v3.25.4
Non-Mineral Lease (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Right-of-Use Assets and Lease Liabilities
The following table summarizes the right-of-use assets and lease liabilities for both the operating and finance leases on our consolidated balance sheet as of December 31:
Millions of Dollars
20252024
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Right-of-Use Assets
Properties, plants and equipment
Gross2,007 1,983 
Accumulated DD&A(1,507)(1,336)
Net PP&E*
500 647 
Other assets950 1,017 
Lease Liabilities
Short-term debt**
306 292 
Other accruals383 329 
Long-term debt***
495 648 
Other liabilities and deferred credits567 695 
Total lease liabilities$950 801 1,024 940 
    * Includes proportionately consolidated finance lease assets of $83 million at December 31, 2025 and $107 million at December 31, 2024.
  ** Includes proportionately consolidated finance lease liabilities of $188 million at December 31, 2025 and $181 million at December 31, 2024.
*** Includes proportionately consolidated finance lease liabilities of $192 million at December 31, 2025 and $259 million at December 31, 2024.
Lease Cost
The following table summarizes our lease costs:
Millions of Dollars
202520242023
Lease Cost*
Operating lease cost$447 325 229 
Finance lease cost
Amortization of right-of-use assets171 173 180 
Interest on lease liabilities24 29 35 
Short-term lease cost**
65 49 40 
Total lease cost***
$707 576 484 
* The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers.
** Short-term leases are not recorded on our consolidated balance sheet.
*** Variable lease cost and sublease income are immaterial for the periods presented and therefore are not included in the table above.
Lease Term and Discount Rate
The following table summarizes the lease terms and discount rates as of December 31:
Lease Term and Discount Rate20252024
Weighted-average term (years)
Operating leases4.064.41
Finance leases4.184.86
Weighted-average discount rate (percent)
Operating leases4.58 4.62 
Finance leases3.47 3.40 
Other Information
The following table summarizes other lease information:
Millions of Dollars
202520242023
Other Information*
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$385 248 173 
Operating cash flows from finance leases24 29 33 
Financing cash flows from finance leases175 172 169 
Right-of-use assets obtained in exchange for operating lease liabilities$320 628 355 
Right-of-use assets obtained in exchange for finance lease liabilities25 — 9 
*The amounts presented in the table above have not been adjusted to reflect amounts recovered or reimbursed from oil and gas coventurers. In addition, pursuant to other applicable accounting guidance, lease payments made in connection with preparing another asset for its intended use are reported in the "Cash flows from investing activities" section of our consolidated statement of cash flows.
Maturity of Lease Liabilities
The following table summarizes future lease payments for operating and finance leases at December 31, 2025:
Millions of Dollars
Operating
Leases
Finance
 Leases
Maturity of Lease Liabilities
2026$417 363 
2027219 164 
2028143 181 
2029102 91 
203055 57 
Remaining years109 48 
Total
1,045 904 
Less: portion representing imputed interest(95)(103)
Total lease liabilities$950 801