v3.26.1
Segment Disclosures and Related Information
 6 Months Ended
Jun. 30, 2026
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 five operating segments, which are primarily defined by geographic region: Alaska; Lower 48 (L48); Canada; Europe, Middle East and North Africa (EMENA); and Asia Pacific (AP).
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, 2026Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#
$1,873 13,031 1,925 2,276 674 19,779 15 19,794 
Intersegment eliminations— (3)(621)— — (624)(9)(633)
Consolidated sales and other operating revenues1,873 13,028 1,304 2,276 674 19,155 6 19,161 
Significant segment expenses*
Production and operating expenses522 1,276 290 270 87 2,445 (14)2,431 
DD&A346 2,147 133 241 107 2,974 9 2,983 
Income tax provision (benefit)159 722 104 1,033 110 2,128 23 2,151 
Total1,027 4,145 527 1,544 304 7,547 18 7,565 
Other segment items
Equity in earnings of affiliates— — — (45)(167)(212)(27)(239)
Interest income— — — — — — (80)(80)
Interest and debt expense— — — — — — 182 182 
Other**324 6,299 457 431 148 7,659 143 7,802 
Total324 6,299 457 386 (19)7,447 218 7,665 
Net income (loss)$522 2,584 320 346 389 4,161 (230)3,931 
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $0.5 billion, $0.1 billion and $0.4 billion, respectively.
*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 dispositions: L48 and Corporate
Other income and Other expenses: Alaska, L48, EMENA and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: L48, Canada, EMENA, AP and Corporate
Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: L48
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other Segment Disclosures
Three Months Ended June 30, 2026Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Equity investments $3 1 — 2,471 4,809 7,284 1,696 8,980 
Total assets21,617 61,966 9,757 10,797 8,230 112,367 11,894 124,261 
Capital expenditures and investments912 1,640 89 252 91 2,984 40 3,024 
Three Months Ended June 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#
$1,315 9,966 1,334 1,400 471 14,486 14 14,500 
Intersegment eliminations— (3)(486)— — (489)(7)(496)
Consolidated sales and other operating revenues1,315 9,963 848 1,400 471 13,997 7 14,004 
Significant segment expenses*
Production and operating expenses546 1,474 216 232 85 2,553 19 2,572 
DD&A361 2,003 143 198 118 2,823 15 2,838 
Income tax provision (benefit)47 382 50 593 67 1,139 (93)1,046 
Total954 3,859 409 1,023 270 6,515 (59)6,456 
Other segment items
Equity in earnings of affiliates— (4)— (115)(185)(304)(11)(315)
Interest income— — — — (2)(2)(65)(67)
Interest and debt expense— — — — — — 232 232 
Other**226 4,709 290 255 58 5,538 189 5,727 
Total226 4,705 290 140 (129)5,232 345 5,577 
Net income (loss)$135 1,399 149 237 330 2,250 (279)1,971 
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $1.2 billion, $0.2 billion and $0.1 billion, respectively.
*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 dispositions and Impairments: L48
Other income: L48, EMENA and Corporate
Purchased commodities and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expense, 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
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Equity investments$4 126 — 2,084 5,172 7,386 1,612 8,998 
Total assets19,374 65,087 10,029 10,128 8,515 113,133 9,466 122,599 
Capital expenditures and investments986 1,704 144 356 64 3,254 32 3,286 
Six Months Ended June 30, 2026Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#
$3,396 24,117 3,598 3,903 1,175 36,189 37 36,226 
Intersegment eliminations— (9)(1,277)— — (1,286)(18)(1,304)
Consolidated sales and other operating revenues3,396 24,108 2,321 3,903 1,175 34,903 19 34,922 
Significant segment expenses*
Production and operating expenses997 2,529 479 527 167 4,699 8 4,707 
DD&A698 4,198 285 480 210 5,871 18 5,889 
Income tax provision (benefit)251 1,117 131 1,758 170 3,427 (96)3,331 
Total1,946 7,844 895 2,765 547 13,997 (70)13,927 
Other segment items
Equity in earnings of affiliates— — — (140)(331)(471)(15)(486)
Interest income— — — — — — (189)(189)
Interest and debt expense— — — — — — 380 380 
Other**634 12,277 1,021 667 275 14,874 302 15,176 
Total634 12,277 1,021 527 (56)14,403 478 14,881 
Net income (loss)$816 3,987 405 611 684 6,503 (389)6,114 
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $2.1 billion, $0.4 billion and $0.6 billion, respectively.
*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 dispositions: L48 and Corporate
Other income: Alaska, L48, Canada, EMENA and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses: L48, Canada, EMENA, AP 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, EMENA and Corporate

Other Segment Disclosures
Six Months Ended June 30, 2026Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Equity investments$3 1 — 2,471 4,809 7,284 1,696 8,980 
Total assets21,617 61,966 9,757 10,797 8,230 112,367 11,894 124,261 
Capital expenditures and investments1,861 3,145 210 514 173 5,903 69 5,972 
Six Months Ended June 30, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues#
$2,925 21,514 2,866 3,340 895 31,540 32 31,572 
Intersegment eliminations— (3)(1,033)— — (1,036)(15)(1,051)
Consolidated sales and other operating revenues2,925 21,511 1,833 3,340 895 30,504 17 30,521 
Significant segment expenses*
Production and operating expenses1,052 2,965 417 456 150 5,040 38 5,078 
DD&A716 3,907 274 417 237 5,551 33 5,584 
Income tax provision (benefit)186 830 131 1,515 131 2,793 (130)2,663 
Total1,954 7,702 822 2,388 518 13,384 (59)13,325 
Other segment items
Equity in earnings of affiliates— (8)— (288)(391)(687)(20)(707)
Interest income— — — — (4)(4)(139)(143)
Interest and debt expense— — — — — — 437 437 
Other**509 10,628 606 584 131 12,458 331 12,789 
Total509 10,620 606 296 (264)11,767 609 12,376 
Net income (Loss)$462 3,189 405 656 641 5,353 (533)4,820 
#Includes revenue from physical contracts meeting the definition of a derivative that are outside the scope of ASC Topic 606 for the L48, Canada and EMENA segments of $2.7 billion, $0.4 billion and $0.4 billion, respectively.
*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 dispositions: L48 and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
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
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Equity investments$4 126 — 2,084 5,172 7,386 1,612 8,998 
Total assets19,374 65,087 10,029 10,128 8,515 113,133 9,466 122,599 
Capital expenditures and investments2,032 3,518 309 630 118 6,607 57 6,664 

Millions of Dollars

Three Months Ended
June 30
Six Months Ended
June 30
2026202520262025
Consolidated sales and other operating revenues
Crude oil
$14,271 9,528 24,529 20,361 
Natural gas
1,149 1,930 3,653 4,762 
Natural gas liquids
1,117 938 2,039 1,993 
Other*
2,624 1,608 4,701 3,405 
Total
$19,161 14,004 34,922 30,521 
*Includes bitumen, power and LNG.

Millions of Dollars

Three Months Ended
June 30
Six Months Ended
June 30
2026202520262025
Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
Crude oil
$178 48 288 157 
Natural gas
649 1,117 2,350 2,763 
Power
181 280 509 495 
Total
$1,008 1,445 3,147 3,415 


Sales and other operating revenues by geographic location*
Millions of Dollars

Three Months Ended
June 30
Six Months Ended
June 30
2026202520262025
U.S.
$14,851 11,137 27,367 24,249 
International4,310 2,867 7,555 6,272 
Worldwide consolidated
$19,161 14,004 34,922 30,521 
*Sales and other operating revenues are attributable to countries based on the location of the selling operation.