Business Segments (Tables)

12 Months Ended

Dec. 31, 2024

Customers that accounted for 10% or more of the Company’s sales revenue for each of the below three years ended December 31, are shown below.


	2024		2023		2022
Chevron Corporation	13	%	16	%	19	%
ExxonMobil Corporation	20	%	27	%	12	%
Phillips 66	10	%	N/A		N/A

Schedule of Segment Information


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate, Other, and Discontinued Operations		Consolidated Total
Year ended December 31, 2024
Revenue from production	$	2,503.8	$	504.5	$	6.6	$	3,014.9	$	—	$	3,014.9
Sales of purchased natural gas	—		3.7		—		3.7		—		3.7
Gain on sales of assets and other operating income	4.5		1.5		—		6.0		3.9		9.9
Revenues from external customers	2,508.3		509.7		6.6		3,024.6		3.9		3,028.5
Lease operating expenses
Lease operating expenses and taxes other than income	471.3		176.8		1.6		649.7		—		649.7
Repair and maintenance	63.7		4.8		—		68.5		—		68.5
Workovers	214.9		3.9		—		218.8		—		218.8
Total lease operating expenses	749.9		185.5		1.6		937.0		—		937.0
Severance and ad valorem taxes	37.8		1.4		—		39.2		—		39.2
Transportation, gathering and processing	130.9		79.9		—		210.8		—		210.8
Costs of purchased natural gas	—		3.1		—		3.1		—		3.1
Selling and general expenses	(3.3)		20.4		6.7		23.8		89.1		112.9
Exploration Expenses									—
Geological and geophysical	14.4		0.2		12.6		27.2		—		27.2
Dry holes and previously suspended exploration costs	70.9		—		2.3		73.2		—		73.2
Other exploratory costs, including undeveloped lease amortization and delay lease rentals	10.9		0.3		21.9		33.1		—		33.1
Total exploration expenses	96.2		0.5		36.8		133.5		—		133.5
Depreciation, depletion and amortization	709.2		146.0		1.7		856.9		8.9		865.8
Impairment of assets	62.9		—		—		62.9		—		62.9
Accretion of asset retirement obligations	43.1		8.6		0.7		52.4		0.1		52.5

Other operating expenses	9.3		2.8		2.1		14.2		(3.2)		11.0


Interest Income	(22.0)		—		—		(22.0)		(12.2)		(34.2)
Interest (expense), net of capitalization	0.2		0.4		0.2		0.8		105.1		105.9
Income tax expense
Current income tax expense	1.5		3.2		0.2		4.9		0.9		5.8
Deferred income tax expense	123.8		8.8		(31.2)		101.4		(28.9)		72.5
Total income tax expense	125.3		12.0		(31.0)		106.3		(28.0)		78.3
Other segment costs (income)	6.9		0.1		0.3		7.3		(44.0)		(36.7)
Segment income (loss) - including NCI 1	$	561.9	$	49.0	$	(12.5)	$	598.4	$	(111.9)	$	486.5

Additions to property, plant, equipment	$	601.7	$	137.9	$	71.8	$	811.4	$	29.2	$	840.6
Total assets at year-end	6,953.8		1,919.8		302.0		9,175.6		491.9		9,667.5

1 Includes results attributable to a noncontrolling interest in MP GOM.


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate, Other, and Discontinued Operations		Consolidated Total
Year ended December 31, 2023
Revenue from production	$	2,921.8	$	443.8	$	11.0	$	3,376.6	$	—	$	3,376.6
Sales of purchased natural gas	—		72.2		—		72.2		—		72.2
Gain on sales of assets and other operating income	6.5		1.5		—		8.0		3.3		11.3
Revenues from external customers	2,928.3		517.5		11.0		3,456.8		3.3		3,460.1
Lease operating expenses
Lease operating expenses and taxes other than income	532.3		144.7		1.9		678.9		—		678.9
Repair and maintenance	53.2		5.0		—		58.2		—		58.2
Workovers	45.2		2.1		—		47.3		—		47.3
Total lease operating expenses	630.7		151.8		1.9		784.4		—		784.4
Severance and ad valorem taxes	41.4		1.4		—		42.8		—		42.8
Transportation, gathering and processing	157.0		76.0		—		233.0		—		233.0
Costs of purchased natural gas	—		51.7		—		51.7		—		51.7
Selling and general expenses	11.8		16.5		9.4		37.7		81.2		118.9
Exploration Expenses									—
Geological and geophysical	6.6		0.1		19.4		26.1		—		26.1
Dry holes and previously suspended exploration costs	153.1		—		16.7		169.8		—		169.8
Other exploratory costs, including undeveloped lease amortization and delay lease rentals	14.9		0.4		23.6		38.9		—		38.9
Total exploration expenses	174.6		0.5		59.7		234.8		—		234.8
Depreciation, depletion and amortization	706.0		142.2		2.3		850.5		11.0		861.5

Accretion of asset retirement obligations	37.8		7.8		0.4		46.0		0.1		46.1
Other operating expenses
Other miscellaneous operating expenses	20.1		15.5		8.1		43.7		(4.4)		39.3
Loss on contingent consideration	7.1		—		—		7.1		—		7.1
Total other operating expenses	27.2		15.5		8.1		50.8		(4.4)		46.4
Interest Income	(3.3)		—		—		(3.3)		(9.3)		(12.6)
Interest expense, net of capitalization	0.1		0.2		0.2		0.5		111.9		112.4
Income tax expense
Current income tax expense	3.1		3.7		0.6		7.4		8.8		16.2
Deferred income tax expense	229.6		7.5		(6.7)		230.4		(50.6)		179.8
Total income tax expense	232.7		11.2		(6.1)		237.8		(41.8)		196.0
Other segment costs (income)	7.2		1.1		0.6		8.9		12.1		21.0
Segment income (loss) - including NCI 1	$	905.1	$	41.6	$	(65.5)	$	881.2	$	(157.5)	$	723.7

Additions to property, plant, equipment	$	671.3	$	206.2	$	13.1	$	890.6	$	24.2	$	914.8
Total assets at year-end	7,107.0		2,080.0		213.3		9,400.2		366.5		9,766.7

1 Includes results attributable to a noncontrolling interest in MP GOM.


	Exploration and Production
(Millions of dollars)	United States 1		Canada		Other		Total E&P		Corporate, Other, and Discontinued Operations		Consolidated Total
Year ended December 31, 2022
Revenue from production	$	3,435.5	$	580.0	$	23.0	$	4,038.5	$	—	$	4,038.5
Sales of purchased natural gas	0.2		181.5		—		181.7		—		181.7
Gain on sales of assets and other operating income (loss)	25.5		1.4		—		26.9		(314.4)		(287.5)
Revenues from external customers	3,461.2		762.9		23.0		4,247.1		(314.4)		3,932.7
Lease operating expenses
Lease operating expenses and taxes other than income	458.2		147.9		1.5		607.6		—		607.6
Repair and maintenance	34.9		4.7		—		39.6		—		39.6
Workovers	29.6		2.5		—		32.1		—		32.1
Total lease operating expenses	522.7		155.1		1.5		679.3		—		679.3
Severance and ad valorem taxes	55.7		1.3		—		57.0		—		57.0
Transportation, gathering and processing	142.2		70.5		—		212.7		—		212.7
Costs of purchased natural gas	0.2		171.8		—		172.0		—		172.0
Selling and general expenses	20.4		21.9		2.2		44.5		88.8		133.3
Exploration Expenses									—
Geological and geophysical	8.3		0.4		1.8		10.5		—		10.5
Dry holes and previously suspended exploration costs	23.0		—		59.1		82.1		—		82.1
Other exploratory costs, including undeveloped lease amortization and delay lease rentals	16.2		0.7		23.7		40.6		—		40.6
Total exploration expenses	47.5		1.1		84.6		133.2		—		133.2
Depreciation, depletion and amortization	617.0		141.5		5.4		763.9		12.9		776.8

Accretion of asset retirement obligations	36.5		9.6		0.1		46.2		—		46.2
Other operating expenses
Other miscellaneous operating expenses	41.3		10.5		2.4		54.2		5.0		59.2
Loss on contingent consideration	78.3		—		—		78.3		—		78.3
Total other operating expenses	119.6		10.5		2.4		132.5		5.0		137.5
Interest Income	(0.3)		—		—		(0.3)		(2.5)		(2.8)
Interest expense, net of capitalization	0.1		—		0.3		0.4		150.4		150.8
Income tax expense
Current income tax expense	8.1		8.8		2.3		19.2		4.2		23.4
Deferred income tax expense	362.7		34.8		0.6		398.1		(112.0)		286.1
Total income tax expense	370.8		43.6		2.9		417.3		(107.8)		309.5
Other segment costs (income)	6.9		1.8		0.6		9.3		(20.8)		(11.5)
Segment income (loss) - including NCI 1	$	1,521.9	$	134.2	$	(77.0)	$	1,579.1	$	(440.4)	$	1,138.7

Additions to property, plant, equipment	$	838.6	$	208.5	$	(5.7)	$	1,041.4	$	21.9	$	1,063.3
Total assets at year-end	6,930.6		2,125.6		217.4		9,273.6		1,035.4		10,309.0

1 Includes results attributable to a noncontrolling interest in MP GOM.


Geographic Information	Certain long-lived assets at December 31 1
(Millions of dollars)	United States		Canada		Other		Total
2024	$	6,415.9	$	1,389.5	$	249.2	$	8,054.6
2023	6,555.0		1,497.3		172.8		8,225.1
2022	6,562.8		1,499.1		166.1		8,228.0

1 Certain long-lived assets at December 31 represent total non-current assets, excluding investments, right-of-use operating lease assets, non-current receivables, deferred tax assets and other intangible assets.