Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 1,968	$ 2,125
Trade receivables	2,575	2,839
Joint interest receivables	684	720
Inventories	1,823	1,756
Assets held for sale	1,176	1,140
Other current assets	601	490
Total current assets	8,827	9,070
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	137,753	131,630
Accumulated depreciation, depletion and amortization	(74,110)	(65,767)
Total property, plant and equipment, net	63,643	65,863
NON-CURRENT ASSETS
Operating lease assets	908	755
Investments in unconsolidated entities	2,475	2,646
Non-current assets held for sale	5,344	4,430
Other long-term assets	2,989	2,681
Total non-current assets	11,716	10,512
TOTAL ASSETS	84,186	85,445
CURRENT LIABILITIES
Current maturities of long-term debt	1,773	1,138
Accounts payable	3,285	3,472
Accrued liabilities	3,592	4,248
Liabilities held for sale	778	663
Total current liabilities	9,428	9,521
LONG-TERM DEBT, NET	20,623	24,979
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net	5,636	5,394
Asset retirement obligations	4,172	3,923
Non-current liabilities held for sale	418	333
Other deferred credits and liabilities	7,311	6,815
Total deferred credits and other liabilities	17,537	16,465
EQUITY
Preferred stock, at $1.00 per share par value, issued shares: 2025 — 84,897 and 2024 — 84,897	8,287	8,287
Common stock, $0.20 per share par value, authorized shares: 1.5 billion, issued shares: 2025 — 1,214,337,600 and 2024 — 1,166,769,167	243	233
Treasury stock: 2025 — 228,311,184 shares and 2024 — 228,311,184 shares	(15,597)	(15,597)
Additional paid-in capital	21,008	19,868
Retained earnings	21,891	21,189
Accumulated other comprehensive income	202	179
Total stockholders’ equity	36,034	34,159
Noncontrolling interest	564	321
Total equity	36,598	34,480
TOTAL LIABILITIES AND EQUITY	84,186	85,445
Operating segments | Oil and gas
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	126,896	121,874
NON-CURRENT ASSETS
TOTAL ASSETS	60,393	63,596
Operating segments | Midstream and marketing
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	9,638	8,593
NON-CURRENT ASSETS
TOTAL ASSETS	13,901	13,177
Corporate
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 1,219	$ 1,163