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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of inventories
Commodity inventory primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value. Inventories consisted of the following as of December 31:

millions20252024
Materials and supplies$1,222 $1,219 
Commodity inventory601 537 
Total$1,823 $1,756 
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:

millions202520242023
Balance — beginning of year$262 $405 $276 
Additions to capitalized exploratory well costs pending the determination of proved reserves
409 556 750 
Reclassifications to property, plant and equipment based on the determination of proved reserves
(205)(594)(314)
Capitalized exploratory well costs charged to expense
(100)(105)(307)
Balance — end of year$366 $262 $405 
Schedule of accrued liabilities
Accrued liabilities-current consisted of the following line items as of December 31, 2025 and 2024:
millions20252024
Payroll and related expenses$620 $590 
Taxes other than on income498 436 
Accrued interest payable386 446 
Dividends payable383 354 
Asset retirement obligations381 388 
Operating lease liabilities350 334 
Income tax payable159 471 
Carbon Engineering acquisition payable— 393 
Other815 836 
Accrued liabilities - current$3,592 $4,248 
Accrued liabilities non-current consisted of the following line items as of December 31, 2025 and 2024:
millions20252024
Long term tax liabilities (a)
2,393 2,204 
Environmental remediation liabilities (b)
1,719 1,759 
Pension and postretirement obligations985 1,022 
Operating lease liabilities605 469 
Other1,609 1,361 
Accrued liabilities - non-current $7,311 $6,815 
(b) See Note 11 - Environmental Liabilities and Expenditures 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:

millions20252024
Beginning balance$4,311 $3,964 
Liabilities incurred – capitalized to PP&E138 287 
Liabilities settled and paid(536)(444)
Accretion expense212 228 
Acquisitions, divestitures and other, net (24)2 
Revisions to previous estimates452 274 
Ending balance$4,553 $4,311 
Schedule of supplemental cash flow information
The following table represents production, property and other tax payments and interest paid related to continuing operations during the year ended December 31, 2025, 2024 and 2023, respectively:

millions202520242023
Production, property and other tax payments $1,079 $1,260 $1,120 
Interest paid (a)
$1,250 $1,052 $1,017 
(a)     Net of capitalized interest of $179 million, $156 million and $82 million, for the years 2025, 2024 and 2023, respectively.
The following summarizes income taxes paid (net of refunds received) on continuing operations for the years ended December 31:

millions202520242023
Federal$609 $405 $293 
State39 16 42 
Foreign
Algeria155 207 285 
Oman359 332 335 
Qatar73 78 78 
All other foreign1 2 7 
Total foreign588 619 705 
Income taxes paid, net of refunds received$1,236 $1,040 $1,040 
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, 2025 and 2024:

millions20252024
Cash and cash equivalents$1,968 $2,125 
Cash and cash equivalents included in assets held for sale41 7 
Restricted cash and restricted cash equivalents20 11 
Restricted cash and restricted cash equivalents included in long-term receivables and other assets, net17 14 
Cash, cash equivalents, restricted cash and restricted cash equivalents$2,046 $2,157 
Schedule of environmental, litigation, tax and other reserves
The following table summarizes the activity of the environmental, litigation, tax and other reserves from continuing operations for the years ended December 31:

millions202520242023
Balance - beginning of year$2,551 $2,452 $2,339 
Charged to costs and expenses95 105 275 
Charged to other accounts208 131 24 
Payments(81)(137)(186)
Balance - end of year (a)
$2,773 $2,551 $2,452 
(a)     Of these amounts, $140 million, $109 million and $113 million in 2025, 2024 and 2023, respectively, were classified as current.