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v3.26.1

Business Segments (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Segment Information |
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate and Discontinued Operations |  | Consolidated Total
Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 574.7 |  |  | $ | 154.8 |  |  | $ | 2.9 |  |  | $ | 732.4 |  |  |  |  |  |  | $ | — |  |  | $ | 732.4 |
Gain on sale of assets and other operating income | 0.8 |  |  | 0.4 |  |  | — |  |  | 1.2 |  |  |  |  |  |  | — |  |  | 1.2 |
Total revenues and other income | 575.5 |  |  | 155.2 |  |  | 2.9 |  |  | 733.6 |  |  |  |  |  |  | — |  |  | 733.6 |
Lease operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease operating expenses and taxes other than income | 80.8 |  |  | 41.8 |  |  | 0.8 |  |  | 123.4 |  |  |  |  |  |  | — |  |  | 123.4 |
Repair and maintenance | 12.3 |  |  | 0.7 |  |  | — |  |  | 13.0 |  |  |  |  |  |  | — |  |  | 13.0 |
Workovers | 4.7 |  |  | 2.4 |  |  | — |  |  | 7.1 |  |  |  |  |  |  | — |  |  | 7.1 |
Total lease operating expenses | 97.8 |  |  | 44.9 |  |  | 0.8 |  |  | 143.5 |  |  |  |  |  |  | — |  |  | 143.5 |
Severance and ad valorem taxes | 12.9 |  |  | 0.8 |  |  | — |  |  | 13.7 |  |  |  |  |  |  | — |  |  | 13.7 |
Transportation, gathering and processing | 25.2 |  |  | 21.9 |  |  | — |  |  | 47.1 |  |  |  |  |  |  | — |  |  | 47.1 |
Selling and general expenses | 5.5 |  |  | 7.5 |  |  | 2.1 |  |  | 15.1 |  |  |  |  |  |  | 19.8 |  |  | 34.9 |
Exploration Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Geological and geophysical | 0.8 |  |  | — |  |  | 0.8 |  |  | 1.6 |  |  |  |  |  |  | — |  |  | 1.6 |
Dry holes and previously suspended exploration costs | — |  |  | — |  |  | 67.1 |  |  | 67.1 |  |  |  |  |  |  | — |  |  | 67.1 |
Other exploratory costs, including undeveloped lease amortization and delay lease rentals | 4.9 |  |  | — |  |  | 9.2 |  |  | 14.1 |  |  |  |  |  |  | — |  |  | 14.1 |
Total exploration expenses | 5.7 |  |  | — |  |  | 77.1 |  |  | 82.8 |  |  |  |  |  |  | — |  |  | 82.8 |
Depreciation, depletion and amortization | 216.9 |  |  | 34.0 |  |  | 1.1 |  |  | 252.0 |  |  |  |  |  |  | 2.4 |  |  | 254.4 |
Accretion of asset retirement obligations | 11.6 |  |  | 2.6 |  |  | 0.2 |  |  | 14.4 |  |  |  |  |  |  | 0.1 |  |  | 14.5 |
Other operating expenses | 4.0 |  |  | 0.1 |  |  | 0.3 |  |  | 4.4 |  |  |  |  |  |  | — |  |  | 4.4 |
Interest Income | (0.2) |  |  | — |  |  | — |  |  | (0.2) |  |  |  |  |  |  | (2.3) |  |  | (2.5) |
Interest expense, net of capitalization | 0.1 |  |  | 0.1 |  |  | — |  |  | 0.2 |  |  |  |  |  |  | 28.8 |  |  | 29.0 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expense | 1.0 |  |  | 9.6 |  |  | 0.3 |  |  | 10.9 |  |  |  |  |  |  | 2.2 |  |  | 13.1 |
Deferred income tax expense (benefit) | 37.3 |  |  | 1.6 |  |  | 3.4 |  |  | 42.3 |  |  |  |  |  |  | (5.5) |  |  | 36.8 |
Total income tax expense (benefit) | 38.3 |  |  | 11.2 |  |  | 3.7 |  |  | 53.2 |  |  |  |  |  |  | (3.3) |  |  | 49.9 |
Other segment costs (income) | 1.1 |  |  | 0.4 |  |  | 0.3 |  |  | 1.8 |  |  |  |  |  |  | (8.6) |  |  | (6.8) |
Segment income (loss) - including NCI 1 | $ | 156.6 |  |  | $ | 31.7 |  |  | $ | (82.7) |  |  | $ | 105.6 |  |  |  |  |  |  | $ | (36.9) |  |  | $ | 68.7 |
Additions to property, plant, equipment | $ | 254.8 |  |  | $ | 62.1 |  |  | $ | 71.3 |  |  | $ | 388.2 |  |  |  |  |  |  | $ | 9.3 |  |  | $ | 397.5 |
Total assets at quarter-end | 6,916.5 |  |  | 1,980.3 |  |  | 660.7 |  |  | 9,557.5 |  |  |  |  |  |  | 478.1 |  | 10,035.6 |
1 Includes results attributable to the noncontrolling interest in MP GOM.
| Exploration and Production |  |  |  |  |  |  |  |
(Millions of dollars) | United States 1 |  | Canada |  | Other |  | Total E&P |  |  |  |  |  | Corporate and Discontinued Operations |  | Consolidated Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue from production | $ | 507.4 |  |  | $ | 165.3 |  |  | $ | — |  |  | $ | 672.7 |  |  |  |  |  |  | $ | — |  |  | $ | 672.7 |
Gain on sale of assets and other operating income (loss) | 2.1 |  |  | 0.4 |  |  | — |  |  | 2.5 |  |  |  |  |  |  | (9.5) |  |  | (7.0) |
Total revenues and other income | 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 |
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 (benefit) | 25.0 |  |  | 14.3 |  |  | — |  |  | 39.3 |  |  |  |  |  |  | (6.6) |  |  | 32.7 |
Other segment costs | 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 the noncontrolling interest in MP GOM.

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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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