| 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 March 31, | | | millions | 2026 | 2025 | | | | Segment income (losses) from continuing operations before taxes | | | | | | Oil and gas segment | $ | 1,017 | | $ | 1,697 | | | | | Midstream and marketing segment | (87) | | (72) | | | | | Corporate and eliminations | (108) | | (138) | | | | | Interest and debt expense, net | (432) | | (310) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income from continuing operations before income taxes | $ | 390 | | $ | 1,177 | | | | Income tax expense | (154) | | (347) | | | | Income from continuing operations | $ | 236 | | $ | 830 | | | | | Discontinued operations, net of tax | 3,123 | | 115 | | | | | Net income | $ | 3,359 | | $ | 945 | | | | | Less: Net income attributable to noncontrolling interest | (14) | | (9) | | | | | Less: Preferred stock dividends | (170) | | (170) | | | | | Net income attributable to common stockholders | $ | 3,175 | | $ | 766 | | | |
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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 Chief Operating Decision Maker. OIL AND GAS SEGMENT
| | | | | | | | | | | | Three months ended March 31, | | | millions | 2026 | 2025 | | | | Revenues and other income | | | | | Net sales (a) | $ | 4,975 | | $ | 5,683 | | | | | Losses on sale of assets and other, net | (29) | | (6) | | | | | | | | | | Total | $ | 4,946 | | $ | 5,677 | | | | | | | | | | Significant segment expenses | | | | | | Oil and gas lease operating expense | 1,118 | | 1,217 | | | | | Transportation and gathering expense | 391 | | 407 | | | | | | | | | | | | | | | | | | | | Other operating and non-operating expense | 273 | | 244 | | | | | Taxes other than on income | 252 | | 260 | | | | | Depreciation, depletion and amortization | 1,690 | | 1,702 | | | | | | | | | Other segment expenses (b) | 203 | | 150 | | | | | | | | | | | | | | | Total | $ | 3,927 | | $ | 3,980 | | | | | Segment income before other items | $ | 1,019 | | $ | 1,697 | | | | | | | | | | | | | | | Losses from equity investments and other | (2) | | — | | | | | Segment income from continuing operations before taxes | $ | 1,017 | | $ | 1,697 | | | | | | | | |
(a) Includes revenue from customers and all other revenues. (b) Includes general and administrative expense and exploration expense.
MIDSTREAM AND MARKETING SEGMENT
| | | | | | | | | | | | Three months ended March 31, | | | millions | 2026 | 2025 | | | | Revenues and other income | | | | | Net sales (a) | $ | 397 | | $ | 173 | | | | | Gains (losses) on sale of assets and other income, net | (149) | | 27 | | | | | | | | | | Total | $ | 248 | | $ | 200 | | | | | | | | | | Significant segment expenses | | | | | | | | | | | | | | | | Transportation and gathering expense | 184 | | 203 | | | | | | | | | | Other operating and non-operating expense | 79 | | 81 | | | | | | | | | | Depreciation, depletion and amortization | 71 | | 73 | | | | | Asset impairments and other charges | 105 | | — | | | | Other segment expenses (b) | 34 | | 29 | | | | | | | | | | | | | | | Total | $ | 473 | | $ | 386 | | | | | Segment losses before other items | $ | (225) | | $ | (186) | | | | | | | | | | | | | | Income from equity investments and other | 138 | | 114 | | | | | Segment losses from continuing operations before taxes | $ | (87) | | $ | (72) | | | | | | | | |
(a) Includes revenue from customers and all other revenues. (b) Includes taxes other than on income and general and administrative expense. The following table includes segment-level PP&E additions for the three months ended March 31, 2026 and 2025: | | | | | | | | | | | | | | | | millions | Oil and gas | Midstream and marketing | Corporate and eliminations | Total | | March 31, 2026 | | | | PP&E Additions | $ | 1,402 | | $ | 192 | | $ | 10 | | $ | 1,604 | | | | | | |
| | | | | | | | | | | | | | | | March 31, 2025 | | | | PP&E Additions | $ | 1,568 | | $ | 148 | | $ | 8 | | $ | 1,724 | | | | | | |
The following table includes segment-level balance sheet information:
| | | | | | | | | | | | | | | | | | | millions | Oil and gas | Midstream and marketing | Corporate and eliminations | Assets held for sale | Total | | As of March 31, 2026 | | | | | Property Plant and Equipment, Gross | $ | 128,076 | | $ | 8,824 | | $ | 1,223 | | $ | — | | $ | 138,123 | | | Accumulated DD&A | $ | (71,859) | | $ | (2,576) | | $ | (572) | | $ | — | | $ | (75,007) | | | Property, Plant and Equipment, Net | $ | 56,217 | | $ | 6,248 | | $ | 651 | | $ | — | | $ | 63,116 | | | | | | | | | Investments in unconsolidated entities | $ | 137 | | $ | 2,204 | | $ | — | | $ | — | | $ | 2,341 | | | | | | | | | Total Assets | $ | 60,412 | | $ | 15,219 | | $ | 4,833 | | $ | — | | $ | 80,464 | | | | | | | | | As of December 31, 2025 | | | | | Property Plant and Equipment, Gross | $ | 126,896 | | $ | 9,638 | | $ | 1,219 | | $ | — | | $ | 137,753 | | | Accumulated DD&A | $ | (70,292) | | $ | (3,273) | | $ | (545) | | $ | — | | $ | (74,110) | | | Property, Plant and Equipment, Net | $ | 56,604 | | $ | 6,365 | | $ | 674 | | $ | — | | $ | 63,643 | | | | | | | | | Investments in unconsolidated entities | $ | 129 | | $ | 2,346 | | $ | — | | $ | — | | $ | 2,475 | | | | | | | | | Total Assets | $ | 60,393 | | $ | 13,901 | | $ | 3,372 | | $ | 6,520 | | $ | 84,186 | |
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