| 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 June 30, | Six months ended June 30, | | millions | 2025 | 2024 | 2025 | 2024 | | Segment income (losses) from continuing operations before taxes | | | | | | Oil and gas segment | $ | 934 | | $ | 1,639 | | $ | 2,631 | | $ | 2,877 | | | Chemical segment | 213 | | 296 | | 398 | | 550 | | | Midstream and marketing segment | 49 | | 116 | | (28) | | 83 | | | Corporate and eliminations | (182) | | (164) | | (337) | | (329) | | | Interest and debt expense, net | (276) | | (252) | | (594) | | (536) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income from continuing operations before income taxes | $ | 738 | | $ | 1,635 | | $ | 2,070 | | $ | 2,645 | | Income tax expense | (270) | | (465) | | (657) | | (769) | | Income from continuing operations | $ | 468 | | $ | 1,170 | | $ | 1,413 | | $ | 1,876 | | | Discontinued operations, net of tax | — | | — | | — | | 182 | | | Net income | $ | 468 | | $ | 1,170 | | $ | 1,413 | | $ | 2,058 | | | Less: Net income attributable to noncontrolling interest | (10) | | (8) | | (19) | | (8) | | | Less: Preferred stock dividends | (170) | | (170) | | (340) | | (340) | | | Net income attributable to common stockholders | $ | 288 | | $ | 992 | | $ | 1,054 | | $ | 1,710 | |
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| 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 June 30, | Six months ended June 30, | | millions | 2025 | 2024 | 2025 | 2024 | | Revenues and other income | | | | | | Net sales | $ | 5,009 | | $ | 5,469 | | $ | 10,692 | | $ | 10,384 | | | Gains (losses) on sale of assets and other, net | (2) | | 7 | | (8) | | 10 | | | | | | | | Total | $ | 5,007 | | $ | 5,476 | | $ | 10,684 | | $ | 10,394 | | | | | | | | Significant segment expenses | | | | | Oil and gas lease operating expense | 1,135 | | 1,179 | | 2,352 | | 2,340 | | | Transportation and gathering expense | 403 | | 400 | | 810 | | 748 | | | | | | | | | | | | | | | | | | Other operating and non-operating expense | 357 | | 233 | | 601 | | 507 | | | Taxes other than on income | 262 | | 263 | | 522 | | 495 | | | Depreciation, depletion and amortization | 1,718 | | 1,573 | | 3,420 | | 3,070 | | | | | | | Other segment expenses (a) | 187 | | 183 | | 337 | | 337 | | | | | | | | | | | | | Total | $ | 4,062 | | $ | 3,831 | | $ | 8,042 | | $ | 7,497 | | | Segment income before other items | $ | 945 | | $ | 1,645 | | $ | 2,642 | | $ | 2,897 | | | | | | | | | | | | | Losses from equity investments and other | (11) | | (6) | | (11) | | (20) | | | Segment income from continuing operations before taxes | $ | 934 | | $ | 1,639 | | $ | 2,631 | | $ | 2,877 | | | | | | |
(a) Other segment expenses include selling, general and administrative expense and exploration expense.
CHEMICAL SEGMENT
| | | | | | | | | | | | | | | | Three months ended June 30, | Six months ended June 30, | | millions | 2025 | 2024 | 2025 | 2024 | | Revenues and other income | | | | | Net sales (a) | $ | 1,227 | | $ | 1,274 | | $ | 2,415 | | $ | 2,460 | | | Gains on sale of assets and other income, net | 6 | | 7 | | 18 | | 12 | | | | | | | | Total | $ | 1,233 | | $ | 1,281 | | $ | 2,433 | | $ | 2,472 | | | | | | | | Significant segment expenses | | | | | | | | | | | | | | | | Cost of sales | 913 | | 868 | | 1,783 | | 1,688 | | | | | | | | | | | | | | | | | | | | | | | Depreciation, depletion and amortization | 94 | | 91 | | 188 | | 178 | | | | | | | Other segment expenses (b) | 41 | | 54 | | 117 | | 108 | | | | | | | | | | | | | Total | $ | 1,048 | | $ | 1,013 | | $ | 2,088 | | $ | 1,974 | | | Segment income before other items | $ | 185 | | $ | 268 | | $ | 345 | | $ | 498 | | | | | | | | | | | | Income from equity investments and other | 28 | | 28 | | 53 | | 52 | | | Segment income from continuing operations before taxes | $ | 213 | | $ | 296 | | $ | 398 | | $ | 550 | | | | | | |
(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 June 30, | Six months ended June 30, | | millions | 2025 | 2024 | 2025 | 2024 | | Revenues and other income | | | | | Net sales (a) | $ | 426 | | $ | 282 | | $ | 629 | | $ | 381 | | | Gains on sale of assets and other income, net | 38 | | 69 | | 64 | | 96 | | | | | | | | Total | $ | 464 | | $ | 351 | | $ | 693 | | $ | 477 | | | | | | | | Significant segment expenses | | | | | | | | | | | | | | | | Cost of sales | 199 | | 280 | | 412 | | 531 | | | | | | | | Other operating and non-operating expense | 98 | | 63 | | 183 | | 151 | | | | | | | | Depreciation, depletion and amortization | 88 | | 82 | | 175 | | 166 | | | | | | | Other segment expenses (b) | 37 | | 30 | | 72 | | 57 | | | | | | | | | | | | | Total | $ | 422 | | $ | 455 | | $ | 842 | | $ | 905 | | | Segment income (losses) before other items | $ | 42 | | $ | (104) | | $ | (149) | | $ | (428) | | | | | | | | | | | | Income from equity investments and other | 7 | | 220 | | 121 | | 511 | | | Segment income (losses) from continuing operations before taxes | $ | 49 | | $ | 116 | | $ | (28) | | $ | 83 | | | | | | |
(a) Includes revenue from customers and all other revenues. (b) 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 | | June 30, 2025 | | | | | | PP&E Additions | $ | 3,109 | | $ | 529 | | $ | 343 | | | $ | 40 | | $ | 4,021 | | | Investments in unconsolidated entities | $ | 115 | | $ | 494 | | $ | 2,335 | | | $ | — | | $ | 2,944 | | | | | | | | | | Total Assets | $ | 61,713 | | $ | 5,623 | | $ | 13,658 | | | $ | 3,366 | | $ | 84,360 | |
| | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | | | | PP&E Additions | $ | 2,864 | | $ | 260 | | $ | 432 | | | $ | 65 | | $ | 3,621 | | | Investments in unconsolidated entities | $ | 89 | | $ | 541 | | $ | 2,830 | | | $ | — | | $ | 3,460 | | | | | | | | | | Total Assets | $ | 53,693 | | $ | 4,878 | | $ | 15,017 | | | $ | 2,628 | | $ | 76,216 | |
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