Marathon Oil (MRO) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-5153
Entity Registrant Name	Marathon Oil Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-0996816
Entity Address, Address Line One	990 Town and Country Boulevard,
Entity Address, City or Town	Houston,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024-2217
City Area Code	(713)
Local Phone Number	629-6600
Title of 12(b) Security	Common Stock, par value $1.00
Trading Symbol	MRO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		559,410,316
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Amendment Flag	false
Entity Central Index Key	0000101778
Current Fiscal Year End Date	--12-31

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues and other income:
Revenues from contracts with customers	$ 1,741	$ 1,771	$ 4,945	$ 4,822
Net gain (loss) on commodity derivatives	9	1	(14)	19
Income from equity method investments	39	38	104	140
Net gain on disposal of assets	0	1	10	6
Other income	2	2	4	19
Total revenues and other income	1,791	1,813	5,049	5,006
Costs and expenses:
Production	223	192	660	607
Shipping, handling and other operating, including related party of $18, $0, $45 and $0	204	164	548	487
Exploration	9	20	30	46
Depreciation, depletion and amortization	627	583	1,728	1,662
Impairments	1	0	1	0
Taxes other than income	99	113	298	251
General and administrative	88	72	273	225
Total costs and expenses	1,251	1,144	3,538	3,278
Income from operations	540	669	1,511	1,728
Net interest and other	(77)	(94)	(226)	(268)
Other net periodic benefit credits	3	5	8	11
Income before income taxes	466	580	1,293	1,471
Provision for income taxes	179	127	360	314
Net income	$ 287	$ 453	$ 933	$ 1,157
Net income per share:
Basic (in dollars per share)	$ 0.51	$ 0.75	$ 1.64	$ 1.88
Diluted (in dollars per share)	$ 0.51	$ 0.75	$ 1.64	$ 1.88
Weighted average common shares outstanding:
Basic (in shares)	563	603	570	615
Diluted (in shares)	564	604	570	616

Consolidated Statements of In_2

Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Shipping, handling and other operating, including related party	$ 204	$ 164	$ 548	$ 487
Related Party
Shipping, handling and other operating, including related party	$ 18	$ 0	$ 45	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 287	$ 453	$ 933	$ 1,157
Other comprehensive loss, net of tax
Postretirement and postemployment plans	(2)	(4)	(8)	(17)
Change in derivative hedges unrecognized gain (loss)	(7)	0	(6)	1
Other comprehensive loss	(9)	(4)	(14)	(16)
Comprehensive income	$ 278	$ 449	$ 919	$ 1,141

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 134	$ 155
Receivables, net	1,136	1,152
Inventories	166	186
Other current assets	48	76
Total current assets	1,484	1,569
Equity method investments	432	433
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $27,537 and $25,914	17,220	17,213
Other noncurrent assets	286	360
Total assets	19,422	19,575
Current liabilities:
Accounts payable	1,390	1,364
Commercial paper	180	450
Payroll and benefits payable	96	70
Accrued taxes	179	126
Other current liabilities	321	312
Long-term debt due within one year	0	1,600
Total current liabilities	2,166	3,922
Long-term debt	4,573	3,378
Deferred tax liabilities	603	419
Defined benefit postretirement plan obligations	86	93
Asset retirement obligations	341	326
Deferred credits and other liabilities	218	232
Total liabilities	7,987	8,370
Commitments and contingencies (Note 17)
Stockholders’ Equity
Preferred stock – no shares issued or outstanding (no par value, 26 million shares authorized)	0	0
Common stock:
Issued – 937 million shares (par value $1 per share, 1.925 billion shares authorized at September 30, 2024 and December 31, 2023)	937	937
Held in treasury, at cost – 378 million shares and 360 million shares	(9,432)	(8,952)
Additional paid-in capital	7,151	7,172
Retained earnings	12,711	11,966
Accumulated other comprehensive income	68	82
Total stockholders’ equity	11,435	11,205
Total liabilities and stockholders’ equity	$ 19,422	$ 19,575

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 27,537	$ 25,914
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, shares authorized (in shares)	26,000,000	26,000,000
Common stock, shares issued (in shares)	937,000,000	937,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	1,925,000,000	1,925,000,000
Held in treasury, shares (in shares)	378,000,000	360,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 933	$ 1,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,728	1,662
Impairments	1	0
Exploratory dry well costs and unproved property impairments	25	41
Net gain on disposal of assets	(10)	(6)
Deferred income taxes	188	264
Unrealized loss on derivative instruments, net	14	8
Pension and other post retirement benefits, net	(18)	(27)
Stock-based compensation	36	32
Equity method investments, net	(8)	99
Changes in:
Current receivables	17	(298)
Inventories	20	(51)
Current accounts payable and accrued liabilities	94	166
Other current assets and liabilities	(8)	(17)
All other operating, net	42	(23)
Net cash provided by operating activities	3,054	3,007
Investing activities:
Capital expenditures	(1,726)	(1,673)
Change in capital accrual	44	14
Acquisitions, net of cash acquired	(4)	(15)
Disposal of assets, net of cash transferred to the buyer	11	(7)
Equity method investments - return of capital	10	57
Net cash used in investing activities	(1,665)	(1,624)
Financing activities:
Borrowings	1,200	200
Debt repayments	(1,600)	(401)
Proceeds from revolving credit facility	450	1,018
Repayments of revolving credit facility	(450)	(1,468)
(Repayments) proceeds from commercial paper borrowings, net	(270)	450
Shares repurchased under buyback programs	(516)	(1,121)
Dividends paid	(188)	(186)
Withholding tax on stock-based incentive awards	(19)	(31)
All other financing, net	(17)	(4)
Net cash used in financing activities	(1,410)	(1,543)
Net decrease in cash and cash equivalents	(21)	(160)
Cash and cash equivalents at beginning of period	155	334
Cash and cash equivalents at end of period	$ 134	$ 174

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income
Beginning balance at Dec. 31, 2022	$ 11,397	$ 0	$ 937	$ (7,512)	$ 7,203	$ 10,663	$ 106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(334)			(334)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	(19)			35	(54)
Net income	417					417
Other comprehensive loss	(7)						(7)
Dividends paid	(63)					(63)
Ending balance at Mar. 31, 2023	11,388	0	937	(7,814)	7,149	11,017	99
Beginning balance at Dec. 31, 2022	11,397	0	937	(7,512)	7,203	10,663	106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,157
Other comprehensive loss	(16)
Ending balance at Sep. 30, 2023	11,226	0	937	(8,598)	7,163	11,634	90
Beginning balance at Mar. 31, 2023	11,388	0	937	(7,814)	7,149	11,017	99
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(372)			(372)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	11			1	10
Net income	287					287
Other comprehensive loss	(5)						(5)
Dividends paid	(62)					(62)
Ending balance at Jun. 30, 2023	11,244	0	937	(8,188)	7,159	11,242	94
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(415)			(415)
Excise tax on shares repurchased	(4)			(4)
Stock-based compensation	13			9	4
Net income	453					453
Other comprehensive loss	(4)						(4)
Dividends paid	(61)					(61)
Ending balance at Sep. 30, 2023	11,226	0	937	(8,598)	7,163	11,634	90
Beginning balance at Dec. 31, 2023	11,205	0	937	(8,952)	7,172	11,966	82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(285)			(285)
Excise tax on shares repurchased	(2)			(2)
Stock-based compensation	(5)			38	(43)
Net income	297					297
Other comprehensive loss	(2)						(2)
Dividends paid	(64)					(64)
Ending balance at Mar. 31, 2024	11,144	0	937	(9,201)	7,129	12,199	80
Beginning balance at Dec. 31, 2023	11,205	0	937	(8,952)	7,172	11,966	82
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	933
Other comprehensive loss	(14)
Ending balance at Sep. 30, 2024	11,435	0	937	(9,432)	7,151	12,711	68
Beginning balance at Mar. 31, 2024	11,144	0	937	(9,201)	7,129	12,199	80
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased under buyback programs	(231)			(231)
Excise tax on shares repurchased	(3)			(3)
Stock-based compensation	13			1	12
Net income	349					349
Other comprehensive loss	(3)						(3)
Dividends paid	(63)					(63)
Ending balance at Jun. 30, 2024	11,206	0	937	(9,434)	7,141	12,485	77
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	12			2	10
Net income	287					287
Other comprehensive loss	(9)						(9)
Dividends paid	(61)					(61)
Ending balance at Sep. 30, 2024	$ 11,435	$ 0	$ 937	$ (9,432)	$ 7,151	$ 12,711	$ 68

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.10	$ 0.33	$ 0.30

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation We are an independent oil and gas exploration and production company with a focus on U.S. resource plays: Eagle Ford in Texas, Bakken in North Dakota, Permian in New Mexico and Texas and STACK and SCOOP in Oklahoma. Our U.S. assets are complemented by our international operations in E.G. Proposed Merger with ConocoPhillips On May 28, 2024, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with ConocoPhillips, a Delaware corporation (“ConocoPhillips”), and Puma Merger Sub Corp., a wholly owned subsidiary of ConocoPhillips (“Merger Sub”). The Merger Agreement provides that, among other things and subject to the terms and conditions of the Merger Agreement, Merger Sub be merged with and into Marathon Oil (the “Merger”), with Marathon Oil surviving and continuing as the surviving corporation in the Merger as a direct, wholly owned subsidiary of ConocoPhillips. Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each of our outstanding shares of common stock (other than certain Excluded Shares and Converted Shares, each as defined in the Merger Agreement) will be converted to the right to receive 0.2550 (the “Exchange Ratio”) shares of ConocoPhillips common stock (the “Merger Consideration”). The Merger Agreement also contains certain customary termination rights of each of Marathon Oil and ConocoPhillips, and under certain circumstances, a termination fee would be payable by us. On August 29, 2024, the Company’s stockholders approved and adopted the Merger Agreement at a special meeting of stockholders. Completion of the Merger remains subject to certain conditions, including certain governmental and regulatory approvals. The Merger is currently expected to close late in the fourth quarter of 2024; however, no assurance can be given as to when, or if, the Merger will occur. See Item 1A. Risk Factors for a discussion of the risks related to the Merger and Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional details relating to the Merger. In association with the Merger, for the three and nine months ended September 30, 2024, we have incurred transaction costs of $6 million and $16 million, respectively, which are recorded as general and administrative expense in the consolidated statements of income. We expect to incur additional costs as the Merger progresses. Transaction costs consist primarily of third party legal and banking fees. The above description of the Merger Agreement and the transactions contemplated thereby, including certain referenced terms, is a summary of certain principal terms and conditions contained in the Merger Agreement. Basis of Presentation These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2024 are not necessarily indicative of the results to be expected for the full year.

Accounting Standards

Accounting Standards	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Standards	Accounting Standards Accounting Standards Updates Adopted No accounting standards were adopted during the first nine months of 2024 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. There were no other issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Income and Dividends per Common

Income and Dividends per Common Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Income and Dividends per Common Share	Income and Dividends per Common Share Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options and performance units in all periods, provided the effect is not antidilutive. The per share calculations below exclude an immaterial number of antidilutive stock options and performance units for the three and nine months ended September 30, 2024. In addition, the per share calculations below exclude 1 million of antidilutive stock options and performance units for the three and nine months ended September 30, 2023: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 Net income $ 287 $ 453 $ 933 $ 1,157 Weighted average common shares outstanding 563 603 570 615 Effect of dilutive securities 1 1 — 1 Weighted average common shares, diluted 564 604 570 616 Net income per share: Basic $ 0.51 $ 0.75 $ 1.64 $ 1.88 Diluted $ 0.51 $ 0.75 $ 1.64 $ 1.88 Dividends per share $ 0.11 $ 0.10 $ 0.33 $ 0.30 Under the Merger Agreement, we are subject to restrictions that prevent us from increasing our quarterly dividend in excess of $0.11 per share.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The majority of our revenues are derived from the sale of crude oil and condensate, NGLs and natural gas, including LNG, under spot and term agreements with our customers in the United States and Equatorial Guinea. As of September 30, 2024 and December 31, 2023, receivables from contracts with customers, included in receivables, net, were $905 million and $886 million, respectively. The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and nine months ended September 30: United States Three Months Ended September 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 589 $ 489 $ 214 $ 48 $ 10 $ 1,350 NGLs 78 44 28 27 — 177 Natural gas 37 10 — 22 — 69 Other 3 — — — 16 19 Revenues from contracts with customers $ 707 $ 543 $ 242 $ 97 $ 26 $ 1,615 Three Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 587 $ 580 $ 164 $ 64 $ 13 $ 1,408 NGLs 80 47 20 30 — 177 Natural gas 48 20 12 31 1 112 Other 2 — — — 1 3 Revenues from contracts with customers $ 717 $ 647 $ 196 $ 125 $ 15 $ 1,700 Nine Months Ended September 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,610 $ 1,436 $ 604 $ 162 $ 34 $ 3,846 NGLs 203 130 69 89 — 491 Natural gas 101 37 9 72 1 220 Other 6 — — — 25 31 Revenues from contracts with customers $ 1,920 $ 1,603 $ 682 $ 323 $ 60 $ 4,588 Nine Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,606 $ 1,467 $ 475 $ 205 $ 35 $ 3,788 NGLs 215 125 60 102 — 502 Natural gas 141 69 30 95 2 337 Other 5 — — — 11 16 Revenues from contracts with customers $ 1,967 $ 1,661 $ 565 $ 402 $ 48 $ 4,643 International (E.G.) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Crude oil and condensate $ 53 $ 64 $ 142 $ 160 NGLs — 1 1 2 Natural gas, sold as gas 1 5 5 14 Natural gas, sold as LNG 72 — 207 — Natural gas, total 73 5 212 14 Other — 1 2 3 Revenues from contracts with customers $ 126 $ 71 $ 357 $ 179

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We have two reportable operating segments. Both of these segments are organized and managed based upon geographic location and the nature of the products and services offered. • United States (“U.S.”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas in the United States; and • International (“Int’l”) – explores for, produces and markets crude oil and condensate, NGLs and natural gas outside of the United States as well as produces and markets products manufactured from natural gas, such as LNG and methanol, in Equatorial Guinea (“E.G.”) Segment income represents income that excludes certain items not allocated to our operating segments, net of income taxes. A portion of our corporate and operations general and administrative support costs are not allocated to the operating segments. These unallocated costs primarily consist of employment costs (including pension effects), professional services, facilities and other costs associated with corporate and operations support activities. Additionally, items which affect comparability such as: gains or losses on dispositions, impairments of proved and certain unproved properties, dry wells, changes in our valuation allowance, unrealized gains or losses on commodity and interest rate derivative instruments, effects of pension settlements and curtailments, expensed transaction costs for business combinations or other items (as determined by the chief operating decision maker (“CODM”)) are not allocated to operating segments. Three Months Ended September 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,615 $ 126 $ — $ 1,741 Net gain on commodity derivatives — — 9 (b) 9 Income from equity method investments — 39 — 39 Other income (expense) (1) 2 1 2 Less costs and expenses: Production 209 14 — 223 Shipping, handling and other operating, including related party 187 17 — 204 Exploration 9 — — 9 Depreciation, depletion and amortization 611 11 5 627 Impairments — — 1 1 Taxes other than income 99 — — 99 General and administrative 39 3 46 (c) 88 Net interest and other — — 77 77 Other net periodic benefit credits — — (3) (3) Income tax provision 98 27 54 (d) 179 Segment income (loss) $ 362 $ 95 $ (170) $ 287 Total assets $ 18,443 $ 882 $ 97 $ 19,422 Capital expenditures (a) $ 454 $ 3 $ 1 $ 458 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 8 ). (c) Includes $6 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1 ). (d) Includes a $75 million deferred tax valuation allowance against foreign tax credits (See Note 6 ). Three Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,700 $ 71 $ — $ 1,771 Net gain (loss) on commodity derivatives 7 — (6) (b) 1 Income from equity method investments — 38 — 38 Net gain on disposal of assets — — 1 1 Other income — 1 1 2 Less costs and expenses: Production 173 19 — 192 Shipping, handling and other operating, including related party 162 2 — 164 Exploration 8 1 11 (c) 20 Depreciation, depletion and amortization 570 12 1 583 Taxes other than income 112 — 1 113 General and administrative 32 3 37 72 Net interest and other — — 94 94 Other net periodic benefit credits — — (5) (5) Income tax provision (benefit) 145 11 (29) 127 Segment income (loss) $ 505 $ 62 $ (114) $ 453 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 444 $ 1 $ 4 $ 449 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 8 ). (c) Includes $11 million of unproved impairments related to Permian exploration leases. Nine Months Ended September 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 4,588 $ 357 $ — $ 4,945 Net loss on commodity derivatives — — (14) (b) (14) Income from equity method investments — 104 — 104 Net gain on disposal of assets — — 10 (c) 10 Other income (expense) (4) 5 3 4 Less costs and expenses: Production 608 52 — 660 Shipping, handling and other operating, including related party 491 47 10 548 Exploration 26 — 4 30 Depreciation, depletion and amortization 1,673 31 24 1,728 Impairments — — 1 1 Taxes other than income 298 — — 298 General and administrative 118 10 145 (d) 273 Net interest and other — — 226 226 Other net periodic benefit credits — — (8) (8) Income tax provision (benefit) 295 70 (5) (e) 360 Segment income (loss) $ 1,075 $ 256 $ (398) $ 933 Total assets $ 18,443 $ 882 $ 97 $ 19,422 Capital expenditures (a) $ 1,712 $ 7 $ 7 $ 1,726 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 8 ). (c) Pertains to a gain from the sale of a legacy royalty interest in the state of California. (d) Includes $16 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1 ). (e) Includes a $75 million deferred tax valuation allowance against foreign tax credits (See Note 6 ). Nine Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 4,643 $ 179 $ — $ 4,822 Net gain (loss) on commodity derivatives 27 — (8) (c) 19 Income from equity method investments — 140 — 140 Net gain on disposal of assets — — 6 6 Other income 12 5 2 19 Less costs and expenses: Production 542 65 — 607 Shipping, handling and other operating, including related party 482 5 — 487 Exploration 19 1 26 (d) 46 Depreciation, depletion and amortization 1,622 34 6 1,662 Taxes other than income 252 (b) — (1) 251 General and administrative 98 9 118 225 Net interest and other — — 268 268 Other net periodic benefit credits — — (11) (11) Income tax provision (benefit) 372 29 (87) 314 Segment income (loss) $ 1,295 $ 181 $ (319) $ 1,157 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 1,661 $ 3 $ 9 $ 1,673 (a) Includes accruals and excludes acquisitions. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized loss on commodity derivative instruments (See Note 8 ). (d) Includes $10 million of dry well expense associated with wells in Permian and $11 million of unproved impairments related to Permian exploration leases.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate The effective income tax rate is influenced by a variety of factors including the geographic and functional sources of income and the relative magnitude of these sources of income. The difference between the total provision and the sum of the amounts allocated to segments is reported in the “Not Allocated to Segments” column of the tables in Note 5 . For the three and nine months ended September 30, 2024 and 2023, our effective income tax rates were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Effective income tax rate 38 % 22 % 28 % 21 % • 2024 — Our effective income tax rate was different from our U.S. statutory tax rate of 21% for the three and nine months ended September 30, 2024 due to a deferred tax valuation allowance recorded in the quarter against foreign tax credits expiring in future periods. As a result of continued volatility in commodity prices and corresponding impacts to projections of future taxable income, we believe it is more likely than not that we will not utilize $75 million of foreign tax credits before they expire. We continue to assess whether the balance of the valuation allowance is appropriate on a quarterly basis particularly given the expiring nature of foreign tax credits in years 2025 through 2026. If we experience sustained lower commodity prices that impact the performance of future earnings, it is reasonably possible that within the next 12 months sufficient negative evidence may exist that will require us to establish additional valuation allowance on our deferred tax assets that we do not expect to realize. In August 2022, the President signed the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA enacted various income tax provisions, including a 15% corporate book minimum tax. The corporate book minimum tax, which became effective on January 1, 2023, applies to corporations with an average annual adjusted financial statement income that exceeds $1 billion for the preceding three years. Under current law and guidance, we are subject to the corporate book minimum tax in 2024. In September 2024, the IRS issued proposed regulations on the corporate book minimum tax. We have reviewed the proposed regulations and do not expect any material changes to our calculation for 2024. In addition, in September 2024, estimated tax payment relief for the 2024 corporate book minimum tax was granted through the end of the year. As further guidance is issued, we will continue to evaluate and assess the impact the IRA may have on our current and future period income taxes.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Term Loan Facility In November 2022, we entered into a term credit agreement, which provides for a two-year $1.5 billion term loan facility (“Term Loan Facility”) and we borrowed the full amount thereunder in December 2022. During the fourth quarter of 2023, we repaid $300 million of outstanding borrowings. On March 28, 2024, we fully repaid the $1.2 billion outstanding balance under our Term Loan Facility by utilizing the net proceeds received from the senior notes issued during the first quarter of 2024 plus cash on hand (see Debt Issuance below). Revolving Credit Facility and Commercial Paper Program We have an unsecured revolving credit facility (“Revolving Credit Facility”) with a borrowing capacity of $2.6 billion. We have the option to increase the commitment amount by up to an additional $939 million, subject to the consent of any increasing lenders. The Revolving Credit Facility matures on July 28, 2027. At September 30, 2024, we had no outstanding borrowings under our Revolving Credit Facility. The Revolving Credit Facility includes a covenant requiring our total debt to total capitalization ratio, as defined in the credit agreement, not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Revolving Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Revolving Credit Facility. As of September 30, 2024, we were in compliance with this covenant. Pursuant to our commercial paper program, we may issue unsecured notes in a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities up to 365 days from the date of issuance. Our $2.5 billion commercial paper program is backed by our $2.6 billion Revolving Credit Facility. We utilize our commercial paper program to fund various short-term working capital requirements. As of September 30, 2024, we had $180 million of outstanding commercial paper maturing at various dates with a weighted average interest rate of 5.27%. Under the Merger Agreement, we are permitted to borrow under our commercial paper program or Revolving Credit Facility, an aggregate amount not to exceed $1.5 billion outstanding. Long-term debt At September 30, 2024, we had $4.6 billion of total long-term debt outstanding. Refer to our 2023 Annual Report on Form 10-K for a listing of our long-term debt maturities. Under the Merger Agreement, we are subject to restrictions and limitations that prevent us from incurring additional debt, or redeeming all or a portion of our existing outstanding debt, except for permitted borrowings under our commercial paper program or Revolving Credit Facility (see Revolving Credit Facility and Commercial Paper Program above). Debt issuance On March 28, 2024, we completed a public offering of $1.2 billion aggregate principal amount of unsecured senior notes consisting of $600 million aggregate principal amount of 5.30% senior notes due April 1, 2029 (“2029 Notes”) and $600 million aggregate principal amount of 5.70% senior notes due April 1, 2034 (“2034 Notes”). Interest on the senior notes is payable semi-annually beginning October 1, 2024. We may redeem some or all of the senior notes at any time at the applicable redemption price, plus accrued interest, if any. Net proceeds received totaled approximately $1.2 billion. Debt issuance costs of $12 million were recorded as deferred financing costs within long-term debt in our consolidated balance sheets and are being amortized to interest expense in our consolidated statement of income over the term of each note. The net proceeds, together with cash on hand, were used to repay $1.2 billion of outstanding borrowings under our Term Loan Facility. Debt redemption On July 1, 2024, using short-term borrowings, we purchased $200 million of our outstanding sub-series 2017 A-2 bonds and $200 million of our outstanding sub-series 2017 B-1 bonds that are part of the $1.0 billion Parish of St. John The Baptist, State of Louisiana Revenue Refunding Bonds (Marathon Oil Corporation Project) Series 2017. The $400 million of bonds due 2037 were purchased on their mandatory put date of July 1, 2024, for our own account and are subject to an interest rate of 4.125%. We have the right, subject to the consent of ConocoPhillips, to convert and remarket these bonds to the public at any time up to their June 1, 2037 maturity date. In July 2023, we redeemed the $131 million 8.125% Senior Notes in connection with their maturity date. In March 2023, we redeemed the $70 million 8.5% Senior Notes in connection with their maturity date. Debt Remarketing In April 2023, we closed a $200 million remarketing to investors of sub-series 2017A-1 bonds that are part of the $1 billion St. John the Baptist Parish, State of Louisiana revenue refunding bonds Series 2017. The bonds are subject to an interest rate of 4.05% and a mandatory purchase date of July 1, 2026. The repayment and new borrowing associated with the remarketed bonds are presented separately within Debt repayments and Borrowings, respectively, within the Consolidated Statements of Cash Flows.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We may use derivatives to manage a portion of our exposure to commodity price risk, commodity locational risk and interest rate risk. For further information regarding the fair value measurement of derivative instruments, see Note 9 . All of our commodity derivatives and interest rate derivatives are subject to enforceable master netting arrangements or similar agreements under which we report net amounts. Under the Merger Agreement, we are subject to limitations on our ability to enter into new derivative transactions. The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: September 30, 2024 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 10 $ — $ 10 Other current assets Total Not Designated as Hedges $ 10 $ — $ 10 Cash Flow Hedges Interest Rate $ 7 $ — $ 7 Other current assets Interest Rate 4 — 4 Other noncurrent assets Total Designated Hedges $ 11 $ — $ 11 Total $ 21 $ — $ 21 December 31, 2023 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 24 $ — $ 24 Other current assets Total Not Designated as Hedges $ 24 $ — $ 24 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 9 — 9 Other noncurrent assets Total Designated Hedges $ 18 $ — $ 18 Total $ 42 $ — $ 42 Derivatives Not Designated as Hedges Commodity Derivatives We have entered into crude oil and natural gas derivatives indexed to their respective indices as noted in the table below, related to a portion of our forecasted U.S. sales through 2025. These derivatives are three-way collars and two-way collars. Three-way collars consist of a sold call (ceiling), a purchased put (floor) and a sold put. The ceiling price is the maximum we will receive for the contract volumes; the floor is the minimum price we will receive, unless the market price falls below the sold put strike price. In this case, we receive the NYMEX WTI price plus the difference between the floor and the sold put price. Two-way collars only consists of a sold call (ceiling) and a purchased put (floor). These crude oil and natural gas derivatives were not designated as hedges. The following table sets forth outstanding derivative contracts as of September 30, 2024, and the weighted average prices for those contracts: 2024 2025 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 50,000 — — — — Weighted average price per Bbl: Ceiling $ 95.95 $ — $ — $ — $ — Floor $ 65.00 $ — $ — $ — $ — Sold put $ 50.00 $ — $ — $ — $ — Natural Gas Henry Hub Two-Way Collars Volume (MMBtu/day) — 150,000 150,000 150,000 150,000 Weighted average price per MMBtu: Ceiling $ — $ 5.85 $ 5.85 $ 5.85 $ 5.85 Floor $ — $ 2.50 $ 2.50 $ 2.50 $ 2.50 The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Unrealized gain (loss) on derivative instruments, net $ 9 $ (6) $ (14) $ (8) Realized gain on derivative instruments, net (a) $ — $ 7 $ — $ 27 (a) During the third quarter and first nine months of 2024, we had no settled derivative positions. During the third quarter and first nine months of 2023, net cash received for settled derivative positions was $6 million and $23 million, respectively. Derivatives Designated as Cash Flow Hedges During 2019, we entered into forward starting interest rate swaps with a maturity date of September 9, 2026 to hedge variations in cash flows related to the interest rate component of future lease payments of our Houston office. As of September 30, 2024 and December 31, 2023, the notional amount of open interest rate swaps for the Houston office was $295 million. The weighted average secured overnight financing rate (“SOFR”) for the swaps was 1.43% as of both September 30, 2024 and December 31, 2023. During the nine months ended September 30, 2024, net cash received for the settled interest rate swap positions was $9 million. As of September 30, 2024, we expect to reclassify a $7 million gain from accumulated other comprehensive income into our consolidated statements of income over the next twelve months.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Values – Recurring The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by hierarchy level: September 30, 2024 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 10 $ — $ 10 Interest rate - designated as cash flow hedges — 11 — 11 Derivative instruments, assets $ — $ 21 $ — $ 21 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 24 $ — $ 24 Interest rate - designated as cash flow hedges — 18 — 18 Derivative instruments, assets $ — $ 42 $ — $ 42 (a) Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8 . As of September 30, 2024, our commodity derivatives include three-way collars and two-way collars. These instruments are measured at fair value using either a Black-Scholes or a modified Black-Scholes Model. For three-way collars and two-way collars, inputs to the models include commodity prices and implied volatility and are categorized as Level 2 because predominantly all assumptions and inputs are observable in active markets throughout the term of the instruments. The forward starting interest rate swaps are measured at fair value with a market approach using actionable broker quotes, which are Level 2 inputs. See Note 8 for details on the forward starting interest rate swaps. Fair Values – Financial Instruments Our current assets and liabilities include financial instruments, the most significant of which are receivables, commercial paper borrowings, the current portion of our long-term debt and payables. We believe the carrying values of our receivables, commercial paper borrowings and payables approximate fair value. Our fair value assessment incorporates a variety of considerations, including (1) the short-term duration of the instruments, (2) our credit rating and (3) our historical incurrence of and expected future insignificant bad debt expense, which includes an evaluation of counterparty credit risk. The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets $ 10 $ 32 $ 9 $ 27 Total financial assets $ 10 $ 32 $ 9 $ 27 Financial liabilities Other current liabilities $ 80 $ 123 $ 80 $ 126 Long-term debt, including current portion (a) 4,824 4,596 4,961 4,997 Deferred credits and other liabilities 58 60 70 71 Total financial liabilities $ 4,962 $ 4,779 $ 5,111 $ 5,194 (a) Excludes debt issuance costs. Fair values of our financial assets included in other noncurrent assets, and of our financial liabilities included in other current liabilities and deferred credits and other liabilities, are measured using an income approach and most inputs are internally generated, which results in a Level 3 classification. Estimated future cash flows are discounted using a rate deemed appropriate to obtain the fair value. Our fixed rate debt instruments are publicly traded. The fair value of our fixed rate debt is measured using a market approach, based upon quotes from major financial institutions, which are Level 2 inputs. Our floating rate debt is non-public and consists of borrowings under our Revolving Credit Facility. The fair value of our floating rate debt approximates the carrying value and is estimated based on observable market-based inputs, which results in a Level 2 classification.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment (In millions) September 30, 2024 December 31, 2023 United States $ 16,941 $ 16,905 International 229 252 Corporate 50 56 Net property, plant and equipment $ 17,220 $ 17,213 As of September 30, 2024 and December 31, 2023, we had no exploratory well costs capitalized greater than one year related to suspended wells.

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: September 30, (In millions) 2024 2023 Beginning balance as of January 1 $ 340 $ 340 Incurred liabilities, including acquisitions 8 4 Settled liabilities, including dispositions (9) (27) Accretion expense (included in depreciation, depletion and amortization) 12 11 Revisions of estimates 3 12 Ending balance as of September 30, total $ 354 $ 340 Ending balance as of September 30, short-term $ 13 $ 32

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments During the periods ended September 30, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investments in our equity method investees are summarized in the following table: (In millions) Ownership as of September 30, 2024 September 30, 2024 December 31, 2023 EG LNG (a) 56% $ 108 $ 118 Alba Plant LLC (b) 52% 155 153 AMPCO (c) 45% 169 162 Total $ 432 $ 433 (a) EG LNG is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Income data: Revenues and other income $ 194 $ 200 $ 588 $ 689 Income from operations 73 77 232 279 Net income $ 63 $ 63 $ 193 $ 227 Revenues from related parties were $2 million and $7 million for the three and nine months ended September 30, 2024, respectively, which primarily related to Alba Plant LLC and AMPCO. Revenues from related parties were $6 million and $17 million for the three and nine months ended September 30, 2023, respectively, with the majority related to EG LNG. As a result of the agreement that took effect on January 1, 2024, related party shipping, handling and other operating expense presented on the face of the consolidated statements of income represents compensation to EG LNG for liquefaction, storage and product handling services. Cash received from equity investees is classified as dividends or return of capital on the Consolidated Statements of Cash Flows. Dividends from equity method investees are reflected in the Operating activities section in Equity method investments, net while return of capital is reflected in the Investing activities section. Dividends and return of capital received by us totaled $29 million and $106 million during the three and nine months ended September 30, 2024 and $47 million and $296 million during the three and nine months ended September 30, 2023, respectively. Current receivables from related parties were $34 million at September 30, 2024, which primarily related to EG LNG. Current receivables from related parties were $24 million at December 31, 2023, which primarily related to EG LNG and Alba Plant LLC. Payables to related parties were $15 million and $6 million at September 30, 2024 and December 31, 2023, respectively, with the majority related to EG LNG in both periods. Related Party Lease Transaction Our wholly owned subsidiary, MEGPL, is a lessor for residential housing in E.G., which is occupied by EG LNG. The lease was classified as an operating lease with an initial term expiring in 2024. On June 30, 2024, the lessee exercised an option to extend the lease through 2034. Lease payments are fixed for the entire duration of the agreement at approximately $6 million per year. Our lease income is reported in other income in our consolidated statements of income for all periods presented. The undiscounted cash flows to be received under this lease agreement are summarized below: (In millions) Operating Lease Future Cash Receipts 2024 $ 2 2025 6 2026 6 2027 6 2028 6 Thereafter 35 Total undiscounted cash flows $ 61

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Our Board of Directors has authorized a share repurchase program. During the first nine months of 2024, we repurchased approximately 19 million shares of our common stock pursuant to the share repurchase program at a cost of $516 million. Our remaining share repurchase authorization was approximately $1.8 billion at September 30, 2024. Purchases under our repurchase program are made at our discretion and may be in either open market transactions, including block purchases, or in privately negotiated transactions using cash on hand, cash generated from operations or proceeds from potential asset sales. This program may be changed based upon our financial condition or changes in market conditions and is subject to termination prior to completion. Upon the announcement of the Merger Agreement, we suspended our stock repurchase activity as we are subject to certain restrictions to our ability to repurchase, redeem or otherwise acquire our capital stock.

Incentive Based Compensation

Incentive Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Based Compensation	Incentive Based Compensation Stock options and restricted stock units The following table presents a summary of activity for the first nine months of 2024: Stock Options Restricted Stock Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,004,304 $ 31.38 3,514,405 $ 22.07 Granted — — 2,100,923 24.67 Exercised/Vested (13,889) 10.47 (1,787,035) 19.40 Canceled (649,764) 33.78 (153,072) 24.22 Outstanding at September 30, 2024 340,651 $ 27.64 3,675,221 $ 24.76 In accordance with the Merger Agreement, each outstanding and vested Marathon Oil option award granted pursuant to the Marathon Oil stock plan will be canceled and converted into the right to receive a number of shares of ConocoPhillips common stock (rounded down to the nearest whole share) equal to the quotient of (i) the product of (A) the excess, if any, of the Merger Consideration Value (as defined below) over the per share exercise price, multiplied by (B) the number of shares of Marathon Oil common stock subject to such Marathon Oil option award immediately prior to the Effective Time, divided by (ii) the volume-weighted average price of the ConocoPhillips common stock for the five two At closing, restricted stock units will be canceled and converted into an award of ConocoPhillips common stock at the Exchange Ratio and will be subject to the same vesting conditions that existed prior to the closing of the Merger Agreement. Any restricted stock units held by non-employee directors of Marathon Oil will fully vest at closing and be converted, at the Exchange Ratio, into the right to receive ConocoPhillips common stock. Additionally, consummation of the Merger constitutes a change in control as defined under our 2019 Incentive Compensation Plan. After a change in control has occurred, restricted stock units granted to employees who are involuntarily separated, under certain conditions, will immediately vest as ConocoPhillips common stock. Stock-based performance unit awards During the first nine months of 2024, we granted 261,459 stock-based performance units to eligible officers, which are settled in shares. The weighted average grant date fair value per unit was $28.45. During the first nine months of 2024, we stock settled the units related to the 2021 grant. At September 30, 2024, there were 650,966 outstanding stock-based performance units to be settled in shares to officers. During the first nine months of 2024, we also granted 261,459 stock-based performance units to eligible officers, which are settled in cash. At the grant date for these performance units, each unit represents the value of one share of our common stock. The fair value of each cash-settled performance unit was $26.96 as of September 30, 2024. During the first nine months of 2024, we also cash settled the units related to the 2022 grant. At September 30, 2024, there were 483,923 units outstanding of the stock-based performance unit awards to be settled in cash to officers. In accordance with the Merger Agreement, each stock-based performance unit that is outstanding immediately prior to closing will vest. Outstanding performance units were initially granted assuming a target payout; however, at closing, all outstanding performance units will vest at the maximum payout percentage of 200% of target.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Crude oil, NGLs and natural gas, including LNG, are recorded at weighted average cost and carried at the lower of cost or net realizable value. Supplies and other items consist principally of tubular goods and equipment which are valued at weighted average cost and reviewed periodically for obsolescence or impairment when market conditions indicate. (In millions) September 30, 2024 December 31, 2023 Crude oil, NGLs and natural gas, including LNG $ 13 $ 14 Supplies and other items 153 172 Inventories $ 166 $ 186

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended September 30, (In millions) 2024 2023 Included in operating activities: Interest paid (a) $ 181 $ 251 Income taxes paid, net of refunds $ 67 $ 103 Noncash investing activities: Increase in asset retirement costs $ 11 $ 16 (a) The decrease in interest paid during the nine months ended September 30, 2024, compared to the same period in 2023, was primarily due to reductions in interest paid on borrowings under both the Term Loan Facility and Revolving Credit Facility.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Various groups, including the State of North Dakota and the Mandan, Hidatsa and Arikara Nation or MHA Nation, also known as the Three Affiliated Tribes of the Fort Berthold Indian Reservation (the “Three Affiliated Tribes”) represented by the Bureau of Indian Affairs (the “BIA”), have been involved in a dispute regarding the ownership of certain lands underlying the Missouri River and Little Missouri River (the “Disputed Land”) from which we currently produce. As a result, as of September 30, 2024, we have a $125 million current liability in suspended royalty and working interest revenue, including interest, of which $104 million was included within accounts payable and $21 million related to accrued interest was included within other current liabilities on our consolidated balance sheet. Additionally, we have a long-term receivable of $30 million for capital and expenses. The United States Department of the Interior (“DOI”) has addressed the United States’ position with respect to this dispute several times in recent years with conflicting opinions. In January 2017, the DOI issued an opinion that the Disputed Land is held in trust for the Three Affiliated Tribes, then in June 2018 and May 2020 the DOI issued opinions concluding that the State of North Dakota held title to the Disputed Land. Most recently, on February 4, 2022, the DOI issued an opinion (“M-Opinion”) concluding that the Disputed Land is held in trust for the Three Affiliated Tribes. While the M-Opinion is binding on all agencies within the DOI, it is not legally binding on third parties, including Marathon Oil, the State of North Dakota, or a court. Given the uncertainty in matters such as these, we are unable to predict the ultimate outcome of this matter at this time; however, we believe the resolution of this matter will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. We are a defendant in a number of legal and administrative proceedings arising in the ordinary course of business including, but not limited to, royalty claims, contract claims, tax disputes and environmental claims. While the ultimate outcome and impact to us cannot be predicted with certainty, we believe the resolution of these proceedings will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. In addition, we may also be subject to retained liabilities with respect to certain divested assets by operation of law. For example, we are exposed to the risk that owners and/or operators of assets purchased from us become unable to satisfy plugging or abandonment obligations that attach to those assets. In that event, due to operation of law, we may be required to assume plugging or abandonment obligations for those assets. Although we have established reserves for such liabilities, we could be required to accrue additional amounts in the future and these amounts could be material. We received Notices of Violation (“NOVs”) from the EPA related to alleged violations of the Clean Air Act with respect to our operations on the Fort Berthold Indian Reservation between 2015 and 2019. To fully resolve this matter, on July 10, 2024, we entered into a consent decree with the EPA and Department of Justice, which was entered by the court on September 17, 2024. The consent decree requires the completion of mitigation projects, implementation of specific injunctive relief and payment of a $65 million civil penalty, with substantially all of that civil penalty accrued in our quarterly report for the period ending March 31, 2024. In October 2024, we paid the $65 million civil penalty in full. In 2022, we began early implementation of the injunctive requirements, which are scheduled to be completed in 2025 for a total cost of approximately $177 million, over 70% of which has been incurred or included in the 2024 capital budget with the remaining amount to be spent by the end of 2025. The consent decree contains a detailed compliance schedule with deadlines for achievement of milestones through at least 2026 and requirements for ongoing permitting, inspection and monitoring, maintenance, auditing, and reporting. We do not admit liability regarding any of the allegations in the complaint associated with the consent decree and elected to resolve the allegations in a negotiated settlement rather than litigation. We have incurred and will continue to incur capital, operating and maintenance and remediation expenditures as a result of environmental laws and regulations. If these expenditures, as with all costs, are not ultimately offset by the prices we receive for our products and services, our operating results will be adversely affected. We believe that substantially all of our competitors must comply with similar environmental laws and regulations. However, the specific impact on each competitor may vary depending on a number of factors, including the age and location of its operating facilities, marketing areas and production processes. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation of hazardous waste disposal sites. Penalties may be imposed for noncompliance. At September 30, 2024, accrued liabilities for remediation relating to environmental laws and regulations were not material. It is not presently possible to estimate the ultimate amount of all remediation costs that might be incurred or the penalties that may be imposed. In the second quarter of 2019, Marathon E.G. Production Limited (“MEGPL”), a consolidated and wholly owned subsidiary, signed a series of agreements to process third-party Alen Unit gas through existing infrastructure located in Punta Europa, E.G. Our equity method investee, Alba Plant LLC, is also a party to some of the agreements. These agreements require (subject to certain limitations) MEGPL to indemnify the owners of the Alen Unit against injury to Alba Plant LLC’s personnel and damage to or loss of Alba Plant LLC’s automobiles, as well as third party claims caused by Alba Plant LLC and certain environmental liabilities arising from certain hydrocarbons in the custody of Alba Plant LLC. At this time, we cannot reasonably estimate this obligation as we do not have any history of prior indemnification claims or environmental discharge or contamination. Therefore, we have not recorded a liability with respect to these indemnities since the amount of potential future payments under these indemnification clauses is not determinable.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 287	$ 349	$ 297	$ 453	$ 287	$ 417	$ 933	$ 1,157

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements are unaudited; however, in the opinion of management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal recurring nature unless disclosed otherwise. These consolidated financial statements, including notes, have been prepared in accordance with the applicable rules of the SEC and do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. The results of operations for the third quarter and first nine months of 2024 are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Updates Adopted and Not Yet Adopted	Accounting Standards Updates Adopted No accounting standards were adopted during the first nine months of 2024 that had a material impact on our consolidated financial statements. Accounting Standards Updates Not Yet Adopted In November 2023, the FASB issued a new accounting standards update to improve the disclosures around a public entity’s reportable segments. The standard requires disclosure of significant segment expenses included within each reported measure of segment profit or loss. This standard is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods within annual reporting periods beginning after December 15, 2024, with early adoption permitted. The standard is effective for us in the 2024 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. This standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. In December 2023, the FASB issued a new accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. This standard is effective for us in the 2025 annual reporting period and will be applied retrospectively to all prior periods presented in the financial statements. The standard only modifies disclosure requirements; as such, there will be no impact on our consolidated results of operations, financial position or cash flows. There were no other issued but pending accounting standards expected to have a material impact on our consolidated financial statements.

Income and Dividends per Comm_2

Income and Dividends per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Income (Loss) Per Share, Basic and Diluted	The per share calculations below exclude an immaterial number of antidilutive stock options and performance units for the three and nine months ended September 30, 2024. In addition, the per share calculations below exclude 1 million of antidilutive stock options and performance units for the three and nine months ended September 30, 2023: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2024 2023 2024 2023 Net income $ 287 $ 453 $ 933 $ 1,157 Weighted average common shares outstanding 563 603 570 615 Effect of dilutive securities 1 1 — 1 Weighted average common shares, diluted 564 604 570 616 Net income per share: Basic $ 0.51 $ 0.75 $ 1.64 $ 1.88 Diluted $ 0.51 $ 0.75 $ 1.64 $ 1.88 Dividends per share $ 0.11 $ 0.10 $ 0.33 $ 0.30

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present our revenues from contracts with customers disaggregated by product type and geographic areas for the three and nine months ended September 30: United States Three Months Ended September 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 589 $ 489 $ 214 $ 48 $ 10 $ 1,350 NGLs 78 44 28 27 — 177 Natural gas 37 10 — 22 — 69 Other 3 — — — 16 19 Revenues from contracts with customers $ 707 $ 543 $ 242 $ 97 $ 26 $ 1,615 Three Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 587 $ 580 $ 164 $ 64 $ 13 $ 1,408 NGLs 80 47 20 30 — 177 Natural gas 48 20 12 31 1 112 Other 2 — — — 1 3 Revenues from contracts with customers $ 717 $ 647 $ 196 $ 125 $ 15 $ 1,700 Nine Months Ended September 30, 2024 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,610 $ 1,436 $ 604 $ 162 $ 34 $ 3,846 NGLs 203 130 69 89 — 491 Natural gas 101 37 9 72 1 220 Other 6 — — — 25 31 Revenues from contracts with customers $ 1,920 $ 1,603 $ 682 $ 323 $ 60 $ 4,588 Nine Months Ended September 30, 2023 (In millions) Eagle Ford Bakken Permian Oklahoma Other U.S. Total Crude oil and condensate $ 1,606 $ 1,467 $ 475 $ 205 $ 35 $ 3,788 NGLs 215 125 60 102 — 502 Natural gas 141 69 30 95 2 337 Other 5 — — — 11 16 Revenues from contracts with customers $ 1,967 $ 1,661 $ 565 $ 402 $ 48 $ 4,643 International (E.G.) Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Crude oil and condensate $ 53 $ 64 $ 142 $ 160 NGLs — 1 1 2 Natural gas, sold as gas 1 5 5 14 Natural gas, sold as LNG 72 — 207 — Natural gas, total 73 5 212 14 Other — 1 2 3 Revenues from contracts with customers $ 126 $ 71 $ 357 $ 179

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended September 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,615 $ 126 $ — $ 1,741 Net gain on commodity derivatives — — 9 (b) 9 Income from equity method investments — 39 — 39 Other income (expense) (1) 2 1 2 Less costs and expenses: Production 209 14 — 223 Shipping, handling and other operating, including related party 187 17 — 204 Exploration 9 — — 9 Depreciation, depletion and amortization 611 11 5 627 Impairments — — 1 1 Taxes other than income 99 — — 99 General and administrative 39 3 46 (c) 88 Net interest and other — — 77 77 Other net periodic benefit credits — — (3) (3) Income tax provision 98 27 54 (d) 179 Segment income (loss) $ 362 $ 95 $ (170) $ 287 Total assets $ 18,443 $ 882 $ 97 $ 19,422 Capital expenditures (a) $ 454 $ 3 $ 1 $ 458 (a) Includes accruals and excludes acquisitions. (b) Unrealized gain on commodity derivative instruments (See Note 8 ). (c) Includes $6 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1 ). (d) Includes a $75 million deferred tax valuation allowance against foreign tax credits (See Note 6 ). Three Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 1,700 $ 71 $ — $ 1,771 Net gain (loss) on commodity derivatives 7 — (6) (b) 1 Income from equity method investments — 38 — 38 Net gain on disposal of assets — — 1 1 Other income — 1 1 2 Less costs and expenses: Production 173 19 — 192 Shipping, handling and other operating, including related party 162 2 — 164 Exploration 8 1 11 (c) 20 Depreciation, depletion and amortization 570 12 1 583 Taxes other than income 112 — 1 113 General and administrative 32 3 37 72 Net interest and other — — 94 94 Other net periodic benefit credits — — (5) (5) Income tax provision (benefit) 145 11 (29) 127 Segment income (loss) $ 505 $ 62 $ (114) $ 453 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 444 $ 1 $ 4 $ 449 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 8 ). (c) Includes $11 million of unproved impairments related to Permian exploration leases. Nine Months Ended September 30, 2024 (In millions) U.S. Int’l Not Allocated to Segments Total Revenues from contracts with customers $ 4,588 $ 357 $ — $ 4,945 Net loss on commodity derivatives — — (14) (b) (14) Income from equity method investments — 104 — 104 Net gain on disposal of assets — — 10 (c) 10 Other income (expense) (4) 5 3 4 Less costs and expenses: Production 608 52 — 660 Shipping, handling and other operating, including related party 491 47 10 548 Exploration 26 — 4 30 Depreciation, depletion and amortization 1,673 31 24 1,728 Impairments — — 1 1 Taxes other than income 298 — — 298 General and administrative 118 10 145 (d) 273 Net interest and other — — 226 226 Other net periodic benefit credits — — (8) (8) Income tax provision (benefit) 295 70 (5) (e) 360 Segment income (loss) $ 1,075 $ 256 $ (398) $ 933 Total assets $ 18,443 $ 882 $ 97 $ 19,422 Capital expenditures (a) $ 1,712 $ 7 $ 7 $ 1,726 (a) Includes accruals and excludes acquisitions. (b) Unrealized loss on commodity derivative instruments (See Note 8 ). (c) Pertains to a gain from the sale of a legacy royalty interest in the state of California. (d) Includes $16 million of transaction costs associated with the Merger with ConocoPhillips (See Note 1 ). (e) Includes a $75 million deferred tax valuation allowance against foreign tax credits (See Note 6 ). Nine Months Ended September 30, 2023 (In millions) U.S. Int’l Not Allocated to Segments Total Revenue from contracts with customers $ 4,643 $ 179 $ — $ 4,822 Net gain (loss) on commodity derivatives 27 — (8) (c) 19 Income from equity method investments — 140 — 140 Net gain on disposal of assets — — 6 6 Other income 12 5 2 19 Less costs and expenses: Production 542 65 — 607 Shipping, handling and other operating, including related party 482 5 — 487 Exploration 19 1 26 (d) 46 Depreciation, depletion and amortization 1,622 34 6 1,662 Taxes other than income 252 (b) — (1) 251 General and administrative 98 9 118 225 Net interest and other — — 268 268 Other net periodic benefit credits — — (11) (11) Income tax provision (benefit) 372 29 (87) 314 Segment income (loss) $ 1,295 $ 181 $ (319) $ 1,157 Total assets $ 18,503 $ 1,072 $ 344 $ 19,919 Capital expenditures (a) $ 1,661 $ 3 $ 9 $ 1,673 (a) Includes accruals and excludes acquisitions. (b) Includes a nonrecurring Eagle Ford severance tax refund of $47 million related to prior years. (c) Unrealized loss on commodity derivative instruments (See Note 8 ). (d) Includes $10 million of dry well expense associated with wells in Permian and $11 million of unproved impairments related to Permian exploration leases.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the three and nine months ended September 30, 2024 and 2023, our effective income tax rates were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Effective income tax rate 38 % 22 % 28 % 21 %

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in the Consolidated Balance Sheets	The following tables present the gross fair values of our open derivative instruments and the reported net amounts along with their locations in our consolidated balance sheets: September 30, 2024 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 10 $ — $ 10 Other current assets Total Not Designated as Hedges $ 10 $ — $ 10 Cash Flow Hedges Interest Rate $ 7 $ — $ 7 Other current assets Interest Rate 4 — 4 Other noncurrent assets Total Designated Hedges $ 11 $ — $ 11 Total $ 21 $ — $ 21 December 31, 2023 (In millions) Asset Liability Net Asset Balance Sheet Location Not Designated as Hedges Commodity $ 24 $ — $ 24 Other current assets Total Not Designated as Hedges $ 24 $ — $ 24 Cash Flow Hedges Interest Rate $ 9 $ — $ 9 Other current assets Interest Rate 9 — 9 Other noncurrent assets Total Designated Hedges $ 18 $ — $ 18 Total $ 42 $ — $ 42
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table sets forth outstanding derivative contracts as of September 30, 2024, and the weighted average prices for those contracts: 2024 2025 Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Crude Oil NYMEX WTI Three-Way Collars Volume (Bbls/day) 50,000 — — — — Weighted average price per Bbl: Ceiling $ 95.95 $ — $ — $ — $ — Floor $ 65.00 $ — $ — $ — $ — Sold put $ 50.00 $ — $ — $ — $ — Natural Gas Henry Hub Two-Way Collars Volume (MMBtu/day) — 150,000 150,000 150,000 150,000 Weighted average price per MMBtu: Ceiling $ — $ 5.85 $ 5.85 $ 5.85 $ 5.85 Floor $ — $ 2.50 $ 2.50 $ 2.50 $ 2.50
Schedule of Unrealized Gain (Loss) and Realized Gain on Consolidated Statement of Income	The unrealized gain (loss) and realized gain impact of our commodity derivative instruments appears in the table below and is reflected in net gain (loss) on commodity derivatives in the consolidated statements of income: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Unrealized gain (loss) on derivative instruments, net $ 9 $ (6) $ (14) $ (8) Realized gain on derivative instruments, net (a) $ — $ 7 $ — $ 27 (a) During the third quarter and first nine months of 2024, we had no settled derivative positions. During the third quarter and first nine months of 2023, net cash received for settled derivative positions was $6 million and $23 million, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables present assets and liabilities accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by hierarchy level: September 30, 2024 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 10 $ — $ 10 Interest rate - designated as cash flow hedges — 11 — 11 Derivative instruments, assets $ — $ 21 $ — $ 21 December 31, 2023 (In millions) Level 1 Level 2 Level 3 Total Derivative instruments, assets Commodity (a) $ — $ 24 $ — $ 24 Interest rate - designated as cash flow hedges — 18 — 18 Derivative instruments, assets $ — $ 42 $ — $ 42 (a) Derivative instruments are recorded on a net basis in our consolidated balance sheet. See Note 8
Schedule of Fair Value, by Balance Sheet Grouping	The following table summarizes financial instruments, excluding receivables, commercial paper borrowings, payables and derivative financial instruments, and their reported fair values by individual balance sheet line item at September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (In millions) Fair Value Carrying Amount Fair Value Carrying Amount Financial assets Other noncurrent assets $ 10 $ 32 $ 9 $ 27 Total financial assets $ 10 $ 32 $ 9 $ 27 Financial liabilities Other current liabilities $ 80 $ 123 $ 80 $ 126 Long-term debt, including current portion (a) 4,824 4,596 4,961 4,997 Deferred credits and other liabilities 58 60 70 71 Total financial liabilities $ 4,962 $ 4,779 $ 5,111 $ 5,194 (a) Excludes debt issuance costs.

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	(In millions) September 30, 2024 December 31, 2023 United States $ 16,941 $ 16,905 International 229 252 Corporate 50 56 Net property, plant and equipment $ 17,220 $ 17,213

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Asset Retirement Obligations	Asset retirement obligations primarily consist of estimated costs to remove, dismantle and restore land or seabed at the end of oil and gas production operations. Changes in asset retirement obligations were as follows: September 30, (In millions) 2024 2023 Beginning balance as of January 1 $ 340 $ 340 Incurred liabilities, including acquisitions 8 4 Settled liabilities, including dispositions (9) (27) Accretion expense (included in depreciation, depletion and amortization) 12 11 Revisions of estimates 3 12 Ending balance as of September 30, total $ 354 $ 340 Ending balance as of September 30, short-term $ 13 $ 32

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	During the periods ended September 30, 2024 and December 31, 2023, our equity method investees were considered related parties. Our investments in our equity method investees are summarized in the following table: (In millions) Ownership as of September 30, 2024 September 30, 2024 December 31, 2023 EG LNG (a) 56% $ 108 $ 118 Alba Plant LLC (b) 52% 155 153 AMPCO (c) 45% 169 162 Total $ 432 $ 433 (a) EG LNG is engaged in LNG production activity. (b) Alba Plant LLC processes LPG. (c) AMPCO is engaged in methanol production activity. Summarized, 100% combined financial information for equity method investees is as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2024 2023 2024 2023 Income data: Revenues and other income $ 194 $ 200 $ 588 $ 689 Income from operations 73 77 232 279 Net income $ 63 $ 63 $ 193 $ 227
Schedule of Operating Lease, Undiscounted Cash Flows to be Received	The undiscounted cash flows to be received under this lease agreement are summarized below: (In millions) Operating Lease Future Cash Receipts 2024 $ 2 2025 6 2026 6 2027 6 2028 6 Thereafter 35 Total undiscounted cash flows $ 61

Incentive Based Compensation (T

Incentive Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options and Restricted Stock Units Activity	The following table presents a summary of activity for the first nine months of 2024: Stock Options Restricted Stock Units Number of Shares Weighted Average Exercise Price Number of Shares & Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,004,304 $ 31.38 3,514,405 $ 22.07 Granted — — 2,100,923 24.67 Exercised/Vested (13,889) 10.47 (1,787,035) 19.40 Canceled (649,764) 33.78 (153,072) 24.22 Outstanding at September 30, 2024 340,651 $ 27.64 3,675,221 $ 24.76

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	(In millions) September 30, 2024 December 31, 2023 Crude oil, NGLs and natural gas, including LNG $ 13 $ 14 Supplies and other items 153 172 Inventories $ 166 $ 186

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Nine Months Ended September 30, (In millions) 2024 2023 Included in operating activities: Interest paid (a) $ 181 $ 251 Income taxes paid, net of refunds $ 67 $ 103 Noncash investing activities: Increase in asset retirement costs $ 11 $ 16 (a) The decrease in interest paid during the nine months ended September 30, 2024, compared to the same period in 2023, was primarily due to reductions in interest paid on borrowings under both the Term Loan Facility and Revolving Credit Facility.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) - Marathon Oil Corp. - ConocoPhillips - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	May 28, 2024	Sep. 30, 2024	Sep. 30, 2024
Business Acquisition [Line Items]
Shares of acquirer stock per share of company stock outstanding (in shares)	0.2550
Merger transaction costs		$ 6	$ 16

Income and Dividends per Comm_3

Income and Dividends per Common Share -Schedule of Income (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 287	$ 349	$ 297	$ 453	$ 287	$ 417	$ 933	$ 1,157
Weighted average common shares outstanding (in shares)	563			603			570	615
Effect of dilutive securities (in shares)	1			1			0	1
Weighted average common shares, diluted (in shares)	564			604			570	616
Net income per share:
Basic (in dollars per share)	$ 0.51			$ 0.75			$ 1.64	$ 1.88
Diluted (in dollars per share)	0.51			0.75			1.64	1.88
Dividends per share (in dollars per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.10	$ 0.33	$ 0.30

Income and Dividends per Comm_4

Income and Dividends per Common Share - Narrative (Details) - $ / shares shares in Millions		3 Months Ended		9 Months Ended
	May 28, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)		0	1	0	1
Marathon Oil Corp. | ConocoPhillips
Business Acquisition [Line Items]
Dividends payable threshold amount per share (in dollars per share)	$ 0.11

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contract with customer	$ 905	$ 886

Revenues - Revenues from Contra

Revenues - Revenues from Contracts with Customers by Product Type and Geographic Areas (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,741	$ 1,771	$ 4,945	$ 4,822
United States
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,615	1,700	4,588	4,643
United States | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	707	717	1,920	1,967
United States | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	543	647	1,603	1,661
United States | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	242	196	682	565
United States | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	97	125	323	402
United States | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	26	15	60	48
United States | Crude oil and condensate
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,350	1,408	3,846	3,788
United States | Crude oil and condensate | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	589	587	1,610	1,606
United States | Crude oil and condensate | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	489	580	1,436	1,467
United States | Crude oil and condensate | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	214	164	604	475
United States | Crude oil and condensate | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	48	64	162	205
United States | Crude oil and condensate | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10	13	34	35
United States | NGLs
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	177	177	491	502
United States | NGLs | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	78	80	203	215
United States | NGLs | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	44	47	130	125
United States | NGLs | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	28	20	69	60
United States | NGLs | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	27	30	89	102
United States | NGLs | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Natural gas
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	69	112	220	337
United States | Natural gas | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	37	48	101	141
United States | Natural gas | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10	20	37	69
United States | Natural gas | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	12	9	30
United States | Natural gas | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	22	31	72	95
United States | Natural gas | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	1	1	2
United States | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	19	3	31	16
United States | Other | Eagle Ford
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	2	6	5
United States | Other | Bakken
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Permian
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Oklahoma
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
United States | Other | Other U.S.
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	16	1	25	11
International | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	126	71	357	179
International | Crude oil and condensate | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	53	64	142	160
International | NGLs | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	1	1	2
International | Natural gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	73	5	212	14
International | Natural gas, sold as gas | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	5	5	14
International | Natural gas, sold as LNG | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	72	0	207	0
International | Other | International, Equatorial Guinea (E.G.)
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 0	$ 1	$ 2	$ 3

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment							2
Number of operating segments | segment							2
Segment Reporting Information [Line Items]
Revenues from contracts with customers	$ 1,741			$ 1,771			$ 4,945	$ 4,822
Net gain (loss) on commodity derivatives	9			1			(14)	19
Income from equity method investments	39			38			104	140
Net gain on disposal of assets	0			1			10	6
Other income (expense)	2			2			4	19
Less costs and expenses:
Production	223			192			660	607
Shipping, handling and other operating, including related party	204			164			548	487
Exploration	9			20			30	46
Depreciation, depletion and amortization	627			583			1,728	1,662
Impairments	1			0			1	0
Taxes other than income	99			113			298	251
General and administrative	88			72			273	225
Net interest and other	77			94			226	268
Other net periodic benefit credits	(3)			(5)			(8)	(11)
Income tax provision (benefit)	179			127			360	314
Net income	287	$ 349	$ 297	453	$ 287	$ 417	933	1,157
Total assets	19,422			19,919			19,422	19,919	$ 19,575
Capital expenditures	458			449			1,726	1,673
Tax credit carryforward, valuation allowance	75						75
Marathon Oil Corp. | ConocoPhillips
Less costs and expenses:
Merger transaction costs	6						16
Eagle Ford
Less costs and expenses:
Taxes other than income								47
Permian Basin
Less costs and expenses:
Exploration				11				11
Dry well cost								10
U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,615			1,700			4,588	4,643
U.S. | Eagle Ford
Segment Reporting Information [Line Items]
Revenues from contracts with customers	707			717			1,920	1,967
Operating Segments | U.S.
Segment Reporting Information [Line Items]
Revenues from contracts with customers	1,615			1,700			4,588	4,643
Net gain (loss) on commodity derivatives	0			7			0	27
Income from equity method investments	0			0			0	0
Net gain on disposal of assets				0			0	0
Other income (expense)	(1)			0			(4)	12
Less costs and expenses:
Production	209			173			608	542
Shipping, handling and other operating, including related party	187			162			491	482
Exploration	9			8			26	19
Depreciation, depletion and amortization	611			570			1,673	1,622
Impairments	0						0
Taxes other than income	99			112			298	252
General and administrative	39			32			118	98
Net interest and other	0			0			0	0
Other net periodic benefit credits	0			0			0	0
Income tax provision (benefit)	98			145			295	372
Net income	362			505			1,075	1,295
Total assets	18,443			18,503			18,443	18,503
Capital expenditures	454			444			1,712	1,661
Operating Segments | Int’l
Segment Reporting Information [Line Items]
Revenues from contracts with customers	126			71			357	179
Net gain (loss) on commodity derivatives	0			0			0	0
Income from equity method investments	39			38			104	140
Net gain on disposal of assets				0			0	0
Other income (expense)	2			1			5	5
Less costs and expenses:
Production	14			19			52	65
Shipping, handling and other operating, including related party	17			2			47	5
Exploration	0			1			0	1
Depreciation, depletion and amortization	11			12			31	34
Impairments	0						0
Taxes other than income	0			0			0	0
General and administrative	3			3			10	9
Net interest and other	0			0			0	0
Other net periodic benefit credits	0			0			0	0
Income tax provision (benefit)	27			11			70	29
Net income	95			62			256	181
Total assets	882			1,072			882	1,072
Capital expenditures	3			1			7	3
Not Allocated to Segments
Segment Reporting Information [Line Items]
Revenues from contracts with customers	0			0			0	0
Net gain (loss) on commodity derivatives	9			(6)			(14)	(8)
Income from equity method investments	0			0			0	0
Net gain on disposal of assets				1			10	6
Other income (expense)	1			1			3	2
Less costs and expenses:
Production	0			0			0	0
Shipping, handling and other operating, including related party	0			0			10	0
Exploration	0			11			4	26
Depreciation, depletion and amortization	5			1			24	6
Impairments	1						1
Taxes other than income	0			1			0	(1)
General and administrative	46			37			145	118
Net interest and other	77			94			226	268
Other net periodic benefit credits	(3)			(5)			(8)	(11)
Income tax provision (benefit)	54			(29)			(5)	(87)
Net income	(170)			(114)			(398)	(319)
Total assets	97			344			97	344
Capital expenditures	$ 1			$ 4			$ 7	$ 9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	38%	22%	28%	21%
Tax credit carryforward, valuation allowance	$ 75		$ 75

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - Term Loan Facility - Line of Credit - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Mar. 28, 2024	Nov. 30, 2022	Dec. 31, 2023
Debt Instrument [Line Items]
Debt term		2 years
Maximum borrowing capacity		$ 1,500
Repayments of line of credit	$ 1,200		$ 300

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility and Commercial Paper Program (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Long-term debt	$ 0
Revolving Credit Facility and Commercial Paper | Marathon Oil Corp. | ConocoPhillips
Line of Credit Facility [Line Items]
Business combination, maximum borrowing capacity	1,500,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,600,000,000
Optional limit increase	$ 939,000,000
Covenant, ratio of indebtedness to net capital, maximum	0.65
Commercial Paper
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Debt term	365 days
Line of credit, outstanding amount	$ 180,000,000
Weighted average interest rate	5.27%

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details) $ in Billions	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Long-term debt	$ 4.6

Debt - Debt Issuance (Details)

Debt - Debt Issuance (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 28, 2024	Dec. 31, 2023
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,200
Net proceeds received	1,200
Debt issuance costs	12
Senior Notes | 2029 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest rate	5.30%
Senior Notes | 2034 Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 600
Interest rate	5.70%
Line of Credit | Term Loan Facility
Debt Instrument [Line Items]
Repayments of line of credit	$ 1,200	$ 300

Debt - Debt Redemption (Details

Debt - Debt Redemption (Details) - USD ($) $ in Millions	Jul. 01, 2024	Jul. 31, 2023	Apr. 30, 2023	Mar. 31, 2023
Sub-series 2017 A-2 Bonds
Debt Instrument [Line Items]
Short-term debt, refinanced amount	$ 200
Sub-series 2017 B-1 Bonds
Debt Instrument [Line Items]
Short-term debt, refinanced amount	200
St. John the Baptist Parish, State of Louisiana Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bond	1,000		$ 1,000
Sub-series 2017 Bonds Due 2037
Debt Instrument [Line Items]
Debt outstanding	$ 400
Interest rate	4.125%
Senior Unsecured Notes, 8.125%, Due 2023 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate		8.125%
Debt instrument outstanding amount		$ 131
Senior Unsecured Notes 8.5% Due 2023 | Unsecured Debt
Debt Instrument [Line Items]
Interest rate				8.50%
Debt instrument outstanding amount				$ 70

Debt - Debt Remarketing (Detail

Debt - Debt Remarketing (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2023	Jul. 01, 2024
Sub-series 2017 A-1 Bonds
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 200
Interest rate	4.05%
St. John the Baptist Parish, State of Louisiana Revenue Refunding Bonds
Debt Instrument [Line Items]
Revenue refunding bond	$ 1,000	$ 1,000

Derivatives - Balance Sheet Com

Derivatives - Balance Sheet Components (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Asset	$ 21	$ 42
Liability	0	0
Net Asset	21	42
Not Designated as Hedges
Derivatives, Fair Value [Line Items]
Asset	10	24
Liability	0	0
Net Asset	10	24
Not Designated as Hedges | Other current assets | Commodity
Derivatives, Fair Value [Line Items]
Asset	10	24
Liability	0	0
Net Asset	10	24
Cash Flow Hedges
Derivatives, Fair Value [Line Items]
Asset	11	18
Liability	0	0
Net Asset	11	18
Cash Flow Hedges | Other current assets | Interest Rate
Derivatives, Fair Value [Line Items]
Asset	7	9
Liability	0	0
Net Asset	7	9
Cash Flow Hedges | Other noncurrent assets | Interest Rate
Derivatives, Fair Value [Line Items]
Asset	4	9
Liability	0	0
Net Asset	$ 4	$ 9

Derivatives - Outstanding Deriv

Derivatives - Outstanding Derivative Contracts (Details) - Not Designated as Hedges	Sep. 30, 2024 MMBbls / d bbl / h $ / bbl $ / MMBTU
Three-Way Collars - Crude Oil 2024, Fourth Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	50,000
Derivative, ceiling	95.95
Derivative, floor	65
Derivative, sold put	50
Three-Way Collars - Crude Oil 2025, First Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Second Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Third Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Three-Way Collars - Crude Oil 2025, Fourth Quarter
Derivative [Line Items]
Derivative, volume | bbl / h	0
Derivative, ceiling	0
Derivative, floor	0
Derivative, sold put	0
Two-Way Collars - Natural Gas 2024, Fourth Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	0
Derivative, ceiling | $ / MMBTU	0
Derivative, floor | $ / MMBTU	0
Two-Way Collars - Natural Gas 2025, First Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Second Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Third Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50
Two-Way Collars - Natural Gas 2025, Fourth Quarter
Derivative [Line Items]
Derivative, volume | MMBbls / d	150,000
Derivative, ceiling | $ / MMBTU	5.85
Derivative, floor | $ / MMBTU	2.50

Derivatives - Schedule of Mark-

Derivatives - Schedule of Mark-to-market Impact and Commodity Derivative Settlements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Cash received (paid) for settled derivative positions, net	$ 0	$ 6,000,000	$ 0	$ 23,000,000
Commodity
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments, net	9,000,000	(6,000,000)	(14,000,000)	(8,000,000)
Realized gain on derivative instruments, net	$ 0	$ 7,000,000	$ 0	$ 27,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - Interest Rate Contract, Maturing September 9, 2026 - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Proceeds from hedge settlement	$ 9
Amount expected to be reclassified within 12 months	7
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, notional amount	$ 295	$ 295
Weighted average interest rate, SOFR	1.43%	1.43%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Recurring (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 21	$ 42
Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	10	24
Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	11	18
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 1 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 1 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	21	42
Level 2 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	10	24
Level 2 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	11	18
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 3 | Commodity | Not Designated as Hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	0	0
Level 3 | Interest rate - designated as cash flow hedges | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments, assets	$ 0	$ 0

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value
Financial assets
Other noncurrent assets	$ 10	$ 9
Total financial assets	10	9
Financial liabilities
Other current liabilities	80	80
Long-term debt, including current portion	4,824	4,961
Deferred credits and other liabilities	58	70
Total financial liabilities	4,962	5,111
Carrying Amount
Financial assets
Other noncurrent assets	32	27
Total financial assets	32	27
Financial liabilities
Other current liabilities	123	126
Long-term debt, including current portion	4,596	4,997
Deferred credits and other liabilities	60	71
Total financial liabilities	$ 4,779	$ 5,194

Property, Plant and Equipment -

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 17,220	$ 17,213
Operating Segments | United States
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	16,941	16,905
Operating Segments | International
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	229	252
Corporate
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 50	$ 56

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Exploratory well costs capitalized greater than one year after completion of drilling	$ 0	$ 0

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of January 1	$ 340	$ 340
Incurred liabilities, including acquisitions	8	4
Settled liabilities, including dispositions	(9)	(27)
Accretion expense (included in depreciation, depletion and amortization)	12	11
Revisions of estimates	3	12
Ending balance as of September 30, total	354	340
Asset retirement obligation, current	$ 13	$ 32

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 432	$ 433
EG LNG
Schedule of Equity Method Investments [Line Items]
Ownership percentage	56%
Equity method investments	$ 108	118
Alba Plant LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	52%
Equity method investments	$ 155	153
AMPCO
Schedule of Equity Method Investments [Line Items]
Ownership percentage	45%
Equity method investments	$ 169	$ 162

Equity Method Investments - S_2

Equity Method Investments - Schedule Financial Information (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,791			$ 1,813			$ 5,049	$ 5,006
Income from operations	540			669			1,511	1,728
Net income	287	$ 349	$ 297	453	$ 287	$ 417	933	1,157
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Revenues and other income	194			200			588	689
Income from operations	73			77			232	279
Net income	$ 63			$ 63			$ 193	$ 227

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenues and other income	$ 1,791	$ 1,813	$ 5,049	$ 5,006
Proceeds from equity method investment	29	47	106	296
Receivables, net	1,136		1,136		$ 1,152
Accounts payable	1,390		1,390		1,364
Annual payments to be received			6
Related Party
Schedule of Equity Method Investments [Line Items]
Revenues and other income	2	$ 6	7	$ 17
Receivables, net	34		34		24
Accounts payable	$ 15		$ 15		$ 6

Equity Method Investments - S_3

Equity Method Investments - Schedule of Operating Lease, Undiscounted Cash Flows to be Received (Details) $ in Millions	Sep. 30, 2024 USD ($)
Equity Method Investments and Joint Ventures [Abstract]
2024	$ 2
2025	6
2026	6
2027	6
2028	6
Thereafter	35
Total undiscounted cash flows	$ 61

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Payments for repurchase of common stock	$ 516	$ 1,121
Stock repurchase program, remaining authorized repurchase amount	$ 1,800
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	19
Payments for repurchase of common stock	$ 516

Incentive Based Compensation -

Incentive Based Compensation - Stock Options and Restricted Stock Units Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Outstanding, beginning (in shares) | shares	1,004,304
Granted (in shares) | shares	0
Exercised/Vested (in shares) | shares	(13,889)
Canceled (in shares) | shares	(649,764)
Outstanding, ending (in shares) | shares	340,651
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) | $ / shares	$ 31.38
Granted (in dollars per share) | $ / shares	0
Exercised/Vested (in dollars per share) | $ / shares	10.47
Canceled (in dollars per share) | $ / shares	33.78
Outstanding, ending (in dollars per share) | $ / shares	$ 27.64
Restricted Stock Units
Number of Shares & Units
Outstanding, beginning (in shares) | shares	3,514,405
Granted (in shares) | shares	2,100,923
Exercised/Vested (in shares) | shares	(1,787,035)
Canceled (in shares) | shares	(153,072)
Outstanding, ending (in shares) | shares	3,675,221
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) | $ / shares	$ 22.07
Granted (in dollars per share) | $ / shares	24.67
Exercised/Vested (in dollars per share) | $ / shares	19.40
Canceled (in dollars per share) | $ / shares	24.22
Outstanding, ending (in dollars per share) | $ / shares	$ 24.76

Incentive Based Compensation _2

Incentive Based Compensation - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200%
Performance Unit - Share Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	261,459
Grant date fair value (in dollars per share) | $ / shares	$ 28.45
Outstanding units (in shares)	650,966
Performance Unit - Cash Settlement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	261,459
Outstanding units (in shares)	483,923
Unit conversion ratio (in shares)	1
Fair value as of period end (in dollars per share) | $ / shares	$ 26.96
Marathon Oil Corp. | ConocoPhillips
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Duration of trading days for volume-weighted average price	5 days
Trading days prior to the closing date	2 days

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Crude oil, NGLs and natural gas, including LNG	$ 13	$ 14
Supplies and other items	153	172
Inventories	$ 166	$ 186

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Included in operating activities:
Interest paid	$ 181	$ 251
Income taxes paid, net of refunds	67	103
Noncash investing activities:
Increase in asset retirement costs	11	16
Capital expenditures incurred but not yet paid	$ 130	$ 125

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2024 USD ($)	Jun. 30, 2020 USD ($) guarantee	Sep. 30, 2024 USD ($) tribe	Jul. 10, 2024 USD ($)	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Number of affiliated tribes | tribe			3
Contingent royalty liability			$ 125
Contingent capital and expense receivable, noncurrent			30
Loss contingency accrual					$ 65
Total cost for injunctive relief				$ 177
Percentage of cost incurred for injunctive relief				70%
Number of guarantees executed | guarantee		2
Guarantor obligations, current carrying value			4
Performance of Equatorial Guinea LNG Operations, S.A.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		$ 91
Performance of Alba Plant LLC.
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure		$ 25
Subsequent Event
Loss Contingencies [Line Items]
Payments for legal settlements	$ 65
Accounts Payable
Loss Contingencies [Line Items]
Contingent royalty liability			104
Other current liabilities
Loss Contingencies [Line Items]
Contingent royalty liability			$ 21