| 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 | Six months ended | | millions | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | Segment income (losses) from continuing operations before taxes | | | | | | Oil and gas segment | $ | 2,849 | | $ | 934 | | $ | 3,866 | | $ | 2,631 | | | Midstream and marketing segment | 1,338 | | 39 | | 1,251 | | (33) | | | Corporate and eliminations | (164) | | (142) | | (272) | | (280) | | | Interest and debt expense, net | (108) | | (271) | | (540) | | (581) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income from continuing operations before income taxes | $ | 3,915 | | $ | 560 | | $ | 4,305 | | $ | 1,737 | | Income tax expense | (915) | | (222) | | (1,069) | | (569) | | Income from continuing operations | $ | 3,000 | | $ | 338 | | $ | 3,236 | | $ | 1,168 | | | Discontinued operations, net of tax | (4) | | 130 | | 3,119 | | 245 | | | Net income | $ | 2,996 | | $ | 468 | | $ | 6,355 | | $ | 1,413 | | | Less: Net income attributable to noncontrolling interest | (19) | | (10) | | (33) | | (19) | | | Less: Preferred stock dividends | (170) | | (170) | | (340) | | (340) | | | Net income attributable to common stockholders | $ | 2,807 | | $ | 288 | | $ | 5,982 | | $ | 1,054 | |
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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 | Six months ended | | millions | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | Revenues and other income | | | | | Net sales (a) | $ | 6,882 | | $ | 5,009 | | $ | 11,857 | | $ | 10,692 | | | Losses on sale of assets and other, net | (13) | | (2) | | (42) | | (8) | | | | | | | | Total | $ | 6,869 | | $ | 5,007 | | $ | 11,815 | | $ | 10,684 | | | | | | | | Significant segment expenses | | | | | | Oil and gas lease operating expense | 1,117 | | 1,135 | | 2,235 | | 2,352 | | | Transportation and gathering expense | 395 | | 403 | | 786 | | 810 | | | | | | | | | | | | | | | | | | Other operating and non-operating expense | 272 | | 357 | | 545 | | 601 | | | Taxes other than on income | 338 | | 262 | | 590 | | 522 | | | Depreciation, depletion and amortization | 1,745 | | 1,718 | | 3,435 | | 3,420 | | | | | | | Other segment expenses (b) | 135 | | 187 | | 338 | | 337 | | | | | | | | | | | | | Total | $ | 4,002 | | $ | 4,062 | | $ | 7,929 | | $ | 8,042 | | | Segment income before other items | $ | 2,867 | | $ | 945 | | $ | 3,886 | | $ | 2,642 | | | | | | | | | | | | | Losses from equity investments and other | (18) | | (11) | | (20) | | (11) | | | Segment income from continuing operations before taxes | $ | 2,849 | | $ | 934 | | $ | 3,866 | | $ | 2,631 | | | | | | |
(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 | Six months ended | | millions | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | Revenues and other income | | | | | Net sales (a) | $ | 1,326 | | $ | 390 | | $ | 1,723 | | $ | 563 | | | Gains on sale of assets and other income, net | 225 | | 39 | | 76 | | 66 | | | | | | | | Total | $ | 1,551 | | $ | 429 | | $ | 1,799 | | $ | 629 | | | | | | | | Significant segment expenses | | | | | | | | | | | | | | | | Transportation and gathering expense | 219 | | 197 | | 403 | | 400 | | | | | | | | Other operating and non-operating expense | 54 | | 95 | | 133 | | 176 | | | | | | | | Depreciation, depletion and amortization | 68 | | 74 | | 139 | | 147 | | | Asset impairments and other charges | — | | — | | 105 | | — | | Other segment expenses (b) | 24 | | 31 | | 58 | | 60 | | | | | | | | | | | | | Total | $ | 365 | | $ | 397 | | $ | 838 | | $ | 783 | | | Segment income (losses) before other items | $ | 1,186 | | $ | 32 | | $ | 961 | | $ | (154) | | | | | | | | | | | | Income from equity investments and other | 152 | | 7 | | 290 | | 121 | | | Segment income (losses) from continuing operations before taxes | $ | 1,338 | | $ | 39 | | $ | 1,251 | | $ | (33) | | | | | | |
(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 additions to property, plant and equipment: | | | | | | | | | | | | | | | | Three months ended | Six months ended | | millions | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | | Oil and gas | $ | 1,481 | | $ | 1,541 | | $ | 2,883 | | $ | 3,109 | | | Midstream and marketing | 142 | | 188 | | 334 | | 336 | | | Corporate and eliminations | 19 | | 22 | | 29 | | 30 | | | | | | | | Total | $ | 1,642 | | $ | 1,751 | | $ | 3,246 | | $ | 3,475 | | | | | | | | | | | | | | | | |
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 June 30, 2026 | | | | | Property Plant and Equipment, Gross | $ | 124,245 | | $ | 8,930 | | $ | 1,234 | | $ | — | | $ | 134,409 | | | Accumulated DD&A | (68,619) | | (2,592) | | (598) | | — | | (71,809) | | | Property, Plant and Equipment, Net | $ | 55,626 | | $ | 6,338 | | $ | 636 | | $ | — | | $ | 62,600 | | | | | | | | | Investments in unconsolidated entities | $ | 148 | | $ | 2,421 | | $ | — | | $ | — | | $ | 2,569 | | | | | | | | | Total Assets | $ | 59,531 | | $ | 14,883 | | $ | 5,944 | | $ | — | | $ | 80,358 | | | | | | | | | 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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