v3.25.4
Segment Disclosures and Related Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Disclosures and Related Information
Note 22—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.

Effective in the fourth quarter of 2025, we determined that our former Other International operating segment, which consisted of activities associated with prior operations in other countries, was no longer an operating segment. Residual results are aggregated into Corporate. Our historical operating segment reporting has been recast to reflect this change.
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.

Segment accounting policies are the same as those in Note 1. Intersegment sales are at prices that approximate market. The significant segment expense categories and amounts in the tables below align with segment-level information that is regularly provided to the CODM.
2025 Segment level net income (loss)
Year Ended December 31, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPSegments TotalCorporate Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$5,638 41,404 5,600 6,485 1,770 60,897 63 60,960 
Intersegment eliminations— (9)(1,975)(1)— (1,985)(31)(2,016)
Consolidated sales and other operating revenues#*
5,638 41,395 3,625 6,484 1,770 58,912 32 58,944 
Significant segment expenses
Production and operating expenses2,158 5,856 833 962 367 10,176 155 10,331 
DD&A1,399 8,121 556 912 460 11,448 52 11,500 
Income tax provision (benefit)271 1,380 236 2,820 238 4,945 (277)4,668 
Total3,828 15,357 1,625 4,694 1,065 26,569 (70)26,499 
Other segment items
Equity in earnings of affiliates(1)(11)— (558)(762)(1,332)(3)(1,335)
Interest income— — — — (8)(8)(303)(311)
Interest and debt expense— — — — — — 855 855 
Other**1,081 20,785 1,259 1,124 308 24,557 691 25,248 
Total1,080 20,774 1,259 566 (462)23,217 1,240 24,457 
Net income (loss)$730 5,264 741 1,224 1,167 9,126 (1,138)7,988 
#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 $5.7 billion, $0.7 billion and $0.8 billion, respectively.
*In 2025, sales by our L48 segment to a certain pipeline company accounted for approximately $5.3 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on disposition: L48, EMENA and Corporate
Other income: L48, Canada, EMENA, AP and Corporate
Purchased commodities: Alaska, L48, Canada, EMENA and AP
Selling, general and administrative expenses, Exploration expenses, Taxes other than income taxes and Accretion on discounted liabilities: Alaska, L48, Canada, EMENA, AP and Corporate
Impairments: Alaska, L48 and Canada
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, Canada, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2025Millions of Dollars
AlaskaL48CanadaEMENAAPSegments TotalCorporateConsolidated Total
Equity investments$3 — — 2,268 4,926 7,197 1,636 8,833 
Total assets20,224 61,933 9,978 10,554 8,273 110,962 10,977 121,939 
Capital expenditures and investments3,607 6,702 593 1,194 342 12,438 115 12,553 
2024 Segment level net income (loss)
Year Ended December 31, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPSegments TotalCorporate Consolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$6,553 37,028 5,636 5,788 1,847 56,852 54 56,906 
Intersegment eliminations— (2)(2,122)— — (2,124)(37)(2,161)
Consolidated sales and other operating revenues#*
6,553 37,026 3,514 5,788 1,847 54,728 17 54,745 
Significant segment expenses
Production and operating expenses1,951 4,751 902 671 384 8,659 92 8,751 
DD&A1,299 6,442 639 761 425 9,566 33 9,599 
Income tax provision (benefit)480 1,462 228 2,854 211 5,235 (808)4,427 
Total3,730 12,655 1,769 4,286 1,020 23,460 (683)22,777 
Other segment items
Equity in earnings of affiliates1 (5)— (586)(1,089)(1,679)(26)(1,705)
Interest income— — — — (8)(8)(394)(402)
Interest and debt expense— — — — — — 783 783 
Other**1,496 19,201 1,033 899 200 22,829 1,218 24,047 
Total1,497 19,196 1,033 313 (897)21,142 1,581 22,723 
Net income (loss)$1,326 5,175 712 1,189 1,724 10,126 (881)9,245 
#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 $4.2 billion, $0.5 billion and $0.8 billion, respectively.
*In 2024, sales by our L48 segment to a certain pipeline company accounted for approximately $6.7 billion or approximately 12 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: L48, Canada, EMENA and Corporate
Other income; 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 and Impairments: Alaska, L48, Canada and EMENA
Foreign currency transaction (gain) loss: Canada, EMENA and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2024Millions of Dollars
AlaskaL48CanadaEMENAAPSegments TotalCorporateConsolidated Total
Equity investments$3 123 — 1,948 4,977 7,051 1,559 8,610 
Total assets18,030 66,977 9,513 9,770 8,390 112,680 10,100 122,780 
Capital expenditures and investments3,194 6,510 551 1,021 370 11,646 472 12,118 
2023 Segment level net income (loss)
Year Ended December 31, 2023Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Segment sales and other operating revenues
Sales and other operating revenues$7,098 38,244 4,873 5,854 1,913 57,982 63 58,045 
Intersegment eliminations— (7)(1,867)— — (1,874)(30)(1,904)
Consolidated sales and other operating revenues#*
7,098 38,237 3,006 5,854 1,913 56,108 33 56,141 
Significant segment expenses
Production and operating expenses1,829 4,199 619 593 391 7,631 62 7,693 
DD&A1,061 5,722 420 587 455 8,245 25 8,270 
Income tax provision (benefit)642 1,763 26 3,065 42 5,538 (207)5,331 
Total3,532 11,684 1,065 4,245 888 21,414 (120)21,294 
Other segment items
Equity in earnings of affiliates(1)9 — (580)(1,151)(1,723)3 (1,720)
Interest income— — — (1)(8)(9)(403)(412)
Interest and debt expense— — — — — — 780 780 
Other**1,789 20,083 1,539 1,001 223 24,635 607 25,242 
Total1,788 20,092 1,539 420 (936)22,903 987 23,890 
Net income (loss)$1,778 6,461 402 1,189 1,961 11,791 (834)10,957 
#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 $6.6 billion, $1.3 billion and $0.3 billion, respectively.
*In 2023, sales by our Lower 48 segment to a certain pipeline company accounted for approximately $5.8 billion or approximately 10 percent of our total consolidated sales and other operating revenues.
**Other segment items not required to be separately disclosed for each reportable segment include:
Gain (loss) on dispositions: Alaska, L48, AP and Corporate
Other income; 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, Canada and Corporate
Foreign currency transaction (gain) loss: Canada, EMENA, AP and Corporate
Other expenses: Alaska, L48, EMENA and Corporate
Other segment disclosures
Year Ended December 31, 2023Millions of Dollars
AlaskaL48CanadaEMENAAPSegment TotalsCorporateConsolidated Total
Equity investments$32 118 — 1,191 5,419 6,760 1,145 7,905 
Total assets16,174 42,415 10,277 8,396 8,903 86,165 9,759 95,924 
Capital expenditures and investments1,705 6,487 456 1,111 354 10,113 1,135 11,248 
Sales and Other Operating Revenues by Product
Consolidated sales and other operating revenues
Millions of Dollars
202520242023
Crude oil$39,068 39,010 37,833 
Natural gas8,854 6,444 10,725 
Natural gas liquids3,705 2,889 2,609 
Other*7,317 6,402 4,974 
Total$58,944 54,745 56,141 
*Includes bitumen, power and LNG.

Revenue from physical contracts meeting the definition of a derivative outside the scope of ASC Topic 606
Millions of Dollars
202520242023
Crude oil$494 376 143 
Natural gas5,465 3,753 6,622 
Power1,242 1,354 1,438 
Total$7,201 5,483 8,203 

Geographic Information
Millions of Dollars
Sales and Other Operating Revenues*
Long-Lived Assets**
202520242023202520242023
U.S.$46,611 43,480 45,101 77,453 79,141 53,955 
International12,333 11,265 11,040 24,619 23,825 23,994 
Worldwide consolidated$58,944 54,745 56,141 102,072 102,966 77,949 
*Sales and other operating revenues are attributable to countries based on the location of their selling operation.
** Defined as net PP&E plus equity investments and advances to affiliated companies.