excluding investments, right-of-use operating lease assets, non-current receivables, deferred tax assets and other intangible assets.

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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