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v3.25.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
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
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 507.4 |  |  | $ | 165.3 |  |  | $ | — |  |  | $ | 672.7 |  |  |  |  |  |  | $ | — |  |  | $ | 672.7 |
Sales of purchased natural gas | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Gain on sales of assets and other operating income | 2.1 |  |  | 0.4 |  |  | — |  |  | 2.5 |  |  |  |  |  |  | (9.5) |  |  | (7.0) |
Revenues from external customers | 509.5 |  |  | 165.7 |  |  | — |  |  | 675.2 |  |  |  |  |  |  | (9.5) |  |  | 665.7 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 100.3 |  |  | 45.2 |  |  | 0.4 |  |  | 145.9 |  |  |  |  |  |  | — |  |  | 145.9 |
Repair and maintenance | 10.2 |  |  | 1.6 |  |  | — |  |  | 11.8 |  |  |  |  |  |  | — |  |  | 11.8 |
Workovers | 47.1 |  |  | 0.3 |  |  | — |  |  | 47.4 |  |  |  |  |  |  | — |  |  | 47.4 |
Total lease operating expenses | 157.6 |  |  | 47.1 |  |  | 0.4 |  |  | 205.1 |  |  |  |  |  |  | — |  |  | 205.1 |
Severance and ad valorem taxes | 8.4 |  |  | 0.3 |  |  | — |  |  | 8.7 |  |  |  |  |  |  | — |  |  | 8.7 |
Transportation, gathering and processing | 28.7 |  |  | 20.2 |  |  | — |  |  | 48.9 |  |  |  |  |  |  | — |  |  | 48.9 |
Costs of purchased natural gas | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Selling and general expenses | 2.0 |  |  | 6.0 |  |  | 1.9 |  |  | 9.9 |  |  |  |  |  |  | 21.0 |  |  | 30.9 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geological and geophysical | 3.2 |  |  | — |  |  | 0.3 |  |  | 3.5 |  |  |  |  |  |  | — |  |  | 3.5 |
Dry holes and previously suspended exploration costs | 0.2 |  |  | — |  |  | — |  |  | 0.2 |  |  |  |  |  |  | — |  |  | 0.2 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 2.7 |  |  | 0.1 |  |  | 8.0 |  |  | 10.8 |  |  |  |  |  |  | — |  |  | 10.8 |
Total exploration expenses | 6.1 |  |  | 0.1 |  |  | 8.3 |  |  | 14.5 |  |  |  |  |  |  | — |  |  | 14.5 |
Depreciation, depletion and amortization | 159.4 |  |  | 32.4 |  |  | 0.1 |  |  | 191.9 |  |  |  |  |  |  | 2.3 |  |  | 194.2 |
Accretion of asset retirement obligations | 11.3 |  |  | 2.5 |  |  | 0.2 |  |  | 14.0 |  |  |  |  |  |  | — |  |  | 14.0 |
Other operating expenses | 2.6 |  |  | 0.9 |  |  | 0.1 |  |  | 3.6 |  |  |  |  |  |  | 2.0 |  |  | 5.6 |
Interest Income | (0.4) |  |  | — |  |  | — |  |  | (0.4) |  |  |  |  |  |  | (3.3) |  |  | (3.7) |
Interest (expense), net of capitalization | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | 23.5 |  |  | 23.5 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 0.5 |  |  | 13.7 |  |  | — |  |  | 14.2 |  |  |  |  |  |  | 2.1 |  |  | 16.3 |
Deferred income tax expense (benefit) | 24.5 |  |  | 0.6 |  |  | — |  |  | 25.1 |  |  |  |  |  |  | (8.7) |  |  | 16.4 |
Total income tax expense | 25.0 |  |  | 14.3 |  |  | — |  |  | 39.3 |  |  |  |  |  |  | (6.6) |  |  | 32.7 |
Other segment costs (income) | 0.9 |  |  | 0.4 |  |  | 0.2 |  |  | 1.5 |  |  |  |  |  |  | 0.4 |  |  | 1.9 |
Segment income (loss) - including NCI 1 | $ | 107.9 |  |  | $ | 41.5 |  |  | $ | (11.2) |  |  | $ | 138.2 |  |  |  |  |  |  | $ | (48.8) |  |  | $ | 89.4 |
Additions to property, plant, equipment | $ | 317.1 |  |  | $ | 55.4 |  |  | $ | 35.3 |  |  | $ | 407.8 |  |  |  |  |  |  | $ | 4.2 |  |  | $ | 412.0 |
Total assets at quarter-end | 7,046.3 |  |  | 1,963.4 |  |  | 345.7 |  |  | 9,355.4 |  |  |  |  |  |  | 464.9 |  | 9,820.3 |
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
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 658.4 |  |  | $ | 136.3 |  |  | $ | (0.1) |  |  | $ | 794.6 |  |  |  |  |  |  | $ | — |  |  | $ | 794.6 |
Sales of purchased natural gas | — |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  |  |  |  |  | — |  |  | 0.2 |
Gain on sales of assets and other operating income | 1.2 |  |  | 0.4 |  |  | — |  |  | 1.6 |  |  |  |  |  |  | — |  |  | 1.6 |
Revenues from external customers | 659.6 |  |  | 136.9 |  |  | (0.1) |  |  | 796.4 |  |  |  |  |  |  | — |  |  | 796.4 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 120.2 |  |  | 46.7 |  |  | 0.2 |  |  | 167.1 |  |  |  |  |  |  | — |  |  | 167.1 |
Repair and maintenance | 11.0 |  |  | 0.6 |  |  | — |  |  | 11.6 |  |  |  |  |  |  | — |  |  | 11.6 |
Workovers | 55.4 |  |  | 0.2 |  |  | — |  |  | 55.6 |  |  |  |  |  |  | — |  |  | 55.6 |
Total lease operating expenses | 186.6 |  |  | 47.5 |  |  | 0.2 |  |  | 234.3 |  |  |  |  |  |  | — |  |  | 234.3 |
Severance and ad valorem taxes | 9.8 |  |  | 0.3 |  |  | — |  |  | 10.1 |  |  |  |  |  |  | — |  |  | 10.1 |
Transportation, gathering and processing | 36.6 |  |  | 19.9 |  |  | — |  |  | 56.5 |  |  |  |  |  |  | 0.1 |  |  | 56.6 |
Costs of purchased natural gas | — |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  |  |  |  |  | — |  |  | 0.2 |
Selling and general expenses | (0.2) |  |  | 5.1 |  |  | 1.2 |  |  | 6.1 |  |  |  |  |  |  | 25.0 |  |  | 31.1 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geological and geophysical | 0.6 |  |  | — |  |  | 0.8 |  |  | 1.4 |  |  |  |  |  |  | — |  |  | 1.4 |
Dry holes and previously suspended exploration costs | 31.2 |  |  | — |  |  | 1.2 |  |  | 32.4 |  |  |  |  |  |  | — |  |  | 32.4 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 3.4 |  |  | 0.1 |  |  | 7.1 |  |  | 10.6 |  |  |  |  |  |  | — |  |  | 10.6 |
Total exploration expenses | 35.2 |  |  | 0.1 |  |  | 9.1 |  |  | 44.4 |  |  |  |  |  |  | — |  |  | 44.4 |
Depreciation, depletion and amortization | 174.0 |  |  | 34.3 |  |  | — |  |  | 208.3 |  |  |  |  |  |  | 2.8 |  |  | 211.1 |
Impairment of assets | 34.5 |  |  | — |  |  | — |  |  | 34.5 |  |  |  |  |  |  | — |  |  | 34.5 |
Accretion of asset retirement obligations | 10.4 |  |  | 2.1 |  |  | 0.3 |  |  | 12.8 |  |  |  |  |  |  | — |  |  | 12.8 |
Other operating expenses | 6.3 |  |  | 0.9 |  |  | 0.1 |  |  | 7.3 |  |  |  |  |  |  | — |  |  | 7.3 |
Interest Income | (0.7) |  |  | — |  |  | — |  |  | (0.7) |  |  |  |  |  |  | (2.9) |  |  | (3.6) |
Interest expense, net of capitalization | — |  |  | 0.1 |  |  | — |  |  | 0.1 |  |  |  |  |  |  | 19.9 |  |  | 20.0 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 1.0 |  |  | 5.8 |  |  | — |  |  | 6.8 |  |  |  |  |  |  | 3.9 |  |  | 10.7 |
Deferred income tax expense (benefit) | 29.8 |  |  | 1.1 |  |  | (0.3) |  |  | 30.6 |  |  |  |  |  |  | (11.2) |  |  | 19.4 |
Total income tax expense (benefit) | 30.8 |  |  | 6.9 |  |  | (0.3) |  |  | 37.4 |  |  |  |  |  |  | (7.3) |  |  | 30.1 |
Other segment costs (income) | 1.8 |  |  | 0.1 |  |  | 0.1 |  |  | 2.0 |  |  |  |  |  |  | (9.2) |  |  | (7.2) |
Segment income (loss) - including NCI 1 | $ | 134.5 |  |  | $ | 19.4 |  |  | $ | (10.8) |  |  | $ | 143.1 |  |  |  |  |  |  | $ | (28.4) |  |  | $ | 114.7 |
Additions to property, plant, equipment | $ | 155.3 |  |  | $ | 67.2 |  |  | $ | 2.9 |  |  | $ | 225.4 |  |  |  |  |  |  | $ | 4.2 |  |  | $ | 229.6 |
Total assets at quarter-end | 7,030.7 |  |  | 2,059.1 |  |  | 210.2 |  |  | 9,300.0 |  |  |  |  |  |  | 368.7 |  |  | 9,668.7 |
1 Includes results attributable to a noncontrolling interest in MP GOM.

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