v3.25.4
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition And Dispositions [Abstract]  
Schedule of Business Combination
Total fair valueMillions of Dollars
Value of ConocoPhillips common stock issued*15,972 
Cash transferred at close**451 
Value attributable to Marathon Oil share-based awards67 
Other liabilities incurred***17 
Total fair value$16,507 
*Represents the fair value of approximately 143 million shares of ConocoPhillips common stock issued to Marathon Oil stockholders. The fair value is based on the number of eligible shares of Marathon Oil common stock at a 0.255 exchange ratio and ConocoPhillips' average stock price on November 22, 2024, which was $111.93.
**Cash transferred at close primarily represents funds contributed to Marathon Oil for repayment of Marathon Oil's estimated commercial paper liabilities as of the closing date.
***Liabilities incurred are related to cash settled share-based awards and payment of cash in lieu of fractional Marathon Oil shares outstanding. These liabilities were settled prior to the end of 2024.
The final consideration for the all-cash transaction was $3.0 billion (CAD $4.1 billion) after customary adjustments:
Fair value of considerationMillions of Dollars
Cash paid$2,635 
Contingent consideration320 
Total consideration$2,955 
Schedule of Assets Acquired and Liabilities Assumed
Assets acquiredMillions of Dollars
Cash and cash equivalents$385 
Accounts receivable, net976 
Inventories302 
Investments and long-term receivables562 
Net properties, plants and equipment24,215 
Other assets215 
Total assets acquired$26,655 
Liabilities assumed
Accounts payable$1,183 
Accrued income and other taxes201 
Employee benefit obligations187 
Long-term debt4,719 
Asset retirement obligations781 
Deferred income taxes2,471 
Other liabilities606 
Total liabilities assumed$10,148 
Net assets acquired$16,507 
Recognized amounts of identifiable assets acquired and liabilities assumedMillions of Dollars
Oil and gas properties3,082 
Asset retirement obligations(112)
Other(15)
Total identifiable net assets$2,955 
Schedule of Supplemental Pro Forma Financial Information
The following tables summarize the unaudited supplemental pro forma financial information combining the consolidated income statement of ConocoPhillips with assets acquired as shown for the year ended December 31, 2024 and 2023, as if we had completed the acquisition of Marathon Oil on January 1, 2023 and the remaining working interest in Surmont on January 1, 2022, respectively.

Millions of Dollars
Year Ended December 31, 2024
As reportedPro forma Marathon OilPro forma Combined
Total revenues and other income$56,953 6,168 63,121 
Net income (loss)9,245 1,312 10,557 
Earnings per share:
Basic net income (loss)$7.82 8.06 
Diluted net income (loss)7.81 8.05 
Millions of Dollars
Year Ended December 31, 2023
As reportedPro forma SurmontPro forma Marathon OilPro forma Combined
Total revenues and other income$58,574 2,561 6,705 67,840 
Net income (loss)10,957 501 1,657 13,115 
Earnings per share:
Basic net income (loss)$9.08 9.72 
Diluted net income (loss)9.06 9.70