v3.25.2
Segment Disclosures and Related Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Disclosures and Related Information
Note 18—Segment Disclosures and Related Information
We explore for, produce, transport and market crude oil, bitumen, natural gas, LNG and NGLs on a worldwide basis. We manage our operations through six operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); Asia Pacific (AP); and Other International (OI).
Corporate and Other (Corporate) represents income and costs not directly associated with an operating segment, such as most interest expense; premiums on early retirement of debt; corporate overhead and certain technology activities, including licensing revenues. Corporate assets include all cash and cash equivalents and short-term investments.
Our chief operating decision maker (CODM) is our Chairman of the Board of Directors and Chief Executive Officer, who evaluates performance and allocates resources among our operating segments based on each segment's net income (loss). This is done through the annual budget and forecasting process.

Intersegment sales are at prices that approximate market.
Analysis of Results by Operating Segment
Three Months Ended June 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$1,315 9,966 1,334 1,400 471 — 14 14,500 
Intersegment eliminations— (3)(486)— — — (7)(496)
Consolidated sales and other operating revenues1,315 9,963 848 1,400 471 — 7 14,004 
Significant segment expenses*
Production and operating expenses546 1,474 216 232 85 — 19 2,572 
DD&A361 2,003 143 198 118 — 15 2,838 
Income tax provision (benefit)47 382 50 593 67 — (93)1,046 
Total954 3,859 409 1,023 270 — (59)6,456 
Other segment items
Equity in earnings of affiliates— (4)— (115)(185)— (11)(315)
Interest income— — — — (2)— (65)(67)
Interest and debt expense— — — — — — 232 232 
Other**226 4,709 290 255 58 (1)190 5,727 
Total226 4,705 290 140 (129)(1)346 5,577 
Net Income (Loss)$135 1,399 149 237 330 1 (280)1,971 
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition and Impairments: L48
Other income: L48, EMENA, OI and Corporate
Purchased commodities and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Exploration expenses and Taxes other than income taxes: Alaska, L48, Canada, EMENA, AP and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: L48, EMENA and Corporate

Other Segment Disclosures
Three Months Ended June 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$4 126 — 2,084 5,172 — 1,612 8,998 
Total Assets19,374 65,087 10,029 10,128 8,515 — 9,466 122,599 
Capital expenditures and investments986 1,704 144 356 64 — 32 3,286 
Three Months Ended June 30, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$1,783 9,053 1,553 1,296 543 — 11 14,239 
Intersegment eliminations— — (612)— — — (7)(619)
Consolidated sales and other operating revenues1,783 9,053 941 1,296 543 — 4 13,620 
Significant segment expenses*
Production and operating expenses490 1,158 223 162 92 — 39 2,164 
DD&A321 1,557 166 175 107 — 8 2,334 
Income tax provision (benefit)135 367 86 666 95 — (19)1,330 
Total946 3,082 475 1,003 294 — 28 5,828 
Other segment items
Equity in earnings of affiliates— — — (137)(268)— 2 (403)
Interest income— — — — (2)— (95)(97)
Interest and debt expense— — — — — — 198 198 
Other**477 4,712 205 179 75 (3)120 5,765 
Total477 4,712 205 42 (195)(3)225 5,463 
Net Income (Loss)$360 1,259 261 251 444 3 (249)2,329 
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48
Other income: L48, Canada, EMENA, AP, OI and Corporate
Purchased commodities and Exploration expenses: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Impairments: Alaska and L48
Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, EMENA and Corporate

Other Segment Disclosures
Three Months Ended June 30, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$33 122 — 1,265 5,143 5 1,489 8,057 
Total Assets17,124 42,659 10,047 7,968 8,483 5 9,708 95,994 
Capital expenditures and investments691 1,649 131 227 90 — 181 2,969 
Six Months Ended June 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$2,925 21,514 2,866 3,340 895 — 32 31,572 
Intersegment eliminations— (3)(1,033)— — — (15)(1,051)
Consolidated sales and other operating revenues2,925 21,511 1,833 3,340 895 — 17 30,521 
Significant segment expenses*
Production and operating expenses1,052 2,965 417 456 150 — 38 5,078 
DD&A716 3,907 274 417 237 — 33 5,584 
Income tax provision (benefit)186 830 131 1,515 131 — (130)2,663 
Total1,954 7,702 822 2,388 518 — (59)13,325 
Other segment items
Equity in earnings of affiliates— (8)— (288)(391)— (20)(707)
Interest income— — — — (4)— (139)(143)
Interest and debt expense— — — — — — 437 437 
Other**509 10,628 606 584 131 (3)334 12,789 
Total509 10,620 606 296 (264)(3)612 12,376 
Net Income (Loss)$462 3,189 405 656 641 3 (536)4,820 
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48 and OI
Other income: L48, Canada, EMENA, AP, OI and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: L48 and EMENA
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: EMENA and Corporate

Other Segment Disclosures
Six Months Ended June 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$4 126 — 2,084 5,172 — 1,612 8,998 
Total Assets19,374 65,087 10,029 10,128 8,515 — 9,466 122,599 
Capital expenditures and investments2,032 3,518 309 630 118 — 57 6,664 
Six Months Ended June 30, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$3,453 18,362 2,997 2,753 1,017 — 24 28,606 
Intersegment eliminations— (1)(1,120)— — — (17)(1,138)
Consolidated sales and other operating revenues3,453 18,361 1,877 2,753 1,017 — 7 27,468 
Significant segment expenses*
Production and operating expenses969 2,240 440 317 171 — 42 4,179 
DD&A645 2,989 324 355 217 — 15 4,545 
Income tax provision (benefit)257 752 142 1,443 100 — (107)2,587 
Total1,871 5,981 906 2,115 488 — (50)11,311 
Other segment items
Equity in earnings of affiliates— — — (277)(550)— 3 (824)
Interest income— — — — (4)— (196)(200)
Interest and debt expense— — — — — — 403 403 
Other**876 9,740 530 360 127 (2)267 11,898 
Total876 9,740 530 83 (427)(2)477 11,277 
Net income (Loss)$706 2,640 441 555 956 2 (420)4,880 
*The significant segment expense categories and amounts in the table above align with segment-level information that is regularly provided to the CODM.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48 and OI
Other income: L48, Canada, EMENA, AP, OI and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: Alaska, L48, Canada, EMENA, AP, OI and Corporate
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska and L48
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48 and EMENA

Other Segment Disclosures
Six Months Ended June 30, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPOICorporateConsolidated Total
Investment in and advances to affiliates$33 122 — 1,265 5,143 5 1,489 8,057 
Total Assets17,124 42,659 10,047 7,968 8,483 5 9,708 95,994 
Capital expenditures and investments1,411 3,265 283 446 135 — 345 5,885 

Millions of Dollars

Three Months Ended
June 30
Six Months Ended
June 30
2025202420252024
Sales and Other Operating Revenues by Geographic Location*
U.S.
$11,137 10,776 24,249 21,756 
Canada
742 941 1,689 1,877 
China
255 275 492 488 
Equatorial Guinea
117 — 356 — 
Libya406 470 916 970 
Malaysia
217 268 403 529 
Norway
428 514 1,034 1,138 
Singapore105 — 144 — 
U.K.
596 374 1,236 707 
Other foreign countries
1 2 2 3 
Worldwide consolidated
$14,004 13,620 30,521 27,468 
Sales and Other Operating Revenues by Product
Crude oil
$9,528 10,112 20,361 19,674 
Natural gas
1,930 1,175 4,762 3,057 
Natural gas liquids
938 662 1,993 1,342 
Other**
1,608 1,671 3,405 3,395 
Consolidated sales and other operating revenues by product
$14,004 13,620 30,521 27,468 
*Sales and other operating revenues are attributable to countries based on the location of the selling operation.
**Includes bitumen and power.