SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of the activity of capitalized exploratory well costs for continuing operations

The following table summarizes the activity of capitalized exploratory well costs for continuing operations for the years ended December 31:

millions	2024		2023		2022
Balance — beginning of year	$	405	$	276	$	213
Additions to capitalized exploratory well costs pending the determination of proved reserves	556		750		323
Reclassifications to property, plant and equipment based on the determination of proved reserves	(594)		(314)		(183)
Capitalized exploratory well costs charged to expense	(105)		(307)		(77)
Balance — end of year	$	262	$	405	$	276

Schedule of accrued liabilities

Accrued liabilities-current consisted of the following line items for the years ended 2024 and 2023:

millions	2024		2023
Payroll and related expenses	$	694	$	693
Income tax payable	471		25
Accrued interest payable	446		336
Taxes other than on income	442		618
Carbon Engineering acquisition payable	393		300
Current asset retirement obligations	388		193
Dividends payable	354		307
Other	1,068		1,382
Accrued liabilities - current	$	4,256	$	3,854

Accrued liabilities non-current consisted of the following line items for the years ended 2024 and 2023:

millions	2024		2023
Long term tax liabilities (b)	2,204		2,072
Environmental remediation liabilities (a)	1,759		889
Pension and postretirement obligations	1,022		931
Operating lease liabilities	614		727
Other	1,431		1,710
Accrued liabilities - non-current	$	7,030	$	6,329

(a) See Note 12 - Environmental Liabilities and Expenditures for additional information.

(b) See Note 13 - Lawsuits, Claims, Commitments and Contingencies for additional information.

Schedule of the activity of the asset retirement obligation

The following table summarizes the activity of AROs for the years ended December 31:

millions	2024		2023
Beginning balance	$	4,075	$	3,805
Liabilities incurred – capitalized to PP&E	287		105
Liabilities settled and paid	(445)		(295)
Accretion expense	234		211
Acquisitions, divestitures and other, net	2		(15)
Revisions to previous estimates	277		264
Ending balance	$	4,430	$	4,075

Schedule of supplemental cash flow information

The following table represents U.S. federal, domestic state and international income taxes paid, tax refunds received and interest paid related to continuing operations during the year ended December 31, 2024, 2023 and 2022, respectively.

millions	2024		2023		2022
Income taxes paid	$	1,203	$	1,299	$	2,184
Income tax refunds received	$	38	$	18	$	89
Production, property and other tax payments	$	1,348	$	1,164	$	1,093
Interest paid (a)	$	1,208	$	1,099	$	1,425

(a)     Net of capitalized interest of $189 million, $98 million and $69 million, for the years 2024, 2023 and 2022, respectively.

Schedule of cash equivalents and restricted cash equivalents

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents as reported at the end of the period in the Consolidated Statements of Cash Flows for the year ended December 31, 2024 and 2023:

millions	2024		2023
Cash and cash equivalents	$	2,132	$	1,426
Restricted cash and restricted cash equivalents	11		21
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net	14		17
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	2,157	$	1,464