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INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
NOTE 15 - INDUSTRY SEGMENTS AND GEOGRAPHIC AREAS
The Company conducts its operations through two segments: oil and gas and midstream and marketing. Income taxes, interest income, interest expense, environmental remediation expenses and acquisition-related costs of the Company’s operating subsidiaries and unallocated corporate expenses are consolidated under corporate and eliminations. Intersegment sales eliminate upon consolidation and are made at prices that approximate market. Identifiable assets are those assets used in the operations of the segments. Corporate assets consist of cash and restricted cash, certain corporate receivables and PP&E.
In October 2025, the Company announced entry into a purchase and sale agreement with Berkshire Hathaway to sell all of the issued and outstanding equity interests in OxyChem in an all-cash transaction for $9.7 billion. The sale was completed on January 2, 2026, with final proceeds subject to post-closing adjustments. The Company reassessed its operating segments. Accordingly, the chemical segment results are presented separately as discontinued operations and corporate costs directly attributable to the chemical segment are included under discontinued operations. See Note 4 - Acquisitions, Divestitures and Other Transactions for related disclosure.
The Company’s President and CEO is ultimately responsible for allocating resources and assessing the performance of each operating segment and is the Company’s CODM. The CEO may be assisted in this function by other members of the Company’s executive management including, but not limited to, the Chief Financial Officer and Chief Operating Officer. While other executives are responsible for the performance of their individual areas, the CEO is solely responsible for allocating resources across the Company as a whole.
For both reporting segments, the CODM utilizes segment income (loss) from continuing operations before income taxes to measure performance, as well as allocate resources (including financial or capital resources) for each segment, predominantly in the annual budget and forecasting process.
The following table reconciles segment income from continuing operations before taxes to net income attributable to common shares:

Years Ended December 31,
millions 202520242023
Segment income from continuing operations before taxes   
Oil and gas segment$4,586 $5,214 $6,240 
Midstream and marketing segment252 563 (35)
Corporate and eliminations(631)(584)(586)
Interest and debt expense, net(1,079)(1,169)(957)
Income from continuing operations before income taxes
$3,128 $4,024 $4,662 
Income tax expense
(1,021)(1,158)(1,330)
Income from continuing operations
$2,107 $2,866 $3,332 
Discontinued operations, net of tax262 212 1,364 
Net income$2,369 $3,078 $4,696 
Less: Net income attributable to noncontrolling interest(43)(22)— 
Less: Preferred stock dividends and redemption premiums
(679)(679)(923)
Net income attributable to common stockholders$1,647 $2,377 $3,773 


The following tables include a summary of significant revenue and expense line items for each segment. Items within “Significant segment expenses” align with the significant segment-level information that is regularly provided to the CODM as required by the adoption of ASU 2023-07 in the fourth quarter of 2024. Intersegment expenses are included within the amounts shown.
OIL AND GAS SEGMENT
Other segment expenses include asset impairments and other charges, selling, general and administrative expense and exploration expense:

Years Ended December 31,
millions 202520242023
Revenues and other income   
Net sales$20,902 $21,705 $21,284 
Gains (losses) on sale of assets and other income(70)(551)192 
Total$20,832 $21,154 $21,476 
Significant segment expenses 
Oil and gas lease operating expense
4,681 4,738 4,677 
Transportation and gathering expense1,629 1,583 1,427 
Other operating and non-operating expense1,161 997 889 
Taxes other than on income1,009 1,026 1,076 
Depreciation, depletion and amortization7,115 6,565 6,112 
Other segment expenses633 993 1,031 
Total$16,228 $15,902 $15,212 
Segment income before other items$4,604 $5,252 $6,264 
Losses from equity investments and other(18)(38)(24)
Segment income from continuing operations before taxes$4,586 $5,214 $6,240 

MIDSTREAM AND MARKETING SEGMENT
Other segment expenses include asset impairments and other charges, transportation expense, taxes other than on income, and selling, general and administrative expense:

Years Ended December 31,
millions 202520242023
Revenues and other income   
Net sales$1,279 $886 $2,433 
Gains on sale of assets and other income500 628 494 
Total$1,779 $1,514 $2,927 
Significant segment expenses
Purchased commodities and midstream cost of sales800 1,035 2,749 
Other operating and non-operating expense359 289 234 
Depreciation, depletion and amortization294 273 266 
Other segment expenses168 151 163 
Total$1,621 $1,748 $3,412 
Segment income (losses) before other items$158 $(234)$(485)
Income from equity investments and other
94 797 450 
Segment income (losses) from continuing operations before taxes$252 $563 $(35)
SEGMENT INVESTMENTS AND EXPENDITURES
The following table includes segment-level balance sheet information:

millionsOil and gasMidstream and marketingCorporate and
eliminations		Assets held for saleTotal
Year ended December 31, 2025
PP&E Additions$5,703 $806 $98 $— $6,607 
Investments in unconsolidated entities$129 $2,346 $— $— $2,475 
Total Assets$60,393 $13,901 $3,372 $6,520 $84,186 
Year ended December 31, 2024   
PP&E Additions$5,408 $930 $82 $— $6,420 
Investments in unconsolidated entities$94 $2,552 $— $— $2,646 
Total Assets$63,596 $13,177 $3,102 $5,570 $85,445 

GEOGRAPHIC AREAS
The following table represents the Company’s property, plant and equipment, net by geographic area for the years ended December 31:

millions202520242023
United States$57,038 $59,158 $48,677 
International
UAE3,375 3,495 3,609 
Oman2,238 2,187 2,156 
Algeria626 618 624 
Qatar326 361 393 
Other International40 44 35 
Total International6,605 6,705 6,817 
Total$63,643 $65,863 $55,494