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REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE
NOTE 2 - REVENUE

Revenue from customers is recognized when obligations under the terms of a contract are satisfied; this generally occurs with the delivery of oil, NGL, gas or services such as transportation. Revenue from customers is measured as the amount of consideration the Company expects to receive in exchange for the delivery of goods or services. Contracts may last from one month to one year or more and may have renewal terms that extend indefinitely at the option of either party. Price is typically based on market indexes. Volumes fluctuate due to production and, in certain cases, customer demand and transportation availability.
The Company does not incur significant costs to obtain contracts. Incidental items that are immaterial in the context of the contract are recognized as expenses. The Company does not typically receive payment in advance of satisfying its obligations under the terms of its sales contracts with customers; therefore, liabilities related to such payment are immaterial to the Company. The Company does not disclose consideration for remaining performance obligations with an original expected duration of one year or less or for variable consideration related to unsatisfied performance obligations.
OIL AND GAS SEGMENT
Revenue from oil and gas production is recognized when production is delivered and control passes to the customer. Revenues from the production of oil and gas properties in which the Company has an interest with other producers are recognized on the basis of the Company’s net revenue interest.

MIDSTREAM AND MARKETING SEGMENT
Revenue from pipeline and gas processing is recognized upon the completion of the transportation or processing service. Revenue from power sales is recognized upon delivery. Net marketing revenue is recognized upon completion of contract terms that are a prerequisite to payment and upon title transfer for physical deliveries. Unless the normal purchases and sales exception has been elected, net marketing revenue is classified as a derivative, reported on a net basis and recorded at fair value. Changes in fair value are reflected in net sales and excluded from revenue from customers in the table below.

DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
The following table reconciles revenue from customers to total net sales for the years ended December 31:

millions202520242023
Revenue from customers$21,569 $22,710 $23,230 
All other revenues24 (691)(74)
Net sales$21,593 $22,019 $23,156 
The table below presents the Company’s revenue from customers by segment, product and geographical area. The oil and gas segment typically sells its oil, NGL and natural gas at the lease or concession area. Excluding net marketing revenue, midstream and marketing segment revenues are shown by the location of sale.

millionsUnited StatesInternationalEliminationsTotal
Year ended December 31, 2025
Oil and gas
Oil$14,459 $2,715 $— $17,174 
NGL1,897 352 — 2,249 
Gas1,017 352 — 1,369 
Other105 5 — 110 
Segment total$17,478 $3,424 $— $20,902 
Midstream and marketing$546 $709 $— $1,255 
Eliminations$— $— $(588)$(588)
Consolidated$18,024 $4,133 $(588)$21,569 
Year ended December 31, 2024
Oil and gas
Oil$15,604 $2,940 $— $18,544 
NGL1,865 390 — 2,255 
Gas514 361 — 875 
Other29 2 — 31 
Segment total$18,012 $3,693 $— $21,705 
Midstream and marketing$1,164 $413 $— $1,577 
Eliminations$— $— $(572)$(572)
Consolidated$19,176 $4,106 $(572)$22,710 
Year ended December 31, 2023
Oil and gas
Oil$14,893 $3,057 $— $17,950 
NGL1,619 372 — 1,991 
Gas970 335 — 1,305 
Other36 2 — 38 
Segment total$17,518 $3,766 $— $21,284 
Midstream and marketing$2,098 $409 $— $2,507 
Eliminations$— $— $(561)$(561)
Consolidated$19,616 $4,175 $(561)$23,230