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STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES AND OTHER:        
Derivative instrument gains (losses), net $ 138 $ (3) $ 110 $ (7)
Gain on divestitures, net 282 276 280 283
Loss on previously sold Gulf of America properties 0 (17) 0 (83)
Other, net 14 (7) 20 8
Total revenues and other 2,612 2,792 5,224 4,695
OPERATING EXPENSES:        
Lease operating expenses 367 460 774 798
Taxes other than income 54 78 128 135
Exploration 43 71 73 219
General and administrative 66 85 164 178
Transaction, reorganization, and separation 11 115 48 142
Depreciation, depletion, and amortization 530 588 1,173 1,018
Asset retirement obligation accretion 39 36 78 76
Financing costs, net 66 100 9 176
Total operating expenses 1,584 1,864 3,433 3,320
NET INCOME BEFORE INCOME TAXES 1,028 928 1,791 1,375
Current income tax provision 232 285 538 585
Deferred income tax provision (benefit) 131 23 170 (42)
NET INCOME INCLUDING NONCONTROLLING INTERESTS 665 620 1,083 832
Net income attributable to noncontrolling interest 62 79 133 159
NET INCOME ATTRIBUTABLE TO COMMON STOCK $ 603 $ 541 $ 950 $ 673
NET INCOME PER COMMON SHARE:        
Basic (in USD per share) $ 1.67 $ 1.46 $ 2.62 $ 2.00
Diluted (in USD per share) $ 1.67 $ 1.46 $ 2.62 $ 2.00
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:        
Basic (in shares) 361 371 362 337
Diluted (in shares) 361 372 362 337
Oil and gas        
REVENUES AND OTHER:        
Total revenues $ 2,178 $ 2,543 $ 4,814 $ 4,494
Oil and gas, excluding purchased        
REVENUES AND OTHER:        
Total revenues 1,718 2,201 3,757 3,949
OPERATING EXPENSES:        
Gathering, processing, and transmission & purchased oil and gas costs 104 121 208 205
Purchased oil and gas        
REVENUES AND OTHER:        
Total revenues 460 342 1,057 545
OPERATING EXPENSES:        
Gathering, processing, and transmission & purchased oil and gas costs $ 304 $ 210 $ 778 $ 373